Purchasing Chicago Foreclosures
After 25 consecutive months of gains in home sales on a year over year basis, Chicago reached a seven-year high level of home sales in July 2013.
This and other positive indicators in the local market have led to Chicago being named the "Market to Watch" by Real Estate Marketing Insider, a title awarded based on outstanding growth potential in a local real estate market.
The average time on the market for Chicago homes is now 96 days, helped in part by a slight pullback in seller asking prices that more realistically aligns buyer and seller price expectations.
However, despite the high level of activity, Chicago foreclosures are still readily available.
According to local market analysts, 23.
9% of all July 2013 home sales were distressed.
Trends in Chicago Foreclosures and Real Estate Commercial real estate activity, which is frequently a bellwether for residential real estate activity, is finally showing signs of long-term growth, with even traditionally sluggish suburban office spaces posting positive indicators.
The growing number of startups looking to establish new businesses in Chicago is also contributing to the tightened inventory.
The unique needs of startup businesses can blur the line between residential and commercial real estate, and as the growth in startup business in the city is expected to continue the real estate inventory will continue to be impacted.
Lake View is being called one of the epicenters of house flipping activity in the Chicago area by local real estate professionals.
Other heated neighborhoods where homes are regularly going under contract for more than the asking price include Roscoe Village, Bucktown, and the Ukrainian Village.
For buyers of Chicago foreclosures who are not intent on living in one of these specific neighborhoods, this indicates that the potential investment gains may be greater in other neighborhoods where bidding wars and pocket listings are less common.
Looking in River Grove for Chicago Foreclosures River Grove is a municipality just outside of Chicago city limits.
This area offers suburban living amenities while remaining close and accessible to the urban amenities of Chicago.
Most major arterial highways are easily accessed from River Grove, and the village has a Metra train station for commuters traveling east into the city or further west into the suburbs.
River Grove has one of the highest rates of Chicago foreclosures, at above 5.
70% as of April 2013 according to the Federal Reserve Bank of Chicago.
Local real estate agents report that the average price for a single family home in River Grove is $178,306, while the average price for a condominium or townhouse is $67,475.
Looking in West Ridge for Chicago Foreclosures On the far north side of Chicago, the West Ridge neighborhood also has a high foreclosure rate as reported by the Federal Reserve Bank of Chicago, at over 5.
70%.
West Ridge is largely middle class, and unlike many Chicago neighborhoods has widespread provisions for free parking on city streets.
Downtown Chicago is easily accessed by public transportation or personal vehicle, while the beaches of Lake Michigan are only two miles away.
Condominium units are more common to find in this neighborhood than other property types, although there are many single family homes on the market.
According to local real estate agents, the median home value in West Ridge is $198,000, making this neighborhood a great place to begin searching for Chicago foreclosures.
This and other positive indicators in the local market have led to Chicago being named the "Market to Watch" by Real Estate Marketing Insider, a title awarded based on outstanding growth potential in a local real estate market.
The average time on the market for Chicago homes is now 96 days, helped in part by a slight pullback in seller asking prices that more realistically aligns buyer and seller price expectations.
However, despite the high level of activity, Chicago foreclosures are still readily available.
According to local market analysts, 23.
9% of all July 2013 home sales were distressed.
Trends in Chicago Foreclosures and Real Estate Commercial real estate activity, which is frequently a bellwether for residential real estate activity, is finally showing signs of long-term growth, with even traditionally sluggish suburban office spaces posting positive indicators.
The growing number of startups looking to establish new businesses in Chicago is also contributing to the tightened inventory.
The unique needs of startup businesses can blur the line between residential and commercial real estate, and as the growth in startup business in the city is expected to continue the real estate inventory will continue to be impacted.
Lake View is being called one of the epicenters of house flipping activity in the Chicago area by local real estate professionals.
Other heated neighborhoods where homes are regularly going under contract for more than the asking price include Roscoe Village, Bucktown, and the Ukrainian Village.
For buyers of Chicago foreclosures who are not intent on living in one of these specific neighborhoods, this indicates that the potential investment gains may be greater in other neighborhoods where bidding wars and pocket listings are less common.
Looking in River Grove for Chicago Foreclosures River Grove is a municipality just outside of Chicago city limits.
This area offers suburban living amenities while remaining close and accessible to the urban amenities of Chicago.
Most major arterial highways are easily accessed from River Grove, and the village has a Metra train station for commuters traveling east into the city or further west into the suburbs.
River Grove has one of the highest rates of Chicago foreclosures, at above 5.
70% as of April 2013 according to the Federal Reserve Bank of Chicago.
Local real estate agents report that the average price for a single family home in River Grove is $178,306, while the average price for a condominium or townhouse is $67,475.
Looking in West Ridge for Chicago Foreclosures On the far north side of Chicago, the West Ridge neighborhood also has a high foreclosure rate as reported by the Federal Reserve Bank of Chicago, at over 5.
70%.
West Ridge is largely middle class, and unlike many Chicago neighborhoods has widespread provisions for free parking on city streets.
Downtown Chicago is easily accessed by public transportation or personal vehicle, while the beaches of Lake Michigan are only two miles away.
Condominium units are more common to find in this neighborhood than other property types, although there are many single family homes on the market.
According to local real estate agents, the median home value in West Ridge is $198,000, making this neighborhood a great place to begin searching for Chicago foreclosures.
