316 S. Cook Street – Barrington, IL – 60010

This is one of the Village of Barrington’s premier homes.  Five-years-new with upscale amenities including lustrous oak hardwood floors, high ceilings, gourmet kitchen, wide crown and trim, Marvin double-hung windows, tray ceilings and colonial fireplace.  With five Bedrooms, 4.1 Baths, a finished lower level and unfinished attic level with full staircase to second level, this home has ample room for the busiest family.  Relax in warmer months on the wrap-around porch or on the paver patio.  For additional information, contact Suzanne & Liz Luby at 847-691-3150. 

Directions:  Lake Cook to Cook Street, South to home on West side corner.

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Listed by The Luby Group
TheLubyGroup.com - Suzanne & Liz Luby
Suzanne Luby – 847-922-7773
Liz Luby – 847-691-3150

As CN Railway Corp. pushes forward with plans to re-route their freight trains through downtown Barrington, residents here are fighting back. An estimated 1600 people gathered at an open house today at Makray Memorial Golf Course to give CN executives a piece of their minds. From local officials, to business and home owners, to moms and dads who fear for their kids’ safety, there was a packed house at today’s Surface Transportation Board’s public meeting.

Worried that it may be their only chance to speak up, few were shy about voicing their concerns. “People will die on the way to the hospital.” Advocate Good Shepherd Hospital Communications Director, Mike Deering, cut straight to the chase with Phillis Johnson-Ball. She’s on the Federal board that is reviewing the environmental impact of CN Railway’s plan. The Canadian freight company has agreed to pay $300-million for the EJ&E Railway which cuts straight through Barrington. It’s a plan that would nearly quadruple freight traffic downtown, from five trains to more than 20 trains a day.

“If anyone goes into cardiac arrest in downtown Barrington and there’s a freight train passing through, for every one minute treatment is delayed, the mortality rate goes up 10-percent. Getting stuck behind a freight train for five minutes would give them a 50/50 chance of survival.” Deering also points out that of the 750 trauma patients treated at Good Shepherd in 2007, 28% of them originated on the “other side of the tracks.” With CN’s planned freight trains running from 7,000 to 10,000 feet in length, the trains can take 4 to 6 minutes or longer to pass through town. There are EJ&E crossings on Ela road, Cuba Road, Lake Zurich Road, Route 14, Route 59, Lake Cook Road, Otis Road, Penny Road as well as crossing the Union Pacific tracks in the Village of Barrington.

Area officials have noted that, from end-to-end, one train stopped in the right location could block all major intersections in Barrington. “There’s probably not a worse community that they could go through, in terms of configuration,” according to Barrington Community Schools Superintendent, Tom Leonard, who says District 220 buses cross the EJ&E tracks more than 370 times a day. Dr. Joseph Giangrasso, the medical director for Good Shepherd’s trauma center puts it bluntly, “I’m not exaggerating when I say, lives can – and very likely will be lost through this proposition.”

Barrington Police Chief, Jeff Lawler, also made a point of speaking up to Johnson-Ball. His first concern? Emergency access to Barrington High School and to North Barrington. He has already mapped out backup emergency routes which might be required should freight trains force a detour. He says that the quickest detour would more than double the distance from police headquarters to Barrington High School and that it would be a nearly 10 mile detour around the rail crossings just to get to North Barrington – typically just a few miles from the center of town. He also points out that there were two pedestrian train fatalities in Barrington in the last months of 2007 and warns that these types of deaths will rise with an increase in train traffic.

As voices of worry filled the room, CN Railway Corp. Senior Manager, Jim Kvedaras, made the case that their plans would actually benefit Barrington – on a broader scale. “This is about railroad efficiences and smooth operations. It allows a nice, convenient bypass route around the City of Chicago that will benefit the entire region.” The company plans to invest about $100 Million “for integration, new connections, and infrastructure improvements to add capacity on the EJ&E line and allow network synergies to be realized over time.” CN’s President and CEO says the acquisition will benefit Chicago in three ways: “It will reduce rail congestion, it will increase rail freight capacity and it will benefit the environment, with fewer idling locomotives and fewer blocked crossings…Together we can find the right way to balance the needs of communities with the regional need for a cleaner, safer environment and a more efficient rail transportation network.” Kvedares echoed that message today assuring that the company will consider concerns and cooperate fully with the environmental review process.

