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| John D Ambrogio |
Mary Ellen Podmolik wrote a great article in the Business Section of Today’s Chicago Tribune (read it here) discussing how distressed properties are helping to redefine our market.
I’ve spoken on the subject often (as well as in this article) and it is amazing in the last two years how much of an influence the REO and short sale world has had on Chicago Real Estate. As quoted in her article, the median price in our dear Chicago has gone down 1/5 - to $176K from $225K. Truly a market correction.
As a transferee to Chicagoland, the time has never been better.
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| John D Ambrogio |
From our intern, Maija Harjula -
After launching our foreclosure search about a month ago the traffic to www.bairdwarner.com has soared. When foreclosed properties are a big deal these days and consumers are provably using it, make sure that you know how to take advantage of our great search tool! As a transferee relocating to Chicago, even in the luxury market, it’s important to understand how foreclosures and shortsales affect the underlying value of property.
Read Inman’s article here - John D’Ambrogio, CRP, vice president of strategic development for Baird & Warner, is quoted as saying “The foreclosure transaction is vastly different today than it was five or 10 years ago. Years ago only a few people specialized in these transactions.” Take a look at the tool, which shows all foreclosure activity on MLS properties, through an exclusive arrangement with a provider of local data.
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| John D Ambrogio |
You look pretty good for 173 years old! Of course, that’s coming from someone whose company has been serving Chicago relocation needs since the city was the tender age of 18!
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| John D Ambrogio |
How do you get people to search for your home when the searches “foreclosures” and “search free foreclosures” are at historical record highs? Information published by both Hitswise and The Wall Street Journal indicates that those searches have reached their highest levels in years.
Well, while less people are searching luxury real estate these days, those who do are serious about buying. So the same rules apply - make sure you have descriptive listings of your property; use a Realtor who will promote your listing with e-blasts to potential buyers, agents AND potential buyers. Also make sure the have a luxury real estate network affiliation that can help drive those buyers to you. Those buyers are still out there, you just need to know how to market to them!
www.luxuryportfolio.com
