Chicago's Real Estate News & Information

Stimulate This Sellers and Buyers! $6500 and $8000 each

Jim Gramata (Gramata Realty Group) — Thu, 05 Nov 2009 15:56:04 -0600

Congress has extended and expanded the homebuyer tax credit and is just waiting for the presidents signature.

First-time buyers basically get the same deal ($8000) but that now defines first time buyer as anyone not having owned a principal residence for three years prior to their purchase (they can be previous owners just not recently). Also, now current homeowners too can benefit an amount up to $6500 from the date of enactment as long as they sell a home they've lived in the home for five of the past eight years and make a purchase (write a binding contract to purchase effective on or before April 30, 2010. Income limits were extended to $125,000 for single and up to $225,000 for married couples which is awesome in our area.

Below is a link to the proposal (pdf file: 426kb) and what it can mean for you

www.jimgramata.com/2009-NAR-BUYER-SELLER-Tax-Credit.pdf

The modifications in the column labeled “December 1 – April 30, 2010” become effective when President Obama signs the bill. All changes made to the current credit become effective on that date, as well. Any questions let me know (contact info on pdf).

While many may claim this is a continuation of an artificial stimulation of the economy I would say there is some truth to that however it is also acting as method of getting buyers and now sellers off the fence if they need to move for one reason or another but were waiting for the right time.

Well usually when you know the time is right it is already too late to maximize the returns being seen these days. I am so glad we are extending this credit and expanding it to sellers AND increasing the income limits.

Awesome news! It will have an impact!

Can't wait until April 30th. Contracts will be ready to write....

New Wicker Park 2BR 2 1/2BA Dog Friendly Condos

Jim Gramata (Gramata Realty Group) — Tue, 20 Oct 2009 16:47:35 -0500

Welcome to affordable living in Wicker Park ! Absolutely stunning newer construction (2001) residence in Chicago’s Wicker Park/East Villiage neighborhood. Retail, restaurants, nightlife, shopping, coffee shops, bars, theaters, expressway and more all nearby. “Walkers' Paradise” Walk Score of 95/100. Visit www.WickerParkChicagoCondos.com

Bright, contemporary and open west facing residence with soaring 10-foot ceilings with floor to ceiling windows. Large functional kitchen with eat-in island and large open two story living area with adjoining dining area and adjoining powder room. In addition, this residence comes with three front facing outdoor terraces so no excuses not to be outside on the deck grilling, people watching and enjoying life.

Dog friendly condo in Wicker Park East Village so bring the pooch to check it out too. (An Official Chicago DogPads.net Dog-friendly Home). Garage space included.

Call Jim at 773.252.HOME, send a text or email him at jim@rememberjim.com today to make an appointment. This condo is a DogPads.net dog friendly certified Chicago condominium!

Dog-friendly West Loop Chicago Condo: 1BR plus Den and Party Room AND DOG RUN!!!

Jim Gramata (Gramata Realty Group) — Sat, 26 Sep 2009 09:16:56 -0500

Welcome to affordable living in the West Loop !

Absolutely stunning new construction residence in Chicago’s West Loop neighborhood. Retail at street level and restaurants, nightlife, shopping, coffee shops, bars, theaters, expressway and more all nearby. “Very Walkable” Walk Score of 89/100. Visit www.WestLoopChicagoCondos.com

Bright, contemporary and open west facing residence with soaring 10-foot ceilings and floor to ceiling windows. Large functional kitchen with eat-in island and large open living area with adjoining dining area for guests with adjoining powder room. In addition, this residence comes with an office/den with floor to ceiling windows and full west exposure with storage closet. Large private master retreat with walk-in closet and beautiful limestone tile and large vanity. Private open-air balcony looking out over the beautifully landscaped 4th floor common open air plaza with pavers, community grills, benches and separate dog run area (An Official Chicago DogPads.net Dog-friendly Home). One heated indoor parking is available.

Sky Cub party room on the 10th floor with an indoor/outdoor recreation area including an open air terrace with gas grills and picnic areas, sun deck with lounge furniture and a large party room with a wet bar, rec room, pool table and large screen tv available for private functions.

Call Jim at 773.252.HOME, send a text or email him at jim@rememberjim.com today to make an appointment. This condo is a DogPads.net dog friendly certified Chicago condominium!

Edgewater Architect-designed Condo for Sale in Chicago

Jim Gramata (Gramata Realty Group) — Mon, 20 Jul 2009 15:18:02 -0500

STUNNING SPACIOUS & OPEN ARCHITECT-DESIGNED 3BR CONDO IN THE HEART OF EDGEWATER WITH ATTENTION TO EVERY DETAIL. LARGE LIVING ROOM & SUNNY SITTING ROOM, OVERSIZED BEDROOMS AND SPA-LIKE BATHROOM W/STARCK DESIGNER FIXTURES. FRENCH DOORS LEAD TO LARGE CHEF'S KITCHEN/ GREAT ROOM LAYOUT. VIKING OVEN, BOSCH D/W AND CUSTOM CABINETRY. SUN ROOM LOOKS OVER BEAUTIFUL IVY YARDS. GARAGE SPACE INCLUDED. RED LINE & LAKE SO CLOSE! $389,000 INCLUDES GARAGE PARKING!

