Interactive map of Chicago's neighborhoods showing number of units sold in 2007
Another fun widget from our friends at ChicagoCondosOnline.com. This widget displays the number of units sold in 2007 in each neighborhood of Chicago and its ranking.
Showing posts with label condominiums. Show all posts
Showing posts with label condominiums. Show all posts
Saturday, June 14, 2008
Thursday, June 12, 2008
Interactive map of Chicago Neighborhoods & sales rank
Another nifty widget from our friends at ChicagoCondosOnline.com that ranks Chicago's neighborhoods in sales and price. Remember that these figures are for condos and townhomes only (Type 2/attached).
Tuesday, June 3, 2008
Chicago Condos Market Overview
From our good friends over at Chicago Condos Online
Stats for condominiums located in Chicago for the Month of May.
Comparing 2008 to the same time last year, the total sales volume appears to be dramatically down, but prices are ever resilient showing a modest 2% gain. It appears that anyone who doesn't need to sell is simply holding onto their condominiums until better days come along, and the units that do sell are appreciating slightly.
Year over Year - May 2008 - May 2007
| Category | May 2008 | May 2007 | Change |
| Actives | 14,227 | 15,020 | -5% |
| New Listings | 3,455 | 4,167 | -17% |
| Closings | 1,247 | 1,966 | -37% |
| Median Sales Price | $329,000 | $299,000 | +2% |
| Total Sales Volume | $496-million | $659-million | -25% |
| Avg. Days on Market | 126 | 123 | +2% |
| Supply | 9.5 months | 9.3 months | +2% |
From April to May it appears that sales increased along with prices. Time on the market increased a bit along with months supply of inventory, but the market picked up during May compared to April.
Month over Month - May 2007 - April 2008
| Category | May 2008 | April 2008 | Change |
| Actives | 14,227 | 14,127 | +0.7% |
| New Listings | 3,455 | 4,464 | -23% |
| Closings | 1,247 | 1,148 | +9% |
| Median Sales Price | $329,000 | $320,000 | +3% |
| Total Sales Volume | $496-million | $441-million | +12% |
| Avg. Days on Market | 126 | 123 | +2% |
| Supply | 9.5 months | 9.4 months | +1% |
Wednesday, May 14, 2008
More interesting stats on Chicago's Real Estate market
So the news over the last few days has not been good. The number of homes sold across Illinois, as well as inside Chicago is down from one year ago. And the average price of a home in Illinois, and in Chicago is down.
One interesting statistic is that the average price for a condominium (attached property including townhomes, condos and co-ops) in the City of Chicago is up 7%. The number that have sold in Q1 2008 is down dramatically from Q1 2007, but prices are holding up. Very interesting.
For example, in Lakeview, the price for a typical 2 bedroom, 2 bath condo is up 4% from last year, but the price for a typical single family home is down 3.3%.
Other news today, Appraisal Research Counselors report that in the Downtown area, nearly 6,000 condominiums are scheduled to come on the market as they near finishing of construction. This will be the greatest number of new condos to go up for sale in history - even counting the boom years in the early 2000's.
On the downside, sales of newly built downtown condominiums plummeted by about 83 percent during the first quarter, to 201 units from 1,207 units a year earlier, according to the same report to be released Wednesday by Appraisal Research Counselors. Yikes!
Most of the buildings that make up the figures contained in the report are already under construction, so most likely can not be cancelled. Your guides predict a mass conversion to apartment buildings later this year. These will be pretty darn nice apartment buildings as most of the condominiums under construction are quite luxurious.
