That’s kind of the uniqueness of Logan Square. It wasn’t as if young, creative Chicagoans suddenly discovered this neighborhood that stretches west from the I-94 corridor and all of a sudden the shops and restaurants followed. It was really the reverse; the commercial streets revived first, and then city dwellers from elsewhere started coming around and realized what a gem this part of the city was.

“The economy collapsed and we had new businesses succeeding here from 2008 through 2010,” says MacFarland. “That’s when the momentum started to build. You had restaurants and all these unique businesses opening up. Now that the economy and the housing market are turning around, the boom is accelerating.”

The family bought their Chicago home in 2005. It was a 100-year-old, single-family residence of about 2,000-square-feet that they purchased for $325,000. Then came the housing market collapse, but today, MacFarland says, the value of the home has come back and probably even surpassed the purchase price.

“The neighborhood was much less dense than the East Village or the Ukranian Village area, with more single-family homes,” explains MacFarland. “We were able to buy a single-family home for the price of a condo in those other neighborhoods.”

When the MacFarlands moved to Logan Square, the area was just getting a bit of a buzz, but nothing like what’s going on now.

The neighborhood is named for the public square of the same name located at the three-way intersection of Milwaukee Avenue, Logan Boulevard and Kedzie Boulevard. It’s a big area about two miles in width, stretching from Pulaski Road on the west to Western Avenue on the East; from Diversey Avenue on the north to Bloomingdale Avenue on the south.

Within its blocks are a wide assortment of single-family residences and condos, some of which sell surprisingly cheaply (under $250,000), to Victorian mansions that are valued in the seven-figure range.

“Prices are appreciating as there is a lack of inventory,” says MacFarland. “There are only 21 single-family homes in Logan Square active on the market, and another 30 that are under contract. Prices range from $142,000, which was probably a distressed or short sale to something on Logan Boulevard for $1.6 million.”

One benefit of living in Logan Square is being in walking distance to the popular Farmer’s Market and all the new commercial openings—Scofflaw, The Radlar, D.A.S. and Chicago Distilling Company—along Milwaukee Avenue.

By Steve Bergsman

The post Diverse Real Estate in Logan Square Makes Neighborhood Attractive to Residents appeared first on Dream Town.

This completely remodeled two flat sits in the hot neighborhood of Logan Square. Updates include a brand new roof, windows, siding, kitchens, and baths. Hardwood floors were added to the second floor. The basement could be a unit in itself with a remodeled family room, bedroom, kitchenette, and bathroom. A beautifully landscaped front yard will impress your neighbors while you can feel safe letting your kids and pets play in the fenced-in back yard. Conveniently park your car in the two-car garage or walk a couple of blocks to the CTA Blue Line. No need to commute, however, with many restaurants and shops nearby.

By Avi Ron

The post 2205 Maplewood Avenue appeared first on Dream Town.

This massive brick building with three flats that sits on an oversized lot is on the market for only $269,500! With two rooms and one bathroom in each unit that also feature kitchens with pantries (except for the first floor), this home is a bargain for investors looking to rent apartments or large families wanting to stay close together. Owned by the same family for the last 82 years, the property is in need of updating but has a lot of potential. Located on a quiet street that only runs two blocks, the home features a fish pond in its yard and enclosed back stairs. The detached brick garage was recently updated with an electronic opener. Stop by and see the possibilities for yourself!

By Avi Ron

The post 5017 N Springfield Avenue appeared first on Dream Town.

Steps away from the illusory endless shore of Lake Michigan sits a magnificent residence that feels like a vacation home.

Picture yourself bathing in the sun or toasting a glass of cold champagne with close friends on the tiered 1500 square feet rooftop deck.

On cold nights, cozy up next to the home’s two fireplaces or take a relaxing hot soak in the whirlpool. But don’t let the weather stop you from entertaining – the private second floor sun room provides for an ideal space to host indoors.

With bright walls and large windows, light floods the home and gives it a warm and airy feel. Throughout, the contemporary style is brought forth with high end finishes that include hardwood floors, stainless steel kitchen appliances, and skylights.

The bathrooms resemble a luxurious spa. Besides the whirlpool, a steam shower offers another soothing method for cold nights or tiring days. Double sinks sit against a wall of beautiful white marble tile and the rain shower head and bidet add another bonus.

