Chicago-area homeownership at 8-year low [chicagorealestatedaily.com]

Homeownership in the Chicago area has plummeted in the first quarter to its lowest level in almost 8 years, which has prompted the chairman of the Federal Deposit Insurance Corporation to express doubts about a rebound in homeownership. Sheila Barr has called for an overhaul in the nation’s housing policy and advocates a focus on affordable rental housing rather than encouraging homeownership.

The percentage of people who own their own homes fell to 67.4% in the first quarter, which has fallen from 69.0% in the fourth quarter according to a quarterly survey by the U.S. Census Bureau. Factors such as high unemployment, lower household incomes and the persisting trend of foreclosure activity may be at the route of the latest slump in homeownership. For more on this story visit chicagorealestatedaily.com.

Other Top Stories:

Luxury Condo Sales Picking Up [Chicago Condo Directory]

Flood Waters Frustrate Chicago Residents [WBKO]

Luxury Apartment Rentals Are Hot Again [rentedspaces.com]

Downtown office vacancy highest since 2005 [chicagorealestatedaily.com]

Chicago Condo Lifestyle: Proximity to the Best Perks [Magellan Realty LLC]

Chicago is full of exciting entertainment and activity – especially in the summer – but sometimes a night on the town can break the bank. Here are some great FREE opportunities that are sure to please everyone!

1. Chicago Summer-Dance

This wildly popular annual dance festival is celebrating its 13th year in the Spirit of Music Garden in Grant Park. You and your beau can pop in for a free 10 hour dance lesson from professional instructors and then show of your skills while enjoying 2 hours of live music on a 4,6000square-foot dance floor. Excellent bands play everything from salsa to reggae to swing. Head over to Grant Park every Thursday, Friday, and Saturday evening from 6 to 9:30pm, or Sunday from 4 to 7 pm to join the fun!

2. Grant Park Music Festival

Chicago is the last city in America that presents a totally free, open-air, professional series of orchestral concerts every summer! The amazing Pritzker Pavilion in Millennium Park is the perfect place to listen to the Grant Park Orchestra and Chorus display their music talent. Lawn and general seating is free, but be sure to get to this popular event early to get a prime spot. Concerts take place most Wednesday and Sunday evenings throughout the summer, but check the website for the complete schedule.

3. Graceland Cemetery

A cemetery may seem like a strange destination for fun, but Graceland Cemetery in Chicago is a beautiful place to take in some of the historic side of Chicago. This victorian-era cemetery stretches along Clark Street in the Andersonville, and was the precursor to other great municipal parks like Lincoln Park. In fact, much of Lincoln Park started ofd as a cemetery back in the day! Chicago notables like Marshall Field, George Pullman, and Cyrus McCormick have graves in this sprawling green space. For those of you who enjoy a good scare, stop by this historic hotspot to watch the sun set over the edge of beautiful ponds and lush greenery.

4. Lincoln Park Zoo

This Chicago staple is sure to please the whole family. Open 365 days a year, these animal wonderland is the perfect place for an afternoon stroll. The Kovler Lion House is a boasts beautiful architecture and exotic animals that are sure to excite adults and children alike! Head to the zoo’s website for information on special events coming up this summer!

5. Garden Walks – Sheffield and Dearborn Editions

The Sheffield Garden Walk takes place in mid-July and is one of the largest and best organized of its kind in the city. You can tour backyard gardens while munching on delicious food or sampling refreshing drinks. If you don’t necessarily love gardening, don’t fear! These walks also offer live music, children’s activities, and more. The Dearborn Garden Walk is also in mid-July and offers a glimpse into the backyards of Gold Coast luxury. Many of these yards are designed by world-famous architects and designers, but if you don’t care for plant-life feel free to check out the live music, marketplace, of some architectural tours! If you are interested in taking a seld-guided, free tour of the gardens just pick up a map and check out how Chicago maintains its beautiful green spaces!

Want information on real estate in the areas mentioned above? Contact us today for more info!

