Chicago Real Estate News & Neighborhood Notes

When it comes to buying a new home, an inspection can sometimes make or break any chances of getting a final deal completed. Many buyers will go into a negotiation thinking the seller has left room on the table for future price negotiations after the home or condo has been inspected, therefore assuming they too should also leave a little bit of wiggle room when first presenting an offer.  In theory, this approach might seem somewhat logical, but in reality, it’s one of the most common ways to lose out on a home you may really want.

Despite common assumptions about sellers, most go through all the necessary motions of getting their home or condo in tip-top-shape before going to market, helping ensure any possible transaction will go as smoothly as

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Although the Chicago real estate market has traditionally been more active during the spring and fall seasons, that doesn’t necessarily mean those are the best times to buy if you’re in the market for a new home or condo. Prior to the days of the internet, activity surrounding the real estate market revolved around the school year, as most serious home buyers wanted to buy in the spring, move in the summer, and be all settled into their new home before school started back up in the fall.

In today’s home buying landscape however, so much more information is readily available online, and shopping for a new Chicago home can be done at any time of the day from the convenience of your own couch, resulting in more serious home buyers always being in the

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In a real estate market as active as downtown Chicago’s, it’s nearly impossible for home buyers to have an across-the-board strategy when it’s time to submit an offer. One common misconception buyers have about the home buying process is that full price should never be offered under any circumstances, which can often lead to those particular buyers missing out on a home or condo they really want.

One thing that’s important to recognize when making an offer is that market conditions are always changing, and how you go about submitting your offer should be based on a number of different factors that solely relate to the current state of the market, as well as each individual property.

In a hot sellers’ market for example, prices of homes and condos in

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In a world where so much information is accessible and available online, some home buyers mistakenly feel that the role of a buyer’s agent has greatly diminished. With photos and information relating to nearly every MLS listing now readily available on the internet, it’s easy to overlook how valuable a buyer’s agent can be during the long and sometimes complex home buying process.

Regardless of what some home buyers believe, the role of a buyer’s agent was never solely about getting home buyers access to home or condo that’s listed on the market. Instead, savvy home buyers should treat a buyer’s agent as a valuable resource who knows and understands the local real estate market, is aware of all the nearby comps, and can use superior negotiating skills

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So just what can $4.9 million buy you in downtown Chicago? Well, if you happen to be in the market for a new home at this exact moment, you’ll currently find three separate properties listed for exactly $4.9 million, and you can bet each of these listings offer something unique and desirable that should appeal to any luxury home or condo buyer, no matter their lifestyle preference.

77 E. Walton Place #27c

For those seeking a full amenity building with stunning city and lake views, as well as all kinds of common features that are sure to enhance your everyday life, the first $4.9 million home we’ll feature is an elegant 3-bedroom, 3 ½ bathroom condo at 77 E. Walton Place over in Chicago’s Gold Coast neighborhood. Also known as The Residences at 900,

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According to Zillow’s monthly Buyer-Seller Index, which was released last week, Streeterville and the Gold Coast—two of the most prestigious downtown neighborhoods—are among the top buyer’s markets right now in the Chicago metro area.

Although somewhat surprising, the report shows each of these two areas having a relatively high percentage of recent listings with a price cut, and a slightly lower sale-to-list-price ratio than some of the city’s neighborhoods with a strong seller’s market, like Logan Square and River North for example.

The index, which uses days on market stats, rate of price cuts, and sales-to-list price ratios to determine market conditions, doesn’t necessarily relate to home values in each particular neighborhood however, as

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When it comes down to it, there aren’t many things worse than moving to a different home or condo here in downtown Chicago. Boxing up all your belongings and loading up all your furniture can be quite a process, especially after you’ve already spent countless hours trying to find that right new place to call home.

Aside from all the heavy lifting, which of course is the worst part about any move, finding a place to park the truck, making sure the elevator is reserved, and of course reviewing all of the building’s strict move-in policies are only a fraction of what most people hate about moving in Chicago, and depending on what time of year it is, the weather or loads of other people moving in or out of the same building can certainly make any moving

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For those concerned about the lack of new condominium inventory in downtown Chicago, it seems developers are slowly but surely starting to bring more new construction condos to market. Earlier this month we learned more about a possible new Related Midwest project at 451 E. Grand that will be a combination of rentals and condos, while in the Gold Coast, a new condominium tower at 4 E. Elm is already underway that will add 35 ultra-luxurious units to a part of the city that hasn’t seen a new high-rise built in nearly a decade.   

Now, it looks as if River North will be the next location for another boutique condo project, as Smithfield Properties LLC has reportedly filed a zoning application to ultimately build a 15 story, 46 unit condo tower that would

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Over the past several years, downtown Chicago’s rental market has been, in a word, crazy. From the development and opening of buildings like 500 N. Lake Shore Drive, 111 W. Wacker, and Optima to the construction and planning of a handful of others that are still in the pipeline, there doesn’t seem to be a slowdown in the luxury rental craze coming anytime soon.

If you’re like many Chicagoans who are opting to rent rather than buy in the downtown area, there’s certainly a lot to consider, as the apartment landscape seems to be changing and evolving constantly. News for an apartment tower that will replace the old Howard Johnson Inn at LaSalle and Superior broke yesterday, while other projects nearing completion like Madison at Racine in the West Loop will

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Divvy Bike Sharing Expansion Details Released

Earlier this month, stats were released for Chicago’s very popular Divvy bike sharing program, with news also coming out about a possible expansion to bring even more Divvy bikes to Chicago’s neighborhoods in addition to 3,000 that are already part of the fleet.

Yesterday, even more details were released about the Divvy expansion, which is set to get underway in the spring of 2015. Once completed, the additional bikes and Divvy bike stations added next year would bring the system total to 475 stations, with 4,750 bikes in all.

As for possible locations for the new Divvy bike hubs, the company promises many will be in parts of Chicago that don’t already have a strong Divvy presence, claiming that

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