What it is and where it is…

The three most important things in real estate? Most old pros and newcomers alike intone that it is location, location, location.

But is location a single tone or note? For instance if my client hankers for Lincoln Park, considered one of Chicago’s premier neighborhoods, is the one crisp and clear note of location streets like Howe or Burling, one of which currently features the most expensive-ever listed home in Chicago at $50m?

Or is location slightly more malleable idea? For one of my clients who yearned for Lincoln Park but did not come to the table with a mid-8-figure budget, a peripheral Lincoln Park street edged by CTA tracks worked just fine. Their final final in-price on Bissell hovered around $600k which was just fine by them to live adjacent to the panoply of shops that dot nearby Armitage and with neighboring homes priced four to five or more times more.

I think of location, its flexibility and how soft pricing can afford access to a perceived premier location this snowy afternoon as I host an open house in the North Shore ‘burb of Winnetka.

Winnetka is one of those leafy locales with a genteel village center, cobbled streets, lake access, excellent schools and denizens who in old school movies might be referred to as “well heeled.” Homes for more the most part soar in the seven figures, often higher than $1.5m and sometimes two times or more higher. But the single family I host as an open house today at 170 Woodland comfortably prices at $1.249m for a newly and fully redone single family with four levels, six beds and five plus baths.

In short a home like this, viewed through my prism, is a tremendous buying opportunity. Done by a respected builder and a good $100k to $200k less than same sized homes that offer older infrastructure, I would say to my buying clients that you cannot beat this deal. This sentiment on my part is not just informed by intuition, it is validated by looking at this home as compared to other homes and how they have sold recently.

But 170 does come with a caveat – you are situated right across the street from the sophomore through senior campus of New Trier High School. Right across the street.

Some might spin this – “a short commute for your high schooler to one of the country’s best high schools.” But the truth is that you live across from the high school. And sometimes traffic may be congested. And some folks may find this inconvenient. And some may be turned off.

And others won’t be. The truth also is that your in-price here is well below what homes of similar quality sell for in Winnetka and other nearby North Shore ‘burbs, that the builder is willing to make a deal, that you are a short walk to the lake or the village center, that the Metra is nearby, and that the quality of the home is outstanding.

In short it is a great deal. And it does offer a fantastic location that enables you to dwell in a very desirable North Shore community for a price that is well off what other homes here are selling for.

As ever I will be more than happy to further discuss, chatting about this home, its value and other nearby homes to enable you to gain the fullest comfort and satisfaction in making your home buying and selling decision.

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