I am not surprised based on my own experience, but yes it’s official. Chicago real estate prices jumped 8% in March vs. last year, the largest increase in more than half a decade. Some in demand buildings downtown have snapped back much more sharply.
If you’ve been waiting to list, now might be a good time. Drop me an e-mail or give me a call if you would like me to help you determine a reasonable listing price.
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I’ve added a simple but nifty mortgage calculator “widget” in the far right column below my picture.
Try it out and let me know what you think. Plug in your own mortgage details and see if it’s working as you’d expect.
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I have listed a studio for rent on the market for $1,400 per month, unit 2003 of 512 McClurg on Thursday. This studio is around 650 square feet, nice big kitchen, newer bathroom with lots of closet spaces in the unit. The building was built in 2003 and owner is deciding to do fresh paint, recarpet and professionally clean the unit.
The River East building has lots to offer, which include but not limited to 24 hour doorman, management office onsite, gym, card laundry, receiving, dry clean, party room, sun deck, etc. The AMC theater is the building too. 512 McClurg is located in a very nice neighborhood, with lots of restaurants, buses, close to Navy Pier, the lake from, the Michigan shopping area…
→ No CommentsTags: 512 mcclurg studio for rent·studio for rent at the 512 McClurg·studio for rent for 1400 per month·unit 2003 for rent at the 512 McClurg
I had this listing a few weeks ago, it is a two bedroom plus den unit with two bathroom, a valet parking space is included in the asking price of $515K. The unit does not have so much upgrades, only kitchen has some newer appliances, granite counter tops. The unit is very clean and in good condition though, I had it listed on Thursday afternoon, there were 11 showings scheduled between Sat and Sunday. By Sunday eve, we have received 5 offers, which including 2 cash offers and 3 offers with mortgage contingency.
From the above, we can tell how hot is the market now and Parkshore is such a demanding building. Also, I really like the two bedroom plus den set up as there is room for you to change it to a small three bedroom. Parkshore has a lot to offer too! It has a roof top pool, a nice gym, grocery store onsite, 24 hour doorman, onsite management office, very stable reserve, etc. Parkshore is in a great location, which is located in the lakeshore east area with walking distance to the grant park, the millennium park, the Lakeshore East park. Next to the lakeshore dr, the Navy pier and the Chicago river.
→ No CommentsTags: 2 plus den at the parkshore sold in 3 days·4106 at the 195 harbor sold in 3 days·nice two plus den at the parkshore
This is a nice one bedroom on a mid floor at the 195 N Harbor Dr. The unit is original condition, but very well maintained, new washer and dryer in unit. One self parking space included in the asking price of $275k. The unit is around 706 square feet facing west, has views to the lakeshore east park, the grant park and the Buckingham fountain.
Parkshore is a very well maintained buildings, built in 1991, with reserve over 2.4m, no specials. Building is offering 24 hour doorman, gym, roof top pool, grocery store onsite, spa, two party rooms, grill, etc.
→ No CommentsTags: 195 harbor cheapest one bedroom with parking·parkshore one bedroom with parking
This is a great junior one bedroom unit with upgraded kitchen and bathroom, wood floor, nice view to the north, very cute and cozy. The building has exercise room, roof top pool, 24 hour doorman and great gold cost location.
I went to view this property with a client yesterday, the listing agent told us that there are already 25 offers and lots of people coming to see the property. It was sold by Wells Fargo and the price was given by Wells Fargo. The agent was sending the market analysis during the weekend, so maybe they will increase the price accordingly.
→ No CommentsTags: 2 e oak foreclosure one bedroom·25 offers for the one bedroom foreclosure at the gold coast·showing foreclosure one bedroom at the gold coast
Though the year has barely started, 2013 is looking to be a very solid and prosperous year for the American real estate market. Interest rates on home loans are at a record low and, with other types of investment options still uncertain, many financial experts are eagerly pointing their clients toward acquiring real estate as a prime investment, and are actively encouraging them to purchase United States houses for sale.
