Robert Darrow, @properties

Posts Tagged ‘Real Estate’

Ben Fest

Two days of family fun including great bands, food from local vendors, activities for the kids and a chance to win some great prizes. Great performances on the main stage by acts such as How Far to Austin, Send in the Clones, Eric Howell’s Greatest Hitch, Infintity, Open to Suggestion, the Jesse White Tumblers and Dance Connection. Catch teen and kid favorites such as the School of Rock and Mary Macoroni.

BenFest is at Saint Ben’s Church – 2155 W. Irving Park Rd.  www.benfest.com

Old Saint Pat’s Block Party

Old St. Pat’s Church, Chicago’s oldest public building and a treasured historic landmark, is the host of the 26th annual World’s Largest Block Party. This event is a party for a good cause. Proceeds support the mission and outreach activities of Old St. Pat’s including the Education Center, the Outreach Group, Horizons For Youth, Career Transitions Center of Chicago and Global Alliance for Africa.

www.worldslargestblockparty.com/ 

Logan Square Boulevard Bash

Bands, food and drink vendors and artists set up camp in Logan Square for this inaugural neighborhood fest.

Logan Boulevard and Milwaukee Avenue

July 9 : 5 p.m. – 10 p.m.
July 10 : 12 p.m. – 10 p.m.
July 11 : 12 p.m. – 9 p.m.

/www.boulevardbash.com/ 

Chicago Folk and Roots Festival

Fun event sponsored by the Old Town School of Folk Music in Lincoln Square.  The Main Stage in Welles Park is the sonic centerpiece of Folk & Roots with a boundless supply of rhythms, grooves, and melodies to last you all weekend long. From the trance inducing desert pulse of Etran Finatawa to the slinky, psychedelic soul of The Budos Band, the Main Stage is where it’s at!

www.chicagofolkandroots.org

Rock Around the Block

Rock Around the Block eatures about thirty of the windy city’s best bands continuously performing on three unique stages and four full blocks of interactive fun! Located at one of the most highly visible intersections in Chicago on Lincoln Avenue at Belmont.

July 10 : 12 p.m. – 10 p.m.
July 11 : 12 p.m. – 9 p.m.

http://starevents.com/chicago-events2/rock-around-the-block/ 

Roscoe Village Burger Fest

The savory patty will take center stage THIS WEEKEND at the inaugural Roscoe Village Burger Fest on Saturday and Sunday, July 10-11, on Belmont at Damen in the Roscoe Village neighborhood.  Sumptuous burgers, live music, arts & crafts and activities for kids will highlight the weekend. In addition, visitors will be able to vote for Chicago’s best burger. 

Burger Fest hours are Noon-10:00 p.m. both days.

http://www.chicagoevents.com/event.cfm?eid=179

Some highlights from the Credit Suisse Monthly Survey of Real Estate Agents:

Traffic index drops to levels not seen since credit crisis of late ’08:

Our Monthly Survey of Real Estate Agents indicated a sharp fall-off in traffic in June, adding to the slowdown that occurred in May following the end of the homebuyer tax credit. Our concern is that what would have been a short lull in demand following the end of the tax credit will now turn into a more prolonged period of weakness as faltering buyer confidence and job market concerns add to the troubles. We continue to expect weakness to persist at least through summer and now see some risk to our expectation that demand will begin to improve again in the fall.

Another round of declining home prices seems inevitable with the high and rising inventory coupled with limited traffic:

Our price index dropped to 32.1 in June from 38.9 in May, with June’s level being the lowest since June ’09. Agents noted sellers are beginning to capitulate on home prices in many markets, and we expect further pressure given the combination of the weak traffic and high inventory levels. This is supported by our time to sell index, which fell to 29.6 from 42.6 in May, with lower readings pointing to a longer time needed to sell a home (a negative leading indicator for pricing).

