Chicago Real Estate and Community News

Aug. 4, 2017

Testimonial from Home Buyer in Streeterville

When you can't see the property "live", what do you do?

This is an interesting story of how I helped clients buy a Chicago condo "sight unseen"!   My buyers lived out of state, and were interested in purchasing an in town condo in Chicago.  After meeting them briefly one Sunday afternoon, and keeping in touch, my client called me and said she had found a condo online that she really liked and asked me if I could tell her anything about it.  

Having personally seen the unit a few days earlier, I conveyed how stunning the renovation was, and that I thought she would love it.  I also was familiar with the building amenities and knew the building was well managed and financially sound.  Plus, I knew she would love the Streeterville neighborhood and the view of the Lake from the high floor of the condo.  

Since she was not going to be in town for another month, and could not come up to see the unit in person, I recommended doing a virtual showing through iphone's Facetime technology.   She was able to see each of the rooms, the view of the Lake from the windows, and the building amenities.  It was a successful showing, my client and her husband made an offer and bought the condo!!!

They love the condo, the building and the neighborhood and very happy with their purchase!

Video Testimonial

 

View more Video Testimonials here.

 

May 3, 2017

Zillow sued over Zestimate

In today's Crain's Chicago Business we read an article that said a suburban Chicago homeowner sued Zillow for it's 'sloppy' estimate.  The homeowner is alleging that Zillow's estimate of her home's value has created a "roadblock" to selling at what she thinks it's worth. 

So that posed the question: How accurate is Zillow's Zestimate?  Not as accurate as you think!  

Zillow's method of creating a Zestimate draws on public records and a proprietary algorithm. Zillow estimates the accuracy of chicago area homes come within 5 percent of the eventual sale price 47 percent of the time. It comes within 20 percent of the sale price 86 percent of the time. 

Why is Zestimate inaccurate?

  • Inaccurate basic information
  • Mistakes or omissions in sales prices and property tax records 
  • Upgrades or unique features that are unaccounted for

 

The best way to learn the value of your home is to contact a real estate professional and get a property valuation. 

Call Carolyn at 312-545-2834 or Jose at 312-799-7088 today!

Click here to read the Crain's publication

April 26, 2017

How to Navigate a Multiple Offer Situation

How to Navigate a Multiple Offer Situation

The real estate market in Chicago is very competitive right now.  Lack of inventory has created a challenging environment for today's buyers who often are finding themselves in a multiple offer situation.  Whether you are just getting started in your search, or have missed out on a couple of properties due to multiple offers here's our best tips to help position you for success.

  • Work with a real estate agent who understands the market and can provide expert guidance in establishing the value of the property and help you put together an offer that stands out to the seller.
  • Make a strong offer upfront.  Make your best and highest offer from the beginning, especially in a multiple offer scenario.  Avoid coming in low as a negotiation strategy, as it could backfire and have the seller completely disregard your offer.
  • Come in with a Clean Offer.  Remove as many contingencies as possible.  If you are financing, offer more of a down payment.  Avoid asking for seller closing credits, unless you add that amount to your offer.
  • Be Flexible with the Seller's Needs.  Ask your agent to find out the terms the seller is looking for and try to meet those needs with your offer.  It may be the key to winning the bid!

FYI - Highest offer is not always the winner.

Whether you are buying your first home or an "old pro", we are always here to help!  Give us a call!

Nov. 29, 2016

10 East Delaware Place 17D

Just Sold!  10 E Delaware Place Unit 17D, Chicago, IL 60611

Price:  $1,692,500

We just sold this gorgeous 3 bedroom 3.5 bath southwest corner unit at 10 E Delaware Place.  This former model unit features high ceilings, two terraces, floor to ceiling windows, Chef’s Kitchen with Poggenpohl cabinets, Wolf and Sub Zero appliances, Carrera subway tile backsplash, a kitchen island with quartz countertop, wine fridge and rectangular Kohler sink. Fireplace with custom millwork mantle. Recessed lighting, surround sound, crown molding and dark stained hardwood flooring throughout the unit.  Fabulous split floor plan with separate guest suite. 

10 E Delaware Place is a luxury full amenity building situated in the heart of the Gold Coast and just blocks away from Millennium Park, Grant Park, the Magnificent Mile and the Lakefront.  Built in 2009 and designed by Lucien Lagrange Architects, this building is 35 stories with 121 units.  Amenities include a rooftop garden terrace and outdoor pool, private owners club with full kitchen and fireplace, state of the art fitness center featuring Techno Gym, climate controlled private indoor parking, 24 hour Door Staff, spacious balconies with gas line, storage lockers and bike racks, wiring for cable and internet, and housekeeping and 24 hour room service available from the Talbott Hotel.

