Chicago Metro Area Real Estate

INSIGHTS FOR CHICAGO AREA HOME BUYERS
May 14, 2008

Chicago Tribune Reports “Record condo numbers to saturate downtown”

Downtown's Aqua Condos Under ConstructionToday’s Chicago Tribune Business Section has a good article on the downtown condo market titled, “Record condo numbers to saturate downtown.”

According to the article, nearly 6,000 condos are expected to come on the market this year. That compares with less than 4,800 last year.

But don’t expect lower prices. Instead developers will probably offer better upgrades.

In a related article, “Chicago home sale prices down 6%“, the Tribune reported that median metropolitan Chicago condo prices for existing units rose 7% from a year ago.

May 10, 2008

Arlington Heights Home Appreciation Mixed

Chicago.EveryBlock.Com LogoThis morning I showed 9 houses in Arlington Heights all within a mile of the Arlington Heights Metra Station. The Metra Station located in downtown Arlington Heights is right on the border between the 2 zip codes for Arlington Heights, 60004 (north of Northwest Hwy.) and 60005 (south of Northwest Hwy.) as show in the map on the left.

Comparing the median house sale price* for the past 12 months to the previous 12 months, price appreciation has moved in different directions for the 2 zip codes. The median house price increased 1 % for 60004 while it dropped 4% for 60005.

Condo prices moved in the opposite direction of the house prices. In 60004 while house prices rose slightly, median condo sale prices dropped 6% compared to a year earlier. In 60005 while house prices fell, median condo prices rose 2%.

*Based on Midwest Real Estate Data LLC (MRED) Data. MRED was recently formed by the merger of MLSNI and MAP MLS.

May 7, 2008

Check EveryBlock Chicago for Chicago Crime Stats

Chicago.EveryBlock.Com LogoFriday I showed houses in the Norwood Park, West Town, and Rogers Park areas of Chicago. One of my buyers’ concerns is neighborhood safety.

A new web site just started this year, Chicago.EveryBlock.Com, replaces the previous site, ChicagoCrime.Org. EveryBlock not only provides Chicago crime statistics, but a variety of other news by location in the city of Chicago. Check it out for the Chicago neighborhoods you’re interested in!

May 3, 2008

Highland Park’s Access to 5 Metra Stations

Today I showed houses in Highland Park to a couple relocating from Reno, NV. One of their requirements is a home within a mile of a train station. As you can see in the map below, Highland Park provides plenty of neighborhoods that meet this requirement with 5 Metra Stations on the Union Pacific District North Line within walking distance of various parts of Highland Park. Three, (Braeside, Ravinia, and Highland Park) are actually in Highland Park. Two (Highwood and Fort Sheridan) are in the tiny suburb of Highwood surrounded by Highland Park and another tiny suburb, Fort Sheridan.

Highland Park Metra Stations

April 29, 2008

Chicago Real Estate Transfer Tax Increases, But Not for Buyers!

Back in February I wrote about the Chicago City Council’s vote to increase the buyer transfer tax on homes (see “Tax to Buy a Chicago Home Increases 40% April 1st - No Joke!“). The tax increased, but fortunately for buyers, sellers ended up paying the increase.

In a last minute ammendment, the council voted for home sellers to pay the $3/$1,000 value increase. So Chicago home buyers will continue to pay $7.50/$1,000 value, while sellers have one more closing cost to pay.

April 25, 2008

Oak Park Condo Dog Limits

2 PuppiesRecently, I worked with buyers who have 2 dogs. They seriously considered a new condo development in Oak Park and mentioned the dogs to the staff at the sales office who didn’t mention an issue with the dogs. Later while at an open house for a townhouse in neighboring Forest Park, they mentioned the dogs and that they had considered the new condos in Oak Park to the hosting agent. The hosting agent informed them much to their surprise that they couldn’t have more than one dog in a condo in Oak Park!

That isn’t exactly true. According to the city of Oak Park, up to 3 dogs are allowed in Oak Park townhouses and up to 2 dogs are allowed in units in 2 and 3 flats. These can be condos. However, in all other condos (including the new condos my buyers considered!) the one dog rule applies. Read “Facts About Keeping Animals in Oak Park” for the details.

April 21, 2008

The Standard Chicago Lot Size

Part of a Chicago Plat Map with Standard Chicago LotsIf you see the term, “Standard Chicago Lot”, on listings and don’t know what it means, you’re not alone. In fact, a lot Chicago listing agents don’t know what it means either!

In a very non-scientific test yesterday, I picked 3 areas of Chicago and searched for listings with a lot size of Standard Chicago Lot. I went through the first 50 listings noting the lot dimension for these homes with Standard Chicago Lots. (I really do have a life, but one of my pet peeves is listings where the lot size (e.g. 0.25 to 0.50 acres) isn’t supported by the lot dimensions. (e.g. 85×150). ;) )

Here are all the different lot dimensions I found:

22×50 (This must be a REALLY SMALL house! :) )
24×125
25×107
25×108.08
25×116
25×120
25×123
25×124
25×125
25×128
25×150
29×50
30X115.65X41.96X85.78 (I’m pretty sure this isn’t any kind of standard lot! :) )
30×125
35×115
43×103
50×175
56×47
62×26
66.50×28

Out of 50 listings with a lot size of Standard Chicago Lot size, only half of them had the correct dimensions, 25×125! Now you know something that many Chicago listing agents don’t! ;)

April 17, 2008

Watch HGTV’s “25 Biggest Real Estate Mistakes”

HGTV LogoWhen I worked in the corporate world, management often wouldn’t listen to employee suggestions. They would, however, follow the advice of outside consultants whose recommendations came from talking with the employees. If only the management listened to their employees, they could have saved the cost of the consultants!

I see this happen sometimes in working with home buyers and sellers. I give advice, but not everyone listens. So here’s how to get good outside expert advice and it’s free!

Watch HGTV’s “25 Biggest Real Estate Mistakes”. Upcoming episodes of this special HGTV presentation will be shown

  • April 20th 4:00 pm CDT
  • April 21st 5:30 am CDT
  • May 14th 3:00 pm CDT
  • Anyone thinking of buying or selling a home in the next year should watch this show! Then call me when you’re ready to take action!

    April 14, 2008

    Evanston Median House Prices Flat to Higher in 2 out of 3 Zip Codes

    On Saturday I met with a couple of gentlemen who want to sell their house in Evanston and move to a larger house in the same area. Their house is in the 60201 zip code in Evanston which had the highest rise of any Evanston zip code for median house sale prices* during the past 12 months, rising 3.75%. Median house prices for zip code 60203 were basically flat, rising only 0.5%. Prices in the southern part of Evanston, zip code 60202, dropped 6.2% during the last 12 months compared to a year earlier.

    The Evanston zip codes are shown below. Zip code 60208 is for Northwestern University.

    Evanston House Price Appreciation By Zip Code

    *Based on Midwest Real Estate Data LLC (MRED) Data. MRED was recently formed by the merger of MLSNI and MAP MLS.

    April 11, 2008

    Forest Park Median Sale Prices on the Rise!

    Yesterday I showed townhouses in the north part of Forest Park. I think the area has a lot going for it being walking distance to both Oak Park’s downtown and Forest Park’s downtown.

    While many Chicago suburbs have seen dips in their median sale prices over the past 2 years, median home prices in Forest Park* have been flat or rising as the chart below shows.

    Forest Park Median Home Sale Prices

    *Based on Midwest Real Estate Data LLC (MRED) Data. MRED was recently formed by the merger of MLSNI and MAP MLS.

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