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Archive for December, 2007

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Rogers Park condo market at a glance

Wednesday, December 26th, 2007

The market for condos in Rogers Park felt the effects of problems in the mortgage market.  According to the Chicago Association of Realtors, a total of 200 condos were sold during the third quarter, a 31 percent drop from the same period last year.

Buyers are facing increasingly stringent requirements from banks and lenders as foreclosures jump around the country.  Many buyers are unable to qualify for a loan.

The drop in sales has led to an increase in the inventory of condos on the market.  According to the C.A.R. report, the average turnover time for units on the market in Rogers Park increased to 140 days during the third quarter, a 25 percent increase from last year and the longest turnover time in more than 16 years in the neighborhood.

This drop in sales and increasing difficulties for owners to sell their condos have led to lower prices in the neighborhood.  The average sales price during the third quarter dropped by just under $1,000 from the same period last year.

Buyers looking for great Chicago Real Estate should check out what’s available in Rogers Park.  Keep alert for even lower prices in the neighborhood if demand doesn’t recover in the short term.

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Sales hit new high in the Loop

Sunday, December 23rd, 2007

The real estate market in the Chicago Loop gained some momentum during the third quarter.

According to data from the Chicago Association of Realtors, a total of 401units were sold during the third quarter, an 80 percent jump in sales from the same period last year and the most sales seen during the third quarter in more than 16 years.

Rising demand in the area means that condo owners and developers looking to sell a unit in the area are seeing one of the quickest turnover times for any Chicago neighborhood.  The average turnover time dropped to 62 days during the third quarter, a 25 percent decrease from the same period last year.

With such strong market conditions, it’s no surprise prices jumped in the area.  The average sales price during the third quarter was 39 percent higher than during the same period last year, and now stands at $470,094.  This can also be blamed on the number of new luxury developments going on the market.

Prices could continue to rise if demand remains steady in the neighborhood.  The convenient location of the neighborhood and the number of luxury Chicago Real Estate developments should keep prices up.

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November foreclosures skyrocket 68 percent

Thursday, December 20th, 2007

The number of homeowners who are facing foreclosure proceedings continues to climb across the country.  During November, foreclosures were up 68 percent from the same month last year, but also registered a 10 percent drop from October.

A total of 201,950 foreclosure filings were reported during November, an increase from 120,334 during the same month last year, according to Realty Trac, Inc.  It was a slight drop from the 224,451 foreclosure filings seen during October.

Nevada led the country in foreclosure filings during November.  The state saw a total of 6,694 foreclosures during the month, an increase of 167 percent from last year.  The state has been hit hard by speculative developments that now stand empty.  Many buyers are investors who bought a second home to flip, and now are unable to sell the property at a price that allows them to break even.

Florida, Ohio, and California followed in the list of states with the highest rate of foreclosure filings.  Illinois was ranked 10th during the month, behind Indiana and Michigan.

With prices falling as a result of an increase in foreclosures, buyers looking for Chicago Real Estate at incredible prices are finding great deals around the region.

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