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Archive for the ‘Monday Morning Market’ Category

If ONLY I could have one dollar for each time I am asked that question…. if that were truly the case, I would be posting this blog on a Macbook, from a sunny room overlooking the shores of the Yellowstone River in Montana.  However, that is NOT the case, so I have accepted that fact and moved on from a temporary (but ever so recurring) little dream.

Yellowstone River in Gardiner, Montana! Husband fly fishes while wife chases kids.

Yellowstone trip, August 2008..The husband gets to fly-fish while I wrangle the children.... lucky!

Keeping track of the numbers this year has been very humbling. The volume is down, as are property values in many, many neighborhoods. By this point in 2010, there had been 87 closings for detached homes in Geneva. So far for 2011, we have had 65 closings in total in all of Geneva. Out of the 65 homes that have closed, 20% have been distressed sales (Realtor lingo for “foreclosed” or “short sales”) NOT GOOD!

The other interesting statistic that I pulled from the chart below is this: 82% of the closings that have occurred so far this year have been under the $417,000 limit. This is an important figure ($417,000) because it happens to be the maximum FHA loan that can be obtained in Kane County. FHA loans do not require 10% down, or 20% down, so they are still achievable for most buyers. SO…. that’s what many buyers will get.  Not to overgeneralize, because there are still some buyers out there who will obtain conventional financing, but if I were to comb through the MLS and look at the financing code on every one of the closings for this year, I believe a vast majority of them would be FHA buyers.

I have included a table which breaks down the price ranges and statistics for you real-estate junkies out there. Please let me know if you have questions or concerns about anything in your neighborhood… I’d be happy to share my observations and my experiences. If you leave a question or comment below, I will be sure to respond!

As always, please email me if there is anyone you know who might be inclined to make a move to, or from, Geneva! Enjoy the day,

THINK SOLD!

Teresa Keenan

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Happy Monday to all! Is there such a thing as a happy Monday? I have found Mondays to be self-fulfilling prophecies… if I start the day out believing that it’s going to stink, then generally it meets my expectation. Coincidence? I think not! I rolled out of bed today believing that it is going to be a good day, and I am not going to accept anything less. So, if you have an issue today, don’t tell me about it until tomorrow. Please!

I have prepared my latest Monday Morning Market for all of you loyal readers out there. It’s been an interesting year so far for single family homes… a couple of  general real estate tidbits for you before I hit the weekly stats:

  • For this time period in 2010 (January 1 through March 7) we had 30 closings under our belt out here in Geneva. So far in 2011, we have had 19!! With 7 of those being distressed sales. For those of you who aren’t good at ciphering (to quote Jethro Bodean!) that amounts to 37%…. yep. 37% of our closings so far in 2011 have been foreclosures or short sales. Very sad.
  • 89% of our closings have been under $400,000!! 17 out of 19 homes have closed for under $400,000 so far in 2011. Very compelling statistic for all the property owners of Geneva.

As far as Monday Morning Market is concerned, here are the statistics for Geneva for the last 7 days!

  • There are 190 active listings in Geneva right now, ranging in price from $59,900 to $1,395,000
  • In the last 7 days we had one closing. It was a foreclosure listing for $195,000.
  • There were 7 price reductions, with the greatest reduction going from $465,000 to $425,000
  • 9 properties went under contract in the last 7 days! Hallelujah! Interestingly enough, they break our pattern for the year so far in that 4 of the properties were over $400,000!! Yes!! In one week we doubled the amount of property under contract for $400,000 + for the YEAR!

It’s been a crazy year already. I have had SELLERS back out of a transaction because they ultimately loved a home too much to leave, we  had a transaction compromised because a pickup truck wouldn’t fit into the garage of a newly purchased home, I have had a buyer fall down a set of stairs and come out  black/blue/purple, I saw a shower (reminiscent of a 1984 RV ) crammed into the corner of a bedroom in a dated Colonial over in St. Charles, and I happened to have the luxury of showing a piece of income property that had more dog poop INSIDE the property than there was OUTSIDE the property. I have a glamorous position!

As always, if you would like the inside scoop or some micro-knowledge on our market,  just contact me. I am happy to share my knowledge with almost anyone. ALMOST! Have a great week, and feel free to share my blog with anyone you know who might enjoy it!

THINK SOLD!

Teresa Keenan, Broker/Owner of Stone Tower Properties
325 South Street
Geneva, IL 60134
630-917-2717

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The chief indicator that you have arrived at the best real estate firm in Geneva!

Monday Morning Market….

Happy holidays everyone! The season is on us…. Really on us! It’s my hope that all of my readers found many, many things to be thankful for last Thursday! Actually, not just for last Thursday but for every day.