Do you like to save money? Check out how CondoDomain can save you thousands!

Chicago Skyline

An article in Tuesday’s San Francisco Chronicle details the six biggest hurdles that buyers face when trying to secure a mortgage.

This news shouldn’t surprise anyone, but it’s a reminder that the real-estate market is still moving forward into recovery in fits and starts, not leaps and bounds.

Anyone who has gone through the mortgage process in the past year and a half or so knows how hard it is. For those who haven’t been through the process but might be buying soon, these six items will be good to keep in mind.

The whole article is linked below, but here are the six items:

1. High Credit Scores: Buyers need higher credit scores than they used to, thanks to wary banks that are still hesitant to make risky loans. Having a lower score might not stop you from getting a loan, but it could cost you more in fees.
2. Assets and Income: Look for lenders and banks to be much more diligent about verifying the money you make.
3. Changing Requirements: It’s hard to say why, but financing guidelines keep changing. It’s likely a product of the still-unstable market, and it’s probably frustrating for most buyers.
4. Low Appraisals: Blame the glut of short sales and foreclosures for this.
5. The Crackdown on No-Documentation Loans: This is meant to prevent fraud, but small-business owners and self-employed folks are finding it harder to prove their income to banks, which leads to rejections of loans that should probably be granted.
6. Condo Building Requirements: It’s harder to approve condo loans, because the building must be approved as well. That can be especially tough for FHA buyers.

This is tough news for buyers, especially since this may be a good time to find deals on both mortgages and homes. That is, if the mortgage can be approved.

[Source: San Francisco Chronicle]

Chicago

For the first time in 22 months, the median home price in the city of Chicago has risen.

The Chicago metro area as a whole is still down, but thanks exclusively to single-family home sales, the median price of homes in the city itself has risen, for the first time since June of 2008.

There’s other good news: sales of existing homes in the metro area rose for the tenth straight month, year-over-year. In the city limits, sales were up 41.1 percent, marking the eighth straight months of gains inside the city limits.

The median price rose 3.2 percent, while the sales of single-family homes rose by 25.4 percent.

Condos rose in sales by 53.9 percent, but the median price decreased.

Experts suggest that this is a sign than the market has hit bottom and is ready to being recovering, albeit at a slow pace. The sales numbers also suggest that some buyers may have taken advantage of depressed prices. Still others may have taken advantage of tax breaks for buyers.

Whatever the case, this may be a sign that the market is slowly getting back to normal. This is probably better news for sellers than buyers, but it’s also probably a good overall sign for the economy.

[Source: Chicago Tribune]

Chicago

If NBA superstar LeBron James signs with the Chicago Bulls when NBA free agency begins, he’s going to need a place to live, at least during the season. Here’s our top five choices for the King, should he sign here.

1. River North

This part of town is a top destination for the young and the rich. It offers more nightlife than the nearby Gold Coast, and it’s proximity to downtown is appealing. So, too, is its accessibility to the Kennedy Expressway, a necessity for athletes who need to get to the airport.

2. Gold Coast

If LeBron wants a quieter existence without straying too far from the night clubs, then the Gold Coast should fit the bill nicely. There’s plenty of high-end property here, and LeBron might appreciate an old-school mansion.

3. Lincoln Park

LeBron is only in his mid-20’s, which puts him the perfect age range for the neighborhood and its collection of college and sports bars. There is plenty of pricey real estate here, as well. The only problem? The area isn’t far from the United Center, but it’s not close to it either.

4. West Loop

If LeBron wants to be near the place he’ll call his office 41 nights a year, than the rapidly growing West Loop is perfect for him. He’ll find plenty of great condos here, and he’ll be close to the court.

5. North Shore

The Bull’s practice facility is in Deerfield, so Mr. James might just want to plunk down his money on a place on the North Shore, perhaps in Deerfield itself or nearby Highland Park. This might be the most logical choice, although the appeal of the city may lure James to buy in one of the four previously listed areas.

