Chicago Real Estate Blog

Featured Chicago Open Houses

2009-11-06T15:09:18-06:00

DATE: Saturday, November 7
TIME: 12pm – 2pm

ADDRESS: 863 W. Cornelia #1
NEIGHBORHOOD: Wrigleyville
PRICE: $434,900

BEDROOM: 3
BATHROOM: 2

ASSESSMENTS: $435
TAXES: $7,515.62

PROPERTY DETAILS:
Light-filled 2,000 sq. ft. duplex down in a classic Chicago courtyard building. Blends modern features and vintage character. Hardwood floors, lots of storage, plantation shutters, in-unit laundry room, family room, living room and den. Zoned street parking, near tons of restaurants, bars, and Wrigley Field.

PHOTOS & MORE INFO

DATE: Sunday, November 8
TIME: 11am – 2pm

ADDRESS: 1530 N. Maplewood
NEIGHBORHOOD: Humboldt Park
PRICE: $550,000

BEDROOM: 4
BATHROOM: 3.1

ASSESSMENTS: $0
TAXES: $5,971.83

PROPERTY DETAILS:
Short sale of spacious 2860-sq. ft. two-story single-family home. Recent rehab, hardwood floors throughout, chef's kitchen with island and granite counters, finished basement with bar, master en suite bath with steam shower.

PHOTOS & MORE INFO

DATE: Sunday, November 8
TIME: 2pm – 4pm

ADDRESS: 874 Sheridan
NEIGHBORHOOD: Winnetka
PRICE: $969,000

BEDROOM: 4
BATHROOM: 4

ASSESSMENTS: $0
TAXES: $11,938

PROPERTY DETAILS:
4000+ sq. ft. single-family home with a great location across the street from Tower Road Beach. Newer roof and exterior, two-car garage, fenced-in yard, insulated windows throughout. Hardwood floors, gourmet kitchen, formal dining room, recreation room with pool table, family room. Great sun-filled floor plan with attractive finishes.

PHOTOS & MORE INFO

DATE: Sunday, November 8
TIME: 12pm – 2pm

ADDRESS: 2648 N. Seminary #1
NEIGHBORHOOD: Lincoln Park
PRICE: $450,000

BEDROOM: 3
BATHROOM: 2.1

ASSESSMENTS: $223
TAXES: $4,938

PROPERTY DETAILS:
Bright duplex with a unique floor plan. Stunning finishes, hardwood floors, stainless steel appliances, granite counters, gas fireplace, en suite master and private patio. Located near public transportation, dining, shops, nightlife and parks. Tandem parking available for $30k.

PHOTOS & MORE INFO

DATE: Tuesday, November 10
TIME: 12pm – 2pm

ADDRESS: 6782 N. Jean St.
NEIGHBORHOOD: Edgebrook
PRICE: $775,000

BEDROOM: 4
BATHROOM: 2

ASSESSMENTS: $0
TAXES: $5,497.06

PROPERTY DETAILS:
Tri-level single-family home with 2400 square feet of living space on a lovely tree-lined street. Contemporary interior décor, top-of-the-line finishes throughout, gorgeous master suite with wall-to-wall windows and huge walk-in closet. Family room has a gigantic 110 inch TV screen. Attached garage and close to good schools.

PHOTOS & MORE INFO

Real Estate: King of Investments Forever

2009-11-05T10:30:26-06:00

In our current temporary real estate downturn, afflicted by short sales and foreclosures, it is easy to conclude that real estate has ceased to be the #1 investment opportunity. Well, take off those dark glasses and consider the following:

• Over the last 30 years, the Chicago Home Price Index* has gone up 294 percent.
• The Chicago Home Price Index has increased 69% over the last 10 years.
• The highest appreciation in Chicago real estate over a three-year period was 52% in the three years ending with the 4th Quarter of 1978.
• The worst appreciation over a three-year period in Chicago real estate was -7% in the three years ending with the 2nd Quarter of 2009. Since then, prices have risen for 4 consecutive months.

Pretty hard to beat these long-term return on investment numbers! Especially when you consider a.) you get to live in your appreciating investment as an added bonus, or to rent it for additional income; b.) you are receiving appreciation on the entire value of the property even through you have typically not fully paid for it; c.) it is possible to create huge increases in value by "sweat equity" and wise improvements; and, finally d.) there are significant tax deductions related to property ownership. It's not likely that ANYTHING in America will ever replace real estate as the King of Investments.

*Federal Housing Finance Agency (FHFA) House Price Index

Chicago Housing Market: Bye-Bye Bottom!

2009-11-02T11:29:51-06:00

Well, it looks like the long-awaited bottoming-out of home prices has come and gone! Standard and Poor's/Case Shiller index of Chicago-land home prices for August rose for the fourth straight month, suggesting that our area housing market is definitely on the upswing. Local home prices rose 1.7% in August compared to July. The latest index further shows a broad turnaround, with prices rising month-over-month in 17 major metropolitan areas since June.

