Isn’t it funny how you hear nothing but doom & gloom out of the mainstream media? Yeah, yeah, yeah. I know properties in the Loop are really doing OK, but sometimes even my natural optimism is drowned by the national media. So I approached one of my trusty sources yesterday and said, you can go off the record and I won’t quote you if you tell me the truth. Scout’s honor. Here’s what he said:
“I need a second shelter like a need a colonoscopy. Kidding, things are great. Still living off my last big check and will be for the foreseeable future. Sellers still have their head up their butts on all product lines across the board. Buyers still think anyone that has a sign up is pre-pre foreclosure. I was even asked a few weeks ago to ‘market this property like normal market conditions’, though they were on a bank watchlist and 3 months past due.”
There you have it. Then I hit the high ground where everything’s coming up roses, particularly in the high end. I’m talking below $500,000, if it’s a really great house. Becky Frey (who tells me she’s had her best year ever, and I have proof she is not blowing smoke) put a Disney Streets property on just this past weekend and got six offers in 36 hours. They accepted one that was even OVER asking. (Just writing that gave me deja vue. Chilling!) She’s got a house down the street from me under option – gorgeous home, listed in January. The good stuff, good location, priced right, is going out the door. Doris sold Scott Ginsburg’s temporary digs at 4610 Isabella, Claire Dewar listing agent, this home priced at $4,900,000 even though our city appraisers have it at $3,810,000. (Scott bought it to live in when his 4707 Park Lane manse burned, but of course then he and Gina fell in love with 3500 Beverly.) Doris Jacobs also sold her 45th home on Beverly Drive, 3611 Beverly, which is now closed, asking $4,925,000 down from an initial $5,895,000. In fact, Doris tells me three people wanted it once she lowered the price. Doris says she is starting to worry about lack of inventory in her neck of the woods, at the high end in prime location. I feel like serving this right up to Bob Shiller on a silver — no, plastic — tray.