Three Key Indicators
Chicago Real Estate Market
If you’d like information
Your Home’s Value
How long it will take to sell-
Tuesday is Chicago real estate tour day. Agents hold open houses of their new listings and Realtors tour these properties for potential clients.
With today’s internet/virtual tour options, fewer and fewer agents go out on these tours, which is a shame. I love to go on tours – I get a chance to visit with colleagues, see gorgeous properties, and stay abreast of home values throughout the area.
Today, I got to see the Yin and Yang of Chicago Real Estate- polar opposites- NEW and VINTAGE. I have to say, I loved them both!
CONTEMPORARY – MODERN
My iPhone photo doesn’t do it justice- the home is open, sleek, chic, and easy to live in! Some of my favorite details:
- When you walk in, there’s a metal floor that’s actually a grid- underneath is a drain so dirt and water from your shoes and boots are immediately taken away.
- The open staircases (up and down) are made of thick blond wood treads.
- The front and rear windows are HUGE spans of glass- this brings the outside in, and it’s incredibly dramatic!
- The lower level has terrazo floors with radiant heat, and the family room is separated from the garden by a sheet of glass- gorgeous!
- The kitchen is slick and sleek – with stainless steel table, cabinets and appliances, offset by blond wood upper cabinets, it’s a chef’s dream!
Find Contemporary Homes for Sale-
Select this link!
HISTORIC – VINTAGE
905 W Castlewood Terrace
You know I’m in love with historic homes, and the old houses on Castlewood are amazing! This home was built in 1911, and it sits on a 90 x 115 lot.
Some of my favorite things about this house:
- Huge side yard!! There’s a lovely fountain, gorgeous plantings, wrought iron fence, and side deck.
- This street is a cul de sac – no through traffic!
- Gorgeous vintage details inside – wood floors, moldings, curved staircase, and more.
- A solarium — a wall AND CEILING of windows that just make me smile!
- It’s big – 4900 square feet inside with 5 bedrooms, 3 full and 2 half baths
Find Vintage Homes for Sale-
Select one of these links:
Vintage Co-op Buildings
Historic Districts of Chicago
Historic Home Search by Price
– – – – – – – – – – – –
And – to help guide you in your home search,
Here are Anne’s Top 10 Bungalows for sale on Chicago’s north side*
4431 N Richmond
– – – – – – – – – –
Top 10 Bungalows for Sale
– – – – – – – – – –
To take a virtual tour of these homes,
Select this link:
– – – – – – – – – –
| || ||List Price||ASF||MT||Rms||BR||BA||Yr Blt||Lot Dim
|6111||Rockwell||$270,000||929||293||7||3||1||1921||30 X 125
|4042||Argyle||$340,000||1862||22||8||3||2.1||UNK||31 X 159
|2848||Estes||$409,770||3557||74||12||4||3||1927||32 X 123
|4431||Richmond||$525,000||Unk||375||10||2||2||1916||30 X 125
|3815||Avers||$610,000||Unk||23||8||4||2||1921||37.5 X 125
|3107||Damen||$675,000||Unk||16||7||3||3||1913||25 X 125
3815 N Avers
– – – – – – – – – –
Ready to shop for a Chicago Bungalow of your very own?
Baird & Warner
– – – – – – – – – –
5030 N Bernard
* This is my list of favorites- they may not be the finest photographs, and they’re NOT my listings. I do NOT represent that they’re the best values, either. These are my favorites – based on location, price, historic details, and amenities.
In a nutshell, where is the Chicago real estate market today?
Statistics about the real estate marekt are bandied about everywhere, but when my clients ask, they really want to know what’s going on LOCALLY.
The statistics I’m quoting here are based on my selling area- part of Chicago, which is a segment of the Midwest Real Estate Data MLS System.
Anne’s Market Area
Median Sales Price
98.5% of the Market High
$347,325 (April, 2015) vs. $352,500 (October, 2008)
Market Time (Days)
Market time doesn’t significantly differ between price points or property types (condo vs. house)
Chicago (total): 84 days
Property Units Closed
# Units Closed is Very Strong but not at the 2008 “frenzy” level
15,795 closed in March, 2015
18,427 closed in January, 2008
Month’s Supply – Inventory
At current sales pace, how long will it take to sell all properties on the market?
Stable Market: 6 months
Today: 3.8 months
February, 2010: 15.1 months
Chicago Total (March, 2015): 4.6 Months
As % of FINAL List Price
Buyers are NOT throwing lowball offers at sellers.
