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Archive for the 'Luxury Homes' Category

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Foreclosures keep Chicago courts busy

Monday, October 20th, 2008

The increase in foreclosures nationwide is making its mark in the Chicago courts system. The number of judges assigned to foreclosure hearings has already been raised to 14 from 10, and the backlog of cases continues to grow.

According to court records, the number of foreclosures in Cook County increased by nearly 50 percent during the first half of the year. If current conditions continue, the city can expect to see more than 40,000 foreclosures in 2008.

The increase in foreclosures is not only affecting homeowners and lenders of distressed properties, but the entire Chicago real estate market. Foreclosed homes are bringing down values of all condos and homes in neighborhoods that have been hit hard by the economic downturn. Homeowners who are trying to sell their home are competing with distressed properties that are often sold well below their original value.

Buyers looking for great deals on Chicago Real Estate are starting to find plenty of opportunities. However, a tight credit market and increasing requirements from banks and lenders have kept many buyers out of the market, further affecting the real estate market in the city.

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Wilmette real estate market update

Wednesday, July 16th, 2008

Sales of single-family homes in Wilmette fell for the second consecutive year during the first quarter. Buyers are starting to see some great deals for new and re-sale homes in the area.

According to data from the Chicago Association of Realtors, a total of just 34 homes were sold in Wilmette during the first quarter, down nearly 50 percent from the same period last year. It was the second straight year of declining sales for the neighborhood, after reaching a total of 64 homes sold in 2006.

However, despite the dramatic drop in demand for homes in the area, the average turnover time for units on the market also fell. This could be due to the fact that many homeowners are waiting for a better moment to sell. If you’re planning on selling your home in Wilmette, it will now take you an average of 180 days to find a buyer, down from 180 days a year ago.

Prices are starting to come down quite a bit in the neighborhood. The average sales price was off by 16 percent during the first quarter, and could continue to drop as demand remains low for Wilmette homes. If you’re on the market for affordable Chicago Real Estate, you may want to check out what’s available here.

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Sales down 40 percent in Park Ridge

Monday, July 14th, 2008

Park Ridge saw one of its worst quarters in recent memory during the first quarter. Sales of single-family homes were down by more than 40 percent in the neighborhood.

According to data from the Chicago Association of Realtors, a total of just 38 single-family homes were sold in the Chicago suburb during the first quarter, down from 64 units sold during the same period a year ago. This was the worst showing for the neighborhood in more than 17 years.

The dramatic drop in demand led to one of the slowest markets that homeowners and developers have ever seen. If you’re selling your home in Park Ridge, it will now take you an average of 225 days to find a buyer, up from 182 days a year ago. Just two years ago the average turnover time stood at 88 days.

With results like these, it’s no surprise that prices are starting to come down in the neighborhood. The average sales price fell by 20 percent, one of the largest declines in the Chicago suburbs. However, as buyers start to find great deals on Chicago Real Estate in Park Ridge, prices could start to rebound.

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