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News & trendsMarket conditions

Available MLS-listed North Lakefront rentals on the rise

Kardas, Aqua

There were 946 homes, apartments and condos listed for rent in the local MLS yesterday in the six North Lakefront Zip Codes that we track: 60614, 60657, 60613, 60640, 60660 and 60626. That’s the largest number we’ve seen since we began tracking in January of 2012, when there 558 listings. Listings increased in all of ...

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Posted by Joe Zekas on October 28, 2014

Where Chicago’s 25- to 34-year olds cluster

Lakeview aerial

According to 2010 US Census data, 25- to 34-year olds accounted for 13.4% of the nation’s population and 17.97% of the City of Chicago’s. That translates to over 41 million in the age group across the US and over 519,000 in Chicago. The aggregate numbers mask wide variations in the percentage of 25- to 34-year ...

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Posted by Joe Zekas on October 28, 2014
News & trendsNeighborhoods

Staying up to date on Chicago real estate

Aerial downtown

We began publishing reviews of Chicago’s apartment buildings just about a year ago. The blistering pace of development since that time has resulted in the need to update a number of our reviews, and our lists and associated maps. We’ll be devoting much of this week to updating our reviews and our lists and maps, ...

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

Chicago-area foreclosure rate continues to decline

East Garfield Park

Foreclosure rates in the Chicago area decreased for the month of August over the same period last year, according to newly released data from CoreLogic. The CoreLogic data reveals that the rate of Chicago-area foreclosures among outstanding mortgage loans was 2.57 percent for the month of August 2014, 40.6% below the August 2013 rate of ...

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Posted by Joe Zekas on October 23, 2014
News & trendsMarket conditions

Have free rent offers slowed the for sale market?

Streeter Place view

More than a dozen real estate brokers have told me that the for-sale market slowed perceptibly and dramatically beginning several months ago. None of them ventured much of an explanation for what they were seeing and none of them, when queried, had any familiarity at all with what was happening in the high-rise rental market ...

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Posted by Joe Zekas on October 20, 2014

Millennials are not opting for cities

Kardas aerial

As he often does, Joel Kotkin looks past wishful thinking to the numbers: It’s an idea echoed everywhere from “Friends” to “Girls”: Young people want to live in cities. And, we’re told, a lot of them (at least the cool ones) do. It’s a common assumption. But it’s also wrong. Between 2010 and 2013, the ...

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Posted by Joe Zekas on October 20, 2014
News & trendsMarket conditions

Chicago foreclosure rates on the mend

Foreclosed homes

In October of last year Chicago had the 3rd highest foreclosure rate in the nation among metro areas with a population greater than 200,000. In the third quarter of this year, according to data recently released by RealtyTrac, Chicago had the 19th highest foreclosure rate, with one in every 208 housing units in some stage ...

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

Percentage of home sales for cash continues to fall

CoreLogic graphic

The following arrived via news release from CoreLogic: Cash sales made up 32.9 percent of total home sales in July 2014, the lowest share since August 2008, and down from 35.9 percent in July 2013. Month over month, the cash sales share was mostly flat, falling only one tenth of a percentage point from June ...

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Posted by Joe Zekas on October 15, 2014
News & trendsMarket conditions

Chicago-area home sales down 12.9% in August

Aerial view downtown

The following arrived via a news release from Redfin: This past August, typically one of the hottest selling months of the year, the number of newly listed homes dropped 9.3% nationally (month over month), while the median sale price dipped 1.4% (MoM). Usually lower inventory serves as a driver of higher prices, making August 2014 ...

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Posted by Joe Zekas on September 25, 2014
ChicagoDowntown / Loop

A surge in MLS-listed downtown rentals

Aerial downtown

The number of homes and condos listed for rent in the 14 downtown ZIP Codes that we tracked rose 14% from 6 weeks ago, and 13% over the same time a year ago. The overall increases mask significant differences among the Zip Codes. While most remained relatively flat or declined, a number showed substantial increases ...

