The Chicago 77

This morning Standard & Poor?s Case-Shiller Home Price Indices numbers were released and the results are surprisingly better than expected. In the Chicago condo market, prices showed an increase of 1.1% from May 2009 to June 2009. Over recent months we have seen the leveling off of pricing. This current report shows signs the Chicago [...]

24 August 2009 ? With the sale of the Chicago Cubs finalized to the Rickets family, one has to wonder of the future of the Cubs and Wrigley Field. The franchise and the ball park have become Chicago?s most beloved assets. Year round fans flock to the Lakeview neighborhood to take their picture in front [...]

21 August 2009 ? According to the National Association of Home Builders (NAHB) the Chicago area ranks at position 174 in the nation and 39th in the region in housing affordability for the second quarter of 2009. Indianapolis has topped the list for the last 16 quarters. In the NAHB/Wells Fargo Housing Opportunity Index just [...]

17 August 2009 ? September 3rd, 2009 is the deadline for Lakeview township properties owners to appeal their new larger property tax assessments. In a hit and run action following the notices being mailed, James Houlihan, the person responsible for the increased taxes has announced his decision not to run for re-election for Cook County [...]

14 August 2009 ? The likely demise of the Spire along with other new construction buildings now being marketed for rent instead of sale continues to contribute to the reduction of Chicago?s housing inventory. Another nail in the Spire?s coffin is the lawsuit filed Thursday by Bank of America against the Shelbourne Development Group for [...]

Finally Home, a mortgage program designed to help Illinois residents buy a home or keep their existing homes from going into foreclosure, changed a key guideline that will allow more Chicago home buyers and home owners to take advantage this state program. The program raised the qualifying average median income (AMI) from 115% to 150%. [...]

June marked the fifth consecutive month-on-month increase in home sales statewide, including Chicago. It was the fourth monthly increase in the statewide median home sale price. In a release issued by the Illinois Association of Realtors®, association President Pat Callen says, “We are moving through inventories and that?s a good sign for the Illinois housing [...]

10 August 2009 ? The impact of the conditions of the local real estate market is one of the a largest factors to the growing budget deficit of the City of Chicago. With a projected shortfall for the overall budget in 2009 to exceed $300 million dollars, the mayor?s office is predicting a greater number [...]

7 August 2009 ? With the decision of The International Olympic Committee?s less than 60 days away, 2 controversial land issues are facing the City of Chicago. Chicago’s landmarks commission  voted against a proposal to place the Michael Reese Hospital campus on the National Register of Historic Places yesterday. If the city gets the Olympics, this area [...]

Regardless of real estate market conditions, our clients hire us to get their properties sold. Sorting through this week’s news and numbers regarding how we market those listings, there still seems to be a huge disconnect between how most agents think their listings are marketed and the realty of the fastest growing resources that the [...]

3 August 2009 ? The deadline to nominate your Chicago Bungalow for the Richard H. Driehaus Foundation Bungalow Award is August 28, 2009. This recognition is part of the Chicago Historic Bungalow initiative started in 2000 by Mayor Daley. The objective is to preserve Chicago?s most distinctive style of architecture while maintaining affordability. The program [...]

31 July 2009 ? Chicago?s North Shore high-end market has been especially hard hit by the real estate market?s downturn as reported today on Rismedia. Even offering creative incentives and major price reductions has not helped in moving luxury properties in Chicago?s north suburban areas. According to the North Shore Association of Realtors only 154 [...]

27 July 2009 ? With only 127 days left for first time home buyers to take advantage of the $8000 tax credit, speculation is heating up on whether it has been effective with much doubt it will be renewed. Because of longer times for processing mortgages, buyers must be under contract in the next 60 [...]