SORRY, BUT THIS CONDO IS NOT A DOGPADS.NET OFFICIAL DOG-FRIENDLY CONDO

CONTACT JIM GRAMATA AT REMEMBERJIM@KW.COM FOR MORE INFORMATION ON THS CONDO OR VISIT WWW.REMEMBERJIM.COM

VIRTUAL TOUR

Bucktown Dog Friendly Featured Condo

Jim Gramata (Gramata Realty Group) — Fri, 19 Jun 2009 13:17:07 -0500

Welcome to affordable living in Bucktown !

Absolutely stunning recently renovated vintage 2BR condo just off of Armitage and west of Damen in Bucktown at 2017 North Leavitt Street (directions). Great Bucktown residence with an unbeatable location at this price. Walkers’ Paradise Walk Score: 91/100.

Spacious, sunny and bright contemporary feel with vintage details. Cherry kitchen cabinets with granite countertops with peninsula with bar stool seating. In-unit laundry and extra storage too. Clean and move-in condition. A true must see. Street parking a breeze or rental parking nearby. Low taxes and assessments are only $201 per month.

Call Jim at 773.252.HOME, send a text or email him at rememberjim@kw.com today to make appointment or for more details on this great Bucktown opportunity. Visit www.bucktownchicagocondos.com for more information about this featured Chicago property

Property Features include:

Renovated residence in 2003
2 Bedrooms (split layout)
1 Full Bathroom with linen closet
South-facing into courtyard
Granite countertops & Cherry cabinets
Central heat & air conditioning
Rear deck/stairs off kitchen
In-unit washer and dryer
HD CATV included in assessment
Ample street parking or rental options
Private Storage and bike room
Western Blue line “L” stop
Convenient to shops & restaurants
Walk Score: 91/100 Walkers Paradise!
DogPads.net Dog-friendly Condo

East Lakeview Featured Condo

Jim Gramata (Gramata Realty Group) — Thu, 18 Jun 2009 09:08:29 -0500

Welcome to affordable living in Lakeview ! 3440 N Lake Shore Drive for only $219,000

Absolutely stunning 1BR condo overlooking Belmont Harbor, Lake Michigan and Lincoln Park. Enjoy the sites of the city from your own private balcony. Updated home with hardwood flooring throughout with a new kitchen (2009).

Assessments include your Heat, Air conditioning, Cable, Fitness room, 24/7 doorman, 3 shift maintenance staff and more. Commercial grade laundry in basement. On site management company and a friendly, courteous door staff to greet you and accept packages. Valet parking available for $140/month. Treasure Island and Broadway street retail and restaurants just west and our most treasured commodity, Lake Michigan and Lincoln Park to the east. Call Jim today for more details.

Sorry, not a DogPads.net Dog Friendly Building.

Welcome home.

Housing Bubble Correction and the Opportunity it Presents

Jim Gramata (Gramata Realty Group) — Fri, 24 Apr 2009 15:10:53 -0500

A sign of recovery? If you have to ask ‘have we recovered yet’ chances are we have not. However, by the time we know we have recovered we will have been recovered for some time. Remember we didn’t diagnose the recession until three quarters later.

Warren Buffet says, “If you wait for the robins, Spring will be over”. In my opinion, the best opportunities come at the bottom of the market cycle when depression and worry are at their peak. I’d say we are pretty close to that now. The market is correcting itself in a healthy way. When prices inflate beyond a normal appreciation (~5% annually) the market requires corrections and that is what is happening now. Correction means opportunity. Look at the graph below and it spotlights the need for this correction (figures are national).

Once local indicator of housing pricing and recovery is to measure the absorption rate. In a healthy balanced market we could expect five to six months supply of units on the market (if no new inventory came on the market that is how long it would take to sell the current housing stock). In most areas we are well into double digit absorption rates. In many areas we are into years to absorb the current supply!
That’s the Chicago buzz for now. Visit www.ChicagoHomeBuzz.com for the latest market buzz!

