Market Conditions in 60661 : Advice

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Bill Eckler-…, Real Estate Pro in Venice, FL
Bill Eckler-Florida, answered:
Do we cut our loses and lose our deposit? Or try to renegotiate our pre-construction condo price?
Sarah,
Your first course of action needs to be to have a conversation with your builder to explain your situation. Go in prepared with recent market information about this area, averag ... more
0 votes Share Flag Sat Sep 27, 2008 Market Conditions in Chicago, IL
NonRealtor, Other/Just Looking in 23456
NonRealtor answered:
I'm a first time home owner (as of '05) in Lakeview, Chicago, IL. Has my property gone up or down?
Trulia shows there are 64 foreclosures in you zip code. My guess is that prices are going down. It looks like you bought at the peak of the bubble. Good Luck
http://www.trulia.com/ ... more
0 votes Share Flag Tue Oct 14, 2008 Market Conditions in 60657
Wayne Beals, Real Estate Pro in Chicago, IL
Wayne Beals answered:
How much is avg cost per square foot in the South Loop area? Not necessarily new construction?
Hi Karyn,

This can very greatly on type, views, location, condition and overall size of the unit.

If you look at a recent 2400 square foot townhome resale for $538,000, dollars pe ... more
0 votes Share Flag Wed Sep 24, 2008 Market Conditions in 60616
srynkiewicz, Other/Just Looking in Chicago, IL
srynkiewicz answered:
Is there a website where I could track historical real estate sales by community?
The Chicago Tribune has had a feature like this for years; the version at chicagotribune.com/homes goes five years back. Click "Track price trends for your community," choose Chicago an ... more
0 votes Share Flag Mon Sep 1, 2008 Market Conditions in 60613
Tino Martinez, Real Estate Pro in Illinois
Tino Martinez answered:
With seller downpayment assistance going away 10/1 on FHA loans,
30 days - about out of time. Most lenders have already set the cut off date an ( LOCKED by end of August or no go )
0 votes Share Flag Wed Aug 27, 2008 Market Conditions in Chicago, IL
Bob Brandt R…, Real Estate Pro in Schaumburg, IL
Bob Brandt Re/Max 847-230-7303 answered:
What is considered "good traffic" for a condo/townhome these days? How many showings per week?
I have a townhome listed and it is getting about 2 showings a week. My other listings are detached and are getting about the same, here in Schaumburg. The price and picture quality has ... more
0 votes Share Flag Mon Mar 30, 2009 Market Conditions in Near South Side, Chicago, IL
Kale Realty, Real Estate Pro in 60607
Kale Realty answered:
Specialized agents?
short sales are tough and could potentially be a lot of work for no payoff- I always prefer to work with the banks properties has there is always less drama. Let me know what you are ... more
0 votes Share Flag Tue Mar 3, 2009 Market Conditions in Chicago, IL
M, Other/Just Looking in Florida
M answered:
How long will prices keep dropping in downtown Chicago and what %?
Antonio,

All indications are that Chicago has some room to go south. The inventories remain very high and there are numerous projects still in the works and many that slowed down be ... more
0 votes Share Flag Wed Dec 23, 2009 Market Conditions in Near North Side
Tom McCarey, Real Estate Pro in 60622
Tom McCarey answered:
How much is a teardown in Bucktown today???
Dahi,

The last lot my builders purchased was 25x123 and upzoned to R3.5. We purchased it for $630k 2 years ago and built a home that sold earlier this year for more than $1.5MM. Othe ... more
0 votes Share Flag Sat Jul 26, 2008 Market Conditions in Chicago, IL
Scott Epstein, Real Estate Pro in Crystal Lake, IL
Scott Epstein answered:
Are foreclosure and short sales really a bargain? From what I am seeing, many foreclosure prices are pretty
What area(s) are you referring to?

