Champaign, IL Real Estate News

By Shannon Lewis, Realtor, Broker - Champaign-Urbana, IL
(Beringer Realty)
Homes in Ashland Park, Champaign, Illinois Located in North Champaign, Ashland Park has quickly become a very popular subdivision as far as real estate goes here in Champaign, Illinois. Homes in Ashland Park are newer, generally within 5 years old though there is brand-new construction still to be had, and modern-feeling while remaining an affordable option for many homebuyers. Price is certainly an attraction, but the location draws many homebuyers, as well. Ashland Park is just a hop, skip, and a jump from Market Place Mall and I-57. Still, the subdivision boasts views of open fields and offers a quiet setting to its residents. Situated in the middle of the neighborhood, Toalson Park is a large green space with a playground and picnic tables, as well as walking paths along the outskir...
Comments 2
By Max Mitchell
(Re/Max Realty Associates)
Ashland Farms is having a neighborhood garage sale. Friday, June 18 - 2p - 6p Saturday, June 19 - 8a - 2p  
Comments 2
By Shannon Lewis, Realtor, Broker - Champaign-Urbana, IL
(Beringer Realty)
Homes in Southwood Subdivision, Champaign, Illinois- An Established Neighborhood Southwood Subdivision is located in Southwest Champaign, and has long been an established and desirable neighborhood in Champaign-Urbana. Most homes in Southwood are in the range of 30-40 years old. The neighborhood has easy access to all that Champaign-Urbana has to offer its residents while remaining a quiet, peaceful place to live. Mature trees line the winding streets and cul-de-sacs are strategically placed throughout Southwood subdivision. The homes range from 2 bedroom condos under 1,000 square feet to 4-5 bedroom homes over 2,000 square feet. Homes on the Market Currently, there are approximately 16 homes on the market in Southwood. Lowest List Price: $104,900 Highest List Price: $179,900 Average Li...
Comments 0
By Shannon Lewis, Realtor, Broker - Champaign-Urbana, IL
(Beringer Realty)
Open House Sunday May 16th 2-4pm at 823 Chickory Dr. in Champaign, Illinois! Price just reduced to $197,900! Gorgeous 4 bedroom, 2.5 bath home priced well below other comparable homes for sale in this desirable neighborhood. Come check out the 2,100 square feet of living space featuring: a lovely, open entryway master suite with cathedral ceilings and whirlpool tub stainless steel appliances in a huge kitchen with breakfast nook 2-car attached garage and a full basement waiting to be finished to your liking!     View Larger Map
Comments 2
By Shannon Lewis, Realtor, Broker - Champaign-Urbana, IL
(Beringer Realty)
Boulder Ridge is one of several newer subdivisions on the surrounding edge of Champaign. It’s located north of Bradley Ave. between Staley Rd. and interstate 57. The homes are no more than 5 years old, but many are new construction and some are still very much in the construction phase. On the lower end of the price spectrum, there are 2 – 3 bedroom, 2 bath condos in a part of the subdivision called “The Cove”. Some of these condos have wonderful lake views. The more expensive properties are higher-end detached homes with around 2,000 sq. ft. of living space and attached garages. Many of the homes in Boulder Ridge have basements, as well. As this neighborhood is located on the outer edge of the city, some homes have views of open fields and farmland, which must be quite calming after a ...
Comments 1
By Shannon Lewis, Realtor, Broker - Champaign-Urbana, IL
(Beringer Realty)
Last week I had the extraordinary opportunity to volunteer my time helping with the annual Ebert Fest. For those of you unfamiliar with this festival, Roger Ebert was born in Urbana and attended the University of Illinois, and each year he hosts a film festival held here in Champaign-Urbana. In between my volunteer responsibilities I, of course, took advantage of the opportunity to see several films screened during the course of the week. I’d like to share a little about one particular film that I saw… If you’ve lived in the Chicago area, you might be familiar with the name Vincent P. Falk. Recently a documentary was made about this man entitled “Vincent: A Life in Color.” Vincent is somewhat famous in the Windy City, but not by traditional means. He’s known for wearing outrageously-col...