Don’t forget to check out are homepage for the latest condo listings in Chicago!

Everyone has been abuzz the last few days about the potential deployment of National Guard troops to Chicago. The call for military involvement to protect city streets stems from two Chicago Democratic Representatives: John Fritchey and LaShawn Ford.

Their request comes at the heels of a recent surge in violent crime that includes a night last week that saw 7 people killed and 18 wounded. Chicago has seen 113 homicides this year, but is the current rise in crime out of the ordinary? Local activist Tio Hardiman doesn’t think so, and states, “There’s a spike [in violence] when the first hot days come” and goes on to explain that violence in Chicago has actually dropped over the last ten years.

Whether or not the rush of recent violence is “normal,” it is a cause for concern. For those insisting on military involvement in the situation, there are some adverse factors to consider. Though some say that military personnel will deter gang violence, critics believe that it might spark even more aggression – arguing that gang members may target soldiers to increase street cred and garner headlines.

People like Fritchey and Ford argue that the police are simply stretched too thin and cannot combat the rising violence on their own, but can the National Guard do any better? While police officers are trained to defuse violence, arrest suspects, and protect criminal evidence, men and women in the National Guard are soldiers trained in combat.

Opponents to the idea of bringing the National Guard into the city to combat violence fear that this could be the first step towards martial law. Will there be checkpoints and searches implemented for everyone entering certain neighborhoods to avoid charges or profiling? Will soldiers who are experienced with acting in crises like natural disasters or riots be taught proper police procedures, or will they operate under their own rules? Would a potential occupation affect you and your family living in Chicago?

There are many questions in the debate about the National Guard coming to Chicago. Head to the comments section and give your opinion – or leave a question of your own.

Check out The Huffington Post or Strategy Page for more thoughts on this unfolding situation.

Taking a Different Look at Chicago’s Cultural Assets [The New York Times]

As part of Chicago’s bid for the 2016 Summer Olympics, the Office of Tourism got $219,500 in grant money to catalogue attractions in Chicago neighborhoods. Although the vote in Copenhagen denied the bid, the city kept the money and is still compiling an inventory of cultural sites around Chicago.

Attractions include a replica of Michelangelo’s Pieta at Our Lady of Sorrows Basilica in Pilsen; the Monastery of the Holy Cross, a bed and breakfast run by Benedictine monks in Bridgeport; Oak Woods Cemetery in Greater Grand Crossing that contains the remains of hundreds of Confederate soldiers from a Civil War prison camp in the Douglas neighborhood; and many other unknown gems in the Chicagoland area.

Other Top News:

Cameras make Chicago most closely watched US city [Associated Press]

City Behind In Reimbursing Condos For Trash Pickup [CBS News]

How cash, clout transform Chicago neighborhoods [Politifi]

Chicago Mag’s Best Neighborhood’s List Include Great Choices for Chicago Real Estate [PRLog]

$13B in Cook Co. rental units at risk of default [Chicago Breaking Business]

828 West Grace

Looking to live in a new building? Looking to live near Wrigleyville and Boystown? 828 West Grace might be your place.

This new construction building is located at Broadway and Grace, just a few blocks from Wrigley Field. Lakeview nightlife is also only steps away, as is the lakefront itself.

There are 140 units in this 17-unit building. Residents will be able to choose from one and two bedroom units, with one or two bathrooms. There will be a 24-hour doorman, 42-inch cabinets, stainless steel appliances, hardwood floors, and granite counter-tops. All rooms will be pre-wired for cable and high speed Internet, and deeded parking spaces will be available in the garage for $29,900.

Lakeview offers plenty of nightlife, easy access to CTA buses and trains, and plenty of sun-soaked afternoons at the ballpark. The diverse mix of 20- and 30-something residents, along with young families, makes this neighborhood a fun place to live and play. And buying a newly constructed unit means no worrying about fixing a previous owner’s mess.

