Real Estate Market

[4everwarriors]

In April, national trends appeared to be lower inventory than a year ago, but higher prices and #donedeals occurring at a more brisk pace.

All depends on location, but... yes, another bubble.

Soft bubble, hey?

[MU82]

I do dig this area (and the west vs north thing is because i thought i had done a rectangle on my run yesterday but clearly Lincoln runs diagonal so i was further south than i thought), you and Coleman have a cool hood.

The value comment was based on looking up a few houses that were for sale that looked like 'newer' construction (guessing since 2000) and comparing $ per square foot to our KC neighborhood - i have no clue on property tax or private school cost - but almost identical.  Granted in KC we get a double lot and much more open floor plan for the square footage but Chicago has some benefits to off set that.

82 - i sent you a PM with the airbnb listing, but knowing that Coleman and drew88 live around the corner and probably have space available.......

Thanks, man. I got it.

How 'bout it Coleman and drew - ha!

My wife and I probably will be able to crash at my son's girlfriend's place but not sure yet. Looking for a backup just in case.

[rocky_warrior]

most attorneys pay for themselves by acting in the interests of the client whereas a realtor acts strictly in the interests of the transaction once they get to the closing table.

Your choosing your realtors poorly then.  All I've used bring up anomalies in properties and chase down resolutions before closing.  Again, maybe it's just an Illinois thing.

[mu03eng]

Thanks, man. I got it.

How 'bout it Coleman and drew - ha!

My wife and I probably will be able to crash at my son's girlfriend's place but not sure yet. Looking for a backup just in case.

Just don't snooping around, who knows what you'll find that you can't unsee.

[Coleman]

Your choosing your realtors poorly then.  All I've used bring up anomalies in properties and chase down resolutions before closing.  Again, maybe it's just an Illinois thing.

Realtors and real estate attorneys have overlap in expertise, but both have things that they are really good at that the other doesn't normally do.

Attorneys don't stage homes. Realtors don't review non-standard contracts and contingencies. Like I said before, you basically have to assume the other party is trying to get the upper hand on the deal. Their attorney will try, and if you have no one playing defense, or putting in favorable language to you to keep them on their toes, you will get taken (in Illinois).

If you don't feel the need, all the power to you. But it was money well-spent in my situation.

[Coleman]

Thanks, man. I got it.

How 'bout it Coleman and drew - ha!

My wife and I probably will be able to crash at my son's girlfriend's place but not sure yet. Looking for a backup just in case.

I must have missed the earlier post...are you coming to Chicago? When?

I doubt my wife would allow me to open our place up to a stranger (despite our deep Scoop ties - she just doesn't understand) but I'd be interested in meeting you for a beer if schedules allow.

[MU82]

I must have missed the earlier post...are you coming to Chicago? When?

I doubt my wife would allow me to open our place up to a stranger (despite our deep Scoop ties - she just doesn't understand) but I'd be interested in meeting you for a beer if schedules allow.

I absolutely was just kidding about crashing at your place. I'm not as rich as Heisy or rocket, but I can afford a hotel if my potential plans fall through.

I absolutely would be interested in a malt beverage, though. When we get closer, I'll PM you.

Anybody else on the North Side interested?

[Wally Schroeder]

For those that have sold homes using realtors, what's the typical commission you've paid? I have a Chicago condo (East Lakeview area), and am curious what the going rate is. My research has indicated 5-6%, but that seems high for an easy sale at $300k. Granted, if the realtor has to create marketing materials, host multiple open houses, split with the buyers realtor, etc, I could see the cost adding up. Just curious if anyone local to Chicago has an experience they could share. Thanks. 

[MU82]

For those that have sold homes using realtors, what's the typical commission you've paid? I have a Chicago condo (East Lakeview area), and am curious what the going rate is. My research has indicated 5-6%, but that seems high for an easy sale at $300k. Granted, if the realtor has to create marketing materials, host multiple open houses, split with the buyers realtor, etc, I could see the cost adding up. Just curious if anyone local to Chicago has an experience they could share. Thanks.

We sold in Chicago in 2004 and 2007. Both times, the going rate was 5%, and I assume it's about the same now. (Here in Charlotte, it's 6%.)

