Archive for March 2010

Chicago Condo Prices Hit New Low

You know that everyone is obsessed with home prices when the Standard and Poors servers go down at 8:00 AM on the last Tuesday of every month. That’s when the revised Case Shiller price indices come out and this server crashing has become a regular occurrence in the last few months. Last month they didn’t... Read more »

Where Are Homes Selling In Chicago?

As another follow up to the reported 41.5% increase in Chicago home sales in February I looked at the breakdown by neighborhood since it was apparent that not all neighborhoods were participating equally in the rebound. In the map below, which can be expanded by clicking on it, dark green corresponds to a 300% or... Read more »

Which Homes Are Selling In Chicago?

After recently reporting on the 41.5% increase in Chicago home sales the natural question that a lot of people are asking is “Where is this because I’m sure not seeing it?” So I looked into it. The first thing I checked was Chicago home sales in different price ranges and, as many expected, it shows... Read more »

Bank Of America To Give Away Money

If you loaned your brother-in-law $10,000 to buy a car and he spent that money on a car that was only worth $5,000 and then when he realized what he had done he decided he wasn’t going to pay you back…what would you do, assuming breaking his kneecaps is not an option? Well, as painful... Read more »

Chicago Home Sales Jump 41.5% Over Last Year

The Illinois Association of Realtors just released home sales for Chicago, the broader metropolitan area, and the state. While home sales in the state of Illinois were only up 15.7%, sales in the metropolitan area were up 32%, and Chicago sales were up a whopping 41.5%. We track monthly home sales for the broader metropolitan... Read more »

Declining Employment Can Only Worsen Chicago Real Estate Market

How much worse can it get? I just picked up the January employment numbers for the greater Chicago metropolitan area and the picture is getting more grim than I thought – we have hit a new 14 year low. The Chicago area has lost 162,000 jobs in just the last 12 months and a total... Read more »

Can New Marketing Strategy Sell A Bad Location?

According to a press release Belgravia Group has selected @Properties to help them sell the remaining 5 units in the Union Row development. The four-story Chicago townhomes offer 3 to 4 bedrooms, 3 to 4.5 baths, 2,460 to 2,901 square feet, and attached, heated two-car garages. Prices recently were reduced by as much as $200,000... Read more »

Professional Real Estate Photos Make World Of Difference

Would you attend a speed dating event wearing a tattered T-shirt? OK…so maybe you’re not into speed dating or you look really good in a tattered T-shirt but you get my point. When you only have 15 seconds to make a first impression you want it to be your best. And when home buyers are... Read more »

The Blob That Ate The Suburbs

Every so often as I’m going through real estate listing photos I run across one that almost causes me to drop my lap top. Inevitably some real estate agent thinks that owning a digital camera makes them a photographer – as if spending $100 on professional photos for a $500,000 listing is asking too much.... Read more »

Real Estate Print Advertising Is Dead

Every so often when challenged as to why real estate commissions are so high a listing agent will say something like “Every time one of my selling clients signs a marketing agreement with me I incur between $2500-$3000 in real costs”. That is a direct quote from a Chicago area agent responding to a recent... Read more »