Quick Links

Blog Categories



Mortgage Sites

Chicago Info/News

Real Estate Blogs

Real Estate Sites

Helpful Tools

Developers

Archive for the 'Chicago Neighborhoods' Category

Not All Buildings Are Created Equal

Not All Buildings Are Created Equal

Not All Buildings Are Created Equal

The Chicago housing market is still in a recovery period. Home sales are down from last year, but the median prices that sellers are fetching when they do sell their properties are on the rise.

And, as a recent story by Chicago Magazine shows, few properties in Chicago demonstrate the ups and downs of the current market quite like Jackson Towers in the city’s Hyde Park neighborhood.

This 19-story high-rise residential tower holds 72 units, and is home, as Chicago Magazine says, to several of the most prominent residents of Hyde Park. But, as the story also says, selling units here has been both lucrative and challenging.

Here’s an example: On the last day of October, a seller sold a 5,200sqft duplex in the building for $960,000. That represents the priciest condo sale ever at this building.

That’s good news, right? Not completely. The sellers had originally listed the unit for $1.3 million in March. This, then, is the downside of selling at Jackson Towers: Many of the condo units that have sold here recently have gone through significant price reductions before finding buyers.

Why? Chicago Magazine points first to large-scale maintenance projects taking place at the tower. These projects often come with special assessments, and those can make potential buyers hesitate. At the same time, the city’s residential housing market, though in recovery mode, hasn’t yet seen prices rise to 2005 and 2006 levels in most neighborhoods – and especially in Hyde Park. This has hurt buyers at Jackson Towers who are hoping to nab larger offers on their units.

Then there’s the fact that Jackson Towers isn’t a new property. There are no pools or roof decks at the building. Buyers, then, often choose newer buildings that boast more modern amenities.

A close look at Jackson Towers is interesting. As the Chicago Magazine story says, it really does highlight the challenges and rewards of selling condo space in today’s Chicago housing market. The bottom line? Sellers can earn big prices for their condos. But it helps if these units are in the right buildings with the right amenities.

Spoken by Mario Greco | Discussion: Comments Off

The Strength of Chicago’s Downtown Neighborhoods

 The Strength of Chicago’s Downtown Neighborhoods


The Strength of Chicago’s Downtown Neighborhoods

How hot are apartments in Chicago? Consider this news from Crain’s Chicago Business: A Chicago landlord is selling a key apartment building in downtown Chicago’s Streeterville neighborhood for $74 million. That’s more than twice what the company paid for it in 2012.

This counts as positive news even for the owners of single-family homes or condominiums in or near downtown Chicago. It shows just how hot these inner-ring neighborhoods are, and how much of a draw they continue to be for new residents.

If you need to sell a home in one of the busy neighborhoods surrounding downtown Chicago — places like River North, Lakeview, Lincoln Park, Streeterville or the West Loop — you can expect plenty of demand for property that is priced right.

According to the Crain’s story, Waterton Associates is selling the Seneca apartment building in Streeterville to Emmes Asset Management, a real estate investor from New York City. The 16-story building at 200 E. Chestnut St. is a well-known structure in the Streeterville neighborhood.

Crain’s reports that the sale should close by the end of the year. When it does, Waterton will enjoy a big profit. According to the story, Waterton Associates paid $35.6 million to buy the 254-unit Seneca in March of 2012. Back then, the property was a hotel-apartment building. Crain’s reported that Waterton spent about $6 million to renovate the building and turn it into a more traditional apartment building.

Crain’s says that Waterton isn’t the only investor in Chicago apartment buildings that is making a big profit these days. Downtown apartments are hot, with low vacancies and high rents. The reason? People like to live in or near downtown Chicago. There are plenty of restaurants, shops, bars and theaters here, so there’s plenty to draw in new residents.

And this should make you particularly happy if you own a home in this area. When it’s time to list and if you’re priced right, you should expect to generate plenty of solid offers.

