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
Commercial Property vs. a Ferrari
James Thompson Center and a Ferrari
With current real estate prices,
you could trade in that car for a few nice homes. LOL
Inside the James Thompson Center... looking up
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
Security Deposit Interest Rates in Chicago for 2012
The City of Chicago Residential Landlord and Tenant Ordinance (RLTO) requires
the City Comptroller to set the rate of interest to be paid on security deposits
held by landlords. The rate is calculated annually based on a formula tied to
actual market rates. The new rate for 2012 is 0.057%.
This applies to all residential rental agreements in which the lease term
begins from January 1, 2012 to December 31, 2012.
For more information on Chicago rentals, please contact me.
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
Bronzeville Real Estate Sales Analysis - 2011
Hey there. I just wanted to give you an update on real estate activity
for the Bronzeville area. Looking at the numbers above, we see that
properties are still selling. Some property types are selling better
than others though.
There is also a strong demand for quality rentals in the area.
Single Family homes are in great demand right now. But selling prices
are down 19% versus the same time in the previous year. This makes sense,
because in 2010 the $8000 tax credit increased demand, which in turn,
increased selling prices.
Another reason that prices have dropped is because foreclosures and short-sales
now make up the majority of the sales. These distressed property types will
generally sell at a lower price than traditional sales. The average price per
square foot in 2011 was $60.51. This is down from $90 per square foot in 2010.
For Single Family homes, buyers can still get financing relatively easily.
Buyers can get a FHA insured loan with just a 620 middle credit score and a
small down payment of 3 ˝ %. But, condos are more difficult to get financed.
You will generally need a higher credit score and a higher down payment.
Also, the condo association has to be functioning and financially sound.
As you can see above, condos are selling at very attractive prices right now.
This is because most of them will not qualify for financing. Many Bronzeville
condos are being sold as a foreclosure or a short sale. This is reflected in
the average condo selling price of only $61,748.
Bronzeville Real Estate Price Trend Chart
Single Family Home - Breakdown by Sales Type
Condo - Breakdown by Sales Type
2 to 4 Unit Building - Breakdown by Sales Type
Chicago Pending Foreclosure 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
EQUAL HOUSING OPPORTUNITY
The Gospel Fest is coming to Bronzeville
This summer, Bronzeville residents are in for a real treat.
The Gospel Fest will be held right in their own backyard.
The Gospel Fest used to be downtown. Last year, the popular
festival was combined with the Taste of Chicago.
However, in 2012, there will be several changes with
the summer festivals. For one, the Taste of Chicago
has been cut down to only 5 days. The Taste will now be held
in late July. This means it will no longer include the 4th of July.
The Gospel Fest will be held in several locations, but
the main stage events will be in Bronzeville on the weekend
of June 23rd and June 24th. It will be near 37th and
South Martin Luther King Dr. This should be a great event.
It should bring thousands of visitors to the Bronzeville area.
This should be great for local stores and restaurants.
It may even stir up some curiousity about the local real estate
market in Bronzeville (fingers crossed).
Hope to see you there!
Until the next time,
Mark Killion
RE/MAX Premier Properties
1205 N Dearborn
Chicago, IL 60610
Visit me online: www.773property.com
EQUAL HOUSING OPPORTUNITY
What is a short-sale?
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
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!)
Photo credit: Cook County Tax Assesor
Famed R&B singer R. Kelly has his mansion on the market for sale.
It is listed as a short sale. This means that the mortgage on the
property is higher than the current asking price. So with a short-sale,
you are trying to convince a lender to accept less than what they are owed.
In this type of sale, the lender comes up short (hence short-sale).
R. Kelly originally paid about 3.5 million for this property back in the late 90s.
It is now listed at ‘only’ 1.56 million. That is more than 50% off the last
purchase price.
This 22,000 square foot mansion is located in Olympia Fields, IL.
It is about 40 miles south of downtown Chicago.
The next buyer will definitely be living like a Rock Star!
The home has 6 bedrooms, 8 full bathrooms and 6 half bathrooms.
It features a large chef kitchen and a jungle-themed indoor pool area
(think Amazon rain forest).
The house sits on 6 acres of land. It even has its own private lake.
It has an 8 car garage, and a full length basketball court and a tennis court.
The list of features goes on and on and on and…
The downside is the taxes. The taxes for 2009 were a whopping $173,149. (gulp)
However, I would recommend requesting a new assessment of the taxes
after you purchase this property.
