Clay Bricks vs Concrete Bricks – What is the Difference?

21 02 2012

All bricks are not created equal and if you are considering buying a home or own a home you may be interested in some of the differences between clay brick and concrete brick, both of which are used extensively in Chicago.

The following excerpts from an article from Bricks inc. explain the differences between these two materials.

Throughout the course of history, brick has been one of the most versatile and widely used materials for construction.  Brick is made by mining clay, a natural material, and creating slurry, which is extruded through a machine.  The end or cap where the brick comes out is referred to as a “pug”.  The pug determines the size and sometimes the texture of the brick.  Once the brick is cut and dried, it is fired in kilns at up to 2,000 degrees.

Brick walls often served as the structure, weather barrier, vapor retarder, insulator, and sometimes the interior finish of a structure.  Brick buildings, up until the introduction of concrete masonry units (CMU), were built by stacking multiple wythes of brick and tying them together.  The wythes of brick supported the load of the structure.  Flemish bond was a common way of tying multiple wythes of brick together.

The advent of Cinder Block in 1917 changed this method of construction.  Now CMU supports the weight of the structure and the brick acts as a veneer to conceal the CMU.

Other advances that helped make clay masonry what it is today was the creation of portland cement.  Portland cement gave mortar much higher compressive strengths, giving a brick wall even more overall strength.

The most significant difference between CMU and brick is how the materials are manufactured.  CMU is made of portland cement and aggregates, usually sand and gravel.  CMU is cured at high humidity and temperatures to create a bond between the cement and aggregates.

The differences in manufacturing and material content give CMU and brick very different physical properties, affecting the units long after they are installed.  CMU will shrink while brick expands.  Therefore, CMU requires control joints while brick requires expansion joints.  Control joints are meant to control the cracking that occurs due to the units shrinking.  Over time the sealant used in control joints must be replaced.  The units must be sealed and the mortar must also contain a sealant; all of which add to its installed cost.  Brick buildings will continue to expand for the first couple of years, ultimately giving them a tighter seal.

The color of brick is dictated by the color and type of clay that is mined.  CMU’s color is based on pigments that are used to paint the units.  Overtime, the weathering these units must incur can fade the pigments.   Clay tends to retain color and structural appeal much longer than cement.

CMU’s physical properties also explain why its absorption rate is different from brick.  CMU is a very porous material and will absorb water at much higher rates than brick.

If you are using brick for decorative purposes, then concrete may be your better option. When it comes to brick shape, concrete is a much more versatile product. Concrete brick comes in a myriad of shapes – from squares and triangles to octagons and trapezoids. Clay, on the other hand, is typically limited to more traditional shapes such as rectangles. Concrete can also be stamped or textured to provide unique visual appeal.

Please consult a qualified Home Inspector for answers to more detailed questions about these materials and how they may relate to a specific property.

Source – Bricks Inc





Chicago Real Estate Market Summary – January 2012

8 02 2012

  January started the new year with mostly positive results. Unit Sales and Units Under Contract increased when compared with January 2011. This seems to have been driven by sales of homes priced under $500,000, as homes priced over $500,000 declined against 2011.

 Inventory Units and Months Of Supply decreased considerably against last year; however, inventories remain high enough to continue to drive median prices down.  Two interesting exceptions were Lincoln Park where January 2012 median prices showed an increase against 2011 and Lakeview which was even in comparison to last year.   

While we seem to be making progress in sales and inventory, pricing will probably be the biggest challenge of 2012

  Jan-12 Jan-11 % +/-
       
Unit Sales – Total 267 233 14.6
Lakeview 69 53 30.2
Lincoln Park 53 46 15.2
Near North 111 109 36.0
Loop 34 25 36.0
       
Unit Sales By Price Point       
0 – $500,000 199 160 24.4
$500,000 – $ 1,000,000 48 50 -4.0
$ 1,000,000 – Up 23 25 -8.0
       
Units Under Contract – Total 416 312 33.3
Lakeview 109 77 41.6
Lincoln Park 80 53 50.9
Near North 174 137 27.0
Loop 53 45 17.8
       
Unit Inventory – Total 3,843 5,451 -29.5
Lakeview 1021 1401 -27.1
Lincoln Park 749 891 -15.9
Near North 1605 2442 -34.3
Loop 468 717 -34.7
       
Inventory (Months Of Supply) 7.0 14.1 -50.4
Lakeview 7.0 14.8 -52.5
Lincoln Park 6.9 13.8 -50.1
Near North 7.2 14.4 -50.4
Loop 6.7 12.6 -46.7
       
