Owner: Chicago Real Estate Market URL:http://www.eldorrado.com/chicago_real_estate_blog/index.htm Join Date: Tue, 05 Feb 2008 10:50:31 -0600 Rating:0 Site Description: A frank insider's view of the Chicago real estate market, by one of the area's most successful and respected brokers. Locally focused to help readers make the right decisions when buying, selling or developing real estate in any Chicago neighbor Site statistics:Click here
Living in Downtown Chicago: A good real estate choice 2008-03-07 02:40:51 You never know where you’re going to find the most interesting stories about residential real estate. For instance, the Atlantic, the monthly high-brow magazine filled with lengthy, in-depth feature stories, recently published a story about the future of far-flung suburbs.And that future didn’t look good. That’s another reason why I’m glad to live here and sell Chicago
real estate.Let’s back up a bit: The story, writer Christopher Leinberger, highlighted the fate of a new-construction subdivision located outside Charlotte, NC. Unfortunately, 81 of the 132 homes in the subdivision had fallen into foreclosure. Vandals had defaced many of the now-vacant homes. Homeless people had begun to move in.The suburb – filled with typical suburban new-construction homes – had become an un Read more:Living
, Downtown
Chicago spring is almost here: Time to start selling 2008-03-05 02:45:58 It’s been a tough winter in Chicago
. Personally, I can’t stand the sight of my snow shovel any longer.But the calendar has flipped from February to March. You know what that means, spring is almost here. Now, spring means a lot of different things. To me, though – and to anyone who has a Chicago condo, townhouse or single-family home to sell – it should mean one thing: Time to get that house on the market.Spring is traditionally the busiest time of the year for home sales. And that holds true in Chicago real estate, too.I know we’ve all been bombarded with the bad news: Home sales are down across the country. Housing prices are dipping. Buyers are taking forever to make offers on even reasonably priced homes in good locations.But remember one thing about all this bad news: Just b Read more:selling
Buying Chicago real estate? The bargains are out there! 2008-03-03 07:25:04 I’ve often written that now is one of the best times that I can remember to buy Chicago
real estate.The reasons are many: The prices on Chicago condos, single-family homes and townhouses are at reasonable levels. There is a large inventory of these homes on the market, meaning that buyers have more Chicago condos or single-family homes to choose from. And sellers are motivated, willing to compromise on everything from sales price to closing dates.Now, there’s even more reason, according to a Feb. 1 story in the Chicago Tribune by writer Susan Diesenhouse. She writes about the host of incentives that developers are offering to buyers looking to purchase downtown Chicago condos..Developers are offering buyers thousands of dollars in finishes for no cost. They are lowering costs. They are Read more:Buying
What will you do with your check? 2008-02-29 02:31:56 It’s official. You will soon be receiving a check from the government.In the hopes of heading off a recession, the federal government is mailing taxpayers bonus checks this year. Depending on your income, marital status and number of children, you could receive $1,200 or more from Uncle Sam.So, what are you going to do with that extra money?If you’re a homeowner trying to sell a Chicago condo or single-family home, my advice would be to spend that money on your home.Here’s why: The Chicago real estate market is more competitive than ever. Buyers are choosy these days. They want the best house for their money, and they’re more willing than ever to pass on homes that have even minor problems.That $1,200 check can buy your Chicago condo bedrooms a fresh coat of paint. It can help pay
Buck the trend: Make your home a palace! 2008-02-27 09:04:35 The National Association of Home Builders last week held their annual convention. One of the more interesting pieces of news from the event was that the sluggish housing market is also slowing down the home-remodeling industry.Basically, owners are putting off home renovation and remodeling projects until the Chicago real estate market improves.In my opinion, this is the wrong way to go. Owners, especially those who own Chicago condos or single-family homes, would do well to tackle their home-improvement projects now. The Chicago real estate market is not going to remain sluggish forever. In fact, I’ve already seen signs that the market is already beginning its recovery. It makes sense, then, to finish those home-renovation projects now. That way, when it’s time to sell, your home will
The power of pricing for Chicago real estate 2008-02-25 07:19:37 People often ask me what most helps sell Chicago
real estate. I never hesitate: Setting the right price.Setting a fair price, one that allows the seller a healthy profit without gouging any would-be buyers, is the single most important factor in helping a Chicago condo or single-family home sell quickly.Too often, sellers insist on asking too high a price for their Chicago condo or single-family home. What happens then? The home sits on the market for months, before its owners lower the price to a more reasonable one. All this does is waste everyone’s time.But owners who set the right price – one that’s supported by comparative home sales in the immediate area – find that their home sells far more quickly.Setting the right price, though, can prove challenging. How do you know what Read more:power