I thought I would list a few of the things that I am thankful for here, just to see if any of you feel the same! I am thankful for 3 amazing children who make me laugh every single day and motivate me to do the best I can do in order to lead them by example. I am thankful for a husband who LOVES to hear about the follies of selling real estate and owning a small business! I am eternally thankful for my little group of cronies(you know who you are) who listen to my complaints/jokes/daily observations and still answer my calls every day!  I am thankful for my sister/brother in law and darling niece who live only 2 minutes from my front door. I am thankful for every single client who has given me the opportunity to be a part of their real-estate transaction. Lastly, I am thankful to own a company that is made up of an amazing team of Realtors whose company I enjoy and respect every day, in a town that I enjoy living in 365 days a year!

Now, on to the numbers…. I have been swamped with business for the last few months, so I apologize for the sabbatical! Getting back to the numbers for the last 7 days in Geneva, here goes-

Active listings= 206 in number, from $115,000 to $1,795,000

Properties under contract in last 7 days= 2, from $329,900 to $395,000

Price reductions= 5 in number, with the greatest reduction going from $499,000 to $479,000

Closings  in the last 7 days in Geneva= …… ZERO………..

  • So far, as of Monday  morning at 10 am or so, there have been 262 closings in Geneva in 2010. Closed prices ranging from $125,000 to $1,175,000. Approximately 10% of the closings reported in the MLSNI for this year were distressed sales, meaning “short sales” or “foreclosures.” This is actually an improvement from 2009, in my opinion. In 2009, there were 259 closings for single family homes, ranging in price from $84,000 to $2,708,754.

The appraisal system continues to be broken and it continually hampers our ability to do business and sell real estate. I believe that if more Americans knew how the banking/lending  system is holding the housing market hostage, there would probably be another Tea Party in the making.

There is still a great amount of opportunity for buyers! The interest rates are at an historic low, and property values are ripe for the picking. There are opportunities out there that may not appear to be the greatest “deal” in the market, but I would consider them “opportunities”  because they are available. Period.

While researching a property for a client last week, I looked at 3 properties that are currently on the market that turned down offers they received when originally on the market….Looking back, I am certain the sellers of those properties WISH they could turn back the clock!! There is too much inventory, too much risk, and not enough qualified buyers, for almost any seller in this market to turn down a buyer.

I will be making a greater effort to keep my blog up to date. It’s one of the activities that I really enjoy, but I seem to have been unable to make it a priority the last couple of months. I am trying to get back to it as best as I can.

As always, if you need assistance with anything real-estate related, please let me know. Even if it’s just a short consultation or a strategy question… I would be delighted to help you, or your neighbors/co workers/friends, in any way that I can.

If you enjoyed this blog post, and would like all posts to be delivered automatically to your “inbox,” please use the SUBSCRIBE button on my blog! Thanks for reading, and have a great week~

THINK SOLD!

Teresa Keenan

www.stonetowerproperties.com and www.thinksold.net

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The Stone Tower Properties real estate office

Stone Tower Properties Real Estate in Geneva, IL

Happy Monday to all!

Yes, it’s been a crazy summer. Happy to report that all is well… kids are almost ready to go back to school, I am almost ready to drop them off, and I am definitely ready to get back to my blog.

Selling real estate is an obsessive little gig…. It seems as if EVERYWHERE I go, people always want to know “what’s up with the market?” “how much do you think the market has taken a hit… 10%, 20%..more?” “what’s up with the mortgage rates, do you think I could re-fi?” “are there any REALLY good deals out there?”…. They ask at church, they ask at school, they ask when we are downtown having a drink at Bien Trucha….. everyone is obsessed with real estate!It’s the American Dream AND the American Nightmare right now. Of course, I am in it up to my eyeballs and I am passionate about it, so it’s fascinating to me to realize how many others are interested in it as well. I know for most folks that it’s the largest investment that they have, so of course they want to check on it whenever they can. Unfortunately, they can’t just look at a ticker-tape on the CNN website to see how their “investment” is doing that day. So, they ask a LOCAL professional. Which brings me to my next point…. COME ON! If you are traveling to Disney next week, you are probably going to look up the weather for Florida. Maybe, if you are really type-A, you will zoom in as far as “Orlando” to get your information. Correct??? So, it goes without saying, that if you are in the need of a Realtor, why in the world would you use a Realtor from Arlington Heights to buy real estate out here? Or worse, to SELL real estate out here??? This is no lie… about 3 months ago I had a listing in Pepper Valley in Geneva. It’s a very nice community! It has a playground, tennis courts, 2 pools and a clubhouse, and it’s really close to several elementary schools. I had a TOP PRODUCER from St. Charles, part of a famous “team” of Realtors, call me to ask me all about the pool in Pepper Valley. He has been selling real estate in our area for YEARS and knew nothing about one of the great assets of living in Pepper Valley. Didn’t know where it was, and darned sure didn’t even know it existed until he showed my listing.  Do yourself, and your family finances, a favor- use someone LOCAL when you buy real estate.

