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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

Sellers taking losses at Jefferson Tower

Fulton River District

The Fulton River District was still a new neighborhood, but it had become relatively established by the time that Jefferson Tower, 200 N Jefferson, was begun in 2004 and completed early in 2006. The 24-story condominium tower’s developers, concerned that the downtown Chicago market for 2-bedroom condos might be overbuilt, adapted their plans by converting ...

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Posted by Joe Zekas on July 23, 2013
News & trendsMarket conditions

Foreclosures less of a market factor nationally, still high in Illinois

Chicago Lawn board-ups

RealtyTrac today released its Q1 2013 U.S. Foreclosure & Short Sales Report, which shows that a total of 190,121 U.S. properties in some stage of foreclosure or bank-owned (REO) were sold during the quarter, a decrease of 18 percent from the previous quarter and down 22 percent from the first quarter of 2012. From RealtyTrac’s ...

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Posted by Joe Zekas on May 30, 2013
DealsChicagoDowntown / Loop

Are there deals to be had at Printers Row Lofts?

Printers Row Lofts

Printers Row Lofts is an 8-story, 138-unit loft building at 732 S Financial Pl in the South Loop. The building, which is on the National Register of Historic Places, was converted to loft apartments in 1996 by Tony Rezko‘s Rezmar Group and converted to condos in 2003. We wrote about the conversion in the February ...

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Posted by Joe Zekas on May 1, 2013
News & trendsMarket conditions

CoreLogic – Rising home prices put upward pressure on rents

CoreLogic graphic

Yesterday CoreLogic released its April MarketPulse Report (PDF, free registration required). The report includes a discussion of housing’s anticipated contribution to economic growth and an analysis of single-family rental supply and demand trends. Key findings in the report include: Increasing equity has revived buyer demand, and trade-up opportunities are increasing for some buyers. Investor demand ...

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Posted by Joe Zekas on April 24, 2013
News & trendsMarket conditions

Distressed sales decline sharply in major cities, modestly in Chicago

Wilcox Ave, Chicago

Last week the ever-informative Calculated Risk blog posted a table showing the share of the market accounted for by distressed properties, i.e. short sales and foreclosures, in 13 major cities. The market share of distressed properties declined significantly year-over-year in March in a number of cities. Las Vegas and Phoenix, for example, saw year-over-year declines ...

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Posted by Joe Zekas on April 22, 2013
News & trendsMarket conditions

Foreclosures, short sales were 43 percent of 2012 US sales

RealtyTrac graphic

RealtyTrac today released its Year-End and Q4 2012 U.S. Foreclosure and Short Sales Report, which shows a total of 947,995 U.S. properties in some stage of foreclosure or bank-owned (REO) were sold during the year, a decrease of 6 percent from 2011 and down 11 percent from 2010. These foreclosure-related sales accounted for 21 percent ...

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Posted by Joe Zekas on February 28, 2013
ChicagoFar North

Distressed properties dominate the market in Rogers Park

7401-11 N Hoyne Chicago

Rogers Park developers periodically fall prey to a state of irrational exuberance. The peak of the most recent mania had already passed in May of 2008 when a 2-day survey of Rogers Park took us to more than 100 active condo conversions. It was already clear that the bubble had popped, and it only remained ...

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Posted by Joe Zekas on February 22, 2013
News & trendsMarket conditions

Increased competition for distressed properties in downtown Chicago

Aerial view of Streeterville, Chicago

After hearing of a short sale that elicited 33 bids – 22 of them cash offers – within a week, I reached out to Vik Wadhwa of Urban Living to learn whether this was a common occurrence. Vik’s response to my email: Clients searching for properties in downtown neighborhoods – especially in River North, Gold ...

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Posted by Joe Zekas on February 8, 2013
News & trendsMarket conditions

Nearly 1 in every 4 Illinois sales foreclosure-related

East Garfield Park

RealtyTrac released its Q3 2012 Foreclosure & Short Sales Report yesterday. In, Q3 24% of Illinois sales, or nearly in every 4, were foreclosure-related. The report: … shows a total of 193,059 U.S. properties in some stage of foreclosure or bank-owned (REO) were sold during the third quarter, an increase of 21 percent from the ...

