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Archive for September, 2009

Monday Morning Market….

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Happy Monday to all…. What an amazing weekend in our little corner of the world! I spent a great weekend with my family as we entertained my cousin who was in town from Denver. She is a St. Charles native and is continually amazed at the changes that occur in our community  between her visits! The weather continues to be ultra-enjoyable and provide for lots of outdoor enjoyment, the grass in the backyard has never looked better, and the pumpkins on my vine are getting larger and larger each week! I LOVE FALL!!

Back by popular demand, here is the ever-so-poplar Monday Morning Market for Geneva real-estate junkies!! Keep in mind this is for single-family, detached homes in our area for the last 7 days….. Here goes:

 

·         Active listings

o   202, ranging from $149,000 to $3,299,000

·         Under contract in last 7 days=                   

o   8 listings, ranging from $229,400 to $437,000… 5 out of 8 were under $350,000

·         Price changes=                                                 

o   7, with the greatest reduction going from $499,000 to $475,000* (more on this later!)    

·         Closed=                                                                               

o   6  in number, from $162,750 to $510,000

 

A couple of observations from me to you….

1.       One of the price reductions that I marked with an asterisk above would pretty much be a poster-child for our market…. That particular property belongs to life-long Geneva residents…residents who were born and raised in Geneva, raised their own family in Geneva, and spent an entire career as highly esteemed builders in our community. Their beautiful home, currently on the market, was built in a way that builders wouldn’t even CONSIDER building today…. Everything top of the line quality and construction! Everything!! Located on an amazing one-acre lot with a garage that I have seen 4 cars in!! When they listed it at $499,000 I thought it would sell right away to someone local…. A buyer who would appreciate the reputation and construction afforded in that property. Lo and behold, months later, it sits, a “sign of the times”, reduced to $475,000 and waiting for a new owner.

2.       The other amazing property in our statistics this week was one of the closed sales I noted above. This property, also in an amazing location (on an ultra-quiet cul-de-sac just blocks from downtown Geneva) was on the market for 300 days. Now, in and of itself that’s not a real talking point! However, the fact that it was originally listed at $775,000 and just closed for $481,000 IS A TALKING POINT! This is not the market for any Realtor to let a seller choose their own listing price. The comparables are surely speaking loud and clear right now. Clearly, based on comparables, that home was grossly over-priced from the beginning.

 

 

 

 

 

Here is my assessment…… which I believe to be right on the MONEY:

If your property is around $350,000 or less, it has a good chance of selling. If it’s over that magical price, then I believe that buyers are probably only going to buy it if they perceive it to be an extremely good value. Period!

 

I feel so strongly about this statement! I have discussed it with every buyer I have worked with, and I have presented it in this fashion to every seller that I am working with as well!  I have seen these strategies for over a year now, with groceries, clothing, cars and homes…. Buyers are just looking for a deal.  I laugh as I write this because it makes me think of the “Kohl’s” flyers that come out in the mail… when my friends and neighbors get the 15% off coupon, it’s no longer good enough. They search out for the 30% off coupon instead before they go off and spend their hard-earned cash!! Even the Geneva Public Library offered a “super couponing” seminar at the library last week, teaching shoppers how to be ultra-savvy when spending for food! I would guess that 3 years ago that seminar wouldn’t even have been suggested? What do you think?

 

 

That’s it for today… as always,  please let us know if we can help you in any way with your real estate needs! Remember, if you have a first-time buyer in your family/office/neighborhood, there are only 63 days left to enjoy the $8000 tax credit being offered up…. Let them know!!

Have a great week everyone!

 

THINK SOLD!

Teresa Keenan

Stone Tower Properties

630-917-2717    

 

 

 

 

 

 

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Monday morning market in Geneva…..

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Monday Morning Market….

Happy Monday to all…. I hope some of you took advantage of the bargain extravaganza commonly known as the St. Peter Barn sale this weekend!! I found a couple of items that I could not live without, and the grand total of said bargains was less than FIVE DOLLARS!!!!I stimulated the local economy and still saved money, how about that?

Back by popular demand, here is the ever-so-poplar Monday Morning Market for Geneva real-estate junkies!! Keep in mind this is for single-family, detached homes in our area for the last 7 days….. Here goes:

·         Active listings

o   208, ranging from $149,000 to $3,299,000

·         Under contract in last 7 days=                   

o   8 listings, ranging from $149,000 to $649,900

·         Price changes=                                                 

o   13, with the greatest reduction going from $949,000 to  $899,000                                             

·         Closed=                                                                               

o   5 in number, from $275,000 to $710,000

Please note that I had to change one of the categories above… from “price reductions” to “price changes” this week because one clever seller actually RAISED the price on their home that hasn’t sold yet….. I haven’t seen this strategy recently, but please rest assured that I will keep my eye on that property and let you know if that price change worked out for the seller…. I’ll keep you posted!

