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ChicagoDowntown / Loop

Available MLS-listed downtown rentals at 6-month low

Aerial view Chicago Loop

Just over 1,000 homes and condos were listed as available for rent yesterday in the 14 downtown ZIP Codes that we track. The 1,008 listings were the lowest number we’ve seen in more than 6 months. Available units in South Loop ZIP Code 60605 dropped from 130 early last October to 87 yesterday, a one-third ...

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Posted by Joe Zekas on April 17, 2014

Illinois ranks third in seriously underwater mortgages

RealtyTrac

RealtyTrac today released its U.S. Home Equity & Underwater Report for the first quarter of 2014. Thirty percent of all Illinois homes with a mortgage were seriously underwater, i.e. had a combined loan amount secured by the property at least 25 percent higher than the property’s estimated market value. Illinois ranked third behind Nevada (34%) ...

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Posted by Joe Zekas on April 17, 2014
North ShoreWilmette

Wilmette teardowns are back

Beverly Dr Wilmette

Travel back in time to the spring of 2006 and you would have found more than 100 homes on the Village of Wilmette’s list of pending and approved demolition permits. We documented them at the time in five separate Flickr albums: East Wilmette, from Green Bay Rd east to Lake Michigan. East Central Wilmette, from ...

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Posted by Joe Zekas on April 16, 2014
News & trendsMarket conditions

North lakefront MLS-listed rentals on the rise

Aerial view

The number of MLS-listed homes and condos available for rent in six north lakefront ZIP Codes from Lincoln Park to Rogers Park is 16% higher than it was six weeks ago, and 35% higher than at the same time two years ago. The 668 units currently available for rent represent only a 3% increase since ...

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Posted by Joe Zekas on April 16, 2014
ChicagoNorth Side

Roscoe Village single-family sales appear to be hot

3400 block Oakley Ave

We drove around most of Roscoe Village yesterday looking for apartment for rent signs and saw only one. We did note about a dozen new homes, major renovations and teardowns underway. A brief scan of the area at Redfin reported scores of single-family homes having been sold in the neighborhood within the last 12 months, ...

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Posted by Joe Zekas on April 9, 2014
ChicagoSouth Side

Checking prices at Union Row in East Pilsen

Union Row

It’s been a while since we’ve checked on the status of the Union Row townhomes on 16th St in East Pilsen. You can join me for a walk around the development in the above video, and see much more of the neighborhood and Union Row in the 23 videos at this YouTube playlist. Union Row’s ...

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Posted by Joe Zekas on April 2, 2014
ChicagoFar North

Only 3 townhomes left at Backyard Andersonville

Backyard Andersonville

Twenty of the 23 townhomes have been sold at BackYard Andersonville, 4832 N Clark St in Ravenswood. The model home, a 2-bedroom, 2-bath priced in the mid-$400s is available for immediate occupancy. Phase II began construction a few weeks ago and occupancy is slated for the fall. Two 3-bedroom, 2-bath homes are available in Phase ...

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Posted by Joe Zekas on April 1, 2014
News & trendsMarket conditions

Illinois home prices and sales volume up in February

RealtyTrac

RealtyTrac released its February 2014 U.S. Residential and Foreclosure Sales Reportearlier today. Here are some of the metrics for Illinois: The number of homes sold in February rose 20.4% year-over-year. Illinois’ sales volume increase ranked 7th highest among the states. The median sales price increased 14% year-over-year to $152,500. Illinois had the 8th highest increase ...

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Posted by Joe Zekas on March 27, 2014
News & trendsMarket conditions

Redfin agents predict a competitive market

Redfin agent survey

Redfin recently polled 435 of its agents, and 65% of them expect the home purchase market this year to be more competitive than it was in 2013. The number of homes available for sale in the Chicago area in 2014 is 29% below the 2013 level, and agents foresee bidding wars. At the very least ...

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Posted by Joe Zekas on March 26, 2014
News & trendsMarket conditions

Examining the risk of another housing bubble

Aerial view Uptown

CoreLogic just released its March MarketPulse report (PDF). The report examines the risk of another housing bubble in light of large price gains in many markets in 2013, looks at the relationship between high-end home sales and the health of the financial markets, points out that this year is widely expected to be the trough ...

