Bronzeville & Hyde Park Real Estate Blog - Chicago » Real Estate

Bronzeville Real Estate – Sales Analysis – 2019

Mark Killion — Tue, 07 Jan 2020 02:39:07 +0000

Bronzeville Mural

Bronzeville Real Estate Analysis – 2019

Bronzeville Single Family Homes

Bronzeville Single Family Homes sold well in 2019.
A total of 112 homes were sold. This is up 33% versus 2018.
The average selling price for a single family home was $486,975.
The average selling price was up 18% versus the previous year.
The average market time increased by 23 days versus the previous year.

Bronzeville Condos

Bronzeville Condos also sold well in 2019.
A total of 272 condos were sold. This is up 12% versus 2018.
The average selling price for a Bronzeville condo was $199,455.
The average selling price was up 5% versus the previous year.
The average market time decreased by 4 days versus the previous year.

Bronzeville 2 to 4 unit buildings

39 multi-unit properties were sold in 2019.
That is an 8% increase versus 2018.
The average selling price was $341,995.
The average selling price was up 15% versus the previous year.
The average market time decreased by 73 days versus the previous year.

Bronzeville Rentals

244 units were rented in 2019.
That is a 24% increase versus 2018.
The average rental price was $1,530.
The average rental price was actually down 4% versus the previous year.
The average market time increased by 5 days versus the previous year.

Bronzeville Land

19 parcels of land were sold in 2019.
That is a 27% decrease versus 2018.
The average selling price was $90,289.
The average selling price decreased by -44% versus 2018.
However, this may not be an apples to apples comparison.
This is because every parcel of land is a different size.
Land value is driven largely by location, square footage and zoning type.

Summary

Overall, 2019 was a great year for Bronzeville real estate.
The biggest gains were seen in the Single Family Home category.
Values for Single family homes were up 18% in 2019.
This was driven largely by sales of new construction homes.

Multi-Unit properties also appear to be in great demand.
Values are up 15% versus the previous year.
Also, the average time it took to sell a multi-unit property was
cut in half versus 2018.
This is an indication that demand for this property type is high.

Contact Mark

If you have any questions about Bronzeville real estate,
please call or text me at 773-354-6693.

Thanks, Mark Killion
Kale Realty – Chicago, IL
Cell: 773-354-6693
email: mark@markkillion.com
website: www.buybronzeville.com

Mark Killion, Realtor

Chicago Cap Rates by Neighborhood – Heat Map

Mark Killion — Mon, 23 Sep 2019 16:09:16 +0000

Chicago Cap Rate – Heat Map

Hello to all my blog readers out there!

Here is a heat map of Chicago Cap Rates by neighborhood.

Neighborhoods with a darker shade, have higher cap rates.

If a neighborhood has a lighter shade, it means the cap rate is lower in that area.

If a neighborhood has no shade at all, it means there were no multi-family sales for the time period.

This sales data was taken from the Multiple Listing system.

The median cap rate in Chicago is about 6.8%.

I spent a lot of time putting this heat map together,

so I hope you find this information useful.

If you have any questions, please send me a note: mark@markkillion.com

You can also text me at 773-354-6693 or visit me online at: www.buybronzeville.com

Thanks,

Mark Killion, Real Estate Broker

Kale Realty – 2447 N Ashland Ave – Chicago, IL 60614

Cell: 773-354-6693

Office: 312-939-5253

Visit me online today: www.buybronzeville.com

Equal Housing Opportunity

Chicago Cap Rates by Neighborhood – updated Sep 2019

Mark Killion — Mon, 23 Sep 2019 15:34:18 +0000

Chicago Multi-Family Income Property

Hello to all my blog readers out there!

I am back with some more great information for you.

I just analyzed the last 2 years of sales information for Chicago multi-family properties.

My main goal was to derive Chicago cap rates by neighborhood.

There is not a lot of good cap rate information out there by neighborhood.

But, I was happy to find that my last post about Chicago cap rates is still ranking high on Google!

What is Cap Rate?

