Thank you so much to all of my amazing clients for trusting me to help buy & sell your homes this past year! Being recognized in Chicago Agent Magazine "Who's Who" issue for the 2nd year in a row would not have been possible without you. I love what I do and look forward to another great year of making moves!
South Loop Property for Sale | 100 E 14th Street Unit 1402 | 2 Bed 2 Bath Plus Den
SPECTACULAR east facing home with panoramic lake views from EVERY room!! From the moment you step inside this luxury home, you are greeted with rich hardwood floors and high-end finishes throughout the house complimented by floor to ceiling windows that provide sweeping, sun-drenched views. The living and dining spaces are completely open to the spacious and fully equipped modern kitchen. Enjoy outdoor entertainment space and picturesque views of the city, Museum Campus and Lake Shore Drive on your personal patio. The private spaces are equally as impressive, offering bright and spacious bedrooms, built-in closets, separate home office and spa-like bathrooms. This gorgeous 2-bedroom 2 bath (plus den) 1358 sq ft home is a must-see that won't last long. Garage available for additional $40K. A luxury building in a great area, you will love this 24-hour full amenity building in the South Loop. The building offers an indoor heated pool, community room, exercise facility (all at penthouse level with amazing views of the lake and city), on-site manager, and friendly door staff. Near Grant Park, Museum Campus, The Lakefront, Soldier Field, Running, Bike Trails, and some of the city's best parks and museums. Call Today!!
South Loop Property For Sale | 1169 S Plymouth Ct #126
Remarks: Rarely available duplex condominium, location doesn't get much better than this in an amenity-filled community that boasts a pool, picnic area, meeting room and more! Fully remodeled, this gorgeous home with private entrance greets you immediately with rich hardwood floors and tons of natural light. An open concept entertainment space lends itself effortlessly to the gourmet chef's kitchen fitted with custom cabinetry, All SS Bosh 800 series appliances and luxe quartz countertops. A 12-ft. sliding glass door leads to your private patio, surrounded by classic brick walls making for a serene space to relax with a cup of coffee or your favorite book. There's so much more to see in this gorgeous home - call today to see for yourself!
Real Estate Market Update and Predictions for 2022 and 2023
I hope you and your family had an amazing start to the year and are enjoying the summer weather. I’ve been getting a lot of questions lately about the Federal Reserve, interest rates and home values so I thought I’d compile my thoughts into this newsletter.
We’ve all been reading the news headlines, inflation is at a 40 year high, mortgage applications are dropping, buyers are cooling down, etc. But what is really going on and what do we expect going into the 2nd half of 2022 and into 2023?
Mortgage Rates Will Continue to Go Up (through 2022)
Expect mortgage rates to continue to go up through the end of 2022. They could even touch 7% which may sound crazy until you look at a historical chart. We are still in a favorable rate environment just not an extremely favorable rate environment.
Buyers are recalibrating their expectations
Right now buyers are recalibrating their expectations. Some believe that the market will correct and prices will go down and some are recalculating what they can afford and whether they want a turn key product or are willing to do some work. This is an interesting point in the market right now because there is no real direction and it’s not clear if we are going to enter a buyer’s market or if this is just going to be a bump in the current market.
Market Time Will Increase
I don’t believe we will see prices decrease in any significant way however, I do expect to see market time increase as the buyer pool decreases due to the increase in rates.
Price Growth Will Slow
I don’t anticipate that prices will decrease but the rate of growth will definitely slow with the increased rates. If we look at prior recessions, real estate prices have increased in 3 of the last 5 recessions. I don’t see a major correction in order for a few reasons. The largest of which is inventory. New housing starts have been below average since 2010 and have just recently increased to the historical norm. Last week the home builder sentiment index came in very low so expect new inventory to drop through the rest of 2022 and most likely the first half of 2023. The current level is not enough to satisfy the demand and if housing starts decrease it will have further negative impact on supply.
Inventory Will Tighten
I’ve thought about this a lot and I believe that the increase in rates is actually going to hurt the amount of inventory. A lot of homes were purchased since the financial crisis and values have gone up significantly. Many people have refinanced during the past 5 years and have locked in a very low interest rate. Sellers are looking at the prospect of paying a premium on their new home and locking in a significantly higher interest rate so they are opting to stay in their current residence. These rates are also having an impact on financing costs for builders which is part of the reason that the builder sentiment was much lower than earlier in the year.
