Illinois had the highest rate of foreclosure in AUG 2012

Posted on September 13, 2012 by Mark Killion

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

Posted in Uncategorized | Leave a comment

Downtown Rental Analysis – 2012

Posted on September 12, 2012 by Mark Killion

Let us take a look at recent rental activity in Downtown Chicago.
Downtown Chicago offers many amenities to local residents.
There are tons of restaurants, retail stores, and other activities to keep residents busy.
You also have several museums and Soldier Field (Da Bears).

This rental analysis covers the six month period ending Sept. 12 2012.
During this time period, 730 condos were rented. That is a lot of rentals!
That is an average of 122 units rented per month.
The average rental rate was $2,173 per month.
The average rental rate during the same time period in 2011 was $1,991.
So, rents have increased by 9%.
This could be a sign that the local economy and consumer confidence is improving.

The image below highlights the rental breakdown by bedroom and bathroom count.


downtown_chicago_rental_analysis

downtown_chicago_rental_analysis



This should give you a good idea of current market value for Downtown Rentals.
If you are an owner or a tenant, and you would like to rent a condo downtown,
please let me know.
I have a lot of experience with 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

Posted in Chicago neighborhoods, Chicago Real Estate, Chicago Relocation, condo, Real Estate, rentals | Leave a comment

Jackson Park Highlands – Chicago Real Estate Update – AUG 2012

Posted on August 13, 2012 by Mark Killion

Jackson Park Highlands – Chicago Real Estate Update

Let’s take a quick look at real estate values in the
Jackson Park Highlands Chicago neighborhood.
Jackson Park Highlands sits within the larger South Shore neighborhood.
For the purpose of this analysis, I am using the following boundaries.
6700 South to 7100 South;
1700 East to 1900 East .
I am only going to look at single family homes.

I love the homes and architecture in the Jackson Park Highlands.
You can find huge mini-mansions in this neighborhood.
These lavish homes often sit on large double lots.
You definitely feel like you are in the suburbs.

This area overlooks the Jackson Park golf course.
This neighborhood was created in the early 1900s.
Houses now range from the $150,00 mark upwards to about $1.5 million.

MEDIAN VALUES FOR THE 12 MONTH PERIOD ENDING AUG 12 2012

7 Single Family Homes were sold.
The median selling price was $220,000.
Selling prices ranged from $160,000 up to $400,000.
The average price per square foot was about $120/sqft.

As of 08/12/2012 there are 9 single family homes on the market for sale.
The asking prices range from $189,000 to 1.5 million.
The median asking price is $330,000.

If you have any questions about the Jackson Park Highlands real estate
market, please let me know.

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

Posted in Chicago neighborhoods, Chicago Real Estate, Jackson Park Highlands, Real Estate, South Shore | Tagged , | Comments Off

Wal-Mart in Bronzeville Chicago

Posted on August 7, 2012 by Mark Killion

A Wal-Mart Neighborhood Market store will be coming to Bronzeville!

It will be located near 47th and Cottage Grove.
This Wal-Mart will focus mostly on groceries.

This is a much needed grocery store in the Bronzeville neighborhood.
Bronzeville has sometimes been called a “food desert” because there
aren’t many large grocery stores in the area.

This will be great for the Bronzeville economy because it will bring
more jobs to the neighborhood.
“More jobs” is always a good thing!

This Wal-Mart will anchor a new mixed-use development that will also
bring more affordable rental housing to the area as well.
This development will probably add 100 rental units to the area. Hopefully,
the property manager will allow me to assist them with finding qualified tenants. :)
This new development will be called “Shops & Lofts on 47″. Stay tuned…

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

Posted in bronzeville, Chicago Real Estate, Grand Boulevard | Leave a comment

Bronzeville Market Update – July 2012

Posted on July 26, 2012 by Mark Killion

REAL ESTATE MARKET UPDATE FOR THE CHICAGO BRONZEVILLE AREA

Based on the the six month period ending 07-25-2012:

SINGLE FAMILY:

34 single family homes were sold in the Bronzeville area.
The median selling price was about $183,000.

CONDOS:

115 condos were sold in the Bronzeville area.
The median selling price was about $42,000.

VACANT LAND:

8 vacant lots (land) were sold in the Bronzeville area.
The median selling price was about $35,000.

MULTI-FAMILY:

5 multi-family (5+ units) were sold in the Bronzeville area.
The median selling price was $199,000.

RENTALS:

111 properties were rented in the Bronzeville area.
The median rental price was $1,200.

COMMERICAL:

2 commerical properties were sold in the Bronzeville area.
The median selling price was about $612,000.

