Archive for the 'Chicago Neighborhoods' Category
Chicago Near The Top In Obama Loan Modifications
December 18th, 2009 categories: Chicago Info/News, Chicago Neighborhoods, Economic Recovery, For Buyers, For Homeowners, For Sellers, Foreclosures, Housing Market
Ever since taking office, Pres. Obama has made slowing the rate of housing foreclosures one of his top priorities. This makes sense: Housing foreclosures drag down housing prices. They become neighborhood eyesores. And until the number of foreclosures falls to normal levels, the housing market won’t truly rebound.
That’s why the president and his administration worked together to create the Making Home Affordable program. The program encourages mortgage lenders, through financial incentives, to work with homeowners to keep them from losing their residences to foreclosure. Lenders will often modify the mortgage loans of homeowners who are struggling to make their payments each month. Modification may entail lowering the loan’s interest rate, stretching out its term or simply lowering the amount of principal owed. In each case, the homeowner’s monthly mortgage payment would go down.
According to a story in the Chicago Tribune, about 36,000 local homeowners have received some type of permanent or temporary loan modification as of the end of November. This ranks the Chicago area as one of the busiest sites of Obama’s loan-modification program goes.
Not everyone’s happy with the Obama program, though. Many critics point out that the program hasn’t been helping homeowners as quickly as the government pointed out. Many banks participating in the program haven’t modified nearly as many loans as government officials were hoping.
This is to be expected with any new program as complex as the loan-modification plan. Hopefully, the kinks will be worked out and more homeowners, in Chicago and nationally, will modify their mortgage loans. This is far better than letting these homeowners lose their homes to foreclosure.
And if the government doesn’t step in, that’s what will happen. A new report from First American CoreLogic proves it: This report, issued earlier this month, said that 9.41 percent of mortgage loans in the Chicago area were 90 days or more delinquent in October. This same rate stood at 5.02 percent just one year earlier.
I know many of you aren’t happy that the government is helping struggling homeowners. Yes, some of these homeowners did stretch themselves financially to get into homes that they could not afford. But many more are facing foreclosure because they lost their jobs or suffered a serious illness. This economic slump has shown us how easy it is to have the financial rug pulled out from under you. Simply put, I support any measure that slows the rate of housing foreclosures and in turn, help the market recover. This recovery benefits everybody in much the same way that foreclosure are a detriment to everybody.
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Reality TV Shows Love Chicago
December 7th, 2009 categories: Chicago Info/News, Chicago Neighborhoods, Chicago Real Estate News, For Buyers, For Sellers, Housing Market, Real Estate News, Real Estate Videos
If you watch enough episodes of House Hunters, Property Virgins, Sell This House and Property Ladder, you’re sure to see just about every hip neighborhood in Chicago. These shows, all “reality” house-hunting or –renovating shows on cable channels such as HGTV, TLC and A&E, frequently feature Chicagoans either searching for, selling or trying to transform their residences into a dream home.
How much, though, do these shows teach us about Chicago’s housing market? Not much. They may be called “reality” shows, but there isn’t much realistic about it.
Chicago Tribune columnist Mary Ellen Podmolik wrote about a local couple and real estate agent who will be featured on HGTV’s House Hunters on Dec. 10. In her column, Podmolik writes that both the agent and homebuyers soon discovered that there was precious little reality in the “reality” TV show.
The premise of House Hunters is that buyers look at three homes and then pick the one that they like best. There’s supposed to be some drama, too, in waiting to see if the couple actually qualifies for and gets the residence of their dreams.
Not surprisingly, as Podmolik writes, most of this drama is fake. For instance, in the episode airing this week, the couple looks at three residences in Chicago’s Lakeview neighborhood. But the buyers had made up their minds on what home they were going to buy before the episode filmed. Of the three homes they looked at, one was already under contract to another buyer.
In the story, the agent working with the couple said that House Hunters doesn’t really teach viewers anything about what buying a home is really all about. I can vouch for that. For one thing, most buyers will look at far more than three houses or condominiums before finding the residence that’s right for them.
There is one important lesson, though, that shows like House Hunters can teach viewers: These shows do a good job cluing viewers in on how much residential real estate typically costs in a given neighborhood. For the House Hunters show airing this week, the three homes that the buyers looked at in Lakeview cost from $355,000 to $415,000. It’s an accurate representation of what these types of attached, single-family housing cost in this neighborhood.
Next time you’re watching one of the cable home shows, remember that not everything you’re seeing is real. Remember, too, that this is a good thing: Do you want to watch buyers look at 15 to 20 houses before making a decision? Didn’t think so.
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Some Good Holiday News For Home Sellers
December 4th, 2009 categories: Chicago Info/News, Chicago Neighborhoods, For Sellers, Housing Market
We want to feel good during the holidays. We all want to experience a bit of that holiday cheer. Well, if you’re a home seller that just got easier: According to the latest numbers from the Illinois Association of REALTORS®, home sales in Chicago experienced a big jump in October.
