Lucid Realty's website breaks the market into neighborhoods and shows how the home sales compare for the past two years. In January, Uptown went from a peak two-year supply of homes for sale to a one-year supply. The good news is, the average number of days it took for a home to sell was 60-100 days: right about where it was in February 2007.
Sunday, February 22, 2009
Uptown Real Estate Report
Lucid Realty's website breaks the market into neighborhoods and shows how the home sales compare for the past two years. In January, Uptown went from a peak two-year supply of homes for sale to a one-year supply. The good news is, the average number of days it took for a home to sell was 60-100 days: right about where it was in February 2007.
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Yes a lot of people that had their homes for sale pulled them off the market because they won't sell. So that is why less are for sale.
ReplyDeleteThis shows the "blight" that requires TIF money. Laughable!
ReplyDelete"They won't sell"
ReplyDeletePrice it for the market and it will sell.
Not to be negative, but it is the truth.
I have to agree, people are pricing their houses at what they want them to be worth, as opposed to what they are worth. The newest batch of 3br 2ba to come out this year are going to be on the market a loooooooong time. The people are just deluding themselves.
ReplyDeleteA lot of people are pricing them at what they owe on them because the property values have dropped from the highs of 2 yrs ago.
ReplyDeleteI don't think someone is going to want to sell and not be able to cover their payoff to the bank and cover the closing costs they will incur.
Also there is a lot of new developer property on the market that is being priced lower than what other people paid.
You have to sell if for what you owe not necessarily what the market price is.
I think anyone would be happy to walk away breaking even in this economic crisis.
All good comments but I still have a question. Are developers cutting back? Is their inability to get credit effecting the supply in Uptown?
ReplyDeleteAND MOST OF ALL, does Uptown need more density?
I kinda like the idea of not increasing the density and not overcrowding the schools, hospitals, libraries, AND MOST OF ALL, the restaurants!
I wonder how these sales compared to 2004-2006, where there was a big boom in condo conversions.
ReplyDeleteHow does Uptown compare to Rogers Park? The Tribune has two articles, one about a specific condo building, and another in general
i find it hard to believe that Uptown in invulnerable to this economic crisis. A recent Uptown Update entry even talked about many foreclsoures in the area, which would drive down property prices.
Uptown is in much better shape than Rogers Park. Rogers Park is sitting on a 2 year supply of condos while Uptown has about 1 year - at least right now.
ReplyDeleteI'm seeing a lot of buyers right now that are looking at what sellers paid a few years ago and insisting on a discount off of what was paid. In general in the city of Chicago prices are back to 2004 levels. Some people who have to move will either have to write a check at closing or do a short sale.
Bad assumption R... there are a lot of properties selling for below the current debt. It's called a "short sale". Banks generally don't want to own property (that's not their business model) they'll take a hit to be rid of them.
ReplyDeleteI didn't read that anyone is claiming Uptown is "invulnerable" JP, just that we're not being hit as hard as other areas.
My point was I have seen some properties for sale on my street only to be pulled when the owners figured they would have to do a short sale to get out of the property.
ReplyDeleteA short sale isn't too good for your credit.
Just in case you were curious how exporting Obama's clout to DC was going to work out.
ReplyDeleteFrom JP Paulus' links.
"They have redlined the North Side," said Brian White, executive director of the Lakeside Community Development Corp. in Rogers Park. "It leaves neighborhoods like ours on the short end, and we're competing with areas like Chicago Lawn, when there should be solutions for both."
Meanwhile, the fight for the 5th district Democratic spot on the special election ticket is ongoing while Rahm is busy collecting checks and manning his role as gatekeeper to the White House.
In case you didn't see it the Case Shiller home price index came out this morning. It shows that Chicago home prices are back to 2003 levels, having fallen 18.6% from the peak and 14.3% year over year. http://blog.lucidrealty.com/chicago_real_estate_statistics/
ReplyDelete