If you’re on the market for a single-family home in Lake Forest, you’ll want to check out the great deals on the market in the area. Several homes have been reduced in price in the past few days in Lake Forest.

One of the best deals on the market is a three-bedroom and 3.5-bath home located at 300 Greenwood Ave. This home was originally priced at $755,000, but has recently been reduced to $635,000. This one-story home was completed in 1954. Another home in the same price range is located at 604 Waveland Road. This three-bedroom and two-bath home offers a total of 2,276 square feet of living space, and has been reduced in price from $729,000 to $649,000.

Buyers on the high end of the market can also find some great deals in Lake Forest. One luxury home to see a huge price reduction is located at 35 N Green Bay Road. Originally priced at $5.4 million, this mansion has since been reduced to $3.995 million. Another significant reduction on the high end of the market can be found at 1440 Harlan Lane. This five-bedroom and seven-bath home offers a total of 7,500 square feet of living space. The price has been reduced from $4.25 million to $3.195 million.

Don’t miss out on the great deals on North Shore Chicago Real Estate around Lake Forest, as well as in other cities in the area.

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Sales of new and resale condominium fell in September around the North Shore. It was the second straight year of declining sales in the neighborhood. Prices plunged more than 17 percent as demand for the most expensive units dropped during the month.

According to data from the Chicago Association of Realtors, a total of 124 condominiums were sold during September around the North Shore, down from 136 units sold during the same period last year. However, the drop in sales was much less pronounced than a year ago, when sales were off by 32 percent.

Demand for the most affordable units soared during the quarter. 60 units were sold for less than $250,000 in September, up from 44 units sold in that price range a year ago. Demand for the condos priced over $1 million fell by nearly 50 percent during the month, with just 6 units sold in that price range.

The drop in demand for the highest priced condominiums led to a pronounced drop in the average sales price during the month. The average sales price in September reached $308,010, down 17.2 percent from the same period a year ago. This is good news for homeowners and developers with affordable North Shore Chicago Condos on the market.

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The federal government announced an ambitious plan to bail out two ailing mortgage giants. Fannie Mae and Freddie Mac have been hard hit by the recent downturn in the market and skyrocketing foreclosures across the nation. The bailout intends to inject the market with much-needed confidence.

However, what does all of this mean for us? The first area where homeowners and buyers will feel the effect could be in declining mortgage rates. Successive cuts in the interest rate by the Fed has done little to bring down mortgage rates, but the bailout of Freddie Mac and Fannie Mae could change that. This could mean that more buyers will be able to afford homes around the nation.

Distressed homeowners could stand to benefit as well. Lower interest rates could lead to a more favorable refinancing, lowering monthly payments and helping to keep foreclosures down.

Home prices could also be in for a shot in the arm. As fewer homes, particularly foreclosed homes, come on the market, there will be fewer options for buyers, leaving them at a disadvantage when it comes time to negotiate the final price. The news could be a positive development for the North Shore Chicago Real Estate market.

Technorati Tags: Chicago Homes, Fannie Mae, Freddie Mac, North Shore Chicago Real Estate