Chitownproperty

From the New York Times:

In fact, by a wide margin over time, stock prices have risen more quickly than home values, even on the East and West Coasts, where home values have appreciated most.

The article also quotes Northwestern’s Kellog School of Management professor Thomas Lys on the utility of a home vs. investment potential. “The biggest value of the house is the shelter it provides,” he said. “Too many people are fixated on speculation whereas most of the benefit really comes from usage.”

Check out the pictures from our annual Client Appreciation Day at
Wrigley Field. We want to thank everyone for coming out, and look
forward to doing more business with everyone. The Cubs took one on the
chin that day from the Reds, but everyone had a great time.

Click on the picture to view a slideshow.

On a lighter note, show your disdain for fears of a housing bubble with one of these nifty t-shirts. The shirt is inspired by the Mr. Bubble bath foam packaging. More info on the shirts and their creators at Yahoo.

From CNN/Money:

Single-home price growth over the 12 months ending June 30
was the strongest in history, according to the National Association of Realtors.

In its quarterly survey, NAR found that U.S. home prices rose at an annual rate of 13.6 percent, to a median price of $208,300.

Chicago prices rose 8%to a median price of $263,600.

Whether you’re renovating a home you just purchased, or upgrading your existing house to prepare it for a sale, avoid these common mistakes as you undertake your first big project. From CNN/Money:

• Underestimating the cost – You should count on spending 10-20% more than your initial estimate.
• Pinching pennies – It doesn’t pay to cut corners, especially when it’s on rooms that you’ll use every day.
• Failing to anticipate chaos – Construction jobs make a mess; don’t let it freak you out.
• Overestimating the payback – Don’t get your heart set on the upgrades increasing your home value. by a certain amount. The biggest payback will be in the pleasure you get from enjoying your shiny new home.

Almost new Wicker Park 3-flat condo

Price: $375,000
Take a Virtual Tour

Beautiful condo in the heart of Wicker Park. Built in 2005. Sellers are relocating and sad to be leaving this highly up-graded 2 bedroom and 2 bathroom condo. The gorgeous kitchen includes cherry cabinets, 1/14 granite counters and stainless steel appliances. The living/dining room features beautiful oak flooring, a wood burning fireplace and a juliet balcony. The master suite is finished with beautiful stone, double bowl vanity, soaking tub, a separate oversized shower, and an organized walk-in closet. A large deck perfect for entertaining is accessible from the master bedroom and the hallway. Gorgeous landscaped grounds will bloom in the spring. Secured garage parking, extra storage and in-unit washer and dryer complete this almost new condo. Steps from all of the restaurants and shops on Division and the El. New construction without the headaches!

Elegant riverfront townhome with a designer’s touch

Price: $665,000
Take a Virtual Tour

Enhanced by a top Chicago designer, this 4 bedroom, 2 1/2 bath townhome is brimming with upgrades and modern elegance. Situated on the Chicago River, the serene scenic views are amazing. A lush gated yard welcomes you into the home. The first floor features an impressive half bath, a versatile room with custom Japanese sliding screens, and a two car garage. The second level boasts an expansive space including a living area with an Irish inspired hearth, a large dining area with custom built-ins, a chef’s kitchen featuring an eight foot granite island, and two balconies. The third level includes a luxurious master suite with generous custom closets and an architecturally enhanced bathroom complete with double vanity, separate shower and soaking tub. A second bedroom on this level is perfect for a baby’s room or home office. The fourth level completes this home with a comfortable family room, scenic rooftop terrace, another gracious bedroom and a full bath. This is truly a rare gem.

The best way to tell if housing prices in your area are still going up doesn’t require a PhD in economics–you just need to listen to your neighbors. Popular sentiment about local housing markets has as much to do with prices as any complex statistics. Read more about spotting trends at the New York Times.

The Chicago Tribune offers some advice on maximizing your upgrades in a new construction home. If your budget is limited, concentrate on improving the kitchen and master bathroom, two areas that are proven to have an impact on your home’s value.

Despite stagnant rental rates, rising taxes, and skyrocketing utility costs, two-flat buildings are still popular with buyers. Creative buyers find that they can invest in these buildings with friends and relatives, or that they convert them into single family homes for less than the cost of buying a new one. More on this at the Chicago Tribune.

Thinking about selling your home? Bankrate.com and the New York Times provide this nice roundup of factors that can significantly affect it’s value.