Illinois New Home Prices Near Historic Lows

Back in 2005, the new construction scene in the Fox Valley was looking bright. New home starts were riding an all-time high and new subdivisions were popping up everywhere to provide for the seemingly endless stream of buyers. In early 2006 it all came crashing down. Buyers disappeared like fog in the morning and builders were left to deal with half-finished communities, a glut of inventory and a ton of unfulfilled expectations. Since then, builders have had to respond and deal with the housing crisis. This has created some great deals for home buyers but there have also been some casualties.

In October 2007, the real estate world was shocked with the announcement of bankruptcy filed by Warrenville-based Neumann Homes. One of the area’s largest builders, Neumann Homes had constructed 15 subdivisions including the popular Tanner Trails subdivision in North Aurora. Due to lagging home sales in our area and even worse conditions in Michigan and Florida, two other areas where the builder had developments, the builder was forced to seek bankruptcy protection.

Later, in April of 2008, a second large Chicagoland builder – Kimball Hill Homes – announced that it was also seeking Chapter 11 bankruptcy protection in order to restructure debt. The company is continuing normal business operations for the time being but it’s unknown how this will affect new subdivisions such as Settler’s Ridge in Sugar Grove in the future.

What buyers are finding in today’s market are builders that are stretched as thin as possible on profit margins. This, right now, represents a high mark in new construction affordability. Over the last year, builders have been falling over themselves to offer incentives enough to spur buyers into action. Right now represents perhaps the best time over the last 50 years for home buyers to get into a new home. According to many experts, the housing market, especially in the new construction arena, has hit bottom. While we might not recover quickly, we’re not expected to get much worse. This means that if you are in the position to buy, now is your chance to get in on historic low prices.

Buyers with homes to sell must make sure that their homes are priced aggressively right from the start. If you must put down a deposit on a new home before yours is sold, you need to be aggressive in selling your home right from the beginning. Contact your local real estate agent for information on how to price your home correctly in today’s market. If you are not aggressive enough with your home pricing, you run the risk of not getting your home sold before your new home is built. Some builders will offer a home-sale contingency that allows buyers to get out of the deal and get their deposit back if their home doesn’t sell, but many builders are also not allowing this due to the bad market conditions.

York Region Quarterly Luxury Real Estate Market Report – Second Quarter – 2009

The luxury home market in southern York Region* showed vibrancy in the second quarter of 2009. A total of 284 detached homes sold for $750,000 or more, down only 20 units over the same period in 2008. Two homes broke the $4 million sales price barrier this quarter – a $4.2 million home in King, and a $4 million home in Vaughan. The following report provides an overview of properties listed at or sold for $750,000 or greater during the second quarter of 2009.

Aurora

The Aurora area currently has 71 properties for sale in the $750,000+ price range. In the second quarter of 2009, 19 luxury properties sold, versus 16 in the same period of 2008. Days on market increased to 56 days, up from 20 days in 2008. The median sold price was $1.15 million, with the top sale in the quarter for this community at $2.095 million.

King

In the second quarter of 2009, 34 properties sold for $750,000 or more, almost double the volume during the same time period in 2008. Median sale price was $926,300 – a decrease of five per cent over the same quarter in 2008. Days on market were down from 50 to 41. The highest sale for the community was $4.2 million, compared with $3.75 million in 2008. There are currently 101 top-tier homes available for sale, with the highest listing at $4.85 million.

Newmarket

Newmarket experienced a slight increase in median sale price in the second quarter of 2009, from $811,500 in 2008 up to $830,000 in 2009. The top sale in the second quarter of 2009 in Newmarket was $925,000. Eight luxury properties are currently on the market, with the highest priced listing at $915,000.

Richmond Hill

In the second quarter of 2009, 92 properties sold, down 19.3% from 114 sales in the second quarter of 2008. The median sale price was $887,000, and properties were on the market for 31 days. The top sale in the quarter in Richmond Hill was $3.5 million, compared with a top sale of $2.45 million in the same period in 2008. The top-priced listing is currently at $3.999 million.

