North Shore Prices (Chicago, Highland Park, Wilmette: bank owned, short sales, foreclosures) - Chicago Suburbs - Illinois (IL) - City-Data Forum

skontoller · 01-24-2010, 12:32 AM

Do you guys think the North Shores prices have seen their botom yet?
I've noticed that Highland Park has take an especially brutal tumble over the last few months. What gives? Are we near the bottom?

SK

Rlest8 · 01-24-2010, 09:30 AM

That is the million dollar question.

Many experts agree the market is stabalizing in pricing. For the most part, sellers putting their houses on the market now realize that we are not in 2005 and they need to price for this market place. Sellers that went on the market too high finally understand that they have been overpriced and need to reduce. Homes priced well will sell in a relatively short period of time.

No of us will know exactly when the bottom is. We will only know we hit the bottom after it has passed, prices begin to rise and inventory begins to decline. What all agree on is that we will stay at or near the bottom for quite sometime. When the market begins to appreciate it is going to be a long, slow process and prices will stay lower for a while. Just how long no one knows.

This is an excellent time for buyers. Prices are lower than they have been for years, there is a large inventory and therefore a huge selection (nearly double the typical inventory in Winnetka and Glencoe, about 1 1/2 times the inventory in Wilmette, and Kenilworth has a 5 year supply) and rates are very favorable. If I was in the market I would absolutely purchase. Good luck.

skontoller · 01-24-2010, 02:16 PM

What do you think of the Highland Park inventory? I've noticed that Wilmette and HP have the greatest disparity in housing stock but the prices in east HP seem to be coming down pretty rapidly. Any thoughts?

SK

efb · 01-24-2010, 05:59 PM

We just bought a house in Wilmette and when it was appraised it was very close to what we offered so that was good BUT the appraiser indicated to the bank that this was a declining market. Funny - I would have thought that applied to the entire USA!

Rlest8 · 01-24-2010, 06:16 PM

Quote:

Originally Posted by skontoller

What do you think of the Highland Park inventory? I've noticed that Wilmette and HP have the greatest disparity in housing stock but the prices in east HP seem to be coming down pretty rapidly. Any thoughts?

SK

Highland Park has seen proportionately more distressed sales (short sales and bank owned) than of the other shore communities and that has contributed to its decline. HP aslo has a very large inventory right now and has for a long time.

Rlest8 · 01-24-2010, 06:17 PM

Quote:

Originally Posted by efb

We just bought a house in Wilmette and when it was appraised it was very close to what we offered so that was good BUT the appraiser indicated to the bank that this was a declining market. Funny - I would have thought that applied to the entire USA!

Agree! It does.

US-Traveller · 01-24-2010, 09:55 PM

In my opinion we haven't hit the bottom. People keep talking about a big wave of foreclosures on the North Shore. I think I may be beginning to see them. I recently saw a foreclosure begin to take place in Kenilworth on a mortgage with a balance of over $1.3 million. I think it is possible, especially with Chicago being so strongly tied to the financial sector.

Rlest8 · 01-25-2010, 04:54 AM

Quote:

Originally Posted by US-Traveller

In my opinion we haven't hit the bottom. People keep talking about a big wave of foreclosures on the North Shore. I think I may be beginning to see them. I recently saw a foreclosure begin to take place in Kenilworth on a mortgage with a balance of over $1.3 million. I think it is possible, especially with Chicago being so strongly tied to the financial sector.

You could be correct but I hope not. I don't think it will be a "wave" but there will be some and they do have a negative impact on the market. There have been about 6 bank owned sales in the past 6-9 months in Winnetka. Prior to '08 there was maybe one every 2 years if that.

US-Traveller · 01-25-2010, 08:47 AM

Quote:

Originally Posted by Rlest8

You could be correct but I hope not. I don't think it will be a "wave" but there will be some and they do have a negative impact on the market. There have been about 6 bank owned sales in the past 6-9 months in Winnetka. Prior to '08 there was maybe one every 2 years if that.

I don't think we have to worry. Leo and Milena Birov will buy all of the foreclosed homes ;-) here in Winnetka.

Rlest8 · 01-26-2010, 08:39 AM

Quote:

Originally Posted by US-Traveller

I don't think we have to worry. Leo and Milena Birov will buy all of the foreclosed homes ;-) here in Winnetka.

Yep! You're right and I wonder if they will buy the one on Lindenwood that they built 5 years ago.