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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 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

YoChicago launches condominium review series

55 East Erie, fitness

Late last year we began a series of apartment reviews and they’ve proven popular, contributing to a more than 70% year-over-year increase in our traffic in July. We’re waiting on the stats from our server logs, but YouTube Analytics indicates that we reached more than 90,000 unique visitors last month. Condo buyers need access to ...

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Posted by Joe Zekas on August 4, 2014

Available MLS-listed rentals at a high on North Lakefront

Lincoln Park

As of late yesterday there were 832 homes and condos listed for rent in local Multiple Listing Service in ZIP Codes 60614, 60657, 60613, 60640, 60660 and 60626. Those ZIP Codes span Chicago’s lakefront from Lincoln Park north to Rogers Park. The number of available rentals is at its highest level since we began tracking ...

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Posted by Joe Zekas on July 30, 2014

Question of the day – who’s getting the supervouchers?

500 LSD

Crain’s Chicago Business reported yesterday that the Chicago Housing Authority is issuing “supervouchers” that enable low-income residents to rent in some of the city’s priciest apartment buildings. Supervoucher recipients are currently renting, for example, at 500 Lake Shore Drive and Aqua. There are important public policy and resource allocation questions to be considered. But, this ...

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Posted by Joe Zekas on July 28, 2014

YoChicago nears 3,000 YouTube subscribers

K2

YoChicago has more than 2,500 videos on our primary YouTube channel, and they’ve been viewed more than 3.8 million times. We have far more narrated real estate videos online than all of the other media outlets in Chicago combined, and we’re adding to them frequently. Our most popular video, one of several on the erection ...

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

Thirty percent of mortgaged Chicago homes seriously underwater

Chatham Club

RealtyTrac defines a mortgaged home as “seriously underwater” when “the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value.” According to RealtyTrac, 17.2 percent of all mortgaged homes in the US were seriously underwater in Q2 2014. Equity rich properties, i.e. those with at least ...

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Posted by Joe Zekas on July 24, 2014
News & trendsMarket conditions

Foreclosure, delinquency rates down sharply in Chicago metro area

CoreLogic graphic

Foreclosure rates in the Chicago – Naperville – Arlington Heights metro decreased for the month of May 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 2.82 percent for the month of May 2014, a 41% ...

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Posted by Joe Zekas on July 23, 2014

The Millennials are coming, perhaps

Hubbard Place party

One of the few things you can say for certain about the Millennial Generation is that its membership is huge in number. Beyond the sheer size of this cohort, certainties vanish. Predicting the impact that Millennials will have on the sale and rental housing markets is, in some respects, akin to playing the lottery. The ...

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Posted by Joe Zekas on July 22, 2014
News & trendsMarket conditions

June foreclosures at lowest levels since 2006

East Garfield Park

RealtyTrac released its Midyear 2014 U.S. Foreclosure Market Report today. The report reflects a 19% decrease in US foreclosure filings over the previous six months and a 23% decrease from the first six months of 2013. States with the highest foreclosure rates in the first half of 2014 were Florida (one in 74 housing units ...

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Posted by Joe Zekas on July 17, 2014

Profiling homes that sell at a deep discount or at a premium

RealtyTrac graphic

RealtyTrac released an analysis today profiling which single family homes sell at the deepest discounts and which sell at the highest premiums based on four variables: foreclosure status, equity, occupancy and year built. According to RealtyTrac, the Chicago metro area had 4,365 properties matching the 5 profiles that resulted in the deepest discounts. The property ...

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Posted by Joe Zekas on July 10, 2014
ChicagoSouth Side

Is Pilsen under the gun?

Pilsen thrift store

We’re not talking about the so-called hipster invasion of Pilsen, nor are we resurrecting stale debates about the threat of gentrification. We’re merely relaying the headline question from a recent post at Pilsen Portal on the prevalence of crime in Pilsen. Is Pilsen under the gun? An excerpt: The answer is both a “yes” and ...

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Posted by Joe Zekas on July 9, 2014
News & trendsMarket conditions

Completed foreclosures plummet in metro Chicago area

West Englewood

CoreLogic released its May National Foreclosure Report yesterday. According to CoreLogic, for the month of May 2014, there were 47,000 completed foreclosures nationally, down from 52,000 in May 2013, a year-over-year decrease of 9.4 percent. On a month-over-month basis, completed foreclosures were up by 3.8 percent from the 45,000 reported in April 2014. As a ...

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Posted by Joe Zekas on July 9, 2014

Meet Jola Jablonska, a Chicago photographer

Jola and Eric

I’ve take many photographs while shooting 1,000s of videos and I’ve often been asked by real estate agents to do the photography for the home. I always decline, and advise the real estate agent that I can illustrate what a home looks like but a talented photographer can capture something more important: what a home ...

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Posted by Joe Zekas on July 9, 2014
News & trendsMarket conditions

Chicago doesn’t rank among top rental markets for investors

Forest Park

RealtyTrac just released its Q2 2014 Residential Property Rental Report, which ranks the best markets for buying residential rental properties along with the best markets for renting to baby boomers and the best markets for renting to millennials. Chicago-area counties don’t rank in any of the rankings, which are largely dominated by counties in small- ...

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Posted by Joe Zekas on July 3, 2014