Check out real estate market trends, lifestyle news and neighborhood information.
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As a realtor, I am regularly asked about the general state of the market in Chicago, and the impact of current and rising interest rates on home values.
According to realtor.com 2019 forecast, interest rates are predicted to rise to just below 5.5% in 2019, and home sales are expected to slow nationwide. The number of home sales in the Chicago area will fall 7.4% in 2019, and the median sales price will be down 1.9%.
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Winter is officially here and although most love the allure of the snow and colder temperatures, our homes take a beating during the extreme weather conditions that occur during this unpredictable time of year. None is more important than making sure your pipes are protected during the winter months.
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As a Real Estate Investment Advisor in the Multi-Family market in Chicago, I specialize in helping clients find and purchase income producing properties that increase in value.
My priority in working with clients is to help them achieve their goals through developing a solid investment strategy.
2 and 3 flats in Logan Square have been in high demand for the last several years.
In the examples below, I helped in the sale and purchase of two income producing properties that generated high returns after the buildings were resold.
Sold: December 20, 2015
Location: 1 1/2 block from 606 Trail - Excellent location!
Sales Price: $462,500
Potential rental income: $60,000 GRI
ARV : $715,000
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If you are looking to make a change and desire a lifestyle that has it all – natural beauty of the Lake, parks and beaches, diverse arts and cultural events, stunning architecture, gourmet cuisine, premier shopping, and excellent medical care – then look no further than Streeterville!
Streeterville is one of the hottest and fastest growing areas in Chicago! The neighborhood is bordered by Lake Michigan – East N Lake Shore Drive/Oak Street to the North, Rush St to the West, and the Chicago River to the South.
The Streeterville neighborhood is filled with modern luxury high rise condominiums and luxury rental buildings that boast spectacular lake and city views with world class amenities. In addition there are 2-3 story townhomes located along the Chicago River and at East North Water Street.
One Bennett Park is Streeterville’s newest 70 story combo apartment and condo tower. 279 One to four bedroom plus penthouse luxury apartments range in price from $3500 to $5500 per month plus $22,000 per month for a penthouse. Slated to open in January of 2019 the condo tower will have 69 units ranging in price from $2M-$15M. Homeowners have exclusive access to a separate entry court, lobby, fitness center and lounge space. Adjacent to the building will be the new park which was designed by Michael Van Valkenburgh Associates, the firm who designed Maggie Daly Park. The park will have gardens, meandering pathways, two dogs runs and a shady grove. The park is intended to be “an escape within the city”.
530 N Lake Shore Drive built by Belgravia Group in 2003 has 195 1-4 bedroom condo units with private balconies. Amenities include a 24 hour doorman, fitness center, community center with full service kitchen and rooftop sundeck.
600 N Lake Shore Drive also built by Belgravia Group completed in 2012 has 400 units in two towers. Floor to ceiling windows with sweeping views of Lake Michigan and the city skyline, world class amenities and two amazing rooftop decks.
River East Center at 512 N McClurg Ct. has 620 condominium units with 58 floors and was completed in 2001 and part of the larger River East Complex. The building shares a common base with 18 story Embassy Suites Hotel and AMC Theatre, the largest cinema in Chicago with 21 screens.
Lake Point Tower at 505 N Lake Shore Drive, the 70 story Y-shaped building adjacent to Navy Pier, and just north of the Chicago River, was completed in 1968. Its position between Lake Shore Drive, and Navy Pier gives it unobstructed views to the North, East and South. The residential complex has a two and a half acre park with outdoor swimming pool, observation deck, waterfall, gardens, and pond.
Streeterville is a bustling neighborhood filled with a variety of restaurants – D4, Volare, and Coco Pazzo Café are residents’ favorite spots to dine. AMC Theatres, Lucky Strike and Pinstripes offer family entertainment and dining. And what neighborhood isn’t complete without Target Express, Walgreens and Whole Foods? Besides the new Molly’s Cupcakes and Cupitol, a new Maison Marcel bakery is going to be located at the corner of McClurg and Grand. There are always new and exciting things being planned!
The lifestyle in Streeterville is akin to being a tourist in your own backyard! No matter the season, there is always something fun and exciting to do in this vibrant neighborhood. All one has to do is venture a few steps out their door, to find a wide variety of interests and attractions.
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It’s a crisp Fall day in late October, and I am taking my out of town clients to tour properties in the Gold Coast area. We have a full day planned and initially see several beautiful vintage apartments along Lake Shore Drive with elegance, charm and spectacular views.
Next, we set out on foot to tour the heart of residential Gold Coast. As we walk along Dearborn and Astor Streets we are instantly transported to another time and place. Historic landmark buildings, mansions and rowhomes, nestled along quiet tree-lined streets evoke feelings of peace and tranquility.
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The neighborhood is alive with magnificent Halloween decorations all in grand scale! Giant spiders the size of buildings, graveyard scenes with skeletons, and ghosts hanging from trees are both realistic and impressive! As you walk among these great masterpieces, you feel the enormous sense community and pride residents have for their homes and neighborhood.
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Whether you're selling a condo, single family, or Multifamily property these tips will come handy.
How long have they been selling in the industry?
Have they sold in your neighborhood?
What type of properties have they sold?
Negotiation skills – can they negotiate the best price for you?
Track record of success – list of recent properties they have sold
View MoreOur recent sale of this 3 Flat Multi-Family Property in Lincoln Park was a huge opportunity for both our Seller and Buyer!
High demand for multi-family properties in Lincoln Park created a great deal of interest with buyers! High demand = high value! We generated multiple offers on the property with a sales price of $1.55M
Buyers are interested in living in this prime area of Lincoln Park – located on Fullerton near Clark Street. Walking distance to restaurants, shops, entertainment and the Lakefront!
Oversize Lot – this property sits on a 25x175 lot which is rare to find in Lincoln Park. The beautifully landscaped backyard creates an urban oasis perfect for relaxing or entertaining!
We have buyers actively looking for multifamily homes in Chicago. If you are considering selling, we would appreciate the opportunity to talk with you and provide the following information.
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Selling a Multi-Family property is completely different than selling a single family property or condo. To obtain the highest price for your multi-family property, we have compiled 4 important tips to help you prepare to sell.
They know how to price and market the property as well as sell it to potential investors/buyers. Buyers are interested in the financials and whether they will make money.
Income, Operating Expenses, Cash Flow, Property Management Fees
Review all your leases, expiration dates, rents for each unit, tenants, occupancy
Raise rents when leases expire – the more cash flow the higher the value.
Update common areas-hallways, stairs, doors, basement (laundry room). First impressions count to buyers.
Update or renovate units – kitchens and baths are main areas to keep as updated as possible and to increase value
Other articles:
By: Jose Hernandez & Carolyn Durocher of Coldwell Banker in Chicago
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!
