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Sherry Spengel | Wheaton IL

2008 Taste of Glen Ellyn

It’s finally here, the 2008 Taste of Glen Ellyn! The summer festival season has begun. The Taste begins Friday, May 16 at 5pm and ends on Sunday night at 7pm. Come on down to enjoy a carnival, craft fair, business expo, wonderful food and musical entertainment.

And this year, Prudential Spengel Realty will have a booth at the buiness expo. We will be located at the main entrance next to Giesche Shoes and the beer tent. We will have kid’s games with prizes and an AmEx gift certificate raffle for adults.

I hope to see you there.

DuPage County Property Taxes – A Rollercoaster Ride

I’ve been working a lot of open houses lately. I love talking with people about my listings and getting their opinions first hand. It is always an eye opening experience. Lately, I have heard a lot about high property taxes. I always expect a conversation like that from transferees. They always seem surprised when I give them tax information. However, lately I have been hearing it from local DuPage County residents.

I wasn’t apprehensive about opening my tax bill, because I received the tax notice back in November. However, I was very surprised to compare my 2006 and 2007 taxes. It appears my taxes when down $115 dollars; every department or organization that uses my tax dollars tool more this in 2006 than they did in 2007. Amazing! The DuPage tax rollercoaster is going down.

The DuPage County Treasurer, Gwen Henry, breaks down your tax bill in the following way:

Public Service Announcement – Mortgage Fraud Allegations

If you worked with PLM Title Company and had any issues with your mortgage transaction, you may want to call the Wheaton Police Department at 630.260.2060.

The Wheaton Police and the DuPage County State’s Attorney’s Office are investigating alleged misappropriation of funds. PLM Title Company is located at 1275 E. Butterfield Road in Wheaton.

Hidden Treasure – DuPage Art League

The DuPage Art League has been a hidden treasure in DuPage County since its inception in the spring of 1957. The goal of this not-for-profit art school and gallery is to promote the visual arts using classes, workshops, and exhibits.

As a teenager, I remember going to local galleries in Glen Ellyn and being amazed at the creativity of the artists and the passion they give to their work. I would spend hours looking around; secretly wishing I could create such beauty; to be a teenager again…

Well, I got my wish in a round about way. My eldest daughter is extremely creative and loves to draw and paint. We were looking to find her some art classes and the DuPage Art League classes seemed to be perfect. I have walked past the building at 218 West Front Street, Wheaton for years, but never ventured inside.

Don’t make my same mistake. This is a wonderful place to enjoy local artists and traveling art exhibits. The art teachers are wonderful. They even have a gift shop with one of a kind artistic gifts tucked away in the back.

Real Estate Absorption Rate – Glen Ellyn by the Numbers

There is going to be some hard core real estate discussion to follow – unfortunately, this blog isn’t for the faint of heart!

The Good News - Home sale prices in Glen Ellyn are on a steady rise. The average price in 2006 was about $500,000. It went up to $520,000 in 2007. The first 2-1/2 months of 2008 have the average sale price at about $550,000 (we shall see if this hold up as we enter the heart of the season). Not bad, compared to the double digit drops that are occurring in some parts of the country.

absorption-copy.gifThe Bad News – There are a lot of homes on the market in Glen Ellyn. Normally, that wouldn’t be a problem. The problem is the absorption rate. Absorption Rate is the rate at which properties are able to be sold in a given area.

As of March 1, 2008 there were 339 active single family homes on the market in Glen Ellyn. If home sell at the same rate as they did for the last 6 months, it will take almost 16 months to sell off the current Glen Ellyn inventory. Ouch!

The picture is a slightly darker for the 171town homes and condos – a whopping 24 months.

What does this mean for people with their homes currently on the market or hoping to come on in the Spring?

Price is KING.

In order to be competitive in this market, you need to correctly price your home. Buyers are very educated. They know what is out there (trust me - they have seen it all). They know inventory is high. They are waiting for a good deal.

A well priced home will get more showings and sell faster than one that is listed to high.