There are now other 1 bedrooms listed for under 240K in the building

But I do have to point out G’s comment that there will be

…knife catching we will see all the way to the bottom…

a protracted environment where houses always trade for lower value over time rather as unlikely, as steve’s paradigm; or the market will face a inverse effect, after such a period; similarly to the one happening after the bubble, which will look bubblelish. it just the market trying to reach equilibrium.

How come the SHill claims that “Contract written close in LP (sic)” when he had the contract data from the spring when he incorrectly predicted both May and June 2009 LP condo/TH sales would exceed those in 2008? How could he get that wrong?

How come the SHill proclaims victory over all with “LP is more stable so far” when nobody argues that point?

You decide.

revassal, you will have to point to where I said that. I rarely put a specific estimate on a specific property due to the knife catching we will see all the way to the bottom. The shills have to eat, right?

Now of course, there was a period of time, where the expectation were not normal, but some will argue it doesn’t apply everywhere, and possible some places/some properties will be spared and/or make money, or how can people make any money at all in real estate, if it were a zero sum game?

Bottom line, the market corrected if it didn’t we wouldn’t be talking about this. There is a lost of RE wealth, it just most of it will end up as paper losses rather than an actual loss. With the actual losses, many will gain from those as it has been done in the past.

Steve will defend his turf like the drug dealers and crack fiends defend their products. It’s his income he will be blind, he needs it.

Now to talk about the property,

if HD/G are right it will sell around 180K too much appreciation right? so 177K. new bathroom, 190K?

# Sold in November 1998 for $174,000
# Sold in March 2001 for $240,000
# Sold in January 2004 for $278,000

For steve to be right it would have to sell around list; at least above, 285K. New bathroom 300, 325K right?

For my educated guess, no comp research cause I don’t want to buy it, I would say if you can get it for around 240K your not doing bad at all. Great location. maybe for a trust fund baby? Of course the buyer wont sweat a 1K assmt. They would mind paying 265K just to get the negotiations over with.

Ze — they reduce their holdings by about 4Bil (out of 750Bil+) not much, 50B for IMF who biggest donor/supporter is the US. (no need 4 a discussion on US Hegemony) So poor countries can buy Chinese trash. suffice to say if we(the US) can reduce Chinese consumption by around 5Bil (imports 377B yr) a month and reduce oil consumption by 1Bil, 10 percent, if not 5% a week (9.5B/week in US) the country will be on the whole a lot healthier than many others, including and esp. the euro zone banking system. 5% isn’t much. A high consumption tax on gas/(energy in general), funneled into mass-transit and green energy-(carbon neutral/ carbon negative). So 5% for both = 3.5Bil / month not a bad cash flow. (about 6% of current account deficit) No it doesn’t make up for $1T deficits. nor 2T fed balance sheet. But paper does ;-).

As far as who taking the hits, banks, ultimately taxpayers. Some normal people are taking hits, but if you don’t have to, you should unless you did some homework when you bought and you should be fine, in nearly any market. (I think this one is insane, but I haven’t live through many downturns.) otherwise how to people like westloop make any money.

I am obsessed with Lincoln Park because that is where I work and where I live. This is also the area I know and I have defended it as being stable compared to other areas.

You are the one saying LP is trading at 2003 levels and not me. I have always said that it is stable.

The number actually “sold” in a given month is interesting.

Price never holds up when sales plunge. That’s what we’re seeing. No demand means lower prices.

We also don’t know what the “sold” listings you provide are for Steve (1 bedrooms, 2 bedrooms, all condos, condos AND single family homes). So, it’s impossible to tell much from the data (except that sales are plunging.)

I also find it kind of amusing that everyone is obsessed with Lincoln Park on Crib Chatter when it is a very small subset of the rest of the city and the entire Chicago real estate market. If some sellers are “losing their shirts” in LP- what’s happening in Andersonville, Lincoln Square, Edgewater, Bucktown, Wicker Park?

The better deals will certainly be in those neighborhoods.

Lincoln Park is flat +/- 5% over the past 2 years. Inventories are down for below $1 million properties and market times are around 4 -5 months. You would have to argue that if you were to own a place in the city of Chicago, Lincoln Park is where the value has held.

Just my two cents…