Ken's Naperville Real Estate Blog : THE REAL ESTATE MARKET HAS CHANGED...

THE REAL ESTATE MARKET HAS CHANGED...

The real estate market has changed...

This morning, as I was going through today's real estate activity in Naperville, one transaction caught my eye...

728 Chateaugay had just been sold.

                                        728 Chateaugay

This was one of the first homes that I ever showed...

It was three years ago.  My first clients.  They loved the neighborhood (Hobson Village), the trees, the lot, the layout...

The home needed a bit of updating.  A remodeled kitchen would have been great...

They liked the home enough to make an offer, the first of my career...

My clients lost out to another bidder (again, this was three years ago).  The seller was asking $434,900.  We bid $419,900.

The winning bidder paid $430,000.  He was probably pretty excited.  It was a nice home.

Well yesterday, the home was sold again.  This time it was a short sale...

Selling price?  $332,000.

The real estate market certainly has changed...

Ken

A Realtor you can trust. 

Comment balloon 23 commentsKen Tracy • March 25 2009 05:36PM

Comments

It is amazing when you see homes that you have sold....sell for much less.. I am actually listing 2 homes that I sold a couple of years ago...now they are short sales...even though, who knew this would happen...I still feel bad about it.. :)

Posted by Konnie Mac McCarthy, Associate Broker - VA & MD almost 9 years ago

What a trip down memory lane-you are right my how times have changed.

Posted by Pat Champion, Call the "CHAMPION" for all your real estate needs (Coldwell Banker Camelot Realty) almost 9 years ago

We are seeing over 50% loss in a lot on some homes in Contra Costa County in Northern California.

Posted by Michael Wayne Jackson, Realtor - Senior Real Estate Specialist (Coldwell Banker) almost 9 years ago

Hi Mike, Pat, and Konnie.  Thanks for reading.

The strange thing is that is the only real estate market I know.  Straight down!

Mike, California has had quite a hair cut.

Thanks again!

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) almost 9 years ago

I was doing 2 Comparative Market Analysis today and was amazed on how much the homes have dropped in sale price since last year.  What was worse is the competing active homes are listed 10% below recommended list price.  Monroe County Pennsylvania.  Michelle Cappabianca

 

Posted by Michelle Cappabianca almost 9 years ago

Nice to see those homes you saw when you were knew go back on the market.  Keeps you in check

Posted by Jim Cheney, Rincon Valley Realtor 707.494.1055 (Saint Francis Property Santa Rosa, CA) almost 9 years ago

Ken, that is a HUGE price drop. Something in Texas we have been very familiar with many times in other parts of our housing cycle but not this one. Our prices here are actually now slightly going up.

Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) almost 9 years ago

Ouch.  Prices here in Fort Wayne have not dropped near that much.

Posted by Amanda Christiansen, Christiansen Group Realty (Christiansen Group Realty (260)704-0843) almost 9 years ago

Hi Jared, Gary, Jim, and Michelle.  Thanks so much for reading.

The homes that are selling have come down a lot here. 

Lot's of stubborn sellers in denial...

Thanks again guys!

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) almost 9 years ago

Ken - WOW! That has to hurt. I just showed a home that sold for $2,000,000 in 2007 and now is foreclosed and selling for $679,000.

Posted by Robert Schwabe, Orange Park Real Estate (EXP Realty) almost 9 years ago

It's changed so much....so much....and I like it....finally

Posted by Larry Bettag, Regional Vice-President (Larry Bettag - Cherry Creek Mortgage) almost 9 years ago

Hi Robert and Larry.  Thanks for reading.

We still need volume to pick up, and that won't happen until sellers accept the new market.

Thanks guys!

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) almost 9 years ago

Hi Ken-It certainly has changed!

Posted by Joseph D. Federico, Eastern Massachusetts Real Estate (Donahue Real Estate Co.) almost 9 years ago

Ken, that sounds about right for over here in Ann Arbor.

Someday we will return to normal, that wasn't normal. Now we are below normal so someday................

Posted by Missy Caulk, Savvy Realtor - Ann Arbor Real Estate (Missy Caulk TEAM) almost 9 years ago

Hi Ken, That makes me catch my breath.  As others have said, we haven't had that happen here this time around. 

Posted by Shirley Parks, Broker, 210-414-0966, San Antonio TX Real Estate (Sands Realty 210-414-0966) almost 9 years ago

Ouch!  Sounds like the experience was bittersweet.  Good memory that it was the first house ever shown...the selling price...ouch.

Posted by Marlene Bridges, Laguna Homes|Laguna Condos|Laguna Real Estate (Village Real Estate Services, Inc.) almost 9 years ago

Ken,

It's happened all over AND it will recover; it always does.

Posted by Terry Chenier (Homelife Glenayre Realty) almost 9 years ago

Hi Terry, Marlene, Shirley, Missy, and Joe.  Thanks for reading.

It still surpises me to see the equity that was lost in home purchases.

Very unusual.

Thanks again everyone,

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) almost 9 years ago

Ken,

I bet your clients are glad that they lost out on that offer.  But you are so right sir, the market has definitely changed.

Posted by Don Rogers, Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes (Keller Williams Realty Chesterfield) almost 9 years ago

Ken it isn't your fault.  Change isn't the only thing we are seeing in Washington.  I now do my best to get buyers to shoot a little lower than they would like in prices.

Posted by John Walters, Licensed in Louisiana (Frank Rubi Real Estate) almost 9 years ago

Hi John and Don.  Thanks for reading.

Maybe Don, but they did buy a house.  Probably same thing across the board...

John, getting in baseball mood yet?:)

Thanks again guys.

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) almost 9 years ago

Oh my, Ken, the reality of our market conditions really hits home when you tell a story like this.

Posted by Debra Kukulski, Broker Associate, SFR,CDPE;GRI;ABR;e-PRO Realtor, Northern IL (RE/MAX Unlimited Northwest) almost 9 years ago

Hi again, Debra.  Thanks for reading.

People have lost lots of equity...

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) almost 9 years ago

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