Foreclosure Headlines Will Start to Emerge
Expect to see headlines about foreclosures in the upcoming months. This is typical during this part of the cycle. I anticipate that foreclosures will return to historical norms but with the current valuations and the amount of equity in most people’s homes, the foreclosure data will be very low and will be absorbed by the market without impacting valuations.
So where do we go from here? I see three likely scenarios for the next 12 months.
1. Rates Increase / Values Cool
This is the scenario that the Federal Reserve is trying to achieve. As with all policies there are unintended consequences. I’m surprised to see how much the activity cooled since June so the Fed may achieve their goal.
2. Rates Increase / Value Increase
Most news outlets are not talking about this possibility but if you look at the section above about inventory you see a scenario where increasing rates actually decrease the supply of homes in a significant way. The Fed is trying to decrease the demand by increasing rates but they may not have the stomach to increase rates enough to shrink demand. What we know from economics is if the supply is low and the demand is high, you can expect prices to increase.
3. Rates Increase / Volume Dips 2H 2022, Rates Recede in 2023
I believe it will be a long time before we see interest rates in the 3% range but I also believe that the Fed does not have the appetite to keep rates high for more than a year or two. I expect rates to peak in Q4 2022 and then start to recede by mid 2023. It will be a while before you see them in the 4’s again but expect a gradual decrease as we come out of this inflationary period.
South Loop Property For Sale | 1515 S Prairie Ave #906
Enjoy panoramic lake and Soldier Field views from this spacious condo in hot South Loop! The rare floor plan offers a huge kitchen that boasts beautiful white cabinets, new stainless steel appliances, granite counters & breakfast bar. Freshly painted neutral gray walls plus south & east facing windows create a perfect ambiance with plenty of natural light. You will love the huge master suite with walk in closet & bathroom with double vanity, jacuzzi tub and separate shower. Great sized second bedroom with ample closet space. East facing balcony with magnificent lake views as well as skyline to the north. In unit washer/dryer. Tucked away on a residential tree lined street, this full amenity building offers 24/7 door staff, gym, sundeck, & party room. Additional storage space and one indoor garage parking space included! Second garage spot available. Assessment includes all utilities (except electric) including high speed internet & cable. Conveniently located near museums, children's park, lakefront trail, shopping, dining, & grocery stores. Offering $2,000 credit to buyer.
South Loop Property For Rent | 901 S Plymouth Ct Apt 1402
Tucked away a South Loop Gem! Featuring 2 bed 2 bath Conveniently located in the Dearborn Park; near local park, walking distance from Loop, Millennium Park, the Lake, Museums and so much more! Huge, bright and spacious unit with dreamy wrap around views of the city skyline and Dearborn Park. Plenty of room, great closet space! Ready for your decorating ideas. Full Amenity building with outdoor pool, patio w/ BBQ Grills, and fitness center. Quick and Easy access to expressways, public transportation. Steps to shopping, restaurants and everything South Loop has to offer.
South Loop Property For Sale | 1169 S Plymouth Ct #101
A South Loop gem, you don't want to miss this beautifully updated duplex in the perfect location. You will love the easy walk to the CTA Roosevelt stop and nearby parks, grocery stores and amazing restaurants. As you step inside this bright and spacious home, you're greeted with the tile floors and tons of natural light. The living and dining combination is completely open to the kitchen, perfect for entertaining and featuring custom cabinetry, quartz countertops and a large pantry. Both bedrooms are bright and welcoming with ample closet storage and their own ensuite bath. Don't let this one pass you by - call today for more info!
Orland Park Property For Sale | 7906 Wheeler Dr, Orland Park, IL 60462
Tucked away in a quiet community, this 4-bedroom single family home is right where you want to be with easy access to the best shops and amenities of the area. Greeting you with tons of curb appeal and an attached 2-car garage, step inside where you'll find hardwood floors, an open concept entertainment space and plenty of natural light. An effortless flow guides you from the entertainment areas to the updated kitchen fitted with luxe granite countertops, stainless-steel appliances and plenty of prep space in the custom cabinets. Primary bedroom with ensuite master bath featuring custom tilework with high end finishes, visual faucet (based on water temp) and bluetooth speaker in ceiling. Fireplace in lower level, the private family spaces are equally as impressive, concrete patio with large fenced in yard perfect for entertaining and family gatherings. Don't let this one pass you by - call today for more info!
