The real estate market in Barrington has homes for sale with prices at the top quarter that range from $1,199,000 through $18,775,000. That’s quite a big spread and it’s fair to say buyers looking at a home of $1.2 million are unlikely going to buy at $18+ million. If we look at the top 10% of homes the price range is $2,185,000 through $18,775,000, still quite a range. Of the 432 homes in 60010 currently for sale there are 7 homes above $5 Million.
Homes priced around $1 Million do offer luxury but those are not the difficult properties to sell. In 2015 there were 48 homes priced at a million and up that sold. Let’s take a look at the data and the super high sales. There were 4 sales above $2 million in 2015. The highest sale was $3,750,000.
Here are 2015 Luxury Barrington Home Sales With Marketing Times.
69 Brinker Rd sold for $2,075,000 in 93 days. That does not look too bad except we look at the marketing history it reveals the true story. The property was on market in 2006/7 for 615 days. In 2013 it came back to market for another 365 days, then immediately listed again for another 66 days. A small break over 2014/5 holiday period and bank to market for the final 93 days. So add that together we’ve got 1139 days on market.
31 Lake Adalyn sold for $2,275,000 in 68 days. This property has been marketed on and off since 2011. The marketing times were, 104, 51, 175, 200, 234 days before that last 68. That’s a total of 932 days.
7 Kensington Dr sold for $2,300,000 in 279 days. The history on this property shows no additional attempt to sell in the last 10 years.
10 Star Lane sold for $3,750,000 in 206 days. This property was sold in 2012 as a bank owned sale for $2,799,000. In 3 years that was a good investment although there may have been money spent to bring it up to expected standards.
Communities represented here are Barrington Hills, South Barrington and Wynstone of North Barrington
Active Luxury Listings
Having looked at the sales it’s important to get a measure of the competition. In the $2 to $4 million range, which is where all the above 4 sales fell, there are 34 available homes, we have 3 homes on auction that may fall somewhere in that price range. Then there are another 13 properties priced above $4 million.
When did we last see a really high property sale?
A property on Donlea Rd sold above $5 million in 2008. A home on Woodhaven Ln sold in 2010 above $6 million and an estate on Fox Hunt Rd sold above $7 million in 2012. That’s just 3 sales in 8 years.
If you are about to enter the top end of our luxury homes market here in Barrington, you’ll need to accept it’s going to take some time. Pricing of homes of this caliber is hard, there are no comparable sales to use. You can look at competing homes as a benchmark, you can look at your tax bill to see what the county treasurer considers your property to be worth, or you can market for what you consider your luxury home is worth and wait.
Luxury Homes Need Time to Sell
Facts are facts. High priced properties take time to sell. There’s just so few buyers ready, willing and able to purchase at this level. I wonder why sellers take the homes off the market for the Holidays or a month or so. It’s unlikely you’ll get a busy flow of viewers to look, leave it on the market at all times. The only exclusion to that would be if you intend to take a few years break from the selling market.
Of course changing Realtors is unlikely to make a difference either. Homes sell themselves. Location, price, what the property offers needs to be matched to a buyers needs and deal is together. Unless you have a bad relationship I recommend you stay with the person you hired from start to finish. Their use of the MLS (Multiple Listing Service) gets all properties huge exposure online and that’s where nearly all buyers start their research. After that they hire a Realtor, maybe a buyers agent, and between them find the right home.
If you need some practical assistance with your home selling, call Corinne today. *847-363-3686* or send an email. You can request our drone taken aerial photos, we are registered with the FAA!