Archive for January 2015

The Real Reasons Some Realtors Promote Pocket Listings

The Real Reasons Some Realtors Promote Pocket Listings
Last week I posted on how the seriously flawed pocket listing concept continues to be pushed by certain realtors and Web sites. It should be clear from that post and an earlier one what the issues are with this real estate strategy. So the obvious question then is why do these realtors continue to push... Read more »

Pocket Listings: The Growing Fad To Sell Homes "Not On The MLS"

Pocket Listings: The Growing Fad To Sell Homes "Not On The MLS"
If I might say so myself I pretty much decimated the arguments for pocket listings about a year and a half ago. In fact, for once I’m actually in agreement with the majority of real estate agents – most oppose selling homes “not on the MLS”. All you have to do is google the term... Read more »

Jerry Kleiner's West Town Villa Sells For $2.35 MM After 4 Years

Jerry Kleiner's West Town Villa Sells For $2.35 MM After 4 Years
About a year and a half ago I posted on restaurateur and designer Jerry Kleiner’s West Town Villa which was for sale at 1424 W Ohio. In fact, at the time, the house had already been on the market for quite a while. As I pointed out then the challenge was that the house was... Read more »
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RealtyTrac Market Report: Chicago Foreclosure Activity Spiked At Year End

RealtyTrac Market Report: Chicago Foreclosure Activity Spiked At Year End
After hitting at least a 5 year low in November, Chicago foreclosure activity spiked at the end of the year according to data that was part of RealtyTrac’s 2014 Year End Foreclosure Market Report released yesterday. The data in the graph below goes back to early 2009 and you can see that the spike in... Read more »

Chicago Property Tax Inequality Revisited

Chicago Property Tax Inequality Revisited
Hey, Joe Berrios! You paying attention? Back in August I wrote a post on how Chicago’s property taxes hit the poor disproportionately in which I demonstrated how there was a systematic bias in the county’s assessed values for homes. More expensive homes had more of a negative valuation bias than cheaper homes. The effect was... Read more »

Chicago's Most Expensive Homes: Ann Lurie Lowers Prices On Mansion And Condo

Chicago's Most Expensive Homes: Ann Lurie Lowers Prices On Mansion And Condo
Ann Lurie owns two of Chicago’s most expensive homes – a mansion and a co-op – and has been trying to sell them for close to 2 years now, without success, which only further supports my mantra that it really doesn’t matter how you “market” a property or which realtor you use if the buyers... Read more »
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Chicago Weather: Average Temperatures Show 2 More Weeks Of This Misery

Chicago Weather: Average Temperatures Show 2 More Weeks Of This Misery
God I hate Chicago weather! Yeah, I grew up in Dallas. So every year at this time I pull up a handy dandy chart that I created that shows the average high, low, and average temperatures in Chicago by day. And as you can see from the graph below (it’s clickable so you can see... Read more »

Myths And Lies: Why Do Real Estate Agents Make So Much Money?

Myths And Lies: Why Do Real Estate Agents Make So Much Money?
It’s a great question and one that I asked many years ago, which prompted me to get into the real estate business in the first place: Why do real estate agents make so much money? And the answer is so complicated that I can’t do it justice in just one blog post. So I’ll simply... Read more »

Chicago Real Estate Market Update: 2nd Best December In 8 Years

Chicago Real Estate Market Update: 2nd Best December In 8 Years
You see…when I phrase the headline like that it doesn’t sound so bad that home sales were actually down in December from last year. The Chicago real estate market pretty much ended 2014 the same way it has been running the past few months – overall sales down a bit from last year but non-distressed... Read more »
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Short Sale Tax Relief For 2014 Just In The Nick Of Time

Short Sale Tax Relief For 2014 Just In The Nick Of Time
As I pointed out in November, the income tax laws essentially dictate that short sellers pay income tax on phantom income when they sell their home: 4 Really Crazy Homeowner Tax Laws. As you might imagine paying a short sale tax would be devastating for someone who just lost their home along with their down... Read more »