Teardown Post

Finally, an online marketplace that really works like an exchange.  All market participants are welcome to post and list property for a reasonable fee and target the buyers most likely to buy.  Any buyer, seller and/or their real estate agent can participate.

The teardowns.com marketplace does not favor fsbo’s or MLS postings - the marketplace simply offers connection services for buyers and sellers.  Sellers can post their own property or ask their agent to do it for them.  Buyers on the other hand, sign up to see redevelopment property opportunities in the community where they have interest.  The sellers are then connected to those buyers directly.

The NASDAQ for real estate?

Popularity: 20% [?]

From where we sit (Hinsdale, IL), the market for redevelopment property has improved.  Is this temporary - I don’t know.  What we do know is that those builders that have the capital (and courage) to undertake spec projects are capturing the existing business and have become the benefactor of any new business (building new custom homes for clients).  Activity seems to be breeding opportunity.  Maybe it’s time to peek out from under the desk, get some funding, find a price point in the marketplace that is void of good product and get back to work?

While price discovery is still in process.  We are seeing buyers begin to be more aggressive in their search for property.  In some cases, we clearly have seen the pendulum swing too far to the downside filling pricing gaps formed from the great “run-up” in prices from 2002-20051/2.  New price handles in the $200’s are being bought up quickly.  On the other end, and most surprising, some new construction projects - both for “spec” and custom are valued and trading at price points actually higher than during the height of the bubble - figure that out.

It’s not easy out there but, at some point we will look back and see where we bottomed.  We just may be there now.

  Brian

Popularity: 41% [?]

A recent article “Arlington Heights satisfies divergent tastes” by Sherry Giewald is an other example of a close-in community revitalization with inflow of younger buyers. In addition to an easy access to Chicago via. the train, Arlington Height as a community managed to create a vibrant downtown. That attracts even more buyers. The changes in housing stock reflect this process….

With little vacant land in town, many residents are remodeling or tearing down older homes and replacing them with new construction, Brucks said.

“We have a lot of tear downs, and a new home going up as we speak. There are probably close to 70 homes for sale right now - plenty of homes for people to buy.”

Many single-family homes sit along tree-lined streets near neighborhood parks, and often residents remain in their homes for decades.

Arlington Heights is comprised of three areas, said Susan Duchek, broker with Picket Fence Realty. There is the northern section with a little newer real estate; the downtown district; and the southern section, she said.

“Each area has its own personality,” Duchek said. “You can have an address in any town, but in Arlington Heights, you have a sense of neighborhood. People are passionate about this town.”

It speaks to so many different demographics - young people coming in, longtime residents choosing to stay in the community and older folks who have raised their families and want to stay near their children and grandchildren, Duchek said.

“It really is a tapestry as far as what is available. Not everyone wants the same thing, but at the end of the day we’re all standing together. Personally, I just love that Arlington Heights offers a warm place to be family.”

Although most of the early settlers were farmers, Arlington Heights was known as the earliest commuter suburb because many of its residents worked in Chicago. Today, with two Metra stops, the village continues to offer an easy commute for those who work downtown.

Popularity: 41% [?]

In recent years, Lincoln Park has become a prime address for super-luxury single-family houses.

In 2007, Forbes magazine named the block between Armitage, Willow, Orchard and Burling Streets as the most expensive in Chicago.

While its housing skews upscale, Lincoln Park has some modestly priced real estate, and values are solid at all price ranges.

Most of the housing is on serene, tree-lined side streets with a mix of vintage, renovated, teardown and newly-built houses.

From North Avenue to West Deming Place, there are historic sections that often require major renovation. From North Lincoln Avenue to North Halsted Street, a great deal of new housing has been built on teardown sites and west of Halsted to the Chicago River there is a mix of teardowns and new construction.

While sales volume is down and property sits on the market longer, values are still rising, said Jim Kinney, president of Rubloff Residential Properties.

Units on the market are priced from $149,500 for a studio to about $15 million for a 5-bedroom condominium at Lincoln Park 2520, a 40-story high rise overlooking Lincoln Park and Lake Michigan that’s in development.

“More rentals are being put on the market by owners who can’t sell, but demand is high among people who aren’t buying now,” said Robin Miner, a Lincoln Park broker for @properties. The average two-bedroom, two-bath leases for about $2,600 a month, up about 15 percent from two years ago, she estimated.

Exert from Chicago Tribune

Popularity: 29% [?]

While talking with friends in UAE today, we touched on the topic of real estate development and investment in Dubai. After our call, I did a little more research online and checked out various articles. Apparently, the Dubai market is still quite vigorous and new developments are selling and leasing very well.

Another telling sign; according to Khaleej Times Online, there was more than 6 million tons of construction waste in Dubai over the first half of 2008, double the amount accumulated throughout all of 2007. Also, UAE’s first construction waste management plant opened in May of this year.

While nothing is confirmed yet, friends are doing a great job of putting both pressure and guilt on me to visit early next year. I admit I don’t enjoy the idea of a 14 hour flight, but I am rather intrigued by all of the things I’m seeing and hearing about UAE, especially with regard to real estate.

Here’s an address to an interesting blog about Dubai real estate development with some great pictures!

http://desinotes.com/a-glimpse-of-the-real-estate-development-in-dubai

Popularity: 71% [?]