Newport Condos – 4800 S Chicago Beach

Sales Trends for 1bed/1bath units

Sales Trends for 2bed/2bath units

Sales Trends for 3bed/2bath units

If you are thinking about buying or selling a condo in Newport Condos,
this should give you a good idea of current values. For a more
detailed analysis, please contact me.

p.s. I have a beautiful 1bed/1bath unit, at Newport Condos, for sale at $90,000!

Until the next time,

Mark Killion
Real Estate Broker
Kale Realty
24 Hour Voice Mail: 312-242-1822

Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

Newport Condos For Sale

Newport Condos - Kenwood Chicago

The Newport Condos complex in Kenwood Chicago is one of my favorites.
The high rise towers sit right across from the beautiful Lake.
The north building has unobstructed views of the famous Chicago
skyline. The south building also has great views of the lakefront.

Real estate values at the Newport Condos were hit hard by the
Great Recession. Many units have been sold due to foreclosure.
This has caused selling prices to drop consistently over the last few years.
But it appears that prices have gained some stability.

If you are a buyer, this is a great time to pick up a condo in an excellent location with awesome lake views. This is a full amenity building. The building was constructed in 1963. It sits near 48th and Lake Shore Drive. Each tower has 27 floors. All together, there are 728 condos at this complex.

REAL ESTATE VALUES

During the 12 month period ending MAY 12 2015, a total of 28 condos were sold.
Selling prices ranged from $30,000 all the way up to $579,000. The median selling
price was $74,250.

One potential downside with this building is the high assessments. It is not uncommon for 2bed/2bath unit owners to pay $700 per month for assessments. The assessments usually include Heat, Air Conditioning, Water, Gas, Common Insurance, Doorman, TV/Cable, Exterior Maintenance,

But, even with the high assessments, I feel that units in this building are under valued.
You really can’t put a price on panoramic views of the lakefront and skyline.
On top of that, this is one of the few FHA Approved Condo buildings in the Kenwood / Hyde Park area.

If you are thinking about buying, selling, or renting in the Newport Condos Complex,
please contact me. I would be happy to assist you!

Newport Condos For Sale

Until the next time,

Mark Killion
Kale Realty
542 W. Roosevelt Rd
Chicago, IL 60607

Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

2013 YTD Median Selling Prices (Single Family Homes)

Until the next time,

Mark Killion
Kale Realty
542 W. Roosevelt Rd.
Chicago, IL 60607
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

Kenwood Chicago - Apartment Building - Income Analysis

This property caught my attention. It is a large courtyard building for sale in
Chicago’s historic Kenwood neighborhood. It is located at 4408 S Drexel Blvd.
This property is currently listed by:
Kandice Robins with Robins Realty, LLC.

I decided to do a quick analysis of this property for all the investors out there.
I think this property is a good buy. So, if you are an investor and you deal
with large multi-family properties, I can assist you with buying this money maker.

ANALYSIS

This property has 49 units. Most of the units are 1 bedrooms. The mix is as follows:

1 bedroom units: 33
2 bedroom units: 06
Studio units: 10

The building is 92% rented. There are only 4 or 5 vacant units.
The rental demand in the Kenwood neighborhood is very strong.
So it should be relatively easy to fill the vacancies.

KEY NUMBERS:

* Asking Price: $2,500,000

* Annual Gross Income: $438,132

* Estimated Annual Expenses: $206,081

* Net Operating Income: $232,051

* Cap Rate: 9.28%

For more detail, please review the image below. The expenses are based on
conservative assumptions. These expense estimates are higher, and more conservative,
than what appears on the actual MLS listing.

Also, the listing mentioned that the Real Estate taxes are currently being
disputed. So it is possible that the Cap Rate may increase if the taxes
are successfully reduced.

Kenwood Chicago - Apartment Building - Income Analysis

As you can see, even with the more conservative numbers, the property appears
to be a solid deal. Of course, you can adjust the purchase price to get the cap rate
that you need. Due to the strong rental demand in the area, I think that if you
could get this property for a cap rate of 10, then this would be a great addition
to your portfolio.