A few cities, like Las Vegas and Cleveland, did not share in the monthly gains. However, Chicago was a significant leader, with its 1.7% month-over-month gain being the fourth-largest increase among the 20 city index. Only 3 cities…Minneapolis, San Francisco and Detroit…had higher price increases than The Windy City.

Featured Chicago Open Houses

2009-10-30T14:19:37-05:00

Happy Halloween! Planning on taking the kids house to house for trick-or-treating this Saturday? Perhaps you'd like to follow it up with house-to-house tours of Dream Town's featured properties on Sunday. See a list of open houses for November 1st (and one for Tuesday Nov. 3rd) right here!

DATE: Sunday, November 1
TIME: 12pm – 2pm

ADDRESS: 105 E. Prospect #E
NEIGHBORHOOD: Mount Prospect
PRICE: $494,500

BEDROOM: 2
BATHROOM: 2.1

ASSESSMENTS: $75
TAXES: $3,950.86

PROPERTY DETAILS:
Unique stand-alone townhome in 5-unit complex built in 2005. This residence is recessed from the street and has a two-car garage and driveway. Marble entry, white oak hardwood floors, English living room, full living room, formal dining room, eat-in kitchen, and a master suite with sitting room. The kitchen has 1.25” granite counters, breakfast bar, KitchenAid stainless steel appliances, double oven, appliance garage and lots of cabinet space. Master bath features spa-like Jacuzzi tub, fully enclosed separate shower, and extra-height double-bowl vanity with marble counter. High-efficiency furnace, drop-down sprinkler system, alarm system and side-by-side washer/dryer.

PHOTOS & MORE INFO

DATE: Sunday, November 1
TIME: 1pm – 3pm

ADDRESS: 2648 N. Seminary #1
NEIGHBORHOOD: Lincoln Park
PRICE: $499,900

BEDROOM: 3
BATHROOM: 2.1

ASSESSMENTS: $223
TAXES: $4,938

PROPERTY DETAILS:
Well-appointed duplex down built in 2001. Two-story family with lofted living room, fireplace, and walkout sunken patio. Lower level dining room and eat-in kitchen with 42” maple cabinets, stainless steel appliances and granite counters. Master bedroom as French doors and luxurious en-suite marble bath with double vanity. Very bright home with two-car parking included and in-unit washer/dryer. Close to Diversey Brown Line L, DePaul campus, dining, nightlife and neighborhood parks.

PHOTOS & MORE INFO

DATE: Sunday, November 1
TIME: 1pm – 3pm

ADDRESS: 4527 W. Irving Park
NEIGHBORHOOD: Old Irving Park
PRICE: $475,000

BEDROOM: 3
BATHROOM: 3.1

ASSESSMENTS: $90
TAXES: $4,648.48

PROPERTY DETAILS:
Extra-wide 2500+ sq. ft. townhome with attached two-car garage and private roof access. Chef's kitchen with stainless steel appliances, granite countertops, pantry, breakfast bar and large grilling balcony off dining area. Master suite has a Jacuzzi tub, separate shower and double vanity sink. Hardwood floors, gas fireplace in living room, and separate lower level rec room. Within walking distance of schools, Portage Park Shopping Center, Jewel, restaurants and bars.

PHOTOS & MORE INFO

DATE: Sunday, November 1
TIME: 1pm – 4pm

ADDRESS: 3800 N. Lake Shore Drive #2A
NEIGHBORHOOD: Lakeview
PRICE: $925,000

BEDROOM: 3
BATHROOM: 3

ASSESSMENTS: $1,152.85
TAXES: $10,114.55

PROPERTY DETAILS:
"A" tier unit in luxury condo building across the street from Lincoln Park and lakefront. This premier residence has 3300 sq. ft. of living space with its own private elevator entrance. Features barrel vaulted ceilings in the foyer, custom built-ins in the library, extra-wide crown moldings, and an antique fireplace in the living room. Large chef's kitchen with island breakfast bar, 6-burner gas cooktop with industrial hood, and double oven. In-unit washer and dryer, surround sound, two parking spaces and amazing views overlooking the park and Lake Michigan.

PHOTOS & MORE INFO

DATE: Tuesday, November 3
TIME: 11am – 1pm

ADDRESS: 2942 N. Riverwalk
NEIGHBORHOOD: Lakeview
PRICE: $359,000

BEDROOM: 2
BATHROOM: 2.1

ASSESSMENTS: $283

PROPERTY DETAILS:
Short sale of 1,750 sq. ft. townhome on the river with attached one-car garage and two outdoor decks. Open main level floor plan with upgraded kitchen, breakfast bar and fireplace in the living room. Custom built-ins, custom paint throughout, hardwood floors, eat-in kitchen with stainless steel appliances, granite counters and 42” cabinets. Master en suite has dual vanity, 6 ft. soaker tub, and organized walk-in closet. Peaceful setting on riverfront with lovely view of grassy commons and courtyard. A few blocks from dining, nightlife and the Riverview Place Shopping Center.

