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Market Conditions in 60617 : Real Estate Advice

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  • Local Info1
  • Home Buying7
  • Home Selling5
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Activity 176
Sun Apr 12, 2009
VC answered:
How long do you plan to live in your primary residence? Two-Three-Five years? If it's less, then I would suggest you choose a more established neighborhood. Don't get me wrong, West Town is a great up and coming area. Long term, it will be a great investment. Short term, you would have to deal with various construction projects and certain nuances of any new (non-established) neighborhood. With the prices being so reasonable you will see a lot of first time home buyers, singles and couples alike.

Depending on the location of the property, size of the developers construction loans and other fees coupled with the credit crunch that banks are now implementing, it's harder for first time home buyers to purchase those homes (these are the clients that developers had in mind when they set out to build) Now there is a surplus of properties that not many people with credit scores under 680 (Newly established for Fannie Mae) can obtain. This isn't to say that once all the guidelines are set in place that there won't be a surge of people buying in West Town....because there will be.

Bottom line is that it's going to be a great neighborhood. Can you stick it out until it is? Keep in mind that a lot of your equity can come from purchasing at the right price (at a 20-25% discount, a developers loss can sometimes be your gain). Get the best deal you can!

I'm happy to help with any additional questions you have.
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Fri Jul 24, 2009
CMLHoldings answered:
I'll need to bow out of this one since I'm a BURB guy and know nothing about the city of chicago market.
I do know that they have an awsome Gangster bus tour!

:)
0 votes 8 answers Share Flag
Wed Feb 6, 2008
Kale Realty answered:
Hi

Currently Feb 6th the MLS shows 25 listings from $220,000-$599,000 including 5 rentals. In terms of REO I have seen more at the 440-480 McClurg building and 345 Lasalle. Feel free to drop me a line Nick@kalerealty.com and I'd be happy to discuss ... more
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Tue Feb 5, 2008
Patti Pereyra answered:
Melissa,

Sorry if I am misunderstanding your question...

Trulia does not post rentals. You might check the Chicago Craigslist -- tons of rentals on there.

You can also contact a local agent to pull furnished Gold Coast rentals for you. Our MLS allows rentals to be searched by "furnished". ... more
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Fri Feb 1, 2008
Patti Pereyra answered:
Hi Jeff:

It depends on bedrooms/baths, but the average over the past 6 months has been about 4 months, with a sale price at an average of 5% below ask. That is not to say it would be your average, because these statistics do not reflect whether the home was "priced right" to begin with, and again, does not break down the stats specific to your type of home.

Hope that helps!
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Thu Jan 8, 2015
Noah Seidenberg answered:
The Chicago Loop, River North and the other areas you mention are booming. New construction in Chicago is going strong and there are great deals to be had. If you need help, let us know,
Good luck
Noah Seidenberg
Coldwell Banker
Toll Free (800) 858-7917
Office (847) 316-8529
Noah.seidenberg@cbexchange.com

http://chicagohomerealty.net/
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Wed Aug 1, 2012
Natasha answered:
A condo - I'm recently married and my husband and I are looking for our "starter home" so to speak. We've heard there may be alot foreclosures in chicago overall and we are nervous that foreclosures in the area or outstanding inventory may drive the value of our home down. ... more
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Wed Jul 2, 2008
Ruthless answered:
Diane:
Tom is right, the statistics are for the homes that actually sell. Most homes either sell right away or take a long time IF it sells at all. So based on 128 days, figure two months on the market and two months under contract.
Good luck,
Ruth
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Fri Dec 15, 2017
Hans G. Schaetzke Ii answered:
There is a web-site called Building-Cost.net that can give you a very good idea, I am a real estate appraiser and I use it. The fact is the question you ask has no definate answer and anyone who gave an answer to such a broad question without asking about the quality level and the size of the building etc... would be guessing. I think you'll be very glad you found the web site I have provided. ... more
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Mon Jan 14, 2008
Ntfeldman answered:
10% escrow deposit at the time of contract is high and risky for a buyer but, having said that, some builders require a buyer to put up at least this much for two reasons:

1. They want to make sure you close and the more money you have to walk away from, the less likely they are to lose you as a buyer.

2. They want to limit the number of buyers they interact with to highly qualified buyers and those steep deposits put you in that category.

The more money you have as earnest money / escrow deposit the more likely you are to qualify for the loan at the time of closing too, even if your credit rating fluctuates a little.

So yes, 10% is typical and reasonable for a new construction deposit, even 20% is required by many builders.
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Tue Feb 12, 2008
Jennifer South answered:
In my opinion South Loop is the strongest area investment-wise. River West has grown significantly in the past few years, it is close proximity to public transportation and trendy spots, but does lack some of the residential appeal of South Loop or even West Loop. Also, South Loop is gaining in national and global interest and with the potential of procuring olympic games active, we are seeing that community continue to grow at a more rapid pace than any other with the exception of Millenium Park/New East Side. I like South Loop, West Loop and River West, but if you are asking stricly on appreciation potential, I'd still go with South Loop. Free free to contact me with any additional questions, jsouth@dreamtown.com. Best, Jennifer ... more
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Wed Dec 26, 2007
Patti Pereyra answered:
Hi Amari,

For what you specify, the MLS shows between $1350-$1600. Of course, this will depend on the condition of the home and what is included with the rent.

As for renting to Section 8, it's really your call. Consider the pros and cons:

Advantages:
Guaranteed, on-time rent, since the rent is subsidized and you will be receiving a check for the majority of the rent from the government.