Monday, May 5, 2008
Chicago Condo Market Report for April
The latest stats from our friends over at Chicago Condos Online
Recent Sales (2008 & 2007)
Condo Market Indicators
Year Over Year (April 2008 – April 2007)
| Category | April 2008 | April 2007 | Change |
| Actives | 14,127 | 14,757 | -4% |
| New Listings | 4,464 | 4,928 | -9% |
| Closings | 1,148 | 1,765 | -35% |
| Median Sales Price | $320,000 | $290,000 | +10% |
| Total Sales Volume | $441 million | $575 million | -23% |
| Avg. Days on Market | 123 | 132 | -7% |
| Supply | 9.4 months | 9.2 months | +2% |
Month Over Month (April 2008 – March 2008)
| Category | April 2008 | March 2008 | Change |
| Actives | 14,127 | 13,593 | +4% |
| New Listings | 4,464 | 3,743 | +19% |
| Closings | 1,148 | 1,280 | -10% |
| Median Sales Price | $320,000 | 312,000 | -7% |
| Total Sales Volume | $441 million | $474 million | -7% |
| Avg. Days on Market | 123 | 137 | -10% |
| Supply | 9.4 months | 9.1 months | +3% |
Statistics above based on units closed or listed on the Multiple Listing Service. MLS figures do not include for-sale-by-owner units (FSBOs), typically less than ten percent of all sales.
Based on sales of 18,000 units in 2007. Nationally, inventory, or supply, of more than six months generally indicates a buyer’s market.
Thursday, May 1, 2008
Open Houses for the weekend of May 3 & 4
Sunday, May 4
The Fairfield Greystone
942 North Fairfield
Open Sunday from 11:00 to 1:00
New condos from $255,000
1800 West Erie, #14
New listing in West Town
Open Sunday from 1:00 to 3:00
Two bedrooms, two baths, balcony, rooftop terrace and parking all included for $400,000.
Thursday, April 17, 2008
Open Houses for the weekend April 19 & 20
942 North Fairfield
The Fairfield Greystone
Open Sunday from 11:00 to 1:00
Luxurious new condominiums in a stately vintage building. Incredible fits and finishes. Two beds from $255,000. Parking available.
2946 N. Wood St., Unit D
Wellington Park Townhomes
Open Sunday from 1:00 to 3:00
New listing in Wellington Park. Three bedrooms, 2 & 1/2 baths on four floors. Lots of outdoor space, spacious floor plan, giant windows, tons of sunlight. Painted and cleaned this week for your immediate move-in.
Friday, April 11, 2008
Open Houses the weekend of April 12 & 13
Saturday, April 12
Warren Corner Condominiums
2034 W. Arthur & 6504 N. Seeley
Open Saturday from 1:00 to 3:00
Come see the new furnished model! At Warren Corner we have one beds from $135,000 and two beds from $155,000. These condos are finished beautifully, and they're ridiculously affordable!
Sunday, April 13
2523 North Harding
Open Sunday from 1:00 to 3:00
$400,000
New listing! Single Family Home with 4 beds (plus two more in the basement) and 2 baths. Large lot offers a nice side yard and back yard.
Thursday, April 3, 2008
Canary in the Coal Mine? Foreclosures in the news
While Chicago is not suffering the mortgage crisis as painfully as residents of the Coasts, Florida and Las Vegas, more and more foreclosure news has been creeping into the news lately.
A roundup of foreclosures in the news in the last month:
March 3 Crain's Chicago Business
Foreclosure flu spreads: 14,250 foreclosures in 2007, a 46% increase over 2006.
Northwest Side neighborhoods like Albany Park, Logan Square and Portage park saw their numbers more than double, according to a new report provided to Crain's ahead of it's scheduled release.
Those areas drew newcomers in large numbers in recent years as first-time buyers sought affordable alternatives to pricier city neighborhoods like Lincoln Park, Lincoln Square and Lakeview.
Tower builder tie-up: Related Companies and Magellan discuss a combo as two major projects falter.
Talks to combine two of the Chicago area's largest developers come at a critical time for Related Midwest LLC. The luxury condominium developer is struggling with a slow sales start at its two newest projects and has been without a president.
Related Midwest LLC developments include:
- 340 on the Park - already completed
- Canyon Ranch Living - planning
- Pestigo - Planning
- Roosevelt Square - Under construction
Magellan Development is currently building several high rises at Lakeshore East on the New East Side.
