Tuesday, January 6, 2009

Closed in Forest Hills of Western Springs

5312 Woodland in Forest Hills
This is a new home that was originally listed in Sept. 2005 for $1,399,900. It was on the market for 185 days and taken off in Feb. of 2006 at the list price of $1,449,000.
Back on the market in March 2006 for $1,449,000 where it stayed for 281 days.
Put back up for sale in Feb. 2007 for 1,449,900 and was on the market for 274 days and taken off at a list price of $1,299,000
Back on in Feb. 2008 for 1,299,000 and reduced to 999,000 in November 2008. It sold in December and closed on January 6th, 2009 for $902,500. This was a short sale. Another 295 days on the market!
This is an example of what has been happening to many new homes in the past 2 years. I personally have been a realtor for 32 years and what started out on many of these home to sound like a fair asking price quickly became unrealistic because of so many market changes. Short sales are affecting everyones values. Many of the banks have been slow in responding to offers that would have been much higher than the ultimate sale price. Hopefully the banks are working on having people available to respond to offers that create a short sale . If these homes can all be sold and taken off the market we can start to get a more level playing field. In the meantime there are some great buys out there. Call me to see them!
This home has 12 rooms, 5 bedrooms, 5 1/2 baths, finished basement .
Linda Hanley Kelly
Charles Rutenberg Realty

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