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ChicagoSouth Side

Pilsen is once again the next hot neighborhood

Pilsen thrift store

The concept of a “willing suspension of disbelief” is credited to Samuel Taylor Coleridge from the year 1817. Wikipedia summarizes it thus: … if a writer could infuse a “human interest and a semblance of truth” into a fantastic tale, the reader would suspend judgment concerning the implausibility of the narrative. You can draw your ...

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Posted by Joe Zekas on August 7, 2014
ChicagoDowntown / Loop

1111 South Wabash is on the mend, agents say

1111 S Wabash

The Gammonley Group was considered a pioneer when it began sales in 2001 for 1111 S Wabash, a 34-story, 247-unit condominium in the South Loop. A few years later the market had become crowded. The building passed the 80%-sold mark early in 2004 before sales slowed to a trickle, and a few developer units were ...

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

Is the Chicago housing market becoming less competitive?

North Avenue bridge

Yesterdays’ email included the following, from Redfin: According to Redfin’s latest Bidding War Report, Chicago saw a 2.8 percentage point decline in bidding wars in May, but remained on Redfin’s list of the most competitive markets at #9. Despite the slight ease, competition is still fierce in Chicago: 48% of offers were up against competing ...

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Posted by Joe Zekas on June 11, 2013
News & trendsMarket conditions

Redfin report reflects sharply increased demand for Chicago homes

Streeterville Chicago

Redfin yesterday issued its Real-Time Demand Pulse, “the only report in the industry that analyzes tour and offer data.” The report tracks data across the 20 U.S. markets in which Redfin is active. In response to a request, Redfin furnished data for the Chicago market:   Chicago home tours in February 2013 were up 14.3% ...

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Posted by Joe Zekas on March 8, 2013
ChicagoNorth Side

Redfin names Chicago’s hottest neighborhoods

Cleo's on Chicago

Market conditions being what they’ve been, it’s been years since “Chicago’s hottest neighborhoods” was a phrase that didn’t immediately elicit ridicule. With a number of analysts concluding that 2012 marked the bottom of the market downturn, it’s perhaps respectable to talk about pockets of strong activity, i.e. “hot neighborhoods.” Redfin recently announced its top 10 ...

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Posted by Joe Zekas on January 15, 2013
ChicagoDowntown / Loop

Is this Chicago’s most iconic home?

1508 N State Pkwy

Redfin recently announced the winners of its “Iconic Homes of America” contest. Redfin visitors nominated the homes listed for sale on the site that they felt best represented their city. Chicago’s winner was the Frederick Winston home, pictured above, at 1508 N State Pkwy. Built for the founding partner of Winston & Strawn, the ivy-laden ...

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Posted by Joe Zekas on November 13, 2012

Zillow and Trulia lag brokerage sites in timeliness, accuracy, completeness

Aerial view of downtown Chicago

The WAV Group recently published a Redfin-sponsored study comparing listing search results at local brokerage websites in 11 major markets with search results on Trulia and Zillow. The study (PDF) found that local real estate brokerage websites give consumers the most complete, accurate and timely information about homes for sale. The results – and brokerage ...

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Posted by Joe Zekas on October 5, 2012

A brief look at Redfin’s business model

Redfin video

At most real estate brokerage firms, agents are independent contractors who work solely on commission. Redfin agents are salaried employees who also receive fringe benefits and bonuses based in part on client satisfaction. Redfin depends on its website to deliver leads to its agents rather than on agents cold-calling, networking and undertaking their own personal ...

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Posted by Joe Zekas on June 25, 2012
News & trendsMarket conditions

Redfin seeing many multiple offer transactions in Chicago area

Video with Redfin

Redfin‘s Dario Medina and Mark Reitman stopped by my office the other day for an off-the-cuff discussion of Redfin’s business model and some of the trends its agents have been seeing recently in the Chicago real estate market. One topic I tossed out for discussion was multiple offers. According to Medina, 37% of Redfin’s local ...

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Posted by Joe Zekas on June 1, 2012

Will you read Redfin’s notes?

Redfin starred properties

Redfin revealed its latest upgrade this morning — notes from Redfin agents appended to the listings they’ve toured. “With each new home toured, Redfin’s online tools prompt the agent hosting the tour for free-form comments to share with customers, along with a form for cataloging key features such as whether the listing has plenty of ...

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Posted by Joseph Askins on March 17, 2011

Redfin rolls out first Chicago Insider Report

“There is no buyer urgency in this market. It’s all about the ‘deal.’ Buyers who don’t get their desired price move on to sellers who are more willing to negotiate.” That’s Redfin agent Patrick Lusk’s take on the west suburban market in Redfin’s new Chicago-area Insider Report, published today. The report has a mix of ...

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Posted by Joseph Askins on November 11, 2010

Lumped together: Redfin adds home clusters to its listings map

Redfin real estate listings clusters

OK, Redfin has my attention. In the old days (you know…yesterday), a home search that covered too broad a price range or home style or area would result in an annoying message about how Redfin could only map 500 properties at one time. Now the site lumps homes into clusters; those clusters grow and cover ...

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Posted by Joseph Askins on October 28, 2010

Trust, but verify

Thumbnail image for Trust, but verify

While I’m on the subjects of 2650 North Lakeview and Redfin data, I might as well point out the following. You see this Google map at the bottom of every Redfin listing at 2650 N Lakeview Ave, site of a 42-story, 398-unit condo high-rise. See the parcel that Redfin outlined in red? Yeah, that’s not ...

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Posted by Joseph Askins on August 26, 2010