Some optimism regarding the Chicago real estate market 2008-02-22 09:29:40 It’s been hard to find lately, but there are some financial experts out there who do have some optimism when it comes to the Chicago
real estate market.And for those of us owning Chicago condos and single-family homes, that’s especially good news: Anything good about the national housing market is doubly good for us. That’s because the Chicago real estate market is generally steadier than other markets. Chicago condo and single-family home values, for instance, have held up better than similar units across the nation even during the worst days of our housing slump.The latest financial pro to express optimism about the housing market is none other than Ben Bernanke, Federal Reserve Chairman. Bernanke last week predicted that the Fed will make fewer interest-rate cuts in the immediate
Chicago Real Estate Owners: Avoid Foreclosure Scams 2008-02-20 08:34:03 Sometimes the radio and T.V. come-ons are hard to ignore: A reassuring voice promises instant relief to Chicago
real estate owners facing foreclosure or those who are falling behind on their monthly mortgage payments.Just make the call, and your worries will melt away, the advertising spots promise.Don’t listen.I’ve heard from many owners of Chicago condos and single-family homes who are worried about falling behind in their mortgage payments. With so many adjustable-rate and interest-only mortgage loans resetting, it’s no surprise that more Chicago real estate owners are suddenly facing higher monthly payments. Many of these owners just can’t make the payments.But calling one of those foreclosure-rescue companies you hear from on the radio is the wrong move.If you’re falling beh Read more:Estate
, Owners
, Avoid
, Foreclosure
How much Chicago real estate development is too much? 2008-02-18 08:35:10 It’s an exciting time in Chicago
’s Logan Square neighborhood, the home base of Eldorrado Chicago Real Estate. Construction crews have been busy building new condominium projects throughout the neighborhood.The positive effects are many: New construction brings new residents. This means new businesses and higher property values. It’s what many of us hope for whenever we buy a condominium or single-family home in any Chicago neighborhood.But as the new buildings rise, some ask the obvious questions: How much development is too much? And are new homes being built too quickly?The Chicago Tribune, in its Feb. 17 Real Estate section, ran an interesting story on the current condominium building boom in downtown Evanston. According to the story, developers have brought 1,584 new condominium
Chicago real estate: It’s not all bad 2008-02-15 23:21:46 The REALTOR® Association of NorthWest Chicago
land held its annual economic forecast in early February. About 200 real estate agents filled the room, eager to hear some good news, any good news, really, about the Chicago real estate and the suburban market.Fortunately, the good news came early, from Geoffrey Hewings, an economist at the University of Illinois, who delivered the day’s first speech, one focusing on the state economy and its impact on the Chicago real estate market.I won’t lie: Hewings, who works for the Regional Economics Application Laboratory at the University of Illinois, had plenty of grim statistics. But he also had some good news for those selling Chicago condos and single-family homes.First, Hewings emphasized that the housing downturn will continue to be far less
Chicago real estate transfer tax increase a bad move 2008-02-08 08:44:34 Many outside forces can impact, both positively and negatively, our Chicago
real estate market. Unfortunately, a proposed tax increase has the potential to cause serious damage to Chicago’s home-selling industry.Members of Chicago’s City Council are poised to vote for a 40-percent increase in the real estate transfer
tax on Feb. 6. The Illinois Association of Realtors®, of course, opposes this increase. A group of Chicago real estate agents and housing advocates held a press conference on City Hall on Jan. 31 to protest the increase.The increase will help fund the CTA’s pension plans. Legislators have to get creative: There are other ways to fund this. Why hurt everyone who will buy a Chicago condo or single-family home?Kay Wirth, president of the Illinois Association of Realtors®,
Home swapping: A solution that’s TOO creative 2008-02-06 08:28:21 I know Chicago real estate market has slowed down. And I know this leads some sellers to search for creative
solutions.But house swapping
is not the best way to go, especially if you’re selling a Chicago condo, single family home or townhouse.If you haven’t heard of house swapping, here’s how it works: Sellers who can’t move their residences find other sellers in the same situation. The owners then swap their homes, agreeing to buy each other’s properties. There are a handful of online sites that help owners do this.To me, this seems like an overly drastic solution. In a house swap, owners will most likely have to settle for a home that doesn’t fit their ideal. If these same owners would work with a Chicago real estate professional to set the right price for their home, it will
