Quote:
Originally Posted by Nowhereman1280
^^^ Where is that building, I've never seen it before. I bet Adrian likes it.
I actually work in the RE business as the assistant of a Real Estate lawyer doing Foreclosure and Bankruptcy law, Representing a few RE trusts and a commercial real estate lender, as well as doing RE closings. The picture still isn't pretty, it is probably very close to the bottom now, but I would expect things to get a touch worse after the spring/early summer selling season pans out and there is a massive glut of unsold homes on the market. However, things will recover over the course of 2009. So really, now is literally the best time to buy, prices are rock bottom, interest rates are rock bottom, there is a massive supply of foreclosures you might be able to get your paws on, and we are nearing the bottom of one of the worse RE crashes in recent memory. The time to buy is when the blood runs in the streets my friends. Just make sure you can afford what you are buying!
If you are looking for a deal and in the market for a condo, wait for fall, there are many RE investors buying up huge blocks of foreclosed properties. There are literally companies forming over night to take advantage of this mess and they are buying all the foreclosures up right now for nothing in huge lots. They will probably start dividing up these lots and selling the individual units for dirt cheep in the fall, after the summer selling season is up. I just filled out the paperwork for two closings of this type today alone.
Many of these condo blocks are in buildings like the Columbian where they will get like 8 foreclosures at once and split them up later.
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Don't want too off-topic...
I just don't see how we can be near rock bottom. I read cribchatter.com daily, follow prices for various properties in a few different neighborhoods and have seen various statistics about prices in the area (the most recent being a country-wide map of the change in average home value). The one thing I haven't seen in is widespread falling prices in Chicago. Flippers who bought a year ago in new construction buildings are still trying to turn a profit on their investment. Properties that have been on the market for 6 months to 2 years have barely (if at all) dropped their price. To this observer, it seems as though prices still don't reflect the severity of the buying drought and market glut.
I read an economist piece not too long ago where they opined that the troubles with the housing market were only half over. I think we need to look past the sub-prime crash and current credit shortage and see the problems that have yet to manifest. They are coming, and I think Viva points out just one of the many to come.
Edit: is there a place for this type of chatter on this forum? Might be a good way to get this topic permanently out of the city compilations....
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