Home sales booming in Horace Mann School district...Oak Park!

Here's a look at housing unit sales and prices in Oak Park's desirable Horace Mann School district located in the northern section of town. It's hard to find a more attractive "small town" yet urban area!
The attendance boundaries are roughly Harlem Avenue to East Avenue and Thomas Street to North Avenue.

Produced from www.MREDLLC.com mapping features.

So far this year in 2012 (Jan 1st to April 19th) 10 homes have sold in Mann School District for a median price of about $500,000.  That price will get you a beautiful 3-4 bedrooms, 2 1/2 baths brick bungalow or a spacious Colonial style home with updates.  The lots average about 50'x150' for $500,000 price point.
That's up 233% over the same period in 2011 which saw only 3 homes sold for $560,000, $670,000 and $675,000 respectively.

Attractive corner lot home on North Marion and Thomas Street in Mann School district

The scoop:
*Currently, there are 20 houses under contract in Horace Mann School boundaries and 23 offered for sale. In all of 2011, 33 houses sold in Mann School district with a median price at about $450,000.  With 10 closed and 20 under contract already this year, 2012 should surpass 2011 unit sales.

Data gathered and analyzed by Eric Rojas, Real Estate Broker from various sales sources.  All photos Eric Rojas

Forbes, Case -Shiller report: Chicago's rising home prices among the few

In case you missed it, Forbes reported earlier this month on five major cities with housing price increases for five consecutive months. Chicago saw home pricing gains, even in July and August... tough months after the federal tax credit expiration date.

After a Monday around here with a fender bender (taxi cab), a boiler malfunction and a little sewer back-up in the basement, we figured we'd post a little good news on a Tuesday.

From Forbes: Where Housing Prices Are Rising
Only five big U.S. cities saw housing prices rise in August, according to the latest data published by the S&P/Case-Shiller home price index. But four of those cities have posted at least four consecutive months of positive home price increases.

Washington D.C.
In the nation's capital, housing prices have increased for five straight months. According to the S&P/Case-Shiller index, housing prices in Washington, D.C., have risen 4.8% in the last year, with monthly increases of 0.3% in August and a full 1% in July.

New York
The nation's biggest metropolitan area has seen four months of home price improvements, going up 1.2% in July and 0.2% in August. Home prices in New York have risen by 2.9% over the last year.

Chicago

Chicago's residential real estate market may be rebounding. Home prices in Chicago remain 2.9% below where they were one year ago, but home prices here have risen for five straight months, and were up 1% in July and 0.4% in August, the S&P/Case-Shiller index shows.

San Francisco
Another California housing market that appeared to be recovering nicely, but then suddenly fell by 0.3% in August. Home prices have still been boosted by 7.8% over the last year, more than any other city tracked by the S&P/Case-Shiller index.

Los Angeles
L.A. home prices are up a nice 5.4% in the last year, but cooled off a bit in August, dropping 0.4%.

You know us and we are not doing a happy dance. However, it may mean that more desirable properties are becoming available to the market rather than just the distressed, second tier variety dragging down average and median prices. Certain sellers with good product may be finally ready to go.

Wicker Park schools, real estate prices in this video

The Wicker Park neighborhood has had an active real estate market this year compared with some of the more dynamic community areas like Lake View and Lincoln Park.

In this Wicker Park video, we talk a little about neighborhood schools, magnet and private schools along with condo and single family home sales. Unlike what you find in most desired areas of popular Lake View, Lincoln Park and North Center neighborhoods most folks are not moving to Wicker Park for the neighborhood attendance schools. However, there are a few really great magnet schools near the hot Division Street stretch that students may get accepted to.

Check out La Salle, Drummond and Pritzker elementary magnet schools in and around Wicker Park.

Click the "video label" below for more neighborhood and property tours.

Cheer up! Pending home sales up for July

Take a stroll by the river. It's all good.

According to a Business Week and Bloomberg report today, U.S. pending homes sales rose in July. We heard about the dismal "closing" numbers. But, contracts are being signed around the country as we get further away from that first time buyer's tax credit deadline of April 30th. I signed a couple of those!

From Bloomberg:
"Pending sales of existing houses unexpectedly climbed in July from a record low, indicating the real-estate market is steadying following the end of a government tax credit.

The index of purchase contracts rose 5.2 percent after a revised 2.8 percent drop the prior month, figures from the National Association of Realtors showed today in Washington. Combined with data showing claims for unemployment benefits dropped and orders to factories increased, the reports allayed concern the economy was tipping back into a recession."

