Posts Tagged ‘market trends’

Chicago Real Estate Market Trends for August 2017

September 25, 2017

Chicago Market Tends

 

 

 

 

 

 

 

 

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 Center, Uptown, West Town.

Chicago Real Estate Sales – Detached Single Homes

The number of Chicago detached single homes selling in August 2017 decreased by 5.08% compared to August 2016. The average selling price increased by 5.62% to $930,987 and the average market time increased by 42 days or 71.19%. Homes sold for 97% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

August 2017

168

$930,987

97%

101

August 2016

177

$881,430

97%

59


Chicago Real Estate Sales – Attached Single Homes

The number of Chicago attached single homes selling in August 2017 decreased by 3.02% for the month when compared to August 2016. The average selling price increased 5.85% to $456,011 and the average market time decreased 4 days or 7.84%. Homes sold for 98% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

August 2017

1,351

$456,011

98%

47

August 2016

1,393

$430,798

98%

51


Chicago Real Estate Sales – 2-4 Flats

The number of Chicago multi-family properties selling in August 2017 decreased 9.65% when compared to August 2016. The average selling price increased 15.45% to $684,202 and the average market time increased by 18 days or 37.5%. Homes sold for 96% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

August 2017

103

$684,202

96%

66

August 2016

114

$592,637

98%

48


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
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!

 

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Chicago Real Estate Market Trends-March 2017

April 20, 2017

Chicago Real Estate Market Trends for March 2017

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 Center, Uptown, West Town.

Chicago Real Estate Sales – Detached Single Homes

The number of Chicago detached single homes selling in March 2017 increased by 14.38% compared to March 2016. The average selling price decreased by 1.88% to $872,961 and the average market time increased by 28 days or 25.45 %. Homes sold for 97% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

March 2017

183

$872,961

97%

138

March 2016

160

$889,681

95%

110


Chicago Real Estate Sales – Attached Single Homes

The number of Chicago attached single homes selling in March 2017 increased by 17.84% for the month when compared to March 2016. The average selling price increased 8.35% to $443,650 and the average market time decreased 15 days or 16.48%. Homes sold for 99% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

March 2017

1,222

$443,650

99%

76

March 2016

1,037

$409,449

98%

91

Chicago Real Estate Sales – 2-4 Flats

The number of Chicago multi-family properties selling in March 2017 increased 25.33% when compared to March 2016. The average selling price increased 14.76% to $615,681 and the average market time decreased by 31 days or 28.977%. Homes sold for 97% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

March 2017

94

$615,681

97%

76

March 2016

75

$536,490

97%

107


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
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!

 

Chicago Real Estate Market Trends for June 2016

July 25, 2016

Chicago Real Estate Market Trends for June 2016

FHA has recently relaxed many of its condo financing rules making it easier for condo buyers to secure loan when buying a condo. If you are in the market for a condo be sure to talk with your lender about how the new rules may help you.

Chicago Real Estate Market Trends for June 2016

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.

Chicago Real Estate Sales – Detached Single Homes

The number of Chicago detached single homes selling in June 2016 increased by 10.60% compared to June 2015. The average selling price increased by 7.05% to $869,656 and the average market time increased by 12 days or 18.7%. Homes sold for 97% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

June 2016

292

$869,656

97%

76

June 2015

264

$812,375

97%

64


Chicago Real Estate Sales – Attached Single Homes

The number of Chicago attached single homes selling in April 2016 increased by 0.07% for the month when compared to June 2015. The average selling price increased 2.85% to $427,874 and the average market time dropped 2 days or 3.5%. Homes sold for 99% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

June 2016

1,791

$427,874

99%

55

June 2015

1,804

$416,012

99%

57


Chicago Real Estate Sales – 2-4 Flats

The number of Chicago multi-family properties selling in June 2016 decreased by 5.22% when compared to June 2015. The average selling price increased 7,74% to $592,033 and the average market time increased by 10 days or 16.9%. Homes sold for 98% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

June 2016

127

$592,033

98%

69

June 2015

134

$549,487

98%

59


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

Chicago Real Estate Market Trends – May 2015

June 19, 2015

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

Chicago Real Estate Market Trends – May 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 May 2015 increased 30.8% for the month compared to May 2014. The average selling price increased by 6.2% to $814,139 and the average market time increased by 30 days. Homes sold for 98% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