 

The MG Group is an award winning residential real estate group that has been ranked #1 IN ILLINOIS & TOP 40 IN THE NATION since 2011 by The Wall Street Journal & in Real Trends’ THE THOUSAND TOP REAL ESTATE PROFESSIONALS. The MG Group is also recognized as a LUXEHOME 25 by Top 25 Luxury Broker in Chicago and FIVE-STAR REAL ESTATE PROFESSIONAL by Chicago Magazine.  SHARE THIS POST & FOLLOW US NOW ON:

Spoken by Mario Greco | Discussion: Comments Off

New City Development to Make Lincoln Park Even More Attractive – and Congested

New City Development to Make Lincoln Park Even More Attractive – and Congested

New City Development to Make Lincoln Park Even More Attractive – and Congested  Photo via Chicago Magazine

Lincoln Park has long been one of the hottest neighborhoods in Chicago. And it’s due to get even more attractive to potential home buyers. That’s because, as Chicago Magazine recently reported, the New City mixed-use development is bringing yet more retail and apartment options to the neighborhood.

Lincoln Park is already filled with restaurants, shops, theaters and nightlife options. That’s good for anyone who owns property here – putting aside the added traffic this will bring to an already congested neighborhood. However, when a neighborhood is this strong, it makes the housing here particularly valuable. And as sales prices throughout Chicago slowly rise, the residences in Lincoln Park are seeing their already considerable values continue to inch up.

I expect that the New City development – which today ranks as the largest construction project taking place in all of Chicago — will only add to the appeal of Lincoln Park and, therefore, will provide yet another boost to the housing in this prime Chicago neighborhood.

New City was first conceived of way back in 2007. The development, located near Clybourn Avenue and Halsted Street, will, once complete, include a 14-screen ArcLight Cinema, Mariano’s supermarket, bowling alley, Dick’s Sporting Goods and many restaurants.

Chicago Magazine reports that the retail portion of the project when complete will total 370,000sqft. There’ll also be 30,000sqft of medical office space. Construction is moving along steadily. In all, the $260 million development is already about 75% complete. The development has also already leased out 80% of its retail spaces.

This December, construction should begin in earnest on the project’s apartment component. This is an important part of the project. Urban living has become increasingly popular with young consumers. Young renters want to live in an exciting urban environment, and few urban areas offer as much as does Lincoln Park. You can expect demand, then, to be high for any new apartment units that become part of this project.

Chicago Magazine reports that the goal is to have the apartments ready for tenants in May of 2015.

I’m excited about this project. Any new construction that promises to provide even more appeal to Lincoln Park is a welcome one.

 

The MG Group is an award winning residential real estate group ranked #1 IN ILLINOIS & TOP 40 IN THE NATION since 2011 by The Wall Street Journal & in Real Trends’ THE THOUSAND TOP REAL ESTATE PROFESSIONALS. The MG Group is also recognized as a LUXEHOME 25 by Top 25 Luxury Broker in Chicago and FIVE-STAR REAL ESTATE PROFESSIONAL by Chicago Magazine.  SHARE THIS POST & FOLLOW US NOW ON:

Spoken by Mario Greco | Discussion: Comments Off

REALTORS® Confidence is Dipping. But Should Yours?

REALTORS® Confidence is Dipping. But Should Yours?

REALTORS® Confidence is Dipping. But Should Yours?

REALTORS® aren’t quite as confident about the housing market as they once were, according to the latest confidence report released by the National Association of REALTORS® (“NAR”).

The big question is WHY? What accounts for this drop in confidence?

According to the report, REALTOR® confidence in the housing market in September fell to its lowest level in 2.5 years. Lawrence Yun, chief economist for NAR, said that he isn’t really sure why the confidence levels have dropped. After all, the economy is still recovering, and consumer confidence is on the rise.

I know, too, that the housing market on the North Side of Chicago is still a strong one, and one that calls for confidence. Yes, sales of Chicago condominiums and single-family homes are down from last year. But, in good news for sellers, the sales prices of these city homes have been steadily rising. That’s particularly true in such strong neighborhoods as Lincoln Square, Lakeview, North Center, Logan Square and Lincoln Park.

