Chicago Real Estate Blog

30 West Oak #6d Hits Chicago Real Estate Market

30 West Oak Chicago, IL Condos For SaleCondos for sale at 30 West Oak, located in Chicago’s affluent Gold Coast neighborhood, don’t come onto the real estate market very often. Back in 2010, YoChicago wrote a piece detailing the building and the fact that condo buyers searching for the perfect Gold Coast condominium residence simply haven’t had many opportunities to purchase within 30 West Oak since construction was completed in 2007. Today, not much has changed and it’s still rare for a condo at 30 West Oak to be listed for sale. But despite the building’s low re-sell rate over the years, a luxurious 2 bedroom, 2 ½ bathroom unit on 30 West Oak’s 6th floor was just put onto the market last week and there’s no doubt it’s a stunner and should

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Historically low interest rates and what it means to your monthly payments.

Interest rates are continuing to go down. As of this month they are close to 3.4%. It is a historic number and if you are in the market looking to buy you should consider taking advantage of low rates. This assumes you have good credit, a strong down payment and can qualify for the monthly debt obligations. The slide below shows you how much a $100,000 mortgage would cost you in principal and interest (P&I) over the last ten years given the interest rate.

Cost of 100K Mortgage

Let us say you want to buy a condo for $360,000. You decide to put down 20% and borrow $300,000. If you multiply $443 * 3 your payment for principal and interest would be $1330.44. If you look at the P&I payment on a

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Are we in a Chicago market recovery?

In my last blog I discussed the national real estate market. The more relevant question is what is the trend in the local Chicago market? The real estate market trends in one neighborhood and or at various price points can vary dramatically. Basic economics are about supply and demand. How much inventory is available and how many people want to buy determines the direction of prices.  

Months Supply Impact on PriceIs Chicago a buyers’ or a sellers’ market? The best way to address this is to look at  inventory by price point and neighborhood. Typically one to four months of inventory means it is a sellers’ market and you will begin to see appreciation in pricing. Five to six months of inventory is when prices stabilize and seven + months of

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Are we in a real estate market recovery?

When asked this question as a REALTOR®, I first look at the overall national real estate market and then evaluate the specific local market conditions.

Pending Home Sales Chart

For several months now, all indications show that the national housing market is picking up and much of the media states we are now in a “housing recovery”. In most markets across the country, sales and prices are moving in a positive direction. The Pending Homes Sales chart demonstrates overall sales increasing from June 2010 levels to July 2012.

Housing Facts 2012 vs. 2011Nationally, home sales are up 8.6%, inventory is down 24.4%, distressed properties are down 33% and interest rates are down by almost one point. One caveat: although it shows that median home prices have gone up

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In my previous blog I mentioned the Oktoberfest celebrations that will be taking place through out Chicago for the next few weeks. With the amount of beers and brats being consumed across our great city, you may think you are in the original Oktoberfest location...Munich, Germany. This year our Chi-toberfest is bigger and better than ever with a line-up of activites to keep your bellies full of wiener schnitzel and your feet dancing to the polka. Here are a few of my favorite events across all different parts of the city:

 Oktoberfest CelebrationThe Annual Berghoff Oktoberfest -  With the restaurant's founder, Herman Joseph Berghoff, being an immigrant from Germany back in the late 1800s, it's no suprise that you can find the best of Germany in this beloved The Bergoff

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