You’ll be surprised to know that this urban oasis used to be a butter factory that was recently rehabbed. That’s why its floor plan boasts a one-of-a-kind layout. What’s more, the property sits on an oversized Chicago lot at 50 feet.

With 4 bedrooms, 3.5 bathrooms, and a 2 car garage, this spacious luxury home is a steal for the reduced price of $999,000.

By Dream Town

The post Exotic Gem in Edgewater Glen at 1414 W Highland Ave appeared first on Dream Town.

This large family home sits at a great location for those who drive. Near the Kennedy Expressway that provides easy access to the rest of the city, the property also includes a two-car garage for parking. Although, you may not want to leave the neighborhood with the California and Horner parks nearby and the McFetridge Sports Center in close proximity. Sanded hardwood floors, leaded glass windows, and a decorative fireplace/bookcase give character to the brick Bungalow-style house. An expandable attic and huge unfinished basement add even more space to the already sizable three bedrooms. And all of it’s available for only $310,000! This is a great deal for families looking to remodel.

By Avi Ron

The post 3648 N Mozart Street appeared first on Dream Town.

The beautiful interior and prime location is what makes this spacious Victorian two flat so special. You can walk to the beach, CTA, a 24hour Dominick’s, the library, and various restaurants. An ideal property for a live-in owner, the two units feature two and three bedrooms as well as a full basement with high ceilings, full bath, and walk-in cedar closet. French doors lead to a sun porch and hardwood floors and woodwork throughout the home add an elegant touch. With a formal dining room and living room that includes a fireplace, this sophisticated home is available for only $399,000!

By Avi Ron

The post 1344 W Thorndale Avenue appeared first on Dream Town.

If you’re up for some customization, take a look at this beautiful bungalow style home in Lincoln Square. The first floor is move-in ready with wood flooring, new central air, granite countertops, and a new full and half bathroom. The second floor offers opportunity for expansion and appreciation. The full basement is unfinished but provides with another chance to develop it as you like. Overall, the property has radiators with a newer boiler and was recently updated with brand new horizontal plumbing. Sitting on a wide lot, this home is a great alternative to condo living. For $400,000, the property offers an excellent value and appreciation potential.

By Avi Ron

The post 2814 W Ainslie Street appeared first on Dream Town.

Nationally, more than a quarter of the working renter households spend at least half of their household income on housing. In Chicago, that number is slightly higher at 27.7%, reports the Center for Housing Policy in Washington, D.C. What’s more, that number is rising for Chicago homes.

A working renter household is one where members worked at least 20 hours a week on average and earned less than 120% of the local median income.  Renter households consider it affordable when they spend just 30% of income on housing.

When families spend so much for rent, it becomes not just a personal financial situation, but an area problem as well. When so much of the paycheck goes for housing, it forces households to make that difficult decision as to where to cut back on other expenses. Do they trim the budget for food? Clothing? Healthcare? Transportation?

“Discretionary spending fuels the local economy,” says Janet Viveiros, a research associate at the CHP and a native of the Chicago area. “If households are not spending on clothing, food and transportation, everyone in the local economy is going to be impacted.”

In Chicago, the percentage of renter households with a severe housing cost burden rose about 2% from 2008 through 2011, which are the years of the study. That wasn’t so bad when compared to the other 50 largest metro areas that were examined. Indeed, Chicago was 29^th on that particular list.

Of the 50 metro areas that had the highest share of working households with a severe housing cost burden in 2011, Chicago ranked number 12. The top five cities with the most severe cost burdens were: Miami-Fort Lauderdale-Pompano Beach, 41%; Long Angeles-Long Beach-Santa Ana, 39%; New York-Northern New Jersey-Long Island, 35%; Orlando-Kissimmee-Sanford, 35%; and San Diego-Carlsbad-San Marcos, 34%.

The reasons for the increase in number of households spending so much on rental housing is that over the four-year period of the study, incomes dropped on average 3%, while rents increased 6%.

Also, because of the recession, households that used to own property either had to sell or allow it to go into foreclosure. With economic uncertainty, households that normally would buy, continued to rent, and some household that might have bought, couldn’t get past the stricter credit requirements.

“A lot of people across the nation and in Chicago have seen a lot of hours cut back, lost their jobs, or have lower paying jobs,” says Viveiros. “The hope is, as the economy rebounds, they’ll get the raises that might have been deferred for the last few years, see increased hours of work or just find employment.”

By Steve Bergsman

The post More Chicago Renters Paying Over 50% of Income on Housing appeared first on Dream Town.

