Here's an article that was in the Sunday January 30, 2011 Chicago Tribune ...
Perhaps this is another way for some troubled homeowners to continue to be homeowners....
http://www.macombdaily.com/articles/2011/01/13/lifestyles/srv0000010533900.txt?viewmode=fullstory
Monday, January 31, 2011
Friday, January 28, 2011
Simple definitions of short sale and foreclosure
Pipeline Spaces January 24, 2011
What is a short sale? It is when the sale of the real estate does not produce enough money to pay off the existing mortgage(s) on the real estate. “coming up short” It succeeds when the borrower has significant financial hardship and the lenders agree that accepting a reduced loan repayment is an advantage to them over the fees and legal issues to get full repayment from the borrower or from foreclosure. The borrower is not automatically released from the responsibility to repay the balance of the loan. The borrower may be able to avoid this deficiency, thru legal actions and may be able to restore their credit status in 1 to 7 years.
How is this different from a foreclosure? In a foreclosure the real estate is sold by judicial sale and the lenders or lien holders are paid from any proceeds, in the order of their liens on the property. Foreclosure is begun when the lender files a suit against the borrower for not paying the mortgage as agreed. Since this is a legal process, it is time consuming and expensive. The negative effect on the borrower is larger and the process takes longer than a short sale.
What’s on the market in Bucktown and Wicker Park?
235 attached properties ranging from a 1 bedroom 1 bath condo to a 4 bedroom 4 ½ bath townhouse -
235 Active - Attached Single Statistics | ||||
High | Low | Average | Median | |
List Price | $949,900 | $95,000 | $415,502 | $389,000 |
Listing Market Time | 637 | 1 | 125 | 106 |
Market Time | 1179 | 1 | 193 | 147 |
92 detached properties range from house on Armitage being sold as land to a 5 bedroom 6 ½ bath designer home on two lots on Cortland.
92 Active - Detached Single Statistics | ||||
High | Low | Average | Median | |
List Price | $4,700,000 | $290,000 | $1,101,258 | $804,450 |
Listing Market Time | 881 | 2 | 154 | 133 |
Market Time | 1171 | 2 | 265 | 199 |
Have a topic you’d like to see explored please contact me.
If you’d like more information on properties currently on the market or selling your home just drop me a note at EvaB@atproperties.com
*** Information sourced from MREDLLC; 1/24/11. Attached Property and Detached Property residential Bucktown (Ashland, Western, Fullerton, North) and WickerPark (Ashland, Western, North, Division)
Thursday, January 20, 2011
Working to give homeowners a graceful exit | Dealmakers | Crain's Chicago Business
Working to give homeowners a graceful exit Dealmakers Crain's Chicago Business
Here's another view into short sales and foreclosures. Good read.
Eva Bergant, REALTOR
@properties
Here's another view into short sales and foreclosures. Good read.
Eva Bergant, REALTOR
@properties
Wednesday, January 19, 2011
Does National Foreclosure data have real value?
Spaces
National foreclosure data was released this week by RealtyTrak (Link to realtytrak.com or specifically to http://www.realtytrac.com/content/press-releases/2010-year-end-foreclosure-report-6309 ). I was in California at the time, and the news coverage was upbeat. The report showed that there were nearly 14% less foreclosure filings in 2010 than in 2009. Wow! However here in Illinois data was the opposite, with just over a 15% increase in filings last year. Here’s how the numbers looked – of 2.9 million foreclosures nationwide (up 1.7% from 2009), California had 546,669 filings while Illinois had 151,304. According to their calculations this represents 4.08% of the housing units in CA, and 2.87% of the IL units. According to my calculations California accounts for 20% of the filings in the Nation, with 5% in Illinois. That’s reason to celebrate!?
Closings in Bucktown/Wicker Park in the last two weeks***:
5 Detached Single Family Homes (market time 1 -237 days, average 148 days, Average sold price of $1,109,200 is 91.5% of final list price) and 9 Attached Homes (market time 4 – 421 days, average 110 days, Average sold price of $352,733 is 92.1% of final list price)
1816 W Cortland 4bed 3½ bath house $790,000
1865 N Hoyne 4bed 3½ bath house $1,000,000
2112 W Charleston 5bed 3 bath house $1,070,000
1908 W Cortland 4bed 4 ½ bath house $1,225,000
1757 N Hermitage 4bed 2 ½ bath house $1,461,000
2233 W Shakespeare #3F 1 bed 1 bath Condo $170,000
1400 N Milwaukee #401 1 bed 1 bath Condo-Loft with garage $170,000 (Short Sale)
1240 N Paulina #3 2 bed 1bath Condo with parking $200,000 (Short Sale)
1728 N Damen #308 1bed 1 ½ bath Condo with parking $280,000
2251 W St. Paul #4G 2 bed 2 ½ bath Condo-Loft, Penthouse with garage $357,500
1728 N Damen #111 3bed 2 ½ bath 1/2 Duplex, Condo-Loft with parking $378,000
1332 N Wolcott #1 3bed 2 ½ bath Condo with garage $405,000
1931 N Damen #1S 3bed 2 1/2 bath Duplex Condo with Garage $478,000
1744 W Beach #2 3bed 2 ½ bath Duplex Condo with Garage $485,000
If you’d like more information on properties currently on the market or selling your home just drop me a note
Wednesday, January 12, 2011
http://myemail.constantcontact.com/Pipeline--Fun-or-Bust--Aldermanic-Candidates-Forum-Dispatch--and-Much-More.html?soid=1103369848010&aid=jDRxPWOfcF8
http://myemail.constantcontact.com/Pipeline--Fun-or-Bust--Aldermanic-Candidates-Forum-Dispatch--and-Much-More.html?soid=1103369848010&aid=jDRxPWOfcF8
Check out my article in SPACES in this edition of the Pipeline
Check out my article in SPACES in this edition of the Pipeline
Tuesday, January 11, 2011
Jameson takes over Sotheby's brand from Sudler | Residential News | Crain's Chicago Business
Jameson takes over Sotheby's brand from Sudler Residential News Crain's Chicago Business
Well this is an interesting switch in alignments between local Brokers. I wonder what changes will occur because of it?