Will there be a post-Super Bowl rush? 2008-02-04 07:41:07 The Super
Bowl is over. Football season has ended. That means one thing to me: It’s home buying season!Traditionally, home sales pick up in earnest following Super Bowl
weekend. Buyers are no longer distracted by the holidays. The end of winter is in sight. Buyers with families who want to be in a new home shortly after the end of the school year need to get serious about their home search.In most years, this is the perfect storm that stirs up home sales.Here’s the question, though: With the slower residential real estate market, will the owners of Chicago condos and single-family homes see the traditional sales rush following the big game?I’m an optimist when it comes to the strength and resiliency of the Chicago real estate market, so my answer is an unqualified “yes.”If you’
Chicago real estate sales slower, but still strong, in 2007 2008-02-01 07:35:17 Was 2007 a bad year for the Chicago
real estate market? It all depends on how you read the market.The Illinois Association of Realtors® last week released its year-end report on housing sales in Chicago and the rest of the state. Agents in 2007 sold 92,656 Chicago condos, single family homes and townhouses. That’s a lot of residential real estate changing hands.Now, it’s true that agents sold more area homes in 2006. In that year, agents sold 116,527 Chicago condos, townhouses and single-family homes. That’s 20.5 percent more than in 2007.But does that make 2007 a terrible year? No. It makes it a normal year.In 2006, we were still in the middle of an unprecedented residential real estate boom. The sales numbers we were seeing then, and in the early 2000s, were not sustainable. That
Chicago Real Estate Prices Still Strong 2008-01-30 05:58:36 Anyone needing more proof that the Chicago
real estate market remains strong, despite the downtown in the national housing industry, needs only turn to the latest report released by the Illinois Association of Realtors®.The association released its year-end statistics last week, and it confirmed what I’ve always known: Chicago condos, single family homes and townhouses are still great investments.Despite all the housing and mortgage troubles you’ve been reading about for months, the average sales price of Chicago area homes came in at $254,000 in 2007. That’s up 2.4 percent from the average sales price of $248,000 in 2006.This is good news to anyone who owns a home in Chicago and its suburbs. Your real estate investment is still appreciating. Yes, your home’s value is no longer sk Read more:Estate
, Prices
, Strong
What the RIGHT agent should do for you 2008-01-28 06:48:49 Chicago real estate buyers have one great fear: They don’t want to pay too much for that Lincoln Park condo, Uptown townhouse or Rogers Park single-family home.The best Realtors® will guarantee that you won’t overpay for any residence in Chicago or its suburbs.I bring this up because I’ve been following an intriguing controversy in California. A couple who purchased a home in San Diego for $1.2 million is suing their real estate agent because, the couple says, he allowed them to overpay for their new residence.The couple discovered shortly after moving into their new home that a house just up the street from them had sold for $105,000 less than what the couple had paid for their property. This house was the same size as the couple’s home. They then discovered that a second house t
Chicago Real Estate Sales Dip, But Don’t Crash 2008-01-25 08:04:06 I, and many of my fellow real estate professionals, believe that the media have exaggerated the struggles of the housing industry. But there’s one number that we can’t deny: Home sales are down, across the country and in the Chicago
area.But where real estate pros and members of the media differ is in defining what these dipping sales numbers mean.First, let’s look at some local numbers: According to the Illinois Association of Realtors®, homes sales of Chicago condos and single-family homes came in at 5,772 in November of last year, the last month for which the association has data. That figure is down 23.9 percent from the same month one year earlier.The media considers this a housing slump. I think of it as a housing correction.During the housing surge of the early to mid-2000s, Read more:Estate
, Sales
The Power of Online Real Estate Listings 2008-01-23 10:40:06 At first, the story doesn’t seem to have much to do with Chicago real estate: An online news site has reported that the Chicago Tribune will soon offer fewer classified ads in its print version and instead send readers to on online classified site it owns.The story, written Jan. 21 by MediaPost Publications’ Erik Sass, reports that the Tribune is hoping to save on newsprint costs by directing readers to CareerBuilder, an online classified site it owns with newspaper companies Gannett and McClatchy. This decision is expected to help the Tribune save a significant amount of money in printing costs.It’s also an example of a growing trend: According to the MediaPost story, revenues from newspaper classified listings fell 13.2 percent, 16.4 percent and 17 percent during the first three qu Read more:Estate
