Chicago Real Estate Notes » Uncategorized

Thank You and Happy Holidays

John Irwin — Tue, 20 Dec 2011 17:16:26 +0000

We would like to thank everyone who visited Chicago Real Estate Notes this year.

Whichever holiday you celebrate, take the time to enjoy and have a happy and healthy New Year.

We hope you will visit us on a regular basis in 2012

Chicago Real Estate Market Summary – February 2011

John Irwin — Fri, 18 Mar 2011 16:33:04 +0000

February 2011 showed mixed results in most categories in comparison to 2010, in the combined areas of Lakeview, Lincoln Park, Near North and the Loop. When compared with the same period in 2009, we are starting to see a very positive trend. Unit Sales were up 48.6%, Units Under Contracts were up 56.65, and Inventories were down 50.4%. This is the second consecutive month that we have seen significant progress compared to 2009.

While gains against 2010 may be rare until the summer because of last year’s federal tax credits, it is very encouraging to see the progress that we are making against 2009.

Two other bright spots were Units Under Contract and Months Of Supply Of Inventory which both showed improvement over February 2010

When looking at sales by price point, homes priced under $500,000 and over $1,000,000 were even with last year. Homes priced between 500,000 to 1,000,000 dropped 28%.

Unit Sales for the combined areas were down 6.2% compared to February 10, which is far less than we have seen in the past few months.

Homes under 500,000 were up 1.1%

Homes priced from 500,000 to 1,000,000 were down 28.0%.

Homes over 1,000,000 were even with last year

Units under Contract rose 3.9% compared to February 10.

Months of Supply dropped 28.4% for the combined areas.

Median Pricing dropped 12.2% compared to February 10.

The numbers below reflect the combined areas.

	Feb -10	Feb-11	% +/-

Unit Sales – Total	274	267	-6.2
Lakeview	61	75	+23.0
Lincoln Park	47	34	-27.7
Near North	108	105	-2.8
Loop	58	43	-25.9

Units Under Contract	410	426	+3.9
Lakeview	126	113	-10.3
Lincoln Park	78	76	-2.6
Near North	150	184	+22.7
Loop	56	53	-5.4

Inventory (Months Of Supply)	14.1	10.1	-28.4

Median Pricing	390,500	343,000	-12.2

Please click on the Market Statistics Tab above for more detailed, printable reports.

Source – MRED LLC

Happy Holidays

John Irwin — Tue, 21 Dec 2010 17:54:58 +0000

2010 turned out to be a most interesting year and we want to thank everyone who visited us here at Chicago Real Estate Notes.

As we approach 2011, we wish everyone a very healthy and happy holiday and new year.

Happy Thanksgiving

John Irwin — Tue, 23 Nov 2010 17:09:42 +0000

We want to wish everyone a very Happy Thanksgiving.

Enjoy this wonderful day!!!!!!

Current Mortgage Guidelines

John Irwin — Tue, 19 Oct 2010 19:10:04 +0000

With interest rates and home prices at historic lows, there are some great opportunities in the current market. However, with numerous changes in almost every aspect of the real estate industry, mortgages are no exception. The following are some of the current guidelines that are being used by lending institutions.

Established Buildings with at least 10% Down Payment

• No condo questionnaire needed

• High levels of investors are okay

• Assessment delinquencies okay

• No pending litigation

• No commercial space over 20% of the entire building

New Construction/Conversion and/or 5% Down Payment/Jumbo Loan/ Investment Properties

• Full condo review

• Documents required: Condo questionnaire, declarations & bylaws, budget and possible attorney opinion letter

• Typically 70% of the building must be sold and owner occupied

• No Commercial Space over 20%

• No pending litigation

• No more than 10% of the units can be owned by one entity

• Common elements must be complete

• No more than 15% of the units can be delinquent on their assessments

• Reserves must be at least 10% of the total operating budget

Source – Michael Poland – Baird&Warner Financial

July Market Analysis – Unit Sales Drop For The First Time This Year

John Irwin — Tue, 03 Aug 2010 19:42:35 +0000

July showed mixed results in most categories for Lakeview, Lincoln Park, Near North and the Loop.

Unit Sales dropped for the first time this year in all areas.

Units Under Contract which have dropped for the past two months had a slight increase due to surprising activity in the Loop. All other areas showed decreases.

Two positive signs were a drop in months of supply of inventory and an increase of median price, which had been dropping for the past few months.

I expect August to be similar to July in most categories.

September and October will in all likelihood show us where this market is going.

	July-09	July-10	% +/-

Unit Sales – Total	550	461	-16
Lakeview	166	100	-40
Lincoln Park	97	89	-8
Near North	214	172	-20
Loop	73	100	+37

Units Under Contract	455	466	+2
Lakeview	114	107	-6
Lincoln Park	110	87	-21
Near North	181	170	-6
Loop	50	102	+104

Inventory (Months Of Supply)	12.5	11.7	-6

Median Pricing	364,250	400,000	+10

Please click on the Market Statistics Tab above for more detailed, printable reports.

Source – MRED LLC

October Market Statistics Update – good news

John Irwin — Tue, 03 Nov 2009 21:35:48 +0000

After sales decreases in both August and September, Lakeview, Lincoln Park, Near North and the Loop rebounded in October in almost every category.

UNIT SALES – Overall residential sales for the combined area rose from 417 units in September to 470 units in October or 12.7%

Lakeview increased 10.6% from 122 in September to 135 in October

Lincoln Park fell 21.0 % from 95 in September to 75 in October

Near North increased 26.7% from 153 in September to 194 in October

The Loop increased 40% from 47 in September to 66 in October

UNITS UNDER CONTRACT – For the month of October 518 units went under contract as opposed to 459 units in September or 12.8% increase

INVENTORY - Weeks of supply for the combined area dropped from 11.9 in September to 10.0 in October or 15.9%

PRICING – Median Prices rose from 330,000 in September to 363,000 in October or 9%.

Please click on the market statistics tab above for more detailed, printable reports