Median Pricing – Total 325,000 380,000 -14.5
Lakeview 355,000 355,000     0.0
Lincoln Park 450,000 388,382    15.9
Near North 309,500 385,000   -19.6
Loop 247,850 335,000    -26.2

Source – MREDLLC  (Numbers reflect only properties listed in MLS of Northern Illinois)





A Comparison Of Bank Owned Properties To Non Bank Owned Properties – Lakeview, Lincoln Park And Near North – January 2012

24 01 2012

Bank owned properties continue to be a hot topic in the real estate industry and it is sometimes difficult to tell fact from fiction. Some areas of the country have been devastated by foreclosures and other areas have not been as adversely impacted. The rumors of banks flooding the market with a tsunami of  new foreclosures, has not materialized; however, the rumors continue.

I have attached 3 reports below that show comparisons of Bank Owned Properties to Non Bank Owned Properties by month for the past 2 years, for Near North, Lincoln Park and Lakeview. ( The numbers are pulled directly from the MLS and involve no additional calculations or formulas.)

In December 2011  Bank Owned Properties accounted for 9.2%  of the total homes for sale and unit inventory owned by the banks was 44.2% lower than in December of 2010. Non Bank Owned Properties accounted for 90.8 % of the total inventory in December 2011, which was 27.2% lower than last year.

Unit sales of Bank Owned Properties were 22.5% of the total sales in December 2011 and represented a 35.8% increase over December of 2010. Non Bank Owned Properties represented 77.5% of December 2011 sales and declined 3.1%  from December of 2010.

Median prices of Bank Owned Properties dropped 3.2% in December of 2011 in comparison to December 2010. Non Bank Owned median prices dropped 10.0% during the same time period. Bank Owned Property median prices average 52% lower than Non Bank Owned prices.

Please click on the 3 reports below (enlarge to 100%) for more detailed, printable information. Each report is 2 pages with both graphs and spread sheets.

Unit Sales (Bank, Non Bank)

Unit Inventory (Bank, Non Bank)

Median Pricing (Bank, Non Bank)

Numbers represent properties listed in the Northern Illinois MLS

Source – MREDLLC





Chicago Real Estate Market Summary – November 2011

8 12 2011

November 2011 showed  continued increases in Unit Sales and Units Under Contract and decreases in Inventory and Months Of Supply for the fourth consecutive month in Lakeview, Lincoln Park, Near North and the Loop  when compared to November 2010.

 Inventory levels continue to decline in comparison to a year ago and averaged 8.7 months of supply this year for the combined areas, compared to 18.1 months of supply in November 2010. These levels are still high enough to have a negative effect on median pricing which dropped 10.1%

When looking at the combined areas by price point, homes priced under $500,000 and those priced over $1,000,000 showed unit sales increases, while homes priced between $500,000 and $1,000,000 showed a 17.1 % decrease in comparison to November 2010.

       
  Nov-11 Nov-10 % +/-
       
Unit Sales – Total 311 287   8.4
Lakeview   81   73  11.0
Lincoln Park   57   55    3.6
Near North 125 119    5.0
Loop   48   40   20.0
       
Unit Sales By Price Point       
0 – $500,000 216 194  11.3
$500,000 – $ 1,000,000   58   70 -17.1
$ 1,000,000 – Up   41   31  32.2
       
Units Under Contract – Total 377 278  35.6
Lakeview 100   73  37.0
Lincoln Park   72   61  18.0
Near North 156 113  38.1
Loop   49   31  58.1
       
Unit Inventory – Total 4,269 6,103 -30.1
Lakeview 1146 1525 -24.9
Lincoln Park  848 1045 -18.9
Near North 1763 2654 -33.6
Loop  512  879 -41.8
       
Inventory (Months Of Supply)  8.7 18.1 -51.8
Lakeview  8.5 16.8 -49.4
Lincoln Park  8.7 13.3 -35.2
Near North  9.0 19.7 -54.5
Loop  8.4 24.5 -65.8
       
Median Pricing – Total 335,000 372,000 -10.1
Lakeview 385,000 415,000   -7.1
Lincoln Park 395,000 457,000 -13.7
Near North 305,000 330,000   -7.6
Loop 238,500 324,500 -26.5
        

Source - MREDLLC





Chicago Real Estate Market Summary – October 2011

8 11 2011

Increases in Unit Sales and Units Under Contract and decreases in Inventory and Months Of Supply continued for the third consecutive month in Lakeview, Lincoln Park, Near North and the Loop  when comparing October 2011 to 2010.

