Courtesy of Mish.
“Not Totally Dead” Yet
In the Chicago suburbs of Burr Ridge, Naperville, and Hinsdale, sales of high-end real estate hit a huge slump this summer that still continues.
For example, Crain’s Chicago reports the city of Burr Ridge, has 100 homes on the market for at least $1 million, but only 14 have sold at that price in the past six months.
Crain’s Chicago has the details in This suburb has too many $1 million-plus homes for sale (emphasis mine).
“It’s been disquietingly slow, brutally slow getting these sold,” said Linda Feinstein, the broker owner of ReMax Signature Homes in neighboring Hinsdale. “It feels like the brakes have been on for months.”
Sales slowed down all over the Chicago area this summer, and sometimes potential sellers don’t get the message soon enough, which creates an over-stock of inventory.
“It’s not as busy as we’d all like it to be, but it’s not totally dead,” said Dave Ricordati, a Coldwell Banker agent with three $1 million-plus listings, the newest of which has been on the market since July. “I mean, it’s not 2009 or 2010,” when the real estate market was at a virtual standstill.
Another factor in the backlog, said Linda Saracco, a ReMax Signature agent who’s been working Burr Ridge for over 30 years, is that “a lot of our sellers are baby boomers who bought in the ’80s or ’90s, built up a lot of equity in their homes and are ready to cash it in.“
When the market doesn’t deliver a buyer who’s willing to pay the price they want, “they’re not taking it. They’ll wait and see if they can get their number.“
Her prediction: They won’t.
Ready to Cash In But No Buyers
I have to commend ReMax agent Linda Saracco for her accurate, honest assessment “They won’t [get their price]“.
This is precisely what happens when everyone heads for the exit door at the same time….
