Showing 1 - 4 of 4 blog posts
"As Cabrini-Green continues its march into history books, new residential developments are springing up throughout the 65 acre site of the former public housing project. Enter the Parkside of Old Town development, which is bringing hundreds of new residences to the former Cabrini-Green site. The first couple of phases of the development started a few years ago, but now Holsten Real Estate Development and the Local Advisory Council of Cabrini plan on starting the next phase of the project, which will bring even more new apartments and townhouses to the area. In total, 106 apartments and seven townhouses will make up the new Phase IIB complex, with 36 units reserved for CHA residents, 27 units at affordable rental rates, and 43 apartments will be rented at market rate. 94 apartments will be housed in a nine story building, with the seven townhouses connected to the back of the building. A second three story building will be situated nearby, with the remaining 12 apartment units. Designed by Landon Bone Baker Architects, the new mixed-income development is certainly a departure from the monolithic towers that once stood at the site."
Read full article here:
For those of you in the market to buy a property and are using a FHA loan open to finance your purchase should read this article below. FHA loans are a great way for a buyer to purchase a new home with little money down (in most cases only 3.5% down).
FHA Mortgage Insurance Preiums will rise again this April - therefore making your FHA loan a little more expensive. However if you lock in your loan before April, you will be "granfathered" in at todays premiums.
Im not a lender :) so read this article for more info: FHA Mortgage Insurance Preiums: April 2012
For those of you that want the true Chicago real estate market statistics – I'm giving it to you :) The link at the bottom of this email provides you with the FULL stats as of Feb 14th, 2012 for the most popular Chicago city neighborhoods divided into 18 different areas.
But Sabrina, what does this information actually say??
For example, the West Town area which includes Ukrainian Village, Wicker Park, River West, Logan Square and Noble Square. (note: this is actually one of the "larger" areas of the city comprises of the most sub-neighborhoods. Most of the other areas in the full report are smaller – fyi).
So, for example the West Town page, it has the properties split into "Detached Single-Family" which are stand alone houses AND "Attached Single-Family" which are condos, and most townhomes).
It shows the difference between Jan of 2011 and Jan 2012 (last month) and compares the activity and percentage of change.
At the top it shows you the following summary percentage changes:
Change in new listing – this is the difference in the number of properties that came on the market last month verses the number in Jan 2011. So in West Town there are 33% LESS properties newly listed in Jan of this year then there were in Jan 2011.
Change in closed sales – this is the difference of the number of properties SOLD in Jan of 2012 verses last year Jan 2011. In this West Town example there were 33.3% MORE sold units then in Jan 2011.
Change in inventory of homes – the inventory is the number of properties on the market. This examples shows that West Town has 37.3% LESS properties on the market last month then they did in Jan 2011.
Oh, and in the charts at the bottom of the page, note that the grey line represents all of the MLS (which includes but not limited to the all of the suburbs, some of Indiana, some of Wisconsin) part of the Midwest Real Estate Data LLC. The red line represents just that local area (in this case it's West Town).
For the full report click on the link (it goes to Google Docs) - it will take about 60 secs to download, so be patient…it is worth the wait!
Click here for January 2012 Chicago Neighborhood Statistics
As always, if you have questions, please never hesitate to call/text/email me!