Each office Independently owned and operated.
1808 N. Arlington Heights Road Arlington Heights, IL 60004 remaxsuburban.com
GREG OLSON
DOWNTOWN PALATINE’S
CPA | SFR | Managing Broker 847.977.7024 GregOlsonRealEstate@gmail.com DowntownPalatineHomes.com
FINEST CONDOS & TOWNHOMES www.DowntownPalatineHomes.com
Living, Loving, and Promoting Our Community’s Value Since 2004 Published by Real Marketing (REM) | www.REALMarketing4You.com | 858.952.4280 | ©2020
Visit DowntownPalatineHomes.com for community info, listings, and recent sales.
SEPTEMBER 2020 REAL ESTATE MARKET REPORT
COMPARING 2020 TO 2008 ARE THEY DIFFERENT?
COVID-19 has had a large effect on the economy – so much so that you might have heard talks of our country entering another recession. Due to the severity of the 2008 financial crisis and the ensuing recession, the term stirs up a lot of emotions for many, especially when it comes to the real estate market.
Annual Home Price Appreciation
Inventory and Appreciation In the years leading up to the housing market crash, home price appreciation (the increase in value of houses) was out of control. Homes simply became too expensive for buyers to afford, which became a contributing factor to the crash. The price of homes is still high today, but it’s risen at a more stable level. Inventory is at a low in most markets, causing a surge in demand.
Total Home Equity Cashed Out Then...
by Refinance in Billions Source: Freddie Mac
Now...
Year
Dollars
Year
Dollars
2005
$263B
2017
$71B
2006
$321B
2018
$87B
2007
$240B
2019
$89B
Total
$824B
Total
$247B
12.5%
Source: Black Knight
11.4%
8.5% 8.7%
8.6% 6.5%
4.4%
5.2% 5.5%
6.4% 4.8% 4.7%
The 6 Years Leading up to The Housing Crash
The Last 6 Years
2000 2001 2002 2003 2004 2005
2014 2015 2016 2017 2018 2019
Use of Home Equity Prior to the housing crisis, many homeowners were using cash-out refinances to supplement their cash flow, meaning they were tapping into their home’s equity as soon as it built up enough rather than letting it grow and build their overall wealth. This put many homeowners in a negative equity position when the housing bubble burst; they owed more on their home than it was actually worth.
Johnathan and Angela-Marie, now is a great time to sell your home! Interest rates are still extremely low, and I employ a number of ways to keep the selling process safe. If you’re ready to talk about these unique opportunities, call me today at 847.977.7024. Source: www.watersongmortgage.com
PRESENTED BY GREG OLSON
YO U R D O W N TO W N PA L AT I N E N E I G H B O R AND REAL ESTATE SPECIALIST PREPARED ESPECIALLY FOR Johnathan and Angela-Marie Williams
GREG OLSON
"Greg is the best real estate professional! He is honest, professional, and knowledgable. He is quick in his responses and knows how to advise the best. Greg helped us to buy and sell our property, and made it possible to do so remotely, while we were in another state."
CPA | SFR | Managing Broker
847.977.7024
GregOlsonRealEstate@gmail.com
DOWNTOWN PALATINE’S FINEST CONDOS & TOWNHOMES
DOWNTOWN PALATINE AT A G L A N C E Active Pending Sold
The Benchmark • The Brownstones • The Groves of Palatine • Palatine Station • The Preserve • Stratford Downtown
Average Active List Price: $315,750
Whether you’re looking for an investment property, or looking to relocate, upsize, or downsize, I can help achieve your goals. Whatever your real estate goals are in the new year, I am here and happy to help. Call me today at 847.977.7024 to get the conversation started.
Average Sold Price: $291,480
DOWNTOWN PALATINE’S FINEST CONDOS & TOWNHOMES CURRENTLY LISTED
Average SP/LP Ratio: 97%
REAL ESTATE MARKET REPORT
Status
Subdivision
Street Name
Type
Beds
Baths
Estimated Square Feet*
List Price
Active
Palatine Station
N. Rose Street
Townhouse
1
1.0
1,300
$229,500
Active
Palatine Station
Active
Palatine Station
N. Rose Street
Townhouse
2
2.1
N/A
$319,900
W. Wood Street
Townhouse
2
2.1
N/A
Active
$325,000
Palatine Station
W. Wood Street
Townhouse
2
2.2
1,800
$350,000
Active
Palatine Station
W. Wood Street
Townhouse
2
2.1
2,100
$379,000
Active
Palatine Station
N. Rose Street
Townhouse
3
2.2
2,300
$384,900
Active
Palatine Station
N. Maple Street
Townhouse
3
3.1
2,000
$385,500
Active
The Benchmark
W. Johnson Street
Condo
2
2.0
1,600
$295,000
Active
The Benchmark
W. Palatine Road
Condo
3
2.0
1,900
$369,000
Active
The Preserve
W. Wood Street
Condo
2
2.0
1,400
$250,000
Active
The Preserve
W. Wood Street
Condo
2
2.0
1,400
$255,900
Active
The Preserve
W. Wood Street
Condo
2
2.0
N/A
$299,900
Active
The Stratford of Palatine
W. Johnson Street
Condo
2
2.0
1,500
$285,900
Active
The Stratford of Palatine
W. Johnson Street
Condo
2
2.0
1,300
$291,000
Map is a visual representation of data on the left.
The Messina Team is committed to providing you the highest quality financial solution that is specifically tailored to meet your financial needs. Whether you are purchasing the home of your dreams, or refinancing an outstanding loan, we can help you find the right program.
DOWNTOWN PALATINE’S FINEST CONDOS & TOWNHOMES SOLD SINCE JULY 1ST, 2020 Subdivision
Address
Type
Sold
Palatine Station
231 W. Wood Street
Sold
The Groves of Palatine
420 W. Wood Street #16
Sold
The Preserve
Sold Sold
PRODUCTS OFFERED: Conventional, FHA, VA, Jumbo, USDA and IHDA Purchase or Refinance
There are 3 homes currently pending in Downtown Palatine. For more information, call me today at 847.977.7024.
Status
©2020 Google
Beds
Baths
Estimated Square Feet
List Price
Sold Price
Sold Date
Townhouse
2
3.1
1,820
$359,900
$359,900
08/04/20
Townhouse
2
2.1
2,000
$319,000
$300,000
08/21/20
455 W. Wood Street #413
Condo
2
2.0
1,500
$279,000
$267,500
07/17/20
The Stratford of Palatine
190 W. Johnson Street #304
Condo
2
2.0
1,414
$269,900
$265,000
08/28/20
The Stratford of Palatine
190 W. Johnson Street #407
Condo
2
2.0
1,594
$279,900
$265,000
07/23/20
Greg Olson and RE/MAX Suburban are not in any way affiliated with Downtown Palatine Owners Association, nor is this in any way an official advertisement or publication of Downtown Palatine. ©2020 All rights reserved. This representation is based on sales and data reported by multiple brokers/agents to the MRED MLS for July 1st, 2020 through August 31st, 2020. Listings and sales may not be those of RE/MAX Suburban. MRED MLS does not guarantee the accuracy of this data, which may not reflect all of the real estate activity in the area. E&OE covered. This market report is not intended to solicit properties already listed for sale nor intended to cause a breach of an existing agency relationship. *Square feet rounded down to nearest hundred. Call today for full details.
Pasquale Pete Messina
Chris Wallace
NMLS: 227000
NMLS: 224090
C: 847.951.1697
C: 708.525.5953
pmessina@themessinateam.com
chris@themessinateam.com
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