Christopher Moran

Depends, on location and lot size, then supply of competing new homes. I also like to apply a statistical method to compare current pricing to the historical norm. I am always available to run the numbers and do the analysis for clients.
Cordially, Chris - Tue Jul 22 2008, 07:08

The short answer is yes, some close enough to walk and others a short trip on the el or bike. I have served as broker to incoming profs and a dean or two, and am available. I live nearby, know the area well and am married to a NU faculty member. You are welcome to contact me. - Mon Jul 21 2008, 16:16

You may ask me, I know the developer and his architects. I will show you their recent projects too. I also have done extensive analytical work on pricing of units and supply in the market. I am a long time resident and have an office nearby. I won't post the info but you may send me any questions.
Yours Truly,
Chris Moran - Fri Jul 18 2008, 08:27

Dear Mike, The market for new homes is such an interesting segment and has not been given a proper evaluation by those reporting news on the housing market. For 10 or 12 years, spending for new homes gathered enough momentum to fuel a speculative boom, you've certainly seen it in East Village. We at Sussex & Reilly are still confident to build there given its excellent neighborhood amenities.
Now that you need more room ,and schools come into the picture, you may want a new perspective, which depends on a volatile market for construction and, as importantly, mortgage finance. Your asset mix seems to work on a relative price point view.
Let me offer a new perspective, a bird's eye view. Google Earth to 412 East Austin, Libertyville , Illinois and you will zoom in to about 3200' . You will see the interesection of the major roads and can begin to fly around and locate schools and parks. Zzoom in further and you begin to see if you may walk or ride a bike to school, parks and all the other places that are important to you. This particular neighborhood is near in to trains for Chicago and has a nice flow to it. It's quite easy to have an overview of the neighborhood you will choose. Use this way and see the surroundings of places that appeal to you. You will still do a lot of driving around, but if you consider the satelite views you can save alot of effort.
Pricing is in such a state, for many reasons, depends... I use Libertyville as an example as it's around your price point and has such nice appeal for anyone in your position. As for the developers, homebuilders and their agents, let experience be your guide. Speak to a mortgage lender. If you will need to sell your current home, you may need cooperation from the seller. A cash offer shows strength and allows you more room to negotiate your deal. A transitional market has so many variables to consider, careful consideration to price and market conditions, and good use of the terms in the deal will work to your benefit. An old Chinese philospher once observed, there is a great chaos under heaven, and the situation is excellent.
Yours truly,
Chris Moran - Tue Jul 8 2008, 14:09

Mr Norton, you are right that the buyers market is an opportunity. I lived in Rosemont as a boy, what a beautiful place! If it's the city you want, you have plenty of options from which to choose and to narrow it down you should consider if you want a full service building, 24 hour doorman, a concierge. You will want 2500-4000 Sf and may expect to see prices in the $600-800PSF in the Near North neighborhoods between Streeterville, Gold Coast and LincolnPark. Do you prefer vintage or modern, a larger mid rise building or a tower. You can have lake views or park views.
The neighborhood streetscapes vary too. You will find good shopping, restaurants and entertainment at your door from the downtown and near north to Lincoln Park and Lakeview. Lincoln Square has a much lower density but nearly all the amenities of the good life. Evanston may suit you. New towers offer amazing views and there are many good condos in the blocks south of Nortwestern and just west of the Lakefront beaches and parks.
Downtown Chicago has 5000 new condos for sale. There are several new towers and the plan has been to create a ring of resisential buildings around the parks similar to Central Park in NYC. Until this year developers have had a market in nice balance. While there are always several thousands of units for sale, there were only several hundreds ready for delivery. Now, and going forward, there will be several thousand ready for delivery. While this is very exciting, you may wish to consider an exisitng building, fully occupied, that is financially stable. You and the cats have many fine choices available to you. I wonder if your cats might like to live by the big cats here. The Shakespeare building on Lincoln Park West is very near to the zoo and you will be able to hear the lions roaring in the morning and at night.
Cordially yours, Chris Moran - Mon Jul 7 2008, 08:42