CLICK HERE TO VIEW PHOTOS AND LISTING DETAILS
If anyone is interested in buying this luxurious mansion,
as your exclusive buyer’s agent, I can represent you for FREE! 
I can help you navigate the complex short-sale process.
I have a lot of experience with helping buyers purchase short-sales.
Please let me know if you have any questions.
———————————————————————-
Disclaimer: The data relating to real estate for sale on this web site
comes in part from the Broker Reciprocity Program of Midwest Real
Estate Data.
This property is listed by: Century 21 Pro-Team.
The broker providing these data believes them to be correct,
but advises interested parties to confirm them before relying
on them in a purchase decision.
———————————————————————–
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
Chicago Alderman Wards and the city council
The city council is the legislative branch of the Chicago
government. The city council is made up of 50 elected aldermen.
The city is divided into 50 sections which are called wards.
There is talk that the city may remap some of the wards.
It will be interesting to see how that all plays out.
Aldermen are elected every four years. The city council votes
on proposed loans, grants, land aquisitions and zoning changes.
Each alderman has a downtown office in City Hall.
They also have an office in the ward that they represent.
A list of each alderman’s neighborhood office is shown below.
Hopefully, you will find this information useful.
CHICAGO ALDERMAN DIRECTORY
================================================
WARD 1 (Logan Square)
Alderman Joe Moreno
2058 N. Western Avenue
Chicago, IL 60647
ward01@cityofchicago.org
Phone: 773.278.0101
Fax: 773.278.2541
================================================
WARD 2 (Loop)
Alderman Robert Fioretti
1319 S. State St., Suite A
Chicago, IL 60605
ward02@cityofchicago.org
Phone: 312.263.9273
Fax: 312.786.1736
====================================================
WARD 3 (Bronzeville)
Alderman Pat Dowell
5046 S. State St.
Chicago, IL 60609
ward03@cityofchicago.org
Phone: 773.373.9273
====================================================
WARD 4 (Bronzeville, Kenwood, Hyde Park)
Alderman William Burns
435 E. 35th Street
Chicago, IL 60616
ward04@cityofchicago.org
Phone: 773.536.8103
Fax: 773.536.7296
=====================================================
WARD 5 (South Shore)
Alderman Leslie A. Hairston
2325 E. 71st Street
Chicago, IL 60649
LHairston@cityofchicago.org
Phone: 773.324.5555
Fax: 773.324.1585
=====================================================
WARD 6 (Greater Grand Crossing)
Alderman Roderick Sawyer
463 E. 83rd Street
Chicago, IL 60619
Phone: 773.635.0006
======================================================
WARD 7 (South Shore, South Chicago, South Deering)
Alderman Sandi Jackson
7123 S Exchange
Chicago, IL 60649
ward07@cityofchicago.org
Phone: 773.375.9180
======================================================
WARD 8 (Chatham)
Alderman Michelle A. Harris
8539 S. Cottage Grove Ave.
Chicago, IL 60619
Ward08@cityofchicago.org
Phone: 773.874.3300
Fax: 773.224.2425
======================================================
WARD 9 (Roseland)
Alderman Anthony Beale
34 East 112th Place
Chicago, IL 60628
ward09@cityofchicago.org
Phone: 773.785.1100
======================================================
WARD 10 (East Side)
Alderman John Pope
3522 E. 106th Street
Chicago, IL 60617
ward10@cityofchicago.org
Phone: 773.721.1999
Fax: 773.721.5945
======================================================
WARD 11 (Bridgeport)
Alderman James A. Balcer
3659 S. Halsted St.
Chicago, IL 60609
james.balcer@cityofchicago.org
Phone: 773.254.6677
Fax: 773.254.8776
======================================================
WARD 12 (Brighton Park)
Alderman George A. Cardenas
2458 W. 38th Street
Chicago, IL 60632
ward12@cityofchicago.org
Phone: 773.523.8250
Fax: 773.523.8440
======================================================
WARD 13 (West Lawn)
Alderman Marty Quinn
6500 S. Pulaski Rd.
Chicago, IL 60629
Phone: 773-581-8000
======================================================
WARD 14 (Gage Park)
Alderman Edward M. Burke
2650 W. 51st Street
Chicago, IL 60632
eburke@cityofchicago.org
Phone: 773.471.1414
======================================================
WARD 15 (Marquette Park)
Alderman Toni Foulkes
3045 W. 63rd Street
Chicago, IL 60629
Phone: 773.863.0220
Fax: 773.863.0260
======================================================
WARD 16 (Gage Park)
Alderman JoAnn Thompson
5335 South Western Boulevard
Chicago, IL 60609
Phone: 773.434.3399
Fax: 773.434.3889
======================================================
Ward 17 (Auburn Gresham)
