"Appreciation may take longer in Chicago neighborhoods with a glut of similar inventory and foreclosure issues. In the Uptown neighborhood, for example, 36 condos sold in July, compared with 22 in July 2010. The median price, however, was down 12 percent."
The price decline was inevitable and will drop again next year. I'm still optimistic we start bouncing around the bottom in 2013, that is unless we get another ill-conceived home buyer credit or some other form of large scale govt. manipulation.
ReplyDeleteThe jump in sales July10 vs July 11 is likely related to the first-time buyer credit which ever so temporarily delayed the bottom having exprired in spring of 2010 so a low period that summer (July 2010) makes sense. The rebound in sales is a good sign that the neighborhood remains attractive at a certain price level, price right and you'll sell.
FWIW I closed on a unit in Uptown in July. Some anecdotal tidbits, every place we looked at (except the unit we ended up in) featured a couple with young child trying, think crib in a too small bedroom (probably trying to head for the burbs or better schools), prices were generally at 1999-2001 levels and some people seriously had no clue how to price their place.