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Market Conditions in 60619 : Real Estate Advice

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  • Local Info1
  • Home Buying13
  • Home Selling1
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Activity 176
Wed Feb 25, 2009
John Sommese answered:
Zach, My personal opinion is that it would be beneficial for a buyer to look into the sales in the last 1-2 months. This will give an indication of what is happening in the current market. For a realtor or buyer to go back 6-9 months for a comparable would not give a true picture of the condition of the current market. If you need to go back 6-9 months to get a comparable, keep in mind that you will have to adjust the price based on the decrease in the area that took place over the past months. If you don't know what the adjustment is, consult a realtor or look up stats for your area on the net. Also ,keep in mind that no one can tell you where the bottom of the market is, but I can tell you that there are some exceptional deals out there. ... more
0 votes 5 answers Share Flag
Wed May 28, 2008
Jim Roth answered:
Dann, where are you getting you information from regarding a stablized local market?
0 votes 33 answers Share Flag
Wed Jan 9, 2013
Thomas Hall answered:
Don - what's driving your decision to sell? I think this is a great market for people who may be interested in trading up. If you are looking for more space, a better location etc, you may be in a great position to both leverage lower borrowing costs as well as generally more competitive prices on property. Inventories are still high which could impact the sale of your existing property - you may not be able to win at both ends, however.

Another factor to consider is how long have your owned your current property? If you purchased within the last 5 to 8 years - I suspect you still may do fine. Depending upon the type of property you own and where it is located in Logan Square, you could do just fine.

Properties are clearly selling - from experience, however, buyers are aggressive.

I hope that helps - best of luck in your decision!
... more
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Mon Jul 27, 2009
Tricia answered:
That has been planned that way for over 7 years. It's supposed to be, but no one really knows if that will ever be built.
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Sun Nov 16, 2008
Lesley answered:
This area is very close to public transportation, the Loop, as well as restaurants, parks, etc. The city is paying close attention to this area and the homeowners are very attentive and involved in CAPS and development issues. ... more
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Tue Apr 14, 2015
Inspector Michael J. Savage answered:
Check this out: -Mike Savage, MJS Inspections, Inc.
0 votes 4 answers Share Flag
Sun Oct 27, 2013
Trish Brophy answered:
Here on the North Shore, an offer is usually accompanied by a check in the $1,000-$5,000 range. The balance of the earnest money - usually at least 5% of the agreed on purchase price - is typically paid within 48 hours of satisfaction of attorney and inspection issues. However, these are issues that decided on between the parties - it's up to the individual buyer and seller to come to an agreement on terms. ... more
0 votes 6 answers Share Flag
Thu May 1, 2008
VC answered:
Dear Felix,

Condos in RP never stopped selling. I wouldn't go as far as the 30k jump that Zillow suggests, but depending on your specifics, location, and proximity to public transportation, sq. footage, view, upgrades, and etcetera. You will have an appreciation every year.

If it's priced right and is a desirable unit, the buyers will come. Otherwise the rental option might be the way to go until the market turns itself around.

Best of Luck to you
... more
0 votes 4 answers Share Flag
Tue Apr 1, 2008
Carlos Roche answered:
Hello Uli

You definitely chose the best type of property for investment purposes.
In big cities like Chicago and New York, the overall real estate market appreciation is very good.

This happens because land tends to be scarse as you know, but when you have a tight sales real estate market, the rental market flourishes in comparison.

If you combine the condo option with new developments, you make some serious profit along the way.
New constructions only require 10% (check your state) of the total value of the property upfront and the remaining balance at closing which could be 1 or 2 years down the road.

can you see the appreciation potential of your 10%. When the building is complete, you can then sell the apartment (for a higher price than 1 or 2 years ago) or just rent it.

I hope my answer helps you along your way to success (whatever it means to you)

Handshake. To Your Success!

Sincerely,

Carlos Roche
New York
... more
0 votes 3 answers Share Flag
Thu Jun 6, 2013
Kale Realty answered:
Hey Jack

Your best bet is to consult Connect MLS- Do a search and on top of the screen there are two blue arrows which will show you the average.