May 2015

208

$814,139

98%

81

May 2014

159

$766,256

98%

51


Chicago Real Estate Sales – Attached Single Homes

The number of Chicago attached single homes selling in May 2015 increased by 9.8% for the month when compared to May 2014. The average selling price increased 4.31% to $413,688 and the average market time increased by 7 days. Homes sold for 98% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

May 2015

1,504

$413,688

98%

71

May 2014

1,369

$396,577

98%

64


Chicago Real Estate Sales – 2-4 Flats

The number of Chicago multi-family properties selling in May 2015 decreased by 13.9% from May 2014. The average selling price increased 8.74% from May 2014 prices, and the average market time increased by 12 days. Homes sold for 97% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

May 2015

84

$530,538

97%

74

May 2014

96

$487,872

99%

62

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

Chicago Real Estate Market Trends – April 2015

May 22, 2015

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

April 2015 Real Estate Market Update

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 April 2015 increased 21.2% for the month compared to April 2014. The average selling price increased by 18.2% to $899,907 and the average market time decreased by 4 days. Homes sold for 97% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

April 2015

177

$899,907

97%

87

April 2014

146

$761,245

98%

91


Chicago Real Estate Sales – Attached Single Homes

The number of Chicago attached single homes selling in Feb 2015 increased by 8.24% for the month when compared to April 2014. The average selling price increased 3.73% to $410,237 and the average market time increased by 1 day. Homes sold for 98% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

April 2015

1,300

$410,237

98%

80

April 2014

1,201

$395,470

98%

79


Chicago Real Estate Sales – 2-4 Flats

The number of Chicago multi-family properties selling in April 2015 increased by 212.3% from April 2014. The average selling price increased 2.53% from April 2014 prices, and the average market time decreased by 35 days. Homes sold for 98% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

April 2015

82

$511,749

98%

102

April 2014

73

$499,118

99%

67

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

Chicago Real Estate Market Trends – February 2015

March 23, 2015

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

February 2014 Real Estate Market Update

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 February 2015 increased 3.67% for the month compared to Feb 2014. The average selling price increased by 7.25% to $805,825 and the average market time increased by 11 days. Homes sold for 97% of the listed price.

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

Feb 2015

108

$805,825

97%

102

Feb 2014

79

$751,300

95%

113


Chicago Real Estate Sales – Attached Single Homes

The number of Chicago attached single homes selling in Feb 2015 decreased by 11.3% for the month when compared to Feb 2014. The average selling price increased 3.89% to $375,297 and the average market time increased by 6 days. Homes sold for 98% of the listed price.

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

Feb 2015

686

$375,297

98%

100

Feb 2014

616

$390,495

97%

94


Chicago Real Estate Sales – 2-4 Flats

The number of Chicago multi-family properties selling in Feb 2015 decreased by 20.2% from Feb 2014. The average selling price increased 18.6% from Feb 2014 prices, and the average market time decreased by 70 days. Homes sold for 96% of the listed price.

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

Feb 2015

55

$502,852

96%

60

Feb 2014

69

$423,973

97%

130

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

Chicago Real Estate Market Trends for January 2015

February 19, 2015

Even though most people start their New Year’s resolutions on January 1, some people add resolutions as the year progresses. For some, that goal is realizing the dream of homeownership. Beginning the process of buying a home can be daunting, but it is easy enough to begin working on the first step – saving for a down payment. According to the National Association of REALTORS®’ 2014 Profile of Home Buyers and Sellers, 65 percent of home buyers utilize their savings account for a down payment; however, buyers find many other ways to finance a down payment, including selling stocks or bonds, relying on gifts from friends or relatives, retirement funds or using the proceeds from another home sale.

Beginning to build savings should be a priority for potential buyers because it can take some time. According to NAR’s report, it took half of buyers a year or less to save for a down payment, while another 19 percent said it took between one and two years to build their savings account. Additionally, 29 percent said they needed more than two years to save.

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

January 2014 Real Estate Market Update

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 Jan 2015 increased 4.4% for the month compared to Jan 2014. The average selling price decreased by5.0% to $743,768 and the average market time increased by 20 days. Homes sold for 96% of the listed price.

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

Jan 2015

85

$743,768

96%

89

Jan 2014

89

$783,245

96%

69


Chicago Real Estate Sales – Attached Single Homes

The number of Chicago attached single homes selling in Jan 2015 decreased by 3.2% for the month when compared to Jan 2014. The average selling price increased less than 1% to $352,007 and the average market time decreased by 2 days. Homes sold for 98% of the listed price.

