Specialist · Manhattan, NY · Member since 2013 · 116 posts · 192 votes
BP'ers
Im doing some analysis for our upcoming sale of REO and Non-performing Notes in Chicago.
Case Shiller has the market at +5%. I think that's conservative......
If you are a note or REO buyer - what level of price inflation are you seeing in your market?
I'm particularly interested in the greater ChicagoLand metro. I spoke to a handful of REO brokers and they tell me that REO inventory is running at 50% of average volumes. There are very few new foreclosures happening and brokers are getting multiple bids on most sales within a few days.
What do the local experts say? Should we expect better than 5% on average in these metros?
I am in the south suburbs and I have seen the prices pick up for foreclosures and more demand. Most of the bids we win aren't because of first mover advantages we have developed. We are winning on the "hidden gems" that have been passed over for months. It's becoming more - as if it wasn't already - of a knowledge play. Have to know how to conduct your renovations for the right buyer. The right honey gets the right bee
Do you have any interest in looking at the tape of assets for sale? If yes, please sign the NDA on the website and ill send you the pool. There are 106 in total - a mix of commercial, multifamily and SFH's per the map above
During Q1 of 2016 in the Chicago metro I made offers on approx. 8 REOs at full asking price or above within the first several days of listing. I was outbid on all but 1 property. Lately, I too have been looking for diamonds in the rough and overlooked areas, as being aggressive and fast has not worked thus far in 2016.