East Lakeview Featured Chicago Condo 60657

Jim Gramata (Gramata Realty Group) — Thu, 23 Apr 2009 16:25:41 -0500

Welcome to affordable living in East Lakeview Chicago and Our Featured Lakeview Dog-friendly Chicago Condo ! Absolutely stunning recently renovated 2BR condo just off of Broadway in East Lakeview at 634 W Roscoe 3S. LOCATION LOCATION LOCATION, CONDITION CONDITION CONDITION, PRICE PRICE PRICE. It's got it all. Great starter residence with an unbeatable location at this price. A Walkers’ Paradise Walk Score of 95/100. Renovated in 2001 with newer kitchen with granite countertops and a outdoor deck for summer fun. In-unit laundry and extra storage too. Clean and move-in condition. A true must see. Permit street parking a breeze or I have a rental garage option within 50 yards of this home. Low taxes and assessments are only $153 per month. A DogPads.net Chicago Dog-friendly featured condo. See pictures here See directions here OPEN HOUSE SATURDAY 4-25 from 11am to 1pm. Join us! Visit www.lakeviewchicagocondos.com for more about this featured Chicago property Call Jim at 773.252.HOME or send him a text or email today to make appointment or for more details on this great Bucktown opportunity. Property features: •2 Bedrooms • 1 Full Bathroom • Renovated residence in 2001 • Sunny top floor unit • Granite countertops • Updated kitchen w/ cherry cabinets • Central heat & air conditioning • Rear deck • In-unit washer and dryer • Garage rental or permit street parking • Private storage and bike area • Belmont Brown or Addison Red “El” • Convenient to shops & restaurants •$156/month low assessment! •2007 taxes $2,609.81 •Walk Score; 95/100 Walkers’ Paradise! •Official DogPads.net Dog-friendly Chicago Condo

Buyers Penalized 1.5% for not having 25% down

Jim Gramata (Gramata Realty Group) — Sun, 22 Feb 2009 10:58:13 -0600

What kind of incentive are Fannie and Freddie offering to help build buyer confidence and stimulate the economy? How about a 3/4% penalty charge for buyers with good credit that don't have 25% down payments! If your credit is under 700 try a 1.5% penalty. While I realize they are trying to cover their tail from future property value tailspins, it seems to me there needs a solution which will not prevent buyers from buying especially good credit candidates. The risk could be underwritten with perhaps a lesser penalty charged to these buyers. Some lenders are fighting this ridiculous amended clause, but unless more people are aware of this there will not be any change. This article was posted on the NAHB e-letter I receive and I wanted to share the absurdity with my bloggers. There are alternatives such as FHA but those come with great limitations. It is getting a little crazy out there and you need to be aware.

As of April 1, Fannie Mae and Freddie Mac are increasing the delivery fees they charge lenders based on FICO scores, downpayment amounts and other loan characteristics. Most major lenders already are pricing in these higher fees, effectively raising costs to borrowers immediately. Lenders can pass these fees on to the consumer in the form of higher interest rates rather than as an upfront charge. Under the new guidelines, even applicants who assumed that their FICO credit scores would get them favorable rates will be charged more unless they can come up with downpayments of 30% or more. For example, a buyer with a 699 FICO score who brings a sizable downpayment of about 25% to the table will be hit with a 1.5% delivery fee at closing under the new guidelines. A buyer with a FICO score between 700 and 720 will pay an extra three-quarters of a point. Even someone with a 739 FICO — once considered a platinum guarantee of the best rates available — will get dinged with a quarter-point add-on. Condominium buyers who cannot come up with a 25% downpayment will be hit with a three-quarter point add-on penalty, no matter how high their credit score — simply because they are not purchasing a traditional detached, stand-alone house. Without congressional intervention or new marching orders from the companies’ regulator, the add-on fees are here to stay. But there’s an alternative available for just about anyone who wants to avoid the fees: Federal Housing Administration mortgages, where downpayments go as low as 3.5% and credit scores are not an issue for most applicants. (www.washingtonpost.com)

Washington Post (2/14/09); Kenneth R. Harney

Lakeivew Multi-unit Featured Multi-unit Home For Sale

Jim Gramata (Gramata Realty Group) — Wed, 11 Feb 2009 17:50:30 -0600

Lakeview's Southport Avenue Multi-unit Residence for Sale

This two-unit property Lakeview two-flat sits on a full size lot (24x125) in an RS3 zoning district on Chicago’s north side. The property is located at 3119 North Southport in the Lakeview neighborhood between Belmont Avenue (3200N) and Wellington (3000N) just south of Chicago’s popular destination Southport Corridor.

Property improvements include a two and one-half story frame two-unit residence with 2 car garage. The first floor unit includes a 2 bedroom plus office and one bathroom. The sunny bright unit includes in-unit washer and dryer and is currently leased until October, 2009 with a monthly rent of $1,745 including a garage parking space.

The second floor owner’s duplex unit includes a recently rehabbed 2 bedroom 2 bath unit with a bonus family room/office on the second level off the master bedroom. This sunny unit also includes an in-unit washer and dryer as well as an updated kitchen, hardwood flooring and pantry. There is a large deck off the eat-in kitchen which leads down to the fenced yard and two-car garage.