Uptown Property For Sale | 5060 N Marine Dr Unit C5
A beautifully maintained building on a quiet, tree-lined street, this 1-bed condo is right where you want to be in a highly sought-after Uptown neighborhood just a short walk from Foster beach. Full of amenities, you will love the sprawling lush courtyard with stunning water feature, bike storage, on-site management and so much more. An open concept floor plan is perfect for hosting friends and family with the kitchen, dining and living spaces all coming together. Unit features new flooring, bathroom, baseboards and freshly painted. The spacious bedroom offers plenty of space to relax and ample closet storage and the full bathroom is updated and roomy. Ready to see this one for yourself? Call today!
South Loop Property For Sale | 1214 S Federal St Unit L
Don't miss this gorgeous all-brick townhome in the perfect South Loop location. Offering private garage parking and three floors of living space, this home is a must-see. The main floor makes the perfect spot for entertaining with hardwood floors, gas fireplace and tons of natural light. The living and dining spaces come together with the updated kitchen that features luxe quartz countertops, breakfast bar seating and stainless-steel appliances. Step outside to find even more entertainment space on the oversized balcony. Downstairs, you will adore the primary suite situated alone for plenty of added privacy and offering a ensuite half bath and home office space, while the top floor hosts. Turn-key and in a great location, this one won't last long!
River North Property For Sale | 600 N Dearborn St Unit 705
Located in River North just near the Magnificent Mile and some of the best shopping and restaurants Chicago has to offer, this gorgeous home is right where you want to be. A beautiful building, this home greets you with floor-to-ceiling windows, rich hardwood floors and an open entertainment space. A spacious full kitchen is fitted with maple cabinetry, granite countertops and bar seating, overlooking the large living room. Step outside to your private 12x5 balcony to soak in the picturesque city views. The bedroom is large and inviting with tons of natural light and the bathroom is modern and roomy with updated fixtures. This home is a real treat that won’t last long – call today for more!
South Loop Property For Rent | 1400 S Michigan Avenue Unit 2512
Escape to this chic and stylish 1-bed, 1-bath unit located in the absolute perfect location, Michigan Ave Tower II. Step inside where you're greeted by an open concept entertainment space and an effortless flow guiding you from the full-sized kitchen with granite countertops, breakfast bar seating to the spacious living area fitted with beautiful hardwood floors. Enjoy stunning skyline views inside or on your own private balcony that is just calling for you to relax with a cup of coffee. Comfortable and roomy bedroom and spacious closet space, full bathroom. Private Balcony with a unique view of the city and the Lake. Full amenity building with 24-hour doorman, pool and sundeck, exercise room, party room. Within walking distance to Grant Park, Lakefront, Museums, public trans, shops and everything that Michigan Ave has to offer.
South Loop Property For Sale | 100 E 14th St #2605
Step into chic, modern luxury in this beautifully upgraded home, located in the heart of the South Loop neighborhood corner unit with south and east exposures with breathtaking views of the lake, soldier field, park and the city with floor to ceiling windows throughout. As you walk inside this spacious 3-bed, 2-bath, you're immediately welcomed by rich hardwood flooring, a completely open concept entertainment space, all highlighted by plenty of natural light, and custom roller shades throughout the unit. The living and dining areas come together with the gourmet kitchen fitted with luxe granite countertops, and high-end stainless-steel appliances. The bedrooms are bright and spacious, particularly the master suite that offers a spa-like ensuite fitted with an oversized dual vanity and a glass-enclosed shower. Spacious balcony, unobstructed views of the lake and the city. Building offers doorman, exercise room, indoor pool, and gathering room with kitchen on the penthouse floor. Contemporary elegance in a great location, ideally steps away from restaurants, parks, shopping, and public transportation. 2 adjacent Parking spaces available for an additional $35K each. Don't let this one pass you by!
South Loop Property For Rent | 1600 S Indiana Ave
Escape to this chic and stylish 2-bed, 2-bath apartment in the absolute perfect location. Step inside where you're greeted by an open concept entertainment space and an effortless flow guiding you from the full-sized kitchen with granite countertops and bonus breakfast bar seating to the spacious living area fitted with beautiful hardwood floors. Enjoy stunning skyline views inside or on your own private balcony that is just calling for you to relax with a cup of coffee. The private family spaces are equally as impressive with comfortable and roomy bedrooms and spacious, bright full bathrooms. Private Balcony with a unique east and west view of Soldier Field, the Lake, Field Museum, and the loop. Separate electric outlet for the balcony for lighting and grills. Designated parking space in a well maintained parking garage with elevator entry to the building. Building has a large terrace on the 5th floor with chaise lounges, sofas and other seating, and a public grill.This must-see home won't last - call today for more info!