[WellsstreetWanderer]

no such thing as 5% commission in So Cal anymore. my wife is a reat or and even though the paperwork is ridiculously enormous, even the top dogs can't  get it.
but you wouldn't  house a dog in something @ $300,000

[Wally Schroeder]

We sold in Chicago in 2004 and 2007. Both times, the going rate was 5%, and I assume it's about the same now. (Here in Charlotte, it's 6%.)

Appreciate the info, MU82.

[MU82]

no such thing as 5% commission in So Cal anymore. my wife is a reat or and even though the paperwork is ridiculously enormous, even the top dogs can't  get it.
but you wouldn't  house a dog in something @ $300,000

And that is the thing that plays into the commission. Chicago went down to 5% as soon as the average house price crossed "X" threshold. Charlotte, where housing is still relatively cheap, is still at 6%. In Minny, where I lived before Chicago, the norm was 7%, but some realtors gave a discount down to 6%.

[keefe]

Soft bubble, hey?

Not in Seattle, Doc. The market is firm and growing every morning.

[Eldon]

Hot off the press

Home prices are getting out of control in these 18 American markets:

http://www.businessinsider.com/zillow-home-prices-april-2016-2016-5

[MU82]

Hot off the press

Home prices are getting out of control in these 18 American markets:

http://www.businessinsider.com/zillow-home-prices-april-2016-2016-5

Thanks for that interesting link.

I knew our inventory was tight here in Charlotte, but I didn't know it was that tight. Among the highest in the nation.

Interesting to note that many of the hottest markets are those that were hurt during the last crash -- Tampa, Phoenix, Houston, Charlotte, Miami.

[Eldon]

Thanks for that interesting link.

I knew our inventory was tight here in Charlotte, but I didn't know it was that tight. Among the highest in the nation.

Interesting to note that many of the hottest markets are those that were hurt during the last crash -- Tampa, Phoenix, Houston, Charlotte, Miami.

It's also interesting that most of the markets discussed ITT are on the list, e.g., Denver, Charlotte, Boston, Seattle.  Anecdotal evidence backs up the numbers.  That always makes for a strong case.

[HouWarrior]

Interesting to note that many of the hottest markets are those that were hurt during the last crash -- Tampa, Phoenix, Houston, Charlotte, Miami.

Agree , generally. ...but, Houston wasnt hurt much in the 2008 bubble....largely because we didnt bubble expand as much as most cites.  We werent rising in prices here like other cities (only 8-15%) prior to 2008 crash. The main reason is the lack of zoning and huge flat land available in all directions. With constantly expanding suburbs, new construction going up all over...the prices of existing inventory stays fairly constant. Water, and mountains, roads, etc hem in other cities...we are just an ever widening puddle. lol To appreciate our expanse ...we now have three full freeway loops surrounding downtown...610, Sam Houston tollway, and the Grand Parkway (....which is about 30 miles from downtown) the greater metro area is 70 miles e/w and n/s. Chicago is the city of Broad Shoulders...we are the Broad Expanse. lol (BTW...not a Chicago dig here... I like your town just fine...we are just differently developed--ok?)

Now .....caveat here...... is that lately, especially, drive times are prohibitive from way out....so closer in...downtown, midtown, in side and close to 610 loop, has seen HUGE increases in prices, teardowns with luxury homes, mid-rises, high rises, etc. Empty nesters no longer needing the highly rated suburban schools are moving as couples go back to HISD territory to be close to work, entertainment arts, etc. Result being ....that closer in areas have increased dramatically, but suburban areas still have only jumped 12-20%. Demand remains strong everywhere....jobs increase and folks move here all the time. Except for a brief lull during our mid 80s slump...its been that way for all of the 37 years I have lived here..Houston is always growing.

Due to the youth of our houses we have very little rehab and flipping. Its mostly new constructions, 10-30 year old homes, and teardowns of the midcenturies that have new homes built on them (our teardowns/new builds are close in and VERY pricey...but wow ...fancy).

This was your Htown RE report. lol

[tower912]

Am I the only one who sees a correlation between this thread and the 18-34 year olds living at home thread?