For more information on multi-family investment properties in the Kenwood Chicago area,
please send an e-mail to mark@markkillion.com

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

Bronzeville's Preferred Real Estate Agent

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

Newport Condos - Kenwood Chicago

The Newport Condos complex in Kenwood is one of my favorites.
The high rise towers sit right across from the beautiful Lake.
The north building has unobstructed views of the famous Chicago
skyline. The south building also has great views of the lakefront.

Real estate values at the Newport Condos have been hit hard by the
Great Recession. Many units have been sold due to foreclosure.
This has caused selling prices to drop consistently over the last few years.

But, on the flip side, if you are a buyer, this is a great time to pick up
a condo in an excellent location with awesome lake views. This is a full
amenity building. The building was constructed in 1963. It sits near 48th
and Lake Shore Drive. Each tower has 27 floors. All together, there are 728
condos at this complex.

REAL ESTATE VALUES

During the 24 month period ending NOV 11 2012, a total of 17 condos were sold.
Selling prices ranged from $33,500 all the way up to $205,000. The only downside
with this building is the high assessments. It is not uncommon for 2bed/2bath unit
owners to pay $700 per month on assessments. The assessments usually include
Parking, Security, Doorman, TV/Cable, and Landscaping.

But, even with the high assessments, I feel that units in this building are under valued.
You really can’t put a price on panoramic views of the lakefront and skyline.
If you are thinking about buying or selling in the Newport Condos Complex,
please contact me. I would be happy to assist you!

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

This report covers transactions that closed in 2011.
It is based on data from the MRED MLS system.

Kenwood Real Estate Analysis - 2011 Chicago

As you can see, the real estate market has stabilized in Kenwood.
Sales are still strong, and the values are holding up pretty well.
Kenwood is a very unique neighborhood. It has a very rich history.
It’s housing stock includes majestic mansions that were built in
the late 1800s.

Asking prices for Kenwood real estate can range from $75,000 for a recent
foreclosure all the way up to 2 million dollars for
a Queen Anne mansion near President Obama’s home.

Rental demand is very high in the Kenwood neighborhood. AS you can see
from our report above, rental prices are relatively expensive.
So this would be a great area to purchase an investment property.

Here is a beautiful view of the downtown skyline from 39th and the Lake front.
If you lived in Kenwood, you could walk to the lake!

View of the skyline from Kenwood Chicago Lake Front

Hopefully you found this information useful. If you have any questions, please let me know.
Also, please feel free to leave me a comment. I read each comment I receive.

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

Uplifting Mural in Kenwood Chicago - Dr. Martin Luther King and President Obama

This beautiful mural is on the side of a school in Kenwood Chicago.
I just had to share this uplifting image on my blog.
Dr. Martin Luther King Jr. meets President Obama.
Awesome!

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

A short-sale is a type of distressed property sale.
It is not a traditional re-sale of a property.
In a short-sale, a lender agrees to accept a payoff
that is less than what they are owed.
In this type of transaction, the lender comes up short
(hence the term short-sale).

Ironically, short-sales usually take a lot longer than
a traditional sale. Some real estate professionals
joke that they should have been named “long-sales”.
It is not unusual for a short-sale to take up to
3 months AFTER an offer has been accepted by the seller.

The reason that it takes so long is because the sale
requires 3rd party approval from the lender(s). If a
property only has one lien on it, it makes the short-sale
process much easier. This is because you only have to deal
with one lien holder.

Often times, there are multiple liens on the property.
So, you have to get written approval from each lien holder involved.
These types of short-sales are more difficult (but not impossible).
All short-sale properties have a 1st lien, which is usually the
primary mortgage. Some properties also have a 2nd lien that was
a home equity line of credit (HELOC). In these types of scenarios,
you have to negotiate with the 2nd lien holder as well.
On the bright side, many 2nd lien holders will settle for as
little as 6% of the debt.

If you are considering purchasing a short-sale property, I would
recommend researching how many liens are currently on the property.
Your real estate agent will be able to do this research for you.

If a property has multiple liens on it, the short-sale process will
probably take longer. So the name of the game is patience.
There are pros and cons with pursuing a short-sale property as a buyer.
The main downside is that the process takes a long time and it can be
frustrating. The main benefit to purchasing a short-sale is that your
patience will usually be rewarded with a great deal.
Short-sales typically sell for 10% to 20% below market value!

