Archive for the 'Chicago Info/News' Category
Chicago Becoming Popular Destination For Retirees
March 12th, 2012 categories: Chicago Info/News, Economic Recovery, For Buyers, For Homeowners, For Sellers
Chicago has become a prime destination for retirees. And that’s good news for homeowners here.
According to a recent feature story by the Reuters news wire, a growing number of U.S. residents are choosing to retire closer to their homes than they had in the past. The story cites Chicago as one city that is now attracting a greater number of retirees.
This is a change from the traditional thinking regarding retirees. It used to be that when people moved after retirement they traveled to warm-weather cities in Arizona and Florida.
Today, though, retirees are more often choosing to retire in smaller homes or condominiums near where they spent much of their lives. The Reuters story cites several reasons for this: Retirees often want to remain near their chidren and grandchildren. Others want to remain active with their local churches and community organizations. Others simply have become a part of their community and don’t want to leave it behind, even for the promise of warmer temperatures.
Economic factors are also making cities such as Chicago attractive places for retirement. Many retirees purchased their homes long enough ago that they’ll still make a substantial profit, even in today’s challenging housing market, when they sell their properties. And because housing prices in Chicago and its suburbs are down from their peaks in 2006, these retirees when downsizing can afford nice residences in prime locations.
And by staying in a city like Chicago, retirees can take advantage of the eclectic restaurants, shopping districts and entertainment that a large metro area like ours offers.
I’ve always said that Chicago is one of the best places in the country to live. This new report from Reuters provides me with just one more piece of evidence. If retirees are choosing to live here, despite the (usually) bone-chilling winters, you know that Chicago’s a special place.
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Magazine Survey Offers More Proof: Chicago Is Good For Business
March 9th, 2012 categories: Chicago Info/News, Chicago Real Estate News, Economic Recovery, Housing Market
It’s easy to focus on the negatives when you’re living in Illinois. After all, the state — along with the city of Chicago — is known for its corruption. Our last two governors have been sentenced to jail time, Chicago aldermen are constantly caught up in corruption probes and nepotism seems to be the order of the day when it comes to hiring throughout the state.
But there is good news, too. And sometimes it’s too easy to overlook it.
For instance, Site Selection Magazine recently brought some good news to anyone who wants to see Illinois and Chicago shake their way out of their economic doldrums. According to the magazine, Chicago ranked second among metropolitan areas and Illinois seventh among states in the number of new and expanded corporate facilities that they saw in 2011.
This is good news. When new corporations come to the state or city, or when existing ones significantly expand their current facilities, that pumps new dollars into the local economy. And that’s one of the keys to putting people back to work.
It’s obvious how this helps the Chicago and state housing markets. When the economy is stronger and more people are working, residents are more likely to make the significant investment involved in purchasing a home. If you’re trying to sell a Chicago home, then — or even if you’re thinking of putting your home on the market in the next couple of years — you should be thrilled with Site Selection’s Chicago and Illinois rankings.
I’ve long maintained that Chicago offers a lot to corporations seeking new homes. We boast a great location near the center of the country, and we’re supported by a strong transportation system of rail and roads. At the same time, employees will enjoy living in Chicago. The city offers a great mix of restaurants, shops, theaters, parks and night life. And the housing stock here is strong, with corporate employees able to find everything from luxury mansions to quaint Chicago bungalows.
So next time the news of a convicted Chicago alderman gets you down, think back to Site Selection’s sky-high ranking of Chicago. our city is still strong, even in this current economic downturn. That’s good news for home sellers across the region.
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REALTORS® Survey: Local Residents Still Consider Housing Part Of The American Dream
March 7th, 2012 categories: Chicago Info/News, Economic Recovery, For Buyers, For Homeowners, Housing Market
Housing values are down. Foreclosures are up. A growing number of Chicago-area homeowners are underwater on their mortgage loans, owing more on these loans than what their homes are worth.
You’d think that this combination would sour Illinois residents on the benefits of owning a home. Surprisingly, though, the latest survey by the Illinois Association of REALTORS® shows that state residents still believe that owning a home is an important part of the American dream.
According to the survey of Illinois residents, 75 percent of respondents said that buying a home remains a sounder long-term financial investment than does sinking their money in the stock market.