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

Jan 2015

473

$351,007

98%

90

Jan 2014

489

$349,991

98%

92


Chicago Real Estate Sales – 2-4 Flats

The number of Chicago multi-family properties selling in Jan 2015 decreased by 8.8% from Jan 2014. The average selling price decreased 3.2% from Jan 2014 prices, and the average market time decreased by 14 days. Homes sold for 97% of the listed price.

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

Jan 2015

72

$412,527

97%

79

Jan 2014

79

$426,536

97%

93

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

Chicago Real Estate Market Trends for Dec 2014

January 21, 2015

2015 is off to a great start for home buyers according to an executive order announced last week authorizing FHA to cut .5 percent from the annual mortgage insurance premium for the FHA backed loans with terms greater than 15yrs. For most FHA loans this will reduce the annual premium from 1.35 percent of the loan balance to .85 percent. Loans with balances above the loan limits in effect in most areas and with current MIP of 1.50 to 1.55 percent will see new premiums of 1.00 or 1.05 percent respectively. The upfront premium for all loans will remain unchanged at 1.75 percent.

Borrowers with FHA-insured loans can refinance and obtain the lower annual MIP, as long as the original endorsement was after May 31, 2009 (Older loans have a lower annual MIP. The annual MIP was increased from 0.55% to 0.90% in October 2010, to 1.15% in April 2011, to 1.25% in April 2012, and to 1.35% in April 2013 for borrowers with less than 5% down.)

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

December 2014 Real Estate Market Update

Chicago Real Estate Sales – Detached Single Homes

The number of Chicago detached single homes selling in Dec 2014 increased 36.6% for the month compared to Dec 2013. The average selling price increased by 7.9% to $1,836,000 and the average market time decreased by 37 days. Homes sold for 96% of the listed price.

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.

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

Dec 2014

41

$1,836,000

96%

114

Dec 2013

30

$1,700,589

95%

151


Chicago Real Estate Sales – Attached Single Homes

The number of Chicago attached single homes selling in Dec 2014 decreased by 90% for the month when compared to Dec 2013. The average selling price increased 843% to $11,998,333 and the average market time increased by 291 days. Homes sold for 57% of the listed price.

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

Dec 2014

3

$11,998,333

57%

349

Dec 2013

30

$1,293,147

96%

58


Chicago Real Estate Sales – 2-4 Flats

The number of Chicago multi-family properties selling in Dec 2014 decreased by 25.3% from Dec 2013. The average selling price increased 10.3% from Dec 2013 prices, and the average market time decreased by 9 days. Homes sold for 96% of the listed price.

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

Dec 2014

62

$604,398

96%

75

Dec 2013

83

$547,481

96%

86

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
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!

Polishing the Crystal Ball: Chicago Real Estate in 2015

December 16, 2014

Wondering what’s in store for Chicago real estate in 2015? The Chicago Architecture Blog has a great blog post looking into Chicago’s Crystal Ball…

This is the time of year when everyone seems to look back at the year that was and look forward to make predictions about the new year. Suburban public relations agency Taylor Johnson talked to a bunch of its Chicago real estate and development clients about what they expect from 2015 and put together a list of predictions that’s worth a read. See the complete list below.

1.  Condos Make a Comeback: As buyer confidence grows and lending restrictions decrease, condominium sales – and pricing – will see an uptick in 2015. “There’s strong demand, but new construction has been nearly non-existent since the downturn, and condo inventory is at its lowest level since tracking began in 1997,” said David Wolf, president of Related Realty. “That spells opportunity for developers, and we’re starting to see new projects announced.”

While Related Realty was recently engaged to oversee the sales and marketing for 100 West Huron, a new 28-unit luxury condominium building set to deliver in 2016, Wolf noted Chicago is still two to three years out from any large-scale new-construction projects being delivered. One of the city’s most robust offerings of new-condo inventory in 2015 will continue to be South Loop Luxury by Related, a collection of 500 condos across three towers next to Chicago’s famed Museum Campus. Related Midwest, the developer that reimagined the previously stalled development in 2013, sold 400 units in just over 18 months and Wolf expects the remaining 100 residences to move quickly next year given the neighborhood’s popularity with the proposed DePaul arena and recently announced Lucas Museum.

