Another new wrinkle in Evanston’s housing market is the vacant dwelling rate. New census data shows Evanston vacant dwelling rate more than doubled to 9.4% in 2010 from 3.8% in 2000. Much of the blame goes to foreclosures, a weakened economy, and new construction.
New construction of large luxurious condos near downtown, west of the Metra tracks remain vacant. In fact a couple have been taken over by the banks. It’s any ones guess when the banks will get out of holding real estate. I’m starting to think that the fire sales should begin. Get it over with! Yes people will get remarkable deals, but, when all this stuff is sold off then the economy can pick up. People that buy homes usually need other stuff, like furniture, carpeting, paint, and hardware. When they spend money it has a notable on the economy, and this could have a positive effect on the local economy.
Currently the condominium market is really quite sluggish. Sunday open house presentations have seen few buyers…maybe it’s the weather. We seem to like to blame the weather, the perfect scapegoat. I’ll be at 1508 Elmwood this Sunday Feb 27th from 2 p.m. until 4 p.m. hope the weather is nice, or nicer. For more information go to http://www.1508elmwoodave4.com/ . I'll have information on other nearby properties.
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