Archive for July, 2015

Chicago Real Estate Market Trends – June 2015

July 30, 2015

Take a look at June’s real estate sales statistics.

Chicago Real Estate Market Trends – June 2015

Chicago Real Estate Sales – Detached Single Homes

Neighborhoods included in these statistics are: Avondale, Albany Park, Edgewater, Irving Park, Lakeview, Lincoln Park, Lincoln Square, Logan Square, Loop, Near North Side, Near South Side, Near West Side, North Park, North Center, Rogers Park, Uptown, West Ridge, West Town.

The number of Chicago detached single homes selling in June 2015 increased 9.1% for the month compared to June 2014. The average selling price decreased by 3.0% to $812,104 and the average market time decreased by 3 days. Homes sold for 98% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

June 2015

263

$812,104

98%

64

June 2014

241

$837,920

97%

67


Chicago Real Estate Sales – Attached Single Homes

The number of Chicago attached single homes selling in June 2015 increased by 14.7% for the month when compared to June 2014. The average selling price increased 2.9% to $417,239 and the average market time decreased by 2 days. Homes sold for 99% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

June 2015

1,785

$417,239

99%

57

June 2014

1,555

$405,144

98%

59


Chicago Real Estate Sales – 2-4 Flats

The number of Chicago multi-family properties selling in June 2015 increased by 20.7% from June 2014. The average selling price increased 6.1% from June 2014 prices, and the average market time increased by 2 days. Homes sold for 98% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

June 2015

134

$549,487

98%

59

June 2014

111

$517,782

98%

57

Curious about the value of your home? Get your home’s value here!

Information courtesy of Chicago Realtor Karen Breen Elia.

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties

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How to Make Selling Your Home a Little Bit Easier

July 22, 2015

Selling your home can sometimes be a daunting task; however we are going to talk about a few ideas of how to make selling your home a little bit easier.

  • selling your homeOne way to make your home stand out when you put in on the market is to stage it. By this I mean make it look like a model home by taking down your family photos and adding a few decorations to match whatever season it may be at the time.
  • While your Realtor is showing your house, be sure to have a few candles lit and some relaxing music playing in the back ground for the potential buyer to enjoy.   Little things such as this will help to make a buyer much more at ease and to feel at home.
  • Be sure to have the yard looking nice and neat when you have a potential buyer coming to tour your home. If you have kids and they have toys or bikes in and around the yard, be sure to put them up where they will not be seen. Keep in mind you want the potential buyer to be able to envision themselves living in the home and if there are too many reminders of you and your family they may have a hard time doing this.
  • If you really want to make your potential buyer feel at home, leave a plate of warm cookies out for the showing. Leave a little note out offering for the people touring your home to take one or two cookies and to enjoy them. Your Realtor may have other ideas of what types of snacks you can leave out.
  • Be sure to clean from top to bottom and to put away anything that may be lying around. Do not leave laundry lying around. Even clean laundry laying on the floor or bed can make a home look messy and uninviting. Remember you want your potential buyer to feel calm and at ease when touring your home and we all know that laundry usually makes us feel anything but calm and at ease.

Hopefully these tips will get you started in the right direction for selling your home without much hassle. A good Realtor can go a long way towards selling your home but you can do your part to help out and make sure your home stands out above all the others. You want your buyer to remember your house and it’s my guess if you make them feel comfortable and relaxed while there, they WILL be back!

Information courtesy of Chicago Realtor Karen Breen Elia.

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!

10 Home Design Trends for 2015

July 17, 2015

PureWow.com has identified their favorite 10 home design trends for 2015. Some you won’t believe are back…

“Check out our list of the year’s top trends–the ones that are not headed for the land of carpeted walls.

Sectionals

Sure, the sectional is the stuff of family rooms circa 1987. But it’s back and in a big way (much to our approval). As living rooms move away from formal environments to more relaxed spaces for lounging, we’re all for a couch that lets us sprawl out.