Benefits for a Seller:

A successful short-sale is really a win-win situation for all parties
involved. The seller gets to avoid having a foreclosure on their
credit report for the next 7 to 10 years. In many cases, the lender
may also forgive the deficiency debt. There was actually a law that
passed that made sure that the forgiven debt was not counted as
income for tax purposes. But this law is set to expire at the end of 2012.

FYI: The Mortgage Forgiveness Debt Relief Act Expires in 2012

If you are thinking about selling your primary residence,
and you are upside-down in your mortgage, do it in 2012
or forever hold your peace?after this act expires, the
forgiven debt will be viewed as taxable income (doh!)

Benefits for a Buyer:

If a buyer is patient, they can pick up a great home at a
nice discount. Generally speaking, short-sale homes are
in better condition than your average foreclosure.

Foreclosures have usually sat vacant for many months.
They may have been vandalized too. However, the short-sale
process can be frustrating. The bank can take a long time
to make a decision. And many times, the bank will ask for
more money from the buyer, seller, or both to make the deal
work. However, it will all be worth it in the end when
you get a home at 10% to 20% below market value.

Benefits for a Lender:

Although a lender would rather not accept less than what
they are owed, a short-sale beats a foreclosure any day.
Today’s unsold short-sales are tomorrow’s foreclosures.

The lender knows that if the property goes to foreclosure,
they will have to sell the property at a steeper discount
when they put it back on the market. Also, the time value
of money is important. Every month that a lender holds
a property in its portfolio, they are losing money.

2011 Sales Analysis for Short-sales in Bronzeville Chicago

We can gain a better understanding of short-sales by analyzing
transactions that successfully closed. I did a custom data analysis
of the Bronzeville neighborhood in Chicago, Illinois for 2011.

According to the MRED MLS system, there were 59 short-sale transactions
for the 12 month period ending 12/25/2011. That is an average of five
closed short-sale transactions per month! This number will probably increase in 2012.

Here are a few things that jump out at me:

* Most of the short-sales are happening with Bronzeville condos.
I expect this trend to continue.

* The biggest discounts are being realized with Single Family Homes.

* The amount of time it takes to get the short-sale approved is pretty
consistent across all property types. It takes about 3 months for
the bank to approve the average short sale. And this is AFTER a
written offer has been submitted by a qualified buyer.

If you would like a FREE evaluation of your specific situation,
please contact me. I have experience with short-sales,
and I have helped distressed homeowners avoid foreclosure.

———————————————————————–

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

The Chicago magazine recently featured an interesting article
on Chicago Real Estate values. They compared today’s property
values to property values from 1994. The results were mixed.
Thanks to the Great Recession, 1 in 6 neighborhoods actually
lost value.

But, on the bright side, that means 5 out of 6 neighborhoods
increased in value. So, it appears that real estate is still
a great LONG TERM investment.

Below you will find a snapshot of this report.

______________________________________________

REPORT FOR SINGLE FAMILY HOMES

______________________________________________

HYDE PARK

Average Sales Price JUN 2010–JUN 2011

$744,133

Change in Sales Price since 1994

231%

–===========================================

KENWOOD

Average Sales Price JUN 2010–JUN 2011

$689,958

Change in Sales Price since 1994

346%

–==========================================

GRAND BOULEVARD (aka BRONZEVILLE)

Average Sales Price JUN 2010–JUN 2011

$173,962

Change in Sales Price since 1994

222%

–==========================================

MORGAN PARK

Average Sales Price JUN 2010–JUN 2011

$121,092

Change in Sales Price since 1994

20%
–===========================================

SOUTH SHORE

Average Sales Price JUN 2010–JUN 2011

$111,351

Change in Sales Price since 1994

46%

–===========================================

CHATHAM

Average Sales Price JUN 2010–JUN 2011

$91,453

Change in Sales Price since 1994

11%

–===========================================
If you are interested in stats for a different neighborhood,
or a suburb, just send me a note!
–===========================================

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY