Price Reductions! (Heyo!)

I made a ridiculous claim of market stability in Evanston about a month ago, illustrating solid home values around town. My grandmother always said that stability was in the eyes of the beholder, though, and I’m still seeing homes that are maintaining their value. Don’t worry, I’m not getting defensive; let me show you a few of these price reductions to put them in perspective:falling prices!

1236 OAK Ave
EVANSTON, IL 60202

Beds: 4
Baths: 2.1

Current Price: $659,000
Price as of 8/31/08: $689,000
Last Sale 1/31/2007: $565,000

The price of this home is still 16% higher than when it sold in 2007 during a seasonal low-point, but in the last gasp of the Bubble. A $30k drop might make the difference, and generally, Evanston homes are less likely to reduce in price around the 60-day mark. I’ll be checking back in another month or so to check for any takers on this classic.

1505 DEWEY Ave
EVANSTON, IL 60201

Beds: 4
Baths: 3.1

Current Price: $689,000
Price as of 8/31/08: $799,000
Last Sale 11/03/2005: $282,000

With a 14% price reduction and plenty of rehab perks, this new construction home has taken a massive jump in price since 2005. The location is prime, but there’s an awful lot of competition surrounding this one. Check out the community trends and stats to get a better idea of the ‘hood in general.

1421 WESLEY AVE.
EVANSTON, IL 60201

Beds: 4
Baths: 2.1

Current Price: $725,000
Price as of 8/31/08: $799,000
Last Sale 10/03/2006: $290,000

With a more modest 9% price drop, we’re still seeing significant gains among all of these homes, which have sold previously in the past three years. In spite of what we see as dramatic price reductions on a quarterly basis, these home’s values are still light years beyond what they were one, two, or three years ago.