Chicago Real Estate Blog

This Month in Real Estate January 2012

noreply@blogger.com (Michael Walsh) — Mon, 30 Jan 2012 15:10:00 +0000

New Home Sales Up

noreply@blogger.com (Michael Walsh) — Thu, 01 Dec 2011 16:00:00 +0000

According to Valuation Review the sales of newly built, single-family homes inched up 1.3 percent to a seasonally adjusted annual rate of 307,000 units in October, according to newly released data from the U.S. Commerce Department. The gain is from a downwardly revised rate in the previous month, and marks the best pace of new-home sales activity since this May.

"Builders have been seeing some marginal improvement in sales activity over the past few months, particularly in select markets where consumer confidence is higher due to improved economic conditions," said Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a homebuilder from Reno, Nev. "While this trend is encouraging, overall sales activity is still well below normal due to the effects of overly tight credit conditions for builders and buyers, the continued flow of distressed properties on the market, and inaccurate appraisal values on new homes."

"[The] report is right in line with our forecast for modest and gradual improvement in sales activity through the remainder of the year," said NAHB Chief Economist David Crowe. "Particularly encouraging is the fact that builders continue to hold down their inventories to match the current sales rate, with the number of new homes for sale now down to a sustainable, 6.3-month supply."

Regionally, new-home sales held unchanged in the Northeast and gained 22.2 percent in the Midwest and 14.9 percent in the West in October. The South was the only region to post a decline, of 9.5 percent.

The nationwide inventory of new homes for sale held at an all-time record low of just 162,000 units in October, which is a 6.3-month supply at the current sales pace.

This Month in Real Estate November 2011

noreply@blogger.com (Michael Walsh) — Wed, 23 Nov 2011 14:49:00 +0000

Property Tax Appeals Soaring

noreply@blogger.com (Michael Walsh) — Fri, 17 Dec 2010 16:07:00 +0000

As U.S. home prices continue to fall, property owners in most major U.S. cities are demanding lower taxes, Bloomberg reported Dec. 8. Bloomberg reported specifically on states such as Michigan, Nevada, New Jersey, California and Illinois.

Real estate values plunged 30 percent below their peak of April 2006, according to the third quarter S&P/Case-Shiller index of property values in 20 cities, released Nov. 30. Values may drop 10 percent more, Greg Lippmann, a founder of LibreMax Capital LLC, said Dec. 2 at the Hedge Funds New York Conference hosted by Bloomberg Link.

In the Midwest, Illinois may have 19,350 property appeals in 2010, 10 percent more than in 2009, Louis Apostol, executive director of the state’s Property Tax Appeal Board, told Bloomberg. The backlog amounts to about 35,000 claims, of which more than 80 percent come from homeowners and the board approves an average of 30 percent of them, he said.

Chicago Metro Zillow Home Value Index

noreply@blogger.com (Michael Walsh) — Tue, 16 Nov 2010 14:31:00 +0000

According to a new report released today from the real estate website Zillow.com, home values decreased 6.6% year-over-year to a Zillow Home Value Index (ZHVI) of $189,600. Values also fell in the short-term, changing -1.1% from August to September. The ZHVI measures the value of all homes, not just those that sold in a particular period.

The online real estate tracker also reported that 12.4% of Chicago homes’ values increased in September, while 82.4% decreased.

A large percentage of all sales in September were foreclosure re-sales (REO sales). Nationally, foreclosure re-sales made up 20.1% of all sales.

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Chicago Metro Zillow Home Value Index

Chicago Metro Home Values - Interactive chart

This Month in Real Estate November 2010

noreply@blogger.com (Michael Walsh) — Sat, 13 Nov 2010 17:28:00 +0000

36th Annual Historic Pullman House Tour

noreply@blogger.com (Michael Walsh) — Sun, 10 Oct 2010 14:40:00 +0000

Sunday October 10th visit historic Pullman

One weekend each year, Pullman residents open their homes to the public for the annual Historic Pullman House Tour. These 120-year-old landmark homes range from executive mansions to 14-foot wide worker's cottages to multi-unit apartments, all with a charm and uniqueness that is part of the Pullman experience. Tour homes open 11:00am to 5:00pm.

Historic Pullman Visitor Center, 11141 S. Cottage Grove Avenue, Chicago, IL

www.pullmanil.org

U.S. Double Dip Not Likely in 2010

noreply@blogger.com (Michael Walsh) — Fri, 24 Sep 2010 15:13:00 +0000

A double dip occurs when home price growth slides back below previous lows after a period of growth.

Clear Capital, a provider of data and solutions for real estate asset valuation, investment and risk assessment, has some comments on the real estate market.