Decline seen in apartment sales
Sales of Chicago-area apartment buildings could drop 30% this year, to $1.08 billion, from a record breaking 2007, according to a report from CB Richard Ellis, Inc.
Signs of the slowdown were evident late last year, a time when sales activity typically spikes as investors hurry to complete deals before yearend. But only 42% of the Chicago deals close din the second half of last year, as opposed to 69% in the last 6 months of 2005, the previous record year when sales totaled $1.89-billion.
March 10 Crain's Chicago Business
A Sterling example of condo Bust: Foreclosures, falling prices: a bad omen?
Over the past three years, lenders have filed 95 foreclosure suits, accounting for about $40-million in loans, on condominiums in the 389-unit high-rise, fueling a big drop in condo values throughout the building.
The tower represents a worst-case scenario in a downtown condo market that is weak but so far hasn't seen the falling prices and rising foreclosures that have afflicted once-hot markets like South Florida. The real test for condo owners will come over the next two years, when downtown developers are expected to complete more than 10,000 condo's, an unprecedented jump in supply.
A nice building in a superior location seems an unlikely victim of rampant foreclosures, but artificially propped up prices along with developer incentives may have played a part in its unfortunate predicament.
American Invsco Corp attracted a lot of investors with incentives such as two years of free taxes, two years of free assessments, and artificially propped up cash flow. One incentive offered to make up the difference between the rent and the mortgage + tax + assessment payments for a two year period.
It was too good to be true for some buyers. As the incentives wore off, many buyers saw their monthly payments soar to unsustainable levels.
A trickle of foreclosures in 2004 grew to a flood in the next three years. Nearly 1/3 of foreclosures involve owners with multiple units in the building.
An American Invsco spokesman blames the Sterling's troubles on the depressed market: "It has nothing to do with our program."
In more stable neighborhoods where the inventory supply is more limited and there is not as much speculation, the number of foreclosure epidemic seems quite limited. In the Lakeview neighborhood, for example, only had 126 foreclosures, but this represented a 94% increase from 2006.
It's interesting to watch the tale of two cities developing right inside the borders of Chicago.
Open Houses for the weekend of April 5 and 6
Sunday, April 6
942 North Fairfield - Open Sunday from 11 to 1
Six luxurious condominiums inside a restored Greystone. Just reduced some prices this week. Two beds from $255,000
Warren Corner Condominiums - Open Sunday from 2 to 4
2036 W. Arthur and 6504 N. Seeley
Twenty condominiums ready for occupancy located in West Rogers Park near Warren Park. Great pricing with homes priced from $135,000.
Brand New Duplex? Or Turn of the Century House?
A customer recently posed the question: Should I buy a new duplex-up or a turn-of-the-century SFH? I'm looking to buy in the Chicago near north area. Both are similarly sized and in good condition, just built a century apart. Which will have better appreciation/resale?
It's such an interesting question because usually the same buyer would never be considering both at the same time.
Here in Chicago, the history of the popular neighborhoods is such that they began their lives as working class neighborhoods filled with modest homes that do not lend themselves to modern living. In the photograph above, this Victorian was the original farm house for the township built in 1889. Despite its obvious charm, the inside layout was a jumbled mess of rooms that did not make any sense. The basement was not accessible from inside the house. Bedrooms were scattered throughout both levels of the home. Some rooms were long and narrow, others did not have closets.
We were the third listing agents to try to sell this property, and after several months of reaching out to neighborhood residents who might enjoy this superior location in Lincoln Park, we pitched the property to a developer. The lot was extra long, extra wide, and the zoning was generous (R4) to allow a large condo building to be built.
We sold the house to the developer for $700,000. When the condominiums were completed, the developer's agent sold the largest condo - the duplex on the first floor - for $741,000. This was in 2005.
