Have you seen all the for sale signs in Briarcliffe? Nobody wants them unless they're priced right.
I've found that many in Lemont don't want to sell at a reasonable price. They're still looking to profit even though they bought near the top of the bubble. I'm looking in lemont and planning on spending $600k but
I haven't seen much yet. Saw a recent listing that bragged about a $200k reduction in price.
That tells me it was WAY OVERPRICED and they shouldn't be bragging about that.
Me and my cash will wait until the prices are realistic.

Hi Anne,
Your question is a good one and while no one can give an exact answer as to what final selling prices will be, the last sales show that final foreclosure and short sale prices have been in in the low to mid $500's. The history in this area of NORMAL sales over the last 3 or 4 years have averaged from a very low $510k in early 2006 to a high of 934k in late 2006. During that period, majority of sales have been in the high 600k to high $700k, with some exceptions of course. As to whether this will be a blighted neighborhood, highly doubtful. Even if sales were to go to the $300k, that sale price would just be a HECK of a deal for a buyer while still ensuring a well qualified loan.

Large number of builders decided to build spec homes and are having a difficult time selling. The area has supported pricing up to a million.