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Market Conditions in 60629 : Real Estate Advice

  • All30
  • Local Info4
  • Home Buying13
  • Home Selling5
  • Market Conditions0

Activity 176
Wed Oct 20, 2010
Hillary Deck answered:
Anything is possible. You just need to be sure that you are working with an agent and attorney who are experts on short sales. Feel free to give me a call anytime with questions about short sales.

Hillary Deck
Realtor, ADPR
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0 votes 39 answers Share Flag
Fri Oct 8, 2010
Evelyn S. Fred answered:
Good morning, Shari,

There are currently 41 homes for sale priced at $100k and under in Bellwood. Of course, without having your specific criteria it's hard to determine how many of those will suit your needs.

As to the flood damage at the time of contract the seller must disclose any known defects including flood damage. If the seller indicates there is/was flood damage they are given the opportunity to explain.

You in turn will have the opportunity to ask questions and for proof of repairs. At this time you will also have the opportunity to continue with the transaction or walk away. It's a simple matter of exercising due diligence.

The best advise I can give you is to find yourself a buyers agent. We are at no cost to you.

A buyers agent will ensure you receive all disclosures, negotiate on your behalf, recommend course of action when necessary, provide you with legal, financial and home inspection resources, amongst other duties.

Start with the agents that responded to your question right here on Trulia. Call us up and conduct your own interview, determine who you feel most comfortable with then work with that agent exclusively. Loyalty beget loyalty.

Good luck!
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Thu Oct 7, 2010
Mack McCoy answered:
Jeffrey, if a sales price is noted, then it is the sales price divided by the square footage. If only the listing price is noted, then it is the list price divided by the square footage. And if it's a tax record, then it's the tax assessed value - not market value - divided by the square footage.

Hope this helps,
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0 votes 9 answers Share Flag
Mon Aug 9, 2010
The MG Group answered:
Depends on if you're west of western. If so, 9-12 months easy. If not, less than 6 months - but all depends on price.
0 votes 10 answers Share Flag
Mon Jul 19, 2010
Puvalai asked:
0 votes 0 Answers Share Flag
Mon Jul 12, 2010
Matt Laricy answered:
I would stay away from any new contruction/conversion right now. There is going to be a lot of price cuts, and developer closeouts. This could be very dangerous for you. You dont want to buy something and then see your neighbor pick one up a year later for 100k less than your price. I would stick more with an established building.

If your looking to buy, go out and get a good buyers agent. This way you have someone to walk you through the buying process, at no cost to you. I would be happy to help.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
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Wed Jul 7, 2010
Evelyn S. Fred answered:
Tue Jul 6, 2010
Evelyn S. Fred answered:
Hi Sush,

How do you know the association is a "mess"? If the association is in a "mess", I'm assuming you mean either non-existent (which I doubt) or in financial disarray, you may not be able to get financed. The banks won't finance a property that is a financial risk.

It appears as though the building is still holding it's value. At a quick glance the least amount a unit sold for was $257,500 with a high of $660k.

If I can be of further assistance don't hesitate to contact me directly.

Good luck!
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0 votes 4 answers Share Flag
Thu Aug 5, 2010
Philip Sencer answered:
You do not say what you think your loss will be if you sell, but Bronzeville has not faired very well in the past 3 years. It's been ugly! Having a $15/mo negative cash flow is NOTHING!!! There are tons of folks who wish that is all they are losing each month. You should be happy it's not more.
The market has stabilized and should get better as time progresses, but no telling how fast this will happen.....probably not very fast. I would try to rent another year.

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Sat May 22, 2010
Ed asked:
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Fri Feb 26, 2010
Philip Sencer answered:
Hard to say without more information and looking at it, but safe to say under 200K and possibly under 175K. If I had a client interested in a Garden unit, I would tell them to rent instead!