In the suburbs, developers such as Foxford Communities anticipate similar demand for new-construction units in 2015 given low inventory. Foxford sold more than half of its 72 units at Medinah on the Lake, a luxury condo conversion in Bloomingdale, Ill., in just six months following its 2014 opening, and expects swift sales in 2015 at its newest condominium community, Clocktower Pointe in Countryside, Ill.

2.  More Pow, Less Wow: Customization will continue to be key. According to Brian Brunhofer, president of Meritus Homes, while new-home buyers aren’t hesitating to spend money on special touches, the trend is to splurge on high-impact, functional features rather than flashy aesthetic finishes. “Buyers can add virtually anything to our semi-custom home designs, but they also haven’t forgotten about the economic downturn, so they’re definitely discerning in their choices,” he said. “We are seeing a lot more long-term convenience enhancements, like tricked-out mudrooms and home automation systems.”

Fred Wilson, co-principal of architecture and interior design firm Morgante Wilson Architects, concurs. “Most of our clients aren’t first-time homeowners. They already know what areas need the most attention and investment,” said Wilson. “Right now, one top request is a ‘super pantry’ – a state-of-the art workroom adjacent to the kitchen, complete with appliances, counter space and storage that is intended to minimize clutter, mess and congestion in the kitchen,” he said. “It’s a very high-end feature with a huge impact on the running of the household. When something so practical can look fantastic, it’s all the better.”

Jerry S. James, principal of Edward R. James Companies, sees a large group of boomers looking to simplify, while still wanting the level of luxury to which they’ve grown accustomed. “It’s about quality over quantity for these buyers,” said James. “They are seeking designs that are both elegant and appropriate to their lifestyle. First-floor master bedrooms are in, while fourth and fifth bedrooms, formal living rooms, and large yards are out. But smaller does not mean less luxurious. In fact, buyers are willing to spend as much or more on a per-square-foot basis than the dollar-per-foot value of the home they are coming from. Elements that personalize their home, including countertops, bathroom tiling, kitchen appliances, custom cabinetry and millwork – these are all still very important.”

3.  Millennial Mania: With millennials projected to make up a third of the country’s adult population by 2020, it’s no surprise they’ve captured the attention of residential developers. Yet Gen Y has held off on buying their first home; in fact, the homeownership rate for the 35-and-under cohort dropped to 35.9 percent in the second quarter of 2014, its lowest level in two decades, and held steady at 36 percent in the third quarter, suggesting this group will drive demand for rental units in 2015 even as new supply comes online.

“In downtown Chicago, the number of rental units absorbed in the first three quarters of 2014 was more than 50 percent higher than the total for all of 2013, indicating new units in the pipeline will be easily absorbed,” said Steve Fifield, president and founder of Fifield Companies, which is developing several rental properties in the Chicago area, including Avant River North, which will break ground in first quarter 2015. “Part of this increasing absorption is due to the changing pool of renters. In our developments, the median age of renters has increased from 26 to 32 years old because millennials are choosing to age in place as they postpone major milestones like marriage and homeownership.”

Tangible factors like slow job growth and student debt will continue to keep many millennials in apartments in 2015, according to David Schwartz, co-founder and CEO of Waterton Associates, whose portfolio comprises approximately 20,000 rental units across the U.S. “In many parts of the country, the cost of renting vs. owning is even, but most millennials would rather spend their money on travel or entertainment than saving up for a down payment. Plus, the vast majority of millennials certainly don’t want to be saddled with home maintenance at this stage of their lives. Not until millennials start having families and their student loans are paid down will this group more seriously entertain buying.”

Other millennials will continue to rent as much by choice as by necessity due in part to the resort-style amenities that are almost standard in the industry, noted David Strosberg, president and managing principal of Morningside Group, whose current projects include a variety of unique amenities, such as a golf simulator, bocce ball courts, Pilates studio and a car wash. “Millennials want and expect more from a rental than what their parents had. It’s not enough to have a pool – it needs to be a pool on par with a Vegas casino,” said Strosberg. “So it’s no wonder that after growing accustomed to all the bells and whistles the newest apartment communities offer, many would-be homebuyers are in no hurry to leave.”

4.  The Grandkid Revolution: Baby boomers are another large demographic that will be a prime focus for builders and developers in 2015. But unlike millennials, this group isn’t just looking for themselves – they also have grandchildren in mind.

