Chicago Real Estate and Community News

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

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

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.

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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!

Search luxury condos available for sale at 10 E Delaware Place

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 - Luxury Condos in Chicago

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.

One Bennett Park Chicago  

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. 

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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

source: DNAinfo

- 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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By: Jose Hernandez

Real estate broker with Coldwell Banker - Chicago

 

Jan. 5, 2016

Gold Coast Chicago off-Market Deals!

Condos for sale in the Gold Coast, Chicago | Off-Market Deal!

Just closed on another off-market deal in Chicago's premier neighborhood, the Gold Coast.  This property was a split floor plan 2BD/2BA with Lake Michigan and city views.

Gold Coast condos for sale are in high demand especially for split floor plans.  

Location is key and the Gold Coast is know for it.  Walking distance to Oak street beach, North ave beach, Mag Mile, Old town, River North, Lincoln Park Zoo, and much more.

Search Real Estate For Sale In The Gold Coast

Search Real Estate For Sale In River North

Search Real Estate For Sale In Streeterville

 

Thinking About Selling? Start Here.

Jan. 5, 2016

Real Estate Market Update for University Village

Real Estate Market Update in University Village, Chicago - December 2015

Are you considering selling now? According to our data maybe you should wait a few months.  

  • Real estate in University Village had the most sales in 2015 between May and August.
  • The most popular properties in University Village were 1 & 2 bedroom condos with a total of 145 units sold.

  • Most properties sold within 98-94% of asking price.
  • The average sales price in University Village was $260,357
  • Average market time in University Village is 75 days.
  • Only 9 Properties closed in December 2015 in University Village Chicago - Attached properties

Search All Properties for Sale or Rent in University village.

University Commons Chicago

University Commons only had 2 properties close in December 2015

1. A 2BD/1BA at 1151 W. 14th Place Sold for $217,500

2. A penthouse unit at 1000 w. 15th street Sold for $342,000

The penthouse unit appears to have been sold by an investor who had acquired the unit in late September 2015 for $244,500 according to public records.

Thinking About Selling? Start Here.

 

 

Nov. 23, 2015

Chicago Condos For Sale | Off-Market Deals!

Chicago Real Estate Off-Market Deals!

Condo with 180° views at a great price - JUST CLOSED.

Our client, an International investor was looking for a specific condo in downtown Chicago.  After viewing a few units and nothing really standing out we presented our client a great opportunity, an off-market property.  The buyers knew it was a very good opportunity not to pass up and following our advise they decided to make an offer right away and locking it in.

 

 

About 2 years ago I had a property under contract with similar views priced 11% higher and this was during the time that the market was picking up steam.  Our neighborhood knowledge and experience definitely played a big role here, saving our clients thousands of dollars. 

Start Your Search

Gold Coast Condos For Sale • River North Condos For Sale • Old Town Condos For Sale

Need to sell your house fast? Our marketing plan is designed to get your home sold in 30 days or less.  Contact us today for a free consultation, simply fill out the "How much is your home worth?" form and we'll contact you right away.

 

 

Oct. 29, 2015

Jefferson Park 2 flats for sale

Jefferson Park 2 flat for sale in Chicago

5326 W. Foster ave, Chicago IL 60630

jefferson park multifamily for sale

jefferson park 2 flat for sale

Jefferson Park 2 flat for sale - Just listed!

Listed $399,000

This property sits on a HUGE lot (30x155) which has plenty of space for kids to play and for you to entertain during the summer.

• recent roof replacement
• recent tuckpointing
• separate utilities
separate hot water boilers, separate hot water heaters, separate washer/dryers
• approximately 50% will be paid by your tenant.
• dry basement with high ceilings ready for your ideas.
• water supply lines replaced with copper piping.
• enclosed porch for additional living space.
Well maintained building with nothing to do but move-in, all major improvements have been done for you. Each unit offers 2BD/2BA with good size bedrooms and large closets. 
Walking distance to Farnsworth Elementary school, St. Cornelius school, Smart child preschool, Jefferson Park station, Blue line, Metra, and easy highway access to I90 & I94 off Foster.

This one will not last, schedule a private tour today!

312-788-7079

 

Search ALL income properties here.

jefferson park 2 flat

jefferson park real estate

jefferson park real estate for sale

jefferson park 2 flat for sale

Thinking about selling? Give us a call today!

 Offered by Carolyn Durocher & Jose Hernandez | Coldwell Banker Residential