Our Favorite 10 Home-Design Trends in 2015

Oversized Art

We love a well-curated gallery wall as much as the next person, but the minimalist trend that’s gaining popularity in the fashion world is also quickly translating into home decor. The newest trick is to feature just one standout piece above your bed, sofa or console table, rather than a slew of photos.

Valspar

Bold Blue

Marsala may be Pantone’s 2015 Color of the Year, but Mediterranean-inspired blue is also having a moment. Whether you use the shade shown here (it’s Valspar Reserve’s “Rushing Rapids”) in your kitchen, playroom or beach house, be sure to pair it with light, neutral upholstery and floor coverings so the room appears bright and balanced.

Our Favorite 10 Home-Design Trends in 2015

Open Shelving

Grab-and-go shelving is not only chic and striking, it also makes mealtime prep a breeze. When planning your kitchen, think about all the items you’d be proud to display–and that you can realistically keep organized. Put these things (say, your classic white dishes) front and center and hide any ugly stuff in more traditional closed-door cabinetry.

Our Favorite 10 Home-Design Trends in 2015

Freestanding Tubs

Bathtubs have been declining in popularity for years, but there has been a rise in freestanding tubs for a small subset who still enjoy an evening soak. Whether you go modern or stick with a vintage style, this space-saving bath not only looks appealing but also allows you to have both a tub and a walk-in shower in the same bathroom.

Canary

Smart Homes

For the truly tech-savvy, programmed lighting, locking and HVAC systems (all of which can be controlled from a smartphone) are very much in demand. We’re particularly keen on the Canary alarm system, which lets you spy on your place and sends you alerts when things seem “off.”

Our Favorite 10 Home-Design Trends in 2015

’70s Decor

The decade of avocado kitchens and wood-paneled dens is coming back into vogue–though with decidedly modern twists such as subtle geometric wallpaper and plush shag rugs.

Our Favorite 10 Home-Design Trends in 2015

The All-White Approach

Clean and simple is still important, but not necessarily in a contemporary style. This year, we’re seeing all-white kitchens and living rooms with a much cozier feel as opposed to the stark atmospheres of the past (think rustic white cabinets and sheepskin throw blankets over the couch).

Our Favorite 10 Home-Design Trends in 2015

Ikea

Blond Wood Furniture

Turns out, blonds do have more fun. The mid-century modern’s understated pale wood is still very much accepted in 2015. Blond wood looks great with white walls and pastels, but it also fits in surprisingly well with non-Scandinavian themes (e.g., juxtaposed with dark wood and black furniture).

The Tandem Sink

In 2014, it was all about the dirty kitchen. Now everyone seems obsessed with having two kitchen sinks. Our advice? Toss dirty dishes into one and keep the other free for cooking prep.”

Information courtesy of Chicago Realtor Karen Breen Elia.

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!

 

West Loop Condo For Sale: 1118 W Fulton St #202

July 16, 2015

West Loop Condo For Sale:

1118 W Fulton St #202, Chicago IL 60607
MLS# 08983601

West Loop – Hot Fulton Market Loft Condo

Live in one of the hottest neighborhoods in Chicago! Make this 823 sq. ft. loft with lots of exposed brick, brand new hardwood floors, huge south facing windows and a gas fireplace your new home. An open floor plan features granite kitchen counter-tops with a huge breakfast bar for easy entertaining. The granite bath has a whirlpool tub, and there’s a large walk-in closet and new carpeting in the bedroom. The loft has in-unit laundry and central air conditioning. Fulton Street Lofts is an intimate 19 unit, professionally managed association with low monthly HOA’s. Included is a common roof deck with tables, chairs, grill and stunning skyline views. A full height storage locker and heated garage parking complete this package. Don’t miss this special home in an outstanding location.

Marketed by Chicago Realtor Karen Breen Elia.

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!

 

 

Should You Invest In a Parking Space?

July 11, 2015

The article below from the Financial Post discusses the increasing value of parking spaces in the city. Although this article cites Toronto stats, the same holds true in Chicago.  A condo unit with parking spaceparking (at an additional cost) is more valuable than an identical unit without available deeded parking.  Additionally, the mortgage interest and property taxes are income tax deductible, so even if you don’t own a car, renting the spot can be an income stream.  The rental usually exceeds the PITA (principal, interest, property taxes and monthly assessments) on the deeded garage/parking spot.

