Monday, August 25, 2008
Downtown Condo Sales Plunge
If you're in the market for a condo downtown, there's plenty of inventory, and a lot of it isn't
9:08 am cdt
Crain's Chicago Business published an article in last week's issue which revealed that
new-home sales plummetted 73% during the first six months of this year. Last year, 2,443 units were sold in the 1st half of
2007, compared to a mere 685 units this year. And 358 of them sold were in one building - the new 150-story Chicago Spire
that is being built which is expected to be completed in 2012.
Some properties have converted from condominiums
to rental property in response to this. Burnham Pointe, located at 720 S. Clark, recently went rental. Before the change,
only about half of the 398 units were under contract.
Wednesday, August 20, 2008
Sick of Bad News About the Real Estate Market?
Try visiting the site www.HappyREnews.com for some positive news. The site is run by IMS, a researcher for realtors, and shares only the
"bright side" of the market. For example, you won't see on there that the Las Vegas real estate market is forecast
to drop 18% in the next year, but you will see that the number of homes sold in the Vegas market has increased every
month since December.
7:41 pm cdt
Reality can be skewed either way to be positive or negative, folks. It's time to be positive
for a while!
Tuesday, August 19, 2008
Home Prices Nationwide Down 7.6%
CNNMoney.com reported on 8/14 that foreclosures have driven prices down in the last 12 months all over
the nation, but who's been hit the hardest?
4:16 pm cdt
The cities in the SunBelt had the largest decline. Phoenix/Mesa/Scottsdale
dipped 22.5%. Las Vegas dipped 23.6%. Riverside/San Bernadino dipped an astonishing 32.7%. Cape Coral/Fort Myers dipped 33.1%
But one of the hardest hit was our neighbor in Michigan, the Saginaw area dipped 35.6%! Now is the time to buy that vacation
Chicago/Naperville/Joliet ranked in at 9.0% drop in prices.
Nationwide, the median existing single
family home price dropped 7.6% from $223,500 in the 2nd quarter of 2007 to $206,500 in the second quarter of 2008.
Have we hit rock bottom yet? Analysts that I have been reading seem to think we're pretty close.
thing for most of these areas hardest hit by prices is that SALES increased. They were up 25.8% in California, 25% in Nevada,
and 20.5% in Arizona.
For more information, see http://money.cnn.com