The builders who completed a new 4,000-square-foot house on Pine Street in Winnetka last year had hopes of selling it for around $3.2 million. But the real-estate market fell progressively downward, until eventually the builders had no idea what the house was worth anymore. In March, they found out: It sold for $1,926,000, or 39 percent less than they had hoped.

The real-estate auction house Sheldon Good & Co. sold the property for the builders in an unusual way...

" /> The builders who completed a new 4,000-square-foot house on Pine Street in Winnetka last year had hopes of selling it for around $3.2 million. But the real-estate market fell progressively downward, until eventually the builders had no idea what the house was worth anymore. In March, they found out: It sold for $1,926,000, or 39 percent less than they had hoped.

The real-estate auction house Sheldon Good & Co. sold the property for the builders in an unusual way...

" /> The builders who completed a new 4,000-square-foot house on Pine Street in Winnetka last year had hopes of selling it for around $3.2 million. But the real-estate market fell progressively downward, until eventually the builders had no idea what the house was worth anymore. In March, they found out: It sold for $1,926,000, or 39 percent less than they had hoped.

The real-estate auction house Sheldon Good & Co. sold the property for the builders in an unusual way...

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Housing Bulletin—How Low Can You Go?

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The builders who completed a new 4,000-square-foot house on Pine Street in Winnetka last year had hopes of selling it for around $3.2 million. But the real-estate market fell progressively downward, until eventually the builders had no idea what the house was worth anymore. In March, they found out: It sold for $1,926,000, or 39 percent less than they had hoped.

The real-estate auction house Sheldon Good & Co. sold the property for the builders in an unusual way…

Sale of the Week—Down on Armour’s Lake Forest Farm

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List Price: $2,099,000
Sale Price: $1,975,000
The Property: It’s only four years old, but with its low arches, brick corner quoining, and hefty, detailed chimney, this ten-room home in Lake Forest looks as if it might have been plucked out of the English countryside a century ago. That’s what makes it so well suited to its surroundings, a hilltop neighborhood of about 50 gentry homes that overlook one of the prettiest pieces of countryside…

On The Market—Rapper’s Short-Lived Crib in Homer Glen

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List Price: $350,000
The Property: For about five months in 2006, this 11-room house on a cul-de-sac in southwest suburban Homer Glen was home to an aspiring rapper who went by the name Blaxican. The embellishments included gargoyles and security cameras across the front of the roof, a shark tank in the dining room, a recording studio and two baby alligators in the…

Housing Bulletin—Notes from a Foreclosure Auction

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In January 2003, a modest three-bedroom red brick bungalow in Jefferson Park sold for $269,000. Last Thursday, at a foreclosure auction in a suburban hotel ballroom, that same Northwest Side bungalow sold for $209,625 (which included an auction fee of $14,625). Although he declined to provide his name, the buyer was positively jubilant. “I know it’s worth…
Plus: Video from the auction

Sale of the Week—In Lake View, the Deal Was in the Details

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List Price: $1,124,000
Sale Price: $1,051,282
The Property: After years of working separately on rehabbing vintage buildings, two Lake View builders, Bryan Hansen and Sharon Pratt, have come to “believe in details,” says Hansen. In their first collaboration on a new house, they indulged that belief, creating a warm, distinctive house that sold relatively quickly in…

Housing Bulletin— More Homeowners Using Short Sales as an Alternative to Foreclosure

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Hoping to avoid foreclosure, some financially strapped homeowners are taking advantage of what until recently had been a little-used option. When they find they can no longer afford their homes, they negotiate with their lender to accept a short sale—a transaction where a bank or other lender allows the house to be sold for less than the amount owed on it.

According to the records of Midwest Real Estate Data (MRED, which until recently was known as the Multiple Listing Service of Northern Illinois), at least one of every ten houses that sold in the Chicago…

Sale of the Week—Priced to Sell in Lincoln Park

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List Price: $2,599,500
Sale Price: $2,375,000
The Property: Almost two years old but never occupied, this ten-room house would seem to have everything going for it, starting with location. It is only half a block from lovely Oz Park, and unlike most of the traffic-clogged Lincoln Park neighborhood, the one-way, block-long street it sits on offers some degree of privacy. As for the house itself, it is…