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05-06-2009, 03:18 PM
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Real Estate Marketing Consultant
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Join Date: Jan 2008
Location: Barrington
4,294 posts, read 2,261,039 times
Reputation: 1866
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Quote:
Originally Posted by cohdane
Sorry to pop in late. Been running around. The lovely Green Bay house is currently at $449k:
1135 Green Bay Rd, HIGHLAND PARK, IL 60035 | MLS# 07068483
Starting April 15, it looks like he's averaging a price drop per week. Not the first one I've seen use this tactic to finally find a buyer. It's a cute house. Green Bay Road is definitely the deal killer on it. |
Really cute house.
Current owners bought this place in 8/08 and it was back on the market in 11/08. It appears the objective was to break even, understandable, although not the best strategy, in a declining market, especially in a location that many buyers will not consider. |
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05-06-2009, 08:25 PM
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Member
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Join Date: Mar 2009
29 posts, read 16,608 times
Reputation: 17
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Quote:
Tax: $52,920
Tax Year: 2007
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omg!!! |
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05-07-2009, 10:53 AM
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Senior Member
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Join Date: Nov 2007
1,653 posts, read 880,792 times
Reputation: 890
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Just came across an article in the May 2009 North Shore magazine that seems germane:
North Shore Magazine
Love the ending: realtors saying it's a great time to buy. Isn't is always.  |
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05-07-2009, 12:30 PM
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Senior Member
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Join Date: Oct 2008
1,638 posts, read 747,265 times
Reputation: 591
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Quote:
Originally Posted by cohdane
Just came across an article in the May 2009 North Shore magazine that seems germane:
North Shore Magazine
Love the ending: realtors saying it's a great time to buy. Isn't is always. |
C'mon, it the 1253rd straight month when it is a great time to buy ... (g) |
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05-07-2009, 02:58 PM
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Senior Member
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Join Date: Jan 2007
531 posts, read 399,717 times
Reputation: 138
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This is what I found interesting:
"According to a March 2009 search of the MLS performed by Scott Gill of Baird & Warner, 1,598 single-family homes were on the market across Deerfield, Glencoe, Highland Park, Kenilworth, Lake Bluff, Lake Forest, Wilmette and Winnetka (the same cities searched by RealtyTrac). Of those, 83, or about 5 percent, were highlighted as short sales or needing court approval for sale."
Of course, I wouldn't want to be one of the 83, but 83 out of 1,598 isn't what I was expecting to read.
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05-07-2009, 03:30 PM
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asdf jkl;
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Join Date: Oct 2007
Location: Uptown, Chicago
7,217 posts, read 5,004,627 times
Reputation: 1087
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Quote:
Originally Posted by Paige65
Of course, I wouldn't want to be one of the 83, but 83 out of 1,598 isn't what I was expecting to read.
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Why? Did you think it would be better or worse? I'm not surprised by this number at all. |
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05-08-2009, 02:53 PM
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Senior Member
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Join Date: Jan 2007
531 posts, read 399,717 times
Reputation: 138
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Quote:
Originally Posted by Lookout Kid
Why? Did you think it would be better or worse? I'm not surprised by this number at all.
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Thought it would be worse. From the sound of it, you'd think every third person was on the verge of losing their home. 83 out of almost 1,600? Doesn't sound so dire. |
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05-08-2009, 03:46 PM
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Senior Member
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Join Date: Apr 2008
6,135 posts, read 3,702,723 times
Reputation: 1700
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I have been banging that drum since this started...
Quote:
Originally Posted by Paige65
Thought it would be worse. From the sound of it, you'd think every third person was on the verge of losing their home. 83 out of almost 1,600? Doesn't sound so dire.
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Honestly do you really think towns where the avg household income is so high AND the debt/income ratios are quite low would be awash in the kind of misery caused by people signing up for loans they could not afford???
I know how the media makes things out to be, and I know that part of all us wants to believe that they only some one afford a multimillion dollar mansion is to be up-to-ones-eyeballs in debt, but that data that I see all the time suggests that NOT to be true.
There are MANY people with very high incomes and very substantial asset bases in the desirable towns. Many of these people have REMARKABLY small mortgages. These are NOT the kind of places where whole neighborhoods get "way out over the tips of their skis"...
I would bet that of those 83 houses all but 20% were owned by developers -- the slow down has devasted those undercapitalized souls that were spinning plates on a dozen different financing sources to get a place "flipped".
In fact I would be shocked if more than a handful of places that are in foreclosure in those areas are the stuff of people living "beyond their means" -- foreclosures happen even in good times when people have drug/ alcohol problems. get sick/ dementia, have divorces, business embezzlement, and all kinds of sad stuff that is not associated with living high on the hog at all.
Still 83 homes that will be sold at WHOLESALE or less is a tremendous bonanza for those with the cash and smarts to spot the places that are (or could be made) into gems. I would caution that anything TOO unique is a huge problem to 'flip', and if you have never fixed up a place for resale this is NOT the time to try an learn, but for those investors that know how to spot a place that is modern and appealing in a high end area there probably will be some great opportunities...
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05-12-2009, 08:50 PM
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Senior Member
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Join Date: Apr 2008
6,135 posts, read 3,702,723 times
Reputation: 1700
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Another flip gone horribly wrong: RealtyBid |
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