Posts Categorized: Market Insights

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1400 S. Michigan Lowers Prices To Auction Levels

Earlier today I received an email from 1400 S. Michigan – Tower II promoting recent price reductions with the subject line “Auction Pricing without the Auction!” Basically they are claiming that they’ve lowered their asking prices to the auction levels. Well, if you can buy a unit at the same price as at auction then… Read more

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What The Stock Market Tells Us About Housing

They say that the stock and commodity markets provide some of the best forecasts available. I’ve heard that orange juice futures predict Florida weather better than the National Weather Service. So we should be able to look to these markets for some indication of what is going on with housing – e.g. home builder stocks… Read more

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1400 S. Michigan Ave. Condo Auction

Another South Loop condominium development is looking to clear their unsold inventory via an auction. On November 15, 2009 Michigan Avenue Tower II will auction off 41 units in one hour at the W Hotel, starting at 1:00 PM. Check out the link above for information on the building, floor plans, and some historic sales… Read more

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Chicago Employment Continues Its Nosedive

The preliminary September labor statistics for the Chicago metro area show that employment is back on the decline after several months of improvement. 367,000 jobs have been lost since the peak in July, 2007 and 217,000 jobs have been lost in just the last 12 months. That’s a lot of potential homebuyers. We are now… Read more

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Are Short Sales Dead Until January?

As if short sales weren’t already taking forever to get approved there is currently a belief that lenders are holding off on approving short sales until the beginning of next year. Why would they do this? Incentives. Once they accept the short sale they have to take a loss – the difference between what the… Read more