Here is the full article:

The old saying goes buy real estate, they’re not making more of it. But what about parking? It might be just as scarce a resource.

The old saying goes buy real estate, they’re not making more of it. But what about parking? It might be just as scarce a resource.

Parking values are rising faster” than condo prices, says Shaun Hildebrand, senior vice-president at Urbanation, noting average condo prices are up about 50 per cent during the same period. “But you can’t just buy parking.”

James Ritchie, senior vice-president of sales and marketing with Tridel Corp.,which built its first condo in 1968 and currently has 5,400 high-rise suites under construction in the Greater Toronto Area, says part of the problem with trying to make money on a parking spot by renting, or even selling it, is that most condominium boards have restrictions.

“You can only buy or rent a parking unit if you are a dwelling unit owner,” said Ritchie, referring to his company’s projects. “It is essentially to prevent someone who is not a homeowner of the building to come into the common area to use the parking spot.”

He says the practice is now widespread and generally in place because “homeowners don’t want people coming through their lobby or garage” and is not aimed specifically at restricting the trade in parking spots.

Ritchie says condo fees and property taxes — both payable on parking — may also be having an impact on interest in parking demand which he says has been waning in downtown areas. In the suburbs, parking is still very much in demand for condo dwellers.

Alex Enchin, a founder of the site WhereiPark which matches empty parking spots with drivers, said there is a strong market in rental parking and the income should be able cover the carrying costs of buying a spot you might not use right away.

“We want to provide people with extra spots a tool to rent it out and generate extra income,” said Enchin. “People have been leaving tons of money on the table.”

While he concedes that some condo developments restrict who you can rent to, he’s found there is usually a market within a building, something generally allowed under condo guidelines, for unused parking. He estimates a parking spot in Toronto’s core can be rented in the secondary market for $125/month, of which his company takes a 20 per cent cut for managing the renting of it.

Enchin says parking is a bit of a Catch-22 because when people skip the spot because they can’t afford it, it tends to take them out of driving in the long run.

“I want that parking spot because your ability to resell your unit will narrow down what you can get from potential buyers. I’m biased because I’m a driver,” said Enchin. “But I can see how people see it as a lot of money for 60 square feet of concrete.”

Information provided by Chicago Realtor Karen Breen Elia.

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!

How To Make Your Remodeling Project a Good Experience

July 3, 2015

Whether you are remodeling your home to get it ready to go on the market or you are making some changes to the home you just moved into, it doesn’t have to be a nightmare.   In this blog post I will give you a few tips on how to make your next remodeling project a good experience.

  1. 5559352_blogGet hold of a set of plans for your home so that you will be able to take accurate measurements of doorways in small areas such as the bathroom. This will insure that you don’t end up with a door that is positioned in a way that is inconvenient for everyone.
  2. Make sure that you place outlets in areas in which they will be easily accessible. Also be sure not to place outlets in wet areas where you may be at risk for electric shock.
  3. When remodeling your kitchen be sure to place your appliances in an area that will have adequate clearance. There is nothing worse than opening the dishwasher and realizing that you cannot open it all the way because there is a wall in the way.
  4. When moving light fixtures over to make them fit in the center of your table, be sure that you have enough excess chain to make it look pretty and that it won’t end up looking like it was not intentional. If you are a little OCD, this kind of thing will bother you immensely if you do it wrong.
  5. Test your new paint color on the wall before you paint an entire room. Paint is not always the color on the swatch once it is dry. If you can get away with only purchasing one color and stick with that one color you will save yourself a lot of money and time.

Keep these helpful tips and ideas in mind for your next remodeling project and you should come away from it feeling as if you have accomplished something great rather than feeling like you never want to tackle that type of thing ever again.

Information courtesy of Chicago Real Estate Expert Karen Breen Elia.

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!