But all of that talk was off point for many. “I have four young girls who cross the tracks to get to school, the parks, everywhere. How do we do that? What are our options?” A mom seemed desperate when she asked that question today, a tone of anger clearly present. Another mother and Jewel Park resident, Jeanne Kelly, asked “Do we have to wait for an accident to occur? We don’t want that to happen.” In response, the Surface Transportation Board’s Phillis Johnson-Ball said they would work diligently to address these concerns and find ways to “mitigate” them. Her response sounded to Jeanne Kelly like this may be more of a done deal than a pending decision, as though it’s not a matter of whether but under what terms they’ll approve the acquisition. When Jeanne asked about precidents, Johnson-Ball said the most recent major train line acquisition happened back in July of 1998, when the CSX and Norfolk Southern Railway Companies successfully acquired Conrail to improve “efficiencies” within their companies. They had the same community open houses then as they had in Barrington today. In the end, despite the most vehement protests, the board approved that acquisition. Johnson-Ball says simply, “the issues of economics and competition favored the railroad. The environmental impacts, once mitigated, were not significant.”

After today, five more open houses will take place in other communites along the EJ&E West train line. The Surface Transportation Board will be accepting written comments from the public through the end of this month. After that, they will draft an Enviornmental Impact Statement and will either reject CN Railway’s proposal, approve the acquisition or accept the plan with conditions. Surface Transportation Board officials say the study could take up to 18 months to complete, but CN execs have said they’re hopeful to close this deal by the end of 2008.

If you have an opinion on the subject and would like to pass it along, you can get involved through the Barrington Communities Against CN Rail Congestion Website, FightRailCongestion.com. You’ll find information about the upcoming open houses and where to mail your personal comments at the Surface Transportation Board’s Website. If you would simply like to comment right here on our blog, please feel free. We’d love your feedback and would be happy to keep the conversation going in what is sure to be a continuing controversy.

Written by Suzanne & Liz Luby
Coldwell Banker Residential Brokerage
303 East Main Street Suite 100
Barrington, IL 60010
Suzanne’s Cell: 847-922-7773
Liz’s Cell: 847-691-3150
Website: TheLubyGroup.com

Before we consider the latest economic forecasts, let’s start by separating Fact from Fiction. Here are some of the FICTIONS born from the buzz about today’s Real Estate Market:

• It is impossible to sell a home today and make a profit.
• Property values have stopped increasing and started decreasing throughout the Chicago Suburbs.
• Your home won’t sell unless it’s under-priced.

Here are some of the FACTS we’re facing in today’s Real Estate Market.

• Specific areas in the Chicago Suburbs are still seeing property values steadily rise, though not as rapidly as in recent years. 
• The most competitively priced properties are selling first – at a faster pace and with more appreciation in Chicagoland compared to many cities throughout the country.
• Today’s buyers are passing up on properties that are not in pristine condition or are priced for yesterday’s market.
• Market times are rising. The number of detached single-family homes listed for sale in October was enough to last 10½ months at the current sales rate. (National Association of REALTORS.)
• Existing home sales are nearing 5.67 Million for 2007, the 5th highest on record. That’s down from 6.48 Million in 2006, 7.08 Million in 2005, 6.78 Million in 2004, 6.18 Million in 2003 and about on par with the 5.63 Million sold in 2004. (National Association of REALTORS.)
• Home prices in 10 major metropolitan areas in October were down 6.7% from a year earlier – the biggest year-to-year decline since April of 1991. However, the same study shows that home prices in Chicago (as a whole) are only down 3.2%. (S&P/Case-Shiller home-price indexes.)

In the Standard & Poor’s Home Prices report that was just released, researchers looked at recent home sale prices in 20 cities. They included statistics from the Chicago real estate market in their analysis. The GOOD NEWS is that Chicago (which saw a -3.2% change from 2006 to 2007) did NOT top the list of cities where property values have dropped the most. That unfortunate distinction goes to cities like Miami (-12.4%), Tampa (-11.8%), Detroit (-11.2%), San Diego (11.1%), Las Vegas (-10.7%) and Phoenix (-10.6%). The BAD NEWS comes in the form of a quote, which is attached to the report. Yale economist and creator of the home price indexes, Robert J. Shiller says, “No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim.” The chart below shows how Chicago compares and illustrates an interesting and important point.

