Mark Reitman

Felix,
They are selling in Rogers Park, albeit slowly. Prices have trended slightly down over the past several months, since a peak last July. At the same time, market times have trended up, hovering around 175+/- days for the last 4 months, although some of that time can be attributed to homes selling through the winter/holiday seasons.

As for 3br/2bath condos in Rogers Park, there are currently 123 listed for sale, while only 7 closed in April (6 in March) for an absorption rate of 17.6 months (6 months is considered a 'normal' market).

One other thing to consider: The homes that closed in the past two months had an average list price of $300,115, while those that are still unsold are listed at an average of $340,689. So, if you choose to sell, pricing competitively will be the biggest key to success.

Good Luck!
Mark - Thu May 1 2008, 12:14

Jennifer,
As others have said, a lot depends on your reasons for selling at this time (or really any other). With that said, except for a dip in prices from October through January, which have since recovered, prices in Ravenswood have been consistently trending upward, albeit gradually. The 90-day moving average actually increased 5.55% from March '06-March '07; then increased another 8.6% from March '07-March '08.

On the other hand, market time has increased from 82 days (3/06) to 124 (3/07) to 147 (3/08). However, market times for March closings seem to spike to about 20% higher than following months, because those homes were marketed through the winter/holidays. So, expect the average market time hover around 120 days, more or less, during the next few months, which would be about 20 days longer than last spring/summer's average.

I'll let you decide whether these numbers bear out a 'really bad time' to sell your condo, or not. But, your own specific results will depend on your particular unit, it's location, condition and your willingness to price it competitively in this market.

Good luck!
Mark - Mon Apr 21 2008, 14:53

Eric, the difinitive answer is...it depends. Assuming the seller has the equity to accept an offer 10% less than the asking price, is he willing, especially having already reduced the price $20K (how recent is that reduction)? Just because the property is in foreclosure, that doesn't necessarily mean the seller is wlling to reduce the price another 10%, even if WE see the reality in the alternative - a foreclosure auction. The seller may or may not. Also, he may have several months before the auction and, therefore, may want to hold out for a better price. Bottom line is there are many factors which weigh into the decision to accept (or not) any price. And we are not mind readers.

On the other hand, does the seller even have 10% equity? If not, an accepted offer would create a short sale situation, which is contingent on the lender's approval. So, the seller can accept anything he wants, but then you may find yourself waiting a month or two (or longer) to find out whether the lender has also accepted your offer.

Your best bet is to get these and other questions answered in order that you can know how you're able to proceed, or hire a professional to help you with those questions and your possible offer.

Good luck!
Mark - Mon Apr 7 2008, 10:43

What's the address? If it's closed, the price can be found quickly. - Mon Jan 21 2008, 12:01

I can refer you to someone who works with lease-optioners almost every day. If you'd like, give me a call - (773)837-6275.

Mark - Mon Jan 14 2008, 17:17

Smith,
Your best bet is to find a resourceful agent who is able and willing to dig up lease option opportunities that aren't stated as such. While one can search lease terms on rental listings (such as "Rent w/Option", "Available for Sale"...), I find that more than half of those homes listed just for rent are open to lease options, despite not being advertised that way.

Also, by calling on properties listed strictly for sale, I find that about 20-25% of sellers who have had their properties on the market for several months are open to lease options (rent-to-owns) if they're asked. There are alot more opportunities than meet the eye. And these are available in all price ranges.

Good Luck!
Mark - Mon Jan 14 2008, 16:18