Monday, June 28, 2010

Chicago Landmark - The John & Clara Merchant House

This Second Empire-style house is a Chicago Landmark located in the Old Irving Park neighborhood. The John and Clara Merchant house was built around 1872. The design for this house was purchased mail-order from Woodward's National Architct and includes a mansard roof, oversized window hoods, carved cornice and window brackets. Designated a Chicago Landmark on October 8, 2008.

Saturday, June 26, 2010

Chicago Landmark - The Sydney A. Kent House

This Queen Anne mansion is located on Chicago's Near South Side. The Sydney A. Kent House was designed by Burnham & Root architects and built in 1883. Kent was one of the founders of the Chicago Union Stockyard Company. The house was listed on the National Register of Historic Places in 1977, designated a Chicago Landmark March 18, 1987.

Thursday, June 24, 2010

Chicago Landmark - The Hitchcock House


The Hitchcock House is located in Chicago's Austin neighborhood. One of the oldest houses in Austin, it was built in 1871 for Charles Hitchcock, an executive of a railroad parts manufacturing company. With tall windows, a low hipped roof, and large porch the Hitchcock House reflects the Italianate style, which was inspired by the architecture of Italian country villas. It was designated a Chicago Landmark on July 7, 1992.

Wednesday, June 23, 2010

Sun-Times reports - Local home sales surge;

This morning the Sun-Times has an article on Chicago area home sales. The article states "The median home price fell 4.8 percent to $190,500 in the Chicago area. But in the city of Chicago, prices grew 2.2 percent from May 2009, to $230,000."

Now I always wonder where they get these numbers. I run a market analysis on Chicago property every day, and if it was increasing I would know about it.

So I did my own analysis using data from the MRED MLS, I selected all of the MLS areas for the city of Chicago so that I could see market activity for the city only. First establishing median price for the year ending May 31, 2009 and then for the year ending 2010. Here is what I found:

Single Family Detached Homes
The median sales price for the year ending May 31, 2009 $163,500
The median sales price for the year ending May 31, 2010 $149,900

The median price for single family detached homes declined in Chicago overall -8.31 percent.

When I saw that number I thought their calculations must have included something more than single family homes so I recalculated using both detached and condominium and here is what I found:

Single Family Detached Homes & Condominiums
The median sales price for the year ending May 31, 2009 $260,000
The median sales price for the year ending May 31, 2010 $220,000

The median price for detached homes & condominiums combined declined in Chicago overall -15.38 percent.

I still can not find that 2.2 percent increase. So I tried one more possibility and combined single family detached, condominiums & two-four unit buildings and here are the results:

Single Family Detached Homes, Condominiums & Two-Four Unit Buildings
The median sales price for the year ending May 31, 2009 $240,000
The median sales price for the year ending May 31, 2010 $197,000

The median price for detached homes, condominiums two-four unit buildings combined declined in Chicago overall -17.91 percent.

So, based on this analysis I can tell you that property in the city of Chicago is still declining. Now, I will be the first to say that this is a very general way of looking at the market. Property values in Woodlawn and Austin are changing at different rates than property in Lincoln Park or Lakeview. That is why its hard to look at meaningful data on the city as a whole.

When median prices in Chicago really increase 2.2 percent in a year, that will be great news, and Sun-Times, put it on the front page.

Tuesday, June 22, 2010

Villa Park 60181 - Current Housing Market



The chart shows the market activity in Villa Park in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 141 active listings of detached single family homes as of 06/22/2010.

The median list price is $238,500.00

In the last 30 days there have been 20 closed sales.

The median sales price was $203,750.00

At the current rate of absorption there are 7.05 months of unsold single family inventory in Villa Park. This level of inventory is considered an over supply.

The Emery House by Walter Burley Griffin


The Emery House is located in Elmhurst and was designed by Prairie School architect Walter Burley Griffin. In 1903 when the house was built, Griffin was still working for Frank Lloyd Wright and did this house as a side job. The Emery House is listed on the National Register of Historic Places and currently listed for sale with the MLS for $1,975.000.00.

