September 2016

Found 6 blog entries for September 2016.

Top Selling Neighborhoods in ChicagoWhen it comes to buying and selling condos in Chicago there are certain neighborhoods taking a larger share of the market. Based on research provided by Redfin, a real estate brokerage offering up online information about selling, buying and owning a home, the largest number of condo and townhome sales came from the Near North Side.

The area saw 265 condo and townhome sales with a year-over-year sales change of 0.76-percent. That compares to the areas of West Town with 145 condo and townhome sales and a year-over-year sales change of 4.32-percent, plus Lincoln Park with 144 sales and a year-over-year sales change of -3.36-percent. While the South Loop saw a 0-percent change, 130 condos and townhomes were sold.

The research also looked at The Loop,

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Chicago Real Estate UndervaluedWhile certain cities around the world could be at risk of another housing bubble it appears Chicago will be spared this time around. A recent report compiled by Swiss Bank UBS looked at 18 cities from Vancouver to Singapore and even New York, with Chicago coming in at the very bottom, the only city on the list found to have undervalued homes.

While the report credits that to fiscal problems including the unemployment rate in Chicago, there is a silver lining. Homeowners in the Chicago-area will likely not have to worry about crashing home prices like other cities. Vancouver, particularly, came in at the very top, as the UBS study found it has the greatest risk of a housing bubble. The cities of Hong Kong, Munich, Sydney, Stockholm and London are also

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In case you haven't noticed, temperatures have already started to cool down here in downtown Chicago, and the leaves are finally beginning to change color. Although it's impossible not to love summertime in Chicago, the autumn season also brings about plenty of fun-filled events and festivals that are worth checking out. So with the month of October right around the corner, it's time to take a closer look at what's happening around town next month!

Columbus Day Parade- October 10

More than 150 floats, bands and marchers will join together October 10 for the annual Columbus Day Parade. The event starts with a wreath laying at the Columbus statue in Arrigo Park followed by a parade down State Street.

Chicago Museum Week- October 13-23

Next up

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Chicago Real Estate PricesIncreasing home prices in Chicago mark some of the highest increases in the country. That’s according to the most recent S & P Case-Shiller Home Price Indices released for the period of June to July of this year. According to the report, the Chicago area came in at number two when it comes to the nation’s strongest monthly increases, trailing only behind Portland.

While Chicago home prices rose 0.9-percent during this period, Portland’s increase stood at 1.2-percent. Both cities are above the national average of 0.7 percent. Taking a closer look at year-over-year changes for Chicago the rate rose at 3.7 percent, lower than many other big cities including Atlanta, Boston, Dallas and Denver.

Expanding the results to the rest of the nation, The

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Chicago Real EstateWhile mortgage rates are currently low, prospective homeowners still likely need to meet a certain income threshold in order to afford a home. According to the mortgage information website of HSH.com, that’s currently $52,700 per year. Based on HSH research that is what’s necessary to be able to pay for a home worth $240,700, the national median price of homes.

The average salary needed to buy a home is up about five-percent from what it was two years ago. It gets a bit trickier when looking at cities where home prices are increasing at a quicker rate than wages. In Chicago analysts predict prospective homebuyers need to make slightly more than $62,455. Other cities, like Seattle, San Francisco, Los Angeles and Denver top that amount, while big cities like

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Once in line to be developed into a series of condos, a change of plans means rental units are instead coming to a River North development. The area in question is the parking lot on N. Larrabee, sitting across from the Groupon headquarters. Right now crews are beginning to prep the location for a planned mixed-use property.

Last year Domus Group, a local developer, had earmarked the site for a future 27-unit condo project named “Strata”. Since then plans have called for shifting the condominium plan to a mixed-use development that includes rentals.

New outlines from the architectural firm Brininstool + Lynch provide for a four-story development with 49 apartments topping four bays of retail space on the ground floor of the building. The project is also set

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