Quote:
Originally Posted by IrishIllini
^ Chicago RE market was one of the hotter markets during the frenzy that preceded the crash. It took a long while for it to recover. With the benefit of hindsight, we can say real estate was overvalued then, but it's fairly valued now, maybe even undervalued.
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Actually, I saw many articles that said real estate was overvalued in the 2004-2006 period. The articles from one real estate company that I read said that most of the country, with the exception of parts of mid-south central US (TX, TN) were overvalued and that they had never seen so many markets overvalued. Another article pointed to the phenom where neighbors would show up to open house just to see how many others would come and what was being offered. One of my neighbors did that when I had to sell my Chicago condo to relocate - and they opened their mouth about a possible coming special assessment (according to the seller) - and I had to lower the price a little for the seller - I had little choice as I was moving, did not want to leave the condo empty, and was sensing that the market may be at a height - I still made more double in the 10-12 years I owned, which I did not expect. Oddly, I originally bought the condo from a person who had relocated to Austin - he had already left and I made an offer over 10% less than he wanted - my realtor said that they had to talk a long time over the phone to get them to accept...