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Market Conditions in 60646 : Real Estate Advice

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  • Home Buying4
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Activity 176
Sat Sep 27, 2008
Bill Eckler answered:
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, average home price, decrease in home prices, number od short sales and foreclosures etc....anything that will support your position.

Good luck,
The "Eckler Team"
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0 votes 5 answers Share Flag
Tue Oct 14, 2008
NonRealtor answered:
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/for_sale/60657_zip/foreclosure_lt/ ... more
0 votes 14 answers Share Flag
Wed Sep 24, 2008
Wayne Beals answered:
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 per square foot come out to roughly $225. Some of this square footage is on the lower level.

On a recent new construction sale, a two bed two bath condo with great views closed at over $500 per square foot.

Before making an offer, search out the most comparable closings you can find to help you determine value.

Best of luck.
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Mon Sep 1, 2008
answered:
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 and select the 5-year view. ... more
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Wed Aug 27, 2008
Tino Martinez answered:
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 1 answer Share Flag
Tue Mar 10, 2015
Bob Brandt answered:
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 a lot to do with the action. ... more
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Tue Mar 3, 2009
Kale Realty answered:
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 looking for and I'll be happy to see if I can help.
nick@kalerealty.com and or http://www.kalerealty.com
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0 votes 13 answers Share Flag
Wed Dec 23, 2009
M answered:
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 because of the market. Maybe within the next six months, during the worst weather, worst time for general sales anyway may be a great time to go in and really negotiate a great opportunity. You have to totally take any emotions out of it and just be very committed to specific life style choices. We are home based in Chicago although are primary markets are in the southeast where there are some amazing opportunities. Let me know if we can help.
Marian Schaffer
The Schaffer Realty Group
www.marianschafferrealty.com
877-886-8388
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0 votes 11 answers Share Flag
Sat Jul 26, 2008
Tom McCarey answered:
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. Other lots have since been made available in the $650-$700k range with some sellers overvaluing their land in the mid $700s. This is land between Ashland - Damen, from North - Armitage. You may find land for less north of Armitage but your cost reduction is gained at the expense of having the expressway in your backyard. You gain a bit of mitigation west of Damen but these tend to be short lots on streets like Cortland and Homer. And north of Armitage you dwell at a lesser price point as far as sale and resale goes. There are a number of additional costs such as plans and permits and the fact that construction loans clip you at a higher rate than standard purchase loans. The other factor to consider is that long before you arrived on the scene in Bucktown there have been builders and their representatives delving deep for fair value land purchases - while your objective of finding a lot upon which to build will not be impossible it will be difficult as these earlier arrivals are much more conversant with what's available and typically have the latitude to pull the trigger on a cash basis with quick close capabilities.

Tom McCarey
The Real Estate Lounge Chicago with @ properties chicago
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0 votes 3 answers Share Flag
Mon Jul 21, 2008
Scott Epstein answered:
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 property in 45 days and are pricing it accordingly.

In some cases banks are losing over 50% of the loan amount. So I think that would represent a bargain. However, in most cases these properties will require a lot of work.

I have had some client's purchase foreclosures and short sales in hopes of flipping them and the key is to buy it cheap enough that even after the improvements you can price the property below similar properties in the area.
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Tue Oct 14, 2008
Heidi Engel answered:
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 than the purchase price---it is pretty rare----and I have been selling for 20 yrs +. I am also seeing a lot of "standard disclaimers" on appraisals---also, the appraiser suggests an independent roofing inspection--an independent mold inspection etc. ....... I have never seen so much garbage coming thru--- its basically C Y A out there right now. ... more
0 votes 7 answers Share Flag
Thu Mar 28, 2013
Alan May answered:
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, and six 2bedrooms).

The average list price was $245,714... and the average CLOSED price was $238,571.
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Thu Jun 25, 2009
Steve Acoba answered:
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 there are 6 units on the market (2 are contract pending) with a high list price of $249.9k and a low list price of $229.9k. Average list price is $237.850k and an average market time of 75 days.

Hope this helps!
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Thu Jul 10, 2008
Fred Scovell answered:
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 properties have been added to the market inventory resulting in longer market times for properties to close. Sellers are experiencing greater frustration as the absorption rate increase( the number of months properties remain on the market to sell as the inventory increases at the same time).Your offer, however, should be based upon the sales price of similar units over the last 3 to 6 months in the building you are considering and possibly within a 2 block square area. Condition of the property as well as the seller's motivation need to be ascertained as well. Properties that are priced at or below the most recent sales prices sell first and those are properties that involve motivated sellers! You should work with a real estate agent to conduct this comparative property analysis. Remember,if you are financing the purchase, the property must also receive an appraisal price equal to the purchase price, otherwise you run the risk of being required to place more $ down to make up the difference .We have some excellent written materials on the process of making an offer on properties on our web site located at www.scovell-sabatini.com ... more
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Fri Jun 20, 2008
Greg Zaccagni answered:
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 on the likely sales price and see if that makes sense for you to sell. Also compare the costs of ownership to the costs of rent and remember to discount your interest expense & property taxes for the deduction you likely take on your income tax returns. If your below water after paying likely selling expenses ask the realtor about fair market rent and see if that makes sense for you to be a landlord.

I would be happy to refer you to a listing agent in your area.
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Mon Jul 14, 2008
Saify Talib answered:
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 disappointed. Getting another appraisal will give you another number - but there is very little chance that you'll sell for the appraised price.
There is also the issue of division of the sale proceeds. I would give that some thought.
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Thu Jun 19, 2008
Eric Marcus answered:
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 means that at the current rate of sales it would take 16 months to clear all the active inventory.

To determine the absorption rate you take the number of active properties divided by the number that have sold in the last 12 months and multiply that 12.

A 16 month absorption rate would indicate a serious buyers market!

Send me a note if you would like to see a calculation of the absorption rate based on the last 6 months sales and the last 24 months sales. This can help determine if the market is getting better or worse. With such a small sample size though these numbers are not that reliable, you would probably want to look at the total number of all 2 bedroom condos and up.
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Wed Jun 8, 2016
Heidi Engel answered:
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-----Usually the only thing in condo decs that "blow" FHA financing is the right of 1st refusal verbage----FHA financing also keeps the numbers up concerning owner occupancy levels---they use to pull FHA if the rental vs owners went over 30%---so owners had to occupy at least 70% of the complex. I would be very glad to see more FHA and VA appd complexes-----sometimes you also can get spot approvals. Fha approval would benefit the complex!! ... more
0 votes 202 answers Share Flag
Tue May 6, 2008
Tom McCarey answered:
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 national schemata to Chicago is a gross mistake that has more to do with a media-induced misperception and not the reality that every local market is different. When you have a moment please click this hyperlink http://www.atproperties.com/marketReport/ and take a look at the neighborhoods that you inquired about (gains of just under 2% and more than 7% respectively from last year). I strongly urge you to read this report - it is predicated simply on a factual reading of actual transactions and it upends any application of national statistics to this local market.
If you are looking to buy or sell a home, I urge you the best of luck with your endeavor. In selling appropriate pricing combined with aggressive technologically based marketing will be your chief allies.

Tom McCarey
The Real Estate Lounge Chicago
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0 votes 2 answers Share Flag
Tue May 6, 2008
Laura Karambelas answered:
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 solds to give you a market price. If you are planning on selling and that's the reason for the CMA ask them do give you a net sheet which would give you an idea of the costs involved with selling.

I hope that helps.
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