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Tue Jan 19, 2010
Matt Laricy answered:
I personally think its a little too early to tell. I have just had my first contract accepted that has to go through this process, so I am unsure as to what the process is going to be like.
As to "would be" 2 flat buyers, I have not had any trouble getting financing for my FHA 2 flat buyers. I have heard of some difficulties, but my lender has been able to help my clients through them.
I do know that my cash investors are always happy when they find out some things will be more difficult for financed buyers. This just gives their cash offer that much more leverage.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
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0 votes 2 answers Share Flag
Mon Nov 15, 2010
Vivian Jankauskis answered:
For first time home buyers it is 10% of purchase price up to 8,000. For existing homeowners it is up to $6500. You must have a contract by April 30th and close by June 30th.
0 votes 5 answers Share Flag
Fri Jan 8, 2010
Scott Newman answered:
Absolutely. When real estate isn't doing well then the number of people who are looking to rent vs buy tips much more towards renters. This means there is an abundance of tenants competing for property which means the prices will be driven down by competition.

For example, units that rented in the Gold Coast for $1,700+ only a few years ago are now going for $1,350 or even less. Landlords are desperate to get somebody in their to cover their monthly carrying costs and they're beyond willing to negotiate.
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0 votes 6 answers Share Flag
Wed Oct 28, 2009
Philip Sencer answered:
It can vary a lot depending on how far West you want to go. The rental storefront market has gone into the toilet....good for tenants & buyers of mixed use buildings. There is a ton of over supply. If you give me some specifics I can send you more accurate information.

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0 votes 2 answers Share Flag
Fri Oct 16, 2009
Wayne Beals answered:
Hey Cindy,

I saw a couple of your questions, and I'll try to address them as well as this one.

All markets are still selling as long as the pricing is correct. The bottom line is that price sells everything.

If you are buying cash at judicial sale for example, be aware that you'll have to get a killer deal to resell immediately without improvements on the MLS. Without exception, you are competing with REO's in every community.

As far as FSBO's go, haven't seen too many of these go at acceptable prices. Very rare. The seller would have to still have equity in this market and be willing to part with it at the worst time. Very uncommon.

Also, your other questions regarding seasoning may pose some complications with seasoning, appraisal, 90 flip rules, etc when it comes to the buyer's financing.

Now. All this negative commentary doesn't mean that you can't make money flipping, it's just hard and risky work. That said, you can mitigate the risk with the right strategy. My team and I have been studying the feasibility of developing affordable and sustainable housing, and see some opportunities for lowered risk and good profitability. You'll also be creating a product that improves the lives of other. Win, win, win.

I will say that flipping outright, without doing improvements is the riskiest of all strategies. Even though the economy is tough, there are lots of investors out there, desperate to get return on their cash, trying to do what you are. That makes for heavy competition.
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0 votes 1 answer Share Flag
Thu Oct 29, 2009
Dallas Texas answered:
NO one knows answer HOWEVER if they announced today many people who would have an interest close prior to 11.30.09 would delay process.

Most likely government if extend may not announce till end of November .

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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Wed Oct 10, 2012
Stacy Karel answered:
19,250 and 20,000. There is a unit Pending at 15,800- do not know the final selling price. These foreclosures will have to clear out...
0 votes 2 answers Share Flag
Sat Aug 8, 2009
Paul Blackburn answered:
Hi John,

You've asked a question that I've heard time and time again. I guess it depends on exactly what area you are talking about. Many people have called certain parts of Garfield Park "East" when they are really not. Assuming you are not doing this I'll give you my thoughts.

I looked to invest in property over there during the boom. I remember lots selling for 200k that were no more than 25 wide, if that on Warren Blvd and Washington, etc. I remember gutted stones selling for 250, in some cases over 300 if they were large enough. We won't see those prices for over a decade.

I think what needs to happen to sustain prices in East Garfield Park are a few things.

Developers have to rent out their condos, pull them off the market. That simple. This will drive some minor retail along your main strips, Warren, Washington, Madison, etc.

Do I see it happening soon? Will prices continue to decline? I think prices will decline slightly more in the area as I believe there are still several developers that will default or will be forced to auction or liquidate. This will drive down comps for sure, however, this is what needs to happen. It has to get slightly worse before it gets better. However, I think the major declines for the area have already occured and the area is on the "home stretch" of price declines.

I see you are a property manager in the area. Do own only residential or retail. I know a developer in the area that has had one difficult time moving his commercial space, he practically can't give it away. He is right off of western.
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