Tuesday, May 1, 2012

2012 Home Sales Maps

Some interesting news to come out of first quarter home sales: Uptown housing is showing a sales price increase of over 14% when compared to last year.

In fact, Uptown is the only north lakeshore community showing an increase, aside from Lincoln Park, where prices went up 0.96%:

You can read all about it in the Tribune.


  1. I assume more people are buying homes and codno`s as this is the time being they are being sold at rock bottom prices. My 3 condo`s I have here in the Uptown area have dropped each year about $8000 since 2010. Lucky I bought them cheap 25 years ago. The Cook county Assessor has sent out your estimated fair market value a month ago.

  2. @wiseguy...I think part of the reason Uptown was up so much is because there were so few sales leading to a variable % change...that tells only a fraction of the story (see pullman 162% increase...on 2 units)

    Uptown moved 92 units which isn't bad but i suspect included a higher mix of more expensive properties that added to the percentage change.

    Rogers Park had a rough year with only 47 units and a 40% drop...probably lots of small units.

    Last time we had one of these I tossed out 2013 as a bottom for Uptown with a prolonged stagnation after that.

  3. Wiseguy your comment doesn't explain why prices have rise, instead its the opposite.

    I've seen the very bottom of the market going up. So foreclosures are rising, but non distressed sale prices are falling. So really a tightening of the market were foreclosures aren't as far apart from normal sales. It seems that this new value has an avg price that is higher than last year.

    I wonder also what role the new alderman has in the price increase. It seems much of the uptown volume is being purchased up by investors, that would likely follow political change more than your owner occupant buyer.

  4. Funny, the city just sent a notification a few weeks ago stating my property had dropped several grand in value. While I wish this article held true/had some tangible value, I'm going to lump it into the 'warm and fuzzy' bin. Unfortunately, in speaking with others in the neighborhood (outside my building), they received the same news. Wondering how this came to be then.

  5. Alexander, the assessed value of your property (in the letter from Assessor Joe Berrios) and the retail value of your property (what it will actually sell for on the market) are two different things.

    The drop in your assessed value this year might mean you have a case to appeal your property taxes from 2011. You should check it out.

  6. Oy .. look at the stats for crime and the schools.

  7. @ Alexander

    the article can easily be true even though most properties lost value...some hyperbole to explain why...if 50 studios sold one year with an average price of 50k and 50 1 bdrms sold the next year with an average price of 100k, the %change would indicate the neighborhood increase...it doesn't mean home values are going up...it simply implies movement at a high price point than the previous year.

  8. Alek , if we suddenly are having an influx of people purchasing higher priced real estate, that bodes well for Uptown... not poorly...geesh

  9. I 100% never said it's a bad sign, i simply said it doesn't mean everyones place is going up in value and the bottom is in the rearview mirror. I'm pretty optimistic about the neighborhood in general...good things happening.

  10. Here are a couple other stats supporting the start of a RE turnaround in Uptown: significant drops in months of inventory and average days on the market


  11. I'll buy that, Alek:
    "it simply implies movement at a high price point than the previous year"

    Thanks for the clarification!

    And yes, Ray, I have been involved in the tax appeal process.

  12. We sold our Uptown condo in March for 35% below what we paid for it in 2005. 2005 sales price - 390k; 2012 sales price - 255k. Not a short sale, not a foreclosure. Just happy to have actually sold it.

  13. Was this article copied from The Trib?

  14. @Resident speaks the truth.

    The sudden "increase" in low priced home sales in Uptown is most likely attributed to cash buyer investors of former rental units-turned condo-turned rental (as in most other parts of the U.S.).

    The Illinois Association of Realtors flat out admitted they fudged there numbers for the past years.

    The Indians are buying up Florida for cash and the Canadians are buying up Arizona for......cash.

    Need a "march" downtown or that alone.

    Wait til the "shadow inventory" floods the market.

    Realism, not negativity.

  15. shadow inventory is down and largely confined to the south/west sides....banks holding these properties have little incentive to flood the markets with them as well.

    Realism not nonsense.

  16. "You can read all about it in the Tribune."

    Yup, GWDNJ, I guess that answers that.

    Why I should slit my wrists over Canadians in AZ and the like, well, I will assume it made sense in your mind when you typed it. Must be all the deforestation - it is making people nutty when they read something positive....