In 2006, the same condo sold again for $818,000.
I suppose that says volumes about the popularity of condominiums, and of the duplex floor plans.
Based on this anecdotal evidence (as well as a bunch of experience) our advice would be to only purchase the single family house if it's a very good value and is sitting on a parcel of land that a developer would be very interested in when you're ready to sell.
Otherwise, the popularity and salability of new condominiums can't be beat.
Friday, March 28, 2008
Construction to start on new Dominick's & condo's on Broadway this summer
Your guides have finally heard that the construction will begin this summer on the new Dominick's grocery store located at the now-vacant parcel at 3030 North Broadway. You'll recall that this parcel was the site of the former grocery store which burned down in 2004.
The project is a five-story building with 45,000-square foot Dominick's grocery store at street level and topped off by 53 condominium units. Commercial space also includes a National City Bank.
Phase one construction is expected to begin this summer. Residential units are being marketed by @properties. Dominick's is expected to open in fourth quarter 2009 and the residential units ready for occupancy 90 to 120 days later.
Real Estate Terminology: Mary Umberger Syndrome
The syndrome whereby buyers show up at your property during the week regurgitating something they read in Mary Umberger's column in the Chicago Tribune on Sunday. Frequently this syndrome manifests itself with the clutching of the oversized Sunday Tribune tucked innocently under an arm, or with ink-smudged fingers leaving prints all over your appliances.
Confirmation of this syndrome can be achieved by simply reading Mary's column and comparing it to what you hear in these situations.
Buyers show up at your development open house asking for tons of upgrades (or even a CAR!) because they read that:
An unscientific sampling of marketing materials finds a number of arresting, exclamation-point laden promotions. Many continue to offer tens of thousands of dollars in goodies or price reductions. And if you have your heart set on a big-screen TV -- or even a car -- such opportunities still exist.
Buyers turn in a low offer on your listing because over the weekend they read that:
A trio of economists told the nation's beleaguered home builders Wednesday that housing probably will continue its slide through much of 2008, until a painful but necessary drop in new- and existing-home prices -- 15 percent or more in some parts of the country -- helps find a turning point.
Thanks to Greg Braun from the law firm of McCormick Braun Friman, LLC, for the idea for this post and continuing series.
Wednesday, March 26, 2008
Open House on the weekend of March 29 & 30.
Saturday, March 29
The Warren Corner Condominiums - West Rogers Park/West-Ridge
Open Saturday from Noon to 2:00
2034 West Arthur, 6504 North Seeley. Corner of Arthur at Seeley.
Brand new development - 20 condominiums in a vintage re-hab. Gorgeous fits and finishes for an unbelievable price. One bedrooms from $135,000. Two beds, one bath from $155,000 and two beds, two baths from $215,000
Sunday, March 30
3450 N. Ashland, #3-N
Open Sunday from Noon to 2:00
Two bedroom, two bath condo located in West Lakeview near Whole Foods, the CTA Brown Line and Roscoe Village. Nearly new, stylish decor and garage parking included.
List Price: $418,000
www.darrowwest.com/3450_n__ashland_.htm
The Warren Corner Condominiums - West Rogers Park/West Ridge
Open Sunday from 2:00 to 4:00.
The Greystone on Fairfield - 942 N. Fairfield
Open Sunday from 2:00 to 4:00
Sumptuously finished condominiums with loads of upgrades. All bathrooms are marble - most with Jacuzzi tubs. Crown molding, recessed lighting, wood floors, high ceilings are just some of the gorgeous details available in these homes.
In Lakeview, condo project switched to apartments
The Lakeview Collection Lofts located at the corner of Belmont, Ashland and Lincoln Avenue has just been switched to apartments from condominiums.
Crain's Chicago Business has just reported that Centrum Properties has decided to build luxury apartments instead of condos in the Lofts at Lakeview Collection, a proposed $100-million mixed-used development.
