We certainly are in the midst of wonderful Chicago area Fall weather. There is a nip in the air, and final leaves to rake. It's a wonderful time of year to be in the Chicago area - especially as it has been warmer than normal - though the cool air is finally kicking in with an invigorating punch...
The local Real Estate market continues to be a very divided market. Homes sales are brisk in the price ranges of under $350,000 and slow down significantly above that price range. The extension of the $8,000 tax credit for first time buyers will guarantee a continuation of this trend. What we don't know at this time is if the $6,500 tax credit for move up buyers will kick start the market above the $350,000 range.
Investors are certainly beginning to take note of this market with it's attractive home pricing and low interest rates. We serve investors by being the top research and professional negotiation firm in the Chicago area - helping them attain deals they would not otherwise be able to obtain - for the price that we negotiate.
With the large number of bank owned properties and short sale properties available for sale it is a perfect environment for investors. When the investors are jumping into the market -- move up buyers should take note that this is a good time for them as well.
We are starting to see another surge of new buyers - like we saw this summer - with our busiest year ever (at least for my company / myself.)
Look for conditions to remain fairly constant through early next year....
DOWNTOWN CHICAGO AUCTION DATA FROM THIS WEEKEND:
The lowest price per square foot for the units was about $258 per square foot -- a 2 BR 2 BA unit at 1,144 sq feet went for $296,000 (it had previously been listed for $520,000) Prime Michigan avenue location - with views of the downtown skyline.
Average per square foot price for the condos based on my calculations - was about $280 per square foot. Bids were fairly consistent based on square footage calculations - perhaps because there were over 200 bidders in attendance.
Units ran drom a 3 BR 3 BA with 2,120 square feet going for $601,000 to 2 BR 2 BA units with 1,115 square feet (317k), 1,144 square feet (296-317K), 1,027 square feet (went for 274k - 305k), and 1,260 (going in the 330's) square feet.
1 BR 1 BA units ranged from 692 square feet (went for 180-190k) to to 751 square feet (198k-222k - quite the range!), 783 square feet (218-221k)
A small 550 square foot studio went for 160k.
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As Exclusive Buyer Agents - we provide expert research and negotiation for home buyers and investors in the Chicago area. Unlike "buyer agents" - we are specialists, not generalists, and we are always 100% on the home buyer's side....
If you are thinking about buying / purchasing a home in the Chicago Illinois area, you should ensure that you have an agent that is on your side – looking out for your best interests. Feel free to visit the Buyer Broker Chicagoland web site for more information. Or call 847-566-7558 or Toll Free at 866-493-2842 or e-mail us to schedule a complimentary initial consultation – where we can determine if we can take you as a client.
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