Thought I would throw a few statistics out there today!

  • A Stone Tower Properties agent either LISTED or SOLD 43% of the Geneva properties that were $550,000 or MORE since January 1, 2010!
  • 82% of all sales in Geneva (there have been 197 single family homes sold as of today) were $400,000 and UNDER!
  • There are 234 homes on the market as of right this moment… from $154,900 to $1,899,000
  • The most expensive home that has closed, through the MLS, so far in 2010, was $825,000. It was on the market for 664 days, and started out at an original list price of $1,195,000
  • The least expensive home that has closed, through the MLS, so far in 2010, was $125,000. It was on the market for 478 days and war originally listed at $219,900. This property was a distressed sale (not a foreclosure, a short-sale)

Financing continues to be a thorn in our side. Appraisals routinely present problems. The closings routinely have complications that arise. The banks are CRAZY (Not a GOOD crazy!) However, in spite of all of that, buyers continue to buy! Sellers continue to sell! Rates are amazingly low, AMAZINGLY low! So, real estate continues to be an action-packed adventure, worthy of discussing almost everywhere you go! Go ahead, leave me a question below and let’s play “try to stump the Realtor!” Or, if you have a question in general, throw it out there in the comment section and I will answer as best I can…. looking forward to seeing what all of you are interested in!

THINK SOLD!

Teresa Keenan

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Monday Morning Market….

Happy Tuesday everyone-

Sorry to be a day late with my weekly report! We are going every which way right now at the office…. Buyers/listings/crazy traffic by the Stone Tower Properties headquarters. Our agents are coming and going like wild. For the last week or so, we have been preparing ourselves for the arrival of our state-of-the-art listing display board. We have purchased a TouchPoint system, which will digitally display our listings in our front window with interactive capability! There will be a

32 inch monitor which will give info on all of our listings, 24/7!! Our sellers will be blown away as this will be the icing on the cake for the ultimate exposure for their properties!! The system is being installed right now and will be complete tomorrow…. Stop by and give it a whirl! We can’t wait for the feedback. If you are considering selling your home, you better come for a visit and see if you would like your property featured out front!!!

Here are the stats from everything related to the MLS in Geneva, for the past 7 days…for single-family homes:

  • Active listings
    • 240, with list prices from $144,900 to $1,999,000
  • Under contract in last 7 days=
    • 9 listings! From $239,000 to $749,900 in list prices
  • Price changes=
    • 9 in number, with the greatest reduction going from $925,000 to $899,500
  • Closed=
    • 5 in number, from $235,000 to $550,000! We like to see these kinds of end numbers, because it means a few folks are moving up, which really loosens up our market a little!

I have to take this opportunity to give a little “shout-out” to my friend Juliene Guffey, who owns Interiors by Juliene in Geneva! She is an interior decorator by trade, but she does all of my staging for my listings as well. She did the best job on the cutest little listing I have over in the Fields of Geneva and we got a contract on it in less than 7 days!! The feedback from the showings was amazing, so THANK YOU Juliene for helping my business to thrive!!

In our ever expanding quest for market domination, we are asking our clients/friends/followers to check out our Facebook pages:

“Stone Tower Properties”

&

“365 things to do in Geneva, IL”

With over 400 million users, we thought it appropriate to extol the virtues of living in Geneva, to the locals and to perhaps a few interested folks who do not live here…. Yet!

If you like our pages, please hit the “LIKE” button and become one of our fans! And don’t forget to invite a few friends to do the same…..We promise you won’t be disappointed!


THINK SOLD!

Teresa Keenan

www.stonetowerproperties.com and www.thinksold.net

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Monday Morning Market…. 325 South Street photo final

Happy Monday everyone-

I hope you all enjoyed the crazy weather this weekend. I had the joy of drinking coffee on my front porch, watching the pouring-down rain on Saturday morning, then the joy of drinking coffee on the deck in the sunshine on Sunday morning! Simple pleasures!

Every Monday I can’t wait to pull the stats out of the MLS and see what’s happened in our little town. It is so interesting to try to piece the puzzle together and figure out who sold what… Of course, today I know “who sold what” on a few properties because I am in the office, happily processing paperwork for some files our Realtors got under contract over the weekend.

