1808 N. Arlington Heights Road Arlington Heights, IL 60004 remaxsuburban.com
Each office Independently owned and operated.
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.
NOVEMBER 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. INVENTORY AND APPRECIATION
Annual Home Price Appreciation 12.5%
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.
6.5% 4.4%
Total Home Equity Cashed Out Then...
Source: Freddie Mac
11.4%
8.5% 8.7%
8.6%
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.
by Refinance in Billions
Source: Black Knight
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 Now...
Year
Dollars
Year
Dollars
2005
$263B
2017
$71B
2006
$321B
2018
$87B
2007
$240B
2019
$89B
Total
$824B
Total
$247B
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
"We have been with Greg for about 10 years. He has sold two houses for us, helped us buy a house, and rented out some rental property we have. He is a pleasure to work with. I feel always that he understood our needs and wants and was there for us in a moments notice."
CPA | SFR | Managing Broker
847.977.7024
GregOlsonRealEstate@gmail.com
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.
DOWNTOWN PALATINE’S FINEST CONDOS & TOWNHOMES REAL ESTATE MARKET REPORT The Benchmark • The Brownstones • The Groves of Palatine • Palatine Station • The Preserve • Stratford Downtown
DOWNTOWN PALATINE’S FINEST CONDOS & TOWNHOMES CURRENTLY LISTED Status
Subdivision
Street Name
Type
Beds
Baths
Estimated Square Feet*
List Price
Active
Palatine Station
N. Rose Street
Townhouse
1
1.0
1,300
$219,500
Active
Palatine Station
Active
Palatine Station
N. Rose Street
Condo
1
1.0
1,000
$219,900
W. Wood Street
Townhouse
2
2.2
1,800
Active
$345,000
Palatine Station
N. Maple Street
Townhouse
3
3.1
2,000
$379,950
Active
The Benchmark
W. Johnson Street
Condo
2
2.0
1,600
$285,000
Active
The Benchmark
W. Johnson Street
Condo
2
2.0
N/A
$299,700
Active
The Groves of Palatine
W. Wood Street
Townhouse
2
2.1
2,000
$299,900
Active
The Groves of Palatine
W. Wood Street
Townhouse
2
2.1
2,100
$325,900
Active
The Preserve
W. Wood Street
Condo
2
2.0
1,400
$250,000
Active
The Preserve
W. Wood Street
Condo
2
2.0
N/A
$295,000
Active
The Preserve
W. Wood Street
Condo
2
2.0
N/A
$349,900
Active
The Stratford of Palatine
W. Johnson Street
Condo
2
2.0
1,300
$289,900
There are 6 homes currently pending in Downtown Palatine. For more information, call me today at 847.977.7024.
Subdivision
Address
Type
Sold
Palatine Station
162 N. Rose Street
Sold
Palatine Station
Sold
The Brownstones
Sold Sold Sold
Active Pending Sold
Average Active List Price: $296,638 Average Sold Price: $356,317 Average SP/LP Ratio: 97% Map is a visual representation of data on the left.
©2020 Google
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.
PRODUCTS OFFERED: Conventional, FHA, VA, Jumbo, USDA and IHDA Purchase or Refinance
DOWNTOWN PALATINE’S FINEST CONDOS & TOWNHOMES RECENTLY SOLD Status
DOWNTOWN PALATINE AT A G L A N C E
Beds
Baths
Estimated Square Feet
List Price
Sold Price
Sold Date
Townhouse
2
2.1
N/A
$319,900
$313,000
09/18/20
231 W. Wood Street
Townhouse
2
3.1
1,820
$359,900
$359,900
08/04/20
10 N. Smith Street
Townhouse
3
3.1
2,900
$659,000
$635,000
10/22/20
The Groves of Palatine
420 W. Wood Street #16
Townhouse
2
2.1
2,000
$319,000
$300,000
08/21/20
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 23rd, 2020 through October 23rd, 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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