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| There's currently a 30-month supply of $1,000,000 and up homes listed for sale within the North Shore area of Chicago. This is based on the rate at which homes are currently selling: four in 100. The number of listings is about 900. A third of those are new construction. No figures on how many are foreclosures -- or may become foreclosures, adding to the supply.
This is from a newsletter circulated by an individual realtor. He also quotes the Illinois Association of Realtors: Home values lost an average of 8% April-July 2008. This is the person who in January borrowed from Churchill in saying the downturn to that point was only 'the end of the beginning'. |
Follow-Up Postings:
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| chisue, I just checked realtor.com for my town. Stonington has 40 homes $1,000,000+. According to the 2000 US Census there is a population of 17,906. Further broken down, Mystic, as of the 2000 US Census, has a population of 4,001 & there are 15 homes listed at $1,000,000+. But, that includes the Groton & Stonington sides of Mystic. I know of at least a dozen that have been pulled from the market, without selling, over the course of the past 12-16 months. We have one subdivision, located on Lamb's Way, that has 9 homes all over $1,500,000. They were all built in 2006. Only one home has sold. Over the course of this summer, the builders have moved into several of the homes & pulled them from the market. I'd LOVE to know the status of their construction loans! :) Unbelievably, there is a new start on the street. I don't know what institution made THAT construction loan but they must be smoking funny cigarettes. /tricia |
Here is a link that might be useful: $1M Homes, Stonington, CT
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| Thanks for the link, Tricia. I loved browsing the waterfront properties. Kind of amazing to see that the most expensive od place has *aluminum siding*! What's happening -- or not -- with the big old house you loved? |
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