[Benny B]

It's also interesting that most of the markets discussed ITT are on the list, e.g., Denver, Charlotte, Boston, Seattle.  Anecdotal evidence backs up the numbers.  That always makes for a strong case.

Anecdotal, my ass.  The explanation there is simple (for three, any way):

Pot - Racism - Tech/Finance - Pot

Seriously... no clue what's driving the housing bus down in Charlotte.  A few years ago they were up in arms because Wachovia was skipping town (ended up as Wells' hub instead), now BoA is rumored to soon be heading north (to Boston, ironically).  Things must be hot at Family Buckeroo and Lowe's these days.

[MU82]

Anecdotal, my ass.  The explanation there is simple (for three, any way):

Pot - Racism - Tech/Finance - Pot

Seriously... no clue what's driving the housing bus down in Charlotte.  A few years ago they were up in arms because Wachovia was skipping town (ended up as Wells' hub instead), now BoA is rumored to soon be heading north (to Boston, ironically).  Things must be hot at Family Buckeroo and Lowe's these days.

Peeps just wanna live in the same town MU82 does!

[rocky_warrior]

Seriously... no clue what's driving the housing bus down in Charlotte. 

Can't speak for Charlotte proper, but two Colorado heavyweight "micro" brewers - New Belgium and Oscar Blues - have opened secondary operations in NC the past couple years to increase east coast distribution.  NC must be doing something right to woo businesses.   

So maybe Pot should be Pot/Beer.

[Chili]

Can't speak for Charlotte proper, but two Colorado heavyweight "micro" brewers - New Belgium and Oscar Blues - have opened secondary operations in NC the past couple years to increase east coast distribution.  NC must be doing something right to woo businesses.   

So maybe Pot should be Pot/Beer.

Not to steer too far off topic, but New Belgium was the first to do it and they picked NC for the mountain area and water that being near Asheville could bring for an EC operation. Now, many are just following suit. Just this week Ballast Point announced a Roanoke, VA brewery.

Back to the topic, I know the best units in Chicago actually never even get listed on the public record. There is a group of the top agents in the city that will send out listings to private group of people for first showing and biddings only for clients of specific agents. That is how my fiance and I got our condo in Logan Square 15 mo ago - and now comps in the area are going for $45k more than what we paid - and we have a 2 car garage. So if you're in Chicago and you're not with this 10% of top agents you won't see the best properties. If anyone is in the market in Chicago for buying or selling, PM me and I'll shoot you my agents name. She is amazing.

[MU82]

Can't speak for Charlotte proper, but two Colorado heavyweight "micro" brewers - New Belgium and Oscar Blues - have opened secondary operations in NC the past couple years to increase east coast distribution.  NC must be doing something right to woo businesses.   

So maybe Pot should be Pot/Beer.

NC overall and Charlotte in particular have gone craft-beer crazy the last few years. When we moved here in 2010, there were 2 craft brewers and they were only opened a little while before we arrived. I believe there are now 14 or 15 - lost count! And NC, with Asheville a major hot spot and plenty of other cities welcoming craft breweries, is going wild.

Coincidentally, I started drinking again in 2011, so it's been nice!

[MU Fan in Connecticut]

NC overall and Charlotte in particular have gone craft-beer crazy the last few years. When we moved here in 2010, there were 2 craft brewers and they were only opened a little while before we arrived. I believe there are now 14 or 15 - lost count! And NC, with Asheville a major hot spot and plenty of other cities welcoming craft breweries, is going wild.

Coincidentally, I started drinking again in 2011, so it's been nice!

It's a national trend.
In the last 5 years, 15-20 craft breweries have opened in Connecticut.

[Spotcheck Billy]

NC overall and Charlotte in particular have gone craft-beer crazy the last few years. When we moved here in 2010, there were 2 craft brewers and they were only opened a little while before we arrived. I believe there are now 14 or 15 - lost count! And NC, with Asheville a major hot spot and plenty of other cities welcoming craft breweries, is going wild.

Coincidentally, I started drinking again in 2011, so it's been nice!

too bad the state limits the ABV of what can be sold there which since booze is legal never made sense to me