Archive for June 2010

Congress Approves Extension Of Homebuyer Tax Credit

Since I have 2 deals that were counting on the homebuyer tax credit I have been monitoring this story pretty closely the last couple of days. Like many deals, the contracts were signed before the April 30 deadline and all we had to do was close by today. However, with short sales always taking too... Read more »

Last Union Row Townhomes Under Contract

I got an email from Joe Zekas this morning pointing out to me that the last of the Union Row townhomes has sold. He covers this in his blog post, linked above. You will also note that in his post he links to my earlier Union Row post as an example of how some brokers... Read more »

Chicago Home Prices Rebound In April

Well, it had to happen eventually. The April Case Shiller home price indices for Chicago just came out a few minutes ago and finally they show an improvement after 6 months of declines. The indices for single family homes and condos originally appeared to be turning the corner in May of last year but then... Read more »

University Village's Most Expensive Home Closes At 27% Discount

After 893 days on the market, 1446 S Emerald in Chicago’s University Village just closed at $1,225,000 vs. a list price of $1,675,000, which is a 27% discount. I have to believe that this home is currently the most expensive home in University Village because it was the model home and originally listed at $1.7MM... Read more »

What You Can Do About The Chinese Trade Deficit

This has nothing to do with real estate but I thought it was interesting. The Chinese trade deficit is sort of like the weather – everybody talks about it but nobody does anything about it (actually attributed to Charles Dudley Warner and not Mark Twain). But what can you really do about the trade deficit... Read more »

French Provincial Palace - $799,000

Just ran across this “French Provincial palace” last night when my Near South real estate search bled over into Armour Square. Here is the description: IT’S A PALACE. IT’S ONLY ONE. ABSOLUTELY STUNNING EXTERIOR LOOK ON THIS FRENCH STYLE 4-STY HOUSE W/BEAUTIFUL WHITE MARBLE DECK ABOVE BLACK GRANITE POND. THE INSIDE ALWAYS TAKES VISITORS’ BREATH... Read more »

Housing Market Not Likely To Recover Fast

Some people who want to sell their homes often decide to hold off on the hopes that home prices are going to “come back” soon. Implicit in this decision is the assumption that when home prices do come back they are going to come roaring back – i.e. they’ve dropped 29% so a big double... Read more »

May Home Sales Rise 34% In Chicago Area

May Home Sales Rise 34% In Chicago Area
A few minutes ago The Illinois Association of Realtors announced that May home sales rose 33.6% in the Chicago area. The chart below shows the historic sales data going back to January 2006 along with a 12 month moving average line that smooths out the seasonal fluctuations. In addition, we have flagged each May for... Read more »

Government Likely To Extend Closing Deadline For Home Buyer Tax Credit

Best I can tell, the Senate amended a jobs bill a few hours ago to include a provision that extends the closing deadline for qualifying for the home buyer tax credit. This does not affect the deadline for being under contract, which remains at April 30 of this year. However, it helps an estimated 180,000... Read more »

Chicago Home Prices Cheap By 37%?!?!?

Last week MacroMarkets introduced their Gap Gauge, a new interactive tool for analyzing real estate prices in the US and in the 20 US cities tracked by the Case Shiller home price index. The Gap Gauge builds a trendline based upon the Case Shiller index values prior to 2000, when they believe the housing bubble... Read more »