Crain’s is reporting that Case-Shiller data shows home prices in some southern suburbs regressing to the levels that prevailed in 1992.
We’ve visited a number of south suburban housing developments over the years, and you can have a look at one of them – Fairway Club Estates in University Park – in the above video from April of 2010.
A 4-bedroom, 3-bath home in the development that sold for $329,000 in March of 2007 has been on the market for nearly 8 months and is currently asking $130,000 as a short sale. The home has a golf club for its back yard. Annual real estate taxes are $8,475.
Olympia Fields is one of the suburbs where prices are at 1992 levels, according to Crain’s. Redfin stats reflect a median list price of $200,000 for Olympia Fields’ homes in September, and a median sales price of only $112,000. You can expect your real estate taxes to be greater than your mortgage payment on many homes in the community.