Even when the general media is reporting less than exciting news, that doesn't mean some pockets of strength do not exist.
Take Evanston for instance, a relatively small area just north of Chicago, right along Lake Michigan that
appears to have hit bottom sooner than Chicago and has been rebounding
faster.Â Granted, Chicago is much larger than Evanston and is much more
diverse, but averages are averages and a decent basis for comparison.
As shown below, the Lakeshore sub-market of Evanston, which is just south of Northwestern University, is even stronger and more desirable than the Evanston market at large....actually is twice as large (in price that is).
Based on our analysis for the area using MLS data (from MRED LLC),
those home owners closest to Lake Michigan and south of Northwestern
University in the Evanston Lakeshore National Register district as
defined by the City of Evanston Zoning Department, have already seen
their mean (also known as average) housing price (based on recent sales)
increase nearly 7.5%....now that is some good news!
Michael Hobbs, PahRoo Appraisal & Consultancy
Cherry Picker Investments specializes in foreclosures, but not many properties come along like this one in Evanston, Illinois.Â This multi-million
dollar foreclosure is understood to be a recently constructed, but not lived, in property.
Located in Southeast Evanston, Illinois, 925 Edgemere was built in
2008, a Spanish-style house with five bedrooms, seven bathrooms, an
outdoor pool and lakefront access totalling 11,000 square feet.Â The
property was previously listed for $9 million; the price was lowered
last year to $7.9 million. Next month the house will go to auction at
the Cook County Sheriff's sale.
While multi-million dollar foreclosures are less common, extravagant houses in Southeast Evanston are not.Â Nonetheless, for the lay person, this may be a once in a lifetime opportunity to bid on a mansion by most people's standards.Â
No further information was available as of this update.