Archive for May 2010

Ferris Bueller House Marked Down And Still On Market

Wouldn’t it be cool to tell people that you own the house from Ferris Bueller’s Day Off? You know which one I’m talking about. The one with the glass, cantilevered garage that the Ferrari drives itself out of and crashes into the ravine. That’s an iconic image. In the movie, the house actually belonged to... Read more »

How To Shop For A Mortgage

How To Shop For A Mortgage
Many home buyers don’t plan on shopping around for a mortgage. Often they have an existing relationship with a financial institution and they erroneously believe that that will get them the best cost and the best service. We always encourage buyers to shop around – not only because they might find a lower cost deal... Read more »

Chicago Home Prices Continue Their Plummet

It looks like time travel is not just limited to the characters of Lost. Home prices in the Chicago area continued their fall in March, with single family home prices back to April 2002 levels and condo prices back to August 2001 levels. This is the first time we’ve turned the clock back to 2001!... Read more »

Chicago April Home Sales Spike 47% In Last Days Of Tax Credit

Chicago April Home Sales Spike 47% In Last Days Of Tax Credit
With the last minute flurry of home buying activity in March and April it should come as no surprise that home sales (closings) spiked in April. The Illinois Association Of Realtors (IAR) released their monthly sales figures this morning and it shows that home sales in the broader Chicago area  were up 47% over April... Read more »

The Latest On The Chicago Spire

Earlier this week (yeah, I’ve been busy) Crain’s reported that Shelbourne Development Group, the developer of The Chicago Spire, has closed their sales center in The NBC Tower and will now be selling units in their own offices on Wacker Drive. It seems that Shelbourne owed their landlord about $316,000 in back rent and the... Read more »

Crain's: Huge Reduction In Downtown Developer Condo Inventory

Yesterday Crain’s reported a huge decline in the inventory of unsold condos in downtown Chicago – half of what it was two years ago. What drove the decrease? Canceled projects and discounting. According to the article “Downtown builders sold 256 condos and townhomes in the first three months of the year, up from 148 in... Read more »

Flipping Multi-million Dollar Properties

This is one of several interesting real estate stories that appeared in Crain’s yesterday. A trader named Igor Chernomzav, a co-founder of Hard Eight Futures LLC, bought a 12,000-square-foot condominium on the 56th and 57th floors of the Elysian Hotel & Private Residences. He paid more than $7.25 million for a unit that he plans... Read more »

To Rent Or To Sell Your Home - That Is The Question

The Chicago Tribune ran an article yesterday on Renting What You Can’t Sell – or becoming an unintentional landlord. The article seemed fairly well balanced, despite quoting several realtors that you always have to wonder about having their own agenda in such matters. I get asked this question a lot – “should we just rent... Read more »

Chicago Unsold Inventory Index Indicates Tighter Condo Market

It’s probably just a function of the last minute crunch to take advantage of the expiring tax credit but the supply of 2 – 3 bedroom condos in Chicago at the end of April was at it’s lowest level in 4 years. We just wrapped up our bimonthly analysis of Chicago condo inventory and it... Read more »

Chicago And Illinois Foreclosure Activity Jumps While Nation's Falls

This morning RealtyTrac released their U.S. Foreclosure Market Report™ for April 2010. The headlines will read that foreclosures dropped by 9% from the previous month but that’s at the national level. For Chicago and Illinois the story is very different. Illinois was one of 5 states with the dubious distinction of contributing more than 50%... Read more »