Well this is an interesting switch in alignments between local Brokers. I wonder what changes will occur because of it?
Monday, January 10, 2011
Bucktown Wicker Park Year End Stats - 2010 vs 2009
So how is the housing market in Bucktown/Wicker Park? Below are the summary data for 2010 and 2009. The number of completed transactions is lower in 2010, and the average sold price for detached homes is down by 2.7% to $840,251; with an average sale price of 92.6% of the list price in 2010, and 90% in 2009. The average sold price for attached properties, condos and townhomes, is down only 1% to $391,721; and sold price is 95% of list price for both years.
98 Sold - Detached Single Statistics for 1/1/10 to 12/31/10 | ||||
High | Low | Average | Median | |
List Price | $2,500,000 | $189,900 | $907,223 | $849,450 |
Sold Price | $2,150,000 | $200,000 | $840,251 | $797,500 |
Listing Market Time | 806 | 1 | 92 | 54 |
Market Time | 1007 | 1 | 170 | 114 |
113 Sold - Detached Single Statistics for 1/1/09 to 12/31/09 | ||||
High | Low | Average | Median | |
List Price | $3,999,000 | $218,900 | $955,332 | $800,000 |
Sold Price | $3,685,587 | $220,000 | $863,351 | $770,000 |
Listing Market Time | 368 | 1 | 90 | 65 |
Market Time | 928 | 1 | 180 | 134 |
300 Sold - Attached Single Statistics for 1/1/10 to 12/31/10 | ||||
High | Low | Average | Median | |
List Price | $899,900 | $84,900 | $410,237 | $398,500 |
Sold Price | $855,000 | $78,000 | $391,721 | $378,000 |
Listing Market Time | 590 | 1 | 78 | 49 |
Market Time | 766 | 1 | 123 | 80 |
342 Sold - Attached Single Statistics for 1/1/09 to 12/31/09 | ||||
High | Low | Average | Median | |
List Price | $1,499,900 | $22,900 | $414,297 | $389,450 |
Sold Price | $1,300,000 | $16,000 | $396,708 | $380,000 |
Listing Market Time | 459 | 1 | 85 | 64 |
Market Time | 624 | 1 | 126 | 91 |
What does that mean? Bucktown and Wicker Park on the average are maintaining values. I’m not saying that you are able to sell for the price you paid for your place, but our neighborhood pricing does appear to be stabilizing. Last year homes that sold were the ones that were priced correctly. This is very true in 2011. Buyers are aware of the value of the property they are viewing, and are not interested in homes that are priced above the market price. Today there are 91 detached homes on the market ranging in price from a $180,000 foreclosure to a $4,700,000 designer home, with a median price of $799,900. There are 237 attached homes listed with a median price of $399,000 and ranging from $142,500 to $949,900 in listing price. (see table below) If people keep buying at the rate of the last two years, all of these places could be sold in the coming year, but there will always be new properties coming on the market and these current market times are higher than the averages for the past year. Sellers need to price right or be prepared for a long wait and subsequent price reductions.
Statistics of currently available properties in Bucktown and Wicker Park:
237 Active - Attached Single Statistics | ||||
High | Low | Average | Median | |
List Price | $949,900 | $142,500 | $414,748 | $389,000 |
Listing Market Time | 623 | 2 | 140 | 113 |
Market Time | 1165 | 2 | 208 | 165 |
91 Active - Detached Single Statistics | ||||
High | Low | Average | Median | |
List Price | $4,700,000 | $180,000 | $1,142,868 | $799,900 |
Listing Market Time | 908 | 5 | 164 | 132 |
Market Time | 1157 | 8 | 262 | 197 |
If you’d like more details on pricing to sell or details on properties currently on the market just drop me a note at EvaB@atproperties.com
*** Information sourced from MREDLLC; 1/1/2009 – 12/31/2010 and current as of 1/10/11. Attached Property and Detached Property residential Bucktown (Ashland, Western, Fullerton, North) and WickerPark (Ashland, Western, North, Division)
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