At 500 Lake Shore Drive, Related Midwest’s luxury rental tower in Chicago’s Streeterville neighborhood, many social boomers appreciate the building’s five-star amenities such as a screening room, outdoor pool and multiple lounge areas. When grandchildren travel downtown to visit residents at 500 Lake Shore Drive, being steps away from Navy Pier, Lake Michigan and other great cultural attractions can make the visit feel more like a vacation for everyone.

With more free time, many empty-nesters are focused on spending it with friends and grandchildren, so finding a place from which they can easily come and go without worrying about maintenance is a big factor, in addition to location. “As folks get older, remaining connected to their families – especially their grandchildren – and staying busy are motivators, and communities and locations that support these desires have done very well for us,” said James of Edward R. James Companies (ERJ). He noted Westgate at The Glen, ERJ’s 171-unit maintenance-free community being developed in Glenview, Ill., is near the Kohl Children’s Museum, a 10-screen movie theater and a number of parks, while Brighton Mews in downtown Park Ridge, Ill., is within walking distance to the suburb’s core retail district, the historic Pickwick Theatre and the esteemed Park Ridge Public Library.

5.  Get on Board with TODs: While millennials and boomers are at very different stages of life, these two groups are finding common ground when it comes to the benefits of transit-oriented developments (TODs). “Millennials love the urban feel of living near shopping, dining and transportation, and boomers value those same lifestyle benefits, as well as the fact that a TOD might allow them to live independently longer if they lose their ability to drive,” said Strosberg of Morningside Group, which is developing Wheaton 121, an apartment community just two blocks from the Metra in suburban Wheaton, Ill.

Based on the fast pace of sales at Lexington Station, its community of 31 rowhomes within walking distance of the Morton Grove, Ill., Metra station, Lexington Homes sees no slowdown for TODs in 2015. It took less than 10 months for the builder to sell all but four rowhomes at the community, and Lexington expects similar results for its new Lexington Oaks townhome community in Palatine, Ill., which is within walking distance to retail, restaurants and the Metra station. “We started our first TOD about 15 years ago, and ever since we’ve always tried to have at least one community near mass transit, as we know how important it is to Chicago-area buyers,” said Jeff Benach, co-principal of Lexington Homes.

REVA Development Partners is also bullish on TODs, with plans to deliver two transit-oriented rental communities in 2015: Northgate Crossing in north suburban Wheeling, Ill., and The Residences of Orland Park Crossing in south suburban Orland Park, Ill. Both communities will offer a walkable location and proximity to Metra train service.

6.  The Office Within: As more people telecommute from home, office space will be a must-have for renters and buyers. In fact, according to a recent John Burns Consulting survey, an office is one of the top three necessary home spaces for buyers in 2015. “Technology is pushing both adults and kids back into their homes,” noted Wilson of Morgante Wilson. “People no longer have to go into the office or library – they can stay connected from home. And even though mobile technology allows us to work from any room, people still want designated home office areas, as well as nooks and workstations with built-in storage.”

Benach of Lexington Homes agrees. “One way we’ve addressed the growing home office priority for our buyers is creating the option for a built-in desk or office niche on the second-floor landings of select townhomes at Lexington Hills and Lexington Oaks in Palatine, Ill.,” he said. “Almost 100 percent of buyers of those plans choose a home office option.”

And at 73 East Lake, a luxury rental tower in downtown Chicago, developer M&R Development and manager RMK Management Corp. included two separate computer areas: a cyber lounge with an open, social atmosphere, and a business center with reservable conference space, designed for more serious business needs. “Our residents use technology every day, in all aspects of their lives, so we’ll continue to look at new ways to address those different needs through our amenity spaces,” said Anthony Rossi Sr., president of RMK Management Corp. and M&R Development.

7.  Buying (and Selling) Outside the Box: The coming year also will see more luxury real estate bought and sold in non-traditional ways, such as the auction market. “In the past, many people viewed auctions as a last attempt to sell a home. But sellers of luxury homes have really come to embrace the auction process as it’s very efficient, gives them a definitive sale date and lets them plan for the disposition of their property accordingly,” said Diana Peterson, president of AuctionWorks. “In fact, with a robust marketing campaign, an auction can create a surge of excitement and anticipation – much more than a traditional real estate listing – which is exactly what high-end listings deserve.