Investing in U.S. properties
Positive investment trends are developing in many US metro real estate areas and getting a quick profit turn-around on an investment property is not only possible, it is highly likely. Considering the steady increase in prices for properties, this trend will undoubtedly continue for some time. One reason for this is the anticipated inflation that will occur in the coming year. As the prices for building goods and services increases on the commodities market, so do the prices of homes, both new and existing. The cost of maintaining properties will remain steady or decrease, resulting in an increase in overall income from the property.
There is also a steadily increasing demand for rental housing and a great deal of competition among prospective renters. This will stimulate rent prices and improve the income opportunity for the property investor.
When it comes to investing in American properties, there are many choices. Brand new constructions may be attractive to prospective buyers, but experienced investors may prefer less physically attractive properties such as multi-family properties or structures in need of repairs and renovations. The rate of bank foreclosures is still relatively high in many cities across the country, offering ample opportunity to get great deals on real estate. These distressed properties offer great returns, particularly for foreign property investors, with the added benefits of ease of management and a variety of strategies for ending the investment in a positive and profitable way.
For US-based investors, the real estate outlook is equally good, with the only real question being how they can position themselves to take advantage of the investment surge both quickly and safely.
Best US cities for real estate investors
The economic downturn has led many people to leave their homes and flats in and around the major metro areas for smaller towns with a lower cost of living. Large cities, such as New York, San Francisco, Atlanta and Washington D.C., continue to remain favorites among savvy real estate investors. Houston, Miami and other major urban areas are also emerging as excellent locations for picking up high quality properties at reasonable prices and many investors are taking advantage of the opportunity.
Many real estate investors are also beginning to take advantage of the lucrative market outside of these cities, venturing into the suburbs to find real estate with growth potential and excellent cap rates. San Diego offers plenty of investment opportunity for California investors who want to invest outside of San Francisco or Los Angeles. Worcester, MA is an excellent choice with small-town charm close to the Boston metropolitan area. In Florida, several locations are emerging as great investment locales, including Doral in the south, Lakeland in the center of the state and Jacksonville in the north.
→ No CommentsTags: american real estate·housing demand·invest in real estate·rental supply in the U.S.·U.S. real estate investor advice
Currently there are 52 active listings on the market at the New Eastside, including the Lakeshore East neighborhood. The listing price is between $245k for a one bedroom at the 400 E Randolph to $2.1m a three bedroom at the 340 E Randolph. Only one unit is short sale, which is unit 5109 at the 195 N Harbor ( the Parkshore).
There are 36 units closed in the last 3 months, the closing price is between $235K a studio with parking at the 450 E Waterside – the Chandler to $1.1m, a two bedroom at the 340 E Randolph. Only 3 units are foreclosure units and they are in the same price range with the regular sale units.
There are 29 units under contract, this is a huge number for the beginning of March, out of the 29 units there are 3 short sale units.
From the above we could see that the stressed properties are playing a big role here, and even for regular sales, the property prices are quite stable.
→ No CommentsTags: active listings at the new eastside·closed units at the lakeshore east·current market at the lakeshore east
This unit has been on the market for over a year, last year, I have a client very interested in purchasing this unit, as the view is great, the city, the lake. This unit has around 1,200 square feet, with washer and dryer in the unit, however, the unit is not upgraded, the kitchen, both bathrooms are in original condition, so definitely needs some upgrades…
I just noticed today that they have dropped price to $420k with no parking and it is a short sale now. The price is still high considering the amount of work needs to be put in. So I would think the contract price should be around $$370K to $380K. As the last unit closed is 4309, similar unit with open kitchen, lots of upgrades, with a self parking space for $455k.
Parkshore is a full amenity building with 24 hour doorman, grocery store onsite, gym, roof top swimming pool, indoor garage, etc.
→ No CommentsTags: short sale 2 bedroom at the lakeshore east·short sale 2 bedroom at the new eastside·short sale 2 bedroom at the parkshore
Everyone must have noticed by now that our inventory level is getting low, especially the ones priced under $200k. I have a few experiences these months during biddings for my clients.
