Chicagoland Real Estate Update

We can all say the last few months have been positive for the Chicago Real Estate Market. But results vary and any positive signs are patchy. It seems that single family property is recovering better than attached housing specifically condominiums.

There are whole district of Metropolitan Chicago with an over supply of property. Downtown Chicago has a notable glut of condo's for sale, Trump Tower has no financing options through Fannie Mae, so its pretty much cash, cash or cash. The problem with over supply of attached multi family is also apparent in a number of suburbs from Evanston to Oak Lawn as well as Chicago neighborhoods such as Lakeview, Near South side and Lincoln Park.

As said median values have stabilized (or slightly increased)in some areas such as; Oak Lawn, Evanston, Mount Greenwood, Berwyn, Burbank, Brookfield and Beverly, Arlington Heights.

Supplies remain high with declining values in Cicero, Englewood, North and South Lawndale, Austin and New City as a result of foreclosures. The South Shore also has a heavy supply.

The remote newer subdivisions around cities like Plano (Lakewood Springs) and Yorkville (various) are fairing badly with short sales running higher than foreclosures.
The reverse to true for Naperville's high end White Eagle which has seen a respectable recovery in value. This is consistent with the whole of Naperville with median values stable at $400,000 for the last two quarters and up from $365,000 the quarter prior to that. Median values are back up to $300,000 from $260,000 in Schaumburg while Arlington Heights shows a narrow range with median values varying just from $335,000 to $350,000 in the last nine months.

The city of Elgin has an excess of property and continued declining values. This week a well located property on a massive 0.69 acre, 2300 sq. ft, 4 car garage, brook, needed little work with own stream sold for $129,000.

So generally speaking if the property is single family and the location was originally a good. Then those are recovering well. Attached housing is mostly struggling and sometimes well located. However I did notice Uptown with a stabling attached housing market which is a positive sign. Lets hope it spreads.