We are thoroughly enjoying our new location…. Traffic has been amazing, people are here all day long (in and out) checking out our listings in the front window, and the exposure has been priceless. To have the incredible good fortune of “expanding” our business in a market where many have downsized, or worse, gone out of business, has been a true testament to the agents we have under our roof. They’ve kept their noses to the grind-stone and followed up on every referral and we have fought our way right through the last couple of years with very little change in the way we do business. Do stop by for a visit when you are downtown Geneva! Our Grand Opening & ribbon cutting is scheduled for August 5… put it on your calendar to come help us celebrate our amazing accomplishments!

Here are the stats from everything related to the MLS in Geneva, for the past 7 days…for single-family homes:

· Active listings

o 241, with list prices from $144,900 to $1,999,000 (call me about the $144,900. It’s not my listing, but it would be a GREAT rental!)

· Under contract in last 7 days=

o 8 listings! From $239,9000 to $744,900 in list prices

· Price changes=

o 14  in number, with the greatest reduction going from $995,000 to $950,000

· Closed=

o 7 in number, from $215,500 to $445,000 (43% of the closings last week were distressed sales… 2 foreclosures and 1 short sale)

In our ever expanding quest for market domination, we are asking our clients/friends/followers to check out our Facebook pages:

“Stone Tower Properties”

&

“365 things to do in Geneva, IL”

With over 400 million users, we thought it appropriate to extol the virtues of living in Geneva, to the locals and to perhaps a few interested folks who do not live here…. Yet!

If you like our pages, please hit the “LIKE” button and become one of our fans! And don’t forget to invite a few friends to do the same…..We promise you won’t be disappointed!

THINK SOLD!

Teresa Keenan

www.stonetowerproperties.com

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Monday Morning Market….

Happy Monday everyone-

Well, I am back at my desk in my beautiful new office, fresh from a closing! Which brings me to yet another story…. I am assuming you actually enjoy these stories and that is why you read this blog! If that is not the case, then just skip down to the numbers and ignore my most recent real-estate trauma story!!

This morning I closed on a great listing I had in Pepper Valley. The sellers were friends of mine, who I came to know through their neighbors who are VERY DEAR friends of the crazy Keenan family. These sellers were here from England for the last 4+ years. Funny people, great kids, and just really phenomenal friends. We hated to see them leave… HATED! When they found out they were going back over the pond, they asked me if I would be interested in marketing their home. Of course, it involved a relocation company, my company, and the homeowners. The relocation company also stipulated that Relo would send a Realtor of their choice to do a market analysis of the home as well….. This is where the story gets really good!

I told the sellers, my friends, that I thought they should list at $350,000 and sell in the high $330’s to low $340’s. The other Realtor advised them to list at $290,000 and work their way through a “short sale”. My poor friends! They were horrified. They have obviously followed the media and all the “fun” that is involved in a “short sale” and they were beside themselves. Plus, they couldn’t figure out how I was so far off in price from the other Realtor. I guaranteed them that I wasn’t the one who was far off in listing price!!! Then the relocation company sent 2 appraisers, both local, to appraise the home. The first appraisal came in at $333K and the second one came in at $340K! So…. The house went on the market at $350K, we got 3 offers on it over the course of about 30 days, and it closed for $333K today! My clients were thrilled that they were not stuck with Realtor #2, who encouraged them to go the route of a short sale!!! During the course of the transaction, the buyer has officially let it be known that I am a “shark”, and today, for that, I guess I am thankful! I’d rather be a shark than a jellyfish……

Here are the stats from everything related to the MLS in Geneva, for the past 7 days…for single-family homes:

  • Active listings
    • 241, with list prices from $144,900 to $1,999,000 (call me about the $144,900…. It would be a GREAT rental!)
  • Under contract in last 7 days=
    • 9 listings! From $259,850 to $435,000 in list prices
  • Price changes=
    • 12 in number, with the greatest reduction going from $874,900 to $759,900
  • Closed=
    • 8 in number, from $245,000 to $570,000

There are some amazing deals out there right now! I wish I could get more people to purchase an income property right now… the rental market is strong, and with the property values down so low, you can get an amazing deal, rent it out, get the tax benefits and the benefit of the property increasing in value over the upcoming years. Think of what a gift it would be to give your kids a rental property that has paid for itself and will continue to generate revenue for years to come!! It’s such a great way to build wealth, especially with the interest rates being offered. Call me for a confidential consultation! I’ll give you the scoop!

That’s it for now. Please stop by when you are downtown Geneva! We are so proud of our new location and our business….. Keep us in mind for friends/neighbors/co-workers that might be in need of a great Realtor…. We have plenty of great Realtors and we want to do business with you!


THINK SOLD!

Teresa Keenan

www.stonetowerproperties.com

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