1) 300 N State 3024, this is a studio foreclosure but it is from Bank of America so no restriction of the homeowner purchase in the first 15 days. The listing price was $124,900. We have been told that there are multipal offers, so that my client has offered $126,125 with mortgage contigency and we have been rejected.
2) 420 E Waterside 714, this is a short sale, price at $300k with parking included, it is a one bedroom. My client has offered full price the $300k with mortgage contigency but could close in 2 weeks since they have a #1 mortgage broker in Chicago. However, the owner only wants cash offer, and we have got rejected.
3) 420 E Waterside 1005, with listing price of $319k plus $40k parking, this is a one bedroom unit plus a den. My client has offered $330k with parking included, and we have got outbid and the owner has picked another offer.
4) 440 N Wabash 1907, this is a one bedroom unit with part of one wall open to the living room, needs some work, listing price is $205k with indoor parking included in the price. The listing was active on Jan 23rd, since my client does not have time to see it until Sat Jan 26th, we have been told that there is a contract while when we were touring the place, then while we were sitting down to talk about a cash offer, the agent told us that the contract is written…
5) 195 N Harbor 4907, this is a one bedroom unit with valet parking space included in the price, the listing price was $285k, the unit was remodeled with open kitchen, granite counter tops, new appliances and washer and dryer. It was listed on Jan 15th and went under contract on Jan 22nd.
From the above, you can see that if you want to buy a good deal, you have to be ready, ready and offer the first a couple of days…
→ No CommentsTags: one bedroom short sale and foreclosure in chicago·shortsale and foreclosure properties in downtown
I just went to take a look at this unit, this unit is around 640 square feet, but it does look bigger since there is a den, a large walk in closet, and a separate bedroom.
Unit needs some work, such as carpet, painting, appliances, some fixes about the door, the shower head and one cabinet door. This unit is facing north and with great city view. There is a balcony with the unit. One parking spaces included in the unit too!
I am thinking with parking this can be rented for around $1,650 per month.
→ No CommentsTags: 480 mcclurg one bedroom foreclousre·foreclosure at the city view·foreclosure one bedroom with parking included·one bedroom foreclosure with parking included at the city view
Everyday I am checking the new listings in the neighborhood and noticed that the inventories are getting low at the Lakeshore East. Here are some examples:
340 E Randolph, current listings are 6 units out of 343 units total in the building, so the active listing ratio is 1.8%
450 E Waterside, current listings are 6 units out of 304 units total in the building, so the active listing ratio is 2%.
222 N Columbus, current listings are 2 units out of 480 units total in the building, so the active listing ratio is 0.4%.
225 N Columbus, current listings are 9 units out of 264 units total in the building, so the active listing ratio is 3.4%.
201 N Westshore, current listings are 1 units out of 207 units total in the building, so the active listing ratio is 0.5%.
Let’s look at some older buildings:
195 N Harbor Dr, current listings are 7 units out of 483 units total in the building, so the active listing ratio is 1.4%.
155 N Harbor Dr, current listings are 9 units out of 742 units total in the building, so the active listing ratio is 1.2%.
360 E Randolph, current listings are 13 units out of 305 units total in the building, so the active listing ratio is 4.3%.
400 E Randolph, current listings are 8 units out of 959 units total in the building, so the active listing ratio is 0.8%.
→ No CommentsTags: inventory level is low at the lakeshore east·studio at the lakeshore east
I have noticed that the inventory are really getting low these days, especially for newer buildings:
There are 13 units closed in the last 6 months at the Park Millennium 222 N Columbus Dr. Prices are from $121k to $721K, with one studio, 5 one bedroom units, 6 two bedroom units and one three bedroom unit. In the 13 units, there are 6 foreclosure units together with 2 shortsale units, which are 62% of the units sold in the last 6 months.
There are also 2 units available on the market and 4 units are pending for close. The turn over rate is quite high, if you are thinking about the total units in the building are 480 units and only 2 units are active, then the current listing rate is 0.4%.