Read the story

Statistics: Lake View 2010 second quater condo sales to smash 2009

Buyers snatched up Lake View condos like 3231 N Clifton below, now offered at $439,000.

2010 second quarter Lake View closed condo sales are on pace to crush 2009 unit sales with only 8 days left in June. In Q2 2009, 354 attached homes were closed. Already, we have 452 closed units in 2010 second quarter. What's more, 213 attached homes are under contract with many of those slated to close prior to the original June 30th closing deadline to qualify for the $8,000 first time buyers' credit. The numbers will approach the 2008 pre-bank crash closings of 596. The most closed units for second quarter in the last 20 years was 899 sold in 2005.

Other Lake View notes:
The lowest sale was $73,000 at 611 W Patterson #213 (a studio condo).

The highest sale was $2,300,000.00 at 3030 N Lake Shore Drive PH 401 (a four bed with den, study, huge terraces, lake views yadda, yadda).

The second highest sale was a bargain for $935,000 at 635 W Briar 4PH (a three bed duplex penthouse with den, family room yadda, yadda).

The top 70 priced condos were conventional sales. The first short sale appears at the 71st priced home at $477,000.

28 Lake View closings (6%) were distressed properties (foreclosure or short-sale). Most of those were priced well under $200,000.

Three bedroom Lincoln Park town homes under $500,000

We've had a recent sale of a Lincoln Park three bedroom town home and another group of client's out looking this weekend for the same. I thought we'd take a look at entry level three bedroom Lincoln Park town home sales under $500,000 for the last 6 months. A town home can either be fee simple (no assessments) or be a part of a homeowners associations and classified as a condo. A ton home style home does not have neighbors above or below (but connected on the sides by another home).

In the Lincoln Park community area as defined by Chicago and our local MLS, only three town homes with at least three bedrooms closed for under $500,000 in the last six months. There are some other properties described as "town homes, but they are really duplex units with a neighbor above or below them.

Currently, five town homes with at least three bedrooms are under contract for under $500,000. The best deal being 1927 N Mohawk Unit B, a fee-simple town home for $427,711. I viewed this home and it's a great deal. It's bank owned and I could see it had a roof leak issue affecting a few areas. But the location, finishes and the fact that it is in Abraham Lincoln Elementary district easily made the cost of a tear-off roof worth it.

If you're in the market now, there are currently seven active town homes for sale. But, don't expect to be in the "real" Lincoln Park. None of the three bedroom town homes for sale under $500,000 are anywhere close to even Halsted... You are looking at the 1300 block west and further out!

Crain's: November 2009 Chicago area home sales up 72%

That's almost 100% better!

Read the Crain's story here...We here at T-CREL blame a stabilizing economy, low interest rates, lower asking prices and the federal first time buyers credit rush. Congress punked a lot of us by having the original deadline for the tax credit on November 30th... then extended to April 30th. I suspect we'll have a earlier rush in 2010 and it will taper a little bit heading to the new deadline if interest rates go up. If rates stay low, under 6%, we'll probably see a 30% plus increase in April 2010 over April 2009.

National existing home sales up 7.4% in November, 30 year fixed rate at $4.88%...Woot!

A "manor" for sure in Ravenswood Manor, Chicago looks stately on crisp early winter day.

I don't post a lot of national statistics, but the first time buyer's tax credit from Uncle Sam helped turn in another good month of homes sales. November was up 7.4%, Midwest region home sales were up 8.4%. If anything, the media attention on the market woke people up to home prices and great mortgage interest rates (30 year average at 4.88%). I feel left out! As I've mentioned, there were two opportunities I pitched to my wife this late summer and fall... a two-flat in the neighborhood and a single family home in Wilmette. No dice. She ain't moving into a renovation project until the kids are older and can live a Grandma's for a summer. Still wish I got that two-flat.

I digress...

Read the story here from CNN Money on the latest national home sales statistics.

My team is busy advising sellers to take advantage of the upswing we expect in the next 5 months and get on the market... if they need to sell.

What's Up With Ravenswood Single Family Home Sales?

See 1710 W Winnemac in this Sunday's Ravenswood Area Open House Bicycle Tour!

There were fifteen Ravenswood single family homes closed for a median price of $645,000 in the second quarter of 2009. I derive my statistics from map searches of our local multiple listing service. Ravenswood as I understand it travels from West Montrose to West Foster Avenues and North Clark St. to North Western Ave. This is a core area that enjoys the retail, entertainment and transportation outlets people demand in an urban setting. It's an area that reflects why people live in the city anyway.

