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Sandwich, Illinois - Market Report Jan-April 2008

Real Estate Agent with Kettley Realtors

May 06, 2008 07:40 PM

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	% Sold	Avg LP (Sold)	Avg SP	SP:LP Ratio	Avg MT (Sold)	Avg LP (Unsold)	% Expd
All	17	100%	$226,788	$219,047	97%	223	$0	0%

3	13	100%	$216,200	$204,831	95%	209		0%

4	4	100%	$261,200	$265,250	102%	270		0%

Attached Single

Bedrooms	# Sold	% Sold	Avg LP (Sold)	Avg SP	SP:LP Ratio	Avg MT (Sold)	Avg LP (Unsold)	% Expd
3	2	100%	$177,900	$176,450	99%	244

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

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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

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

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

Sandwich, Illinois - Market Report Jan-April 2008

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Bo Buchanan

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