DePaul arena coming to the South Loop?

If the mayor of Chicago get his way, the South Loop will be the
new home of the DePaul University Sports Arena and a new hotel.
This development will be around 2200 S. Michigan.

This should start a chain reaction of commercial
development in the area.
This will be great for the South Loop neighborhood
and DePaul university.
This is a huge $92 Million dollar project.
It might be a good time to buy some land in the
South Loop

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

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

EQUAL HOUSING OPPORTUNITY

Ireland is in the middle of a real estate slump as well.
They went through a real estate boom which peaked
around 2007. This truly is a global recession.

But, in Ireland, even the most modest, 1000 square foot,
2 bedroom home costs about 340,000 Euros. That’s about
$600K in Chicago dollars!

So, Europeans must think that the U.S. real estate market is
on clearance sale! An Irish person can get a lavish condo, in the
South Loop, for the cost of a foreclosed farm house back home…lol

When you consider real estate in other countries, It really puts
everything into perspective. To us, prices might seem high, but
in a global context, Chicago real estate prices are a great value!
Below you will see a few pictures from my trip. Ireland is so beautiful!!!

If you have any questions about Chicago Real Estate,
please feel free to contact me or visit my website!

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

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.
This is because this area is so close to all
the wonderful things that downtown has to offer:
jobs, shopping, restaurants, museums, parks, etc.
(Note: I made “2200 South” my southern border)

South Loop Condo Sales
============================
….Type….#_Sold……Median_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. Apparently, 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 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. This excess inventory should exert
downward pressure on prices. To illustrate this point,
let’s take a look at the price trend for a 2 bed/2bath condo.
It looks like we may have hit bottom around June 2009.

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