The development will now include 130 apartments and 90,000 square feet of retail space. The plan for the re-development of this corner had been anticipated in order to begin the transformation of the corner that currently features some pretty bad examples of 1960's and 1970's architecture including the 2-story LaSalle Bank/Bank of America building sitting on the corner now.
Monday, March 24, 2008
Edgewater Residents still leery of lakefront path
There are a number of cool things about the map above. And before I get to the point of the article that I set out to write about, I really must give a rave review to a couple of products that I discovered over the weekend.
1. This blog post (and the one on Lincoln Park) were written in Windows Live Writer. This desktop publishing tool seems to blend the best of a desktop application with the easy-access of an online writing tool like Google Documents. The interface is elegant and graceful, offers tons of tools, and publishes to almost any online host effortlessly. Windows Live Writer went out and fetched all the settings from my Blogger account and seamlessly writes my posts in the same style and formatting as my blog. I'm amazed.
2. Windows Live Writer allows me to insert photos with gorgeous effects, tables, video from YouTube and other sources as well as the amazing Windows Live Map you see above. Check it out closely: it's draggable; it's clickable; it's totally interactive. It's not just a simple screen capture from Windows Live or Google Earth.
Alright, back to the topic at hand:
The Friends of the Park recently tried to revive the discussion with Edgewater residents about what they thought of extending the lakefront path north of Hollywood Avenue in front of the lakefront high rises that are east of Sheridan Road from Hollywood up to Loyola University.
Extending Lincoln Park north of Hollywood is not a new idea. About three-dozen high rises between Hollywood and Loyola are built right up against the lake. Past proposals including a shoreline protection study in 1987 have called for expanding the shore east of these private buildings. Six years ago, Mayor Daley called for lakefront paths to be stretched north to run all the way to Evanston (Chicago's closest suburb to the north.)
None of the proposals have ever materialized. Residents in the fancy high rises and a few from Rogers Park (the most northern neighborhood in Chicago) opposed efforts expanding the shore. They fought attempts to build marinas and helped pass an advisory referendum opposing an extension of North Lake Shore Drive.
But with the Centennial Anniversary of Daniel Burnham's 1909 plan approaching, Friends of the Parks set out to re-visit ways to complete public access to the City's lakefront. Four of the city's 30 miles of shoreline remain in private hands despite Burnham's vision of a public lakeshore stretching from Indiana to Winnetka (north of Evanston.) The group soon found that the idea remains a hard sell.
Mind you, folks living WEST of Sheridan Road seemed excited about greater access to the lake. The president of an association representing 33 buildings along Sheridan Road supported the idea of extending the lakefront path.
But several residents in high rises EAST of Sheridan Road say they weren't consulted. They say they were not aware that Friends of the Parks was developing ideas for a park extension until it was too lake to offer input.
They also worry about privacy and security issues should public park space be constructed right behind their buildings. They fear clogged traffic on Sheridan Road will become even worse.
Your guide hopes that continued efforts in the coming years results in the opening of the lakefront along this stretch of Sheridan Road. One of the complaints of Sheridan Road residents was that the sidewalk alongside Sheridan Road is already congested with pedestrians and bicyclists. Residents have forced local police to vigilantly patrol this stretch for bike riders on the sidewalks. But Sheridan Road is so narrow that any bicyclist brave enough to ride in traffic along Sheridan Road surely takes their life into their hands as they dodge turning cars, CTA buses and delivery trucks. In reality, the creation of the lakefront path would alleviate much of the sidewalk congestion in this area and make both areas safer for pedestrians and bicyclists.
Tuesday, March 18, 2008
Open House on Saturday, March 22.
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Saturday, March 22
The Buena Flats Condominiums:
This open house cancelled
Just finished the hardwood floors in the remaining unit and we can't walk on them until next week!
4022 - 4024 North Clarendon
Chicago, IL, 60613
Three beds from $279,900
www.buenaflats.info.