Check out 828 West Grace today!

The Lofts at Roosevelt

South Loop living is appealing to a lot of buyers, especially those who work downtown or simply want to live in the heart of the city. The Lofts at Roosevelt Collection offer buyers the chance to buy in a prime spot of the South Loop–right along the Chicago River.

The 342-unit building is strategically positioned to put buyers close to expressways, commuter and CTA trains, and the Loop business district. Not to mention the lakefront, Grant Park and Millennium Park, Solider Field, and McCormick Place, all being close by.

The Lofts at Roosevelt Collection give buyers loft spaces with panoramic city views, in addition to the great location. Units start at $300,000.

Chicago

A report released on Monday indicates that condos are still selling–albeit at lower price points than most sellers would prefer.

The article, which NuWire Investor picked up from HousingWire, indicates that builders and developers who make drastic price cuts have had better luck producing sales than others, even if those cuts go as deep as $100,000 on some units.

The price cuts haven’t been the only thing boosting demand–the deadline for the first-time home-buyer tax credit is fast approaching.

This is mixed news for sellers, especially those that are in a hurry to unload their units. Taking a loss on a sale or making less of a profit than expected will hurt, there’s no doubt, but if a seller is relocating, dropping the price could allow the unit to move faster.

It goes without saying that this news is good for buyers–those who have the means to buy during this recession may be able to reap the benefits later, and getting a unit at a lower up-front price is almost always the goal.

What remains to be seen is whether this will give the housing market a long-term boost, or whether it is just a temporary jump driven by deep discounts and federal incentives. A clearer picture won’t emerge for quite some time.

[Source: HousingWire via NuWire Investor]

2401 N. Janssen

Many folks forget that Lincoln Park isn’t bordered on the west by Clark St.–or even Sheffield Ave. In fact, the neighborhood extends west for quite some distance, and those who are looking for a quiet place that is still close to the action might consider 2401 N. Janssen St.

This 24-unit, four-story building is located right where Janssen St. intersects with busy Fullerton Ave., making it a prime spot for those who are on the go. It’s close to DePaul University, Clark St. shops, Lincoln Ave. bars and restaurants, and the Fullerton CTA station.

Amenities included three-bedroom, two-bathroom units, 30-ft. wide corner units, heated tandem parking, an elevator, a common roof deck, cherry kitchen cabinets, mahogany floors, marble in the master bathrooms, and perhaps most importantly, 42-inch plasma TVs. Prices range from about $350,000 to about $700,000.

If you’ve been looking for a place that’s off the beaten path, but still within seeing distance of said path, 2401 N. Janssen may be for you. The western have of Lincoln Park is quieter and more residential than the eastern path, which means this building might be inviting for young families or young professionals. It’s proximity to DePaul ensures that there will always be a youthful, eclectic flavor to the area.

If you’re tired of cramp quarters near the lake, and you want to spread your wings without leaving Lincoln Park behind, this could be the building for you.

Take a tour here!

Chicago Skyline

A story in today’s Chicago Tribune highlights a condo building that will be changing from a prestigious Lake Shore Dr. address to a slightly-less-prestigious Oak St. address. Reason for the change are unclear, but it’s got residents upset, even if it may not mean much for re-sale values.

So the question is, how much does the cachet of an address mean to you? Does Lake Shore Dr. sound better than a neighboring side street? Does Oak Street mean more than Michigan Avenue? How about State Street?

For that matter, how much does the ZIP code or city name mean to you? We’re not talking about what those factors mean for property values–those are measurable factors. What we’re referring to is the emotional cachet. Does living in 60614 mean more to you, personally, than 60613 or 60657? If all other factors are roughly equal, will you forsake a perfectly good condo because it’s in the wrong ZIP code or in Evanston instead of across the street in Chicago?

Or do property value, purchase price, school system, and other concerns matter more than what address your friends will be addressing their holiday cards to?

Feel free to weigh in with your comments.

[Source: Chicago Tribune]