Archive for March 2012

Chicago Home Prices Hit Lowest Level In 11 Years

Chicago Home Prices Hit Lowest Level In 11 Years
It was all but certain that today’s release of the January Case Shiller home price index for Chicago was going to show continued declines and hit a new record low. And now that we have the numbers we can see just how bad it is – for sellers. With an additional 1.9% decline for single... Read more »

How Long Do Foreclosures Take In Illinois?

How Long Do Foreclosures Take In Illinois?
If you do a Google search for Illinois foreclosure timelines you will see that most legal experts seem to think it should take about 210 – 270 days. However, that’s in theory and the reality is far different. We all know of lots of anecdotes of people being able to live in their homes for... Read more »

Should Realtors Charge Buyers For Working With Them? Koenig & Strey's Announcement

Should Realtors Charge Buyers For Working With Them? Koenig & Strey's Announcement
Earlier this week the Tribune reported that Koenig & Strey will begin charging home buyers a fee for the privilege of working with one of their real estate agents. According to the article here are the key elements of the new program, which the Tribune claims has been common in other parts of the country... Read more »
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How The Chicago Housing Market Really Did In February

How The Chicago Housing Market Really Did In February
As expected the originally reported February home sale numbers for Chicago were wrong. After I contacted the Illinois Association of Realtors they discovered that the original data they received from the Chicago MLS only included 28 days. That damn earth orbit just complicates everything! This actually makes a comparison with February of last year rather... Read more »

I Think The February Chicago Home Sales Numbers Are Wrong

I Think The February Chicago Home Sales Numbers Are Wrong
A few minutes ago the Illinois Association of Realtors reported February home sales for Illinois and Chicago. The numbers for Chicago just look plain wrong to me. According to IAR Chicago sales were up only 2.2% to 1079. But even back on March 7 I was showing at least a 12.5% increase for Chicago’s February... Read more »

Why I Bought A Home Now After Renting For 12 Years

Why I Bought A Home Now After Renting For 12 Years
Realtor’s Home Purchase Ensures That Chicago Home Prices Will Crash On Friday, after renting for 12 years, my wife and I became homeowners for the 4th time. Obviously buying a home in Chicago was not a decision that we entered into lightly. When we first arrived in Chicago in 2000 we suffered from major sticker... Read more »
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Chicago Foreclosure Activity Down 18% In February

Chicago Foreclosure Activity Down 18% In February
RealtyTrac just released their February foreclosure activity report and it shows Chicago foreclosure activity for February down 18% from January. The decline was manifest in all 3 foreclosure stages tracked by RealtyTrac: default, auctions, and bank repossessions. However, you have to look at this decline in the context of the historic variability of these numbers,... Read more »

Despite Declining Home Prices Chicago Rents Rising Fast

Despite Declining Home Prices Chicago Rents Rising Fast
It’s been almost a year since I last posted on the state of the Chicago rental market. At that time I cited a Crain’s article that highlighted the rapid rise in rents in Chicago and pointed out that for the first time in many years renting was becoming more expensive than buying. Now Zillow has... Read more »

Home Alone House Sells For $1.585 Million

Home Alone House Sells For $1.585 Million
After 10 months on and off the market the Winnetka home at 671 Lincoln, made famous in the movie Home Alone, finally sold. Originally listed in May 2011 at $2.4 MM the price was subsequently reduced to $2.175 MM and then to $1.95 MM in August 2011. The home was then withdrawn from the market... Read more »
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Record Low Home Inventory Should Support Chicago Home Prices

Despite the fact that home prices in Chicago seem to be heading lower in the short run there are some strong positive indicators for prices in the longer term. We just updated our home inventory numbers for Chicago for 2 – 3 bedroom condos – the sweet spot of the market – and it shows... Read more »
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    Gary Lucido

    After 20 years in the corporate world and running an Internet company, Gary started Lucid Realty with his partner, Sari. The company provides full service, while discounting commissions for sellers and giving buyers rebates.

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