When I asked Sam Banks, a real estate agent with Sergio & Banks, for his take on the state of the market, Sam said he was a bit confused.
“The good thing about the market is that lending seems to be easing up in some ways,” Sam reported. In many other ways, however, he saw the picture as far from clear.
Resales and unsold new units in some areas are competing against new construction where the developer is able to undercut resale prices because, according to Sam, the developer was able to buy land at a substantially lower price within the past year. In other areas, short sales and foreclosures are a dominant factor.
Our discussion took place after a sponsored video at a new construction six-flat at 1951 W Belmont Ave in Roscoe Village. The developer, Ultimate Homes, has priced 3-bedroom, 2-bath units with a raft of upgrades as low as $399,900 – at or below the asking price of nearby resale condos purchased in the mid-2000s.
Watch Sam’s report in the video.