Inventory levels continue to decline dramatically in comparison to a year ago and averaged 9.1 months of supply for the combined areas. These levels are still high enough to have a negative effect on median pricing which dropped 17.8%

Lincoln Park was an exception to otherwise consistent results with the only decrease in unit sales by 5.8%, yet posting a 20.3% increase in median pricing.

It should be noted that while homes priced under $500,000 and those priced between $500,000 and $1,000,000 showed increases, homes priced over $1,000,000 showed a decrease.

  Oct-11 Oct-10 % +/-
       
Unit Sales – Total 305 291   4.8
Lakeview   79   69  14.5
Lincoln Park   48   57 -15.8
Near North 142 130    9.2
Loop   36   35    2.9
       
Unit Sales By Price Point       
0 – $500,000 224 207   8.3
$500,000 – $ 1,000,000  60  49  22.4
$ 1,000,000 – Up  21  35 -40.0
       
Units Under Contract – Total 395 334  18.3
Lakeview 109  88  23.9
Lincoln Park  73  70   4.3
Near North 160 140  14.3
Loop  53  36  47.2
       
Unit Inventory – Total 4746 6573 -27.8
Lakeview 1309 1641 -20.2
Lincoln Park  949 1162 -18.3
Near North 1924 2872 -33.0
Loop  564 898 -37.2
       
Inventory (Months Of Supply) 9.1 16.2 -43.7
Lakeview 9.0 15.2 -40.7
Lincoln Park 9.7 13.1 -26.0
Near North 9.3 16.9 -45.4
Loop 8.2 21.7 -62.5
       
Median Pricing – Total 320,500 390,000 -17.8
Lakeview  315,000  395,000 - 20.3
Lincoln Park  516,250  463,000   11.5
Near North  260,050  390,000 -33.3
Loop  287,500  252,500   13.3

Source – MREDLLC





Chicago Real Estate Market Summary – August 2011

12 09 2011

With the effects of the federal real estate tax credits of 2010 winding down, August 2011 showed sales increases for Lakeview, Lincoln Park, Near North and the Loop for the first time in over a year.

Despite an onslaught of negative economic news, Unit Sales were up 18.2% and Units Under Contract were up 54.7% in comparison to August 2010.

Increases were also posted for all three price points (see below).

While Unit Inventory and Months Of Supply decreased dramatically compared to 2010, inventory levels continue to have a negative effect on prices. Median Prices for August 2011 dropped 7.5% against August 2010.

  Aug-11 Aug-10 % +/-
       
Unit Sales – Total 494 418 18.2
Lakeview 152 119 27.2
Lincoln Park   97   78 24.4
Near North 193 168 14.9
Loop   52   53   1.9
       
Unit Sales By Price Point       
0 – $500,000 344 280 22.9
$500,000 – $ 1,000,000 101   98   3.1
$ 1,000,000 – Up   50   45 11.1
       
Units Under Contract – Total 492 318 54.7
Lakeview 117   81 44.2
Lincoln Park   89   54 64.8
Near North 203 134 51.5
Loop   83   49 69.4
       
Unit Inventory – Total 5203 7065 -26.4
Lakeview 1428 1838 -22.3
Lincoln Park 1012 1218 -16.9
Near North 2092 3009 -30.5
Loop  671 1000 -32.9
       
Inventory (Months Of Supply) 8.0 18.2 -55.9
Lakeview 9.3 18.0 -48.2
Lincoln Park 8.5 18.2 -53.3
Near North 8.0 18.9 -57.4
Loop 5.6 16.6 -66.3
       
Median Pricing – Total 375,000 386,500 -7.5
Lakeview 373,500 369,000   1.2
Lincoln Park 425,000 436,000  -2.5
Near North 338,000 350,750  -3.6
Loop 295,000 419,900 -29.7
       

Source – MRED LLC





Chicago Real Estate Market Summary – July 2011

8 08 2011

With all of the negative economic news that we have been subjected to, I was pleasantly surprised to see some positive real estate numbers for July 2011, for Lakeview, Lincoln Park, Near North and the Loop.

While Unit Sales fell 6.8% in comparison to July 2011, much of that decrease was due to a steep decline in sales in the Loop. Lincoln Park and Lakeview had increases over the same period last year.

Units Under Contract were up a combined 9.1% over last year.  Hopefully, as the effects of the Federal Tax Credits from 2010 begin to fade, we should start seeing sales increases against last year.

Median prices for the combined areas dropped 1.9% against last year, but Lincoln Park showed an increase and Lakeview was even.  This is being helped with dramatic decreases in inventory units and months of supply in comparison to last year.

