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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Sales of new and resale condominiums plunged during the second quarter in Skokie. It was the third straight year of declining sales in the neighborhood.

According to data from the Chicago Association of Realtors, a total of just 31 condominiums were sold during the second quarter in Skokie. This is a 58 percent drop in sales from the same period last year, when 74 units were sold in the neighborhood. The best result for the second quarter was seen in 2005, with 125 new and resale condos closed during the three-month period.

The drop in sales is being felt in prices. The average sales price during the second quarter fell by 24 percent from the same period last year. Buyers could continue to see even better deals in the next few months as the inventory of unsold homes on the market grows.

If you’re selling your condo in Skokie, it will now take you an average of 171 days to find a buyer. This is a sharp increase from the 112 days it took just a year ago, and is the longest that is has taken to find a buyer in the last 18 years. Buyers should be on the lookout for great deals on North Shore Chicago Condos for sale around Skokie.

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In what many have considered one of the largest transfers of debt in the history of the world, plans continue for a $700 billion bailout by the federal government. The plan calls for funds to buy bad mortgage debt, which could have an even more immediate effect on home owners around the North Shore than the previously announced bailout of Fannie Mae and Freddie Mac.

It is hoped that the purchase of bad debt on company books around the nation could work to reactivate the credit market. Credit markets came to a virtual standstill last week as Lehman Brothers announced its bankruptcy and the federal government stepped in to save AIG, the nation’s largest insurer.

Buying up bad mortgage debt could give a lifeline to homeowners in trouble. However, details surrounding the terms for refinancing have not yet been confirmed by the Bush Administration. One guaranteed result is that many businesses that thrived on poor management and risky investments will also be given a new lease on life. There is no doubt that this issue will be hotly debated both in Congress and on the campaign trail in coming weeks. The effect of such a bailout remains to be seen for the North Shore Chicago Real Estate market.

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