mario greco: What Kind of Homes do the Boomers Want?
- 02/26/09 06:50 AM
The Baby Boomers represent the largest generation in the United States. It’s little surprise, then, that homebuilders are especially interested in what Boomers want when it comes to housing. Today, at least according to an interesting story in the Chicago Tribune, Boomers want simple, maintenance-free homes. But they absolutely do not want anything that reminds them of how old they are getting. According to the U.S. Census Bureau, there are about 76 million Baby Boomers in the United States, all born between the years 1946 and 1964. Even though these Boomers are getting older – even they can’t stop the aging … (0 comments)
mario greco: Vacant Homes Are On The Rise
- 02/26/09 06:05 AM
The numbers right now aren’t good when it comes to the housing industry. Just look at the local numbers: Home sales in the city of Chicago came in at 20,589 in 2008, down a significant 25.1 percent from one year earlier. The median sales price of homes in Chicago stood at $290,000 last year, a smaller drop of 0.5 percent from 2007. Nationally, of course, the numbers are no better. Then comes this piece of news from the USA Today: A record one out of every nine U.S. homes is now vacant. A large number of vacant homes is a sure … (0 comments)
mario greco: No Condo Tower Next to Michigan Avenue Church
- 02/26/09 05:54 AM
Was it the opposition of local residents? Was it the struggling economy? Or was it the glut of unsold condominium units already on the market? Whatever the reason, a controversial condominium tower proposed for a lot next to a historic Michigan Avenue church is now dead. In a story reported by Crain’s Chicago Business, the Fourth Presbyterian Church of Chicago has given up on its plans to let a developer build a condo tower next to their church building, which has an official address of 126 E. Chestnut St., better known to passersby as the busy corner of Chestnut Street and … (0 comments)
mario greco: Home Sales, Prices in City Continue to Fall; It’s a Great Time to Buy
- 02/11/09 04:14 AM
Economists, my fellow REALTORS® and home sellers are all asking the same question: Has the housing industry finally reached bottom? It’s a good question. Unfortunately, no one knows. We all hope that housing prices are finally ready to start climbing again. And we all certainly hope that sales will soon pick up. But for now, at least, sellers are still struggling to move their homes. But while this isn’t wonderful news for sellers, it is great news for Chicago buyers. In today’s market, buyers interested in even the top city neighborhoods can find great value. Here’s why: In December of last … (0 comments)
mario greco: Explaining What The Federal Reserve Did In Plain English
- 02/11/09 04:02 AM
The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged today. It remains within a target range of 0.000-0.250 percent. In its press release, the FOMC reiterated most of the key points from its December 2008 statement, including: The U.S. employment outlook continues to deteriorate Consumers and businesses continue to cut spending The housing sector is still showing weakness In addition, the FOMC addressed the "extremely tight" credit conditions for U.S. households and business, even as it said some financial markets are showing signs of improvement. To the Fed, the latter is a precursor for the former. For … (0 comments)
mario greco: The Market Is Down, But Great Deals Abound
- 01/28/09 05:16 AM
If you’re debating whether it’s time to become a homeowner, you should know one thing: Housing is currently a great value in the city of Chicago. Housing prices are dipping across the city, including in some of its top neighborhoods. This means that buyers today can buy more home for their dollars than they’ve been able to for years. The numbers from the Illinois Association of REALTORS® back me up. According to the association, the median price for a home – including single-family residences, condominiums and co-ops – stood at $222,500 in November. That’s down 23.3 percent from November of last … (0 comments)
mario greco: NBC Spotlight Featured Listing: 33 W. Ontario #43B
- 01/28/09 03:58 AM
Click here to view footage of 33 W. Ontario #43B, featured on NBC last Sunday morning. This 1900 square foot, 3 bed/2.5 bathroom condominium is located in the Loop and features incredible wrap-around city and lake views from every room with ultra high-end finishes. The building itself boasts numerous amenities including a pool, private gym, roof deck, and complimentary grills for hosting BBQ’s and parties during the summer. Inside the unit, you will be treated to a professional-grade eat-in kitchen with granite countertops, cherry cabinets, and stainless steel appliances including a Viking range. The kitchen opens to a breakfast area and … (0 comments)
mario greco: Is Downsizing the New Trend Taking Place in Chicago and the Rest of the US?