Data for Chicago:

Agents’ commentary in June reflected similar themes from our May survey, in which the market was still feeling the effects of the pull forward from the homebuyer tax credit. One agent mentioned, “I think the weakness still has to do with the tax credit. There are no buyers to be found. People lost their sense of urgency.” Other agents mentioned a lack of confidence in the economy, and “uncertainty over one’s employment status.” Fears over price declines also kept buyers on the sidelines, as buyers have become “less confident in price stability”. However, some agents did note that lower interest rates have created some demand, but that overall levels were still very weak.

Your Guide visited The Sterling on Tuesday, June 15, for a Broker Re-Introduction event. The Board of Directors has made improvements to the facilities, managed to increase owner occupancy, and improved the financial health of the community. 

In Part 3 I stopped by a couple of units for sale in the building that were open on Tuesday.  These units could be ideal investor units, and the convertible (junior one-bedroom) already has a renter in the unit that would definitely like to remain as a renter for the new owner.

Photos from Pride Sundays in the past:

Your Guide visited The Sterling on Tuesday, June 15, for a Broker Re-Introduction event.  The Board of Directors has made improvements to the facilities, managed to increase owner occupancy, and improved the financial health of the community.  In Part 1, Your Guide interviews Board President Donna Randel and committee member Charles Rubner on what has transpired in the last couple years.

Festival season spools into full frantic mode this weekend with something happening in every neighborhood in Chicago.  The Red Line is your friend.  Driving:  Not So Much.

Right Now: Blackhawks Championship Parade

Starting at 10:30 am on Friday, throngs of Blackhawks fans join the Stanley Cup Champions along the parade route ending in a rally at the corner of Michigan Ave. & Wacker Drive. 

The photo was taken just after sunrise around 6am, with thousands of fans crowding the location where the Blackhawks are expected to take the stage along with the Stanley Cup.

The route:  From Washington at Wacker – east to Michigan Avenue.  Then north on Michigan Ave. north to Wacker again.  All roads are closed already.  Fun, no?  The festivities are scheduled to end at Noon.  Don’t expect traffic to let up anytime before sunset in the Loop.

Sidenote: World Cup at Daley Plaza

At Daley Plaza on Washington, a celebration heralding the opening of the World Cup Soccer Championship was planned long ago.  Scheduled for the afternoon hours, this promises to add to the mêlée in the Loop today.

Cross Town Classic

Hosted at Wrigley Field this weekend (and on the South Side next weekend) the Cubs host the White Sox in the Cross Town Classic.

Friday: 1:20 game time

Saturday: 3:10 game time

Sunday: 7:00 pm game time

South Side: 26th Annual Printers Row Lit Fest

Sponsored by the Chicago Tribune, this year’s Lit Fest affirms the Trib’s commitment to the written word in all its forms.  The fest is in full swing on Saturday and Sunday, from 10:00 am to 5:00 pm along Dearborn between Congress and Polk. 

Authors perform readings for adults and children.  Cooking demonstrations on stage.  Poetry workshops in the Hotel Blake.  Plus the rows of book sellers selling new and used books of every genre.

http://featuresblogs.chicagotribune.com/printers-row/printers-row-lit-fest.html 

Downtown: Chicago Blues Festival

The Chicago Blues Festival is the largest free blues festival in the world and remains the largest of Chicago’s Music Festivals. During three days on five stages, more than 640,000 blues fans prove that Chicago is the "Blues Capital of the World." Past performers include Bonnie Raitt, Ray Charles, B.B. King, the late Bo Diddley, Buddy Guy and the late Koko Taylor.  

Blues Fest kicks off in Grant Park on Friday at 11:30 am.

Saturday from 11:30 am to 10:00 pm

Sunday from 11:30 am to 10:00 pm

www.chicagobluesfestival.org/

Near North: Old Town Art Fair & Wells Street Art Festival

Wells Street Art Festival take place in Old Town along Wells Street between Division and North Avenues.  And the Old Town Art Fair offers exhibits and activities on some of Old Town’s side streets just off Wells Street running west, and north of North Ave and along N. Lincoln.

