If passed, the immigration bill could lead to $500 billion in home sales, income, and spending within a five-year period, according to NAHREP. The organization also approximates a demand for $233 billion in loan origination fees, broker commission, and consumer spending related to homeownership.  In Illinois, 450,000 residents are estimated to be undocumented, which could lead to roughly 121,500 new home sales if NAHREP is right.

Hispanics make up about 76% of the nation’s illegal immigrants, according to the Pew Research Hispanic Center, and their desire to own a home is growing. The Mortgage Bankers Association found that there is a steady rise in homeownership among Hispanics who arrived in the U.S. in the 1980s and that by 2020, over half of them will own a home.

Although hopes are high for the immigration bill to pass, with President Obama making it his second term priority as well as the U.S. Chamber of Commerce and AFL-CIO, U.S.’s largest labor federation, have come to an agreement, some challenges still remain.

Following the subprime mortgage crisis, lenders have enforced strict standards. In a Bloomberg article, Yelena Shulyatyeva, an economist at the New-York based bank BNP Paribas explains that banks favor refinancing homes and that they “don’t have much interest in providing credit for home purchases.” In addition, Chicago real estate currently suffers from a lack of inventory with year-to-year listings down 20% from last year, according to realtor.com.

Nevertheless, the potential for the immigration reform to boost the housing market is great. And with plenty of upcoming new construction in Chicago, the continuing recovery is sure to improve housing dynamics in the near future.

By Yuval Degani

The post Immigration Reform to Boost Housing Market appeared first on Dream Town.

If you’re nostalgic for a home with old world charm that still fits your contemporary lifestyle, take a tour of the historically significant 1856 Century House at 4362 W. Grace Street in Irving Park.

The Real Value

This recently rehabbed property features an impressive ten rooms with a full basement, five bedrooms and three full bathrooms. Improvements include a newer roof, wraparound porch, high-end appliances and exterior paint

Inside, you’ll find three fireplaces and elegant details that include crystal chandeliers, stained glass installments, and beautiful arched doorways. Outside, you’ll find a full wraparound porch.

The equivalent of 5 ½ city lots, this sizable property also features a detached three-car garage and plenty of green space.

• Price: $1,790,000
• Taxes: $12,669.00
• Bedrooms: 5
• Bathrooms: 3/1
• Built in 1856
• Heated Floors
• Fenced Yard

• Oversized Lot
• Crystal Chandeliers
• Full Basement
• Detached 3-Car Garage
• Stained Glass Installments
• 3 Fireplaces
• Enclosed Porch

The chance to be part of history is seldom, so contact Debra today for a tour of Irving Park’s 4362 W. Grace Street.

By Mary Ruth O'Neal

The post An Historic Home for Modern Life appeared first on Dream Town.

If you can imagine scenic views of the river from your kitchen window and love the idea of a private street, make it a point to see this amazing Forest Glen home. In addition to this home’s incredibly oversized lot (125′×280′), it also features five bedrooms, a basketball court and access to LaBagh Woods and the river—a great deal for the $749,900 list price. There’s a sprawling chef’s kitchen, with a professional range hood and unbelievable storage space, and the outdoor space is wonderful, with a wood deck, hot tub and brick patio. Really, you have to see this home to understand what a great deal it is, so don’t miss your opportunity for a showing.

• List Price: $749,900
• Property Taxes: $11,091.60
• Total Number of Rooms: 10
• Number of Bedrooms: 5
• Number of Bathrooms: 3 Full
• Outdoor Hot Tub
• Lower Level Bar
• Cathedral Ceilings
• Fully Finished Basement

• 2 Wood Burning Fireplaces
• Large Recreational Room
• Private Street
• Basketball Court
• Across from LaBagh Woods
• Riverfront Access
• Attached Garage
• Oversized Lot

By Avi Ron

The post 4646 W. Bryn Mawr appeared first on Dream Town.

By Avi Ron

The post 2727 N. Hamlin appeared first on Dream Town.

By Avi Ron

The post 7061 N. Greenview appeared first on Dream Town.

• Details for 7739 N. Eastlake Avenue

• List Price: $1,925,000
• Total Annual Income: $165,300
• Total Annual Expenses: $24,133
• Net Operating Income: $141,167
• Eight 1-Bedroom/1-Bath Units
• One 3-Bedroom/3-Bath Unit
• Exterior: All Brick
• Actual Zoning: R4
• 8 Apartments Remodeled
• Oversized Lot
• Beachfront Location
• Unobstructed Lakeshore Views
• Resident Parking Available

By Avi Ron

The post 7739 N. Eastlake Avenue appeared first on Dream Town.

• List Price: $475,000
• Real Estate Taxes: $12,159.16
• Appr. Square Footage: 2,282sq.ft.
• Total Number of Rooms: 7
• Total Bedrooms: 4
• Total Bathrooms: 2/1
• Exterior: All Brick
• Hardwood Floors Throughout

• Fully Finished Basement
• Double Vanity (Master Bath)
• Detached 2-Car Garage
• Private Deck
• Living Room Fireplace
• Granite Countertops
• KitchenIsland

By Avi Ron

The post 543 N. Hartland appeared first on Dream Town.

By Avi Ron

The post 2014 W. Charleston appeared first on Dream Town.

By Avi Ron

The post 2734 W. Fitch appeared first on Dream Town.

For anyone who enjoys being surrounded by nature, instead of city noise and busyness, this is an ideal home. It sits on an extra-wide lot and was recently renovated by the owner, who’s a master craftsman, so there’s now a fully-finished basement with a rec room, which could easily be used as a fourth bedroom. Of course, the real draw is that it’s literally just steps away from the north branch of the Chicago River, as well as nature walks through Eugene Field Park. Considering its location and all that the owner will have access to, plus the extensive renovations, it’s a great deal at just $250,000.

• List Price: $250,000
• Real Estate Taxes: $5,312.84
• Appr. Indoor Square Footage: 1,500 sq.ft.
• Total Number of Rooms: 9
• Number of Bedrooms: 3
• Number of Bathrooms: 2
• Exterior: All Brick
• Access to Nature Walk,
  Chicago River, Eugene Field Park

• Double Ovens
• Fully Finished Basement
• Detached 2-Car Garage
• Recently Renovated
• Access to Clubhouse
• Steps from Wildflower Garden
• Hardwood Floors Throughout
• Oversized Lot (30’x125’)

By Avi Ron

The post 5123 N. Monticello appeared first on Dream Town.