The Ravenswood neighborhood overlaps two of the 77 Chicago community areas of Lincoln Square and Uptown. If you took only official Lincoln Square numbers from the MLS, median price was only around $545,000 with nineteen homes sold and official Uptown standing alone was seven homes at $662,500 . But both community areas stretch way beyond the Ravenwood neighborhood boundaries and include locations less desirable than the subject area.

The lowest single family home price for the second quarter in Ravenswood was $350,000 for a brick rowhouse on West Foster Avenue just west of North Clark Street and the highest closing price was $900,000 just down the street from me on a resale single family home near North Winchester and West Winona.

Tell tale sign? There have been no one million dollar home sales in this core area for the first half of 2009. There were eight one million plus closings in 2008 for this same area. $645K looks like a bargain.

Steal a Chicago North Shore Home? Ask Jason.

My associate Jason Hartong at Rubloff was featured in a pretty interesting Chicago Tribune article on the North Shore upper bracket market.

Jason also writes Chicago North Shore Home & Beyond which features some terrific original photography. Wish we would contribute more.

Chicago Home Sales Statistics: Winning Streak Hits 4 Months

I was sent this story from Crain's today by my brokerage from our twitter account http://twitter.com/Rubloff

Chicago area home sales continue to be way down from last year. But for 2009 alone, actual sales have gained ground each of the past 4 months. May 2009 sales were down 18% compared to May of 2008. It was the first month this year sales were off less than 20%.
Check out the stats in the story linked above.

Ravenswood Market Statistics: A Walk in the Park?

Joe Askins of YoChicago.com and I get "green" and take a stroll in the natural habitat of Winnemac Park. This is one of my favorite areas to find a great deal on a single family home that is terrific for families. At about minute 4:45 I discuss the recent home sales statistics for Ravenswood and Lincoln Square.

Don't have time for the video? Just email or call. Here's a hint... condos down, single family homes... up.

Ravenswood Chicago Video Tours, Market Conditions

Here's a new series of Ravenswood videos I shot with YoChicago.com's Joe Askins. We finally had a terrific spring day with no monsoons or Swine Flu outbreaks to speak of.

There will be several videos discussing houses, condos, parks, schools and cool areas to live in Ravenswood.

New Chicago Market Statistics Widget!

The folks over at www.ChicagoCondosOnline.com sent me their new condo market statistics widget. It will be placed in the right hand sidebar.

For micro-statistics that relate directly to your home and neighborhood, please contact me.

Thanks Ric for the great widget!

Pending Home Sales up in the Midwest, December

I called the end of last year the "quarter of doom". However, national pending homes sales were up in December according the NAR and Realtor.org stories here.
"Midwest: jumped 12.8 percent to 83.7 but remains 1.2 percent below December 2007.

Lincoln Square Fourth Quarter Condo Sales Volume Down, Median Price Up

According to Chicago Association of Realtor's statistics, condo sales volume within the Lincoln Square designated neighborhood code were down 62% in the last quarter of the year compared to the same period in 2007. This area also includes the sizable Ravenswood neighborhood. 49 units were sold in the fourth quarter of 2008 down from the 128 of 2007. Unlike in some neighborhoods, there were no large developments that delivered units in Lincoln Square in 2007 that would skew the numbers.

Median price, however, was up 5% over that period. This was due, in my analysis, to the strong showing by higher-end new construction condos in the area. However, I also noted many re-sale units selling at appreciated numbers from their last transaction. The September and October financial crsis pretty much choked off sales in the entire city and, despite the increasing price per square foot in this burg, Lincoln Square was no exception.

This is good news for those looking to refinance or sell in Lincoln Square!

Ten Highlights from Chicago's Regional Economic Forecast

Rubloff mega-agents Greg Desmond, me and Andrew Gersten. Huge Rubloff Residential showing... because we're the best.

I attended the 2009 Regional Economic Forecast and the renovated Palmer House Hilton last Thursday evening despite the sub-zeroness (and I don't mean the refrigerator brand). This is one of my favorite seminars each year. The networking is terrific and I always see some great Realtors and industry people I've done business with or have exchanged ideas.

The Palmer House Hilton is just gorgeous... Quite a transformation from the gritty Wabash with the L trains and street bustle to an elegant, loungey, yet majestic environs. Ever since reading "The Devil in the White City", I can't help but imagine the scene here was very similar at the turn of the century. The cocktails and hors d'oeuvres didn't hurt either.