Comments 0
By Shannon Lewis, Realtor, Broker - Champaign-Urbana, IL
(Beringer Realty)
If a trip to Champaign-Urbana is in your future, then these pointers are just for you... 1. If you have to fly to get here, use Willard Airport located just south of Champaign in Savoy. This one isn’t always feasible, of course. Sometimes you can find very affordable airfare in and out of this airport, and other times you can’t. But if you do happen to find good airfare, you can avoid a 2-hour car ride to the Indianapolis or Chicago Airport, and that will make your trip so much easier. 2. Make sure your visit doesn’t coincide with a big event weekend at the University of Illinois (unless, of course, you’ve intentionally planned it that way). If it does, you might have difficulty getting reservations at a hotel or at a restaurant, and driving from point A to point B in town will take you...
Comments 0
By Shannon Lewis, Realtor, Broker - Champaign-Urbana, IL
(Beringer Realty)
Sawgrass is a newer subdivision in west Champaign. Sunday I hosted an open house there, and had an excellent turnout indicating a great interest in this type of home and neighborhood. If you're looking for a spacious home with modern amenities, an open layout, and in a more suburban location, then Sawgrass might just be for you. This community is located east of Staley Rd. and south of Bradley Ave. While the interstate is visible from the backyards of a few homes, other homes have views of wide open spaces, and most homes simply have views of the other homes and the streets in the subdivision. The area is quite lovely. Like many newer subdivisions in Champaign, Sawgrass boasts a neighborhood park and a man-made pond encircled by a walking trail. Well-kept sidewalks line both sides of th...
Comments 0
By Mark Waldhoff, GRI, CRS - Champaign/Urbana, IL
(Keller Williams Realty)
Spring is right around the corner and if you are a home buyer it's time to start reviewing the activity in our Champaign neighborhoods.  ChampaignExpertsBlog.com just completed a review of Ashland Park Subdivision in Champaign IL with surprisingly pleasant results. 27 Active Listings 5 Pending Sales (3 New Construction and 2 Existing Homes New Construction Days on Market - 162 Days Existing Homes Days on Market - 86 Days More comparison and explanation with info on exisiting and new construction homes is available in their Ashland Park Subdivision post Looking to Search Ashland Park Homes for Sale?  
Comments 0
By Mark Waldhoff, GRI, CRS - Champaign/Urbana, IL
(Keller Williams Realty)
In a recent listing appointment in Cherry Hills I discussed the local absorption rate with the home owners as a component of their overall pricing strategy. More details on that example and how the it is calculated can be found here:  Home Update for Cherry Hills - Champaign, IL     In establishing the market value and recommended list price for a home I incorporate the following 3 components (at a miminum). The Absorption Rate - What is the overall supply and demand of homes for this segment of the market? What is the general range of $/sqft for sold homes?  This is used as a 'reality check' but not as a true guideline.  The goal here is to make sure that the house doesn't extremely stand out from the competition unless there is added value in the home. Comparative Market Analysis (CMA...
Comments 1
By Scott Bechtel
(Keller Williams Realty)
Five years ago after many years of being in real estate, I wanted to find a way to give back to the community that helped make me so successful.  This year marks our 5th Annual Coat the Community Fundraiser. With the help of many sponsors including the Salvation Army, County Market grocery store, WCIA news and 92.5 The Chief radio station each year we gather to collect as many gently used coats as possible to donate back to our city of Champaign.  The Salvation army is always there with their hot coffee and donuts helping us sort through the many coats and then with the distribution afterwords.  In October 2008 we collected close to 1000 coats and we hope to surpass that amount this year.    Information for the 5th Annual Coat the Community: Sponsored by Scott Bechtel & The Bechtel Grou...
Comments 2
By Aaron Gallagher
(Green Street Realty )
According to analysts, home prices may fall in the near-term and rise only in 2012. "We expect prices to drop for another year and then stabilize before starting to rise with incomes," says Standard & Poor's Chief Economist David Wyss. The S&P/Case-Shiller U.S. National Home Price Index, which tracks the movement of home prices, will fall about 16% this year before stabilizing. Fiserv, a research firm, has forecasted the 2012 home prices in 50 largest metro areas across different states.In some states such as Wisconsin, Ohio, Indiana, and Michigan, home prices will see a rise by 2012. However, in states such as Florida, California, New Jersey, and New York, prices will fall until end 2012.Elliot Eisenberg, a senior economist with the National Association of Home Builders says there's st...