Single Family Home Appreciation Comparison by City
(Source: Standard & Poor’s Data Through October, 2007)

Do you see Chicago? It’s the green line kind of close to the middle that doesn’t spike very high or very low. Since 2000, Chicago’s line increases steadily, with a relatively mild turn in 2007. The Chicago line mirrors that of our nice and stable Midwestern region, as a whole, which has been spared the extremes seen in the real estate markets that led the housing boom, like California, Florida and Arizona. And what about the cities that are in the best shape, according to this study, like Charlotte (+4.3%), Seattle (+2.2%) and Portland (+1.9%)? Home prices are still up from a year ago in these cities, but we don’t hear much about the places where the real estate market is steady and strong.

Having spent ten years as a journalist, I understand all too well what’s happening here. It has more to do with what reporters choose to highlight and what the media chooses to focus on. Speaking from experience, the worst or saddest news of the day is typically the lead story, especially when people are suffering.

We understand that these times are difficult for home owners who can’t afford their adjusting mortgages and are losing their homes due to foreclosure. We have clients whose homes are taking much longer than “normal” to sell and, like you, we’re taking a concerned look at how all of this impacts our own personal homes and investments. The tides are turning and the market is in the thick of a necessary and overdue correction. But we believe the media’s “one-size-fits-all” mode of reporting has contributed a great deal to the problem.

Just consider these headlines, excerpts, quotes and key words from some recent real estate news stories: “War? Disaster? Nuclear ambitions? What could derail the housing market?” “Falling House Prices are the Number 1 Danger to the Economy,” “Few are Optimistic,” “Brace Yourself for Real Estate Aftershock” “Mortgage Meltdown” and “Collateral Damage” top the list. Even economist Robert Shiller has said that “the collapse in home prices might turn out to be the most severe since the Great Depression.” Yet just last week the government reported that consumer spending in November grew at the fastest pace in 3½ years. Maybe we’re just too short sighted to panic about what the media might call the impending Armageddon here. We have definitely seen a change in the pace of appreciation. We can’t ignore the rising market times. We have conversations with frustrated sellers daily. But if our business is any indication, real estate remains a sage and steady investment for Chicago Suburban home buyers and sellers.

Looking back, real estate events in 2007 were, without argument from us, “unprecedented.” Many areas of the country saw declining house prices as buyer demand decreased and housing inventory increased to the highest level nationally in 22 years. Additionally, chaos in the mortgage industry resulted in lower home sales and a rise in foreclosures, compounding the market’s underperformance. It is likely that many of the problems plaguing 2007 will continue into 2008. However, as December draws to a close, we are optimistic that 2008 will be slightly improved with market conditions stabilizing and home sales regaining strength.

According to Lawrence Yun, the National Association of Realtor’s chief economist, “The worst of the credit crunch has already worked its way through the data and the strength of the Midwest market which is affordable and possibly even undervalued, will help raise the national median existing home price slightly in 2008.” Existing home sales for 2007 will most likely total 5.67 million, the 5th highest on record, and rise to 5.70 million in 2008, in contrast to 6.48 million in 2006. The 30-year fixed-rate mortgage is estimated to rise slowly to the 6.4 percent range by the end of 2008, with additional cuts in the Fed funds rate lowering short-term interest rates. Recent forecasts of a recession are tempered by a look at today’s unemployment rates, currently at 4.6 percent for 2007, unchanged from last year. Economists predict the rates will rise, though slightly, to 5.0 percent for 2008. Inflation as measured by the Consumer Price Index will likely be 2.8 percent this year and 2.7 percent in 2008, down from 3.2 percent in 2006. And as more home owners default on their loans, throughout the country, many are going back to renting. The home ownership rate in the third quarter stood at 68.2% of households, down from a peak of 69.2% in 2004. It’s a bitter pill for this group of home owners, but a trend to watch for those in the business of buying investment or rental properties.

Although the economy is fundamentally sound, unemployment relatively low and jobs gaining, our real estate outlook for 2008 is guarded. We agree that buying a home continues to be the single best long-term investment people can make. The fact that housing prices having adjusted downward over the past 18 months and interest rates remain relatively low bode well for a gradual recovery in the home sale activity beginning in 2008.

