Sneak peak: High-end moves not moving

Add comment November 26th, 2007

In 2006, we launched Getting Real, an occasional feature about high-priced, historic or unique homes up for sale. It runs on Mondays the weeks we don’t run an On The Rise feature on a construction project.

In two weeks we’re publishing an update on how the 2007 Getting Real residences have fared in a tough market.

The answer is not well. Of the 11 homes we featured, which ranged from a $150,000 house in Polo built in 1874 to a $1.275 million mansion in Belvidere that was finished in 2005, it appears only one has sold.

Brad Zimmerman, a Dickerson & Nieman Realtor, said he has a contract to sell a 1930s Greek Revival home designed by noted local architect Jesse Barloga. The sale should close in mid- to late December.

Five of the houses have been pulled off the market with owners planning to put them back up for sale in the spring. Of the five houses still for sale, only two have the same listing price. The Belvidere house above now has a sale price of $1.195 million, a Spring Creek Road house was just relisted for $799,000, down $96,000 from the original asking price, and a Harlem Boulevard home has a $250,000 asking price, down from $275,000.

Ken Walker of Whitehead Inc. Realtors, who is the agent for a 2,200-square-foot South Beloit home sitting on 31.6 acres selling for $749,900, said lenders have cut down on giving “jumbo” loans, or mortgages generally above $400,000.

“That’s really had an impact in the high-end market,” Walker said.