Comments 0
By Mark Waldhoff, GRI, CRS - Champaign/Urbana, IL
(Keller Williams Realty)
If you are a fan of 'Today' on NBC you might have seen this listing during the "What Can You Buy From Nashville to Salt Lake City" segment. Find more info at www.ChampaignExperts.com
Comments 0
By Aaron Gallagher
(Green Street Realty )
According to the National Association of Realtors (NAR), home sales rose 2.9% in April from March. While sales in the low-end properties segment have risen, the market for high-end properties is still sluggish. Sherry Chris, chief executive of Better Homes and Gardens Real Estate, says, "We're looking at a dual market right now." Mortgage for expensive properties is getting difficult to obtain on account of lenders tightening their lending standards. The government controlled mortgage companies such as Fannie Mae and Freddie Mac cannot purchase loans above $730,000, which are commonly referred to as "jumbo" loans. Jumbo loans which accounted for 17% of the mortgage market two years ago, now account for just 5%. In most places, there is no significant interest for properties over $1 mill...
Comments 0
By Aaron Gallagher
(Green Street Realty )
The S&P Case-Shiller Home Price Index, measuring housing prices in 20 representative cities across America, fell for the 30th straight month in January, bringing house prices down to 2003 levels.  And this time it actually set a record, falling 19% from January 2008.  "There are very few bright spots that one can see in the data," said David Blitzer, chairman of the index committee at Standard and Poor's.  "Most of the nation appears to remain on a downward path, with...nine of the MSAs (metropolitan statistical areas) falling more than 20% in the last year."  According to Mike Larson, a real estate analyst with Weiss Research, home prices won't start advancing until the overall economy picks up.Home bargains galoreIn total, prices have plunged 29.1% nationally since they peaked during ...
Comments 1
By Aaron Gallagher
(Green Street Realty )
There's still a fair amount of confusion regarding the new home buyer tax credit, as the legislation isn't final and the draft is still pending a final vote in Congress.   As you know, I'm not happy about Congress's wimpy $8,000 credit versus the $15,000 proposed, but something is better than nothing.According to today's Wall Street Journal, the tax credit is for first time home buyers only that are buying between April 2008 and June 2009.  The credit is now nonrefundable.  That means that the existing $7,500 credit is increased by $500 and no longer needs to be paid back as an interest free loan over 15 years, as was previously the case.The National Association of Realtors provided a different window on effective dates, however.  They indicate that the pending legislation is $8,000, bu...
Comments 0
By Aaron Gallagher
(Green Street Realty )
Has a bottom in real estate been reached?  Well at least some buyers think so.  The National Association of Realtors reported that The Pending Home Sales Index rose 6.3% to 87.7 in December from a revised reading of 82.5 in November.  What happened?  Homes are simply becoming more affordable.  NAR's House Affordability index rose 10.9% in December to 158.8, the highest since NAR began tracking affordability in 1970.Lawrence Yun, NAR chief economist, said the pending home index shows a modest rebound. "The monthly gain in pending home sales, spurred by buyers responding to lower home prices and mortgage interest rates, more than offset an index decline in the previous month," he said. "The biggest gains were in areas with the biggest improvements in affordability."
Comments 0
Foreclosure filings increase nearly 55 percent in Illinois in 2008 according to Realty Trac's 2008 U.S. Foreclosure Market Report. The nation as a whole recorded an 81 percent increase in total properties from 2007 and a 225 percent increase in total properties from 2006. Illinois is listed among the top 10 states for highest foreclosure rates along with Nevada, Florida, Arizona (top three), California, Colorado, Michigan, Ohio, Georgia and New Jersey. These numbers are mind blowing!! The opportunity to by discounted property and crazy low rates will only come once in my lifetime. The time to act is now before rates begin to climb and you miss a great opportunity!!
Comments 0
By Aaron Gallagher
(Green Street Realty )
Carry backs, also known as "seller take backs," are essentially replacements for standard mortgage financing, and become popular whenever banks tighten down credit standards sharply. The carry back can take the place of a traditional down payment the bank requires in order to purchase a property. These are typically used for the purchase of investment and commercial properties. I have used them many times for the purchase or rental real estate. Don't let the deal die do a carry back......
Comments 0
By Aaron Gallagher
(Green Street Realty )
More now than ever it's important to be educated about today's real estate market. There are many sources of info and data but where do you turn to? One of my favorite sources of information is Realty Times and I turn to it regularly. Their website is packed full of information in user friendly formats that's easy to understand. Take some time and visit their site I've included the link below.   Click Here
Comments 0