31 July 2009 ? Chicago?s North Shore high-end market has been especially hard hit by the real estate market?s downturn as reported today on Rismedia. Even offering creative incentives and major price reductions has not helped in moving luxury properties in Chicago?s north suburban areas. According to the North Shore Association of Realtors only 154 single family homes over $1 million dollars have been sold this year. If this trend continues for the remainder of the year, only about half the homes will have been sold compared to last year and less than two thirds of the 935 homes sold in 2005 in the over $1 million market. The North Shore?s bad news is Chicago?s good news. The city market has fared better as buyers are taking advantage of the short sales and favorable pricing on luxury properties, attracting more buyers to stay or return to the city. ?Upper bracket short sales have become an art,? says Chaz Walters, principal and broker associate of Sudler Sotheby?s International Realty. Walters has had success selling upper bracket properties and sees sales happening only when the sellers will accept the reality of current market pricing and making the adjustments accordingly.Email This Post To a Friend.
Chicago’s High-End Real Estate Market Fairing Better Than the Suburbs
July 31, 2009
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