While analyzing the inventory this week, I noted a few trends…

1.       63 of the 208 properties are priced at $300,000 and below…..There are some amazing opportunities out there right now. If you know anyone who would be a first time buyer, they would be in a position right now to 1) get a great deal on a property, 2) get a great interest rate on a mortgage and 3) get an $8000 credit on their taxes if they purchase before November 30, 2009!!

2.       Of the properties that went under contract, two were short sales. I guess that’s good news/bad news… it means that a couple of the lenders came to their senses and got rid of some of this inventory, but there is still a LOT more to go!

3.       4 out of 5 of the properties that closed were in-town, meaning east of Randall Road. I thought that was very, very interesting this week.

That’s it for today… as always, please let us know if we can help you in any way with your real estate needs! Have a great week everyone!

THINK SOLD!

Teresa Keenan

Stone Tower Properties

630-917-2717    


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Announcing a VINTAGE charmer…. so much potential!

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Monday Morning Market…. back again!!

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Monday Morning Market….

 

Back again…. The ever-so-poplar Monday Morning Market for Geneva real-estate junkies!! Keep in mind this is for single-family, detached homes in our area for the last 7 days….. Here goes:

 

·         Active listings=                                          216 in number, ranging from $149,000 to $3,299,000

·         Under contract in last 7 days=                    7 listings, ranging from $174,700 to $519,900

·         Price reductions=                                         14 in number, with the greatest reduction going from $149,900 to $414,900

·         Closed=                                                         5 in number, from $269,500 to $487,500

 

Interestingly enough, 60% of the closings for last week were over $350,000, which is great news… that’s a segment of our market that has an excessive amount of inventory! The other interesting statistic to note is that there were no short-sale or foreclosure closings last week for Geneva…. That’s kind of a good news/bad news item, in my opinion….

The good news is that each closing that did occur probably helped a local seller move up…. The bad news is that we still have too much property out here that is at the mercy of the continually inept banking system…. I get to see FIRST-HAND each week how screwed up the banking system really is right now…. A HUGE majority of the contracts that we write, on behalf of fully qualified buyers who desire to buy some of these properties, do NOT get accepted by the negotiators. In my office, for every 6 contracts that are written, 1 will be accepted and closed…. In the meantime, these properties sit in our neighborhoods… acquiring huge market times, bringing down the neighboring property values. Such a sad and dysfunctional system, and totally unnecessary. Given a choice, as a neighbor, would you rather have a home that is being cared for by a new neighbor, or another vacant property down the street from you????

I hope you all had the opportunity to get out and enjoy Geneva’s beautiful Festival of the Vine this weekend…. The weather could not have been any more conducive to a successful event for our local merchants! After the June 2009 heat-wave ruined the Swedish Days for many merchants, I am sure many of those small-business owners enjoyed a bustling and busy weekend of tourists and locals supporting their endeavors! Our little town looked so beautiful and festive with all of the colors of fall on every street and corner!!

Have a great week everyone and thank you to all for your continued support!

 

THINK SOLD!

Teresa Keenan

Stone Tower Properties

630-917-2717    

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I’m back……

For all of my loyal followers out there, I apologize for the long sabbatical…. I am happy to report that business has been extraordinarily busy, so I have been burning the flame at both ends….. now that the kids are back in school, I seem to have a little more time on my hands for blogging!!

I already missed the window of opportunity for my Monday Morning Market, so I thought I would shoot out a very primitive analysis of what has been going on for the last 90 days… here goes:

As I have been reporting for the last 18 months or so, over and over again, the "under $350,000" market seems to be driving the bus here…. In the last 90 days, in Geneva only, we have had 101 closings!! YEAH!!! Out of that 101 number is the fact that 64 of those properties were $350,000 or under….that's 63%!! The properties range from $97,000 (yes, there are a few properties THAT affordable in Geneva… you should have bought that one and used it for a rental!!) to $852,500! FHA loans seem to be the least problematic for most buyers, and because the FHA loan-limit is about $417,000 here in Kane County, it stands to reason that this would be a popular price range.

Opportunities for BIG values are available in every price range, but the very hard-hit  "over $500,000" range has definitely taken a beating. For those lucky buyers who have sold their homes and can move up, I have seen tremendous bargains out there!

As always, please think of us if you are in the need for real-estate consulting of any kind. We would be more than happy to oblige! Monday Morning Market will be back next week, after the Festival of the Vine winds down in Geneva! See you around town!

THINK SOLD!

Teresa Keenan

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