Ultra High-end Homes For Sale

According to the article in the CHICAGO TRIBUNE there are plenty of Luxury Properties for sale in the Chicago Area. Everyone is downsizing due to the weak economy. Hopefully, there is relief in the near future but if you are looking to buy a big house now is a great time.

Chicago Real Estate: Reasons to be Hopeful

These stats were sent to me from Rubloff....Thanks!

Existing home sales were up nationally 7.2% in July over June and up 4% in the Chicago Metropolitan area for the same period. Even more positive is the fact that home sales in the Chicago area inched up 0.3% in July 2009 versus July 2008, the first year on year increase since March of 2006. Existing home sales in Chicago have been up month over month for six consecutive months!

New home sales were up nationally 9.6% in July over June, and up for the fourth straight month in a row. It is important that we are seeing month over month increases because that indicates a trend upward.

Home prices are up nationally 2.9% in the second quarter of 2009 versus the first quarter and up 1.1% for the same period in the Chicago metropolitan area. This is the first quarterly price rise in three years, indicating a bottom may have been reached.

The inventory of for sale homes is decreasing. The Monthly Supply of Inventory is 9.1 months, down from the high of 22.3 months in December of 2008. The number of for sale homes is down 16% from July of 2008, from 32,151 units to 26,946 units in July of 2009.

The number of homes in the Chicago area that went under contract in July 2009 was 2,335 units, or 23% higher than the 1,900 units under contract in July of 2008.


The average days on market in Chicago have decreased 8% since January from 170 DOM to 157 DOM in July.

Consumer confidence rose in July to 54.1 from 47.4. While a score of 90+ indicates solid growth, an increase in this all important “soft” statistic is amazing given the poor job situation. Consumer spending represents about 70% of the overall Gross Domestic Product (GDP) of the US. A sustainable upward trend in consumer spending will signal the recession is coming to a close.

The Conference Board reports their Index of Leading Economic Indicators is up in July 0.6% after a 0.8% increase in June. "The indicators suggest that the recession is bottoming out, and that economic activity will likely begin recovering soon," said Ken Goldstein, economist at The Conference Board.
Durable goods orders were up in July an unexpected 4.9%. This was the biggest gain in two years. Durable goods orders represent a leading indicator of the health of the manufacturing sector.

First Time Home Buyer $8000 Credit

Find out more about this here. And contact me for information about Chicago Real Estate. Now is a great time to buy a first home (or second too). There are a lot of choices out there for you...low rates, low prices and now this First Time Home Buyer Credit

Short Sales Quiz

A lot of home buyers might be interested in purchasing a Short Sale, Foreclosure or Bank Owned Property in pursuit of a good deal. More and more opportunities have become available but there are a few things to be aware of...things that I have noticed.

1. It is a good idea to come in with your highest price. There is a good chance that the bank will not counter your offer but move on to a better one.

2. Don't be suprised if the listing agent takes a very long time to get back to you about your offer. Either there is lots of work on the table or they are 'shopping' your offer with the hope of a higher one coming in soon.

3. Cash is king. The bank would much rather accept an offer that does not have a mortgage contingency. You can still get a loan to buy the property but don't make the contract contingent upon it.

4. These places are usually sold 'as is', with no disclosures, and the buyer may have to pay unpaid assessments and taxes.

Click on the title to see how much you know about Short Sales by taking a quiz

2016 Olympics in Chicago?

Just a few more months till October. That's when we find out if the 2016 Summer Olympics will be held in Chicago. Will the outcome have an impact on the Chicago real estate market? I say yes.

So many properties are available for purchase in this buyers' market and those places close to the lakefront are perfectly located for the event. Some of those areas are: The Loop, South Loop, Bronzeville, Washington Park and even Lakeview where the tennis events are proposed to take place.

Just east of The Loop and just west of Lake Michigan is beautiful Millenium Park which is central to any happening in Chicago.

A perfect place to buy a condo is in the 5 North Wabash Building. I just happen to know of a great one bedroom in that building that would make convenient 'in-town' , full time residence or even an investment.

