I read, or at least peruse on a daily basis, most relevant published articles concerning Chicago Real Estate--both the positive and the not so rosy. I subscribe to a dozen or so RSS feeds that are Real Estate centered and pull from the best independant and syndicated articles in the media. The Nakedrepublic.com is by anyone's measure one of the more pessimistic reporters of Real Estate trends but occasionally even they can't help but let a little bit of sunshine sneak through the crack beneath the door. They have published my postings in the past so I refer back to them on occasion if for no other reason than to protest.
Anyway, today's article-- pulled from an earlier Chicago Tribune article-- points out the usual market indicators (sales down from last year, etc) but definitely leaves our present housing scenario open to interpretation. You have to look closely for the good news but its definitely there--albeit between the lines but I can see it pretty clearly. Take a look for yourself.
Note a few of the comments in the referenced article: a) "Chicago-area condo sales were off 18.7 percent in September, though the median price was up 2.5 percent compared with the year earlier.... The median for a single-family home remained steady in the nine-county area declinlng $1,000 from last year’s median..." (18.7% off is another way to say 91.3% of, the way I look at it. And $1,000 either way on a median price of around $300,000 is insignificant)
And b)
“The sellers in Chicago are very stubborn,” said David Lereah, chief economist of the National Association of Realtors. “They’re not bringing their prices down....”
Davids right. We're like the Chicago Bears Defense! We don't collapse and give in because its the latest word on the street. Negotiate? Three yards and a cloud of dust, as they say but sure--by all means. Let the games begin.
But give it away?...Slash our prices?...Roll over or take a dive? I don't think so. The Real Estate market (like all financial markets) does not stay put for long or move in a straight line in any direction for that matter. There's always a little bit of curve and I like to stay just in front of it. I don't immediately default to a price reduction when a property isnt moving nor does my Managing Broker. Its just the way I was shown the business.
Oh, and p.s....I came across this by ChitownLiving via Outside.InRSS
As I've been saying for some time now, as long as there's a higher and better use for a piece of land Development is sure to follow. And its not just here...check out what Ardell has to say in Seattle. Its called progress people!
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