Real Estate Blog

Welcome To "How's The Market!" 

Chicago how's the market

If you have been following my weekly market updates, you notice that today's report has a different format. I think this format is easier to understand as it gives you a snapshot of whats going on in different neighborhoods. Today we start with an analysis of three areas - Near North (Gold Coast, Streeterville and River North), Lincoln Park and Lake View. I hope you enjoy reading and I would love to hear your feed back!

Market  Overview:

You may hear some talk about another real estate pricing bubble. While there are some indicators that might point in that direction, they are weak and any prognosis is premature.  As prices continue to rise and inventory is still tight, while wages don't rise as quickly, we

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What contingencies are typical in a purchase contract and what do they mean for buyer and seller?

 

purchase contingencies

When I work with buyers looking for homes for sale, they often send me listings they saw on-line but are not available. Why? Because the listing status is "contingent", meaning that the contract includes one or more contingencies which have not been met. For the buyer a contingency is a protection from a condition that may not be met and it gives the buyer a way to get out of the contract. For the seller, some contingencies in a contract are not a problem, while others can make an offer very weak because the contingency is likely not to be met. 

As a buyer, a home purchase is one of the largest financial commitments you ever make and you want

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Welcome To Market Updates!

Here you will find a weekly update of housing market trends in different Chicago neighborhoods.

This week, we are looking at River North, zip code 60654

The median list price for townhomes and condominiums for this week is $519,000.

Inventory has been decreasing lately but the Market Action Index is falling, too. With days on market climbing, these appear to be market-slowing conditions, but it is at least partially due to seasonal fluctuations. 

Market trends River North July 25 2018

 

Supply and Demand

  • While prices have recently plateaued, this is a buyer's market and the supply of homes listed has started to increase relative to demand. 
  • This indicates that prices could resume a downward trend, however these are also seasonal
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How Foreigners Buy Real Estate In the US

 

International home buyers have been pouring billions of dollars in the US housing market in the last few years, to take advantage of the lower prices and the weaker dollar. 

But many foreigners find it difficult to understand and navigate through the home buying process, as it can be confusing and different from state to state. The fact that most foreign buyers are negotiating from abroad, doesn't make the process any easier. 

Most foreigners who buy a home in the US pay cash. However, since the US mortgage rates are generally lower than in their home country, more and more buyers are interested in obtaining financing for their second - or third - home in the US. Some lenders have specific programs

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More foreign buyers chose Chicago for their real estate investments

International Flags

Photo by Vladislav Klapin on Unsplash

To buy and own real property in the United States continues to have a strong International appeal. According to the National Association of REALTORS’ 2016 Profile of International Activity, residential real estate sales in the U.S. to international buyers accounted for $102 billion between April 2015 and March 2016. 

Buyers bought mainly in the five following states: Florida, California, Texas, Arizona and New York. Latin Americans, Europeans and Canadians mostly bought properties in Florida and Arizona. California and New York attracted mostly Asian buyers. 

The Mid-West – and that means mostly the city of Chicago – is gaining in

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If you are planning to sell your home, the first question is, how much is my home worth and what is the highest price I can get? If you are in the market to buy a new home, you want to make sure you get the best "deal". In any case, your real estate agent has the tools and resources to give you a professional and accurate opinion of the market value of the property you are trying to sell or buy. In today's low inventory and high demand market, it's more important than ever to price a home correctly.  Let's take a closer look at the tools your agent uses to price the property in question. 

Staying Informed

Your broker will start by evaluating current market supply and demand in your neighborhood and general price points. He will use his

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St. Boniface Church in Noble Square

Images courtesy Stas Development

Noble Square is a pocket in the West Town area, neighboring the Ukrainian Village and East Village. It's a growing community filled with artist and young professionals. More than half of the housing areas were built before 1910 and most residential developments before 1939. 

St. Boniface Catholic Church has been part of that vibrant community for 116 years. It has endured 3 decades of vacancy and was slated for demolition more than once. Thanks to a local developer it is now ready to start a new life as condominiums. 

As per the latest plan, Stas Development will convert the existing church into 17 condo residences and add a new structure adjacent to the church. The new building will include 24 condo

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 And what does that mean for first time buyers?

Spring housing inventory

 With housing prices having bottomed out more than five years ago, the economy has strengthened, and mortgage rates remain low. These seem to be perfect conditions for a strong spring market, but that's not what is happening.

What's holding the market back is the low number of houses for sale. Among the reasons for that condition is the fact that in the past few years more rental units than condominiums were developed and built. Another reason is that baby boomers, who thought about down sizing, decided to stay put and renovate instead. The reason that, in turn was that there was little inventor for them to buy. These trends pushed down the number of homes for sale to the lowest  level on record at

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According to Crain's Chicago Business, the Ritz-Carlton Residences on Michigan Avenue are close to selling out their remaining luxury condos.

If you have been looking for a luxury Michigan Avenue condo for sale in the last 13 years, the Ritz-Carlton Residences were always a great, but very unique option. The location right on Michigan and Erie couldn't be better and the quality of life at the residences is beyond comparison. 

As the name indicates, the amenities and services at these homes are more like a luxury hotel than a residential condo building. I've always believed in the success of this concept, even though it surely appeals to a very distinct buyer. 

As the article indicates, there have been many price adjustments and marketing efforts

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Disclaimer: This guide is not meant to be a resource for tax advice but instead a resource for basic information concerning only certain aspects of the new tax code and how they may impact the real estate market. You should get tax advice from your accountant or tax preparer who will explain how the entire tax code will affect your personal return.

This information comes immediately after the new tax code became law. Some of the information may be revised as the analysis of the new law evolves.

When the tax code was originally being overhauled by the House and the Senate, there were three major proposals being considered that would have substantially impacted the residential real estate market:

  • Changing the requirements for the exclusion
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