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Posted by Joe Zekas on December 7, 2012
News & trendsMarket conditions

Chicago October home sales volume up 50% year-over-year

Grant Park, Chicago

The following market update arrived via a news release from RE/MAX Northern Illinois: The seven-county metropolitan Chicago real estate market delivered a strong performance in October, with 43 percent more homes changing hands than in the same month last year. The increase in sales activity was especially pronounced in Cook County and the City of ...

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Posted by Joe Zekas on November 15, 2012
ChicagoFar North

Price collapse continues at colorful Catalpa Gardens

Catalpa Gardens

The three blue and gold 11-story towers of Edgewater‘s Catalpa Gardens make a colorful statement up close and from a distance. The 126-unit complex’s other distinctive features include glass walkways connecting the towers, a rooftop deck with outstanding views – and unit values that have radically imploded. When we looked in on the building two ...

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Posted by Joe Zekas on November 7, 2012
News & trendsMarket conditions

Metro Chicago third quarter sales volume highest since 2007

Chicago skyline from afar

The following market update arrived via a news release from RE/MAX Northern Illinois: The residential segment of the metropolitan Chicago real estate market extended the upswing experienced in the first half of 2012 through the third quarter, registering the largest number of third-quarter home sales since 2007. According to an analysis by RE/MAX, home sales ...

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Posted by Joe Zekas on October 26, 2012
ChicagoFar North

The exit line from a Rogers Park condo – Check, please

1543 W Sherwin Chicago

Six and a half years ago we were reporting at length on a condo boom and a lagging retail scene in Rogers Park. Our story led and ended with an enthusiastic buyer: Alpana Singh is a star of Chicago’s fine dining scene, with a string of accomplishments including a TV show, an upcoming book and ...

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Posted by Joe Zekas on August 31, 2012
ChicagoSouth Side

Is $14,500 the right price for a 3-bedroom in Terror Town?

Terror Town video

Unit 1S at 7708 S Essex Ave is a 3-bedroom, 2-bath duplex that’s listed as 3,300 square feet and described as “completely remodeled with all stainless steel appliances, granite counter tops, juccuzzi [sic] baths, hardwood floors and garage parking.” The condo was originally listed for $189,900 in June of 2010. It went under contract shortly ...

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Posted by Joe Zekas on August 27, 2012
News & trendsMarket conditions

Home inventory drops sharply in some Chicago neighborhoods

Market conditions by neighborhood

It could be just a case of a spring market up-tick, but a number of neighborhoods have seen the inventory of available homes drop sharply last month. In mid-March there were six neighborhoods with 4-6 months inventory (the accepted definition of a balanced market). Today, 17 neighborhoods are in that balanced category and two neighborhoods ...

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Posted by Jody Wise on June 2, 2012

Is short sale fraud on the increase?

This morning’s email brought the following from a local Realtor: Meet the latest in shady practices – the short sale come-on tease. These are listings that are advertised as short sales but…aren’t….really. I represented some buyers who wanted to make an offer on a so-called shorts, but was told, after many dodgy evasions of my ...

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Posted by Joe Zekas on April 17, 2012
News & trendsMarket conditions

Distressed sales up sharply in Chicago over 4 years ago

Distressed sales in Chicago

Four years ago in January, 3% of all closed sales in Chicago were lender-owned foreclosures and 1% were short sales. A short sale, as many of you know, is a sale where the market value of the property is less than the mortgage amount. This type of sale requires lender approval. Short sales and lender-owned ...

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Posted by Jody Wise on April 4, 2012
News & trendsMarket conditions

Bleak November Chicago housing numbers from CoreLogic

West Humboldt Park

The CoreLogic Market Pulse report for November (PDF) just became available and the Chicago numbers aren’t pretty. For the Chicago-Joliet-Naperville metro area, CoreLogic reports 4,604 November sales, a year-over-year increase of 1.4%. Distressed sales accounted for 35.6% of the market, with 641 short sales and 998 REO sales. Prices fell 2.5% month-over-month and 10.5% year-over-year. ...

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Posted by Joe Zekas on January 18, 2012
ChicagoSouth Side

From Yo’s archive – Grand Boulevard condos gone bust

47th & Champlain  Chicago

Five years ago to the day we wrote about a new construction condo project at 4705 S Champlain Ave, where 3-bedroom, 2-bath units were priced from the $260s to the $290s. The Grand Boulevard project also included two ground-level retail spaces and 14 deeded parking spots. The copy on the mural directly across the street ...

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Posted by Joe Zekas on January 3, 2012