Chicago Real Estate News & Neighborhood Notes

Buying a condo ChicagoIf you're a first-time buyer that desires to live in an area that prioritizes a community feel, great transit options, parks, and affordability, then this listing of neighborhoods is perfect for you. Whether you’re a first-time home-buyer, or looking to upgrade into a larger yet affordable space, here are 3 affordable communities to consider in 2020.

Bridgeport

Bridgeport is a walk-able neighborhood on the Southwest Side. Throughout the area, buyers will find charming cottages, landscaped row homes, and simple brick two-flats. With more than half the properties built before 1940, Bridgeport is prefect for those after a residence with some historic charm. Bridgeport is close to both Pilsen and Chinatown, which puts you close to a variety of ethnic

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Despite attempts by some to slow down gentrification along The 606, it seems slowing future development is unlikely. A recently released DePaul study shows a big jump in real estate prices along the western part of the trail in recent years, and it’s hard to imagine this trend slowing anytime soon.

In just the past seven years, prices have reportedly shot up a whopping 344 percent. Two northwest alderman attempted to freeze development in the area with a moratorium, but the mayor pushed back. In the meantime, however, the City Council has voted to ban demolitions, at least for the next six months.

Despite the short demolition ban, it may be too late to really have a big impact. While some have claimed the opening of the trail helped speed up gentrification,

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Chicago South Works Development SiteChicago's planning commissioner is proposing the massive, 415-acre South Works site along Lake Michigan be split up and sold to developers in the future, according to new reports.

The 415-acre property is ready for development, but the commissioner thinks it’s too big for just one developer to take on. That’s because the property in question is larger in size than all of Downtown Chicago.

Still owned by U.S. Steel, the property was once home to a steel plant. Closed decades ago, the plant has since been demolished and the property has mostly remained vacant over the years.

Despite several attempts in the past to develop the property into housing and possible mixed-use space, nothing has ever been built at the site. Had a megadevelopment ever gone

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If you’re in the market for a new home this year, there’s good news to report. The new year began with a drop in mortgage rates. Rates recently fell to their lowest level since October.

The average 30-year, fixed mortgage rate now sits at 3.69-percent. The rate drop came as buyer sentiment remained strong at the close of last year.

Fannie Mae’s Home Purchase Sentiment Index comes out monthly. It hit an all-time high in 2019 and stayed close to that to finish the year.

While many people believe it’s a good time to buy, housing demand also remains high. According to CoreLogic, national home prices increase about 3.7-percent annually in late 2019.

Some economists say a drop in mortgage rates is helping support a gain in sales activity and a gain in home prices.

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400 W. Huron CondosDespite a decline in luxury home sales in Chicago over the past 12 months, a completely overhauled condo at 400 W. Huron is asking $10 million, according to an exclusive from Crain’s.

The unit, which offers 5,000 square feet of living space, was originally purchased for $3.75 million in 2017, but the buyer, a Chicago oral surgeon, hired Box Studios and Steve + Filip Designs to finish the interior, which at the time of the original purchase was completely unfinished.

Along with its spectacular interior, the unit also has a whopping 7,200 square feet of patio space that also includes a private Jacuzzi and swimming pool.

While this unit clearly offers some extraordinary features, average condos for sale at 400 W. Huron have recently been asking between $1.3

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Preapproval mortgage tips Getting preapproved for a home loan can make or break your home or condo buying experience. To sellers, it’s a signal that you’re a serious buyer, and getting preapproved also helps give you a one-up over other buyers who might be interested in the same property you’re considering.

If you’re smart, you’ll start your home or condo buying experience with getting pre-approved. But before you apply, here’s a quick look at several tips to keep in mind that will also go a long way in securing the new home or condo you truly want…

Work on raising your credit score

Even if you already have a strong credit score, it doesn’t hurt to maximize it any way you can. The better your score, the better your rate.

Improve your DTI

By default, improving your

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Chicago First Time Condo BuyingBuying your first condo in Chicago should be a fun experience, but it can also be scary and stressful too if you’re not fully prepared and put yourself in the best possible position when it comes time to make some serious decisions. So if you’re planning to be in the market for a new home or condo and also happen to be a first-time home buyer, here’s our shortlist of missteps to avoid.

Start shopping for a condo before you’ve applied for a mortgage

We get it—looking around at available condos for sale is exciting and probably the most enjoyable part of the whole home buyer process. But if you aren’t already pre-approved, chances are other buyers will be and you’ll ultimately miss out on what could be your dream place. Plus, you never really know how

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Photo Courtesy of Matthew Brodeur

As the clock ticks down to Jan 1st Chicagoans are lining up to be the first to buy some Maryjane!
Below is a list of Chicago Neighborhoods where you can find the goods

ANDERSONVILLE
Dispensary33
5001 N. Clark St.
Hours on Jan 1; 6 a.m. – 9 p.m.
Regular Hours: 9 a.m.-9 p.m. Monday - Sunday


BUCKTOWN
 
NuMed Chicago
1308 W. North Ave.
Jan. 1 hours: 8 am.-7 pm 
Jan. 2: 11 am - 6 pm
Tuesday-Friday: 11pm -6pm
Saturday-Sunday: 12PM - 5PM
Closed Monday

GARFIELD RIDGE 
Midway Dispensary
5648 S Archer Ave.
Hours on Jan. 1: 10am – 8pm.
Regular Hours: Monday - Saturday 10am – 8pm.
Sunday 10am -5pm

JEFFERSON PARK
Columbia Care
4758 N. Milwaukee Ave.
Jan. 1 hours: 10am – 7pm
Regular hours: 10am - 7pm Monday-Friday 10am – 5pm Saturday

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If you're a first time home buyer looking for a condo in Lincoln Park, there are lots of different possibilities to consider. So to help get your search started, we've highlighted 4 unique buildings in the Lincoln Park neighborhood that might be a perfect fit, both in terms of lifestyle AND budget.

2600 N. Southport

2600 N. Southport is an awe-inspiring brick facade condo building  in an unbeatable location. The property is close to all that Lincoln Park and the Southport Corridor have to offer, including transit, fine dining, entertainment, shopping, theater, green parks, and so much more! The property built in 1978 has only 65 units varying in size which provides exclusivity and boutique style living at its finest.

345 W Fullerton

Located at

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Recent financial forecasts show that due to interest rates still being at historically low levels, home purchases are likely to elevate in 2020, especially among young and first-time home buyers. In fact, Washington D.C.-based Mortgage Bankers Association is also estimating that mortgage origination will grow 1.6% next year while home prices could in fact drop 2020, leading to more availability and options for buyers to consider.     

A strong job market is also helping home buyers obtain more purchasing power and placing more first time buyers in a position to finally make the transition to home ownership.

Anywhere between 8.3 to 9.2 million first-time home buyers are projected to become homeowners in the next 3 years, according to credit bureau

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