Lake Shore East Condo Market

Condo Market Trends Chart

This week I want to address the condo market recovery in the Lake Shore East community and look at the trends by price range. For those of you who have not read my previous blogs, the "Months Supply's Impact on Price" chart on the left, shows the relationship between the number of months of housing inventory and the pricing trend. It defines the type of market we are experiencing - sellers, even or buyers market. In a sellers market, inventory is low and sellers have the advantage, we will often see competing offers and a rise in prices. Whereas in a buyers market, inventory grows relative to demand and prices depreciate.

To get a clearer picture of the condo market, I have segmented the Months of Remaining Inventory…

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Cost of Home Ownership Based on Both Price and Mortgage Rates

The total cost of home ownership is a point that buyers do not always consider when purchasing a home. Buyers will often get hung up on the purchase price of a house, with negotiations going back and forth over just a few thousand dollars and neither side willing to give in.

Purchase price is short-term while cost is long-term. While it is important for a buyer to understand price trends and the direction home values are headed, a factor of equal importance is the long-term cost of home ownership. Both the price and the interest rates must be calculated into the long-term cost.

Rising Interest Rates Increase the Cost of Home Ownership  

Cost of Home Ownership on 30 yr.Fixed Mortgage

 CNN Money stated in a recent article that…

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The South Loop is one of Chicago's fastest growing neighborhoods. Unfortunately, because of its industrial past, the area has a reputation of having "nothing to do" which couldn't be farther from the truth.

In the mood for some delicious cuisine? For an evening of fine dining, complete with a selection of over 1,600 wines from around the world, check out Chicago Restaurant Everest. Chef Joho's menu, wine list, and cuisine have received international recognition.

Other well-reviewed restaurants in the South Loop include Gioco, Chicago Firehouse, and Opart Thai House.

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