- 01/26/09 03:28 AM
The trend has been brewing for a while now. You’ve probably heard the complaints from municipal officials and neighborhood residents about newly built homes that are just too large, that have backyards that take hours to mow, oversized open rooms that their owners never even use and enough living space to serve three or four families. Downsizing has become one of the hottest trends in residential real estate. Clients are calling me on a regular basis telling me that they’re interested in moving into smaller homes. They want to sell their larger properties and move into homes that they say are … (1 comments)
mario greco: More Signs of the Credit Crisis: Tenants Scrap Move-In Plans at Downtown Towers
- 01/20/09 07:15 AM
The national credit crisis – lenders tightening their standards so severely that it’s a struggle for anyone to qualify for financing -- has certainly slowed any possible recovery of Chicago’s housing market. If you need more proof of this, just check out this story in Crain’s Chicago Business. Two tenants have decded against moving into a pair of new office towers in downtown Chicago. Bridge Finance Group, which is based in Chicago, has dropped its plans to move into the top three levels of John Buck Co.’s tower at 155 N. Wacker Drive. Stockbridge Capital Partners LLC, a real estate investment … (0 comments)
mario greco: Grips of Segregation Waning in Many Popular Chicago Neighborhoods
- 01/20/09 06:24 AM
The Chicago Tribune has been running a series of outstanding feature stories focusing on Chicago’s history of segregation. You can read the latest of these stories here. The main point, though, is a sad one: Chicago is known as one of the most segregated cities in the country, with different races and ethnic groups rarely living amongst one another. There is some good news, though: This is changing. Yes, it’s changing slowly, but it’s still changing, nonetheless. In many of the neighborhoods where I help residents buy and sell homes, segregation is already less of an issue than it is in … (0 comments)
mario greco: Holiday Shopping Woes Provide More Evidence of Housing Market’s Importance
- 01/19/09 10:15 AM
It wasn’t the happiest of holiday seasons for retailers this year. And no wonder: With home prices and sales continuing to fall across the country, few people were in the mood to spend big on their holiday gifts this December. It shows once again just how important the home-selling business is to the health of our nation’s economy. SpendingPulse, a division of MasterCard Advisors that tracks sales paid for by credit card, checks and cash, came out with some depressing numbers regarding holiday shopping. According to preliminary figures, total retail sales during the holiday shopping season fell between 5.5 percent and … (0 comments)
mario greco: Remodeling? Tackle the Home-Improvement Projects That Pay Off
- 01/02/09 06:20 AM
There was a time when it looked like home remodeling was going to replace baseball as our country’s national pastime. The remodeling craze has since cooled down a bit, but this doesn’t mean that homeowners have totally abandoned the home-improvement craze, especially if they’re thinking of selling. The question, though, is this: If you want improve your home, what projects will pay off the most when it’s time to sell? The answer might be found in the National Association of REALTORS® Remodeling Cost vs. Value Report. The report, put out every year, highlights those home improvements that return the highest percentage … (0 comments)
mario greco: Tough Market Means Bad News for Local Condo Developers: Even Trump
- 01/02/09 05:59 AM
There was a time – not too long ago, actually – when every developer wanted to build a condo tower in downtown Chicago. And why not? During the residential housing boom, developers were able to sell the condos quickly, and for prices that rose as high as the towers themselves. Remember the heady days when Donald Trump first announced, and then broke ground on, Trump International Hotel & Tower? He was confident that he’d sell out his project in record time. Trump isn’t so confident today, as his development still hasn’t been finished and many of his condos sit unsold. And … (0 comments)
mario greco: A House is a Place to Live, Not Just an Investment
- 12/29/08 04:44 AM
