Frustrated with Glenview, IL real estate market...

Asked by Mike_fl, Skokie, IL Thu Sep 3, 2009

I've been looking to purchase a house in Glenview, IL for the last 6 months, and I become frustrated with the results so far. I'm looking for new construction with 4 bedrooms, 2 car garage, with good schools in the area, that also looks decent. Sorry, but the 40 year old ranch houses with small bedrooms priced ridiculously high (550-600K) is not my ideal house where I could picture myself living for the next several years.

I found a house meeting my criteria last week. Foreclosed property, brand new, within my range (550-600K). I made an offer (a couple of thousand more than the list price) and guess what... someone outbid me by 200K. Can you believe it?

My broker keeps telling me that this is a good time to buy and that the prices are starting to g up. Honestly I do not see it, but I also do not see the prices on the properties I like coming down (these are usually priced at around 800K and don't change much). Are the prices likely to decline or should start looking elsewhere?

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Lfrostie, , Sarasota, FL
Sat Apr 3, 2010
There is a home that meets your criteria in excellent shape, 3 car gar, at1542 Bluestem Ln in Glenview.
0 votes
Clauper, , Glenview, IL
Tue Sep 22, 2009
You get what you pay for. Prices in Glenview are supported by the fact that Glenview is a great community to live in. It's a 30 minute train ride from downtown Chicago, it has superb restaurants and shopping, parks and golf courses and a fantastic school system. That is what you are paying for when you buy a house in Glenview as opposed to buying a house in Morton Grove or Niles where you can probably find a new house for 550k.
0 votes
Edith Karoli…, Agent, Winnetka, IL
Fri Sep 4, 2009
Hi Mike I have the feeling that I answered another question for you once before!

I understand that you are working with an Agent, trying to find the right home for you in Glenview....
You know Glenview has been very high on the list of raising home prices, when the market just kept on going up up and away... So therefore some of the pricing you are seeing has to do with the fact that many buyers like to move to Glenview for various reasons, and then the pricing may have been set for financial reasons, in this current market it is all a little muddy.... And foreclosures and short sales what the other agent said is true, you just not always know what offers are getting presented and where you stand and yes the highest best offer on a foreclosure will be accepted and short sales take time with a whole host of other problems....

And yes you may consider checking properties in other suburbs where the pricing never went so extremely high and where you can find some good deals, but of course that depends on where you place of work is and how far North or Northwest you are willing to go...

Since you are working with a broker, this Realtor can explore your options daily and hopefully for the next one you can actually negotiate with the Seller and get the deal done.

Hope it will all work out at the end.
Edith Karoline YourRealtor4Life!
Working always in the very BEST interest of her clients, in the city of Chicago, the North Shore and all of Northern Illinois
EdithSellsHomes@gmail.com
0 votes
Nichole Lat…, , Tinley Park, IL
Thu Sep 3, 2009
HELLO,

THIS IS A WONDERFUL TIME TO BUY. BUT IT LOOKS LIKE WHAT YOU ARE TRYING TO FIND IS A CHALLENGE. NEW CONSTRUCTION IN YOUR PRICE RANGE IS A CHALLENGE IN GLENVIEW. I HAVE LOOKED AT THE PROPERTIES IN GLENVIEW AND I HAVE TO AGREE WITH YOU WHEN YOU SAY WHAT YOU WANT IS IN ANOTHER PRICE RANGE.
FORECLOSURES AND SHORT SALES WOULD BE YOUR BEST OPTION FOR WHAT YOU ARE LOOKING FOR IN THAT AREA. THE PROBLEM WITH BANK OWNED PROPERTIES IS THAT SOMETIMES THEY ARE PRICED RIDICULOUSLY LOW SO THE BANK CAN DRAW MULTIPLE OFFERS AND THE BEST WILL WIN. I HAVE BEEN OUT BIDDED A NUMBER OF TIMES AND MY CLIENTS WOULD BECOME VERY FRUSTRAYED BUT THAT IS HOW IT WORKS.
SHORT SALES CAN TAKE ANYWHERE FROM 3 MONTHS TO 6 MONTHS TO CLOSE NAD 30 TO 90 DAYS TO EVEN FIND OUT IF YOUR CONTRACT IS ACCEPTED.
I DO BELIEVE THAT WE WILL SEE ANOTHER ROUND OF BANK OWNED AND FORECLOSURES COMING IN AFTER THE FIRST OF THE NEXT YEAR. THERE ARE A LOT OF 4 YEAR ARMS AND 5 YEAR ARMS THAT WILL MOST LIKELY PUT SELLERS UNDER. SO KEEP LOOKING AND GOOD LUCK.

BEST WISHES,
NICHOLE LATHUS
MCCOLLY REAL ESTATE
708-646-6533
nlathus@yahoo.com
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