Located at State and Delaware, the premier place to live in Chicago, 10 E Delaware Place is just steps from luxury shopping, fine dining, luxury hotels, and the best entertainment in the city.  Favorite restaurants along Rush Street, include Gibson’s Bar & Steakhouse, Luxbar, Tavern on Rush, Carmine’s, Hugo’s Frog Bar, and Morton’s Steakhouse.  Barneys New York, Hermes, Kate Spade, and Vera Wang Bride are just a few of the many luxury shops along Oak Street.   World renowned Talbott Hotel located next door, Waldorf Astoria Chicago, Four Seasons Hotel Chicago and Sofitel Chicago Magnificent Mile are all just a few steps away.    Schools and universities include the highly rated, Ogden Elementary, Loyola University of Chicago, Loyola School of Law, and Quinlan School of Business.  Holy Name Cathedral, Fourth Presbyterian Church and Christ the Savior Orthodox Church are within a short walk.

10 E Delaware Place offers a truly luxurious lifestyle and more!

For more information Contact us today!

Oct. 22, 2016

Sellers in Edison Park

A Challenge Turned into a Success!

Just Closed! 6451 N Northwest Hwy - Edison Park, Chicago

When our clients contacted us in early June, they were very frustrated!  Their home had been on the market for a year and a half, was listed with two different real estate agents, but they had not been able to sell it.  They were desperately looking for someone who could help them get it sold for the right price and as quickly as possible.   We knew it would be a challenge to take on a listing that had been on the market for so long, and we needed to develop a strategy that would help us successfully sell their home.

Edison Park condos for saleWe met with our clients to gain an understanding of their goals and plans for the future.  We asked a lot of questions about the history of the listing, what was working, what was not working and why they felt their home didn’t sell.  We were interested in the number of showings, feedback received, price adjustments, and offers received.  Through our discussion, we learned that the clients had received offers; however, were unwilling to negotiate from the price they had set, and therefore could never reach an agreement with potential buyers.    

We realized that to sell this property we needed to educate our clients and help them understand the home buying process and how to become successful sellers.  We explained that our top priority was to price the home to sell and to be responsive to the market.  Through the use of our unique online marketing plan, we expected to attract the most qualified buyers within the first couple of weeks and would likely receive an offer.  Our clients liked our plan and decided to hire us.  

We listed the property after it had been on the market 475 days!  Within 20 days, we not only had an offer, but we helped our clients successfully negotiate the best price and terms, and sign off on the contract!  

Our clients were very happy with the price they received for their home, and told us that we really helped them realize that they got a great deal!  We wish them the best of luck!

Thinking about selling? Schedule a private consultation with us! 

 

April 5, 2016

One Bennett Park - Streeterville Development

One Bennett Park  - New Construction in Streeterville                  

So many changes are taking place in Streeterville these days.  Perhaps you are familiar with this park that spanned the block between McClurg and Peshtigo on Grand to the North and Illinois to the South.  The park was constructed in conjunction with Parkview West – 505 N McClurg Court in 2008.  A welcome addition to the neighborhood, since it’s prior life was a parking lot.

  

The park had green space, benches, trees, a water fountain, walking paths and a dog park. 

Many a new friend and neighbor could be met in the park as people walked their dogs, sat on the lawn and ate lunch, or watched the amazing fireworks display on summer evenings. 

Original plans were to construct Parkview East on the eastside of the block (lower left); however with the housing recession, that did not happen.  So the space between the two towers, is actually a green roof over an underground parking garage which is accessible to the public. 

In March 2016, construction crews began working on One Bennett Place, a 67-story combined condominium and rental tower.  The building is being developed by Related Midwest and designed by a New York based firm of Robert A.M. Stern and when completed will be the 13th tallest building in Chicago.   As part of an agreement to construct a larger tower than what was originally planned, Related is paying to reconstruct a new park with a new design from landscape architecture firm Michael van Valkenburgh, who played a key role in developing Maggie Daley Park and the 606 trail. 

 

The new park will have a playground, picnic grove and dedicated area for Streeterville’s canine community.

 

By: Carolyn Durocher - Real Estate Broker 

Feb. 9, 2016

Chicago Real Estate Prices in 2016

If You're Thinking About Selling? Now is The Time.

Chicago real estate prices in 2016 are up and Inventory is at its lowest. It is expected that this upward trend will level off and slow down in late 2016 and early 2017.

chicago home prices 2016

Why?