Also, you probably won't have to worry about a lack of tenants. Section 8 tenants often sign up on a waiting list; therefore, when you are ready, they are ready.

Disadvantages:
Your fair market rent will be determined by the government to some extent, and they may not agree that you should receive X amount of dollars.

Although signing up a section 8 tenant is pretty standard, you will have to deal with mandatory government pre-possession inspections, and annual inspections thereafter. If the government finds fault with your property, they may not allow any of their tenants to move in, and you're back to square one. Not only that, but say that the tenants you do receive turn out to be bad tenants --- good luck trying to evict them without very very concrete, just cause that you have to prove to HUD.

Should you try to sell? Well, how have you enjoyed being a landlord? How has the income stream affected your financial state? Are there tax implications that impact you negatively? Do you like the responsibilities that come with being a landlord? Does the rent v. operating costs prove beneficial to you, or are you bleeding a little each month? If you're bleeding, is the blood loss something you can sustain until you feel the market is under more stable conditions to sell, or do you feel a sense of relief at teh thought of selling -- even if it means getting "less" than you think you should?

These are all questions you should be asking yourself.

Good luck with everything!
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Mon Jul 8, 2013
Patti Pereyra answered:
It really depends on the area in North Center. I know you said Bell School District, bu even then there is some disparity in pricing. Roughtimate between $400-$500,000 (and even more), depending on how the land is zoned and whether or not it is a tear-down or ready land.

Bell School District is highly sought after. Sometimes you can do better knocking on run-down houses' doors and asking if they want to sell.
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Sun Apr 12, 2009
Mike Long answered:
Hi Corina. I provided a link for you to click on. Sorry for the sales pitch but it's actually very helpful. Provies a map, community information on West Town and a property snapshot of some properties for sale. I live in West Town and am a big fan. I wouldn't put much stock into what Trulia (sorry) says about appreciation figures. A local Chicago agent will be able to give you more accurate figures.

I wouldn't worry about the "up and coming" areas in this market. I'd be more interested in finding an established neighborhood that has stood the test of time. Like a Lincoln Park, Lakeview, Old Town, Bucktown, Wicker Park or West Town. West Town is a big area and there are some parts of it I would stear you away from. The place on Warren is questionable. I think in and around the place you mentioned on Grand is a better bet.

Again, click on link below and see if that helps. Like I said, I live over there and love it. Good Luck!!
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Sun Dec 16, 2007
Stacy Karel answered:
You get what you pay for... Limited services and which usually affects sale prices. So while the consumer may save a few dollars in commission (The buyer's agent still gets paid market rate) you potentially lose because exposure to as many potential buyers is lower when you do not have a full service agent working on your behalf and deals tend to fall apart when you don't have professional representation on both sides. ... more
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Mon Dec 17, 2007
Jim Cavoto answered:
I sat through a class a few months ago where an agent of 40 years told us that in 20 years agency will be gone. Everything will be online, and the clients wont need us. I left that class feeling good about life! I thought about this for weeks after that. And this is what I have come up with.

Since the market has been slower in Colorado I seem to be spending most of my time with first time buyers, under 30 making 60k plus. In every case they have said to me, I dont want to use an agent, I will find a home myself and deal direct to get a better deal. In every case I have said the same thing, OK. I give them information for free, answer questions by email. And in almost every case, I am the one that ends up selling them a home. So my take on the future is go with it, don't make them feel pressured to sign a contract to represent them, and go with it. This next generation can find out anything they want, and they will find it. And they dont want to be tied down, but there is always something about service. I have heard agents say " I wont show a house until they sign a contract for me to be their agent for the next 3 months" I say get over yourself, and service the client. Get yourself online, get to know the online services, and be sure to know more than they do.
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Wed Mar 25, 2009
Nicole Chen answered:
If you're looking at 70 Scott, the prices are a little on the high side for a one bedroom unit.
0 votes 1 answer Share Flag
Sun Dec 16, 2007
Christina Moscinski answered:
Also, articles like this one in the Chicago Real Estate Daily
...http://chicagorealestatedaily.com/cgi-bin/news.pl?id=27164
0 votes 3 answers Share Flag
Fri Nov 2, 2007
Adelina Rotar answered:
The importance of inspections--stucco inspections (especially in humidity prone areas), home inspections (even on newer homes), radon inspections, etc.
0 votes 10 answers Share Flag
Fri Nov 2, 2007
Patti Pereyra answered:
Hi Mike:

Today's South Loop is one of the hottest places to buy RIGHT NOW. 10 years from now is very hard to predict for any market.

Even so, demand has softened, and thanks to the overflow of new contruction, there is even a large developer that scrapped plans for a massive condo development. Instead, they will be building 1000 rental apartments. That's right - apartments.

Apartment buildings are proving very successful in the south loop, since the rental market remains very strong, and average price per square footage has sky-rocketed in the last few years. That would make any investor who has bought a condo happy to hear.

However, the area is still booming with new developments that, even in this market, are selling quite nicely. The South Loop was also recently named one of the "top 10 places to retire" in the United States.

Additionally, because the South Loop's amenities are still developing (Target, Whole Foods, Starbucks, trendy restaurants now exist, and more retail is slated), it leaves room for future growth and appreciation.

With all of that said, despite the uncertainty of the market today, holding onto any real estate asset for 10 years is a pretty safe bet for appreciation.
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