2007 December | Living in Lincoln Park Blog

Chicago real estate market snap shot

By Doug Fox

We’ve all read and heard about how bad the real estate market is. some parts of the country are getting hit very hard. But the Chicago market, “While the national median price of a home sold in October was 5.1% lower than a year ago, Chicago-area homes experienced a 3.1% increase, to $250,000. Half of the Chicago-area homes sold in October were below $250,000 and half were above that amount. The median price last October was $242,500. The median home price throughout the state fell 1.5% to $195,000 from last October. Average sale prices for both the Chicago area and the state were up. The Chicago average rose 9% to $328,057 from last year and the state average rose 4.5% to $259,031 from last year.” Not bad amongst all the gloom & doom!

Personally, I find it to be not only a great time to be a buyer, but a seller as well. Interest rates dropped last week and there is a fair amount of inventory to choose from. Plus, sellers trying to sell their home this time of the year have a tendency to be more realistic and motivated then perhaps other times of the year.

From the sellers’ perspective, pricing their home correctly is critical. There are a lot of serious buyers looking for a fair deal on their new home and a correctly priced home increases the chances of find one, or more of them.

From either side of the equation, it’s a managing of expectations. Fair minded buyers and sellers tend to find one another and put together deals that work for everyone.

If you’re curious as to how Lincoln Park or any other Chicago neighborhood is fairing in this current real estate market, jus shoot me an email and I will be happy to provide you with a market snapshot.

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Lincoln Park Zoo lights

By Doug Fox

If you’re in the neighborhood any evening during the holiday season, you have to check out the lights at the Lincoln Park Zoo. I went during Thanksgiving & had a wonderful time. They’re open from 5:00 to 9:00pm everyday thru 1 Jan but not on 24 & 25 Dec. While you’re there, consider becoming a member and help support a great FREE zoo.

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Real Estate - Residential stories from Crain's Chicago Business News and Features regarding Real Estate - Residential from Crain's Chicago Business

This Old House honors Chicago bungalow belt neighborhood (AP) ? A Chicago neighborhood filled with historic bungalows and tree-lined streets has landed on a best-of list by This Old House magazine. The magazine lists North Mayfair on the city's Northwest Side as one of the best "old-house neighborhoods" in the U.S. and Canada. North Mayfair ...
Illinois to use mortgage database licensing system (AP) ? Illinois is embracing a licensing database that officials say will help ensure the competency of mortgage loan professionals. The Illinois Department of Financial and Professional Regulation said it'll start to use the Nationwide Mortgage Licensing System for license applications ...
Neighborhood Housing Services chief Gottschall retires after 35 years (Crain?s) ? Bruce Gottschall, who helped start what has become the city?s largest housing counseling agency, is stepping down as its executive director after 35 years. Mr. Gottschall began Neighborhood Housing Services of Chicago in 1975. He will retire on Dec. 15. ?It feels like ...
Amcore put on the clock by regulators (Crain?s) ? Federal regulators have rejected Amcore Financial Inc.?s plan to raise capital, giving the troubled Rockford-based lender a month to raise the needed money or sell. Amcore has until Dec. 4 to submit a new plan to the U.S. Office of the Comptroller of the Currency under ...
USG loss casts pall over housing market outlook (Reuters) ? Building products maker USG Corp. reported a larger quarterly loss on Wednesday and said the near-term outlook remains weak, sending its shares down more than 8 percent. The result is another sign the housing construction industry has yet to fully right itself after collapsing ...
Key ShoreBank executive leaves lender (Crain?s) ? The veteran ShoreBank executive in charge of the lender?s signature loans to apartment rehabbers ? the portfolio whose success largely created the community bank?s national reputation for profiting while lending in low-income neighborhoods ? has left the bank. James ...
Capone's hideout sells for $2.6 million (AP) ? The former northern Wisconsin hideout of Chicago mobster Al Capone has sold for $2.6 million to the bank that foreclosed on the property. Margie Schull of the Sawyer County Sheriff's Department says Chippewa Valley Bank was the only bidder during a five-minute sheriff's sale on the ...
Capone's Wisc. hideout up for auction Thursday (AP) ? The former northern Wisconsin hideout of Chicago mobster Al Capone goes on the auction block Thursday. A bank foreclosed on the 407-acre wooded site and a sheriff's sale takes place on the steps of the Sawyer County Courthouse in Hayward. Chippewa Valley Bank says the starting bid ...
Illinois earns 'C' for financial instability (AP) ? If Illinois had parents, they wouldn't be too happy with the state's economic grade card. An advocacy group, the Corporation for Enterprise Development, gave the state an overall 'C' grade in its annual assessment of financial stability in all 50 U.S. states. Illinois fared better ...
Civic Fed OKs 2016 cost forecast ? except for Olympic Village (Crain?s) ? The Civic Federation has come out with a report that generally concurs with Mayor Richard M. Daley's budget projections for the 2016 Olympics ? with the exception of the development of the Olympic Village. In a highly anticipated report, the tax-policy group said that "the ...
U.S. homes sales up for 3rd straight month (AP) ? Signaling a housing recovery is under way in much of the country, sales of previously occupied homes rose for the third month in a row in June. The National Assn. of Realtors said Thursday that home sales rose 3.6 percent to a seasonally adjusted annual rate of 4.89 million last month, ...
State debuts new-homebuyers help (Crain?s) ? First-time homebuyers scrambling for a down payment are getting a financial boost from the state. The Illinois Housing Development Authority rolled out its Illinois Home Start Loan Program on Wednesday. It provides qualifying homebuyers with a 30-year fixed-rate FHA loan and up ...
Chicago Community Trust beats $1M fundraising target (Crain?s) ? The Chicago Community Trust announced it surpassed a $1-million target to provide funds for shelters and pantries that have been overwhelmed by soaring demand. In an initiative launched late last year, the community foundation raised $1.3 million for its Unity Challenge ...
Citadel to invest up to $100M more in E*Trade (AP) ? E*Trade Financial Corp. said Wednesday it plans to raise $400 million in common stock, with Citadel Investment Group purchasing up to $100 million of the offer.
AG Madigan sues American Escrow for skipping clients? tax payments (Crain?s) ? Illinois Attorney General Lisa Madigan has sued a Chicago-based independent escrow company that went out of business in March without paying taxes on behalf of homeowner clients around the country. Ms. Madigan, working with the Illinois Department of Financial and Professional ...

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