Archive for May 2011

Chicago Condo Prices Fall To March 2000 Levels

I’m running out of ways to say that home prices are falling so I’m going to have to start recycling headlines. But what’s interesting about March’s Case Shiller home price index numbers for Chicago is that condo prices in the city continue to fall at a much faster rate than single family home prices –... Read more »

Want A Copy Of A One Million Dollar Check?

Feel free to download as many copies as you want of that check. I’m sure the demand will be underwhelming. So why then is there this silly tradition amongst some listing agents and sellers to ask for a copy of the earnest money check? And some buyer’s agents even voluntarily provide it. Is it supposed... Read more »

Only 229 Days Left For 100 Watt Light Bulbs

Only 229 Days Left For 100 Watt Light Bulbs
Are you aware that you only have 229 days left to legally buy 100 watt incandescent light bulbs in the US? It’s the result of a law passed by congress to encourage energy efficiency. And by 2014 you won’t be able to buy any incandescent light bulbs 40 watts and above. Once that happens you... Read more »

Developer's Closeouts In The South Loop's Columbian - Good Deals?

Kind of boring
As I mentioned last week I recently got an email promoting the high cooperating commissions being offered by The Columbian at 1160 S Michigan, in Chicago’s South Loop. As I’ve previously posted, such offers don’t make a lot of sense to me and reek of desperation so I was very interested to attend their open... Read more »

Is Chicago's Housing Market As Bad As Detroit's?

I find it hard to believe that Chicago’s real estate market is anywhere near as bad as Detroit but I was shocked to learn that the serious delinquency rate for first liens in the broader Chicago metro area at the end of 2010 was in excess of 11% and actually slightly higher than Detroit. I... Read more »

Do high cooperating real estate commissions help sell homes?

The other day I got an email promoting the closeouts at The Columbian at 1160 S Michigan Ave (more on that in another post). One of the things that got my attention was that they are offering buyer’s agents a 3.5% commission on all the units except the penthouse unit listed at $1.9 MM on... Read more »

More Foreclosure Delays: Slowly Peeling Away The Band-Aid

At this rate the pain of the current housing crisis is never going to end. RealtyTrac just came out with their April Foreclosure Market Report and on a national basis foreclosure activity reached a 40 month low as a result of “massive delays” in the foreclosure process, NOT because of any improvement in the housing... Read more »

Will Chicago Home Prices Start To Rise As Sellers Hold Back?

Although I just posted on how Chicago home prices continue to fall at a very rapid rate there is a positive sign on the horizon. It would appear as though Chicago home sellers have finally had enough of falling prices and are refusing to put their homes on the market – they’ve drawn a line... Read more »

Chicago Home Prices Falling 2%+ Per Month; More Homes Underwater

Not to diminish the tragedy in Memphis but a ton of homes are underwater in Chicago too. Zillow came out with their first quarter report yesterday and they are claiming that almost 46% of area homes are underwater at this point – i.e. the homeowners owe more money than the home is worth. Now don’t... Read more »

Midwest To Waste $400 MM On High Speed Rail

I fear I am getting way too political for a real estate blog but I can’t help myself. Breaking news: Midwest to get $400 MM in high speed rail funds. My first thought is that we already have a high speed mode of transportation from Chicago to Detroit and St. Louis. It’s called Southwest Airlines:... Read more »