Great value for a 2 bedroom updated condo just south of Old Town in the Gold Coast. Currently priced at $229,000, the recent kitchen renovation includes new cabinets, appliances and granite countertops. The removal of a kitchen wall was inspired by the homeowner’s desire for an open floor plan and that was wonderfully accomplished. The living area features a tiled woodburning fireplace and new laminate wood flooring. The bathroom was tastefully renovated to include neutral tile, a new vanity and sink, and a free standing glass door. Both bedrooms have been recarpeted in the past month and tasteful lighting has been added to the main living area. It is located close to retail, transportation, and Lake Michigan. The “New Orleans” inspired courtyard is in full bloom during the summer and is used as a building retreat to wine and dine. Attached garage parking is available for only $150 per month. Check out the photos and floor plan at: http://www.seetheproperty.com/presentation/panorama.php?Branded=0&order_id=57228
Now that the tax credit is over, what is going to happen to the markets???
April 30th was the final day to place your property under contract to be eligible for the housing tax credits that the federal government instituted last year. Now that the deadline has passed, what is going to happen to home prices in Evanston and the North Shore?
One general theory that I adhere to is that the prices of houses and condos that were targeted by first-time homebuyers will continue to decline. The artificial deadline of the tax credit created inflated demand that helped to temporarily stabilize housing prices. I believe that these prices will remain stabilized for the short-term, 1 or 2 months, because the supply has been reduced. However, as the supply increases and the demand goes back to “normal” levels, the market will correct itself and prices will most likely decline.
I am more optimistic for single family houses that are priced from $450,000 to $850,000. These are homes that were affected by the $6500 “trade-up” tax credit, but they are also homes that are targeted by young families and empty-nesters that are looking to downsize. These are two demographically significant groups that will make up the lion’s share of the market’s future sales. For instance, single-family homes in Evanston that are priced within this price range continue to experience favorable sales and have seen relative price stabilization.
Please contact me with any questions regarding real estate in Chicago and the North Shore suburbs.
Geoff Brown Discusses Issues Facing Chicago and North Shore Renters
Issues Facing Renters
If you are currently looking to lease a house or condo, there are some pitfalls that other people in your position have run into. Due to the large amount of inventory of single family homes and condos that are on the market in Chicago and the North Shore suburbs, many homeowners have decided to lease their properties, either as a means to “wait out” the current real estate market or because they are unable to sell their homes.
If you are looking to lease one of these properties please be aware of these potential problems that might arise:
1. The homeowner has defaulted on their loan and the property will be foreclosed on by the lender. This problem is occurring often and once the property has been foreclosed on, the lender has the right to remove the tenant from the property. This is a major headache, at the least, for the tenant and most likely will result in monetary loss from moving costs and added stress.
2. The homeowner has moved out of state and has not hired a local property manager to manage the property. This also occurs often and the tenants often have a difficult time getting repairs taken care of when something goes wrong in the home, such as plumbing or electrical issues.
For more information on leasing properties, both as a lessee and a lessor, please contact me to discuss.
Tax Credit Applies to Chicago, Evanston, Wilmette, Skokie and Morton Grove Buyers
Once again, I would like to focus on the First Time Homebuyer Tax Credit. There are less than 60 days until a property has to be under contract to take advantage of this credit.
When I am showing perspective buyers properties in Chicago, Evanston, Wilmette, Skokie and Morton Grove, I am often asked for information on the tax credit. While perusing the web I found a wonderful site that was set up by Better Homes and Garden Realty that thoroughly explains the tax credit. The link is www.homebuyertaxcredit.com. I strongly urge first time homebuyers and current homeowners who are in the process of selling their homes to visit this site.
How a Baby Effects your Home Search
In my last blog on real estate in Chicago and the North Shore suburbs mentioned that I recently became a father for the third time. I would like to focus on what questions arise when preparing to purchase a home when you are expecting and what to look for to make the first year as enjoyable for you as it should be.
First of all, it is far easier on your family to move prior to having a child. I recommend giving yourself at least 2 months to become acquainted with a new house. If you chose to wait, put your search on hold and resume once the baby is around 3 months old. This enables you to have time to focus on what is important and not add stress to your life that comes with searching for a new home.
A few things to think about when searching for a new home with a newborn on the way (or already here!):
1. Can you walk anywhere from your new home? Is there a park or a café nearby? Being able to put the baby in a stroller and get out of the house will literally save you at times!
a. This can be an important factor when deciding to purchase a condo in a densely populated area, such as Lincoln Park, or a home in the suburbs, such as Wilmette.
2. Is there a garage? From personal experience it is more difficult to lug a baby in and out of a car when it is parked on the street. Unfortunately, a garage is a luxury for many of us.
3. Does the house have a decent sized family room? You will be spending an inordinate amount of time in this room, so make sure that it fits your taste.
Please contact me with questions regarding real estate and how to find the perfect home with a newborn.
