Sandwich, Illinois - Market Report Jan-April 2008

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Real Estate Agent with Kettley Realtors

Sandwich, Illinois is located off Rt. 34 about 15 minutes west of Yorkville, 25 minutes south and west of Aurora.  Sandiwch is a great town - small enough to feel like the hometown's of yesteryear but big enough to have all the modern conveniences you need.  Someone recently asked me about foreclosures in Sandwich - after looking through the MLS I saw four bank owned properties and 5 or 6 pre-foreclosures.

SANDWICH SOLD JANUARY - APRIL 2008

Detached Single
Bedrooms# Sold% SoldAvg LP (Sold)Avg SPSP:LP RatioAvg MT (Sold)Avg LP (Unsold)% Expd
All17100%$226,788$219,04797%223$00%
313100%$216,200$204,83195%209 0%
44100%$261,200$265,250102%270 0%
Attached Single
Bedrooms# Sold% SoldAvg LP (Sold)Avg SPSP:LP RatioAvg MT (Sold)Avg LP (Unsold)% Expd
32100%$177,900$176,45099%244

 

Bo Buchanan Kettley Realtors Signature Oswego

Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543  (630) 846-4663

IllinoisHouseHunter.com|OswegoHouseHunter.com|MontgomeryHouseHunter.com|YorkvilleHouseHunter.com 

 

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Rainer
3,160
Stu Magid
First Centennial Mortgage - Naperville, IL

Bo,

I was just working with a guy in Yorkville that purchased new construction about a year ago for 350K.  He put an additional 40K into his finishing his basement.  I saw the photos and it looked like quality work; entertainment area, full bar, etc.  We were looking for 375K which at first seemed reasonable.

Appraiser couldn't comp it out as the builder is now selling the same model for 300K and passing along the "curbs and sidewalks" to the new buyers in the form of a special tax assesment.  Does this sound plausable?  Seems like a rotten shame as alot of good people are being hurt by this, if it's true.

Thanks 

 

 

May 07, 2008 04:37 AM #1
Rainer
34,960
Bo Buchanan
Kettley Realtors - Oswego, IL

STU - unfortunately, it sounds completely plausible.  The SSA tax is very common here (Special Service Area - pays for curbs, sidewalks etc. - usually the impact fee charged to the builder by the village) and Yorvkville was doing SSA in a lot of new subdivisions.  I think they have stopped.  I had a bank owned in an SSA community in Yorkville last year that we sold for $80k less than the buyers bought if for. 

May 07, 2008 08:27 AM #2
Rainer
3,160
Stu Magid
First Centennial Mortgage - Naperville, IL

Bo,

Thanks.  I told the customer it was only a "paper" loss unless he sells.  Said he would ride it out as he still had four years to go on his ARM.

 

 

 

May 07, 2008 09:03 AM #3
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Rainer
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Bo Buchanan

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