Developers Dropping Prices to Move Inventory

November 2, 2009

Daily Real Estate Updates

sudler-sothebys-logo2 November 2009 ? As we finish up 2009, pricing is the focus to make the sales happen before the end of the year. Even developers are taking their hits as Belgravia Group announced reductions of more than 10% on their remaining townhomes at one of their developments in University Village. Bluestone Development has continued to lower prices on their Fletcher Row Townhomes Development in the Hamlin Park/Roscoe Village neighborhood as well as offer buyer financing and incentives. As developers begin taking substantial price changes, there is more pressure on residential resale property values. Home sellers are now competing with new construction in addition to short sales and foreclosures. The average and median home sale prices continue to rise as buyers are going forward on homes in higher price ranges where pricing has been greatly adjusted.

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About Andrea Geller

Andrea Geller, Realtor® with Sudler Sotheby?s International Realty, specializes in residential real estate sales and marketing of resale properties and new construction homes. Acknowledged as an expert in the real estate industry, Andrea has been interviewed for industry related articles for print and online media including the Chicago Tribune, Crain's Chicago Business, Reuters, Bankrate.com, and Illinois Realtor Magazine. Andrea's commitment extends to the community as an active member of several professional associations. Her appointments include the Board of Directors of the Chicago, Illinois, and National Association of Realtors® and the Lakeview Chamber of Commerce. She markets herself under HOT PROPERTY®, an innovation in the real estate industry led by Chaz Walters that has been marketed since the 1990s. This unique real estate concept is always a step ahead of the industry providing marketing from cutting edge interactive exposure to targeted innovative advertising opportunities. Visit her at www.hotpropertychicago.com or 773.868.3090.

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