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

Jackson Park Highlands – Hidden Gem in Chicago

Jackson Park Highlands is a hidden gem on the south side of Chicago.
It sits inside of the larger south shore neighborhood.
The homes in this small neighborhood are absolutely amazing!

A Jackson Park Highlands block in early Autumn

The Jackson Park Highlands District is a historic district
in the South Shore community area of Chicago, Illinois.
The district was built in 1905 by various architects.
It was designated a Chicago Landmark on October 25, 1989.

It is often regarded as one of three South Side
upper-middle to upper-class neighborhoods, the other two
being Hyde Park to the direct north and Beverly, a little
ways southwest.

Boundaries

The neighborhood is roughly bounded by East 67th Street to
the north, East 71st Street to the south, Cregier
(Named for former Chicago mayor) to the west and Euclid
(named for the famed mathematician) to the east.

Directly north of the neighborhood lies the 18-hole Jackson
Park Golf Course, a part of the Chicago Park District’s
Jackson Park, the third largest park in the city and home
of the 1893 Columbian World Exposition.

To the south lies the former Illinois Central Railroad tracks,
now operated by Metra rail’s Electric Line of trains. To the
east lies Jeffrey Boulevard and across that is the larger
neighborhood of South Shore.

HISTORY

The neighborhood was commissioned in the early 20th century.
Its initial purpose was as a collection of model homes that
would overlook the prized Jackson Park, which had hosted the
World’s Fair less than a decade prior. The neighborhood
featured (and is still present) some of the most innovative
concepts of the time, including large front yard setbacks,
50-foot lot widths, underground utilities, and no alleys.

When Chicago annexed Hyde Park just in time for the 1890 census
(to beat out Philadelphia as the second largest metro-area in
the nation), the Highlands were left under governorship of the
South Shore area.

At the time of the Second World War, the neighborhood saw huge
loss in residence and a destruction of the area was suggested.
With the arrival of the 1970s, the neighborhood again began
to rise as a major thoroughfare of South Side luxury.

It was designated a Chicago Landmark on October 25, 1989.
Houses now range from the $200,00 mark upwards to about $1.5 million.

REAL ESTATE VALUES IN JACKSON PARK HIGHLANDS (CHICAGO)

As of January 22, 2017 there is 1 single family homes on the market
in the Jackson Park Highlands neighborhood. The asking price
is $499,900. The average asking price per square foot is about $106.

JACKSON PARK HIGHLANDS MAP

Jackson Park Highlands - Chicago - Map

If you have any questions regarding real estate in the Jackson Park Highlands,
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

Some of the above information was taken from
the Wikipedia page on Jackson Park Highlands.
For the original Wikipedia article, visit:

http://en.wikipedia.org/wiki/Jackson_Park_Highlands_District

South Shore Chicago Cap Rates

I just did a quick analysis of closed transactions for South Shore Chicago.
I focused on Multi-Family Apartment Buildings only.
This was for sales that took place in 2016.
About 20 transactions closed on the MLS this year.
The estimated median Cap Rate in South Shore was 10.9%

I estimated the Cap Rate by looking at the Gross Income.
I then assumed 50% expenses to get the Net Income.
I like doing this because some sellers may play with the expenses
to make them look lower than they really are.
Many feel that the 50% rule is a pretty good estimate of expenses.
Then I divided the estimated Net Income by the Selling price.
So I arrived at a median Cap Rate was 10.9%
So this should give you a good idea of where Cap Rates are in the
South Shore neighborhood.
If you have any questions about buying or selling investment
properties in South Shore, you can send me a text (or call)
Mark Killion 773-354-6693.
You can also send me an email: mark@markkillion.com

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

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

3rd QTR Sales by Category

Based on the charts shown above, we can see
that distressed sales are making up a smaller
percentage of today’s real estate transactions.

That is a great sign, as it shows that the general
health of the real estate market is improving.

In the 3rd quarter of 2012, short sales made up 13% of the sold properties. In the same time period in 2013, short sales only accounted for 9% of the total sales.

Likewise, bank owned transactions dropped from 30% of the total transactions down to 25%.

So even though distressed sales are still a big slice of the pie, that slice is getting smaller every year. This is a great sign.

Also, it is interesting to note that the total number of sales was greater in 3rd quarter 2013 versus 3rd quarter 2012.

Well that’s all for now…
If you have any questions regarding the Chicago
real estate market, please send me an e-mail: mark@markkillion.com

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

EQUAL HOUSING OPPORTUNITY

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

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

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

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

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 ½ %. 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

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

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.

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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