I've seen banks get a lot more aggresive with their pricing on foreclosures. Asset managers are asking agents what it will take to sell the proper ... more
0 votes Share Flag Mon Jul 21, 2008 Market Conditions in Chicago, IL
Heidi Engel, Real Estate Pro in Mount Prospect, IL
Heidi Engel answered:
CMA vs Appraisal Who is winning? With the real estate market in limbo (in certain areas), what are you
Mark---the appraisers are very cautious out there right now---VERY. They have always asked for a copy of the sales contract---even in a good market they do not like to come in higher th ... more
0 votes Share Flag Tue Oct 14, 2008 Market Conditions in Chicago, IL
Alan May, Real Estate Pro in Evanston, IL
Alan May answered:
Can you give me the avg. days on market to sell a unit in 711 W. Gordon Terrace in Chicago, IL 60613
Using the last 12 months, the average market time for units at 711 W. Gordon Terrace in Chicago was 117 days. Which represents only 7 total sales in the last 12 months (one 1bedroom, an ... more
0 votes Share Flag Thu Mar 28, 2013 Market Conditions in Uptown
Steve Acoba, Real Estate Pro in Chicago, IL
Steve Acoba answered:
Can you give me the avg. days on market to sell a unit in 711 W. Gordon Terrace in Chicago, IL 60613
Hi Don.

Over the last 12 months, the average closed price was $219k with an average listing market time of 72 days. High sale price of $256k and low sale price of $162k. Currently ... more
0 votes Share Flag Thu Jun 25, 2009 Market Conditions in Uptown
Fred Scovell…, Real Estate Pro in Chicago, IL
Fred Scovell CHICAGO VIEWPOINT answered:
hi, we are looking at 1 br aprts on erie st price range 230-300. downtown area. are the prices in the?
It is a buyer's market! Properties are not appreciating at the same rate as they were from 2002 to 2006. Additionally, the pool of buyers has shrunk and at the same time more propertie ... more
0 votes Share Flag Thu Jul 10, 2008 Market Conditions in Chicago, IL
Greg Zaccagni, Real Estate Pro in Illinois
Greg Zaccagni answered:
What are the costs/benefits of selling a current condo and renting a bigger one?
Shirlee:
You may want to ask a realtor to determine the days on market and average selling price for properties similar to your own. Then ask them to calculate the net proceeds based ... more
0 votes Share Flag Fri Jun 20, 2008 Market Conditions in West Town, Chicago, IL
Saify Talib, Real Estate Pro in Oak Park, IL
Saify Talib answered:
Edison Park values in last 8 months
Kate,
My advice to every seller client right now is this: Don't sell unless you HAVE TO. Given the prices of closed properties in Edison Park in the last 5 months, I'd say you'll be di ... more
0 votes Share Flag Mon Jul 14, 2008 Market Conditions in Edison Park, Chicago, IL
Eric Marcus…, Real Estate Pro in Chicago, IL
Eric Marcus (773) 244-1110 answered:
What is the absorption rate for 3 bedroom condos in 60631?
In the last 12 months in 60631 there have been 6 sales of 3 bedroom condos. Right now there are 8 active 3 bedrooms for sale. This would yield an absorption rate of 16 months. This ... more
0 votes Share Flag Thu Jun 19, 2008 Market Conditions in 60631
Heidi Engel, Real Estate Pro in Mount Prospect, IL
Heidi Engel answered:
Should we make our condo FHA approved?
Absolutely not----FHA has been around a long time---maybe not as popular in the last 6-8 years because of the alternative financing---but it will be around a long time in the future---- ... more
0 votes Share Flag Sat Oct 11, 2014 Market Conditions in Rogers Park
Tom McCarey, Real Estate Pro in 60622
Tom McCarey answered:
Has the Market in Chicago (especially West Town and West Loop) started to flatten?
Dan,

When you cite Standard and Poor's survey you are citing statistics that are not specific to Chicago you are citing SP's take on the national climate. To cross-pollinate the nati ... more
0 votes Share Flag Tue May 6, 2008 Market Conditions in 60607
Laura Karamb…, Real Estate Pro in Downers Grove, IL
Laura Karambelas answered:
How can I get a comparative market analysis for my condo?
Deborah-

That's all you need to do is call a local Realtor and tell them you would like to have a CMA done on your property. They will compare your unit to active condos and recent ... more
0 votes Share Flag Tue May 6, 2008 Market Conditions in North Park, Chicago, IL
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