Having spent a several days in the last month showing Wynstone Golf Club homes for sale in this luxury gated community, I though it time to do a quick market report to see if the real estate activity has improved. Back in 2010 there were only 7 sales of Wynstone Golf Club homes.
For 2015 we already have 18 homes sold on the books, with another 2 under contract or pending a close. There’s a little time left to add a couple more, although now the lending practices have changed considerably, and with a recommended 60 days to close mortgages now, I doubt there will be many more. Maybe one or two. Here are the yearly sales since 2008, sure shows when the hard times were for Wynstone Golf Club Homes. But sales are back!
- 2008 – 13
- 2009 – 14
- 2010 – 7
- 2011 – 23
- 2012 – 25
- 2013 – 26
- 2014 – 18
I toured several homes in Wynstone just yesterday inlcuding the one in the photo above. Wynstone golf club is a seperate entity from the real estate but many buyers come here for the golf. The above home is in a small subdivision within Wynstone called The Grove. Homes in The Grove are on Graystone Lane and Graystone Ct. There are currently 3 homes for sale on Graystone. Buyers like the close proximity to the golf club and the views from some of the homes on Graystone are fairway views.
The same is true of homes on Clubhouse Drive, these homes are golf villas (duplexes) but with substantial square footage and maintenance free including home exteriors. Homes on Dunhill also back up to the golf course and are another subdivision with Wynstone that is maintenance free. View homes for sale on Dunhill Lane.
Here’s some data about buying and selling in Wynstone for the sales in 2015 to date.
- Average list price for 2015 $927,516
- Median sale price for 2015 $742,500
- Average sale price for 2015 $777,759
- Average list to sales price ratio; 90% of asking price.
- That’s still low by comparison to most Barrington areas which are selling at 95% of asking price.
- Average days on market 252.
- Most commonly sold are 5 bedroom homes.
Currently there are 50 properties for sale comprising two Clubhouse Drive Villas, ten vacant lots and 38 single family homes. Prices for the homes are from $579,000 to $3,380,000.
Of course you don’t have to be a golfer to live in this community and there are plenty of homes not on the golf course and not with views of t-boxes or fairways and putting greens. There are plenty of single family estate sized homes with acre lots, forestry areas, waterfront and they comes in traditional, Colonial and Georgian styles.
If you have a home to sell in Wynstone it is comforting to know the demand is back. For a while there it seemed no-one wanted to buy in Wynstone, it’s prices suffered harder than other comparable homes in the Barrington area. That said it’s not time to go crazy on asking prices. The rules are still the same. If you ask too much, no-one will come looking. Buyers became very savvy about house prices after the market crumbled and I daresay that’s never going to change. They do more research into what’s for sale and what’s sold in a neighborhood of interest. Buyers want to know about the HOA dues and sub HOA dues. They want to know tax bills and special assessments and do their math. It’s not just about price anymore. Running costs are factored in a lot, no-one wants to experience over commiting to expenses again.
If you are looking to buy a home in Wynstone, prices are about as good as you could expect. Slowly from this point on they are likely to inch up. Don’t worry though I don’t think things will soar. Put yourself in a good position to buy.
- If you have a property to sell first, do that, do not expect to have sellers accept a home sale condition.
- Make sure your financials are where you want them to be. Understand the annual/yearly dues.
- Hold off on mortgage approvals until you are closer to being able to buy, otherwise you’ll keep having to go through the same process.
- Understand the new mortgage rules, 45-60 to close in future.
- Know which schools you want, if you have kids, Wynstone falls into both Lake Zurich and Barrington School Districts.
- Keep an eye on what’s for sale and what sells.
Call Corinne at 847-363-3686 when you are ready. We can help you buy in Barrington but also sell any existing home in the northwest suburbs.
We’ll be back early in 2016 to wrap up the 2015 market report for Wynstone golf club homes.