I was out showing condos again this morning to an investor. I had mentioned earlier in the week that there are some excellent deals out there. To give you a sense of what I mean, consider this little slice of the market pie.
A condo in Arlington Heights that sold for $171,000 in 2005 is now listed at $129,900. The condo is vacant, and the listing agent says the seller is motivated. A motivated seller is typically willing to sell for less than the average sale-to-list percentage, which for Cook County has been around 95-96% of list this year. So, being conservative, let’s say the unit sells for 94% of list. That puts the sale price at $122,000. And, this home is not a foreclosure or short sale.