Great for live-in owner or solid rents for investor purchase. Review Walk Score on this property and all the features right outside the door including restaurants, shops and Belmont El stop

Visit www.lakeviewhomeschicago.com for more information today

Logan Square Featured Condo For Sale "on the boulevard"

Jim Gramata (Gramata Realty Group) — Wed, 11 Feb 2009 17:44:25 -0600

Welcome to our featured condo for sale just a block off of Logan Square!

Absolutely stunning recently renovated vintage 2BR plus flex room condo in Logan Square ‘on the boulevard’ at 2443 N Kedzie Blvd. Large front living room, sitting area and ‘flex room’ with piano (pics) with extra wide entry foyer. New granite countertops with large deck for summer fun. Large bedrooms and ample closet storage. Dog Friendly condo approved by DogPads.net!

Clean and move-in condition. A true must see. Secure parking space included in this price. Low taxes and assessments are only $225 per month.

Visit www.logansquarechicagocondos.com for more information, pictures and to schedule your showing today.

Lakeview Featured Multi-unit Property for Sale

Jim Gramata (Gramata Realty Group) — Wed, 11 Feb 2009 17:36:23 -0600

Bucktown Chicago Condos Featured Property

Jim Gramata (Gramata Realty Group) — Wed, 11 Feb 2009 17:19:03 -0600

Welcome to affordable living in Bucktown !

Absolutely stunning recently renovated vintage 2BR condo just off of Armitage and west of Damen in Bucktown at 2013 N Leavitt. Great starter residence with an unbeatable location at this price. A Walkers’ Paradise Walk Score of 88/100. Eat-in kitchen with granite countertops and a outdoor deck for summer fun. In-unit laundry and extra storage too. Clean and move-in condition. A true must see. Street parking a breeze. Low taxes and assessments are only $181 per month.

Visit www.bucktownchicagocondos.com for more information about this featured Chicago property

Lakeview (Chicago) Condos & Townhomes Chicago Home Buzz

Jim Gramata (Gramata Realty Group) — Sat, 24 Jan 2009 10:55:25 -0600

Total condos and townhomes units sold in Chicago's Lakeview neighborhood were down 37% with245 units sold in the fourth quarter, 2008 compared with 391 units sold in the fourth quarter, 2007. The median sales prices were down 9% to $315.000 from $347,000 in 2007 4Q and the average condo and townhome prices were down 36% in 2008 to $241,592 compared with $376,131 in 2007. Average market time was up 9% to 104 days.

Listen to the local professionals and look at the real numbers when trying to make sense of today's real estate market and your local micro-real estate economy. Even these numbers cannot be read on face value. Drill downs are required!

For more information and a Chicago Home Buzz market report visitwww.ChicagoHomeBuzz.com where this data will be available soon.

Jim

Lincoln Park Chicago Condo & Townhome Buzz 4Q 2008

Jim Gramata (Gramata Realty Group) — Sat, 24 Jan 2009 10:42:01 -0600

Total condos and townhomes units sold in Chicago's Lincoln Park neighborhood were down 41% with

128 units sold in the fourth quarter compared with 218 units sold in 2007 (4Q). The median sales prices were slightly down 1% to $427,100 (from $432,500 in 2007 4Q) and the average condo and townhome prices were down 7% in 2008 to $443,146 compared with $478,738 in 2007. Average market time was up 10% to 115 days.

Listen to the local professionals and look at the real numbers when trying to make sense and have an understanding of your local real estate economy. Even these numbers cannot be read on face value. Drill downs are required!

For more information and a Chicago Home Buzz market report visitwww.ChicagoHomeBuzz.com where this data will be available soon.

Jim

Buyer Urgency: How Do You Create It?

Jim Gramata (Gramata Realty Group) — Tue, 28 Oct 2008 14:40:47 -0500

I try and give my clients a balanced view of the market and really dedicate myself to advising them on what is best for them, not what will lead to the quickest sale for me. Sometimes I find myslelf saying, "You will just have to trust that my best intentions are to give you the actual (not inferred) professional information so you can make an informed decision about buying (or selling or whatever)". They usually say "We can tell (or we know) what kind of person you are and we do trust your opinion".

Here is an email I sent recently which highlights one way I try and educate my clients about the importance interest rates have on their purchase (instead of focusing on price drops which leads most news stories these days). In our search areas, there is a pretty healthy market in some areas so I can have this kind of conversation:

I completely understand your concerns about the market and the shift it is taking now and the impact that will have on your purchase. Here is some insight you might take into consideration when making your purchase which I think is really relevant. There are two important variables you should consider when buying in this market outside of condition and location: pricing (your concern) and the cost of money (loan rates). Nationally prices are down and rates are up. Locally the prices are up and down depending upon what neighborhood you are looking at. The rates were down, then up and now back down to where we started the year (yesterday was a good day dropping to the same rate as in February.

