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Chicago Real Estate Properties

Chicago Real Estate Properties

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Large spectacular home

This large two bedroom and 3 ½ bath room, condo with over 3900 square footage of space takes luxury living to the next level.

The floor plan is an open space style layout to bring in the light and to the maximize the views of the city.

The master bedroom has two full bathrooms and a 300 square foot walk in closet.

Marble baths with two terrace garage space available.

The property is located at 50 East Chestnut, Unit 1401.  The listing price is $2,875,000.  If you like more information please call Streeterville Properties at 312-755-9999.

2011 Chicago home sales

According to publish reports, the 2011 Chicago home sale totals increased slightly.  The Chicago real estate market saw a 1.3% increase for the area giving real estate some hope that 2012 will see things continue to grow.  However, sales within the city fell 7.2% for the year.  For the year, the medium home price declined by 11.9 percent and 13.8 percent for properties within the city.

For those in the condo market, Chicago real estate agents report median condo prices at $183,000, which is down from a year ago.  Median single family homes fell to $135,000.  Agents are explaining the drop in these prices due to a flow of real estate properties being sold through the foreclosure and short sale markets.  As those markets continue to extract more people its only natural that home prices will continue to decrease.  Realtors believe that there are many distressed properties that will work their way through the foreclosure market in the new year that should have been earn marked for the previous year due to the court system being so bogged down.  So any upward movement in prices cannot be realized until these distress properties are out of the system.

Contributing to the price declines is the belief that If you wait long enough you will get a better price to buy.  So the demand is not there to force buyers to act fast, according to many Chicago Real Estate Agents.

Rent Oprah’s apartment

The famous media giant, Oprah Winfrey is renting out her apartment in Chicago for a whooping $15,000.00 a month.  The apartment is 4,607 square foot.  It was purchased for $5.6 million in 2006.  Its on the sixth floor, has three bedrooms, two bathrooms, a library, a wine room, and other special amenities.   Now, you can have the opportunity to live in her glamorous home.  The price is not cheap but it should sure be fun to get a chance to stay in some a nice real estate property in Chicago.

Belden Stratford

The Belden Stratford, builth in1923, is a 16 story building that is on the National Register of Historical places, that was sold this weekend for $60 million.  The building was a residential hotel built in Chicago before the Depression.  The building today is mostly use as a hotel and apartment.  The building had rough 297 units and was located on 2300 Lincoln Park West.  Based on the purchase price, the building was sold at about $202,000.00 per unit.  Its the goal of the new owners to rent out the units.  Its expected that rental value will increase as less and less people can afford to buy homes.

Happy Thanksgiving!

We like to take this opportunity to wish all the hard working real estate agents in Chicago and their staff and family a happy Thanksgiving on his wonderful day.  Enjoy your time with your family and lets kick some ass in the new year.

Fannie Mae asking for help

Mortgage giant Fannie Mae is asking for our help again.  This time in the tune of $7.8 billion to cover for their losses in the last quarter.  Low mortgage rates reduces their profits and declining home prices caused more defaults on loans they had guaranteed.  It is believed that they are suffering losses because more homeowners are paying less interest as more people are refinancing their loans while others are defaulting on their home mortgages.  When property value decreases like it has in the last few years, people default on their loans because they are unable to afford them any more or because they owe more than their home is worth.

Real Estate Broker

Every one has heard of a real estate broker but how is he or she different from a real estate agent?  And what role does the broker play in my quest to sell my property?  Well, when you sign your listing agreement it is with the real estate broker and not the real estate agent.  Only the real estate broker can offer an agreement to list a property.  After the property is sold, the broker pay the real estate agent’s commission to the agent.  So in reality, the real agent broker is the main person in your quest to sell your home.  The real estate agent is the one who then list your property and does the work to get the property sold but the agent must work under a real estate broker to sell and list your property.  I hope that explains things.

Listing agent

A listing agent is a real estate agent whom you use to only list your property.  They place your property on the market, on the MLS, a national property listing database, and let others realtors know about your property.  They do nothing more.  You can get one to do this for you for a flat rate.  Then you have to take care off the rest to get the home sold, negotiated and closing escrow.  This might be an attractive chose for some individuals who think they can handle this and can save you the five percentage commission the realtor charge.

If you elect to go this route, make sure you hire an attorney to make sure all the documentations are in order to finalize the sale.  Its better to be safe and get an attorney and with the 5% commission that you won’t have to pay out, you can afford to pay one so don’t be cheap.