Saturday, January 21, 2006
The following is a sampling of the North Side Chicago market year-to-date 2006, as I see it:
Since the beginning of the year my 1541 W. Roscoe Penthouse sold and closed for $540,000; My 2327 W. Medill Penthouse listed at $599,900 went under contract for near list price and just closed. 230 E. Ontario #303, an investment condo downtown, is being negotiated as of this writing.
1015 W. Barry is an awesome property in the heart of Lakeview--perfect for a small family or artistic couple. Its a Single Family House listed at $624,900 open Sundays from Noon til 3:00PM. A Virtual Tour (VT) for it and all my listings can be viewed at ChicagoHomeEstates.com.
My 670 W. Irving Park in the landmark Pattington has been off the market since Christmas but will be coming back on in February. It is listed at $359,900 and is gorgeous. See VT.
On the buy side I closed 1133 W. Cornelia in Wrigleyville for $500,000--$25,000 under list price, and represented a client with an offer on a Gold Coast investment unit at 1212 N. Lasalle. This past week I negotiated a contract on a $450,000 Loft in Wicker Park for the fellow I send my mortgage business to.
I will be marketing a New Construction Single Family House on an oversized lot for 1.4 million in early March in the Lincoln Square area and I just listed a West Loop Loft with skyline views at 1200 W. Monroe priced at $399,900. Weekends from 1-4 I host Open Houses at 1835 N. Wolcott, a Single Family House in Bucktown listed at 1,499,000 as well as my 1015 Barry House in Lake view.
Please call or e-mail me anytime, I return all calls and messages promptly. Check out our website at ChicagoHomeEstates.com where the Chicago MLS is at your fingertips. Also check out Blockshopper.com for comparable closed properties in the Lincoln Park and Lakeview neighborhoods. Its a great place for info.
Chicago Home Estates
Posted by Geno Petro at 12:03 PM
Tuesday, January 03, 2006
Being a Developer
Rarely a week goes by without someone asking me about developing their own project--be it a new construction condo project, building a single family home as a vanity residence or buying an old apartment building to convert. What most people don't realize is there are scores of licensed Realtors in the Chicagoland area looking to do the same thing for themselves, not to mention all the Attorneys and Bankers with access to even more privileged information on distressed or unlisted properties from tax and estate scenarios. And most Realtors skilled in this area already have a strong portfolio of experienced Builders ready to pay cash and close in 30 days for the right property. I always have a buyer for the right piece of Land.
It used to be that a novice investor could take a position on a property and "flip" it to another buyer before or at Closing with little risk or downside. Banking is so regulated now (as far as RESPA is concerned) and the margin is so tight on new construction that this once common occurance is now becoming a rarity. As of this writing, condo inventory is high in Chicago. I.E...there's a lot on the market to choose from. The rapid appreciation of previous years has turned to a more gradual steady growth.
Land, on the other hand continues to briskly appreciate but the zoning and permit process in the city is such, that only the most expert and experienced of investors should proceed and with caution. What's right for tearing down and developing on one block might be a totally bad move just across the street. The following are just a few things that the would be developer has to know and possess: F.A.R, Zoning Laws and Regulations, Setback Requirements, Height Restrictions, Exception and Variance Restrictions, Neighborhood Covenants, the Alderman's Desires, the Permit Process, Reliable Architect Counsel, Expert Legal Counsel, A Strong Trade Resource, Cash, and the ability to close in 30 days! That's just for starters.
The world of Real Estate is an exciting and vibrant one--especially in Chicago. Just remember that due diligence is in order, consult professionals before proceeding and when its time to make an offer, "Cash" is King.
Chicago Home Estates
Posted by Geno Petro at 12:16 PM