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Posted by Joe Zekas on March 26, 2014
ChicagoSouth Side

Meltdown update – Woodlawn’s Renaissance on Kimbark

6501 S Kimbark

Woodlawn‘s population, as measured by the Census Bureau, fell from a high of more than 80,000 in 1960 to 23,410 in 2010. The community’s decline was accompanied by a seemingly-endless and costly succession of efforts at revitalization. We visit Woodlawn periodically, and look in from time to time on property sales in the neighborhood. A ...

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Posted by Joe Zekas on March 25, 2014
News & trendsMarket conditions

The outlook for rental housing

JCHS

If you’re trying to understand the outlook for rental housing you’ll want to spend some time with the wealth of data and analysis provided in America’s Rental Housing (pdf), a report from Harvard’s Joint Center for Housing Studies. A brief summary from the report: By virtually all rental market indicators, the recovery from the Great ...

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Posted by Joe Zekas on March 21, 2014
News & trendsMarket conditions

Million dollar home sales up 40% year-over-year

2700 N Paulina Chicago

The following market update arrived via a news release from RE/MAX Northern Illinois: Winter winds and frigid thermometer readings couldn’t cool the activity level in the luxury home segment of the metropolitan Chicago real estate market during the first two months of 2014. Compared to the same period in 2013, the number of $1 million-plus ...

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Posted by Joe Zekas on March 20, 2014
ChicagoSouth Side

Have resale prices at The Havens bottomed out?

The Havens

A 4-bedroom, 3 ½ bath newer-construction home in Auburn Gresham just hit the market at a list price of $178,000. It sold new in 2007 for $388,000. The home, at 8601 S Eggleston, is in The Havens, a subdivision that we visited two years ago in the above video. Similar homes have sold recently at ...

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Posted by Joe Zekas on March 19, 2014
News & trendsMarket conditions

Metro-Chicago sales down, prices up in February

RE/MAX data

The following market update arrived via a news release from RE/MAX Northern Illinois: Residential sales in the seven-county metropolitan Chicago real estate market during February followed a pattern similar to that established in January, with prices rising but the pace of sales slowing when compared to the same month last year, according to an analysis ...

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Posted by Joe Zekas on March 14, 2014
News & trendsMarket conditions

Chicago foreclosure rate plummets year-over-year

Tastee-Freez

RealtyTrac today released its U.S. Foreclosure Market Report for February 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 112,498 U.S. properties in February, a 10 percent decrease from January and down 27 percent from February 2013 to the lowest monthly total since December 2006 — a ...

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Posted by Joe Zekas on March 13, 2014
News & trendsMarket conditions

Chicago-area home prices up 12.6% year-over-year in January

CoreLogic HPI

CoreLogic released its January 2014 Home Price Index yesterday: In Chicago-Naperville-Arlington Heights, home prices, including distressed sales, increased by 12.6 percent in January 2014 compared to January 2013. On a month-over-month basis, home prices, including distressed sales, decreased by 0.3 percent in January 2014 compared to December 2014. Excluding distressed sales, year-over-year prices increased by ...

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Posted by Joe Zekas on March 5, 2014
News & trendsMarket conditions

Chicago still ranks high in foreclosures

Chicago aerial

Chicago ranked fourth among the 25 largest US metro areas in the percentage of mortgaged homes in foreclosure in January, according to data recently released by CoreLogic. The percentage of Chicago-area homes in foreclosure, 3.4%, declined a modest 2.1% year-over-year. Another index that housing troubles are not yet behind us is that 7.4% of Chicago-area ...

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Posted by Joe Zekas on February 28, 2014
News & trendsMarket conditions

Chicago-area sales volume, prices up sharply year-over-year

The Grove, Forest Park

Chicago-area sales volume increased 21% year-over-year in January 2014 and the median sales price increased 17%, to $175,000 according to RealtyTrac‘s just-released January 2014 Residential and Foreclosure Sales Report. Annualized sales volume in January was 170,394 homes. Institutional investors accounted for 7.6% of the sales. Nearly 46% of January sales were all cash. Short sales ...

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Posted by Joe Zekas on February 27, 2014
ChicagoDowntown / Loop

The list that’s depressing downtown Chicago apartment rents

K2

Crain’s Chicago Real Estate Daily recently reported, based on data from Appraisal Research Counselors, that rents at Class A downtown apartment buildings fell 2.7% last year, after three years of sharp rent increases. Crain’s reports that developers completed “about 2,700 units in 2013, the most in one year since at least 1999, according to Appraisal ...

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Posted by Joe Zekas on February 17, 2014