Look at the attached pdf showing the effect a 1/2 point increase in rates will have on your payment versus a 5% DROP in price. They are the same! See the article from Time Magazine outlining in more detail the concept of buying in this market and how rates are equally if not more important in our area. Rates are going to go up because of the inflationary pressures on them. Keeping an eye on the fluctuation in loan rates is more important than prices in our area because they are changing must faster.

Attached is the condo summary I finished a few weeks ago for the 3Q and while number of units are down across the board, pricing is relatively stable in most of the areas we are looking (Gold Coast average price up 3%, Lincoln Park up 1%, Lakeview down 1% etc.). In a healthy robust market, condos see a 3% annual average price increase in Chicago so these numbers are quite good in this market and compared to other areas in the city and beyond. This is certainly not what the media would have you believe; that the bottom is dropping out. Don't get me wrong, it IS in some areas of the country (and in the city). Look at West Ridge condo average prices DOWN 21% or sadly in Austin median prices down 43%. Look too in Lincoln Square/North Center a 14% increase in median prices compared with a year ago. That's pretty impressive. Summer quarter saw median prices up in Lakeview 4.72%, up in Lincoln Park 8.06% and up in the Gold Coast 2.44%.

Remember, while nationally you are correct prices will most likely continue to fall, areas like Lakeview and Old Town continue to see prices rise. Really the more important effect on your next purchase will be interest rates. Know this too I would not be saying this just to get a sale. I really believe these ideas to be true and especially considering you do not need to sell, it is a really good time to buy.

Old Town (Chicago) Market Report Fall, 2008

Jim Gramata (Gramata Realty Group) — Tue, 28 Oct 2008 11:52:55 -0500

Market Snapshot of the Old Town neighborhood in Chicago for condos market activity for Fall Quarter, 2008

The total number of Old Town , Chicago condos sold for the third quarter, 2008 was 614 units compared with 846 units in 2007 down 27% from the previous year and down 10% since 2003.

The median sales prices of Old Town (Chicago) condos for the same quarter was $397,000 compared with $377,000 in 2007 up 5% from the previous year and up 23% since 2003.

The average sales price of Old Town (Chicago) condos for the same quarter was $540,821 compared with $526,148 in 2007 up 3% from the previous year and up 38% since 2003. Note the disparity between median and average prices showing the skewed effect the higher priced Gold Coast condos has on the average price figures.

The average market time of GOld Town (Chicago) condos for the same quarter was 144 days compared with 119 days in 2007 up 21% from the previous year and up 129% since 2003.

For a full neighborhood and city wide report visit www.ChicagoHomeBuzz.com

Gold Coast Old Town (Chicago) Market Report Fall, 2008

Jim Gramata (Gramata Realty Group) — Tue, 28 Oct 2008 11:42:50 -0500

Market Snapshot of Gold Coast/Old Town (Chicago) condos for Fall Quarter, 2008 ChicagoHomeBuzz.com

The total number of Lincoln Park , Chicago condos sold for the third quarter, 2008 was 614 units compared with 846 units in 2007 down 27% from the previous year and down 10% since 2003.

The median sales prices of Gold Coast/Old Town (Chicago) condos for the same quarter was $397,000 compared with $377,000 in 2007 up 5% from the previous year and up 23% since 2003.

The average sales price of Gold Coast/Old Town (Chicago) condos for the same quarter was $540,821 compared with $526,148 in 2007 up 3% from the previous year and up 38% since 2003. Note the disparity between median and average prices showing the skewed effect the higher priced Gold COast condos has on the average price figures.

The average market time of Gold Coast/Old Town (Chicago) condos for the same quarter was 144 days compared with 119 days in 2007 up 21% from the previous year and up 129% since 2003.

For a full neighborhood and city wide report visit www.ChicagoHomeBuzz.com

Lincoln Park Single-family Market Snapshot Fall, 2008

Jim Gramata (Gramata Realty Group) — Mon, 27 Oct 2008 18:09:17 -0500

Market Snapshot of Lincoln Park (Chicago) single-family homes for Fall Quarter, 2008 ChicagoHomeBuzz.com

The total number of Lincoln Park , Chicago single-family homes sold for the third quarter, 2008 was 47 units compared with 53 units in 2007 down 11% from the previous year and down 10% since 2003.

The median sales prices of Lincoln Park , Chicago single-family homes for the same quarter was $1,300,000 compared with $1,425,000 in 2007 down 9% from the previous year and up 17% since 2003.

The average sales price of Lincoln Park , Chicago single-family homes for the same quarter was $1,528,101 compared with $1,719,981 in 2007 down 11% from the previous year and up 31% since 2003.

The average market time of Lincoln Park , Chicago single-family homes for the same quarter was 163 days compared with 174 days in 2007 down 6% from the previous year and up 159% since 2003.