Written by Suzanne & Liz Luby
Coldwell Banker Residential Brokerage
303 East Main Street Suite 100
Barrington, IL 60010
Suzanne’s Cell: 847-922-7773
Liz’s Cell: 847-691-3150
Website: TheLubyGroup.com

Tags: Chicago Northwest Suburbs, Barrington, Inverness, Illinois, Real Estate, Homes For Sale, Market Trends, Real Estate Forecast for 2008, Appreciation Rates, Home Sale Prices, National Comparison, The Luby Group, Suzanne and Liz Luby, REALTORS

I was on Cuba Road driving to a client’s house in Deer Park today to deliver a key and a Christmas gift. On the way, I unexpectedly traveled through a glistening crystal forest. The sunlight was illuminating the remnants of yesterday’s rain, skipping through the treetops. For a moment, I felt like a trespasser in this fragile, foreign yet familiar land. The wheels of my car turned and crunched their way into Cuba Marsh. The air was as sharp as my icy steps as I stomped through snow and jagged frozen weeds to get closer. Every living thing I found had been shocked into submission and buried beneath layers of wintry glass. I hurried, with my camera, knowing that the passing minutes plus the heat of the sun would melt away this temporary place. Surrounded by cracks and splashes of disappearing ice, I jumped back into my car, cranked the heat and continued on my way. I think I’ll return in the Spring to catch up with this new neighbor.

Tags: Lake County, Barrington, Deer Park, Illinois, Cuba Road, Cuba Marsh, Winter Weather, Ice Trees, The Luby Group, Liz Luby, Photography

“Torture numbers, and they’ll confess to anything.”
~Gregg Easterbrook

The chart below goes back three years to show a more recent comparison of properties that sold per month in Barrington. You’ll see the number of Units Sold, the Median Sold Price, Minimum Sold Price, Maximum Sold Price and Total Volume per month in 2005, 2006 and 2007. We have access to a wealth of real estate sales data for specific suburbs and neighborhoods. If you would like us to provide a statistical analysis of home sales in your community, please fill the details of your request in the contact form below. We’ll follow up right away. Thanks, Liz Luby

Tags: Barrington, Real Estate, Market Data, Statistics, Sold Properties, Median Sold Price, Median Sale Price, Minimum Sold Price, Maximum Sold Price, Total Volume

This Updated home is situated on a sprawling 1.75 Acre corner lot in desirable Inverness neighborhood, Cheviot Hills. The well-designed and inviting floor plan includes four bedrooms, a bonus room and a large finished lower level with a rec room for family fun. Enjoy a sunny enclosed porch, the warmth of three fireplaces, an updated kitchen w/granite and much more. Close to many conveniences including: O’Hare, train, tollways, Schools & shopping.
Directions: Ela North of Palatine Road to Bradwell West to Abbotsford to home

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Proudly Listed by The Luby Group – Suzanne & Liz Luby
Coldwell Banker Residential Brokerage – Licensed in Illinois
Suzanne’s Cell: 847-922-7773 Liz’s Cell: 847-691-3150

After all, we are experts in selling real estate, not deciphering computer code. Right now words like Widgets, Wikis, Pingbacks and RSS Feeds are from a language that’s a bit foreign to us. But we’re in the process of adding them to our vocabulary and finding ways to use these technologies to help sell homes.

We already put priority emphasis on using the internet to help increase exposure for the properties we have listed. We’ve got some of the best systems in place on TheLubyGroup.com to give home buyers access to information about properties on the market. But we want to take it all to a new level. Internet marketing strategies are constantly evolving and we’ll continue to do what it takes to give our home sellers and buyers an edge when it comes to technology.

We’ve done a lot of research, found a blog publishing system that we think will work well and off we go. In the coming weeks and months, we’ll add useful posts, links and many other tools to this site. We’d love your feedback and we always welcome your involvement. If you’d like us to set up a blog for your specific neighborhood, just say the word and we’ll find a way to make it happen. In the meantime, thanks for your time and your confidence. If you don’t know who we are, here’s a photo from last summer’s “UnCork Barrington” wine tasting event – I’m also just practicing uploading photos:

More to come,
Liz Luby – The Luby Group
Coldwell Banker
303 E. Main Street, Suite 100
Barrington, IL 60010
847-691-3150
TheLubyGroup.com

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