This Week on Spike

This Week on Spike—December 27

A nice two-year-old house in northwest Elmhurst, this one sold in early December for $865,000, which is 5.9 percent below what the sellers paid in September 05.

The 2007 sale price was approximately the 2004 value (approximate because this house did not exist then; it's a replacement of a modest ranch). That is what some real estate appraisers are now saying is appropriate--prices from three years ago. As recently as September, appraisers were telling me they were using 2005 prices.

The asking price was $924,900, down from an original asking price of $985,000. It had been listed since June.  The selling price is 12 percent off the original asking price.

The house is on a corner where the neighbors on two of the other three corners are for sale. Both are, like this one, big replacement houses (a.k.a teardowns) in a neighborhood of more modest ranches. One, a two-year-old that is now for sale by owner, is priced at $800,000. The other is a new house completed in September and standing unsold since then at $875,000. The fourth house on the intersection, an older ranch, is not for sale.

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