Alan Shultz - Chicago Real Estate

Hyde Park dramatic numbers

2009-10-17T07:21:00.000-07:00

Mortgaged in May of 2007 for $880,000, the house at 5040 S Blackstone in Hyde Park was handsome. A 13 room home built in 1892, it is stately looking still today.
Except- that it came on market 10/13/09 as a vacant, vandalized bank owned property for $258,000 and went pending in the 2nd day.
I would love to know the story on this house. I hope it has a brighter future.

2009-10-16T18:07:00.000-07:00

Some fly off the shelf-
Northshore noteworthy:
384 Hawthorn Lane in Winnetka- a 13 room charmer just a couple years old- the assessor loved the house and the $39,439 tax bill showed it.
This house on 9 days got multiple offers and is pending in MLS.
You can bet the winning bid exceeded the $1,336,500 asking price.

2009-10-16T17:56:00.000-07:00

Signs of some recovery: a foreclosure at 474 N Lake Shore Drive, little studio apartment listed at $155,000- 13 days on market, closed in less than 45 days- selling price $160,000. Bargains attract buyers.

2009-03-21T11:08:00.000-07:00

Call me- if you are intrigued as I am by a little lannon stone castle in Beverly at 93rd and Vanderpoel with winding staircase and dramatic oval dining room- a foreclosure that makes you wonder "what happened."
This little gem on a nice lot needs work but at $169,000 asking price- what a fun project.

Speaking of project houses- a three story center entrance brick Colonial at 99th and Hoyne for $299,000- the style of home I always thought I would call home- this house with new roof is lots of work but location, location and curb appeal.

E-mail me and I'll send you the listings.

Short Sales

2009-03-20T15:51:00.000-07:00

The "Short Sale" is in vogue today. You have a short sale when the owner offers the property at a price where the owner is "short" funds at closing to pay off the loan or loans.
Our Multiple Listing has many, many short sale offerings.
Let's say Mr. Owner bought in '05 for $550,000 and has a first mortgage of $400,000. and a refinanced home equity of $200,000. Today the house is valued at $450,000. If the house is sold for $450,000 the owner is short $150,000 at closing.
Under these facts the only way a closing could take place would be with the lender(s) agreeing to take less at closing.
WELL-
lenders won't preapprove any scenarios here- they tell us agents to "bring an offer" which they will consider.
IT'S RIDICULOUS-
I've had a real decent offer in with Countrywide on a property where the owner is very "short"-
Countrywide has been as slow as molasses- we are talking months, not weeks of silence. The trouble is that they want something close to fair market value but then they don't play by fair market rules.
I'm not convinced- not convinced that Congress understands the housing crises- and not convinced the lenders are commit ed to sorting out this mess.

Don't believe everything you read

2009-01-20T09:26:00.000-08:00

Don't believe everything you read in the newspaper concerning lending. Good credit and value price don't earn you a jumbo loan unless your downpayment is 25 to 30%. This is ridiculous and shows that the banks simply are not on board yet for a real estate recovery.

What's selling?

2009-01-18T18:27:00.000-08:00

Even in a slow market, even in this market, the bargains slip in and get sold quickly- just like in a good market.
I follow the MLS new listings every day. Every day, without fail. Today is Sunday, nothing new should come on today but there is was this morning, a vintage manse in North Beverly on the South Side. It's a huge house that hasn't been on the market for decades. Something new, something different.
Even in a slow market, the market changes daily.
Last week a terrace unit at 1717 South Prairie came in the low 200s. It appeared like a absurd low price. 2 bedrooms, 1.5 baths, 1,000 square foot terrace. The last unit I sold in this building was a 1 bedroom, 1 bath for $305,000.
I sent the 1717 S Prairie listing out to a couple bargain hunters.
No takers.
This morning for the fun of it I checked the listing.
It's under contract. And the listing agent had amended the listing to say "stop calling."
You can only imagine the inquiries he's had.
Even in a rotten market. Even in an economic downturn- things sell, interesting things surface.
The market changes daily.
This market is no exception.

Midwest Memo-10/29/2008

2008-10-30T13:57:00.000-07:00

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