"We continue to see softening of home price gains, due in large part to the buyer pullback after the expiration of the tax credit," said Dr. Alex Villacorta, Senior Statistician, Clear Capital. "Overall, prices look poised to continue their deceleration with a likely drop into negative territory by the end of the year. But keep in mind, the price gains we experienced over the past two years are providing a cushion against prices going into double dip territory, meaning it is unlikely we'll see prices below their 2009 lows this year."

"As we head into the final months of the year it will be interesting to see how markets respond to an environment without any buyer incentives," added Dr. Villacorta. "We are observing local markets that are within a few miles of each other diverging in their response to the current housing climate—some are showing strong stable growth and others have yet to reach a price bottom. All of this points to the fact that recovery in the housing market will occur segment by segment in micro markets around the country."

"While local micro markets may face an eventual double dip, it’s important to note that both quarterly and yearly prices at the national and regional levels are still up, and price gains of the last year-and-a-half have created a buffer that will slow the development of a national double dip scenario. So, for a national double-dip to occur, prices would need to drop below their 2009 lows. This would be a complete direction change and decline of 11.7 percent from current levels. Barring a meltdown reminiscent of late 2008, we think it unlikely prices would reach new record lows anytime before spring 2011."

Des Plaines, Il - Current Housing Market

noreply@blogger.com (Michael Walsh) — Fri, 24 Sep 2010 14:50:00 +0000

The chart shows the market activity in Des Plaines, IL in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 329 active listings of detached single family homes as of 09/24/2010.

The median list price is $275,000.00

In the last 30 days there have been 34 closed sales.

The median sales price was $246,000.00

At the current rate of absorption there are 9.67 months of unsold single family inventory in Des Plaines. This level of inventory is considered an over supply.

Hoffman Estates, IL - Current Housing Market

noreply@blogger.com (Michael Walsh) — Sat, 18 Sep 2010 15:24:00 +0000

The chart shows the market activity in Hoffman Estates in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 225 active listings of detached single family homes as of 09/18/2010.

The median list price is $290,500.00

In the last 30 days there have been 23 closed sales.

The median sales price was $240,000.00

At the current rate of absorption there are 9.78 months of unsold single family inventory in Hoffman Estates. This level of inventory is considered an over supply.

This Month in Real Estate : September 2010

noreply@blogger.com (Michael Walsh) — Sat, 18 Sep 2010 14:45:00 +0000

Edgewater House Walk September 19, 2010

noreply@blogger.com (Michael Walsh) — Fri, 17 Sep 2010 21:29:00 +0000

This Sunday the Edgewater Historical Society will be having its 22nd annual house walk. Homes built from the 1890s thru the 1910s will be open for viewing in Chicago's Edgewater neighborhood.

On the walk will be one of the Gauler Twin Houses shown in the photograph. These are two identical Prairie style houses built in 1908 by architect Walter Burley Griffin. They were designated a Chicago Landmark on June 28, 2000

The tour begins at Granville United Methodist Church, 1307 W. Granville Ave.from 12 noon until 4 p.m. The cost is $25.00, for more information go to: www.edgewatwerhistory.org

This Month in Real Estate August 2010

noreply@blogger.com (Michael Walsh) — Tue, 17 Aug 2010 15:07:00 +0000

We made the finals!

noreply@blogger.com (Michael Walsh) — Thu, 12 Aug 2010 12:50:00 +0000

Green condominiums in Evanston

noreply@blogger.com (Michael Walsh) — Wed, 11 Aug 2010 15:31:00 +0000

Going Green in Evanston is easy at the new Winthrop Club Condominiums.

This 96 unit complex was designed to meet the stringent LEED standards of the U.S. Green Council. L.E.E.D. (LEED) stands for Leadership in Energy and Environmental Design.

LEED was developed by the U.S. Green Building Council (USGBC), and is intended to provide building owners and operators a concise framework for identifying and implementing practical and measurable green building design, construction, operations and maintenance solutions.

The goals of building green include the efficient use of energy, water, and other resources, the protection of occupant health and improvement of employee productivity, and the reduction of waste, pollution, and environmental erosion.

More than 35 different credits were obtained at Winthrop Club in LEED's five rating categories, which include sustainable site measures, water and energy conservation, characteristics of materials, resources and indoor environmental quality.

The building features: High performance glass windows, a Green roof system to reduce heat absorption and help keep surrounding areas cooler and Managed storm water runoff while collecting water for irrigation. In addition its downtown Evanston location makes a low impact on the environment with easy walking access to shopping, Metra train and CTA bus stations.

Increased awareness of environmental issues such as the BP Gulf oil spill is expected to drive growth in green building. According to environmental trade publication EL Insights, the total U.S. green building market is projected to increase from $71 billion at present, to an estimated $173 billion by 2015.

