chicago-condos & Chicago Real Estate & Chicago Homes pcherry on 13 Jul 2009 02:36 pm
Foreclosures Make Up 43% Of Local Sales
July 13, 2009 - For Chicago homes to sell these days, owners and developers will mostly likely have to make at least one price cut, according to a recent Tribune article. data from Trulia, Inc. showed that as of last week, 31% of all Chicago area homes that were for sale had been reduced at least once. Last month (June) only 29% had been lowered and in April only 24%. As a whole, 24% of all U.S. condos and single-family homes for sale have lowered asking prices at least once.
The article went on to break the price cuts down by neighborhood, and 43% of condos and homes for sale in the East Loop close to Millennium Park have dropped their listing price at least once, showing a 6.6$ reduction. Around 35% of the Chicago condos and single-family homes for sale in some parts of Logan Square and Lincoln Park have lowered their listing price about 8.2%. For Elmwood Park, 40% of the for-sale homes are down an average of 9.6% in price. And home values in general are in some cases down to 2002 prices.
Foreclosures and short sales are driving the prices down across the board. Investors who grabbed up pre-construction Chicago condos a couple of years ago are now walking away from closing or making short sale deals with their lender. A whopping 43% of all home and condo sales in Cook County over the past 90 days have been bank owned foreclosures. That’s higher than the national average of 35%. And just to show that foreclosures do sell faster, it has only been taking about 53 days for one to sell while a normal listing sits on the market for around 73 days.
Kimberly Oehmke of AtProperties commented about the housing market and told the Tribune the advice her company is giving clients. “It’s hurting the person who has a great property and isn’t in the short sale-foreclosure predicament. Anybody that is not a short sale, we just beg our clients to rent it out, just hold on until next year.”
That’s all sobering news for anyone trying to sell, but good news for buyers of New Construction Chicago Condos.
Technorati Tags: Chicago Homes, New Construction Chicago Condos, Chicago Real Estate