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

Posted in bronzeville, Chicago, Chicago Real Estate, Real Estate | Leave a comment

Market Update – Bronzeville Homes – May 2012

Posted on May 20, 2012 by Mark Killion
Classic Grey Stone in Bronzeville

Classic Grey Stone in Bronzeville

Hello to all my blog readers out there!
Sorry I haven’t posted in a while.
I have been busy finding tenants for property owners.
But that is no excuse…
I have to find more time to give my readers the best FREE
information that money can buy. :)

Well the spring Real Estate season is in full bloom.
I am seeing a lot of activity in the Bronzeville
Chicago neighborhood.
If you are thinking about buying or selling real estate
in Bronzeville, now is the time!

Here is a quick update on Bronzeville Single Family Homes:

As of May-20-2012, 26 single family homes have been sold Year To Date.
So the area is selling about 5 homes per month.
This number will probably increase as we enter the
busy summer selling season.

The average selling price was about $187,000.
The average home had about 3 bedrooms and 3 bathrooms.
The average selling price, per square foot,
for homes in good condition, was about $90.

Sales prices ranged from $27,000 all the way up to $575,000.
Prices are tied closely to the condition and square footage of the home.
Low end properties frequently require gut rehabs.
High end properties have been completely renovated.
Everything else falls somewhere in between.

Distressed sales now make up most of the market.
Out the 26 homes that were sold, only 10 were traditional sales.
So Bronzeville short sales and foreclosures now make up 60% of the market.
I expect this trend to continue for the next few years.

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

Posted in bronzeville, Chicago, Chicago Real Estate, Douglas, Grand Boulevard, Real Estate | Tagged , , , | Leave a comment

Average Rents in Chicago – by neighborhood

Posted on January 29, 2012 by Mark Killion
A nice 6 Flat property in Woodlawn - Chicago

A nice 6 Flat property in Woodlawn - Chicago

For the last few years, I have been analyzing Chicago rental prices.
Below you will find my latest report on Chicago rental prices.
This analysis looks at the average rental price for a 3 bedroom unit.
It is based on an entire year of data. It covers the 12 month period
ending 12/31/2011. It is broken down by neighborhood which is useful
for comparing different areas of the city.

This report should be very useful for investors and tenants alike.
If you are an investor, this report can offer valuable insight into which
areas might offer the biggest return on investment.

If you are a tenant, this report will help you compare different neighborhoods
based on price. Although price should not be the only thing you consider
when deciding where to live, it definitely plays an important role in the
decision making process.

CLICK HERE: Chicago Rent Price Analysis

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

Posted in Chicago, Chicago Real Estate, Investment properties, rentals | Leave a comment

‘Statue of the Republic’ in Jackson Park

Posted on January 28, 2012 by Mark Killion

The ‘statue of the Republic’ is one of my favorite statues in Chicago.
It is in the Jackson Park neighborhood near 63rd and Hayes.
Jackson Park is actually a sub section of the South Shore neighborhood.
This statue stands 24 feet tall and it looks like it is made of gold.
This statue was made back in 1918.

It is a replica of the original statue that was made for the World Exposition
way back in 1893. The original statue stood a whopping 65 feet tall!
If you are ever in the area, you should visit this statue. It really is impressive.



Statue of the Republic - Jackson Park Chicago

Statue of the Republic - Jackson Park Chicago

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

Posted in Chicago, statue | Tagged , , , | Leave a comment

Gorilla holds real estate agent captive

Posted on January 20, 2012 by Mark Killion

Gorilla holds real estate agent captive

Gorilla holds real estate agent captive

Gorilla holds real estate agent captive

It is not everyday that you see a gorilla kidnap their
real estate agent. But this gorilla did just that. I came across
this unfortunate agent last summer in the Gold Coast.

He had listed the monkey’s treehouse about 12 months prior
to being held captive. Apparently his client was upset with
the slow market, and couldn’t understand why his treehouse hadn’t
sold in a whole year.

I told him that the most important thing to do when you are trying
to sell a treehouse is to price it right! All the marketing in the
world will not sell an over priced house. So sellers have to be realistic
about current market values.

If you overprice a property, you might be chasing the market downhill with
future price reductions. In the current environment, you have to be one step
ahead of the current pricing trends for that neighborhood.

But anyway, it was too late for all of that great advice. The agent’s client
went bananas. He locked him in a bamboo cage and made him ask pedestrians if
they wanted to buy a house.
Wow!

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

Posted in Chicago, Chicago Real Estate, humor, Real Estate | Tagged , , , | Leave a comment

Kenwood Real Estate Sales Analysis – 2011 In Review

Posted on January 17, 2012 by Mark Killion

Here is a summary of real estate sales activity in the
Kenwood and Oakland neighborhoods. Many people
refer to Oakland as “North Kenwood”.

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

Kenwood Real Estate Analysis - 2011 Chicago

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

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

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Posted in Chicago, Chicago neighborhoods, Chicago Real Estate, Chicago Rehab, Kenwood, Oakland, Real Estate | Tagged , , , , | Leave a comment