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Getting Real has moved to ChicagoNow but occasionally you will be able to find additional posts here.

Articles for July, 2010

Hinsdale Single Family Home Sales Still Steady in 2010

Monday, July 26th, 2010 by Sari Levy

According to the data published by MRED LLC., there were 42 single family homes sold in Hinsdale during the month of June 2010,  that’s up 50% from the same month in 2009 when there were 28 single family home sales. Under 10% of these homes sales was a result of a short sale or foreclosure with only two of each.

For homes that sell, its taking about 200 days, which is pretty consistent to the average time its been taking to sell a home in Hinsdale in the year of 2010.  The selling price of the homes sold in June range from $162k  – $3.6mm.  In June, the sales were spread pretty evenly in all price ranges with 12 sales being over $1mm.  The majority of the homes sold in June were in Northeast Hinsdale.  Take a look at the distribution in the image below.

For more information on Hinsdale, including market conditions, visit our Hinsdale  page or you can find the details of all the homes sold on our Hinsdale Sales Data page.  And in keeping with my motto that laughter is the best medicine, take a look at the photo below that was used to market one of these homes.  Meow.

Which Chicago Neighborhoods Are Safe?

Tuesday, July 20th, 2010 by Gary Lucido

Home buyers in Chicago are almost always concerned about whether or not a particular neighborhood is safe or they may ask us for recommendations of a safe neighborhood. The only problem is that there is no simple way for us to provide advice on this subject so most realtors are going to avoid the entire subject – and I’m one of them. The reason for the difficulty is that there is limited objective data to begin with and opinions on relative safety are highly subjective anyway. In addition, if a realtor tells a buyer that a neighborhood is safe and that buyer later becomes a crime victim in that neighborhood then that realtor might have a problem. But let’s explore this topic a bit more.

There are Web sites like EveryBlock that provide lots of Chicago crime data, including maps of individual crimes. However, that interface leaves a lot to be desired and the different data views always seem to be either too granular or too aggregated. That’s why I turned to the Chicago Police Department Web site to provide me with an overview of crime by neighborhood. Their annual reports provide a great overview of crime in the city. 2008 is the most recent report available, with the 2009 report probably coming out in a few more months.

Reading through the report is rather educational because it highlights an important distinction between the different types of crimes. For instance, the only crimes reported by neighborhood are what the FBI refers to as index crimes. As the report says, “Index crimes are the combination of eight categories of crime, selected because of their seriousness and frequency of occurrence.” The eight categories, broken down into two groups, are as follows:

Violent Crime

  • Murder
  • Criminal Sexual Assault
  • Robbery
  • Aggravated Assault/Batter

Property Crime

  • Burglary
  • Theft
  • Motor Vehicle Theft
  • Arson

Noticeably absent from this list are prostitution, drug activity, graffiti, and disorderly conduct, which the FBI clearly does not see as being “serious” enough to qualify as index crimes. So this highlights perhaps the most subjective aspect of the concept of a “safe neighborhood” – what does “safe” mean exactly? I would guess that most people would not feel comfortable living in a neighborhood where there are lot of these non-index criminal activities going on, yet those crimes are not summarized at the neighborhood level by the Chicago Police department because they are not as serious. (They are available on the EveryBlock Web site, however.) In addition, many buyers look for other subjective clues as to whether or not a neighborhood is safe – e.g. are there a lot of adult males loitering on the street during normal work hours?

So, what do the index crime data tell us about relative neighborhood safety? You’d be surprised. I took the Chicago neighborhood index crime statistics from the annual report and normalized them for neighborhood population – i.e. what are the crimes as a percentage of neighborhood population, or what is the probability that you would become a crime victim in a particular neighborhood. The results are available in the two charts shown below.

Chicago Violent Crime By Neighborhood

Chicago Property Crime By Neighborhood

What you will notice is that some of this data runs counter to people’s intuition. For instance, I often hear people refer to Uptown or Hyde Park as being “dangerous” but according to this data you are more likely to become a victim of violent crime in the Loop than you are in either of these neighborhoods – and way more likely to become a victim of property crime. And you are more likely to become a victim of property crime in Lincoln Park than in either of these neighborhoods – because “that’s where the money is”. However, in all fairness, places like the Loop and the Near North Side have a huge influx of people every day that are not reflected in the population numbers and that invites more crime and thus skews the statistics.

By now you are getting a pretty good indication of just how complex this whole analysis is. That’s why if you ask me how safe a neighborhood is I’ll tell you to drive around at a few different times of day and visit a crime statistics Web site. But if you take that advice to heart you may just end up moving to Iowa.

French Country Estate, Yours for the Bid!- Riverside, IL Auction

Saturday, July 17th, 2010 by Sari Levy

122 Nuttall Rd, Riverside, IL 60546

Always on the lookout for opportunity, I spotted a beautiful home coming to the auction block on July 27, 2010.  Grand Estates is selling this home at an “ Absolute Auction”  with “No Minimum or Reserve – Regardless of Price”; that is,  free and clear of all liens.  Basically, you can name your own price to get this home.   If you think you are interested in bidding on this home, below are a few things you need to know/do.

  • Schedule an appointment to look at the home during the preview period which starts July 23rd. 
  • Review the extensive Property Purchase Package™ (PPP™) booklet that has been prepared to assist the buyers in evaluating and bidding on this property. The PPP™ is available for $75. 
  • Register for the auction.  To register to bid, one must submit a $50k certified check made payable to the bidder or personal check along with bank letter of guarantee.
  • 10% down payment will be due immediately after being declared the buyer.  (The registration fee is applied against the ten percent down payment)
  • The balance is due in cash at closing within 30 days 
  • A “Buyer’s Premium” is added to your bid.  How much?  7.5% will be added to the winning bid price. So basically, in this case, the BUYER and not the seller is paying the real estate commission, marketing costs, etc.  in this transaction.  The auction house is kind enough to offer a  cooperating commission of 3%.  Of course, if you work with us on the purchase we would rebate you over $25K from our commission!

More about the house…..

Built in 2003 and originally listed on the MLS in 2007 at $3.85mm, this Orren Pickell designed and built home offers a breathtaking mixture of imported stone,wrought-iron works and  one-of-a kind architectural detailing.  Six bedroom suites, great room, media room, family workshop, dual utility rooms and wine cellar are coupled with state-of-the-art media and electrical components. Despite all that it brags, the home sat on the market for over four years.   

Property Features

  • 6 Bedrooms
  • 7  full and 2 half Bathrooms
  • Heated Freeform Pool with Waterfall Spa
  • Gourmet Kitchen with Viking & Sub-Zero Appliances
  • SmartHome System w/8 Programmable LCD - Displays Control: Lighting, HVAC, Security, Audio/Video, Pool/Spa
  • Home Theater
  • Library
  • Wine Cellar w/ Tasting Area
  • Gameroom w/ Kitchenette
  • Home Gym
  • Oversized, Heated 3.5 Car Garage

The most expensive listing on the MLS in the town of Riverside is a $1.35mm - 13 room home with 5 bedrooms and 4.5 baths.  The most expensive sale in Riverside is 1.725mm in September of 2006 and that home has 11 rooms  with 5 bedrooms and 4.5 baths. 

It will be interesting to see how much this home fetches.  My guess is that someone will be happy to snap it up at $1.5mm.  Before jumping in to purchase, be aware that the current tax bill is $56k per year.

 
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