The Illinois Association of Realtors is out with the November sales data. As predicted, sales continue to be challenging. In the city of Chicago, year-to-date total home sales (single-family and condominiums) remain up 0.1 percent January through November 2010 with 17,645 sales compared to 17,631 home sales for the same period in 2009; November home […]
The CEO for luxury homebuilder Toll Brothers, Douglas Yearley, gave an interview to Bloomberg yesterday discussing, what else, the state of the housing market. As always, he is nothing if not optimistic. “The recovery is here to stay,” Yearley, whose company is the largest U.S. luxury-home builder, said in an interview yesterday at Bloomberg’s headquarters […]
Apparently, luxury rentals are hot right now as even the rich are finding value in renting versus buying properties in some cities like New York, San Francisco and Chicago CNBC reported: So in March he sold the Manhattan apartment he bought in 2008 for about the same price he paid and moved — along with […]
As expected given the preliminary numbers we’ve seen from many with access to the MLS, sales in Chicago in October fell off a cliff. It was the lowest number in the last 4 years. From the Illinois Association of Realtors: October home sales were down 39.5 percent to 1,217 sales compared to 2,012 homes sold […]
Crain’s checked in with Appraisal Research for an assessment on new construction downtown condo sales for the third quarter. It should be no surprise that the numbers aren’t great. Downtown developers sold 111 condos and townhomes in the third quarter, down from 150 in the second quarter but up from 56 a year ago, according […]
Crain’s is reporting that due to too many people wanting to rent, and not enough willing to buy condos or other property, that there won’t be enough apartments to house all those who want to rent one downtown. The result? Downtown apartment rents are expected to jump anywhere from 8% to 10% in 2011. This despite a […]
Zillow reports that in September 32.9% of Chicagoland single family homes with mortgages were underwater, up from 27.2% a year ago, and higher than just 3 months before, in June, where it was 30.9%. There was no separate data provided only for Chicago or for condos. Zillow did provide data on September home sales in […]
The Chicago Tribune reported this weekend on a growing problem in many condo conversion and new construction buildings in Chicago: poor construction and developers who flee the scene. Condo buyers are then left holding the bag while the value of their condos fall due to both market conditions and the problems in the building. This […]
As foreclosure activity actually slowed in foreclosure hot spots like Orlando and Las Vegas in the third quarter, according to Realty Trac, foreclosures jumped 35% in the Chicago metro area. It was the second largest jump in the country. Foreclosure activity in the third quarter: Seattle up 71% Chicago up 35% Houston up 26% Detroit up 23% […]
On the heals of the dismal September home sales report, Crain’s is reporting that new home sales continue to sputter and are on track for their 5th straight year of declines. Who knew things could get worse than 2009? Real estate industry consultant Tracy Cross at Tracy Cross & Associates says that for the entire […]