The survey, of 600 homeowners and renters in the state, also found that 54 percent of respondents said that banks should enact stricter requirements for passing out mortgage dollars. A total of 55 percent of respondents said that the government should make assistance available to help prevent homeowners from losing their residences. Finally, 61 percent of respondents said that owning a home is a better value than renting an apartment.
The poll did find, though, that Illinois residents are realistic about the state of the housing market in Chicago and the rest of the state. A total of 34 percent of respondents said that they thought housing prices would increase a lot or a little in the next five years, while 41 percent said they thought prices would remain the same during this period. An additional 19 percent said that they thought home prices would fall a little or a lot in the next five years.
The survey results offer more evidence that owning a home remains an important goal of most local residents. After all, if the REALTORS® poll shows support for housing that is this strong in such a challenging economy, imagine how many respondents would identify housing as an important financial step if the economy was strong.
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Successful Developers Keep Investing In Chicago
February 20th, 2012 categories: Chicago Info/News, Chicago Neighborhoods, Chicago Real Estate News, Economic Recovery
Plenty of successful developers still believe in the long-term strength of Chicago’s housing market.
And I don’t blame them. Despite the real estate slump — and despite the fact that the value of Chicago’s condominiums and single-family homes fell again last year — Chicago remains a strong housing market.
Just ask Antheus Capital. The Chicago Tribune recently ran a story on this developer’s efforts to purchase rental properties in Chicago’s Hyde Park and Kenwood neighborhoods.
According to the story, Antheus purchased a single apartment building in this area back in 2002. Since then, the developer has purchased 89 apartment buildings in Kenwood and Hyde Park. These buildings hold 4,500 units. This means that Antheus owns just under 20 percent of the rentals in Chicago’s Hyde Park neighborhood.
This is good news for the developer. Despite the Chicago housing market’s slowdown, Hyde Park remains a desirable city neighborhood. It’s located close to public transportation. It boasts walkable streets lined with restaurants, shops and entertainment options. And the prestigious University of Chicago anchors the neighborhood.
You could consider Hyde Park a microcosm of several top Chicago neighborhoods, places like Lincoln Park, Lincoln Square and Lakeview. These neighborhoods remain in demand by buyers and renters alike thanks to their thriving nightlife districts, eclectic mix of restaurants and local shopping options. In short, these neighborhoods are vibrant, fun places in which to live.
That also explains why I have high hopes for the long-term vitality of Chicago’s housing markets. Yes, even the top neighborhoods in the city have seen housing values fall since the residential crash. But these neighborhoods have so much going for them, it’s difficult not to picture them remaining as prime destinations for future home buyers.
Antheus Capital is wise to make such a large investment in Hyde Park. Good neighborhoods are treasures, and the neighborhoods of Chicago make our city one of the top metro areas in the country.
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Chicago Housing Prices Hit 2001 Levels
February 13th, 2012 categories: Chicago Info/News, Economic Recovery, FSBO's, For Buyers, For Homeowners, For Sellers
How far have Chicago home prices fallen? Far enough so that condominiums and single-family homes across the Chicago area are selling for prices last seen in spring of 2001.
That’s the news from a recent story in the Chicago Tribune.
The Tribune reported on the much-followed Standard & Poor’s/Case-Shiller home price index, an index that in November showed housing prices in the Chicago area falling 3.4 percent from the previous month. Chicago housing prices were also down 5.9 percent from a year earlier, the Tribune reported.
Chicago’s drop in housing prices was steeper than those suffered by each of the nation’s largest 20 housing markets save for Atlanta, Seattle, Tampa and Las Vegas, according to the Tribune story.
The Tribune quoted a source from Zillow who said that the problem in the Chicago area is a fundamental one: The supply of homes available in the region far exceeds the demand for these residences.
Until this changes, housing prices will not rise.
High unemployment — though unemployment has been falling — is another issue that negatively impacts home sales. People simply won’t invest in homes if they fear that they might lose their jobs. And when people aren’t buying, the housing supply remains high, forcing prices down.
This is frustrating for home sellers, especially those who bought during the Chicago housing boom, when prices hit their heights. These sellers can expect to sell their residences for less than what they paid for them.
My advice to sellers is simple: They need to price their homes according to what the market says their residences are worth. Buyers today don’t care what sellers paid for their homes four years ago. They only care about what similar homes are selling for today.
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