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Archive for December, 2007

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Douglas condo market stays hot

Wednesday, December 19th, 2007

The market for condos in Douglas continued to perform above expectations despite a general downturn in sales around the Chicago region.

According to data from the Chicago Association of Realtors, a total of 40 condos were sold during the third quarter.  This is two less than the number sold during the same period last year, but well above the total sales seen during the previous 10 years.

Meanwhile, condo owners and developers are seeing one of the quickest turnover times in the city.  The average turnover time for condos on the market has dropped for the fourth consecutive year, and now stands at 65 days.

With such strong results during the third quarter, its no surprise that the average sales price for condos in Douglas increased.  The average sales price was up 15 percent from the same period last year, and could continue to rise if demand continues to stay strong in the neighborhood.

Buyers looking for a great luxury condo in one of the strongest markets in the city should check out what’s available in Douglas.   Enjoy some of the best Chicago Real Estate in this pleasant corner of the city.

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Illinois investigates Countrywide

Monday, December 17th, 2007

Fallout over the mortgage crisis continues to claim more victims.  The Illinois attorney general is investigating the company policies and lending practices of Countrywide Financial Corp.

The investigation stems from a lawsuit filed by the state against One Source Mortgage, a broker funded by Countrywide.  The state alleges that One Source Mortgage committed fraud by giving consumers loans that they eventually couldn’t afford, resulting in foreclosure and the loss of their home.

Countrywide is facing a number of legal problems as the mortgage crisis deepens around the country.  The nation’s largest mortgage lender is seeing an investigation by the SEC relating to stock sales by the company CEO, Angelo Mozilo.

Foreclosures in Chicago are up nearly 100 percent from last year as many homeowners with adjustable-rate mortgages face rising payments.  The Bush Administration has already proposed a rate freeze for these types of loans, a program that could help hundreds of thousands of homeowners around the country.

The Chicago Real Estate market has been hit hard by the mortgage crisis.  Sales of condos and homes were down more than 20 percent around the region as many banks and lenders are shying away from new loans.

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Sales of single-family homes slide to a halt in Portage Park

Thursday, December 13th, 2007

The real estate market in Portage Park is experiencing a sharp drop in demand.  According to the Chicago Association of Realtors, a total of 58 single-family homes were sold during the third quarter, a 31 percent drop from last year and the lowest total for the quarter in more than 16 years.

Meanwhile, homeowners looking to sell their home are facing a record average turnover time.  If you’re selling your home in Portage Park, it will now take you an average of 109 days to find a buyer, a 30 percent increase from last year and the longest average turnover seen in recent memory.

However, prices continued to rise for homes in Portage Park despite the dramatic drop in sales and an increasing inventory of unsold homes on the market.  The average sales price was up just one percent during the third quarter.

Buyers could start to find excellent deals on Chicago Real Estate around Portage Park if demand continues to drop.  It is only a matter of time before sellers must offer a reduced asking price to attract more interest in the area.

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