Superior 110, a luxury boutique condominium in River North is one of our firm’s clients, and that’s led me to spend a fair amount of time with Greg Eldridge, an @properties agent who’s in charge of sales at the development.
I’ve been impressed with Greg’s market and product knowledge, and his candor, and asked him to depart from our usual condo tour format and spend a few minutes on camera talking about himself and his approach to real estate.
In the video, Greg briefly touches on a segment of the market that he sees as doing well – single-family homes in Lake View in the $1.2 to $1.3M price range.
I would posit single family homes are hot in general. We are seeing anything of decent move-in quality and decent school attendance boundary on the North side moving quickly if under $800K.
I will be interested to see the over-all single family home unit numbers at the mid point of the year. It seems to me consumers are finding homes more affordable on the north side and are pulling the trigger. We also see a lot of newly rehabbed homes entering the market which were almost no existent for two years until about spring of 2010.
It is also affordable again to buy a run down home in a good location and rehab for your personal residence. This is a smaller market, but a really good idea right now. The right neighborhoods are returning big on bank appraisals. Often, appraisals are higher than market value when buying a home that needs renovations. So, if its your primary residence you are getting some bank equity to play with for refinancing or borrowing for home renovations down the line.