For a full neighborhood and city wide report visit www.ChicagoHomeBuzz.com

Lincoln Park Condo Market Snapshot Fall, 2008

Jim Gramata (Gramata Realty Group) — Mon, 27 Oct 2008 18:01:59 -0500

Market Snapshot of Lincoln Park (Chicago) Condos for Fall Quarter, 2008 ChicagoHomeBuzz.com

The total number of Lincoln Park , Chicago condos sold for the third quarter, 2008 was 309 units compared with 295 units in 2007 up 30% from the previous year but down 30% since 2003.

The median sales prices of Lincoln Park , Chicago condos for the same quarter was $412,000 compared with $430,750 in 2007 down 4% from the previous year and up 17% since 2003.

The average sales price of Lincoln Park , Chicago condos for the same quarter was $465,037 compared with $458,382 in 2007 down 1% from the previous year and up 21% since 2003.

The average market time of Lincoln Park , Chicago condos for the same quarter was 101 days compared with 94 days in 2007 up 7% from the previous year and up 87% since 2003.

For a full neighborhood and city wide report visit www.ChicagoHomeBuzz.com

Market Snapshot of Lakeview Condos (Chicago) Fall Quarter, 2008

Jim Gramata (Gramata Realty Group) — Mon, 27 Oct 2008 17:43:47 -0500

Market Snapshot of Lakeview (Chicago) Condos for Fall Quarter, 2008 ChicagoHomeBuzz.com

The total number of Lakeview, Chicago condos sold for the third quarter, 2008 was 576 units compared with 700 units in 2007 down 18% from the previous year and and down 23% since 2003.

The median sales prices of Lakeview, Chicago condos for the same quarter was $339,500 compared with $331,065 in 2007 up 3% from the previous year and up 13% since 2003.

The average sales price of Lakeview, Chicago condos for the same quarter was $368,824 compared with $367,738 in 2007 down 1% from the previous year and up 15% since 2003.

The average market time of Lakeview, Chicago single-family homes for the same quarter was 98 days compared with 94 days in 2007 up 4% from the previous year and up 85% since 2003.

For a full neighborhood and city wide report visit www.ChicagoHomeBuzz.com

Market Snapshot of Lakeview (Chicago) Fall Quarter, 2008

Jim Gramata (Gramata Realty Group) — Mon, 27 Oct 2008 17:32:28 -0500

Market Snapshot of Lakeview (Chicago) Fall Quarter, 2008 ChicagoHomeBuzz.com

The total number of Lakeview, Chicago single-family homes sold for the third quarter, 2008 was 30 units compared with 42 units in 2007 down 29% from the previous year and and down 35% since 2003.

The median sales prices of Lakeview, Chicago single-family homes for the same quarter was $1,200,000 compared with $1,041,250 in 2007 up 15% from the previous year and up 64% since 2003.

The average sales price of Lakeview, Chicago single-family homes for the same quarter was $1.276,563 compared with $1.129,197 in 2007 up 13% from the previous year and up 51% since 2003.

The average market time of Lakeview, Chicago single-family homes for the same quarter was 169 days compared with 154 days in 2007 up 10% from the previous year and up 213% since 2003.

For a full neighborhood and city wide report visit www.ChicagoHomeBuzz.com

Chicago Dog MLS Search Site Finds “Pads” for Dogs (and their owners)

Jim Gramata (Gramata Realty Group) — Tue, 21 Oct 2008 21:48:29 -0500

DogPads.net finds “pads” for dogs (and their owners)

New website provides information to dog owners searching for a Chicago area home.

Chicago, IL, Tuesday, October 21, 2008 - According to the American Pet Products Manufacturers Association 2007-08 National Pet Owners Survey, 44.8 million U.S households own a dog which totals 74.8 million dogs owned in the United States. Dog owners who are looking for a new place to call home for their dog (and them) now have a place to go on the internet that provides a free service to help them find their next home. DogPads.net is a unique website designed for dog owners who are looking to buy a Chicago area condo or townhome that welcomes dogs. Real estate broker associate Jim Gramata of Keller Williams Lincoln Park Realty recently launched his dog-centric home buying website whose purpose is to provide a search service for buyers to help find all available active “pads” which meet their (pooch and buyer) search criteria. Currently designed sites focus on pet owners looking to rent homes, however, Gramata shifted this idea to provide a search site for dog-owners looking to buy a home in a pet-friendly building.

“The dogpads.net site was created out of lots of slobber and perspiration for the dog lovers out there looking for a home who would absolutely never consider living in a home without their pets. Dogs are a part of the family as much as any other member. They are part of the home buying decision-making process.” Gramata went on to say the mission of the site “is to supply a service to home buyers who are interested in filtering out the thousands and thousands of properties that do not welcome dogs saving them time and the frustration of learning this later. Why even look at a property if it would not allow your dog?”

