Bronzeville & Hyde Park Real Estate Blog - Chicago » Uncategorized

New Construction

Mark Killion — Fri, 08 May 2015 21:15:22 +0000

You know the market is heating up when you start seeing new construction. This property is being built near Halsted and Division.

New Construction near Old Town

Illinois had the highest rate of foreclosure in AUG 2012

Mark Killion — Thu, 13 Sep 2012 15:30:42 +0000

Illinois has gained the dubious distinction of having
the country’s highest rate of foreclosure in August 2012.
In August 2012, almost 18,000 homes received a foreclosure filing.
That number represents a 18% increase versus the same time last year.
In Chicago, foreclosures have increased a whopping 44% versus 2011.

According to RealtyTrac, this is the first time that Illinois
came in 1st place since foreclosures started being tracked in 2005.
I just wish that politicians could figure out a way to fix this
foreclosure mess. This has been going on for several years now
and there is no end in sight.
As long we have this foreclosure issue, home values will remain
depressed (and so will their owners).

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

Driving Down Lake Shore Drive

Mark Killion — Tue, 10 Aug 2010 03:15:40 +0000

South Loop Real Estate Analysis – Chicago

Mark Killion — Wed, 14 Oct 2009 20:23:19 +0000

I recently examined condo values for Hyde Park.
Now let’s go a little further north and take a
look at the South Loop Real Estate market.
The South Loop is a very popular neighborhood.
I feel that this area is an excellent area
to invest in. This is because this area is so
close to all that downtown has to offer:
jobs, shopping, restaurants, museums, parks, etc.
For this analysis, I made “2200 South” my cutoff point.

2009 3rd QTR�South Loop Condo Sales
========================================
�.Type�.#_Sold��.AVG_Price
=========================================
..1Bed……47……..$260K
..2Bed…..121……..$372K
..3Bed……18……..$700K
..5Bed…….1……..$676K
��

There was a lot of activity in the 3rd quarter
within the South Loop. A total of 187 condos were
sold in the 3rd quarter. That’s about 62 condos
sold per month. It looks like buyers in the South Loop
are still finding financing. This is a great sign
for the local Real Estate market.

However, there is still a lot of inventory available
in the South Loop neighborhood. Currently there are
882 Condos listed for For Sale on the MLS.
So, we have about 14 months of inventory.

A balanced market is considered to have 6 months of inventory.
So, it is still definitely a buyers market in the South Loop.
But, prices seem to be holding up pretty well at $372K for
the average 2 bed/2 bath condo. Let’s dig a little deeper
and take a look at the price trend for a South Loop condo.
See below…

Please contact me for more
information on buying a South Loop Condo.

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

FHA Condo Financing

Mark Killion — Sun, 08 Mar 2009 03:30:10 +0000

FHA approved financing for condos is hard to come by.
FHA has strict requirements for approving a condo for financing.
This is unfortunate, because the current credit crunch is making
it more difficult to obtain condo financing. Most conventional programs
are looking for a 10% down payment. FHA only requires a 3 1/2 % down
payment. Also, conventional programs require a much higher credit score
than does the FHA program.

Here is a list of some of the FHA requirements for condo financing:

1) The legal documents of the homeowners association do not contain a
right of first refusal or restrictive covenant. (This one kills most deals,
because the “right of first refusal” is very common in Chicago condo declarations)

2) There are no special assessments pending.

3) No single entity owns more than 10 percent of the total units in the project.

4) The common areas have been under the control of the homeowners association
for at least one year.

5) At least 51 percent of the total units in the project are owner-occupied.

6) There are no adverse environmental factors affecting the project as a whole or
individual units.

7) At least 90 percent of the total units in the project have been sold.

8 The units in the project are owned in fee simple or the units are held under a
leasehold acceptable to FHA.

9) The owners association has adequate common area insurance coverage.

10) General maintenance level of common elements is acceptable and there is no
deferred maintenance, based on the comments by the Appraiser and/or the pictures.

11) The owners association has a reserve plan and a reserve fund, separate from the
operating account that is adequate to prevent deferred maintenance.

12) No legal action is pending against the condominium association, or its officers or
directors.

13) For projects consisting of 30 units or less, no more than 20 percent of the total
units are encumbered by FHA insured mortgages.

As you can see, this list is quite extensive. If you need FHA financing, you may
want to search for Single Family Homes or 2-4 Unit Buildings. I wish FHA financing
was easier to obtain for condo purchases. However, there are a handful of condos
that have FHA approval!

If you would like a list of FHA approved Chicago condos,
please send me an e-mail. You can also visit me online at www.773property.com

I am a licensed REALTOR that specializes in Chicago Real Estate.
Although I service all areas of Chicago, I work mostly on the South side.
My office is near the Bronzeville and Hyde Park neighborhoods.
My services include, but are not limited to, the following:

* Helping Owners Avoid Foreclosure
* Helping First Time Home buyers realize their dream
* Helping Sellers find qualified buyers
* Helping tenants lease luxury condo rentals

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