“Plus, not only do sellers not have to worry about their home languishing on the market, but an auction can often result in a higher selling price for a property,” added Peterson. In 2014, AuctionWorks successfully auctioned a five-bedroom home in Chicago’s popular Lincoln Park neighborhood for $1.45 million – $100,000 more than the unpublished reserve price due to a pre-auction bidding war.

Upper-bracket buyers are also warming to REO luxury properties, and not just as investments. “With the for-sale market picking back up, banks and other groups that bought up high-end properties during the downturn see 2015 as a great time to bring them to market,” said Steven Maher, managing broker for Kinzie Real Estate Group. “And many of these are truly spectacular properties, which helps buyers look past the stigma sometimes associated with REO properties and realize the transaction is just like a traditional purchase. They’re simply buying from a bank rather than an individual or developer.”

Maher noted a bank-owned 1930s David Adler-designed mansion on Chicago’s North Shore that Kinzie recently sold in just over a month for 5 percent more than its asking price, as well as a 9,500-square-foot REO home in Lincoln Park that sold in less than six days, with multiple offers.

8 The Art of Making an Entrance: As more urban mixed-use buildings open their doors, developers will put a greater emphasis than ever on common areas with an artistic flair, conveying a property’s character through commissioned artwork, architectural fixtures and curated furnishings.

Several new buildings already exhibited this trend in 2014, including OneEleven, where Related Midwest chose a one-of-a-kind video installation by international artist Diana Thater as the lobby’s focal point, pairing it with unique pieces hand-selected by interior designer Kara Mann to reflect the building’s luxurious lifestyle and urban edge. M&R Development and RMK Management Corp. also used video to make an impact in the lobby at 73 East Lake, where one wall features more than a dozen artfully arranged video monitors of various shapes and sizes showcasing a four-minute video loop of iconic Chicago images.

Looking ahead, Fifield Cos. partnered with Morgante Wilson Architects for the interior design of E2, a new rental tower delivering in spring 2015 in Evanston, Ill. E2’s lobby captures the flavor of downtown Evanston and includes sculptural light fixtures that are as much art as they are lighting. “Lobbies of premier apartment buildings serve not just as a beautiful entrance, but a place to relax and even do business,” said Randy Fifield, vice chair and principal of Fifield Cos., which in the past has commissioned artwork and even used an on-loan gallery of authentic Salvador Dali prints to set apart the common areas of its luxury rentals. “It’s imperative that we set the right tone for our buildings, and art is a great way for us to introduce residents and guests to a building’s personality.”

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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Chicago IL 60657
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Chicago Real Estate Market Trends for August 2014

September 19, 2014

While the number of for sale by owner transactions is on the decline, approximately 9 percent of sellers decide to go it alone and forego outside help from a Realtor®. Typically those that go this route have extenuating circumstances, such as already having a relationship with the buyer (which happened in 40 percent of recent FSBO sales, according to National Association of Realtors® data). However, NAR’s 2013 Profile of Home Buyers and Sellers shows that most sellers benefit from the outside help of a knowledgeable advocate when selling their home. Aside from being experts in the field, Realtors® have the time, know the market and needs of the potential buyers, bring an objective and fresh perspective to the seller, understand the complexity of all of the processes involved, and have the ability to attract qualified buyers.  It’s because of these reasons that sellers using a Realtor® tend to get more for their homes, according to NAR’s report.

Let’s look at how many sellers sold their homes with a Realtor in August.

August 2014 Real Estate Market Update

Chicago Real Estate Sales – Detached Single Homes

The number of Chicago detached single homes selling in August 2014 decreased 6% for the month compared to August 2013. The average selling price increased by 19% to $840,922 and the average market time increased by 11 days. Homes sold for 96% of the listed price.

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.

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

August 2014

228

$840,922

96%

71

August 2013

243

$700,891

97%

60


Chicago Real Estate Sales – Attached Single Homes

The number of Chicago attached single homes selling in August 2014 decreased by 14% for the month when compared to August 2013. The average selling price increased 12% to $419,408 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

August 2014

1,300

$419,408

98%

63

August 2013

1,514

$374,283

98%

61

Chicago Real Estate Sales – 2-4 Flats

The number of Chicago multi-family properties selling in August 2014 decreased by less than 21% from August 2013. The average selling price increased 26% from August 2013 prices, and the average market time decreased by 45 days. Homes sold for 98% of the listed price.

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

August 2014

103

$520,050

98%

53

August 2013

132

$411,729

99%

98

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