The Chicago Home Luxury Chicago Real Estate

The Chicago Home

Prudential Rubloff

(773)-502-7622

The Maisel Report-January 2011

The real estate market seemed to pick up a bit of steam during the month of December with interest rates climbing from low 4% range for a 30 year fixed to 5% for 30 years over the past 45 days. I believe buyers who were on the fence are finally realizing the incredibly low rates will not be lasting forever. Normally this time of year the real estate community sees a fall off in sales due to the holiday season but this year many agents saw an increase in activity over years past.

In other news, this past week Chicago Magazine’s Website has featured a video blog on a fantastic Victorian brick home I have listed at 1956 West Evergreen in Wicker Park:

Take a peek:

http://www.chicagomag.com/Radar/Deal-Estate/December-2010/From-Two-Flat-to-Single-Family-in-Wicker-Park/

In the most recent edition of Crain’s 2011 book of lists, 23.8% of Chicago-area mortgages are underwater. Another words, roughly 365,000 single-family residences are worth less than the amount owed on their mortgages. Compare that against California having 2,355,147 negative equity mortgages.

There will be more foreclosures and short sales hitting the market this year, however, most of these properties will be located in areas that are in less demand. Stable and more appealing city and suburban locations will continue to hold their values and possibly see slight increases depending on inventory levels.

Here is a breakdown of some the closed and active properties in select areas over the past month:

Lincoln Park
There were 11 closed single family homes in Lincoln Park with an average sales price of $1,219,000. There are 131 active single family properties on the market with an average list price of $2,163,000.
Of active condominoums, there are 462 listed properties for an average sales price of $496,000.
48 condo properties sold last month for an average sales price of $408,000.

Lakeview
There were 6 homes sold in Lakeview in December. The average sold price was $1,742,396.
There were 65 single family homes actively being marketed last month at an average listing price of $1,516,000. There were 807 condominiums for sale in December with an average listing price of $341,686. 60 condo closings occurred in December generating an average sales price of $331,047.

Edgewater-Uptown:
A total of eight single family homes were sold in Edgewater/Uptown in December with an average sales price of $496,000. 47 active listings were on the market in December with an average list price of $875,000. 62 condominium properties closed in December with an average sales price of $179,000.
There were a whopping total of 816 condominiums on the market in December with an average list price of $213,615.

River North-Old Town-Mag Mile:
There were only three single family properties that closed in December with an average closing price of $2,582,000. 34 active single properties were being marketed with an average listing price of $2,908,000.
167 condo properties were sold in these areas in December with an average sales price of $918,475.
1728 condo units were on the market for an average listing price of $712,536.

Bucktown-Wicker Park-West Town-Ukranian Village
12 single family homes sold in these areas during the month of December with an average sales price of $660,250. 103 homes were listed in December and had an average listing price of $879,146. Condominium sales were sluggish with 47 selling for an average sales price of $317,540. There were 515 condos listed for an average listing price of $359,000.

Glencoe/Wilmette/Northbrook/Deerfield/Highland Park:
72 single family homes closed in December from these 5 suburbs or less than 15 per suburb.
The average sales price was $578,390 and 697 homes were actively being marketed with an average listing price of $996,369.

Please do not hesitate to call me or send me an email me with your questions about the market.
hmaisel@rubloff.com

Filed under : Blog