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Old 02-22-2008, 09:32 PM
 
Location: outer boroughs, NYC
905 posts, read 2,719,825 times
Reputation: 450

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I don't know enough about Chicago-specific real estate to say, but if you look at what happened nationally in the late 80s when the last big bubble burst, you didn't see prices really begin to rise again for seven or eight years. I think that's what will happen here. My feeling is that the bottom will come sometime this year, but prices will move up only very gradually, and unevenly, after that. I don't think we're going to see anything approximating the kind of appreciation we saw from, say, 98-05, for a very, very long time. Actually, I'd be surprised if the next big rise - which I really don't see happening for another five years or so - is on the same level.
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Old 02-23-2008, 01:09 PM
 
Location: Tower Grove East, St. Louis, MO
12,063 posts, read 29,607,277 times
Reputation: 3783
Prices may not have risen significantly over those years, but people in desirable ares can usually expect a 2-4% increase in home value each year in almost any market other than a terrible down swing.

Actually my mom's house actually gained 4% value last year in St. Louis because her area is growing and becoming more desirable.

My point is that I'm not sure looking at ntional trends can ever give specific area about any given market.. the US is so big!
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Old 02-23-2008, 02:25 PM
 
Location: Humboldt Park, Chicago
2,686 posts, read 7,395,532 times
Reputation: 1195
Aragx6,

My place in humboldt park appreciated on paper, going from 360m in july 06 to 382m in jan 08. I doubt I could get 382m for it however, maybe 325 in this market.

Basically, I almost bought 2713 w medill brick two-flat for 390m which sold nov 05 for 550M. 2712 is for sale now, listed at 600m. It will sell in the low 400s in my opinion.

Moderator, this all public info that can be found on mls or baird and warner.
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Old 02-23-2008, 03:28 PM
 
11,973 posts, read 29,483,143 times
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Prices really haven't dropped much from their peak in late 2005 or early 2006. If you're waiting for prices to come down 20% in Chicago before buying a place, you're going to be dissapointed. We didn't have the rapid appreciation here that was experienced in places like Miami, Las Vegas, and the Bay Area.

In fact, real estate in Manhattan hasn't even experienced a downturn, and prices continue to rise there. It's truly market-specific.
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Old 02-19-2009, 12:17 AM
 
Location: Chicago, IL
44 posts, read 127,265 times
Reputation: 22
Bumping this. Want to know what are others perspectives on the situation a year later. Looking to purchase a 1 bedroom condo in the loop (loop, w. loop, or s. loop, river north) somewhere around October of 2010. Looking to get a good deal (short sale, auction, foreclosure, etc)
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Old 02-19-2009, 12:35 AM
 
Location: Chicago
15,587 posts, read 25,098,527 times
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Well Oct. 2010 is a hell of a long way off.
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Old 02-19-2009, 12:50 AM
 
1,437 posts, read 2,895,374 times
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Quote:
Originally Posted by Humboldt1 View Post
When does everyone see the market bottoming? I think mid 2009 may be the time to get back in the game, but what do I know. I bought my last place in July 06 and even though the appraisal says it went up, I doubt I could sell for a profit today unless I sat on it for another year or two.
Not until this recession is over or close to it. Things are going to get worse before they get better. It might be 3 or 4 years from now, nobody knows! And people can speculate all they want, that doesn't mean it's going to happen.
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Old 02-19-2009, 08:21 AM
 
Location: Humboldt Park, Chicago
2,686 posts, read 7,395,532 times
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Default I was too optimistic

Lookout,

I think we were both too optimistic. Last year I was looking for bottom price-wise in Chicago in 2009. It now appears we won't hit until at least 2010. Instead of 20 percent price drops we may see 25 percent (I don't buy the 17.1 percent decline projection as we have already thru 3Q 08 dropped 13.3 percent).
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Old 02-19-2009, 11:50 AM
 
527 posts, read 1,169,413 times
Reputation: 79
My place in Palmer Square got evaled at over 50k more than I paid for it in May/June last year...
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Old 02-19-2009, 02:31 PM
 
Location: Humboldt Park, Chicago
2,686 posts, read 7,395,532 times
Reputation: 1195
Default basekamp

Basekamp,

Did you buy a distressed property? Prices in palmer square on brick 2-4 flats have gotten cheaper. Great longterm appreciation potential.

Appraisals also don't necessarily reflect what it will sell for. My appraisal for my humboldt park place was 22K higher in 2008 than 2006.

Unless you got a great deal (you may have) it may be tough to get what you paid in May 08.
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