Best of luck
0 votes 7 answers Share Flag
Sun Nov 9, 2008
Ann Boyle answered:
I guess I would have to ask you how long is "quite a long time'? To have marketing time start from zero, you would need to have it off the market for 90 days, I believe. If you have the house in market ready condition, I would hesitate renting it, only because you might have to go in and repaint , recarpet and who knows what else after tenants. Because of the market slow down, I would make sure that you are priced correctly, that the house is in market ready condition and staged and that your property is getting maximum exposure to buyers, and to the brokerage community. Good Luck! ... more
0 votes 15 answers Share Flag
Thu Jan 8, 2015
Joy answered:
Fri Jul 24, 2009
Ken Dooley answered:
Brian,

Uptown has seen a lot of development over the past 10 years and continues to see new construction and condo conversions on a regular basis today. It provides good value for money especially in the Sheridan Park area and a mix of housing options as you get closer to the lake. A concerted effort is being made to regenerate the entertainment district at the intersection of Broadway and Lawrence and bring the Uptown Theater back to its former glory.
Nobody has a crystal ball but I see the Uptown market performing in-line with the general market for the area as demand for housing increases through normal population growth and pent-up demand.
Owners in Uptown have enjoyed above average appreciation over the past 10 years but that is likely to change as prices for resales and new construction adapt to the current market.
Uptown has a lot to offer:
The El
Proximity to Lake Shore Drive
Close to Andersonville/Lakeview/Lincoln Square
Beaches along the lake

Best of Luck, Ken.
... more
0 votes 5 answers Share Flag
Tue Mar 1, 2011
Stacy Karel answered:
I my opinion no...unless you acquire a property at 50-60% of value- then you can make $$ in any market. The market time to sell is just too long unless you can sell substantially below the competition. It is a great time, however, to pick up investment properties to rent. ... more
0 votes 12 answers Share Flag
Tue Feb 26, 2008
Ken Dooley answered:
Greg,

A quick search of the Kenwood, Woodlawn & South Shore areas shows apartment buildings greater than 12 units (on average, 20 unit buildings) are listed at $1.1m but this is too vague an analysis due to unit sizes, location and building type for it to be of any use.
The CAP rate is not listed for each property but a good guideline is to focus on buildings with a CAP rate of at least 6.5-7%.
Please provide a more specific area so that accurate and more detailed information can be provided.

Thank you, Ken.
... more
0 votes 1 answer Share Flag
Thu May 29, 2008
Pam Winterbauer answered:
Patrick.....

You may wnt to check on craigslist as Trulie does not have rentals here.
0 votes 4 answers Share Flag
Fri Jan 9, 2015
Kale Realty answered:
sounds about right-Probably not much of a view though
Good Luck!
0 votes 2 answers Share Flag
Fri Feb 22, 2008
Mr.P answered:
That would be so cool.

First the Southside St. Patrick's day parade, and now the Olympics.
0 votes 4 answers Share Flag
Fri Feb 22, 2008
Patti Pereyra answered:
I'm not sure what your question is, really. You start off wondering about the cap rate in the area, then wonder if it's "worth the hassle" to be a landlord, so I'll try to address both.

Regarding cap rate, for a short-cut method, get the the sale price of a recently sold comp, find out the net operating income for that comp (the breakdown is usually on the listing sheet. An agent can look up comps for you on the MLS), then divide the net operating income by the sale price to get cap rate. Do this for several comps to get an idea of the average for the area. You can then divide the net operating income of a property you wish to purchase by the capitalization rate you got from sold comps in order to determine a property value. Conversely, you can multiply the asking price by that same cap rate in order to determine what type of income you would need in order to justify the purchase price.

As for whether or not being a landlord is worth the hassle? Well, it depends. Will you be living on the property? If so, keep in mind that your tenants' needs will often come before your own (if you are a good landlord). This means making sure the property is kept well, that you are available to answer needs, that you are mindful of providing a peaceful environment.... If you are not going to be on the property, these things will all still need to be provided - there or not. This may mean running to the building in the middle of the night when a pipe bursts, or hiring someone to do it if you can't.

If you want to be a good landlord and attract quality tenants, you will have to be willing to do all of this and more.

Purchasing an income property can be an amazing investment with huge potential for appreciation and cashflow (I know, I own and live in a multi-unit and have tenants), you obviously want to study the numbers and also reflect on whether or not you are willing to take on the "hassle'. After all, if even before becoming a landlord you already view being one as a hassle, you may want to reconsider.
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0 votes 3 answers Share Flag
Sun Nov 29, 2009
Rhett Damon answered:
As with anything else... it depends.. but 4 years is a reasonable time to expect a return. RN prices have adjusted down slightly but all in all it's pretty good.
0 votes 4 answers Share Flag
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