Wheaton, IL 60187 - Current Housing Market


The chart shows the market activity in Wheaton in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 429 active listings of detached single family homes as of 06/22/2010.

The median list price is $389,900.00

In the last 30 days there have been 59 closed sales.

The median sales price was $323,000.00

At the current rate of absorption there are 7.27 months of unsold inventory in Wheaton. This level of inventory is considered an over supply.

Monday, June 21, 2010

The Walser House by Frank Lloyd Wright


The J.J. Walser Jr. House was designed by architect Frank Lloyd Wright and built in 1903. Located in Chicago'a Austin neighborhood this Prairie Style house was one of FLW design experiments with inexpensive residences.

Illinois Housing Makes the Top 10 List

The 10 states with the greatest annual price declines during April in CoreLogic's home-price index were:

1. Idaho (-7.2 percent)
2. Illinois (-5.8 percent)
3. Nevada (-4.6 percent)
4. Maryland (-4.3 percent)
5. Washington (-3.7 percent)
6. Pennsylvania (-3.7 percent)
7. Mississippi (-3.7 percent)
8. Florida (-3.5 percent)
9. Alabama (-3.5 percent)
10. Oregon (-2.6 percent)

This is one list I wish we were not on. To read the entire article go to Inman News

Friday, June 18, 2010

Chicago's Dunning Community Area #17 - Housing Market



The chart shows the market activity in Dunning in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 243 active listings of detached single family homes as of 06/17/2010.

The median list price is $269,900.00

In the last 30 days there have been 38 closed sales.

The median sales price was $187,500.00

At the current rate of absorption there are 6.39 months of unsold inventory in Dunning. This level of inventory is considered an over supply.

Wednesday, June 16, 2010

This Month in Real Estate June 2010


This Month in Real Estate looks at the decrease in foreclosure filings, and how an increase in short sales might be playing a role in the number of foreclosures filed. The short sale timeline is examined and a sample of how the short sale process works is presented.

Chicago Landmark - DuPont-Whitehouse House.

The DuPont-Whitehouse House is located in Chicago's McKinley Park neighborhood . This Italianate style house was built between 1875 & 1876 by the DuPont explosives company for Junot Whitehouse, the superintendent of its gunpowder plant. In 1920, the house was moved one block from its original location at 36th & Western. Designated a Chicago Landmark on April 16, 1996.

Tuesday, June 15, 2010

Chicago, 60608 - McKinley Park - Housing Market



The chart shows the market activity in McKinley Park in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 21 active listings of two-four unit buildings as of 06/15/2010.

The median list price is $289,000.00

In the last 30 days there have been 4 closed sales.

The median sales price was $207,000.00

At the current rate of absorption there are 5.25 months of unsold inventory in McKinley Park. This level of inventory is considered a small over supply.

Monday, June 14, 2010

Chicago Landmark - The Bachman House


The Bachman House is located in Chicago's Uptown neighborhood. The original frame house was built in 1889 and remodeled using an exterior cladding of brick and corrugated aluminum in 1947. Designed by architect Bruce Goff for recording engineer Myron Bachman. It was designated a Chicago Landmark on December 9, 1992.

Saturday, June 12, 2010

Chicago Landmark - The Wheeler-Kohn House



The Wheeler-Kohn House is located on Chicago's Near South Side. This Second Empire style house was built in 1870 for banker Calvin Wheeler. It survived the Chicago fire, commercial & condominium development in the immediate area and is now the Wheeler Historic Hotel.

Designated a Chicago Landmark on February 5, 1998 and listed on the U.S. National Register of Historic Places in 1999.

Chicago's Near South Side - Housing Market

The general boundaries of Chicago's Near South Side, Community Area #33 are Roosevelt Road on the north, Lake Shore Drive on the east, 26th Street on the south and an irregular line with the South Branch of the Chicago River at one point on the west.