, Online Real
Chicago Real Estate Prices on the Rise … Still 2008-01-21 07:14:57 I’ve always said that you can’t rely on national home sales numbers to understand what’s happening in your local housing market. This is especially true of the Chicago
real estate market.If you’re a buyer or seller, you’re fortunate to live in Chicago or its suburbs. Even during the worst of the nation’s housing slump, prices on Chicago condos and single family homes have remained steady: We’ve not seen either the skyrocketing highs of the country’s coasts or the dizzying drops that have followed.Sales data recently just released by the Illinois Association of Realtors® affirms this. In November of last year – the last month for which the association has data – the average sales price of a home in the Chicago area, including its surrounding suburbs, came in at $323,458 Read more:Estate
, Prices
The Chicago Spire: Buy a Home in the Sky 2008-01-18 10:57:50 The Chicago
real estate market is an intriguing one: Economists across the nation agree that our market has held steady through the recent residential real estate slump because its homes, while they have shown steady price appreciation, have not increased their value at an unrealistically fast pace. This did happen on the coasts, and those states – places like California and Florida – have suffered the most during the residential slump.But while Chicago’s real estate market is lauded for its steadiness and stability, its also home to some dazzling residential projects. We have the new Trump International Hotel & Tower in River North. We have the Shangri-La Hotel, Chicago, a hotel/condominium project now rising on Michigan Avenue.And of course, we have the amazing Chicago Spire.Co
Chicago Real Estate: Ready for a Recovery? 2008-01-16 20:20:31 The National Association of Realtors®, the trade group that represents Chicago
real estate agents and agents across the country, shared some good news last week: Its economists are forecasting a gradual recovery in the housing industry, starting this year.The association predicts that the sales of existing homes will hit 5.7 million in 2008, up from the 5.66 million homes sold last year. In 2009, sales will hit 5.91 million, the association says.That may be a far cry from 2006, when agents sold 6.48 million existing homes, but the gradual upward trend in sales is a sign that the housing market, after its slump, is returning to the steady growth that has made residential real estate such a good investment over the years.For Chicago real estate buyers and sellers, this report is good news. Read more:Estate
, Recovery
Investing in Logan Square 2008-01-14 07:06:19 I always appreciate it when the media take a look at the LoganSquare
Chicago neighborhood that is home to my real estate brokerage, Eldorrado Chicago Real Estate.But sometimes I cringe, too. Such was the case when I opened my Chicago Tribune last week to find a story on the “split personality” of Logan Square.The story, which ran in the paper’s Jan. 10 edition, highlighted the business and residential growth of Logan Square, a North Side neighborhood that has often been overlooked by both commercial and residential investors. A string of new businesses has opened in the neighborhood during the last five years. New construction homes have sprouted at an even faster rate.The Tribune also pointed out that Logan Square still sees its share of crime and violence. Unfortunately, this is t Read more:Investing
Sellers: Take a New Attitude for a New Year 2008-01-12 08:47:22 We all know that 2007 was a challenging year in which to sell a home.But what about 2008? Can it be a better year?Absolutely. But first you have to know what buyers are looking for, and then you have to be willing to give it to them.Chicago isn’t unlike much of the country: Home sales were down last year. But remember, sales were down from historic highs. Homeowners still sold plenty of Chicago condos, single family homes and investment properties in 2007. Buyers were still out there looking for homes.This will be the case in 2008, too. It won’t be a record-setting year for home sales, in Chicago or across the nation. But it won’t be a dismal year, either. Plenty of buyers are out there. Plenty of home sales will take place.Sellers
, though, need to realize that buyers are more patien Read more:New Year
Interest Rates Dip Again 2008-01-09 08:22:29 It keeps getting cheaper to borrow money. And that’s good news for potential homebuyers.Freddie Mac last week reported that interest rates on mortgage loans fell again. The rates fell to 6.07 percent on 30-year fixed-rate loans, down from 6.17 percent a week earlier. The rates on 15-year fixed-rate loans dropped to 5.68 percent from 5.79 percent.Buyers looking for a Chicago condo, single family home or investment property have one more incentive to take the plunge now. Housing prices are dropping, and so are interest rates. You don’t want to look back a year from now and wish that you had purchased that two-flat in Logan Square or that two story beauty in Lakeview or that perfect Lincoln Park condo when both interest rates and prices had dipped.Buying a house is a huge decision. But Ch Read more:Interest
