Real Estate Blog

 This Spring, buying a house or condo can be challenging due to a s lack of housing supply in many parts of the country, especially for first time buyers.

In some markets, as well as in certain Chicago neighborhoods, tight inventories have pushed up prices, resulting in bidding wars for some properties in a certain price bracket.

Areas like Andersonville, Edgewater and Uptown have seen an increased demand for properties priced between $300,000 and $600,000 and multiple offers on condo units in good condition are occurring frequently.

The reason for the tight inventory vary. In some areas, homeowners are still underwater – meaning they owe more on the property than what it’s worth – so they are unable or unwilling to sell for the current market

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Thinking about selling your house this year? There may be no better time for that than now. The inventory of homes for sale in Chicago, as well as the nation, is well below historic norms. In addition, buyer demand is very strong and this creates a perfect seller's market. It's as simple as the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market. Inventory of real estate is unique and unlike consumer goods: When there is a shortage of a consumer item, you just produce more to meet the demand. You cannot do that with houses, at least not in the short term.

Jonathan Smoke, the Chief Economist of realtor.com, in a recent article

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A few weeks ago, Jonathan Smoke, the Chief Economist at realtor.com, announced: “All indicators point to this spring being the busiest since 2006.”

Now, Freddie Mac has supported that claim and is saying that 2016 will be the best year that the real estate industry has seen in ten years. In their March Housing Outlook Report, Freddie Mac explained: “Despite the challenges facing the housing market, we expect this to be the best year for housing in a decade. Home sales, housing starts, and house prices will reach their highest level since 2006 according to our latest forecast…Challenges remain, with low housing supply and declining affordability being a key concern in many markets, but on balance, the housing markets in the U.S. are poised for the best

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Chinese buyers continue to play a major role in International Real Estate. It appears that the Chinese continue to invest heavily in properties in The United States, Canada and the U.K. For the Chinese, investments in Europe and North America are moderate risk, high-return business ventures. 

China's manufacturing output is the largest in the world. It has an economy that's built on exports and a fast growing population. A vast amount of people are moving from rural areas to cities every day, to the extent, that a new high rise building is completed every five days in major cities! However, the economy is not as strong as it once was. That creates a dilemma for wealthy Chinese: Should they continue investing in business ventures at home or put their

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Are you first-time home buyer eager to take advantage of the hot Spring market? Here are some helpful tips to decide if you are ready for the commitment of home ownership. 

1. Compare prices of comparable homes in your area

2. Find out what your total monthly expenses would be including mortgage payments, taxes and homeowners association fees.

3. Check with your realtor what your likely closing cots would be . These include origination fees charged by your lender, title and closing fees, transfer stamps, and pre-paid taxes or homeowners association fees. 

4. Examine your financial situation and determine how much housing expense you can afford. Fannie Mae recommends that buyers spend no more than 28 percent of their income on housing

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Millennials buying Chicago homesThis generation has been sitting on the sidelines of the real estate market for quite some time. Many have speculated that it could be an overarching fear of commitment or just simply a lack of funds, but whatever it is that was causing Millennials to shy away from buying homes, it seems to have changed. New data from Realtor.com suggests that Millennials will make up the bulk of homebuyers in 2016 throughout the country, and that appears to be the case here in Chicago as well. Last fall, those between the ages of 25 and 34 took out over 40% of new home mortgages, signalling that 2016 could be a big year for this group of young adults. 

What’s Pushing Millennials To Buy Chicago Real Estate?

As a whole, Millennials are starting to pay down their

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The Parker 60614 Condominiums

The Parker 60614 | NORTH CLYBOURN GROUP

As if Chicago’s condo market wasn’t already exciting enough, a new development has already broken ground to add 53 new condos along Ashland Ave in Lincoln Park. Popular suburban developer, C3 (Chicago Condo Collection), will redevelop 18 residential lots to accommodate the new buildings, which are said to be an urban refuge where practicality, sophistication, and glamor unite. The development is considered to be one of the largest active developments of its kind in this area.

Condos Designed For Refined Urban Living

What’s especially appealing about these new spaces is that they’re designed to break the mold of traditional condominiums. What would typically be one, large, comprehensive building, will

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Condominium Boards typically prepare an agenda for their meetings. The purpose of the agenda is to keep the meeting focused and to make sure that the topics typically discussed at a Board meeting are covered. The agenda typically includes a president's report, a treasurer's report, several committee reports, a management report, old business and new business. In addition, there may be special presentations from service providers or vendors. Even though many boards like to list the new business items separately, this is technically not necessary. Boards are allowed to discuss and vote on items that are not specifically listed, as long as they are being discussed under new business. 

Association members are invited to attend all Board meetings, even

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[Rendering: bKL Architecture]

Reports that a proposal to build a new condo community next the famous Trump International Chicago continues to move along, with new details and renderings of the mid-rise tower finally surfacing. The plan was first revealed nearly a year ago, with developer Belgravia Group announcing that it planned to build high end luxury condos on top of a parking garage at 403 North Wabash Avenue. Now, there are more details and a first look at how the tower will eventually fit in with the wall of skyscrapers that line the Chicago River. Designed by bKL Architecture, the building will stand at only 17 stories and feature a curved shape to offer the best possible views of the Chicago River, Crain's reports. In total, the new

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