The Wells Street Art Festival is recognized as one of Chicago’s most prestigious art fairs, attracting exhibitors and prospective buyers from all over the nation. The show features a wide variety of fine art – everything from glass and ceramics, to pencil drawings and oil paintings – plus a silent auction and children’s area. Musicians performing along Wells Street will make you forget you’re at an outdoor festival!

The Old Town Art Fair – pretty much the same.  Your Guide does not know why these events are not simply combined into one large event as for all practical purposes, event goers treat both as the same.

Friday from 7:00 pm to 10:00 pm

Saturday and Sunday from 11:00 am to 10:00 pm.

Far North: Andersonville Midsommarfest

Midsommarfest is Andersonville’s annual summer street festival, now entering its 45th year. Each year, nearly 50,000 people throng Clark Street from Foster to Catalpa for two days of music, dancing, kids’ entertainment, and delicious food. Vendors from around the region sell their wares to passers-by, while ethnic dance troupes and cutting-edge bands keep the party going.

Saturday and Sunday from 11:00 am to 10:00 pm.

Another frequently asked question Your Guide often hears: How can I find if a building is FHA approved?  This one is easy!  Check out the HUD website and search function at:

https://entp.hud.gov/idapp/html/condlook.cfm

The Condominiums page allows users to search for FHA-approved condominium projects by location, name, or status.

Simple, no?

Stats above for Lakeview.  7 days.

Pending and closed units: 62

New listings: 62

The graph doesn’t show residual inventory.  And there’s a lot.  Compare to last week (here) and you can see that last weeks supposition that we’re absorbing more inventory than is being added to the market, and you can see that the answer is “Not So Much.”

There are 18 17 good weekends in a Chicago Summer.  So let’s get out and enjoy some of Chicago’s best fests and events this weekend.

Hawks Game

Of course the big event on Friday night is the Chicago Blackhawks game.  It’s away, darn it.   Find your favorite bar, and enjoy the madness.  Local time for game time: 7pm.  I wouldn’t ordinarily mention a game as this isn’t a “Fest” in the strict sense of the word.  But the city should be hopping tonight.  Plan accordingly!

Chicago Gospel Music Festival

The big event this weekend in Millennium Park.  For over 25 years, an inspiration for when the spirit moves you!  Friday and Saturday, Noon to 5pm.  Free!

www.chicagogospelmusicfestival.us

Beer Hoptacular

Sample more than 100 varieties of beer in Uptown at the Aragon Ballroom (1106 W. Lawrence.) Learn how to craft home brews.  Those in attendance can interact with the brewers themselves and cast their vote to select the “Beer Hoptacular Beer of the Year.” Friday, Saturday and Sunday.

www.beerhoptacular.com

Do Division Street Fest

What makes the Do-Division Street Fest and Sidewalk Sale unique is that all elements of this festival are local: the food, the vendors, the music, even the featured beer, Pabst Blue Ribbon, is selected based on it’s popularity in the ‘hood. Given the status of West Division Street as the hottest, hippest most cutting edge neighborhood in Chicago, the events’ 50,000 attendees wouldn’t want this festival any other way but local.

www.do-divisionstreetfest.com/

While checking the news feeds on the Holiday, Your Guide found himself quoted over at YoChicago (www.yochicago.com) last week:

The North Side market may look stable compared to other areas of the city, but Bob Darrow says he’s continually surprised by the number of quality homes that have been closing for well below their expected prices. The @properties agent and Your Windy City Guide blogger told me yesterday that it’s becoming more and more common to see homes sell for 10 percent below list prices, even in cases where those list prices are well below a seller’s desired value.

Yo!’s writer then dug deeper into sales data for Lakeview, Lincoln Park and North Center and found that more than a quarter of sales are for discounts of 10% or better.  Check out the post here.