There’s a big difference between buying into the stock market and purchasing residential real estate: Not only is a house a good long-term investment, it’s a place to live. This is something that many people seem to have forgotten as they worry about whether or not they will “lose money” by purchasing a home today. If you buy a home today in Chicago – even in some of the city’s top neighborhoods – you’ll be paying a price for your home that’s near 2005 levels. That’s a great bargain. And as long as you don’t expect to sell your home immediately, … (0 comments)
mario greco: Get Your House Showing Ready: Clean-Up the Clutter
- 12/29/08 04:36 AM
I’m sure we REALTORS® sometimes sound like broken records to our clients. But there are some things that bear repeating, no matter how many times you have to say them. “Make sure your home is ready for every showing,” is one of those things. In today’s slower housing market, your home will not get nearly as many showings as it did just two or three years ago. Even in Chicago’s top neighborhoods, places like Lakeview, Lincoln Square, Bucktown, the Gold Coast and Lincoln Park, the number of potential buyers is down from the years of the housing boom. This means that … (0 comments)
mario greco: Interest Rates Have Hit 4.75% and it Could Not Be a Better Time to Purchase a Home
- 12/18/08 05:18 AM
I hope that all of you are having a great holiday season despite the weather and gloomy economy. As many of you may know because the media is actually reporting it, interest rates on 30-yr FIXED conforming (loan amount of $417,000 or less) loans hit a low of 4.75% yesterday and are continuing to hover under 5% today. I am not a big proponent of pushing my buyers to think about buying before they're absolutely comfortable so I am sending this email after some deliberation as many of you have signed leases into 09 and '10 and others are waiting to … (2 comments)
mario greco: Think Carefully Before Investing in Local Foreclosures
- 12/17/08 09:32 AM
It’s tempting when you read about the growing number of housing foreclosures across the country and locally here in Chicago to consider entering the market for distressed properties. After all, there are plenty of housing bargains to be found, right? But before you take the plunge, you should consider this: Purchasing a foreclosed property or a short sale is far riskier - and much more challenging - than is buying a typical residential home. There is certainly an opportunity for investors to find foreclosed properties in the Chicago area. Geoff Smith, vice president of the Woodstock Institute, said recently that the … (0 comments)
mario greco: Boosting Your Credit Score is Key
- 12/17/08 09:15 AM
Today’s mortgage lenders are a lot more cautious about whom they pass out mortgage loans to. During the heyday of the housing boom, even borrowers with suspect credit – not to mention high levels of debt and shaky job histories – were able to obtain mortgage loans with low interest rates. Thanks to the credit crisis currently gripping our nation, this is no longer the case. Today, borrowers better have solid credit if they hope to qualify for any mortgage loan at all. What if your credit isn’t the best? Don’t panic. You can rebuild your credit score. It will take … (0 comments)
mario greco: When Looking For a Realtor, Find a Consultant Not a Salesman
- 12/17/08 09:06 AM
Now that we are suffering through one of the most serious housing slumps that I can remember, much of what I’ve long told buyers and sellers suddenly carries more weight. There is no clearer example of this then my longstanding recommendation that homeowners and buyers work with REALTORS® who are advisors, not mere order takers, when buying or selling a house. During the housing boom, REALTORS® didn’t have to work as hard to be successful. Homes sold in record time. Sellers juggled multiple offers. And buyers were willing to pay full listing price or higher to get their dream homes. We … (1 comments)
mario greco: Tough Times on the Horizon for Chicagoans
- 12/11/08 10:12 AM
As someone who makes his living selling real estate, I like to keep up with our city’s economic fortunes. After all, when Chicago’s economy is humming along, more people think about buying and selling homes. When it’s not? That means I have to work just as closely with my clients to make sure they are taking all the steps necessary to either sell their homes for fair prices or buy their ideal homes without overpaying. The Nov. 13 edition of the Chicago Sun-Times, then, did little to make my morning. There on the front page, in a big, bold headline, was … (0 comments)
The Baby Boomers represent the largest generation in the United States. It’s little surprise, then, that homebuilders are especially interested in what Boomers want when it comes to housing.
;)
;)