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

Cash sales fall to a third of the home market

CoreLogic graphic

The following is from a CoreLogic news release: Cash sales made up 33 percent of total home sales in June 2014, the lowest share since September 2008 (considered the unofficial start of the financial crisis), and down from 36.3 percent in June 2013. While the cash sales share also fell month over month from the ...

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Posted by Joe Zekas on September 10, 2014
News & trendsMarket conditions

Chicago-area home prices up 7% year-over-year in July

Skyline view

From a CoreLogic news release: Home prices nationwide, including distressed sales, increased 7.4 percent in July 2014 compared to July 2013. This change represents 29 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased 1.2 percent in July 2014 compared to June 2014.* Excluding ...

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Posted by Joe Zekas on September 3, 2014
News & trendsMarket conditions

North Shore – Barrington area home price growth is moderating

Barrington kitchen

The following arrived via a news release from the North Shore – Barrington Association of Realtors: Home prices on the North Shore continued to rise last month, but at a lower rate, reflecting the national picture. The medium home sale price in the North Shore – Barrington market increased 0.6 percent in July to $417,500, ...

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

Chicago ranks highest in distressed property sales

CoreLogic graphic

The following arrived via news release from CoreLogic: Distressed sales (REO and short sales) accounted for 11.4 percent of total home sales in June, the lowest share since December 2007 and a strong improvement from the same time a year ago when this category made up 15.8 percent of total sales. Within this category, REO ...

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Posted by Joe Zekas on August 21, 2014
News & trendsArchitecture & design

Apply for the 21st Annual Chicago Neighborhood Development Awards

Harvest Commons

Applications are now open for the 21st Annual Chicago Neighborhood Development Awards (CNDA). The CNDAs recognize innovation and best practices in neighborhood development. Established in 1995, the awards “recognize and honor the outstanding achievements in neighborhood real estate development and community building, as well as the essential role that both non-profit and for-profit developers play ...

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Posted by Joe Zekas on August 20, 2014

YoChicago’s taking a day off

Paul McCartney

YoChicago won’t be posting about Chicago real estate today, but will resume tomorrow. I returned to Chicago late Sunday after a five-day break in California, visiting my daughter Valerie. We had tickets for Paul McCartney’s concert at Candlestick Park – the last event at “The Stick” before it’s demolished. As usual I took a lot ...

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Posted by Joe Zekas on August 18, 2014

YoChicago reaches record numbers in July

Millennium Park

According to our server logs, YoChicago had 104,196 unique visitors in July. That’s the first time we’ve passed the 100K mark in a month, and it represents a 49% increase over July of 2013. Google Analytics tells us that two-thirds of our visitors were new to the site last month, and only 14% of our ...

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Posted by Joe Zekas on August 11, 2014
ChicagoDowntown / Loop

Number of MLS-listed downtown rentals on the rise

Loop aerial

There are currently 994 homes, apartments and condos listed for rent in the Multiple Listing Service (MLS) in the 14 downtown Chicago ZIP Codes that we track. That number represents an 8.2% increase over the last two months and a 28.6% increase over the same time last year. The number of listings has changed little ...

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Posted by Joe Zekas on August 7, 2014
News & trendsMarket conditions

Chicago-area home price increases outpace national average

Embassy Club

CoreLogic released its June Home Price Index (HPI) report yesterday. Home prices nationwide, including distressed sales, increased 7.5 percent in June 2014 compared to June 2013. This change represents 28 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased 1.0 percent in June 2014 ...

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Posted by Joe Zekas on August 6, 2014

YoChicago at YouTube, Flickr, Facebook and Twitter

Boiler room

More than two-thirds of the more than 85,000 unique visitors to YoChicago each month are new to the site, and only 14% of our visitors come directly to the site. Seventy-seven percent of our visitors come here via organic search. What those numbers tell us is that we’re meeting our objective of providing information about ...

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Posted by Joe Zekas on August 5, 2014