Thornhill

Thirty-six properties sold in Thornhill, with the highest sale reaching $1.9 million. Sales volume was down slightly, from 41 units in 2008 to 36 in 2009. The median sale price was $960,000, up 8.5% over 2008. Eighty-eight properties priced at $750,000 and above are now available for sale. The highest priced listing in Thornhill – and for the entire study area – is an estate home listed at $9.38 million.

Unionville/Markham

Fifty properties sold in Unionville and Markham, with the highest sale reaching $1.44 million. Sales volume was up slightly, from 47 units in 2008 to 50 in 2009, as was days on market – from 27 days in 2008 to 29 days in 2009. The median sale price was $845,000, equal to that of 2008. Seventy-five properties priced at $750,000 and above are now available for sale. The highest priced listing in the area is $2.899 million.

Vaughan

Vaughan, including Woodbridge and Kleinburg, has 93 top-tier properties for sale. In the second quarter of 2009, 31 units sold, down almost 30% from the 44 sales achieved in the second quarter of 2008. Median sale price was down from $900,000 in 2008 to $850,000. However, the top sale came in at $4.0 million – almost double the top sale of $2.18 million in the second quarter of 2008. The top listing currently offered for sale is at $4.78 million. Days on market remained fairly steady, from 24 days in 2008 to 25 days in 2009.

Whitchurch-Stouffville

The Whitchurch-Stouffville area has 103 properties for sale in the $750,000+ price range. Sales volume increased from 15 sales in the second quarter of 2008 to 19 in 2009. The median sold price in this area was $1.01 million, with the top sale at $1.550 million. This represents a 6.3% increase in median sale price. The highest listing is currently offered for $4.25 million. Median days on market dropped to 39 days from 47 days.

*Note: Commentary is based on detached residential properties listed on the Multiple Listing Services (MLS) in TREB map areas N01-N08 and N10-N14, with a sold price of $750,000 or greater, that sold during the months of April, May, and June 2009. Data was collected on July 1, 2009. Days on Market calculations are based on median values.

Homes For Sale As an Investment

Denver offers up some of the best living in the country, real estate included. And Greenwood Village homes for sale in the area offer up a wonderful place to live, along with a strong solid investment. The Denver area boasts an array of activities, from horseback riding, golfing, skiing, mountain climbing, hiking, river rafting to the more elite Broadway shows, fine dining and shopping at the finest boutiques and specialty shops. There is always something to do and no matter if you are looking for adventure or a day at the spa, Denver will have a place for you.

With 42 metropolitan areas and 7 counties, Denver is the largest city in Colorado, as well as the state’s capital. In Greenwood Village, homes for sale are located conveniently near all the cities major attractions, the big city as well as the picturesque mountains.

The Greenwood Village homes for sale are in the top competing market against Cherry Creek condos, Lodo lofts and many other homes for sale in cities such as, Castle Rock, Brighton, Aurora and Littleton. All of the communities are surrounded by tree lined streets, beautiful mountains and plenty of the area’s finest attractions. The nightlife of the city offers up some of the most exciting night clubs and discos along with great entertainment from Broadway shows, plays and opera. Some areas will offer quiet and relaxed neighborhoods with gated communities and exclusive country clubs while others will be on the bustling streets in the middle of the action in downtown Denver.

Greenwood Village homes for sale are a great way to meet in the middle; you are given a peaceful quiet atmosphere, but also still are very near the action of the big city.

The economy the way it is at the moment has made it possible to purchase homes at a very affordable price. You can find Greenwood Village homes for sale that are well below market value. This creates a great investment for potential home owners who want to invest in property in a great area, one that is rapidly growing and will continue to increase in value.

Many of the Greenwood Village homes for sale are listed due to foreclosures in the Denver area. With the economy being down and many people losing their jobs and unable to refinance their homes, the ones who were stuck with high interest rates were unable to make the increasing payments and were forced to lose their homes. The banks are offering the Greenwood Village homes for sale now with a very cheap price tag, extremely low interest rates and very desirable loan features.

You can find mortgage loans that allow you to purchase a home with little or no money down; there are government bonded loans that will even pay a percentage down for you. There are many ways to get into a home in the Denver area that has already accumulated equity; this makes Greenwood Village homes for sale a great investment for the future.

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