       
  Jul-11 Jul-10 % +/-
       
Unit Sales – Total 456 487 -6.4
Lakeview 121 104 16.3
Lincoln Park 106 92 15.2
Near North 175 180 -2.8
Loop 54 111 -51.4
       
Unit Sales By Price Point       
0 – $500,000 320 306    4.6
$500,000 – $ 1,000,000 103 122 -15.6
$ 1,000,000 – Up 34 65 -47.7
       
Units Under Contract – Total 494 407  21.4
Lakeview 139 94  47.9
Lincoln Park 86 76  13.2
Near North 196 144  36.1
Loop 73 93 -21.5
       
Unit Inventory – Total 5377 7331 -26.7
Lakeview 1489 1891 -21.3
Lincoln Park 1027 1286 -20.1
Near North 2133 3082 -30.3
Loop 728 1092 -33.3
       
Inventory (Months Of Supply)  8.3 14.6 -43.0
Lakeview 8.1 16.1 -49.6
Lincoln Park 9.2 13.4 -31.7
Near North 8.5 17.7 -52.0
Loop 7.4 9.4 -21.4
       
Median Pricing – Total 357,500 390,000  -8.3
Lakeview 395,000 395,000     0.0
Lincoln Park 426,240 404,750     5.3
Near North 300,738 370,000 -18.7
Loop 303,850 450,000 -32.5

Source – MRED LLC





Add or Upgrade Baseboard Molding for Your Home

26 07 2011

Selecting baseboard molding for your home is a great way to give the space a clean and finished appearance. To get the most out of your investment, take the time to choose the proper baseboards, as this decision can greatly influence the look of your room. Keep in mind your home’s overall character as you consider the size, style and finish of your baseboard molding. 

Size and Scale

Perhaps the most important aspect of selecting baseboards is finding molding that is the perfect size and scale for your room. Lower ceilings — those less than eight feet — should have baseboards no higher than six inches. Anything taller will make the room feel smaller and boxed in. Rooms with higher ceilings can support much larger baseboards without making the space feel overwhelmed. 

Materials

The three most common materials for baseboard molding are plastic, wood and wood composite. The flexibility of plastic baseboard makes it a great choice for homes with uneven walls and it’s resistance to moisture makes it a popular choice for humid bathroom environments, as well. A natural wood baseboard is a beautiful choice for homes and keeps with the historic tradition of an older home. Wood is prone to splitting, however, so maintenance may be an issue. A wood composite such as MDF — medium density fiberboard – is lighter and easier to work with than other baseboards and has uniform composition, making it less likely to split than a solid wood baseboard. 

Style

Baseboard molding comes in a variety of styles to match any home decor, from simple thin boards to thick ornate molding. Sleek, angled baseboards will give the room a more modern look, while ornately carved molding will make the space feel traditional and vintage. Just because a room is small, doesn’t mean that homeowners have to shy away from detailed molding. There are plenty of options for buyers looking for molding that is both low-profile and ornate. Conversely, large rooms can still look sleek with a tall, unadorned baseboard with clean, straight lines. 

Finish

There’s no right or wrong choice when it comes to picking the finish of your baseboard. Many molding projects come pre-finished in white, although natural baseboards are available in a wide variety of stains, such as oak, cherry or maple. Natural colored baseboard have a more traditional feeling and tend to blend in more, especially in rooms with wooden floors. Conversely, bright white baseboards will pop against the wood floor and wall. Another factor that homeowners should consider is whether the room already has crown molding installed. If it does, homeowners should consider matching the baseboard to the crown molding for a more uniform appearance throughout the room. 

Budget

It’s always important to consider your budget before taking on any home remodeling project. As a general rule, the larger and more ornate a baseboard molding, the more it will cost. Certain types of wood are also more expensive than others. Unless you plan to custom stain wood molding yourself, invest in a pre-primed package and always compare the cost of different moldings by looking at the price per linear foot. 

Baseboard molding will compliment any room you choose to install it in.

Source – Hallie Hammack/The Writers Network





Chicago Real Estate Market Summary – June 2011

8 07 2011

June 2011 Unit Sales for Lakeview, Lincoln Park, Near North and the Loop, continued the trend of double-digit decreases  in comparison to June 2010 (which were affected by the various Federal stimulus programs).  This was the first month this year that we did not see an increase in 2011 Unit Sales in comparison to 2009, with the exception of Near North which increased 12.2% over June 2009.

For the second month in a row, June 2011 Units Under Contract posted an increase against June 2010 for the combined areas. Unlike May 2011, not all areas had increases. Lakeview and the Loop were up, while Lincoln Park and Near North were down.

While inventories remain high, the Months of Supply of Inventory dropped dramatically for the second consecutive  month and Median Prices rose slightly.