The neighborhood is predominantly comprised of attached homes & condominiums.




The chart shows the market activity in the Near South Side of Chicago in the last 30 days based on information from the MRED MLS.

There are currently 1,101 active listings of attached homes & condominiums as of 06/11/2010.

The median list price is $402,500.00

In the last 30 days there have been 77 closed sales.

The median sales price was $330,000.00

At the current rate of absorption there are 14.29 months of unsold inventory in the Near South Side. This level of inventory is considered an over supply.

Friday, June 11, 2010

Elmwood Park, IL 60707 - Housing Market



The chart shows the market activity in the Village of Elmwood Park in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 152 active listings of single family detached homes as of 06/10/2010.

The median list price is $265,000.00

In the last 30 days there have been 18 closed sales.

The median sales price was $177,000.00

At the current rate of absorption there are 8.44 months of unsold inventory in Elmwood Park, this level of inventory is considered an over supply.

Thursday, June 10, 2010

Melrose Park, IL 60160 - Housing Market


The chart shows the market activity in the Village of Melrose Park in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 86 active listings of single family detached homes as of 06/10/2010.

The median list price is $199,900.00

In the last 30 days there have been 4 closed sales.

The median sales price was $122,500.00

At the current rate of absorption there are 21.50 months of unsold inventory in Melrose Park. This level of inventory is considered an over supply.

Wednesday, June 09, 2010

Cicero, IL 60804 - Housing Market


The chart shows the market activity in the town of Cicero in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 184 active listings of single family detached homes as of 06/09/2010.

The median list price is $119,900.00

In the last 30 days there have been 22 closed sales.

The median sales price was $87,375.00

At the current rate of absorption there are 8.36 months of unsold inventory in Cicero. This level of inventory is considered an over supply.

Friday, June 04, 2010

Tips on How to Avoid a Loan Scam

Fraud is on the rise and loan scams are not always easy to spot. The following list contains some warning signs of loan modification scam artists:

  • You are asked for a fee in advance to work with your lender to modify, refinance or reinstate your mortgage.

  • The company only accepts payment by cashier's check or wire transfer

  • A company guarantees they can stop a foreclosure or get your loan modified.

  • You are advised to stop paying your mortgage company and pay them instead.

  • They instruct you not to contact your lender, lawyer, or credit or housing counselor.

  • A company pressures you to sign over the deed to your home or sign any paperwork that you have not had a chance to read or do not fully understand.

  • They tell you to sign documents with blank lines and spaces.

  • They offer to complete paperwork for you.

  • They encourage you to sign over your title in order to "lease" your home now and buy it back over time.

  • A company claims to offer "government-approved" or "official government" loan modifications.

  • Someone you do not know asks you to release personal financial information online or over the phone.

  • They offer to give you a "second opinion" on a denial of your loan modification application, for an upfront fee.

If you think that you have been scammed, report it! call 1-888-995-HOPE

Thursday, June 03, 2010

Learn about foreclosure scams

Here are some foreclosure scam red flag warnings from the Nevada Foreclosure Prevention Taskforce that all homeowners should be aware of before they seek foreclosure assistance.

Be suspicious of anyone that: Guarantees to stop foreclosure, Pressures you to sign or pay, Tells you NOT to contact your lender, Wants to charge you up-front, Tells you to make payments only to them, Offers to fill out all the paper work for you, or Tells you foreclosure ‘scams’ aren’t real.

There are reputable groups who can help and you will not be charged for their services. But before you do anything else visit these websites to educate and protect yourself: http://www.preventloanscams.org/ , http://www.loanscamalert.org/ , http://www.stopfraud.gov/

Nevada residents can also visit the Nevada Foreclosure Prevention Taskforce online at: http://www.fightfraud.nv.gov/ or call 702-229-HOME to find a local HUD approved housing counseling agency.

If you need assistance with your mortgage and would like to talk to a HUD Approved Housing Counselor call: (800) 569-4287 or 888-995-HOPE (4673).