, Rates
, Again
, Interest Rates
Another Reason to Buy: Rents are Going Up 2008-01-07 08:54:47 The Sunday papers are always a treasure trove filled with interesting news about the residential real estate industry. The Chicago Tribune of Jan. 6 was no exception.The paper’s real estate section featured an intriguing story written by reporter Anne Brennan. The feature asks Chicago real estate pros to predict what they think are going to be some of the top real estate trends in 2008.One trend that immediately caught my attention: The cost of renting an apartment in the Chicago area is going up.Brenann quotes Maurice Ortiz, marketing director for The Apartment People—probably the best-known apartment-finding service in the area—as saying that rents in the Chicago area are rising quickly. Ortiz says that rents are rising as much as 10 percent to 12 percent in the downtown Chicago ar Read more:Reason
, Rents
, Going
Stability in the housing slump? The highest of the high-end 2008-03-12 03:42:43 Chicago is no slouch when it comes to million-dollar-plus properties. Just do a quick search on Eldorrado.com and you’ll see: Chicago real estate boasts some pretty pricey properties.And that’s good news, because the very high-end of the Chicago real estate market is still attracting buyers, even during our current real estate slump.It makes sense, of course: The wealthiest of buyers, those who can afford $3 million mansions in Lincoln Park or $6 million condos on Chicago’s New East Side, are the least impacted by the housing slowdown. They move when they want to. Not when they have to.If you are one of the lucky few who are in the market for a million-dollar-plus property, don’t hesitate to buy. Real estate is still a great investment. Housing prices here have slowed, certainly, Read more:highest
Should you invest in foreclosed Chicago real estate? 2008-03-10 08:43:33 By now, you’ve probably heard the news: The number of foreclosures in the country has reached an all-time high.That’s undeniably bad news, and a reminder of how painful the residential real estate slump has been for many homeowners.Chicago
real estate and the state haven’t been immune. RealtyTrac, a provider of foreclosure data, reported that Illinois saw 7,807 homes fall into foreclosure in January of this year, the most recent period that the company had data for.As the number of foreclosures rises, some of my clients have been asking whether this is a good time to invest
in one of these homes. My answer? Yes. If you’re fully aware of what investing in a foreclosed Chicago condo or single-family home truly entails.Purchasing a foreclosed home isn’t an easy task. You have to jum
Not all Chicago mortgage loan officers are villains 2008-03-14 01:29:19 I work daily with several Chicago
mortgage loan officers
. And I can say that our city is blessed to have such talented, hard-working mortgage professionals working here.I bring this up, because mortgage loan officers, not only in Chicago but across the country, have gotten a bad reputation as foreclosures have risen. Many blame mortgage professionals for persuading homebuyers to take out loans that they couldn’t afford.It’s true, of course, that some Chicago mortgage professionals acted irresponsibly during the days of the housing boom, signing up borrowers for adjustable rate mortgages with initial interest rates that were artificially low. When the rates adjusted to more realistic ones, these homeowners found they could no longer make their monthly mortgage payments.But the vast majo
The Chicago real estate buyer-seller battle. Can we avoid it? 2008-03-17 08:03:54 Sunday’s Chicago
Tribune had an interesting cover story focusing on the seemingly endless battle between those selling a home and those buying one.The story brought home an unfortunate point for me: I never think it’s a good idea when Chicago real estate buyers and sellers view each other as enemies. I prefer a different approach: Buyers and sellers should be looking for compromises, ways in which to get a transaction done that will benefit everybody.In today’s Chicago real estate market, it’s common knowledge that buyers have the upper hand. It’s taking longer for properties to sell. There is more inventory in Chicago neighborhoods like Logan Square, Old Town, Uptown, Ravenswood, Garfield Park and Portage Park. All this means that buyers have the advantage when it comes to negot
The importance of personal service 2008-03-19 01:49:13 We all know that the Chicago real estate market has changed. It’s taking longer for homes to sell even in the hottest of Chicago neighborhoods; places like Lincoln Park, Bucktown, Wicker Park and Lakeview.At the same time, those selling Chicago condos, townhouses or single-family homes have to be extra careful to price their residences properly. Price them too high, even slightly, and the buyers won’t come.It’s not impossible for a seller to do well in today’s Chicago real estate market. They just need help … from a skilled and attentive Realtor®.That last part – attentive – is important. It’s easy to sometimes get lost in the shuffle when you’re working with a real estate agent. Realtors® are busy people. And when you’re working with a large real estate brokerage, so
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