Check it out and contact me if you have any interest in seeing it.

'>5 North Wabash #605

2009 FIRST-TIME HOME BUYER TAX CREDIT QUIZ

Take This Quiz to see how much you know about the 2009 First-Time Homebuyer Tax Credit.
I took the quiz and learned a few things and you can too. Even if you are not in the market for your first home you might know someone who is and pass along this information.

Actually, it doesn't have to be the first home you've ever purchased....there is a rule about that but you will have to take the quiz or watch this video to find out if you or your friends are eligible.

Contact me if you would like to buy this 3 Bedroom home in Sauganash

Sould Investors Buy Now in Anticipation of Chicago Hosting the 2016 Olympics?

I am wondering if there are at least 3 reasons why now is a good time to buy real estate in Chicago, especially as an investment in anticipation of Chicago hosting the 2016 Olympics. We won't know who will be the host until October 2009, but wouldn't there be more demand for property in that area if Chicago does win the bid? Yes. So:

1. Buy now because the price will go higher.

2. Interest rates are at a historical low

3. If you are a first time buyer and plan on residing there...you get a credit.

4. Even if Chicago does not get the Olympics, it is still a good investment in an appreciating area.

Update on Tax Credit for First Time Real Estate Buyers

To find out more about the proposed credit for first time buyers, here is a link to understanding more about it. Tax Credit Info-pdf

Potential tax credit for buyers

This was sent to me from Ken Dickerson from RWF

"On Wednesday the Senate passed an amendment that will include a $15,000 home purchasing tax credit in the American Recovery & Reinvestment Act of 2009 for anyone buying a primary residence within the one year period from the time this bill is passed.
It is important to note that this bill has not passed yet but many potential buyers are asking questions in regards to this tax break. I've included some links that divulge the details of the home buyer tax credit amendment. Here are some of the basics:
1. The tax credit is the lesser of 10% of the home price or $15,000 and can be spread equally over 2 tax years. 2. The housing tax credit can be used for purchases of primary residences only…no investment properties or second homes.
3. The home purchase can be an existing home, a newly constructed home, or a bank foreclosure home…but the purchase must be completed within 1 year of the passage of the American Recovery and Reinvestment Tax Act of 2009.
4. The home buyer does NOT have to be a “first time home buyer” to qualify for this housing tax credit, unlike housing stimulus based tax credits from last year.
5. This 2009 housing tax credit does NOT have to be repaid to the government unlike the $7,500 first time home buyer tax credit from last year UNLESS you cease to make it your primary residence within the first 24 months (i.e.. sell within 2 years).
This is great news for home buyers, if it passes, and can go a long way towards stimulating demand for new home purchases." Please let me know if you or your clients have any questions.
contact: Ken Dickerson at RWF and mention my name.

Chicago Real Estate. Will Housing Market Bottom in 2009?

I sat down at my computer this afternoon and a page was open on the screen with the headline 'Housing will Bottom June 30, 2009' or so says (said) Jim Cramer in NEW YORK. The problem with this statement by Cramer as recalled on January 22, 2009, is that Cramer made the statement on September 8, 2009. That was before the fall of AIG and Lehmann Bros. and promises of bailouts by the government. He predicted that before the stock market dropped to below 8000. I wonder if he has changed his mind about that. Let me know.



I certainly hope Jim Cramer is correct. It would be great if the market turned around in 2009!Just in case he is right, perhaps we should all start investing in the real estate market starting now. Contact me. I can help you find a good deal.

Chicago Real Estate and Social Networking

If you have read the news lately, you will know that the real estate market is slow due to the current economic situation. There is still some activity for those who can afford to take advantage of the great prices and historically low interests rates providing they can get a mortgage. I am still keeping in touch with clients and keeping them informed about properties but I find myself with a little extra time which I am using to upgrade my computer skills, help others with theirs and investigate the viral world of social networking.

I have been on myspace for a few years but now you can also find me on facebook and linkedin. I recommend that everyone become a part of the social networking community for fun and profit and when you do, be sure to follow me on twitter.