Foreclosures a blight on market

noreply@blogger.com (Michael Walsh) — Sun, 01 Aug 2010 14:26:00 +0000

In Sunday's Chicago Sun-Times David Roeder has an artical about foreclosures with a few quotes from appraiser Michael Walsh.

Check out the article Foreclosures a blight on market

Darien, IL 60561 - Current Housing Market

noreply@blogger.com (Michael Walsh) — Fri, 30 Jul 2010 08:00:00 +0000

The chart shows the market activity in Darien in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 108 active listings of detached single family homes as of 07/29/2010.

The median list price is $342,450.00

In the last 30 days there have been 4 closed sales.

The median sales price was $281,500.00

At the current rate of absorption there are 27.00 months of unsold single family inventory in Darien. This level of inventory is considered an over supply.

A Short Sale designed by Frank Lloyd Wright

noreply@blogger.com (Michael Walsh) — Thu, 29 Jul 2010 22:25:00 +0000

Homes designed by Frank Lloyd Wright usually don't come to mind when you are talking about Short Sales, but the condition of the economy is affecting property in all price ranges.

Listed on the National Register of Historic Places, the Mary Adams House in Highland Park, IL. is a "Prairie Style" home built in 1905.

Priced at $589,000 it's located one block from Lake Michigan. For more information contact listing agent Bryan Firth at 847-951-1233

Clarendon Hills, IL 60514 - Current Housing Market

noreply@blogger.com (Michael Walsh) — Thu, 29 Jul 2010 21:52:00 +0000

The chart shows the market activity in Clarendon Hills in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 91 active listings of detached single family homes as of 07/29/2010.

The median list price is $549,900.00

In the last 30 days there have been 9 closed sales.

The median sales price was $450,000.00

At the current rate of absorption there are 10.11 months of unsold single family inventory in Clarendon Hills. This level of inventory is considered an over supply.

People’s Choice Best Real Estate Blog Award

noreply@blogger.com (Michael Walsh) — Thu, 29 Jul 2010 15:35:00 +0000

Voting has begun for the Zillow-sponsored “People’s Choice Best Real Estate Blog Award” in Chicago, and the Chicago Real Estate Blog is among the nominees!

Here’s how it works: Visitors can click on the badge above and vote for their favorite real estate blogger. Anyone can vote once per 24 hours. Voting ends at noon (PDT) on Aug. 11, 2010. Once the voting is over, the blog with the most votes will be declared the winner in each city. You can vote for the Chicago Real Estate Blog by selecting citywide.blogspot.com at Zillow

Frank Lloyd Wright house listed in Oak Park

noreply@blogger.com (Michael Walsh) — Sat, 24 Jul 2010 19:31:00 +0000

The George Furbeck House designed by Frank Lloyd Wright has been listed for sale. This Oak Park home was built in 1897 at a time when Wright was experimenting with different architectural styles. The asking price is $1.1 million. Check out the listing for photo's of the interior.

Ernest Hemingway's Last Oak Park, Home

noreply@blogger.com (Michael Walsh) — Fri, 23 Jul 2010 17:59:00 +0000

This was Ernest Hemingway's final Oak Park Home. The family lived in this house from 1906 to 1920.

Hemingway lived here while he attended Oak Park and River Forest High School from 1913 until 1917.

After leaving high school he went to work for The Kansas City Star as a reporter. In 1918 Hemingway became a Red Cross ambulance driver in Italy.

Hemingway Interim House

noreply@blogger.com (Michael Walsh) — Fri, 23 Jul 2010 17:38:00 +0000

One of the tests to see if a home is historic is who lived there. Ernest Hemingway lived in this house for a short time in 1905 and 1906 while the family awaited completion of their new house a few blocks away.

Known as the Hemingway Interim House, this Oak Park home is a good example of historic preservation at work.

The house was located on the site of what is now the new Oak Park Library and was going to be torn down. The current owners thought it worthy of preservation, bought the house for $1.00 and moved it to a new site.

Ernest Hemingway's Oak Park Home

noreply@blogger.com (Michael Walsh) — Fri, 23 Jul 2010 17:25:00 +0000

The village of Oak Park is rich in history and was the boyhood home of author Ernest Hemingway.

In this Victorian, Queen Anne style house Hemingway was born on July 21, 1899.

The house was built around 1890 for Ernest Hall, Hemingway's grandfather. The Hemingway's lived in this house until 1905.

The next foreclosure crisis

noreply@blogger.com (Michael Walsh) — Tue, 20 Jul 2010 15:17:00 +0000

Watch the full episode. See more Need To Know.