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

Close to Lake Shore Drive. Walk to the Oakwood Beach and lakefront.
Public transportation at your doorstep. The Bronzeville real estate market is hot.
Schedule your showing today. Buy Bronzeville! Asking Price $280,000.

Front

For more information, please call or text Mark at 773-354-6693.

Until the next time,

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

Cell: 773-354-6693

Send me a note!

Visit me online: https://www.buybronzeville.com

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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

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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

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Let’s take a look at last year’s condo sales in Grand Boulevard, Chicago.
Grand Boulevard is also referred to as “Bronzeville”.
Grand Boulevard comprises the southern half of Bronzeville.
Douglas makes up the northern half of Bronzeville.
This analysis is based on transaction data from the
MRED Multiple Listing Sytem.

Overall, it was a good year for condo sales in Bronzeville.
A total of 148 condos were sold. Here is the breakdown:

– 1 Studio condo sold for $105,000
– 5 One Bedroom condos sold for a median price of $72,500
– 45 Two Bedroom condos sold for a median price of $59,500
– 83 Three Bedroom condos sold for a median price of $105,000
– 14 Four Bedroom condos sold for a median price of $141,000

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

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

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Hyde Park Condo Selling Prices

Hyde Park Condos – Price Per Square Foot

Hyde Park Chicago Single Family Homes – Average Selling Prices

Hyde Park Chicago Condos – Average days on market

Hyde Park Condos – Percentage of distressed sales

Until the next time,
Mark Killion
Real Estate Broker
Kale Realty
Chicago, IL
773-354-6693
www.773property.com

Hyde Park Real Estate – Average Selling Prices

In the chart shown above, we see that prices bottomed out around the beginning of 2013.
Prices have been slowly climbing since then. If the current trend continues, we will be back at 2010
prices pretty soon. If you are thinking about buying in Hyde Park, now might be a good time before
prices increase further.

Hyde Park Real Estate – Average Days on Market

Looking at the chart above, we see that market time was the lowest in 2013. This coincided with
the fact that selling prices were at their lowest too. As prices started increasing, so did the
market time. Currently, it is taking about 5 1/2 months to sell a 2bed/2bath condo in Hyde Park.
This is about the same amount of time it took to sell a condo in 2010.

Hyde Park Real Estate – Average Monthly Assessments on a 2bed/2bath condo

In the chart shown above, we see that the average monthly assessments are steadily climbing.
Monthly assessments generally cover things like heat, water, landscaping, snow removal, and
common insurance. The average assessments on a 2bed/2bath condo are currently about $730/month.
Well, I hope you found this information useful. If you have any questions about buying
or selling real estate in Chicago, please send me a note: mark@markkillion.com

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

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Newport Condos - Kenwood Chicago

Financing a condo can be tricky.
Here are some important questions to ask the listing
broker BEFORE you submit an offer on a condo:

1. How many units in the building are rented out?
Most lenders require that at least 51% of the units be owner occupied.
So if there are a lot of rentals in the building, it will be hard to finance.

2. Are there rental restrictions?
Many associations are starting to restrict rentals. So if you are planning
on buying a condo as an investment property, be sure to check if rentals
are allowed in the building. If there are restrictions, you might be required
to complete an owner-occupant addendum which states that you intend to use
the property as your primary residence.

3. How much does the association have in reserves?
It is important that the association have adequate funds in reserve to
pay for future repairs. If the association is underfunded, lenders will
be hesitant to finance a condo there. Also, if the association is underfunded,
they are likely to hit you with a special assessment in the near future.

4. What special assessments have been mandated in the past five years?
Occasional special assessments are often unavoidable. But frequent special
assessments probably indicate that the property is being mismanaged, or the association is
underfunded.

5. Is the condo building in litigation?
If the association is facing a pending court case, or is currently in litigation,
start looking for another condo to buy.

6. Are more than 10% of the units owned by a single entity?
If several units are owned by the same person, the lender will view this as
being risky. For instance, if a developer hits hard times, multiple units can
go into foreclosure simultaneously. The property value of the remaining condos
in the building will probably decrease significantly as a result.

7) Have there been any recent sales in this building? And did they involve financing?
If a condo has been sold in the last 6 months, and it was financed,
then you are probably in good shape. If all the recent transactions were
cash deals, then this might indicate that the building didn’t qualify
for financing.

8) Do you have FHA financing?
Most condos and condo buildings will not qualify for FHA financing.
I estimate that for every 100 condos on the market, only 5 of them will
qualify for FHA financing.
So if you are shopping for a condo, you should line up conventional financing
instead of FHA financing.

Conventional financing will require higher credit scores and a higher down payment.
Most lenders would like you to have at least a 680 credit score and a 10%
down payment to go with it.

9) How many units are behind on their assessments?
If several owners are behind on their assessments, this could be a red flag.
If the owners are not paying their assessments, they are probably in financial
distress. It will only be a matter of time before they stop paying their
mortgage. If several owners are behind on their assessments, most lenders will
not finance a condo in the building.

10) How many short-sales and foreclosures are on the market in this building?
If there are other condos in this building on the market, are they distressed sales?
If so, it could mean trouble. Lenders only want to finance condos in stable buildings.
If more than a couple of units are in some stage of foreclosure, then you should probably
find a condo somewhere else.

As you can see, financing a condo can be tricky. It is now more important than ever
to work with an experienced real estate agent that understands the complexity of condo financing.
Otherwise, you may waste a lot of time viewing condos that won’t qualify for financing.

Until the next time,

Mark Killion
RE/MAX Premier Properties
1205 N Dearborn
Chicago, IL 60610

Send me a note!

Visit me online: www.773property.com

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In many areas of the city, the number of properties
sold is trending up while the selling price is
trending down. So demand is being driven by
increased affordability and the tax credit.

Also, investors are back in the market snatching up
deeply discounted bank owned properties. The
distressed property sales are pulling down Chicago’s
median value. There are properties on the South
and West Sides selling for $20,000! But, I think
that certain areas, like the South Loop and the Near
North side, are stabilizing. Sales activity in those areas
is high, but there is also a lot of inventory on the market.

Hopefully, when the tax credit expires, consumer
confidence will be higher than it is currently. The
timing is good, because it expires during the busy
Spring selling season. So right when it expires,
seasonal demand will be picking up.

I think we hit bottom around July/August 2009.
There is a lot of pent-up demand out there. But there
is even more uncertainty. The main concern now is
job creation. But, I think overall that 2010 will be a better
year than 2009.

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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For this analysis, I made “1400 West” my
western cutoff point.

2009 3rd QTR…West Loop Condo Sales
========================================
….Type……….#_Sold……….AVG_Price
=========================================
..1Bed…………….87……………$254K
..2Bed…………..111……………$350K
..3Bed…………….27……………$530K
..4Bed………………3…………….$690K
———————————————————————–

There was a lot of activity in the 3rd quarter
within the West Loop. A total of 228 condos were
sold in the 3rd quarter. That’s 76 condos
sold per month. It looks like buyers in the
West Loop are still finding financing. This
is a great sign for the local Real Estate market.

Currently there are 647 Condos listed for For Sale
on the MLS. So, we have about 8 1/2 months of
inventory.

A balanced market is considered to have 6 months
of inventory. So, it is leaning towards being a buyers’
market in the West Loop. But, prices seem to be
holding up pretty well at $349K for the average
2 bed/2 bath condo.

Please contact me for more information on buying
(or renting) a West 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

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