Thursday, March 13, 2008
Open Houses the weekend of March 15 & 16
The Warren Corner Condominiums
New development in West Ridge / West Rogers Park hosts its first open house this weekend. Twenty 1 & 2 bedrooms priced from $135,000 finished with the most luxurious amenities.
2034 West Arthur & 6504 North Seeley, near Warren Park.
Open Saturday from 2:00 to 4:00.
www.warrencorner.info
Friday, March 7, 2008
Series: Getting started with Chicago Investment Property. Part 3
Taking an application and lease
Personally, when I take a lease application, I require all the paperwork, and all the money, paid up front.
There are several musts when someone rents your apartment:
1. They fill out a credit application – completely (no blanks).
2. They pay a credit check fee. Check with your credit reporting bureau to see what this fee is. Have the tenant pay the credit check fee in a separate check either to you or to your credit bureau depending on your arrangement. No, you will not take a credit report from someplace else. These are too easily faked.
3. They fill out the lease.
4. They pay the first month’s rent. This must be a separate check.
5. They pay the security deposit. This must be a separate check. In Chicago, the law requires it be a separate check.
6. You must give a receipt for every check you receive. Some receipt books have check boxes so one page serves as a receipt for all three. Some receipt books do not and you’ll have to write three separate receipts. In Chicago, the law requires that the security deposit receipt contains: 1) description of the dwelling unit (property address), 2) the amount received, 3) the date received, 4) the name of the person who received the deposit and, 5) the signature of the person who received the deposit. Big troubles to those who don’t follow this simple rule.
Some possible exceptions:
You might let the tenant pay their rent on the day they move in. Personally, I would not. I want their checks to have plenty of time to clear. If a tenant is scheduled to move into my apartment sooner than one week from application, then I require certified funds.
This should go without saying: do NOT fall for a Cragslist style scam whereby you receive a certified check in the mail, and the tenant tells you he made a mistake and that you should cash his check and return the overage by mail. You can kiss your bank account goodbye if this happens.
Other things to consider:
If your rental is a condo, does the building have move-in/move-out fees or deposits? Find out and make sure that the renter knows it is their cost to absorb. Get this info and inform them upfront at the application stage or it could cause some bad animosity later.
Lease Terms
Get the appropriate lease for your unit type. You will want to look for one of these:
@ Standard Chicago Apartment Lease
@ Chicago Apartment Lease – Furnished
@ Condominium Lease – or a standard lease that contains language appropriate to condominiums
You can get the Standard Chicago Apartment Lease at Tanenbaum Hardware on Belmont. The others, we may have.
The Standard Chicago Apartment Lease is the easiest to use (but not appropriate for condominiums) because it covers all the legal stuff required in Chicago.
If you don’t use the Standard Chicago Apartment Lease, you must add a rider that contains the following information:
@ The Chicago Landlord Tenant Ordinance applies to the lease. Tenant acknowledges receiving a copy of the summary of the ordinance.
@ Tenant acknowledges receiving a copy of the rules and regulations of your building, or of the condominium building the unit is located within.
@ The interest rate paid on the security deposit.
@ Rent is due on the First of the month. It shall be considered late if not received on the first. Even though late fees cannot be collected until after the 5th.
@ The late fee: The monthly rent shall be automatically increased $10, plus 5% of the amount by which the monthly rent exceeds $500, as additional rent, if received by Lessor after the 5th of the month for which it is due.
@ Tenant acknowledges receiving a Lead Disclosure statement and the pamphlet “Protect your Family from Lead in your Home.”
@ Tenant acknowledges receiving a Heating Cost Disclosure – or a statement that the heat is included in the rent and therefore a Heating Cost Disclosure is not provided.
Additional Resources:
Lead paint disclosure: www.epa.gov/lead
Chicago Landlord Tenant Ordinance: http://www.egov.cityofchicago.org/
Guide to articles
Part 1: Identifying potential property
Part 2: Marketing
Part 3: Taking an application and lease
Part 4: Move in day
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