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Michael Hobbs' Blog

By Michael Hobbs | Appraiser in Chicago, IL
  • Evanston Recovering Faster Than Chicago

    Posted Under: General Area in Evanston, Home Buying in Evanston, Home Selling in Evanston  |  March 26, 2012 7:07 PM  |  565 views  |  1 comment

    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.  Granted, Chicago is much larger than Evanston and is much more diverse, but averages are averages and a decent basis for comparison.

    Chicago vs Evanston

    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).

    Evanston Stats

    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

  • Extravagant $9MM Evanston Foreclosure

    Posted Under: Home Buying in Evanston, Home Selling in Evanston, Foreclosure in Evanston  |  July 26, 2011 3:49 PM  |  572 views  |  No comments

    295 Edgemere, Evanston

    Cherry Picker Investments specializes in foreclosures, but not many properties come along like this one in Evanston, Illinois.  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.  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.  Nonetheless, for the lay person, this may be a once in a lifetime opportunity to bid on a mansion by most people's standards. 

    No further information was available as of this update.

    Additionally, there is a publication referencing this property:

    Michael Hobbs, President, PahRoo Appraisal & Consultancy

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