Chicago Real Estate and Community News

Check out real estate market trends, lifestyle news and neighborhood information.

Nov. 9, 2020

Selling a Multi-Family Home: 3 Most Common Mistakes to Avoid

mistakes when selling a multifamily home in Chicago

Selling your multi-family property can be a complicated process. It requires knowledge of the property’s zoning history and of how to list and show units occupied by tenants. Without guided expertise, a seller can suffer financial loss and delays in the sale of their property or can even become subject to liability. 

Throughout our years of experience, we’ve seen a lot of mistakes made when selling residential multi-family properties. Thankfully, you can easily avoid these pitfalls by working with an experienced agent and making careful decisions. Here are the three top issues to watch out for when selling your multi-family home.

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Oct. 20, 2020

The Perks of a Multi-Family Home: Why you should consider investing in a residential multi-family property

Perks of Investing in Multi-family Homes

Buying a house is intimidating. For many, buying a property with multiple units seems even more complicated. But investing in a multi-family home is actually a solid, low-risk investment opportunity that can give you financial stability and a lot of potential to build property value! Whether you’re ready to invest in your first multi-family or are a first-time buyer who wants to make a smart financial decision, this unique market provides you with the opportunity to make passive income, build equity, and access unique tax benefits as well.  

There are many different ways to invest in real estate. Properties with two, three, or four units, otherwise known as residential multi-family (or small multi-families), are a great form of investment because they bring in additional rental income that you won’t get from a single-family without falling under the category of commercial real estate (buildings with five units or more). Even though residential multi-family can provide additional income, the government treats them very similarly to single-family homes and provides incentives to homeowners to pursue these investments through low down payment mortgages and tax deductions.

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Sept. 22, 2020

Streeterville Luxury Townhome | 408 E North Water Unit C

Streeterville Townhomes For Sale

East Water Place is one of the best kept secrets in Streeterville.  Tucked away along the south border of Ogden slip, sits a 56 unit townhome complex that offers residents a unique lifestyle in an urban setting.

Waterfront Urban Oasis - 408 E North Water Street Unit C

This waterfront four-level town home with 3 bedrooms and 3 bathrooms, features open floor plan with 12 foot ceilings, floor-to-ceilings bay windows, and hardwood floors on the main level.  Beautifully renovated in 2016, the kitchen boasts high end stainless steel appliances, custom cabinetry, quartz counters, glass and stainless back splash, and outdoor deck overlooking Ogden Slip. 

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Posted in Selling Your Home
July 16, 2020

Buying a Fixer Upper in Chicago

Buying a fixer upper

If you’re interested in buying a multi-family home in Chicago, a fixer-upper is an ideal investment. A fixer-upper is a home that needs repairs and will require renovation work. 

There are many reasons to buy a fixer-upper in Chicago. If you’re picky about interior design or want a property in a specific neighborhood, buying a home and renovating it allows for flexibility. It is also an excellent way to build equity. Many buyers will only buy a property that is finished, so it’s possible to find hidden gems if you’re willing to put in the work.

Some homes may only need minor repairs, while others will be a full rehabilitation project. It’s important to have the right real estate agent, contractors, and inspectors on your team to help analyze and complete the project effectively. The key to buying a fixer-upper is choosing the right property, working with the right people, and understanding the necessary repairs.

Buying a fixer-upper in Chicago is a smart business decision and a great way to find a long-term home for your family. If you’re looking to purchase a multi-family home and are comfortable with the renovation process, take a look at our home repair costs chart to get an idea of the costs involved.

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June 23, 2020

Buying a 2 Flat in Chicago: 5 Simple Tips

Buying or Selling Chicago 2 Flats

The “Two Flat” is a major part of Chicago history. One of the most common real estate options on the market, a 2 Flat is a two-story building with a legal apartment on each floor.

Many of them were built as far back as the 1910s and continue to be a mainstay of neighborhoods like Avondale, Bridgeport, Brighton Park, and Humboldt Park. While some have been converted to single-family homes or knocked down in favor of high rises, buying a 2 Flat in Chicago continues to be an excellent investment choice.

#1 Rule of Real Estate: Location, Location, Location

2 Flats currently make up about 30% of the city’s real estate market. In fact, the term itself is pretty much exclusively used in Chicago. With so many options to choose from, how do you know which 2 Flat is right for you?

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March 19, 2020

Two Flats in Chicago

chicago brick 2 flats

Chicago Real Estate is flush with many types of homes, ranging from single-family homes to multi-family buildings, bungalows, Victorian Mansions, and of course many high rise buildings. 

One of the often under appreciated options are the Chicago 2-flat buildings. The great history of Chicago is built upon two-flat housing, brick by brick.

What Is a 2-Flat?

A 2-flat is a two story building with a legal apartment on each floor. Two Flats are also known as Duplex apartments in other parts of the Country. However, in Chicago a Duplex is defined as an attached single unit comprised of two floors with interior stairs connecting them both, typically in a condo building.

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March 19, 2020

Lincoln Park Multi-family Real Estate Prices and Neighborhood

Lincoln Park Multi-Family Homes For Sale

Lincoln Park is a beautifully sophisticated neighborhood that is an ideal place to call home. Over the last ten years property values have increased 39% making it one of the most in demand neighborhoods in all of Chicago.

It features a stable market and many renters return or remain in the area because of its ideal location. There are many multi-family properties in need of updates, perfect for buyers who are ready for a challenge.

Lincoln Park Real Estate Market At a Glance

Right now, Lincoln Park real estate prices have remained stagnant after years of increasing in value. Since 2012, Lincoln Park properties have been on the rise increasing over 127% of their value.

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March 3, 2020

Irving Park Multi-family Real Estate Prices and Neighborhood

Irving Park Real Estate For Sale

Irving Park is truly an authentic Chicago neighborhood. The history of Chicago is displayed throughout these neighborhoods with beautiful architecture and style to each property. 

It is is known for its architecture. Some of the buildings in this neighborhood have been around since before the Chicago Fire in 1871 and run the gamut from bungalows to Victorian mansion. 

Irving Park is home to ample lofts, homes, condos and multi-family apartments. The neighborhood gets its name from the famous author, Washington Irving.

Irving Park Market At a Glance

Multi-family homes have increased by 1.08% compared to January of 2019. Irving Park properties have had a healthy advance for the past decade. The price for a multi-family home in Irving Park has increased 120% since 2012

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Feb. 21, 2020

Selling Your Chicago Multi-Family Home in 2020

Multi-Family Real Estate Prices

If you’re considering selling your apartment building this year, the market is currently on your side. In general, a healthy real estate market has a 3-5% annual appreciation rate. Chicago Multi-family real estate prices have appreciated roughly 40% since January 2015, that’s an 8% appreciation per year. Keep in mind that real estate is local so it is important to research your neighborhood to get accurate data and make a wise determination.

Should I Sell My Property Now?

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Feb. 13, 2020

Portage Park Multi-Family Real Estate: Complete Guide

Portage Park 2 Flats For Sale

Portage Park was home to a small population until the beginning of the twentieth century when the streetcar system linked it to the downtown area and now it's an ideal escape for Chicago residents who are tired of the crowded tenements and want a quiet refuge from the city. 

It’s a great neighborhood for those who want the chance to get to know their neighbors, want access to many amenities and eateries and are looking to escape the hustle and bustle of the city - while still being conveniently close to it.

Portage Park Real Estate Market At a Glance

Multi-family home prices have increased by 1.75% compared to December of 2018. However, these increases have remained steady over the better part of the last decade. The price for multi-family homes has increased by 90% since December 2011.

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