Wednesday, October 28, 2009

Home Buyer Credit Seems To Be Making Progress

The home buyer tax credit has made a an impact on the housing market. Many agents are working with clients who have recenlty purchased using the incentive of the $8000 tax credit currenlty due to expire on November 30th and a primary motivator.

According to the Wall Street Journal, it appears that Senate negotiators have reached a tentative deal to extend the tax-credit for first time buyer, but whether it will pass is uncertain. CALL YOUR SENATORS!!!!

The agreement would extend the existing credit for first-time home buyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners. Additionally, the income limits would increase from $75,000 to $125,000 for singles and $150,000 to $250,000 for married couples. The expiration date of December 1st, 2009 would extend to contracts being entered into by April 30, 2010 and that they are closed by July 1, 2010.

Home Sales Seem To Be Improving....a bit

Eventhough it may not seem like it to many, home sales in Chicago are improving, and better than many metro cities. According to Crian's Chicago Business, Chicago’s 1.7% month-over-month gain was the fourth-largest increase among the 20 cities, after Minneapolis, at 3.2%, San Francisco, 2.8%, and Detroit, 1.9%. The Standard & Poor's/Case-Schiller home price index has shown a wide spread turn around in 17 major U.S. cities month over month since june.

A key element that has contributed to this growth has been the $8000 tax credit stimulus package that is due to expire on November 30th of this year. There is support in Congress to extend it and have it phase out over the coming year.

Senate Majority Leader Harry Reid, a Nevada Democrat, is supporting a four-month extension of the home buyer tax credit. Two other proposals in the Senate would, respectively, extend the credit through June and, most generously, increase the deduction to $15,000 and open it up to all home buyers and those with higher incomes. One or more of these proposals is likely to come up for a vote in the next week attached to a measure that would extend unemployment benefits for 20 weeks.

I know you may not think so, but calls to your senator will make a difference. Lets not lose the momentum.

Monday, October 26, 2009

Price reduction at 3800 N. Lake Shore Dr. #13E

Offering Price: $619,000

Three bedroom/Two bath

On site valet parking

This beautiful and completely redone home on Lake Shore Drive has just reduced its price to $619,000. If you are looking for a tasteful top to bottom restoration of a 2100 square foot home in a 1920's vintage buiding, you will not be disappointed. With original hardwood floors and molding throughout, this three bedroom unit has a tasteful new kitchen and master bath. To top it off, this building has one of the best parking arrangements for a vintage building on lake shore with onsite valet parking.

For a complete virtual tour visit 3800 N. Lake Shore Drive #13E

Monday, October 19, 2009

New Listing in River North at 715 N. Franklin

715 N. Franklin
I just listed this unique free-standing brick building in the heart of the gallery district of River North.
Home of the former Adams Fine Art Gallery, the building located at 715 N. Franklin is about 2200 square feet on three levels and is ideal for an art gallery, design studio, retail store or offices. And it is just steps from the Chicago Ave. el stop.

Building is in good condition and is listed for $475,000. Call me at 312.368.3280 for more information or go to for details and a full virtual tour.

Tuesday, October 13, 2009

YTD sales improve for the 5th consecutive month

A fantatic source for sales figures in the Chicago condo market, uses reional multiple listing service data and compiles statistic to help you better understand the market as a whole. The primary data summary is below along with links for more details and prior reports. The data is quite mixed but one quite positive trend is the decrease in the reduction of sales to the prior month.

Year-to-date sales of Chicago condos for the first nine months of 2009 are

* Down 44% in total dollar volume, to $2.2 billion
* Down 33% in units closed, to 7,073
* Down 13% in median sales price, to $276,000
* Up 16% in average market time, to 151 days.

This shows an improving year-to-date market in both dollars and units for five consecutive months:

End of April: Dollars down 59%, units down 51%
End of May: Dollars down 57%, units down 48%
End of June: Dollars down 53%, units down 44%
End of July: Dollars down 49%, units down 39%
End of August: Dollars down 47%, units down 36%
End of September: Dollars down 44%, units down 33%

Comparing September sales to August:

* Units closed were down 6%, from 1,030 to 973 closings
* Dollar volume was down 10%, from $317 million to $285 million
* Median sales price was up 1%, from $263,900 to $266,500
* Average market time was down 1%, from 149 days to 148 days

For details on month-over-month and year-over-year: click here.

For the full story: click here.

Wednesday, October 7, 2009

Easy Condo Credit?

Today's Crain's Chicago ran a video story about MB Financial and the "easy credit" market for condos. Some banks including Wells Fargo are once again offering 95% financing. MB Financial is offering up to one whole percentage point less to buyers than competing lenders for some projects it has underwritten. With the stimlus potentially expiring November 30th, accommodating financing at still attractive rates, and home values at their lowest levels in years, it is a great time to we just need more buyers.