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Archive for November, 2007

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Fox Lake condo sales drop

Tuesday, November 13th, 2007

Sales of condominiums in Fox Lake were down during the third quarter, according to a recent report from the Chicago Association of Realtors.

A total of 31 condos were sold in the neighborhood during the third quarter, a 21 percent drop from the same period last year.  It is also the lowest total sales during the third quarter since 2002.

Condo owners are facing one of the most difficult markets in years, with the average turnover time hitting levels not seen in more than 15 years.  If you are selling your condo in Fox Lake, it will now take you an average of 224 days, or more than 7 months to find a buyer, one of the longest turnover times in the Chicago suburbs.

Buyers may start to see excellent deals for condos in Fox Lake.  The average sales price posted its first decline in five years, down just under $600 from the same period last year.  If demand doesn’t recover in the short term, prices for Chicago Real Estate in Fox Lake could continue to drop.

Buyers should try to negotiate for a price that reflects the current market conditions in Fox Lake.

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Proposed townhomes in North Center lead to protests from neighbors

Monday, November 12th, 2007

Parents of students in the Bell School District staged a protest at a zoning meeting held on October 25th.

A proposal for 31 new townhomes in the North Center neighborhood was heard by city officials at Paul Revere Park.  The developer, Centrum Property, wants to build the townhomes at the corner of Addison Street and Campbell Avenue, but must obtain zoning approval for the site.  The corner is currently zoned as a commercial district.

Enrollment at Alexander Graham Bell Elementary School is up by more than 25 percent since 2001.  New condominium and townhouse development around the neighborhood has attracted many new families to the area, placing an increasing burden on local schools.

Land that was once zoned for commercial and industrial use has been opened up to developers anxious to cash in on the recent boom in Chicago Real Estate.

The Bell School District is one of the leading school districts in the city, making the neighborhood one of the most attractive areas for families looking to relocate closer to downtown Chicago.  The school district is bounded by Western Ave, California Ave, Addison Street, and Irving Park Road.

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South Lawndale housing update

Friday, November 9th, 2007

Home sales in the Chicago neighborhood of South Lawndale have dropped to levels not seen in more than 15 years.

According to the third quarter report from the Chicago Association of Realtors, a total of 6 homes were sold in South Lawndale, down 60 percent from the same period last year.  It is the weakest sales numbers for the third quarter in the neighborhood since 1991.

Homeowners with their properties for sale are facing one of the slowest markets in recent memory.  If you are selling your home in South Lawndale, it will now take you an average of 128 days to find a buyer.  This is the longest turnover time in recent memory, and a 66 percent increase over last year.

It’s no surprise that with the dramatic drop in demand and increasing inventory of unsold homes on the market that prices are retreating in the neighborhood.  The average sales price plummeted by almost 20 percent during the third quarter to stand at $166,250, one of the largest decreases in the Chicago Real Estate Market.

Buyers should continue to see home prices dropping in the neighborhood if demand doesn’t recover in the next few months.

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