Here is a refresher on the concept of Cap Rates.

According to Investopedia:

“The capitalization rate, often referred to as the “cap rate”,

is a fundamental concept used in the world of commercial real estate.

It is the rate of return on a real estate investment property based

on the income that the property is expected to generate.

This metric is used to estimate the investor’s potential return on his or her investment.

The capitalization rate of an investment can be calculated by dividing the

property’s net operating income (NOI) by the current market value

or acquisition cost of a property – expressed in the following formula:

Capitalization Rate = Net Operating Income / Current Market Value”

Please keep in mind that this is a high level analysis.

It should give you a ballpark idea of cap rates in the various Chicago neighborhoods.

But some assumptions were made for this analysis.

For example, to determine the net income for a property, I assumed it would be 50% of the Gross Rental Income.

Also, I tried to weed out properties that require a significant amount of rehab work.

Typically those properties will sell below market value and they will make the cap rate look deceptively high.

I also tried to weed out properties that were vacant.

In this year’s analysis, I included the number of properties that were sold in that neighborhood for the time period considered. So if only 1 or 2 properties were sold in the 2 year period, I would not be extremely confident in the displayed cap rate.

However, if several properties were sold in the 2 year period, you can have a higher level of confidence in the displayed cap rate.

If you are considering purchasing an investment property in Chicago for $300,000 or more, I would be happy to do a more detailed analysis for you. Of course, this is assuming I would be your buyer’s agent and represent you in the transaction. As much as I enjoy helping others, I have to keep the lights on

Either way, I hope you find this information useful.

Feel free to leave a comment here… or send me a note: mark@markkillion.com

You can also text me at 773-354-6693 or visit me online at: www.buybronzeville.com

Thanks,

Mark Killion, Real Estate Broker

Kale Realty – 2447 N Ashland Ave – Chicago, IL 60614

Cell: 773-354-6693

Equal Housing Opportunity

Chicago Cap Rates by neighborhood

South Shore Chicago – Real Estate Analysis

Mark Killion — Tue, 27 Dec 2016 22:39:04 +0000

South Shore Chicago – Real Estate Analysis – 2016

Here is an analysis of the South Shore neighborhood in Chicago.
As you can see, the South Shore market is doing really well compared to the previous year.
Total Sales Volume is up by about 27%!
I expect this trend to continue in 2017.
If you have any questions about South Shore Real Estate, please let me know!

Until the next time,

Mark Killion
Kale Realty
2447 N. Ashland
Chicago, IL 60614

Office: 312-939-5253
Cell: 773-354-6693

Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

Bronzeville Condos – Sales Analysis – Chicago

Mark Killion — Sat, 03 Dec 2016 21:20:59 +0000

The condo market in Bronzeville is trending up.
As we can see from the charts below, sales prices have been steadily increasing
since 2011. This is great news for Bronzeville condo owners.
And buyers can take comfort in knowing condos are still relatively affordable in Bronzeville.

Due to strong rental demand in the area, owning a condo may even be cheaper than paying rent.
The average selling price for a 2bed/2bath condo, in 2016, is about $91,000.
The average selling price for 3 bedroom condo, with 2 baths, is about $143,000.

As of 12/3/2016, there are 17 3bed/2bath condos on the market for sale in Bronzeville.
The median asking price is $154,000.

As of 12/3/2016, there are only 7 2bed/2bath condos on the market for sale in Bronzeville.
The median asking price is $160,000.

If you are thinking about buying or selling a condo in Bronzeville, let me know!
You can text me: Mark Killion 773-354-6693.

Bronzeville 3bed/2bath condo sales analysis – Chicago

Until the next time,

Kale Realty
2447 N. Ashland
Chicago, IL 60614

Office: 312-939-5253
Cell: 773-354-6693

Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

Newport Condos – 4800 S. Chicago Beach

Mark Killion — Thu, 15 Sep 2016 21:47:41 +0000

Let’s take a look at sales trends for the Newport Condos in Kenwood, Chicago.

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