Alderman Latasha R. Thomas
7811 S. Racine Ave.
Chicago, IL 60620
ward17@cityofchicago.org
Phone: 773.723.0908
Fax: 773.723.1156
======================================================
Ward 18 (Ashburn)
Alderman Lona Lane
8108 S. Western
Chicago, IL 60652
Phone: 773.471.1991
Fax: 773.471.2227
======================================================
Ward 19 (Beverly)
Alderman Matthew O’Shea
10400 S. Western Ave.
Chicago, IL 60643
Phone: 773.238.8766
=======================================================
Ward 20 (Woodlawn)
Alderman Willie Cochran
6357 S. Cottage Grove
Chicago, IL 60637
Phone: 773.955.5610
Fax: 773.955.5612
=======================================================
Ward 21 (Washington Heights)
Alderman Howard Brookins Jr.
9011 S. Ashland, Unit B
Chicago, IL 60620
ward21@cityofchicago.org
Phone: 773.881.9300
Fax: 773.881.9383
======================================================
Ward 22 (Little Village)
Alderman Ricardo Munoz
2500 S. St Louis
Chicago, IL 60623
Ward22@cityofchicago.org
Phone: 773.762.1771
Fax: 773.762.1825
======================================================
Ward 23 (Garfield Ridge)
Alderman Michael R. Zalewski
6247 S. Archer Ave.
Chicago, IL 60638
mzalewski@cityofchicago.org
Phone: 773.582.4444
Fax: 773.582.3332
======================================================
Ward 24 (North Lawndale)
Alderman Michael Chandler
1158 S. Keeler
Chicago, IL 60624
Phone: 773-533-2400
======================================================
Ward 25 (Heart of Chicago)
Alderman Daniel S. Solis
2439 S. Oakley Blvd
Chicago, IL 60608
daniel.solis@cityofchicago.org
Phone: 773.523.4100
Fax: 773.523.9900
======================================================
Ward 26 (Humboldt Park)
Alderman Roberto Maldonado
2434 W. Division Street
Chicago, IL 60622
Phone: 773.395.0143
Fax: 773.395.0146
======================================================
Ward 27 (West Town)
Alderman Walter Burnett, Jr.
1463 W. Chicago Ave.
Chicago, IL 60622
wburnett@cityofchicago.org
Phone: 312.432.1995
Fax: 312.432.1049
======================================================
Ward 28 (Garfield Park)
Alderman Jason Ervin
259 N. Pulaski
Chicago, IL 60624
Phone: 773.533.0900
=======================================================
Ward 29 (Austin)
Alderman Deborah Graham
5755 West Division Street
Chicago, IL 60651
Ward29@cityofchicago.org
Phone: 773.261.4646
Fax: 773.261.8687
========================================================
Ward 30 (Irving Park)
Alderman Ariel E. Reboyras
3348 N. Milwaukee Ave.
Chicago, IL 60641
ward30@cityofchicago.org
Phone: 773.794.3095
Fax: 773.794.8576
=========================================================
Ward 31 (Hermosa)
Alderman Ray Suarez
4502 W. Fullerton Ave.
Chicago, IL 60639
rsuarez@cityofchicago.org
Phone: 773.486.6488
==========================================================
Ward 32
Alderman Scott Waguespack
2657 N. Clybourn
Chicago, IL 60614
ward32@cityofchicago.org
Phone: 773.248.1330
Fax: 773.248.1360
===========================================================
Ward 33
Alderman Richard F. Mell
3649 N. Kedzie Ave
Chicago, IL 60618
rmell@cityofchicago.org
Phone: 773.478.8040
Fax: 773.478.8006
============================================================
Ward 34 (Roseland)
Alderman Carrie M. Austin
507 W. 111th St
Chicago, IL 60628
ward34@cityofchicago.org
Phone: 773.928.6961
============================================================
Ward 35 (Logan Square)
Alderman Rey Colón
2710 N. Sawyer Ave.
Chicago, IL 60647
ward35@cityofchicago.org
Phone: 773.365.3535
Fax: 773.365.7391
============================================================
Ward 36 (Montclare)
Alderman Nicholas Sposato
6934 W. Diversey
Chicago, IL 60607
Phone: 773.836.0036
============================================================
Ward 37 (Austin)