I don't have two hours to write this, so here's several highlights I gleamed from the four very comprehensive speakers:

1. From the academic perspective, jobs are the key to this recovery. Stimulus would be well directed to job creation.

2. Recessions in the past have sometimes seen an increase in home buying such as in 2001-2004. Interest rates were a factor during these times.

3. There is, on average, a 5 month lag to large scale economic stimulus such as the current interest rate drops. We are not yet seeing the full effect of the 5% interest rates as people take time to get interested and then shop for a home after responding to the stimulus.

4. Downtown development has stopped. Only a few large scale developments are scheduled to deliver in 2010-2112.

5. Middle America has been stable as far as home prices. Charts showed the roller coaster ride of the east and west coast, Arizona, Florida, Nevada etc... but places like Lexington Kentucky, Chicago, Houston, Nashville, Denver all resemble a slow increase in median home prices on a steady climb and a much smaller pull back (if any in some districts of those cities).

6. No one expects a recovery in 2009 and foreclosures are one of the larger issues due to lack of buyers (lack of buyers also due to a more difficult and stigmatized buying process of foreclosures).

7. Recovery of housing sales and decreased inventory will be seen at the lower end properties first.

8. People flock to quality product and location in down markets. Some downtown buildings have shown increased sales even in the downturn... suggesting demand for quality.

9. Median Price of homes in Cook County (a large, diverse area) is down $40K from 2007 peak.

10. The 2016 Olympics would be a boon for the construction industry and anyone who could rent their home out for two weeks!

Top Producer Michelle Brown of Rubloff somehow doesn't run away from me!

Quick Stats: Illinois Home Sales Down 33.9% in November

From my Illinois Association of Realtors updates:

Sharp drop in mortgage rates encouraging sign for housing market. With the recent Federal Reserve Board action resulting in lower mortgage interest rates in the 4 percent range, the Illinois Association of REALTORS® is optimistic this will be an encouraging incentive for homebuyers in the new year, states IAR President Pat Callan in the latest IAR housing report for November 2008 data. Total home sales (which include single-family homes and condominiums) were down 33.9 percent in November 2008 to 6,076 sales compared to November 2007 sales of 9,191. Year-to-date January through November 2008 sales were down 24.1 percent to 100,435 homes sold compared to 132,388 homes sold in the same 11-month period in 2007.

For analysis that matters for your specific situation and location, please call or email me.

One Million Dollar Homes Dominate: North Side Single Family Home Statistics

A recent Lincoln Square single family home sale for $1,497,500.

Just about every day I punch some sort of specific search into the the database resources I have. With the Chicago real estate market activity at a seasonal and current market condition influenced "stand-still", I felt I would take a broad look at single family homes. I work just as hard now to prepare for the traditionally increased sales activity we see from February to June than at any time of the year. It is helpful to know what's been sitting around as new listings start to hit at (hopefully) correction pricing come late January.

With several clients looking for North Side single family homes I thought I'd look at all pending and contingent homes under contract to see what's moving. I'm looking at my specialty neighborhoods going south to north of Near North, Lincoln Park, Northcenter, Lakeview, Ravenswood and Lincoln Square

*In these 5 core neighborhoods, there are 464 single family homes listed for sale in our MRED/MLS system. Prices range from $209,000 for a tear down on a small lot near Welles Park in Lincoln Square to $12,000,000 for a Gold Coast Mansion.

*292 of the single family homes are priced over $1,000,000 (172 under $1,000,000).

*Only 56 single family homes are under contract and heading towards closing. Prices range from $262,000 for a single family home in Bud Long Woods (great deal) to $3,950,000 for a Gold Coast six bedroom home on LaSalle.

*31 of these single family homes are under contract for over one million.

In this round-up of the five specific and desirable areas, the million dollar home seems to have the edge in offerings and contracts. It will be interesting to see if the under one million dollar single family homes will make a big jump in contracts in early 2009. As interest rates remain low and retired folks and career changers want out of their big homes, I suspect we'll see that jump.

Jim Cramer is Buying Houses

I don't usually post about the national scene. But here's a nice local analysis on Mr. Guru Jim Cramer's thoughts on CNBC's Mad Money from the Lake Geneva Real Estate blog.
I had just commented on Sam Zell's rosy housing outlook at YoChicago.com the other day. Now here's Jim Cramer coming out from under the rock... for homes.

All I know is I'd be in this Chicago market for a primary home for my family if I hadn't bought a place we love just two years ago. I did, however, try to buy an investment property in Chicago... and lost in a multiple offer. Nuts.
And, I didn't have to wait for Jim Cramer to tell me.