The following statistics are for Elgin attached and detached single family homes through October 20 2011.
Compared to this time last year, the Elgin area market sales are actually up 12% (924 sales YTD in 2011 vs 824 sales for the year at this time in 2010). Prices however are down 17.9% compared to last year ($136,239 average sale price in 2011 vs $166,115 in 2010).
There are still far more homes on the market than buyers but it does seem to be leveling out and becoming more of a balance.
Interest rates are at or below 4%, historical lows!! That coupled with lower prices makes this the best time in history to be a buyer.
Interested in knowing what your options are, give me a call 847-874-6731 or feel free to email me, joe@joestacy.com.
Location Characteristics: From Victorian mansions to city lofts to new construction, Elgin's diversity of housing offers something for everyone.
Within the Elgin Historic District east of downtown lies the original plat of land that James Gifford claimed as Elgin. Many of the old dwellings lining its streets sprung up in the boom of the dairy and watch industries during the late 1800s.
The Spring/Douglas Historic District, located north of the city, also benefited from this boom. An 1884 local newspaper referred to Douglas Avenue as "Elgin's Fashionable Avenue" because it was home to many of the city's leading citizens. Today, many of the "Painted Ladies" lining Douglas, Spring and other streets in this area are still at the height of Victorian fashion.
The Elgin National Watch Historic District, located south of the city's center, was home to cottages and other housing for watch factory workers. The Elgin National Watch Company Observatory (which set the time for clocks and watches by the stars during the days of the watch factory) is also in this district.
Elgin's growth during the 1960s led to another explosion of rooftops throughout the city - including apartment buildings, townhouses and duplexes to provide more families with quality, affordable homes and extended the city's borders to the countrysides east and west of the river.
In recent years, downtown historic buildings have undergone a renaissance of residential living, with upper floors being renovated into chic, city-style lofts. River Park Place, a new urban residential development along Kimball Street, is at the forefront of the city-living trend. All of these city dwellings are a just a short walk to Pace bus stops and the Metra station.
Elgin's new frontier lies in its Far West Plan near Randall Road. The city estimates that new construction will bring in approximately 15,000 new homes in the coming years, adding on average 800 to 1,000 each year. These new developments offer homes for every lifestyle, from competitively priced townhomes and condos to luxury executive homes with large lots and upscale amenities.
So, whether your taste is Queen Anne's lace or Warhol retro, there's no place like home in Elgin!
About Joe Stacy:
As a long time resident of the Northwest Suburbs, I look forward to sharing my wealth of knowledge in the Schaumburg, Bartlett and Northwest Suburban Real Estate Market. My unique approach offers fully integrated Marketing Services with a high tech, yet personal touch. 80% of my business is either past clients or past client referrals from both buyers and sellers with varying needs and price ranges. While holding myself to the highest professional and ethical standards, my mission is “To build long term relationships with honesty, hard work and extraordinary service,” so that I may be considered a trusted advisor to my clients for years to come.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
