I'm going on the record once again to say that I look at Chicago property on a daily basis, be it in the car with clients or simply scouring the listings of each 'windy city' neighborhood (yes, its windy here today...very) for whatever is new and exciting on the market. I commit what I can to memory and download the rest into my follow-up system for pending and future appointments. Just this past week I brought my '3 Bedroom Clients' to everything worth showing in the 475-525K range in Lincoln Park; I exhausted the 'Under 300K 2 Bedroom Market' in Lakeview and Buena Park with another gentleman; and personally viewed every 'New Construction Single Family House' in the 1.5-2.5 Mil Bucktown/Wicker Park neighborhoods with 10 days or less on the market.

For my second showings I pulled the Property History on each and the Tax Records (previous recorded sales price) for the two places my clients and I plan on taking a run at. It was while doing this exercise that I noticed what I had been suspecting for some time but hadn't bothered to examine closely--Single Family Home and Condominium List prices have moved very little in the past 24 months. And while Market Time has been lingering across the board during this same period, price reductions have been minimal and price slashing has been almost nonexistent. And my Conclusion: No Real Estate Bubble here....just some overpriced listings taken by some well intentioned but 'hot air' listing agents.

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Geno Petro