It’s been a very rough few years for the real estate market in Chicago—the ongoing recession and sluggish resale market are unfortunately still news and both buyers and sellers are watching the situation closely for any signs of improvement. But how does next year look? Is 2013 looking up, staying flat or will it slide further into grim territory?
Location, Location, Location
“I’m going to sound like a broken record, but it is all about location,” says Richard F. Klawiter, partner and chair of DLA Piper LLP, a real estate law firm in Chicago. “For example, sales in the Lincoln Park condo project have been quite brisk, and the sales prices per square-foot have been solid.” Lincoln Park 2520 is a three-building, high-end condominium project and Chicago’s first major condo project in two years.
Steve Bloomberg, a principal and shareholder at the law firm of Chuhak & Tecson, P.C. in Chicago, says that the area’s real estate market and the surrounding suburban area have improved over the last six months. “However, the increase in the prices for residential homes and the demand for housing has been uneven depending on the location within the city of Chicago and the location within the suburbs,” he says.
Ilene Collins, chief executive officer of the Apartment People brokerage in Chicago, says that this year has definitely been an interesting time, not only for sales but for rentals, too.
“If you are a first time buyer, you may be in the best position of all,” says Collins. “That is, if you have the funds to put enough down. I believe you have to have the money to be loaned the money, but if all is in place, you could buy at the lowest prices in 20 years and for the lowest interest rates in 20 years. While there are less properties on the market than in years back, more and more are being sold while sitting on the market less time than in years back.”