After the promising results in May, June numbers were mixed and we will have to wait for July results before we see any potential trends.

       
  Jun-11 Jun-10 % +/-
       
Unit Sales – Total 521 721 -26.9
Lakeview 160 234 -31.6
Lincoln Park 102 138 -26.1
Near North 202 266 -24.1
Loop  63  83 -24.1
       
Unit Sales By Price Point      
0 – $500,000 379 518 -26.8
$500,000 – $ 1,000,000 103 148 -30.4
$ 1,000,000 – Up  51  58 -12.1
       
Units Under Contract 561 422 32.9
Lakeview 162  96 68.8
Lincoln Park 120 139 -13.7
Near North 213 246 -13.4
Loop  66  62 6.5
       
Inventory (Months Of Supply) 7.7 14.5 -46.9
Lakeview 7.3 16.3 -55.3
Lincoln Park 6.8 13.1 -47.4
Near North 8.2 14.1 -41.8
Loop 8.7 14.8 -41.6
       
Median Pricing 365,000 360,000 1.4
Lakeview 363,750 339,500 7.1
Lincoln Park 457,500 489,250 -6.5
Near North 350,000 346,250 1.1
Loop 292,000 349,990 -16.6

 

 

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

Source –  MRED LLC





10 Questions And Answers About The Cook County Senior Citizen Homeowner Exemption

21 06 2011

What is a Senior Citizen Exemption?

The Senior Citizen Exemption provides tax relief by reducing the equalized assessed valuation of an eligible residence. This savings is in the form of a deduction on the second-installment real estate tax bill.

I qualified for a Senior Citizen Exemption. Do I have to apply for a Homeowner Exemption separately?

No. Senior Citizens receiving the Senior Citizen Exemption automatically qualify for the Homeowner Exemption and do not have to apply for it separately.

I received the Senior Exemption on my tax bill last year. Do I have to reapply for the Senior Exemption this year?

 Yes. State legislators passed a new law that states that senior citizens have to reapply annually for the Senior Exemption.

What are the eligibility requirements for the Senior Citizen Exemption?

 1 You must be 65 years of age or older during the tax year for which you are applying;

 2 You must either own the property or have a lease or contract which makes you responsible for the real estate taxes; and

3 The property must be your principal residence. If you have moved or plan to move in the future, you may be entitled to a prorated Senior Citizen Exemption, based on the time of occupancy.

To apply for a prorated Senior Citizen Exemption you must submit:

A Senior Citizen Exemption Application Form

 A closing or settlement statement

Copy of a recent property tax bill

Copy of proof of age and residency

 What is the application procedure and what other documents do I need to provide with the application?

1 If you are eligible for the exemption, please complete and sign the Senior Citizen Exemption Application Form. Information pertaining to Permanent Index Number and township can be found on your real estate tax bill.

2 You must also provide the following information:

 Recent Real Estate Tax Bill For Your Home – This includes your residential/property address and index number. If your bill is not mailed to your home, you must supply ONE MORE document that would prove your home address, such as your voter’s registration card, voting record from the tax year(s) for which you are applying, or Driver’s License or Illinois Identification (ID) card showing your address as the property address issued prior to the earliest year for which you are applying.

Proof Of Your Age –  Submit ONLY ONE official document that clearly shows your birth date, such as your Driver’s License, Illinois Identification (ID) Card, Alien Registration Card, Social Security Form 2458, Naturalization Papers, Passport, or Birth or Baptismal Certificate. NOTE: Women who submit documents with maiden name must provide Marriage Certificate(s) to show connection with current name.

What if I own a cooperative?

Owners of cooperative apartments must also submit a stock certificate, occupancy agreement, or trust agreement, along with their application.

I would like to apply by mail. Is there anything I should know?

If you apply by mail, do not send originals of the above documents. Please send copies because the documents cannot be returned to you.

 I would like to apply in person. Is there anything I should know?

If you apply in person at the Assessor’s Office, your documents will be reviewed and returned to you while you wait.

What happens after I have filed for a Senior Citizen Exemption?

 The Assessor’s Office will notify you when your application is approved.

 Can I still receive the Senior Citizen Exemption if my property is listed in the name of my late spouse?

If you are 65 or over, you will qualify for this exemption in your name. Please notify the Taxpayer Services Department and we will send you the proper application forms. Otherwise, your property will receive the exemption for the remainder of the year of your spouse’s death. You will then have to apply when you turn 65. For more information, you may contact the Taxpayer Services Department at (312) 443-7550.

Source – Cook County Assessor’s Office








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