Luxury Homes in Chicago Have Seen Price Fall 28% From Last Year

November 13, 2009

Daily Real Estate Updates

sudler-sothebys-logo13 November 2009 ? Price reductions continue to drive the real estate market. According to Trulia, 25% of homes for sale this year have seen a price drop of 10% off the original listing price. Luxury homes only make up 2% of the listing inventory but they continue to be one of the hardest hit segments of the real estate market. Upper bracket homes, those over $2 million, have had their prices slashed about 25%. The aggregate total loss in value for these homes is more than $28.1 billion. While some neighborhoods have held their own in pricing, others have been affected by greater inventories of luxury and/or distressed properties. Home prices will continue to be pressured by foreclosures, short sales, and tight credit markets for a while.

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About Katie Anderson

Katie Anderson is a respected and successful broker at Sudler Sotheby's Realty as well as a certified appraiser. She specializes in representing clients who purchase and sell condominiums, town homes, single-family homes and income property in the Chicago land area. In her small amount time in the real estate game (she became an agent in 2003) she has assisted in excess of 400 deals and over $200 million in sales and continues to use her skills as a certified appraiser. Katie resides in Chicago's Bucktown neighborhood with her loving husband and 4-year-old-daughter, where she spends much of her spare time with her family and friends. You can contact her at katie@thechicago77.com or at andersonbraack.com

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