It seems like only yesterday that Zillow captured the "fluffy clouds" real estate zeitgeist around here.

Welcome to the post storm nightmare of today.

Wow!

How is there a two bedroom, one bath house on Bryant in foreclosure for $650K? That's just kooky, man.

I know that house well...started as a 2-bed. 1-bth. bungalow not that long ago and the people put WAY too much money into it. It has been listed for $749,000 for months now.

Hey, and why are most of the deadbeats north of Roosevelt?

Ring, you beat me to it......Maybe they all decided to foreclose due to South beating them on Saturday.....

By the way, put in wheaton on that page, there are 35 foreclosures, and Lombard has 53. You can thank the appraisal and mortgage industry for this little problem of foreclosures...

quote:

You can thank the appraisal and mortgage industry for this little problem of foreclosures...

Well, they are certainly a big part of it, but I think many folks are to blame for not knowing how to live within their means and trying too desperately to keep up with those proverbial 'Joneses.'

I can't believe I spent all of those nights lying awake worrying that Fish wouldn't get a proper return for his copper gutter investement. So much for the housing bubble fears in the Western burbs.

I'm sure the real estate broker that wrote that advertisement made an honest mistake and didn't intentionally say those things just to further his own business interests.

Here's a small table from Zillow that calls into question his numbers:

quote:

Historical Value Trends

60137 GLEN ELLYN Du Page IL US

30 day -1.0% -1.1% -2.5% -0.0% 0.4%

1 year 1.4% 1.4% -2.0% -0.6% -5.6%

5 years 37.3% 37.0% 38.9% 41.1% 66.8%

On the bright side, copper is near record highs.

Well, I will still sleep easier with my belief that Fish will see a hefty return on his HG investment. Also, I am one of about 300 people that takes Zillow accuracy with a grain of salt. Or...I could be wrong and am simply burying my head in the sand.

Kinda wierd when you scroll down that list and see a house a couple of doors down from you listed.
(In the opposite direction from the listed sex offender!)

Just did a quick search at realtor.com.

They list 812 available properties in 60137, including 437 single family homes.

Trying to narrow things down somewhat arbitrarily to eliminate both extremes, they list 295 single family homes between $350-850K.

At the top, 80 properties for a million or higher.

Tough market for anyone wanting to sell.

quote:

Originally posted by Clamato:
Also, I am one of about 300 people that takes Zillow accuracy with a grain of salt. Or...I could be wrong and am simply burying my head in the sand.

Agree, Zillow is not a perfect barometer - but it is without human bias. Unlike the journalist who penned the advertorial raving about the bull market in GE:

quote:

John Wilt is a real estate broker and owner of RealStar Realty, with offices in Naperville, Oswego and Glen Ellyn. He may be reached at 630-420-7400 or john@realstarrealty.com.

On the Yahoo RE link there are now 55 homes in 60137 in foreclosure compared to 49 on 29 Aug. And most of those appear to be N of Roosevelt.

quote:

Originally posted by Clamato:
Well, I will still sleep easier with my belief that Fish will see a hefty return on his HG investment.

Hollywood gutters?

I wonder what the appraiser thought when evaluting the property in that economic area. It's only a matter of time when the fixtures physically deteriorate.

DT

This reminds me of a question I've had. I have an acquaintance whose house is in foreslosure (may or may not be in GE...that isn't the point)...and a friend that might be interested in owning it. The tale the forclosed one spun obviously makes me think that they don't want anyone to know about this...including me...so who does the potential buyer contact if the house is not listed on the market...and sitting empty? I don't look into these things and I am not certain what happens.

The bank holding the note or the attorney representing the borrower in the foreclosure proceeding.

Or, your buddy should set up an LLC so as to purchase the property quasi-anonymously.

This message has been edited. Last edited by: JRP,

quote:

Originally posted by Clamato:
This reminds me of a question I've had. I have an acquaintance whose house is in foreslosure (may or may not be in GE...that isn't the point)...and a friend that might be interested in owning it. The tale the forclosed one spun obviously makes me think that they don't want anyone to know about this...including me...so who does the potential buyer contact if the house is not listed on the market...and sitting empty? I don't look into these things and I am not certain what happens.

If the "forclosed [sic] one" does not want anyone to know about the foreclosure then he needs to actively market the property and attempt to sell it before it goes to a sheriff's sale. If he thinks by keeping it off the market that no one will find out he is mistaken. When the Sheriff shows up and physically removes the occupants and their belongings from the home onto the curb it creates quite a public spectacle.

Just seems like one of those deals where you are walking up to Sanford Stadium in Athens on a sunny Saturday and you have one guy looking to buy tickets...and another guy standing three feet away from him trying to sell tickets...yet both seem oblivious to one another. (BTW, if you run across a similar situation and choose to point out the irony of what the two guys are doing to them...they may want to beat you up. Trust me on that.)

quote:

Agree, Zillow is not a perfect barometer - but it is without human bias. Unlike the journalist who penned the advertorial raving about the bull market in GE:

Zillow is so wrong about my own property that I can't believe anything on their site.

quote:

Originally posted by GESince1958:

quote:

Agree, Zillow is not a perfect barometer - but it is without human bias. Unlike the journalist who penned the advertorial raving about the bull market in GE:

Zillow is so wrong about my own property that I can't believe anything on their site.

Right you are! They are very inaccurate. I've stopped using them for guestimates for work too! Don't know how that website or concept came about.