Some of the current features of the site include a free report of available properties sent by email that meet the buyer’s search criteria including property pet restrictions, buyer’s neighborhoods of interest and price ranges. A second more advanced search method includes a secure dedicated website where buyers can login and receive and review daily online reports of active properties that meet the buyer’s search requirements. The buyer can make notes, get more detailed property information and can view interior pictures when available or request showing appointments.

Another feature coming soon will give buyers the ability to independently search for properties by stretching a box over an area of a neighborhood map and seeing real time what active properties fall within their search parameters which will greatly improve the delivery of information. “Buyers will have more interactive control of where they look since search criteria and interests can change daily. We want to put the search process in the buyers hands as much as possible.” Gramata said.

There is a “Your Dogs” page dedicated to posting pictures of the visitors dogs, as well as a Chicago ‘Dog Blog’ page and a page called Dog Spots which highlights local businesses that are dog-friendly. “We want the site to contain useful information from local businesses and organizations that share the same philosophy that dogs (and all animals) are an important part of the family and deserve a home in this great city of ours.” When asked if this meant the site would eventually be dominated by corporate sponsors, Gramata replied, “We do not want to create a site whose sole purpose is to sell advertising space for companies. Our mission is genuinely to distribute valuable information to our site visitors while improving their (and their pets) experience of finding a home in Chicago.”

The ‘beta’ version of the site is live now at www.dogpads.net and Gramata reports there are currently visitors who are using the site and are actively searching for properties in the area. ”We are happy to report that so far the DogPads.net site has been very well received. We are diligently creating daily search reports for each of our current home buyers who are trying to help them find their dog (and them) their next home.” The site is a refreshing innovative service long overlooked for home buyers and their dogs and if the site continues in the direction it has started it will continue to enhance the pet-friendly home-buying experience for dogs (and their owners) for years to come.

# # #

Jim Gramata is a licensed real estate broker in the State of Illinois and is currently with Keller Williams Lincoln Park located at 2106 N. Clark Street Chicago, IL 60614. He has been working in the real estate industry for over seventeen years which he began after he received his Masters of Architecture degree from The University of Illinois-Chicago. In 1991, he founded the Gramata Development Corporation where he designed and built single-family homes throughout Chicago area. His company mission and vision expanded in 2006 when he began his real estate sales and marketing team with the Gramata Realty Group. His dogs names are Norman (black lab, 14) and Gracie (terrier mix, 6). Jim can be reached at 773-315-6103 or at rememberjim@kw.com .

Chicago's Real Estate Market Report: Median Prices UP 25%!!!!

Jim Gramata (Gramata Realty Group) — Wed, 15 Oct 2008 11:22:01 -0500

Beware of summaries. They are for losers. Beware of the pessimist or the optimist. Look for the micro-economist in your neighborhood.

This is an historic time in our national economy and it really is incredible to watch since it is directly affecting each and every one of us. General summaries and market data are for losers and we frown on them. Why? Real estate operates in a local economy. Block by block, street by street, subdivision by subdivision. One street could be booming and the next street busting. Beware the pessimists or the optimists. Look for the micro-economist in your neighborhood.

Look at our median sales summary in our Chicago Home Buzz report: Median prices up almost 25%! Wow! This economy is doing great! Read on…summary points of view are worthless such as our summary used as an example of skewed data. The media in their infinitely diluted viewpoint continues to under report (or over sensationalize) the actual state of the real estate market. To their defense, it is impossible to write detailed reporting on the market because the real estate market operates on both a macro and micro level. Even when you get down to what you think is a micro-level, Gold Coast goes and screws everything up!

The real estate macro-economic condition is obviously just as important to each of us as what is happening in our back yards as evident by the turmoil in the markets. I’ll refrain from getting into details about why we are where we are but needless to say “A” grade securities which included junk, sub-prime mortgages (mortgages given to people who had no right getting a loan) were traded on Wall Street and across the global market at a hugely profitable speed and no regulator or moderator or Hedge Fund manager wanted that gravy train to stop. Trillions were made just as trillions were just lost in these past few weeks.

That said, let’s focus on what the crux of this Chicago Market report is about. Our LOCAL MICRO-ECONOMY. Chicago as compared to national indexes is doing well in many areas, and not so well in others. Our report focuses on the north side of Chicago with a focus on SINGLE FAMILY homes in the Fall Quarter, 2008 compared with Fall Quarter, 2007.