River North Property For Sale | 333 W Hubbard St Unit 607
A modern industrial loft in a great area, you will feel right at home from the moment you step inside. Hardwood floors, a gas fireplace and exposed brick details bring plenty of character into the space. The open concept entertainment area is perfect for lounging or hosting with the full size kitchen completely open to the dining and living spaces. A private balcony is the perfect place to unwind after a long day while soaking in the incredible city views. The bedrooms are bright and spacious with soaring ceilings and ample closet space - each with access to its own bathroom. Don't miss this must-see home - call today for more info!
Lincoln Park Park Property For Sale | 2730 N Janssen Ave Unit B
Offering the feeling of a single-family home with the convenience of a condo, this beautifully updated home is right where you want to be with easy access to all the best Lincoln Park has to offer. From the moment you step inside, you're greeted by rich hardwood floors, upgraded finishes and tons of natural light. The oversized family room with gas fireplace flows effortlessly into the spacious dining area and beautifully appointed kitchen. Perfect for the home chef, this eat-in space boasts luxe granite countertops and high-end stainless-steel appliances. Four bedrooms with room for an additional bed plus three bathrooms means space for the whole family is never an issue. This one won't last long - call today for more!
South Loop Property For Sale | 1845 S State St #3
Step into chic, modern luxury in this beautifully updated home. As you walk inside this spacious 2-bed, 2-bath, you're immediately welcomed by rich hardwood flooring, a completely open concept entertainment space and feature fireplace, all highlighted by plenty of natural light. The living and dining areas come together with the gourmet kitchen fitted with luxe quartz countertops, marble backsplash and high-end stainless-steel appliances. The bedrooms are bright and spacious, particularly the master suite that offers a spa-like ensuite fitted with an oversized dual vanity and a glass-enclosed shower. Contemporary elegance in a great location, don't let this one pass you by!
West Loop Property For Sale | 1040 W Adams St #111
Offering a premium West Loop location and a contemporary loft vibe, this Adams St. condo is right where you want to be. A completely open-concept entertainment space is fitted with rich hardwood floors, exposed ceilings and brick detail - all highlighted by plenty of natural light. The oversized kitchen is both stylish and practical with luxe granite countertops, high-end stainless-steel appliances and bonus breakfast bar seating. A spacious bedroom, incredible spa-like bathroom that boasts a custom-built shower with pebble stone floor and oversized vanity with walk in closet, plenty of room for storage. Parking space available for an additional $25K. Full amenity building includes 24hr door staff, courtyard with grills, gym with all new equipment including Peloton, movie theater with stadium seating, owners clubhouse, and business center. Just outside the unit, walking distance to Fulton Market, Target, Mariano's, Whole Foods, acclaimed restaurants, public transportation, major highways and everything that the Loop has to offer. This gorgeous home won't last - call today for more info!
Bucktown Property For Sale | 1634 N Milwaukee Ave #3R
Penthouse located in the desirable neighborhood of Bucktown & Wicker Park. As you walk in you are greeted by the open floor plan, giving you the ultimate Urban Living space. This 2 bed 1 bath unit features hardwood floors, granite countertop, all SS appliances and in-unit washer and dryer. Enclosed porch makes a great office space. In the heart of Bucktown, nearby 6 corners Milwaukee, Damen, Ashland, minutes from Blue Line stop, best restaurants/shopping, and the recently opened Bloomingdale Trail are all within 1 block. Call today and schedule your tour!
Irving Park Property For Sale | 4035 N Mozart St Unit 3
Well located Irving Park top floor condo in lovely courtyard building. Condo features generous sized bedrooms with ample of closet space. Hardwood floors throughout, kitchen opens to living room and features white cabinets, granite counters and stainless appliances. In-unit washer/dryer, and central heat and air. Condo is one block from the new 312 River Run, connecting recreation of Horner, Clark and California Parks. The 312 provides direct access to 95 acres of bike paths, ball fields, fitness centers, playgrounds, tennis and basketball courts. Buses, dining, shopping, cafes and more are just 1/4 block away. Very easy access to Blue and Brown lines.