Real Estate Blog

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 Streeterville and Gold Coast, zip code 60611

The median list price for townhomes and condominiums for this week is $550,000.

Market Trends week of 6-20 

Supply and Demand

  • Home sales have been exceeding new inventory for several weeks
  • Since this is still a buyer's market, prices are not yet moving higher as excess inventory is consumed
  • However, if the trend continues, the market will move to a seller's zone, and we are likely to see upward pressure on pricing

The Market Action Index for this zip code is 28.1; indicated a slight buyer's advantage. 

Price: 

  • Prices in this zip code seem to
18 Views, 0 Comments

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

57 Views, 0 Comments

 

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

83 Views, 0 Comments

 

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

96 Views, 0 Comments

 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

95 Views, 0 Comments

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

247 Views, 0 Comments

 

 

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
278 Views, 0 Comments

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

247 Views, 0 Comments

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.

 

237 Views, 0 Comments

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

212 Views, 0 Comments

Sign up for email updates