Median Price Activity for the Third Quarter, 2008 in Chicago:

Taking the Gold Coast/Loop out of the equation, median sales prices for the quarter dropped almost 14% to $412,444 down from $470,141 in 2007. If you add that area back in there is actually a 24.4% increase in median price, but that is because the single-family home median sales price had a few large transactions pushing the median price for the entire North Section up. All other areas showed a decline of median prices compared with last year with the WEST area leading the decline with an average 85% price drop on sales from $228,867 down to only $123,481. This is in large part due to the number of foreclosures leading the sales in this area. West Garfield Park led the decline in a staggering display of depreciation for the area with 5 units sold (up from only 3 in 2007) but a drop in median price from $189,000 down to a paltry $12,500, a 93% decline in median price. North Lawndale (down 78%), East Garfield Park (down 73%) and Humbolt Park (down 53%) were among the area leaders of decline in value. On the positive side, once again one of my HEAVY BULLISH neighborhoods (for condos, multi-unit or single-family investments) continues to be Lakeview in the LAKESHORE area. Median Prices saw a whopping 15% INCREASE from $1,041,250 up to $1,200,000 (average prices too saw an increase up 13%). Rogers Park too saw an unexpected increase in median price single-family homes up 11% from the previous quarter with a median sales price of $456,000. The bad news there was it took an increased market time average of 279 days UP 862% from 2007’s short 29 day market average. The leading declining area for the quarter was Uptown, West Ridge and Lincoln Square (down 21%, 18% and 17% ) for the area. Overall however, the Lakeshore section was down 5% for the quarter. Very little good news for the NORTHWEST section with the area prices down 18% from a median sale price of $387,450 to $329,357. The good news was the area saw good sales volume in units (there are deals to be had). The NORTH CENTRAL section saw Avondale and Albany Park leading area decliners down 30% and 23% but West Town (Wicker Park/Ukranian Village) saw a 5% increase in median price up to $727,000 for a median price home up from $690,000 last year. Bucktown/Logan Square too saw a slight uptick in median prices to $693,000 from $670,000 last year (average prices jumped 15% to $804,804 from $702,666 last year).

Unit Activity: Total units sold is down only 70 units across the North Section (-8.5%) compared with 3Q 2007.

The NORTHWEST section of the city is only showing 3% less units sold down from 296 to 286. In that same section, Norwood Park saw a 15% jump in sales from 54 units up to 62 and Dunning saw a significant uptick from 56 units sold in 2007 to 70 this quarter, 2008. However, some losers on units sold were Edison Park with a whopping 48% decline in units sold down to 14 units from 27 in 2007 and Jefferson Park down almost 30% from 45 units to only 32 this past quarter. Moving to the CENTRAL area, Avondale saw a whopping 183% increase in units sold up from 6 in 2007 to 17 in 2008 but the area saw an overall decline of 5% for the quarter. The WEST section saw an overall drop of 12% but areas like Belmont Cragin and Humbolt Park where single-family homes abound saw significant drops in unit volume down 30% and 13% respectively. The NORTH section dropped from 179 units to 170 however, the big news there is Avondale (while median prices are down 30%) saw a 183% increase in units sold from 6 to 17 with people most likely taking advantage of the buyers market and finding those deals which are out there.

Summaries are for losers. We already know there are pockets (and even pockets within the pockets we are reporting) where there are signs of growth in this dismal market. Overall for the City on the North section market times were longer (up 27.46%) to 185 days with no one area really better than the other. Uptown was the only neighborhood that saw an average market time below 100 at 93 days (down 36% from 2007). However, taking the skewed Gold Coast out of the microscope we can get a better glimpse of the actual numbers for the quarter. Total units sold were down 7.7% from 870 to 808. The median sales price dropped almost 14% with a few exceptions such as Uptown, Bucktown/Logan Square and West Town/Wicker Park which all showed a positive gain in median sales price compared to 3rd quarter 2007. If we do add the Gold Coast back in to the report we are really looking at a very positive gain in median prices for the quarter up 24.39%.

Beware of summaries. They are for losers. Beware of the pessimists or the optimists. Look for the micro-economist in your neighborhood.

For a download of this report so you can become educated about the local micro-economist please visit www.ChicagoHomeBuzz.com or email us and we will send you a pdf of the report (rememberjim@kw.com).

Oriole Park Affordable Single-Family Home

Jim Gramata (Gramata Realty Group) — Tue, 30 Sep 2008 13:33:28 -0500

Welcome to affordable living in Oriole ParkThis very affordable well kept and updated single-familyhome will make anyone a new great home. All the majorupdates are done (see back). Large yard in great location near shopping,expressway and Oriole Park. Lots of space and well designed and functional layout. Large front living room. Formal dining room. Large kitchen with spacious family room in rear which leads to large outdoor deck and back and side yards.

Very clean and move-in condition. New roof in 2006.Large fenced in side and rear yards. 2 1/2 car detached garage. Low taxes $2,359.87 (2006). Shopping and expressway all nearby. Oriole Park a few blocks away. Top performing Oriole Park Elementary School district.

Visit REMEMBERJIM.com or 7700Summerdale.info forphotos, slideshow, downloads, and more information