The Park Millennium is a full amenity building with lots to offer, including 24 hour doorman, grill, patio, business room, party room, dry clean, gym and indoor pool.
→ No CommentsTags: 2 short sale units at the 222 n columbus·6 foreclosed units at the 222 n columbus·cheapest studio at the 222 columbus
This two bedroom unit is listed for $304,900, this is a true 2 bedroom 2 bathroom unit with around 1,250 square feet on a very high floor, this unit does have a balcony, you could see Chicago river and nice skyline here too! The unit features granited couter, wood floor in the living room, nice appliances, in unit washer and dryer. This unit was listed on Nov 1st and during the first 15 days, it is only good for owners to look, means Fannie Mae will not consider any offers other than home owners.
The Park Millennium is a full amenity building, has a lot to offer, only draw back is that right now there is a rental cap of 25%, so no new investors could be able to rent this unit out, but if it is for self use, this will be a great purchase!
→ No CommentsTags: 2 bedroom foreclosure at the 222 millennium·2 bedroom foreclosure at the park millennium·cheapest 2 bedroom unit at the lakeshore east·foreclosure 2 bedroom unit at the lakeshore east·new foreclosure at the 222 columbus
I have a client who has bought the one bedroom plus den unit – foreclosure unit at the Chandler, the 450 E Waterside. This unit has one and a half bathroom with extra den (study) at the entrance. It is around 1,100 square feet, facing north with views to the city, the Chicago river, the Navy Pier, very nice and protected views. The closed price is $400k with a parking space included.
Chandler is in the process of changing the new rental rules. It has proposed to change to a cap of 49% of the rental units in the building, however this has been going on for more than 1.5 year and still not sure if they will pass it. Currently the proposal is if you close before Dec 31, 2012, then you will be called original owners.
→ No CommentsTags: one bedroom foreclosure at the 450 waterside·one bedroom foreclosure at the chandler·one bedroom plus den foreclosure at the chandler
This is a nice one plus den with south exposure, very sunny, large kitchen, in unit washer and dryer, marble bath, granite kitchen tops. The unit is around 800 square feet, it does has an extra den for study.
This is on a very high floor too, 2901 so you can see millennium park, the bean in the unit, very neat!
→ No CommentsTags: 1 plus den at the 222 columbus for rent·nice south facing one plus den at the park millennium for rent
The Park Millennium is very convenient for transportation, since it is located right at the Pedway, you can go to the airport through Pedway. I have just listed a two bedroom two bathroom for rent at the 222 Columbus Dr, this is a split two bedroom floor plan, unit featuring wood floor, the rent is asking $2,500 per month. Parking is around $240 additional in the building in the garage.
Unit 2103 features wood floor in the living room, marble bath, granite kitchen, in unit washer and dryer,etc.
Park Millennium is a full amenity building with 24 hour doorman, nice new gym, indoor pool, jacuzzi, party room, sun deck etc.
→ No CommentsTags: 2 bedroom at the 222 columbus has in unit washer and dryer·222 columbus 2 bedroom for rent·park millennium 2 bedroom for rent
I am very happy to say that both of my listings at the 360 E Randolph unit 1707 and unit 3603 are pending now. Unit 1707 is a bedroom unit facing north with view to the new lakeshore east park and a little bit of the lake, this unit has around 1,300 square feet with two bedroom and two bathroom, large living room with open kithen. Unit 1707 is under contract on August 23, which is two months after the the listing date.
Unit 3603 is around 1,900 square feet with 3 bedroom, 2 bathroom, just remodeled unit facing south with great views to lake Michigan, the Millennium Park and the grand park, this unit has the best views of the city! And this is under contract just in one month’s time.
I am very happy for the sellers and will keep posting here after they are closed.
→ No CommentsTags: 2 bedroom facing north pending at the 360 randolph·2 bedroom pending at the buckingham·3 bedroom facing south pending at the buckingham·3 bedroom pending at the 360 randolph
North Harbor Dr.
Windy City Chat
