Real Estate Blog

Welcome to Market Updates!

On this page, you will find an executive summary of weekly market trends. 

This week, we are tying a look at the market in Lincoln Park - zip code 60614.

Week of April 9, 2018

  • The median list price in Chicago, IL 60614 for condos and townhomes this week is $599,000. Demand measured by The Market Action Index is increasing and days-on -the-market is trending downward. shows demand is increasing.
  • Even as more properties become available, these are positive trends for the market.
  • The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of inventory. Index above 30 implies Seller's Market condition. Below 30, conditions favor the buyer. For the
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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

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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
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According to recently released data from the National Association of Realtors (NAR), the median amount of time a home spent on the market hit an all-time low of only three weeks in 2017.

Strong buyer demand, a good economy, and a low inventory of new and existing homes for sale created the perfect storm to accelerate the time between listing and signing a contract. The time needed to sell a home has dropped substantially since its highest mark of 11 weeks in 2012.

The chart below shows the median weeks on the market from 1987 to today.

So, here is what you should consider:

The local Chicago market mirrors the national conditions. If you have been debating whether or not to list your home for sale, know that current market conditions are

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This is a rendering of the proposed 76 story residential tower in River North, as reported by Crains Chicago Business. Estimated to cost more than $700 million, the two tower development would occupy the block just West of Holy Name, at State and Superior Streets, and include 900 apartments and condominiums, a health club and spa and a grocery store. It would be one of the biggest residential projects ever built in downtown Chicago, with one tower rising 76 stories and the other rising 45 stories.

 

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There is no doubt that using the services of a licensed real estate agent when selling your home has many benefits. Among other services, the agent will provide: 

  • Greater exposure to more buyers
  • The skills of a professional negotiator
  • A layer of protection from possible legal liabilities
  • Professional guidance in navigating any pitfalls that may arise
  • A level of safety when showing the home

These services add a definite value to the process of selling - the question is, how much value? Seller who think these services are not providing the value of the fee a real estate agent charges, may decide do sell the home by themselves - For Sale by Owner, or FSBO. 

In most cases though, the services of a professional don't cost the

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Here are five reasons why it makes sense to list your home for sale this Fall: 

1. Demand is strong

The latest buyer traffic report from the National Association of Realtors (NAR) indicates that buyer demand continues to be very strong in most areas of the US. These buyers are ready, willing and able to purchase. Take advantage of the buyer activity currently in the market. 

2. There is less competition now 

Housing inventory is still below the six months supply that is needed for a normal market. Currently, there is still a shortage of houses on the market to satisfy the number of buyers. This could change soon. More homes are expected to come on the market next year as more owners are motivated to sell as home values increase and owners

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Spring is traditionally the busiest season for real estate. Buyers, strategizing and preparing their move all winter, come out in full force in search of their dream home. Homeowners, in anticipation of the increased demand, are motivated to list their house for sale and move on to the home that will better fit their needs.

New data from CoreLogic shows that even though buyers came out in force, as predicted, homeowners did not react to the increased demand and list their home in time to meet the buyers' needs. According to Frank Nothaft, Chief Economist of CoreLogic, the slow down of the sales growth was not due to a lack of affordability, but rather a lack of inventory. Data shows that as of Q2 of 2017, the unsold inventory as a

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