The association reported that the sales of existing condominiums, single-family homes and townhomes jumped an impressive 28.5 percent in the city of Chicago this October when compared to the same month one year earlier.
The city saw 2,012 home sales in October this year. That’s a significant increase from the 1,566 home sales in Chicago one year earlier.
The entire state of Illinois had a good October, according to the REALTORS® association. The association reported that existing home sales rose 24.2 percent statewide during the month. This means that 10,986 homes were sold in Illinois this October, compared to 8,846 last year during the same month.
These are good numbers. And they’re further proof that the residential real estate market is healing.
What has caused the surge in housing sales in Chicago and the state? Officials with the REALTORS® association point to two factors: pent-up demand and the federal government’s first-time homebuyer tax credit.
Buyers have been waiting on the sidelines for a long time now. It stands to reason that they’d eventually jump back into the market, especially as sellers continue to lower their asking prices. Don’t forget, many sellers are also willing to negotiate on everything from sales price to closing dates. That has made this a great market for buyers.
The federal government’s $8,000 first-time homebuyer tax credit has encouraged many new buyers to enter the market. Congress only helped matters late last year when it not only extended the first-time buyer credit but created a new $6,500 tax credit for move-up buyers.
To me, the Illinois Association of REALTORS® numbers are an early holiday gift. They’re also a sign that the Chicago housing market – which, remember, is outperforming the state of Illinois as a whole – remains an especially good one for buyers.
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Wrigley Field, New Owner, Might Be A Boon To North Side Housing
November 2nd, 2009 categories: Chicago Info/News, Chicago Neighborhoods, For Buyers, For Homeowners, For Sellers
The Ricketts family made its introduction to Chicago last week. Unless you’ve canceled all your newspaper subscriptions, threw out your TVs and radios and unplugged your Internet connection, you probably know that the Ricketts are the new owners of the Chicago Cubs.
You should also understand that the ownership change is big news for the city and the real estate market. You don’t have to be a Cubs fan to appreciate the positive impact that the team has had on housing values on the North Side. There are many reasons why condominiums and single-family homes in Wrigleyville, Lakeview, Lincoln Park and Southport have historically appreciated in value so steadily. A big one is the strength of the North Side neighborhoods with their wealth of entertainment, dining and shopping options.
Like the Cubs or not, the Wrigley Field experience, and the bars and restaurants it has attracted to the North Side, is a big part of the entertainment that has made the North Side’s top neighborhoods so attractive to so many homebuyers.
This is why anyone who’s interested in buying a condominium or single-family home in Lakeview, Lincoln Park or Roscoe Village should be happy now that the Cubs have a new owner, Ricketts family public face Tom Ricketts, who seems intent on turning the Cubs into a consistently winning squad.
The hope among Cubs fans is that Ricketts will sink enough money into the team to turn it into an annual World Series contender. This would be great news for the neighborhoods surrounding Wrigley.
A strong Cubs team means more visitors to the area during baseball season. These visitors will spend more dollars in the bars and restaurants outside the field. New diners, café’s and coffeehouses will continue to open.
And this, of course, means that the neighborhood will remain strong, something that can only be good for local housing prices.
As I mentioned earlier, there are many factors accounting for the consistent strength of the housing industry on Chicago’s North Side. Wrigley Field and a strong Cubs team are just two of these reasons.
But they are awfully important ones.
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Chicago Magazine: Featuring Mario Greco’s Listing at 600 N. Kingsbury #TH106 – A “River View” in River North
October 30th, 2009 categories: Chicago Neighborhoods, Chicago Real Estate News, For Buyers, Mario in the News, Real Estate Videos
Recently, 600 N. Kingsbury #TH106, one of Mario’s elite listings, was featured in a video and article in Chicago Magazine. You can read the article here. 600 N. Kingsbury is a 3 bedroom, 3.1 bath duplex with an amazing view of the river. It is surrounded by a huge, quiet park in the heart of River North.
The property is completely customized – ranging from the exquisite stone, tile, and glass work, to the massive, 2-story windows that promise an unsurpassed view of the river. Even the staircase was designed to be see-through, preserving the views in a sweeping array of steel and wood. There are a number of custom wood finishes throughout the interior, ranging from Wenge (imported from Africa), to pecan, bird’s-eye maple, and black and yellow walnut.
Huge stainless steel columns add a polished, crisp feel to the living areas, which are offset by the incredibly soft 100-knot wool and silk Tibetan rugs. The kitchen features ultra-high end appliances, custom cabinets, and a stainless steel backsplash. Entertainment is provided by a myriad of built-in speakers (14 to be exact) and flat screen televisions, while comfort and relaxation can be found in the custom baths which feature spa-like amenities.
The outdoor space is Christy Webber Designed, featuring trees, flowers, a fountain, and a large park just a step off of the patio. Gas, water, and electricity lines have been run outside, turning the patio into the perfect space for entertaining. Even guests can be treated to heated, indoor parking since 6 private parking spaces are being sold with the unit.
For more information or to schedule a showing, please contact Mario at mgreco@rubloff.com or 773.572.6505.
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