- Interest rates

  • The Federal Reserve raised interest rates for the first time since 2006.
  • For every .125 of a percent your payment increases by about $20.00 a month for a $250,000 loan.

- Chicago's Historic $589M Property Tax Increase & Scavenger Service fee

  • On average, homeowners will see a 12.2% increase on their tax bill.  On a $250,000 home this estimated increase translates to approximately $500.00  Scavenger Service 
  • Scavenger Service fee $9.50/month

- Buyers

Today’s first time home buyer is concerned with what they can afford.  During the recession between 2008-2012, investors drove the market with “cash” purchases and no need to finance.  In 2013-2014, conventional financing began to gain momentum and today we are seeing an increase in FHA financing with low-down payment programs.  This is signaling a shift in the market.

Total monthly payment increase: Approx. $70/month

Bottom Line:

While $70.00 a month doesn’t seem a lot, it translates to about $17,000 in buying power that a potential buyer no longer has. The buyer who once could qualify for $250,000  now only qualifies for $233,000.

 

This also affects the selling price of the home since it will stay on the market longer, thereby driving inventory up.  When inventory increases, home prices decrease.  The bottom line is that the price of the home will most likely need to be reduced to $240,000 and ultimately sell for $233,000.

chicago home prices 2016Sell Your Home for 100% of Asking Price.

Schedule a private consultation with us to determine if it makes sense for you to sell at this time. Contact Us

View Recently Sold properties in your neighborhood Here.

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Feb. 2, 2016

Homes for Sale in Sauganash Chicago | Just Sold!

Just Sold | 6825 N. Dowagiac Ave. in Sauganash

We had the opportunity to represent our clients for the second time in the purchase of this lovely home in Sauganash.

There's definitely a great story to this.  

When we first looked at this home we thought the home was in great condition, a bit dated but the bones were still in great shape.  So, we decided to write an offer. 

The next day we were informed that the sellers had accepted another offer, we did know it was a multiple offer situation but that did not stop us from making a low offer, almost $50,000 under.

A couple weeks later the property was back on the market and we went back for it.  We were able to negotiate a reasonable price and closed 6 weeks later.  Homes for sale in Sauganash sell fast and we were glad to be able to pick up a great home in a great location at 12% under asking price. Keep in mind that most homes for sale in Sauganash sell for 2-4% of asking price.

Visit Our Home Page and Start Your Search

 

 

Jan. 26, 2016

Lakeview Homes For Sale | 3747 N. Fremont, Chicago 60613

Lakeview Homes For Sale | 3747 N. Fremont, Chicago

Wrigleyville Duplex Condo with Parking $399,000

HOA: $283/month Taxes: $6279.00 

Beautiful 3 Bed/3 Bath Duplex with FR, Bed, Bath on lower level. Fully rehabbed in 2006, features walnut hardwood floors, crown molding, bay windows, granite counters, 42" cherry cabinets, tile backsplash, SS appliances, marble bath, W/D in unit, private deck, and outdoor parking space. Fantastic location within walking distance to lakefront, Wrigleyville, public transportation (red line), schools, hospital and grocery stores.

Note: Taxes do not reflect Homeowner's exemption discount.

 

 

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Schedule A Viewing Today! 312-788-7079 or ChicagoAgent312@gmail.com

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 Thinking About Selling? Contact Us Today! 

 

Jan. 9, 2016

Gold coast condo 1134 dearborn

Gold Coast Condos For Sale | 1344 N. Dearborn #11B

Excellent opportunity to own in the Gold Coast. This Condo located at 1344 N. Dearborn is perfect for the Investor; it's already been rented out for you till May 2017 at 1250/month and there's nothing you need to do to the unit. It's one of the lowest priced Studios in the Gold Coast, and certainly the nicest home in this price range. New flooring, new appliances, new lighting, new bathroom vanity, new shower surround tile, new medicine cabinet and its smartly painted are some of the great features of this home. The Building has cut its operating expenses by 25% percent and has reinvested the money in upgrades to its infrastructure: new lobby, tuck pointing, painting of the building, new kitchen sewer line, new outdoor landscaping are just some of the recent projects that have been completed. The Building also had their roof totally replaced a few years ago, and they have newer double pane windows. The assessments are low and are not going up in 2016. This investment is plug n play. Walking distance to everything including Mag mile, Oak street beach, North ave beach, Lincoln Park, Old Town, and much more.

Schedule a viewing today! or Call 312-788-7079

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