Of course, the housing market is not perfect. It still faces its own challenges. And that might be what’s behind the drop in confidence among REALTORS®.

The NAR report points to one such challenge: It’s more difficult for consumers today to qualify for mortgage loans because of more stringent credit standards. That, of course, has reduced the number of consumers in the housing market and the number of home sales, both in Chicago and across the nation.

Others said that there is a smaller number of affordable homes available for first-time buyers, and that is keeping these buyers out of the market.

Whatever the big issues are, it’s clear that the housing market faces challenges. Of course, this is nothing new. The housing market always faces challenges. But here’s a truth: It has always found ways to overcome these challenges, too.

I think this is true today. It still makes sense to buy a home in Chicago. This is a great city. And there are plenty of affordable, quality homes on the market. I have confidence in this market, and you should, too.

 

The MG Group is an award winning residential real estate group ranked #1 IN ILLINOIS & TOP 40 IN THE NATION since 2011 by The Wall Street Journal & in Real Trends’ THE THOUSAND TOP REAL ESTATE PROFESSIONALS. The MG Group is also recognized as a LUXEHOME 25 by Top 25 Luxury Broker in Chicago and FIVE-STAR REAL ESTATE PROFESSIONAL by Chicago Magazine.  SHARE THIS POST & FOLLOW US NOW ON:

Spoken by Mario Greco | Discussion: Comments Off

Top 5 Neighborhoods in Chicago for Buyers & Sellers

Top 5 Neighborhoods for Buyers’ Market in Chicago

Top 5 Neighborhoods for Buyers’ Market in Chicago

Selling a home in Chicago’s Near West side neighborhood? You’re lucky. And if you’re buying a home in Chicago’s Beverly neighborhood on the South Side? You’re lucky, too.

At least that’s what the latest Buyer-Seller Index from real estate Web site Zillow says.

The monthly index lists the top city neighborhoods for buyers and for sellers. Chicago Magazine real estate writer Ian Spula recently covered the latest index. And the results show that overall, Chicago is still a real estate market that slightly favors home buyers over home sellers.

It’s important to note that Zillow doesn’t consider home values when compiling its index. Instead, the real estate site looks at such factors as how many sellers drop their asking prices and how long it takes homes to sell. The index also compares sales-to-list-price ratios: What percentage of the listing prices do buyers actually pay when closing on homes?

The ranking of the top sellers’ and buyers’ markets in Chicago is far from a perfect one. But the Zillow index does provide a good overview of those neighborhoods in which sellers rule and those in which buyers are favored.

According to the Chicago Magazine story, the top five sellers’ markets in Chicago are the Near West Side, Logan Square, River North, East Village and West Lawn. In the Near West Side, just 33.8% of homes had a price cut, while buyers paid an average of 100% of the list price on recent sales.

The five top buyers’ markets were Beverly, Garfield Ridge, Gold Coast, Streeterville and East Lakeview. In the Gold Coast, for instance, 41.4% of recent listings had seen price cuts. And in East Lakeview that figure stood at 47 percent. It also takes longer for homes in these markets to sell.

Don’t take this to mean, though, that owners in neighborhoods such as the Gold Coast aren’t landing good sales prices for their condominiums or single-family homes. They are. They just aren’t getting quite as much as they want, and they’re not selling their homes, on average, as quickly as they’d like.

The MG Group is an award winning residential real estate group ranked #1 IN ILLINOIS & TOP 40 IN THE NATION since 2011 by The Wall Street Journal & in Real Trends’ THE THOUSAND TOP REAL ESTATE PROFESSIONALS. The MG Group is also recognized as a LUXEHOME 25 by Top 25 Luxury Broker in Chicago and FIVE-STAR REAL ESTATE PROFESSIONAL by Chicago Magazine.  SHARE THIS POST & FOLLOW US NOW ON:

Spoken by Mario Greco | Discussion: Comments Off

« Previous Entries



Directory of Real Estate Blogs

Copyright © 2007 Mario Greco     Agent Login     Design by Real Estate Tomato     Powered by Tomato Blogs