In today’s Real Estate Market many buyers are taking advantage of builders who purchased land and started to develop property right before the bubble burst. Purchasers in Chicago and the Suburbs are finding spec homes and condos under the price of what it costs the builders to actually build today. In the height of the McMansion boom, builders where running wild, buying tear-downs, and speculating on the Real Estate Market. Now these builders are working with their banks to move the houses or just walking away from the projects. Some house are complete and others need to be finished.
Most buyers are finding that they would spend much more money building a custom home rather than finding a spec property that is bank owned or in trouble. Eli Schultz, with Ideal Location Chicago Real Estate has worked with buyers in searching for these types of deals. “I have worked with Buyers from Wicker Park, Roscoe Village in the city to Hinsdale, Oak Park, and Lagrange in the suburbs. Once the banks get real aggressive on the asking price, buyers are coming off the sidelines and getting interested in these properties.”, Mr. Schultz adds “Some buyers can find foreclosures that are in real good shape. Most people think foreclosures usually have major problems. That is not always true.”
Take for instance this Bank Owned property in West Town on Buyers Utopia. This property is in move in condition. Another property you can find on buyers utopia is a Bank Owned Condo in Wicker Park just a two block walk to Division night life and the blue line train. This condo is asking $296,900. “The bank actually came into the property, re-finished the floors and repainted the entire two floors. This is one example of a Chicago Condo that deal sold extremely fast.”, says Mr. Schultz
Ideal Location Chicago Real Estate specializes in finding bank owned opportunities for Chicago area real estate home buyers and Chicago area investors. To find out more about bank owned properties that are on the market in Chicago and the Suburbs please contact us today.
Related posts: