Blog

Displaying blog entries 1-3 of 3

Vacant Buildings Affect Chicago Real Estate Values

Vacant buildings don't make for good neighbors. Vacancies bring down Chicago real estate property values, put a damper on morale and squashes any pride of ownership that once existed, and attract a criminal element which in turn brings down property values, etc, etc.

These are some of the reasons Alderman Pat Dowell, 3rd, introduced a measure to the Chicago City Council last month that would toughen the city's existing vacant property ordinance. If passed, the updated ordinance largely would pass the responsibility for securing and maintaining vacant buildings onto lenders, regardless of whether they have actually reclaimed legal possession of a building.

"There are people walking away from their homes," said David McDowell, of the Southwest Organizing Project, a Chicago community group involved in discussions about the proposal. "We find homes that are vacant and the foreclosure process hasn't been completed. There's no one to take responsibility for the home to be boarded up or the grass cut. This is a way of making sure even if a homeowner leaves, someone is taking care of the property."

The ordinance would reward Chicago residents willing to document violations for the city. To receive a finder's fee equivalent to 5 percent of the total amount of fees and fines assessed at a building, a person must file an official complaint through the city's 311 call service or its Web site. Individuals would need to provide their name, address, Social Security number, a photograph showing any violation of the building code, the name and address of the property owner, and information on whether the property is registered with the city.

The person also must be willing, if asked by the city, to attend any administrative hearings related to the building and the code violation.

We applaud the Chicago City Council for protecting our neighborhoods and our property values.

Stay tuned for updates on the proposed ordinance in the coming weeks.

Learn about Chicago real estate.

What is your Chicago real estate worth?

Chicago Foreclosure Trends - June 2010

There were 39,665 Chicago foreclosure homes for sale with 4,231 new foreclosures in June 2010. The average selling price of a Chicago home was $284,153 in June and the average foreclosure selling price was $124,973, a savings of $159,179 according to RealtyTrac.com.

Chicago Foreclosure Geographical Comparison

Chicago foreclosure activity in June was lower 0.11% higher than national statistics, 0.07% higher than Illinois statistics, and 0.05% lower than Cook County numbers.

chicago foreclosure

Chicago Foreclosure Activity by Month

The number of Bank-Owned Chicago homes decreased from 1,106 homes in May to 895 in June. The number of Auctioned Chicago homes also decreased from 907 to 1,098 and Pre-foreclosure acitivity rose from 1,805 to 2,238. The six month Chicago foreclosure trend is falling.

chicago foreclosure

Are you or someone you know behind on your mortgage payments and facing a Chicago foreclosure? You do have options. A foreclosure is not the only way. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE). I have the training, knowledge and experience needed to help save your Chicago home from foreclosure. The clock is ticking. Don’t hesitate. Give me a call for a private consultation.

Learn more about selling your Chicago home.

What’s your Chicago home worth?

ChicagoCityHomes - MAKING A POSITIVE DIFFERENCE IN PEOPLE'S LIVES One Sale at a Time

breen logoChicagoCityHomes, the name of our real estate firm, tells a lot about me and my husband, Louis M. Elia.  We have a passion for Chicago and its neighborhoods and we welcome the opportunity to introduce new buyers to the many wonders of the city.  Our mission statement describes our goal in business:  MAKING A POSITIVE DIFFERENCE IN PEOPLE'S LIVES. With over 50 years of real estate experience between us, we bring some particular areas of expertise to the table that help match our clients with the perfect property, smooth out any difficulties in the process, and leave them happy to pass our names along to their friends.  One of our past homebuyers aptly expresses how our karen breen elia louis eliateamwork served her well:

"Karen and Lou are the home buyer's dream team. They want you to be happy, so they work toward that end. I can't say enough about how responsive, available, and considerate they were while working for us. All the horror stories I'd heard about home buying and the dreaded closing that just did not happen for us. We had a very positive experience. We started out with an interview with Karen where she asked us many questions about lifestyle, locations, and the specific details we wanted in a property. Then she contacted us about only those parenti condoproperties that met our requirements. She never tried to "sell" us on a property or push us in any way. We only looked at those places we wanted to see.

When we did find the place we wanted, Lou negotiated for us in a sensitive situation with a renovator/seller acting as his own agent.  Due to Lou's knowledge of building renovations and his expertise as a realtor, he was able to negotiate a new roof and glass block windows around the foundation at our offering price. Subsequently, we developed a good relationship with the seller, who was extremely helpful to us in the year following our purchase. Recently, two friends spoke to me about the possibility of buying, so I immediately sent them information on Karen and Lou. Because I applaud their mission and have experienced their work ethic, knowledge, and expertise, I recommend the Breen-Elia team enthusiastically and without reservation."

This testimonial from our  past client, Melanie Parenti,  is not an isolated example.  We work together to find our buyers the single home, condo, or multi-family building that is right for their lifestyle and their budget. That's why, year after year, much of our business is referral business.  We invite you to visit ChicagoCityHomes, where the diverse Chicago neighborhoods unfold before your eyes.

Contact Information

ChicagoCityHomes
RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: 866-404-3585
Fax: 773-938-1467