Chicago is a great city for those who prefer to ditch their cars—according to Walk Score, an organization that gauges a city’s accessibility by foot or bike, Chicago is America’s fourth most walkable city and among its top ten most bikeable. In fact, Bicycling magazine found that Chicago has seen a 181% increase in the number of trips made by bicycle.

What’s more, a study by the National Association of Home Builders (NAHB) found that bike-friendly amenities are ranking higher and higher with potential buyers, particularly when they’re investigating newer developments.

Sixty percent of those surveyed listed jogging trails—also useful for biking—as their number one amenity that “would seriously influence [them] to choose a community,” said Steven Melman, director of economic services at NAHB in an interview with the Chicago Tribune.

It comes as no surprise that developers have caught on to this trend and are now increasingly offering amenities that cater to biking residents in  Chicago condos.

For example, at  River West’s new apartment building K2, residents can keep their bike in a large storage room that accommodates 215 bicycles. Plus, a bike “kitchen” provides resident riders with an industrial air pump and a vending machine that dispenses inner tubes, Gatorade and other useful products.

Residents can also perform quick fixes at the work station that’s stocked with tools, or spray down their dirty bike in the wash bay. The storage room exits to Kinzie Street, providing quick access to a protected bike lane just a block away.

East of Randolph, the Magellan Development Group has also taken notice of residents’ increasing use of bicycles. And for the last eight years, the company’s president, David Carlins, has watched the number of cars occupying parking spots drop. His logical response to this trend was adding bike storage rooms to every residential building in his Lakeshore East development.

Outside of Chicago, the Des Plaines River Trail is accessible through an entry point just across the street from Lincolnshire Place condominium. After realizing that an increased number of its residents owned and were riding bicycles, developers converted three of the building’s parking spots—worth $75,000—to a bike storage area.

Rahm Emmanuel’s “Cycling Plan 2020” will only encourage this amenity trend in  Chicago real estate.The plan includes a 645-mile network of on-street bikeways and will provide more protected bike lanes than any other city in the U.S.

By Jim Barclay

The post Chicago Developers Catering to Growing Cyclist Community appeared first on Dream Town.

It’s really been a good deal for homebuyers, especially those who have always paid their mortgages on time but still do not fit standard financing requirements. However, changes that go into effect this year will make the FHA loan somewhat less attractive.

Three things to know about an FHA loan:

• First, loan limits vary depending on where the property is located and they are adjusted annually. For residents of Cook County and most of the surrounding Chicago suburbs, the loan limit on a single-family residence for 2013 has climbed to $410,000, which is much higher than most other Illinois counties, which generally have a loan limit of $271,050.
• Second, down payment for an FHA loan is just 3.5% of the price of the home at purchase.
• Third, the FHA doesn’t originate a loan, but insures it. All FHA loans must carry this insurance, which is used to reimburse the lender if the homeowner defaults. In a sense, this is the government’s enticement for banks and other capital sources to give mortgages to folks who are more high-risk than the general population.

This last part is where the changes have occurred. FHA mortgage insurance premiums are not expensive, but the costs do accumulate over time. The annual mortgage insurance premium on most new FHA mortgages earlier this year jumped 0.1% to 1.35% for buyers putting less than 5% down (1.3% for more than 5%). So, for example, if your 30-year, fixed rate mortgage comes to 3.75%, once the insurance is factored in, the effective rate is over 5%.

For the past decade, the FHA has offered a kind of reprieve for good citizens, those who make their loan payments every month. If five years have passed and the loan balance declined to 78% of the value of the home, the FHA allowed borrowers to cancel their insurance policy. That’s no longer an option – the FHA now requires mortgage insurance be paid over the life of the mortgage.

With interest rates remaining very low, the FHA’s technical adjustment in regard to mortgage insurance doesn’t appear to be much of an impediment to getting a loan. However, if and when Chicago real estate picks up and interest rates start to rise again (and it will happen!), the embedded extra cost for mortgage insurance may become a problem for homeowners on the bubble in regard to meeting monthly mortgage payments.

It’s really been a good deal for homebuyers, especially those who have always paid their mortgages on time but still do not fit standard financing requirements. However, changes that go into effect this year will make the FHA loan somewhat less attractive.

By Steve Bergsman

The post Changes in Mortgage Insurance Rate Will Make FHA Loan Less Attractive Over Long Term appeared first on Dream Town.