The Chicago 77
Comprehensive Chicago Real Estate Information

Self-Managed Condo Associations May Be the Right Option for You.

Many buildings in Chicago that have 12 or fewer units are self-managed. If you live in such a condominium building, you will understand the question: "To self-manage or not to self-manage??

Alderman Fioretti Outlines Positive Impact Olympics Would Have

14 September 2009 ? As Chicago awaits the October 2, 2009 announcement of the decision of the International Olympic Committee, 2nd Ward Alderman Robert Fioretti addressed  the Chicago Association of Realtors Government Affairs Committee on Friday. Alderman Fioretti spoke about the unique opportunity the 2016 Olympic games would present for the City of [...]

July Year-on-Year Sales Increase Is First in Three Years

Chicago-area home sales are slightly up in July compared to July ‘08, the first year-over-year increase in over 3 years, as reported by the Illinois Association of Realtors. The graph below more accurately shows the details. Month 2009 2008 Change Jan 2,965 3,927 -24.5% Feb 3,082 4,326 -28.8% Mar 4,260 5,759 -26.0% Apr 4,747 6,094 -22.1% May 5,634 6,927 -18.7% Jun 7,140 7,806 -8.5% Jul 7,427 7,408 0.3%Price Disconnect Between Buyers & Sellers The stats are indicative of how the market is responding. August has been an [...]

Illinois “Finally Home” Program Finally Works for More Chicagoans

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 [...]

Stronger Chicago Housing Numbers Likely Mean Now Is the Best Time to Buy

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 [...]

20 July 2009 ? This week the incoming leadership of regional chapters of the National Association of Realtors will be meeting in Oak Brook, Illinois. Presenters will include Stefan Swanepoel recognized as the leading visionary on real estate trends and John Tuccillo, John Tuccillo & Associates, one of the foremost real estate [...]

Chicago Homes Sales are UP…and DOWN

The Up We are seeing the continuation of a trend that seems hopeful. According the Illinois Association of Realtors® home sales in Chicago for April 2009 were up when compared to March 2009 by 16.7 percent. There were 1,378 home sold in April as compared to 1,181 in March. This seems to reflect the time of [...]

Hope and Change the Theme at CAR Awards

At a dinner On May 21, the Chicago Association of Realtors presented the 2009 Good Neighbor Award winners. As I saw the recipients walk to the podium to receive their awards, the words of the evening?s emcee kept running through my head. In his remarks, Brian Bernardoni the Government Affairs Director for the Association said, “There [...]

Agent, Broker, REALTOR®?What?s the Difference?

One of the most common questions I get from people (or at least I get a quizzical look) is what?s the difference between an agent, a broker, and a REALTOR®. This usually happens when they realize I?m using the words differently. For example, ?The agent?s broker told her she had to be a Realtor® in [...]

Condo Association Basics: What Every Buyer Should Know

Condos in All Shapes and Sizes…But They All Have AssociationsWe all know that the major type of property changing hands and being built in the city of Chicago is Property Type-2.  The formal term is Single Family Attached and what most people call a condominium or townhouse.  With condominiums you will more than likely find [...]