Friday, February 6, 2009

The Real Estate Market: Sloopin

As everyone knows, the real estate market is the great unknown right now. Credit has stopped flowing and as a result not many people are buying. The proposed federal stimulus package is trying to help potential home buyers out by offering them a $15,000 tax credit. Although I would think this would help entice people to get off the sideline and buy a place, unfortunately it's not going to help me since I bought a place last year (However I realize its goal is to help the real estate market and economy in the long run, so hopefully it will help all of us eventually). As my accountant told me when I asked about this proposed tax credit:
I am sorry to say that you're right. In retrospect, you took things into your own hands to personally jump start the Chicago South Loop real estate market without any stimulus benefits.
First off, everyone can thank me for personally taking matters into my own hands! Second of of all, I said 'my accountant' to act special, but who am I kidding it's my uncle. Regardless, it still means that I'm not getting a stimulus tax credit.

However, I did run into this 'median price heat map' chart on According to this chart, the Sloopin area (excluding printers row) had the largest median price % gain over the past 12 months.

This makes me feel special, but something tells me that next year we could be the largest % decrease in the area. Like usual, I'm going to be pessimistic and expect the worst. However, could the South Loop be in a good position to weather the current economic storm? What do you think?

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