Prompted by NAR’s news that pending home sales in June were way down, I went back to check July homes closed…
Chicago single family home sales* were indeed way down – 40 homes closed in July was about 50% of the previous month, 35% of July 2009 and 55% of July 2007.
Ouch!
So how did the last month go?
Pending sales in JULY — homes that went under contract that will close in the next 30-45 days — was WORSE.
Only 20 homes went under contract between July 1 and July 31…
I do not mean to be an alarmist, but this looks grim, folks….
We had seen a glimmer of hope – sales looked great through June, and inventories for single family homes and condos had declined to between 7 and 9 months. It appeared that the market was stabilizing.
Today, with sales off and the number of listings even or up, there is again an 11.9 month inventory of single family homes for sale.
Clients are telling me that lending appears to be a huge factor in the inability of buyers to put deals together.
Appraisals are coming in too low – I had one appraisal come in this week at 60% of what it truly should have been
Advertised rates sound low, but they’re teasers only — the real rate for your situation may be very different than what is being touted on TV
* MRED Gold Coast, Lincoln Park, Lakeview, Uptown, Edgewater, North Center, Lincoln Square
There are many good choices for vintage, historic homes in Lakewood Balmoral. Two homes have closed this month, but there are still good options available for those interested in buying a single family home.
The best value in this Andersonville historic district is 5210 N Magnolia. The home was purchased just a couple years ago, but it has many upgrades and improvements since that date. It’s essentially in move-in condition, with a new kitchen, newly landscaped yard, newer baths, and more. At the same time, it retains some lovely vintage details. Like most Lakewood Balmoral homes, it’s on an oversized lot.
It’s not my listing — I’m endorsing it to my buyers who are looking for a lovely home in a fantastic neighborhood. Lakewood Balmoral, as an historic district, is an opportunity for buyers of single family homes to make improvements that could “freeze” their property taxes for 8 years. Qualifying vintage single family homeowners can also donate a “facade easement” that provides substantial savings on federal income taxes.
List Price
Sold Pr
Closed Date
MT
Beds
Baths
Lot Dim
5210
Magnolia
$875,000
45
4
2.1
37.5X123
5340
Lakewood
$925,000
103
6
4.1
37.5X123
5418
Magnolia
$975,000
36
6
2
40 X 120
5440
Magnolia
$1,190,000
99
5
2.1
50X123
5407
Lakewood
$875,000
$835,000
7/15/2010
88
3
3
35X123
5312
Magnolia
$925,000
$900,000
6/30/2010
28
6
3.1
25X123
To see this or other homes for sale in Lakewood Balmoral, contact Anne Rossley at Prudential Rubloff.
Interested in learning more about tax savings in historic districts, or learning more about donating your facade for federal tax savings? Call today!
View homes in the neighborhood – check out the slide show in this blog’s sidebar. Lakewood Balmoral is an historic district in Andersonville, part of the Edgewater Community.
View Lakewood Balmoral Historic District in a larger map
Not only is my new listing on Edgewater Beach (now Osterman Beach) a spectacular home at an incredible price — it also has a PAST!
Playboy Magazine Designed my Condo Listing?
Penthouse room opens to private roof terrace
According to JT, the Beach Point Tower garage man for 48 years, the penthouse at 5801 N Sheridan Road was modified by Playboy Magazine for photo shoots! I suppose it makes sense – the roof terrace is totally private on two sides, with 500 square feet exposed to miles and miles of gorgeous, panoramic Lake Michigan and sandy beach views. The penthouse room (2nd floor den/bedroom) was added to the 21st floor roof, and one could call the secluded room with (now decorative) fireplace and floor to ceiling windows very sexy…
This is the ONLY 21st floor room and the only rooftop terrace in the building. Exclusive!!!
This lore adds to what’s already a great story…
The current owners of over 20 years have lovingly rehabbed the 1800 square foot unit. The 20th floor ‘C’ unit’s original 2nd bedroom was opened up, creating an expansive 31′x25′ great room Living Room with unobstructed north and east views– you’re immediately struck by the sweeping panoramic views of Lake Michigan.
The kitchen is new, with granite counters, glass front cabinetry and decorative shelving. Archways in and out of the dining area create architectural interest and an added granite buffet makes entertaining a breeze. The condo is a study in clean lines — new tile, new wood floors and moldings. The two baths are fresh, too — white on white tile in interesting patterns sparkle. You’ll have trouble deciding if you’ll decorate in black/chrome minimalist Mies-type style or” tropical vacation” seagrass comfort!
Beach Point Tower is a gem as well!
The intimate, 90 unit building sits directly on Osterman Beach, where the lakefront bike trail begins (and yes, the building has a bike room!). Because there is no public parking for this beach, it feels like you’re at a resort with the open and vast stretches of sand and relatively few people, even on a hot weekend afternoon! The building takes advantage of this situation – a large party room overlooks the beach. You can also entertain in the patio garden with picnic tables and barbecue grill, which directly accesses the beach but retains privacy for your guests. The new park district’s beach house opened July 4th.
The building is just one block north of Lake Shore Drive, and it’s just a short walk to the red line El stop. The 136, 151, and 147 Express are just outside the door. Whether you’re commuting north, south, or west — the location is great!
Why are you waiting? See this condo!
This once-in-a-lifetime property will not be available long. Contact Anne Rossley at Prudential Rubloff (773-620-5333) for a showing appointment.
Chicago real estate, particularly condo sales, have been hit by the recession. At one point, the glut of condos on the market exceeded 2 years worth of inventory. Condo sales lagged, priced dropped, and it was a buyers’ market all around.
In June, however, condo sales were great! On Chicago’s north side*, 825 units closed. This [...]
Single Family Home sales on Chicago’s north side are looking better all the time. In June, 79 homes closed on Chicago’s north side*, a steady increase over the previous month, and up 84% over June 2009.
Median prices declined this month- down 7% vs the previous month (May ‘10) and -16% vs June 2009.
Come see these great condos for sale
in Albany Park!….
4830 N Albany 2N- $ 275,000
Open 11 – 1 pm
This fantastic 2 bedroom plus den rehab (1600-ish square feet) is only 4 year new but looks like new construction! Brazilian wood floors, stainless and granite kitchen, sunny front [...]
This week’s economic indicators from the National Association of Realtors are not surprising:
Mortgage applications are down
Consumer Confidence is down from previous month to 53
Pending sales are down, due to the conclusion of the home buyer tax incentives
The house and senate passed an extension so that currently pending sales may close later and still qualify for [...]
It can be easy for home buyers to overlook home insurance costs. Most buyers tend to focus on factors such as quality of neighborhood, property taxes, school districts and available recreational and cultural outlets. But the seemingly mundane detail of home insurance can add up to a big investment. The size, location, construction and overall [...]
A new website has been brought to my attention –
Parking Spotter is a site designed to bring parking landlord (or owner) and potential parking renter (or buyer) together. It has great possibilities, but today not enough people are using the site.
A condo listing without parking in a “parking-poor” neighborhood like Lincoln Park is a tough [...]
This month, $4 Million is the price for 2248 N Orchard, a new 8,550 square foot 6 bedroom home on a 31 foot wide lot. Located near Oz Park in Chicago’s Lincoln Park neighborhood, the home includes a mahogany paneled library, 2 tiered terrace with fireplace, and an elevator to all levels, including the [...]
