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Market Conditions in Chicago : Real Estate Advice

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Activity 297
Sun Apr 9, 2017
Kathy Burgreen answered:
I'm in the New York City area - not Chicago. However, within NYC and even the suburbs, 2 deeded parking spots that come with the condo purchase are extremely valuable and sellers can increase their asking price.

However, I don't know if that applies to Chicago. The issue is how available is resident parking and how often / how much are parking tickets given out by police? In NYC, parking on the streets is difficult, parking garages are available but expensive and those parking tickets from the cops - $30 - 60. per ticket. In the suburbs it's $10 - 25. per ticket.

You have to weigh the pros and cons of resident parking and see if you can increase your selling price.
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0 votes 1 answer Share Flag
Thu Oct 6, 2016
Tiredofthebs answered:
This is absurd. Foreclosures are typically bank owned and banks just want to cover there costs-so if there was enough equity in the property-they can afford to sell the same exact unit for 60% less. They don't care. They have their money, and the rest of the association has to fight that deep discounted pricing for many years to come in the way of market comparables. Real Estate sales people are one step below used car salesmen, and RE attorneys aren't far behind. Don't believe the crap you read in these double talk psycho-bable posts from realtors and lawyers-they'd sell their grandmothers for a price. Certified in what? BS? ... more
0 votes 6 answers Share Flag
Tue Aug 16, 2016
John Meyers answered:
If you can only get 10% of what you paid, it sounds like you have no choice but to stay.

Since they are renting many of the units out now, getting a strong board in place will be difficult since the owners are absentee.

Just let me know if you would like a free valuation which will at least let you know how much your condo is really worth right now. Thanks, John
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1 vote 1 answer Share Flag
Fri Jul 1, 2016
Cbartko answered:
NJ - I own a condo on a private drive, but is not fha/hud approved. Can I still get a reverse mortgage since it's a private drive?
0 votes 10 answers Share Flag
Wed Jun 8, 2016
Cbw5355 answered:
I live in a townhouse condo development. I understand my development will have trouble with FHA approval because we have a high vacancy and foreclosure rate. Can you explain this to me. What are the percentage needed for my development to be eligible for FHA, ... more
0 votes 201 answers Share Flag
Wed Mar 30, 2016
Thorbuild1 answered:
This is an estimate for a single-family residence in Zip area 60634 Chicago, Illinois in March, 2016. This estimate includes a foundation as required for normal soil conditions, excavation for foundation and piers on a prepared building pad, floor, wall, interior and exterior finishes, roof cover, interior partitions, doors, windows, trim, electric wiring and fixtures, rough and finish plumbing, built-in appliances, supervision, design fees, permits, utility hook-ups, the contractors' contingency, overhead and profit. Highly decorative, starkly original or exceptionally well-appointed residences will cost more. Thor Build inc. can build similar residence for $158/sq. ft. ... more
0 votes 4 answers Share Flag
Mon Nov 2, 2015
John Meyers answered:
Because of Illinois Fair Housing Laws, we can't give our opinions but will suggest that you check the area out yourself (or have a friend do so if you live out of town).

Good luck, John ... more
0 votes 11 answers Share Flag
Sun Aug 9, 2015
Noah Seidenberg answered:
This is an attached property, a condominium.
0 votes 1 answer Share Flag
Sat Aug 8, 2015
Carolyn Durocher answered:
For July 2015, The average list price for all property types in Bridgeport is $353,800, and the average sale price is $328,899. 67 properties were sold with an average of 26 days on the market. If you have questions on a specific property or interested in a Market Action Report, please contact me. ... more
0 votes 1 answer Share Flag
Sat Jul 11, 2015
Carolyn Durocher answered:
For crime statistics in any area of chicago check this website: http://crime.chicagotribune.com/
0 votes 4 answers Share Flag
Fri Jul 10, 2015
Bob Brandt answered:
Depending on which of the 200 suburbs and the type/quality/price level of the home and the size of the lot, an average cost may be about $ 150 per sq ft.
Good to shop around with your Realtor. Also consider almost new.... ... more
0 votes 3 answers Share Flag
Fri Jul 3, 2015
Carolyn Durocher answered:
Here is the City of Chicago 2014 Water Quality Report

http://www.cityofchicago.org/content/dam/city/depts/water/ConsumerConfidenceReports/2014_WaterQualityReport.pdf
0 votes 24 answers Share Flag
Fri May 29, 2015
Annie Holowatyj answered:
No parking is not included. However, a space is available for purchase sold separately, or easy street parking,
0 votes 2 answers Share Flag
Thu May 14, 2015
Alicia O'Toole answered:
Try posting on that new site offmls.com maybe? I haven't really used it yet but it was talked about on Crain's and you have to be a licensed agent to list there.
0 votes 1 answer Share Flag
Thu May 7, 2015
Noah Seidenberg answered:
You should do a search of the incidents in the area. Find police reports
0 votes 19 answers Share Flag
Thu May 7, 2015
Noah Seidenberg answered:
Tue Apr 14, 2015
Mark Zatz answered:
No problem to set up a showing. Would need to make an appointment.
0 votes 3 answers Share Flag
Tue Apr 14, 2015
Mark Zatz answered:
Its hard to say just from the surface without viewing and doing minimal due diligence.
0 votes 2 answers Share Flag
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