PHOTOS & MORE INFO

For Chicago Home Buyers: UNDERSTANDING YOUR CREDIT…

2009-10-29T16:23:49-05:00

Many home buyers are unaware of their credit situations and how it may affect them. If you are considering purchasing a home, take the first step and get to know your credit! There are several helpful websites designed to answer questions and help consumers understand where they stand.

You can start with ordering a credit report from the major credit bureaus: Experian www.experian.com, TransUnion www.TransUnion.com, and Equifax www.equifax.com.

You are specifically looking for inaccuracies and items that need to be reflected on all three reports. For example, it may have been recorded that you were one month late on a credit card payment and that can cause your score to drop! If you have the documentation showing that you paid on time, you can file a dispute with the credit bureaus right online!

Another common issue is where a creditor is only reporting on one of the credit bureaus but not on the other two. Contact your creditor to make sure they correct this as you need positive credit to appear on all three bureaus. It's important that you also check your credit scores at least once year. Your FICO scores can affect your interest rate, how much you can borrow and how much down payment may be required.

Most lenders in today's lending world require a minimum FICO of 620. Your credit doesn't have to be a mystery or a surprise – use the tools to get to know your credit profile!

Is Owning a Chicago Home Still a Good Investment?

2009-10-27T09:32:17-05:00

An Associated Press article written on October 9th points out that for all the doom and gloom about the housing market, it still generally pays to own a home. Even though prices are well below what they were during the peak years, homes are still worth significantly more than they were 10 years ago. Find out what your home is worth here.

According to the Chicago Association of Realtor's "Fast Stats," which compares Chicago's 77 official communities cumulatively, today's average condo sells for approximately $332,000, compared to $95,000 in 1999. If a typical home buyer were to have put 10% down ($9,500) in 1999, this sum would have returned about $237,000 or so today – more than 24 times the initial investment. In comparison, the Dow was at 10649 in October 1999 and dropped to 9864 in October of this year… So much for a 10-year gain.

The AP story also draws attention to the fact that homes are purchased because we all need somewhere to live. For the majority of homeowners who have been able to weather the storm, owning real estate has proven to be a pretty sound investment if you can stick with it. And with prices already having fallen so far, buying now could make it an even better one.

If I Had a Crystal Ball...

2009-10-26T11:08:18-05:00

I can't tell you how many times I have uttered those very words in the past 3 months, 6 months, year, etc when discussing the real estate market and where it is heading. The fact of the matter is nobody can predict with certainty what's going to happen, with the exception of Ms. Cleo perhaps… and I wonder what she would say.

Have we seen the worst of the worst? Is now an opportune time to buy or would it be prudent to wait it out a little longer? Up until recently, I was unsure how to answer these very valid questions with conviction; this is no longer the case. A few things to take into consideration:

~ Crain's Chicago Business reported this week that "Home sales in the city of Chicago posted a monthly year-over-year increase for the first time in more than three years, while sales throughout the Chicago area rose for the third straight month compared with last year, according to the Illinois Association of Realtors. In the city, sales rose 5.8%, with 1,918 in September, up from 1,813 in September 2008. That was the first year-over-year increase in sales since May 2006." This is very good news, indeed.

~ The increase in home sales is in direct correlation with the $8,000 federal tax credit, which the National Association of Realtors (NAR), key congressional leaders, and various other groups are lobbying to extend past its December 1st expiration date. They argue that the tax credit is helping to stabilize home prices and create thousands of jobs that rely on housing. With that extension, we could expect to see a continuation of the housing market upturn and stabilization of prices.

~ Although we are seeing a rising number of home sales, actual sale prices continue to decline due to the continued influence of foreclosure auctions and short sales. The Illinois Association of Realtors has reported that the median price of homes (single-family and condos) in the nine-county Chicago area is down 10.8% since September of 2008.

~ Aside from private home sellers, the incentives and price drops offered by local developers trying to move their inventory is unheard of. I remember the days not too long ago when working with a buyer client who wanted to negotiate with a developer. "Highly unlikely" and "I wouldn't count on it" were common phrases that would escape me. Now we are seeing price cuts of epic proportions, closing costs paid for, and/or parking thrown in for free.

Clear indications of an improving market, continuing record-low mortgage rates, distressed sellers/developers, government incentives, and lowered home sale prices:

Is now the right time to buy? All signs are pointing to "yes".

Featured Chicago Open Houses

2009-10-23T14:49:41-05:00

Do you have a little extra time this Sunday to shop around for the home of your Dreams? If so, we have a great lineup of properties to see in the city and suburbs. Find details about where and when right here, and link to our Featured Property pages for more info.

OPEN HOUSE:
Sunday, OCTOBER 25
11am – 1pm

2221 N. Lister #3C
Bucktown
$339,000

2 BR / 2 BA
Taxes: $3,767.47
Assessments: $272
1,300 square-foot duplex in Bucktown loft building. Top floor unit with private deck. Interior finishes include hardwood floors, exposed brick walls and ductwork, spiral staircase to second level, granite kitchen countertops, maple cabinets, custom closets, wood-burning fireplace. Big master suite with Jacuzzi tub. Great storage and in-unit washer/dryer. Parking available for $20K.

See photos and get additional information here