Sotheby’s International Realty has sold (under contract) 525 Crabtree Lane in Lake Forest — listed at $2.65 million — privately. It was under contract before the property even hit the public market. Erica Goldman and Patrick Milhaupt (myself) are the listing agents representing the seller.
THE YEAR WE HAVE BEEN WAITING FOR
When it comes to looking at trends in Lake Forest residential real estate this year, one thing is for sure – 2020 will be no ordinary year. In the luxury market, defined by this exercise as home sales of $2 million or more, Q1 2020 was off to the best start since before the financial crisis with a total of 8 sales as compared to an average of just 5 over the 10 years prior.
Soon thereafter, the COVID-19 pandemic shut it all down.
Home viewings were ordered to stop, there were no open houses, and transactions were all but impossible to execute. In fact, many pending transactions during the month of March were cancelled and earnest money returned to the would have been buyer.
April 2020 had 0 (zero) transactions for just the second time in a dozen years.
Rumors of pent-up demand were swirling as the lockdown continued to isolate those in smaller spaces downtown. Interest rates nearing record lows, the purchasing power of mortgagees increased meaningfully. When private viewings were given the all-clear in May, sales exploded in a magnitude greater than any year since before the financial crisis.
Lake Forest has 26 sales of $2 million or more YTD – more than any other year in recent memory. It’s nearly double the average of 12.3 sales (through July) in each of the 12 years prior. If the trend persists 2020 has the potential to produce anywhere from 35 – 50 total sales in excess of $2 million in Lake Forest. This is extraordinary.
In fact, we may have more by the end of August than the yearly total of any year post-2008. The highest was 30.
If you have been thinking about selling your home, or waiting for the perfect opportunity to maximize your value, now is the time to do it!!
We would love to discuss a strategy so you can take advantage of this rare opportunity.
Reach out to me directly on my mobile at 847-849-9828 or by email at [email protected].