They’re waiting until the price is right, and then they’re paying close to list price.
Chicago Market: 97.9%
If you have a question about the Chicago Real Estate Market, email me today! Anne@Rossley.com
Reach out to me on LinkedIn! Anne Rossley on LinkedIn
I came across this great article on helicopter parenting around the world – “A Cure for Hyper-Parenting”
Apparently, it’s not just Americans who are hyper parents!
In short, here’s what the NY Times article by Pamela Druckerman instructs us about good parenting:
1. Matthias Doepke and Fabrizio Zilibotti say intensive parenting springs from “rising inequality, because parents know there’s a bigger payoff for people with lots of education and skills.” Maybe – I haven’t done a lot of thinking on this. I read that this phenomenon is creating an even greater gap between the “haves” and “have nots” who can’t afford tutors, test prep, private sports coaches….
2. People around the world are breeding later in life, when they’re richer and more grateful, so the whole parenting experience becomes “hallowed”. Makes sense – it also stands to reason that having kids after “achieving” in the workplace means there’s one more place to show off our “achievement-driven” sensibilities…
Here’s the advice Ms. Druckerman gives in the article- many of which are cited from other sources. She did a great job of putting gathering some useful nuggets:
- Keep Calm and Parent On — expect more from your kids – even though it can be messy
- Kid parties should be DROP-OFFS – use the time for yourself! Between the mid-1990s and 2008, college-educated American moms began spending more than nine additional hours per week on child care; this came directly out of their leisure time.
- Enjoy the MOMENT- don’t always push for a Harvard degree. Said a better way: “total commitment to the process, total equanimity about the outcome.”
- Most parenting crises are caused by exhaustion – try sleeping more and attacking issues when calm and rested.
- Have less stuff- the more you have, the more you have to organize, take care of, repair, and think about.
- Work-life balance is nearly impossible to achieve- FORGIVE YOURSELF!
- Teach emotional intelligence to your kids- and live it yourself- size up the other individual before you care what they think of you!
- Enact the Mandela rule – “You can get what you want by showing people ordinary respect.”
I love this:
Scandinavians complain of “curling parents,” a reference to the sport in which you frantically scrub the ice to let a stone glide across it.
Maybe even a better analogy than a helicopter?!?!
Happy Senior Citizens Day!
I became a Seniors Real Estate Specialist (SRES) several years ago, and I’m finding this designation to be very helpful in my real estate practice.
As I became older, and as my mother began making choices about where to live after age 75, I saw the importance of incorporating the specialized training and resources necessary to help clients of 50 and older with their real estate choices.
I’m finding the expertise beneficial all the time – for friends who are trying to help their aging parents. and as they, themselves, are beginning to plan for their retirement.
Whether aging in place, downsizing, or moving to an active senior community- an SRES Realtor is best equipped to help clients make a smooth and successful real estate transaction.
The SRES Website describes the benefits this way:
A Seniors Real Estate Specialist® is experienced and knowledgeable in meeting your specific needs and that can make all the difference in the world.
As we age, we demand specialists in our health needs, so why not in our housing and equity needs as well? An SRES® brings:
- A customized approach to your situation, working to fit your living situation in with your overall life plan
- Expertise and patience throughout the transaction
- An awareness of options and a network of solid, reliable referrals to help you in the process
- A variety of choices to reduce out of pocket expenses, gain cash, or create or defer income streams to either stay independent or obtain financial assistance
A recent New York Times Article explains the specialty in their recent article, “Real Estate Agents for Older Adults are Part Broker, Part Therapist.” (an aside- I believe this is true for all real estate transactions, not just for older citizens!) Mentioned in the article are the following points:
- The huge emotional experience of selling one’s lifetime home (this often creates an identity crisis of sorts),
- The senior’s denial of the need for supervision/health care, due to illness, memory challenges, and/or frailty,
- Today’s popular desire for “aging in place,” where seniors live in their own residences independently, and
- Family relationship stresses – adult children wanting to help, often from miles away- with senior parents unwilling to take the “suggested” next steps.
I have helped several seniors as they sort through belongings, sell their lifetime home, and move into the next phase. It’s an honor to help my friends’ parents, my neighbors, and new senior clients as they navigate this transition.
If you have any questions about your own situation, or your parents’ future move, please call me and let’s talk!