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After touring a few model units last Sunday at The Silver District, 2800 W North Ave, Karen Biazar from North Clybourn Group took a few minutes to talk with me about Humboldt Park and the surrounding area. Karen has been a licensed Realtor for 20 years, and she has seen neighborhoods like Wicker Park, Bucktown, Ukrainian Village, and the East Village change over that span. With prices soaring in Bucktown and Wicker Park, she sees some buyers looking further west, in neighborhoods like Humboldt Park and Logan Square.
From what she has seen during the recession, Karen says that buyers are getting smarter, “either through their diligence, or through direct experience of not being able to do what they thought they could do.”
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{ 4 comments }
Smart. Very smart. Her chatter about the distraction of short sales and foreclosures is spot on.
Looking at two of them up close myself recently after 100s on the net, I was astounded that the banks don’t just bring in the bulldozer and call it a day. You look at the mortgage amounts they wrote on some of them and you can’t fathom it.
When a house’s foundation is about to collapse what value was there to underwrite? Land values played a huge role in driving the bubble and it’s good to see that come back to earth.
I actually put a no contigency offer on a single family house yesterday in about 3 minutes after walking in, which though better than the accepted one is unfortunately sitting in a back up position. My needle in the haystack, owned by the same family for generations with all the heirs out of state. Even my skeptical spouse couldn’t help but smile and had no hesistation in signing the contract.
One of those historic fantasties of ours with all the fabric intact and while signs of neglect are present, plaster losing it keys and such, nothing is abused and everything from the tool room to the farmhouse sink and the old historic wooden sash is still in working order though a little less for the 130 years but can still be brought back to it’s historic condition.
An affordable restorable house, this very affordable, is so rare these days and without the collapse would still be. I find it interesting how much opportunity for buyers short sales and foreclosures can drive in the market when a motivated seller, in my case an estate, needs to sell.
A seller like that, who needs a quick close, is in a tough position when the building’s comps are skewed by all the Bank owned drek and the buyers with the ability to close seemingly as rare as hen’s teeth or scared into the closet. So it goes.
pilsenslav,
I view buyers’ fascination with foreclosures and short sales as a bizarre aberration, a sign that the madness hasn’t been completely wrung out of the market.
All but the most sophisticated investors should run, not walk, when they hear “foreclosure” or “short sale.” Those words are synonyms for extreme risk, delays, trouble ahead, high odds of missing a better opportunity for the typical buyer.
Sprint is more like it!
I like the peek inside the net gives us of the morass but couldn’t pass up the happenstance opportunity when a friend was meeting an agent to view two of them by my house. A study in sociological madness of crowds is what it is.
The first was so wrecked and trashed the only thing to consider is how much the land is worth and what cost it will be to clear it and that only if you have a use for land. The other wasn’t much better. So it goes.
The one property I did seek out to look at, the only one this year to fit my parameters, was perfect for my current needs, the housing of my nephews and later for us as in our later years. A perfectly intact Victorian wonderbox down to the fixtures.
I had done my homework and thought it would be intact as it didn’t have a trail in the deeds except the one old slavic family. Too bad I have to play backup, still I hope. The house comes complete with canning jars and a griddle.
Is it me or was this video also metaphorically speaking about life in general too?
I like what Karen Biazar had talked about the “purge and cleanse of the market and how excellence was coming out on the top.” and also the end of what Mark Boyer said, “irrational exuberance” yes! my husband and I have been sacrificing and living in low quality student housing for the past 7 years trying to save up for a better place and silver district was what came up waiting for us when we were all ready financially. I realized we were probably part of the small population that karen talks about. which are the strong, conservative, financially responsible people. Karen is my real estate hero!
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