Auctions: Another Marketing Technique - 10/31/07 11:37 AM
I was looking at the real estate ads in the paper the other day and a company that has auctions caught my eye.
They had pictures of 20 homes that will be auctioned off November 10th. One of these homes is a newly constructed property in Ashwood Creek that I showed in the spring and summer of 2006. And, it's still unsold! It was priced just under $700,000 and according to the ad the opening bid is $340,000. Wow!
That seems like a great deal, doesn't it? But wait. This is an auction and that means the STARTING price is $340,000...not the ending … (0 comments)

Odds and Ends - 10/29/07 04:19 PM
I saw a prescient statistic today: 140,000 people associated with the housing industry are out of a job. And, this figure didn't even account for real estate agents!
In my market, I'm seeing agents leave the business on a daily basis. One of our top agents, who did over 50 sales a year, left, embittered, because her stream of leads dried up. And, we'll see more of it before this is over.
Another musing. How many of your clients bought their property with an 80/20? Only the 20% was with a second loan? In other words, these people avoided PMI and put down … (0 comments)

Is the Sky Falling Chicken Little? - 10/26/07 11:17 AM
"From now on, I am presuming that the mortgage insurers will go under. I am presuming bankruptcy for Countrywide Financial. I am also presuming that Washington Mutual will fail."  wrote Jim Cramer on RealMoney.com.  
And, let's also add those private mortgage insurers, title companies, and home builders. Even Fannie Mae is in trouble! 
The housing "mess" cannot be contained. And it is spreading through out the economy, affecting all of us. Very few real estate markets have escaped the carnage. I've had relocating buyers waiting months for their old homes to sell so that they could move to Naperville. They're going … (6 comments)

Eileen's Naperville Single Family Statistics for October, 2007 - 10/24/07 07:40 PM
As of  10/24/2007:
Number of Active listings: 1141
Average list price:            $693,003
Average days on market: 193
The breakdown:
There are 242   3 bedroom homes on the market;  average price: $397,181.     Market time: 155 days
There are 718   4 bedroom homes on the market;   average price: $691,014.      Market time: 200 days
There are 160  5+ bedroom homes on the market; average price: $1,188,838.   Market time: 226 days
Longer Market time...and it may be that some sellers have just given up and taken their home off the market.
671 homes sold since 4/24/07  with an average 121 days on market. Average sold price: $520,176.
Average sold price is lower than … (2 comments)

Neumann Builders to File for Chapter 11 - 10/23/07 05:13 PM
Neumann Builders of Warrenville, Illinois will be filing for Chapter 11. They've laid off 110 out of 130 employees in addition to closing all their sales offices and building sites.
Currently they have 135 homes under construction which they hope to complete. All other sales contracts will be voided and earnest money refunded, as it was held in a separate escrow account.
And, what does this mean for you if you're a buyer of one of their homes? Diligence and a good attorney. It's possible that your home may be completed...but not your sub-division. That is, until a new builder can come in … (1 comments)

Happy Halloween House - 10/17/07 06:07 PM

Isn't this a blast. Makes me want to get out my Witch's costume and sit in that rocking chair. This home is creatively decorated by my client, Judy. She does fun stuff all year long...and now the world can see her talents.
I keep telling her that she needs a house with a basement to store all her goodies!
And, how did I just happen to find this? Well, I was out door knocking! Yes, you remember. You get out and meet people. You talk to them...about real estate and leave your business card. Lots of fun and good exercise. 
 
… (5 comments)

Update on 2007 real estate predictions - 10/16/07 03:22 PM
It's time to look ahead and make predictions for 2007
Now, we’re heading into the final months of the year… and what’s happening?
 1) Our Naperville market is now officially in a "slower" market. Days on market, or the length of time that listings take to sell has doubled or trippled. Properties over $600,000 are taking up to 150 to 180 days on average to sell.
Longer market times…yes, definitely. Prices lower. Many homes have been relisted several times and commissions to buyer’s agents have increased. Many sellers will also pay some closing costs.
The list-to-sell ratio, based upon the last … (1 comments)

What Buyers Want! - 10/16/07 10:06 AM
The NATIONAL ASSOCIATION OF REALTORS does annual surveys on buyers and their wants and expectations.
So it's no surprize that the number one item these buyers want is as big a garage as they can afford. And, yes, I agree and completely understand. A two car garage offers just enough space for my For Sale signs and the recycling bin and garbage container. I'd love a three car garage...but that's not going to happen.
The most interesting garage I ever saw belonged to one of our neighbors. They paneled the garage; tiled the floor and painted the ceiling. Did a car ever reside … (5 comments)

Copper Thieves - 10/15/07 07:12 PM
There has been a rash of copper thefts. Just recently thieves made off with over $5,000 worth of copper that was to be installed at a new home. There's a reward of $1000 if you help the Naperville police find the thieves.
All of the infill homes are required to have a chain link fence with a gate while under construction. However, this doesn't seem to stop the copper thieves.
In Detroit a church has had a theft every month. It's becoming BIG BUSINESS as the price of commodities, such as copper, have increased this past year.
I'm guessing that some builders will … (3 comments)

Some vacation observations... - 10/13/07 01:29 PM
I'm baaaaaaaaaaaaaaaaaaaack!
Still jet lagged, however! I took NO cell phone, no lap top...nothing related to business...'cause, well, this was a vacation. No, let me rephrase that. According to our tour guide, Tamarra, this was a TOUR, not a vacation. So what's the difference? On a tour, you're up at 6am, in the bus by 8am, and see at least 3 towns, churchs, murals, and breath-taking views. Remember, we're in Italy. A vacation is something entirely different.
Here are some things that I noticed. Leather purses and shoes! Nice leather purses for less than 100 Euros. The Italian women mostly wear high heels, … (1 comments)

 

Eileen Landau, ABR, CRS, e-PRO

Naperville, IL

More about me…

BAIRD & WARNER, NAPERVILLE

Address: Serving Naperville Illinois

Office Phone: (630) 778-1855

Cell Phone: (630) 297-7550

Email Me

An assortment of odds and ends that may or may not pertain to the greatest city in the Midwest: Naperville. Also some commentary on the Naperville real estate market.


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