A Beautiful Home; A Beautiful Price

By adminOn 03-24-2014
A Beautiful Home; A Beautiful Price

Auction numbers for Chicago foreclosures are holding steady this week.  After a slow start to the month of March, the investors flooded the auctions during week 2 of the month while the city enjoyed some unseasonably warm weather.  As the third week of March drew to a close, it was clear that the number of properties sold to investors stayed high with 93 properties selling from March 17-21st.  

Cook County continued to hover high above the surrounding counties last week, selling 48 properties to investors – a full 35 properties more than the second best-selling Will County.  Will and Dupage counties sold 13 and 12 properties to investors, respectively, last week, but neither has been able to stay consistently in the double digits this year. 

One of the properties sold last week in Will County is located in Plainfield and sold for 59 percent less than its Zillow estimated price of $177,429.  At high noon last Thursday, this 3bdrm/2.5bath home sold for only one dollar over the starting bid of $132,600.  The home sold in January of 2006 for $321,565, so the investor really did get a good deal – especially because of some of the nicer details like the finished basement, attached 2-car garage and new hardwood flooring!  Even better news is the fact that, according to Zillow, home values in Plainfield are set to increase by 2 percent over the next year.