Alderman Emma Mitts
5344 W. North Ave.
Chicago, IL 60639
emitts@cityofchicago.org
Phone: 773.745.2894
Fax: 773.745.3749
============================================================
Ward 38 (Portage Park)
Timothy M. Cullerton
5817 W. Irving Park Rd.
Chicago, IL 60634
ward38@cityofchicago.org
Phone: 773.545.3838
Fax: 773.283.3343
============================================================
Ward 39 (Albany Park)
Alderman Margaret Laurino
4404 West Lawrence Avenue
Chicago, IL 60630
Phone: 773.736.5594
Fax: 773.736.2333
============================================================
Ward 40 (West Ridge)
Alderman Patrick J. O’Connor
5850 N. Lincoln Ave.
Chicago, IL 60659
ward40@cityofchicago.org
Phone: 773.769.1140
Fax: 773.769.3804
============================================================
Ward 41 (Edison Park)
Alderman Mary O’Connor
6107 N. Northwest Highway
Chicago, IL 60631
Phone: 773.594.8341
============================================================
Ward 42 (River North)
Alderman Brendan Reilly
325 W. Huron St.
Suite 510
Chicago, IL 60654
office@ward42chicago.com
Phone: 312.642.4242
Fax: 312.642.0420
============================================================
Ward 43 (Lincoln Park)
Alderman Michele Smith
2523 North Halsted St.
Chicago, IL 60614
Phone: 773.348.9500
Fax: 773.348.9594
============================================================
Ward 44 (Lakeview)
Alderman Thomas M. Tunney
1057 W. Belmont Ave.
Chicago, IL 60657
ward44@cityofchicago.org
Phone: 773.525.6034
Fax: 773.525.5058
=============================================================
Ward 45 (Jefferson Park)
Alderman John Arena
4754 N. Milwaukee Ave.
Chicago, IL 60630
Phone: 773.286.4545
=============================================================
Ward 46 (Uptown)
Alderman James Cappleman
4544 N. Broadway
Chicago, IL 60640
Phone: 773.878.4646
=============================================================
Ward 47
Alderman Ameya Pawar (North Center)
4243 N. Lincoln Avenue
Chicago, IL 60618
info@chicago47.org
Phone: 773.868.4747
Fax: 773.549.4757
=============================================================
Ward 48
Alderman Harry Osterman (Edgewater)
5533 N. Broadway Ave.
Chicago, IL 60640
Phone: 773.784.5277
=============================================================
Ward 49 (Rogers Park)
Alderman Joe Moore
7356 N. Greenview Ave.
Chicago, IL 60626
ward49@cityofchicago.org
Phone: 773.338.5796
=============================================================
Ward 50 (Rogers Park)
Alderman Debra Silverstein
2949 W. Devon Ave.
Chicago, IL 60659
Phone: 773.262.1050
=============================================================
For more information, please visit the city of Chicago website:
http://www.cityofchicago.org/city/en/about/council.html
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
Is it a good time to buy Hyde Park Real Estate?
Many times it is useful to review a chart of data to
identify trends. I decided to create a chart of selling
prices for condos in the Hyde Park Chicago neighborhood.
This set of data spans a 3 year period.
It runs from the 4th QTR 2008 through 4th QTR 2011.
It is based on the selling prices of 2 bed/2 bath condos.
I am frequently asked: “is it a good time to buy real
estate in xyz neighborhood?” So, I decided to
write a blog about it. I will cover several neighborhoods,
but for this blog post, I will examine Hyde Park.
I prefer to analyze and present the data,
and let the market tell us if it is a good time to buy.
The chart shown above is basically a 3 month moving average
of property selling prices in Hyde Park Chicago.
This chart is based on sales data from the MRED MLS System.
Findings:
A few things jump out at me when looking at this chart.
1) Prices hit a bottom in the 4th quarter of 2010.
Average prices in that quarter were about $80,000.
I would guess that most sales in that quarter were
bank-owned foreclosures.
2) Prices are trending upward in the 4th quarter of 2011.
3) During this rough three year period, prices have actually increased.
But there has been some volatility from quarter to quarter.
Based on this chart, it appears that prices are trending upward.
Since we don’t have a crystal ball, we can only hope that prices will
continue in that direction.
Here is a bit of information that this chart doesn’t show us:
Hyde Park will be getting a make over near 53rd and Harper.
Many new amenities are coming to the area (i.e. movie theatre,
Hyatt hotel, more restaurants, etc.)
So, in my opinion, it appears to be a good time to buy a condo
in Hyde Park. Prices have not only stabilized, but they are trending up.
Please let me know if you have any questions.
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
