US Home Prices Back Near The 2006 Level

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Posted by Park Ridge Real Estate | Posted in Market Stats, Park Ridge | Posted on 30-11-2016

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According to a private analysis, the US home prices have fully-recovered from the housing bust and Great Recession of the last decade. This is phenomenal news for homeowners. The Standard & Poor’s CoreLogic Case-Shiller national home price index, released today, shows that home prices are slightly above the peak of July, 2006. This is the peak after four years of steady gains and it bodes well for the housing market.

That being said, Real Estate has always been about location; not all cities have recovered fully, but the upward trend shows reason for optimism across the board. Couple the increase in jobs with the historically low mortgage rates and we have a seller’s market. On top of all that, the incoming administration is talking about eliminating or curtailing some of the most restrictive measures put forth in the Dodd Frank act, which has stymied mortgage writer’s abilities to place buyers into their products.

For all of the good news, there are other sides to this boon – for one, inventory is tight, especially at the entry level of the market. This is great for owners in the rental market, but this tends to keep out a lot of first-time-buyers as they are priced out with the quick-moving inventory.

All in all, this is fantastic news for homeowners – the tricky part is getting more renters to make that jump into ownership. This will happen organically as they start to find that renting is more expensive than owning – especially when you consider the tax breaks afforded to homeowners.

If you have any questions about the Park Ridge market, please feel free to contact me for a detailed analysis of your home or prospective move into this area.

Christmas Events in Park Ridge

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Posted by Park Ridge Real Estate | Posted in Christmas Lights, Park Ridge Community Events | Posted on 30-11-2016

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It’s that time of the year again!  Here’s a shortlist of the events advertised by the village.

TOYS FOR TOTS TOY COLLECTION

Skyline of The City of Park Ridge, Illinois

Skyline of The City of Park Ridge, Illinois (Photo credit: Wikipedia)

 – thru December 8

 

1 Thursday

Garden Club Holiday Party; 6:30pm

Senior Center

2 Friday

Holiday Concert; noon

PR Panhellenic @ PR Country Club

3 Saturday

UMW Cookie Walk; 9:00am – noon

1st United Methodist Church

Maine South Exhibit; 10:00am

Kalo Foundation @ Iannelli Studio

Bethlehem Walk; 3:00pm

St. Andrews Lutheran Church (also 12/04)

4 Sunday

It’s a Wonderful Life movie; 1:00pm

Liberty Bank @ Pickwick Theater

Candlelight Service; 4:00pm

St. Luke’s Lutheran Church

7 Wednesday

Unforgettable Christmas Concert; 7:30pm

PR Civic Orchestra @ Pickwick

8 Thursday

Tax Appeal Seminar hosted by Dan Patlak: 6:30 pm

@ Park Ridge City Hall / Council Chambers

V-Show; 7:30pm

Maine South Auditorium

(thru 10/10)

10 Saturday

Holiday Concert; 7:00pm

PR Chorale @ St. Luke’s

14 Wednesday

MS Jazz Ensemble; 11:30am

21st Star NSDAR @ PR Country Club

16 Friday

Holiday Music Concert; 7:00pm

Maine South Auditorium

21 Wednesday

Longest Night Service; 7:00pm

St. Luke’s Lutheran Church

Chicago Cubs Are the Feel Good Story of The Year

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Posted by Park Ridge Real Estate | Posted in Chicago Sports | Posted on 07-11-2016

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English: Chicago Cubs logo

Chicago Cubs – World Series Champs

If you were to try and pick a fake headline from this year, I’m sure the Chicago Cubs winning the World Series would be at the top. That being said, that team had everything going for it. Great defense, strong rotation, a new coach and, of course, chemistry.

They demolished the entire league with the best record, 7 All Stars, national notoriety and they had the biggest bandwagon in sports history. Park Ridge and the city of Chicago have benefitted greatly from the economic boost the playoff run provided.  It was exciting to watch and to also be a part of.

The whole city of Chicago is still walking on air – I just wanted to say Congratulations to the Chicago Cubs – wow, that was an amazing run.

U.S. new home sales race to near nine-year high – Reuters

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Posted by Park Ridge Real Estate | Posted in Market Stats, Park Ridge | Posted on 25-08-2016

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By Lucia Mutikani | WASHINGTON

WASHINGTON New U.S. single-family home sales unexpectedly surged in July, reaching their highest level in nearly nine years amid robust demand, brightening the housing market outlook and bolstering views that economic growth will pick up in the third quarter.

Housing market strength should offset some of the drag from manufacturing, with other data on Tuesday showing production at factories remaining constrained by weak orders.

“A very rosy picture is beginning to emerge on the housing market, pointing to sustained buoyancy in the sector’s recovery, which remains one of the few bright spots for the U.S. economy,” said Millan Mulraine, deputy chief economist at TD Securities in New York.

The Commerce Department said new home sales jumped 12.4 percent to a seasonally adjusted annual rate of 654,000 units last month, the highest level since October 2007. It was the fifth straight monthly gain in new home sales.

July’s increase, however, likely exaggerates housing market strength as it has not been matched by robust housing starts.

Still, sales were up 31.3 percent from a year ago.

Economists had forecast single-family home sales, which account for about 9.6 percent of overall home sales, slipping to a rate of 580,000 units last month. July’s surprise increase pushed new home sales well above their second-quarter average, pointing to sustained momentum in the market for new homes.

The gain came mostly from homes not yet started or still under construction, suggesting a rebound in residential construction investment, which was a minor drag on economic growth in the second quarter.

Housing market strength, marked by rising home values which are boosting household wealth, is helping to buoy consumer spending, cushioning the blow to the economy from a downturn in business spending as well as an inventory correction.

Tightening labor market conditions, which are steadily lifting wages, as well as mortgage rates near historic lows are supporting housing. Reports last week showed groundbreaking on single-family housing projects rising to a five-month high in July and sentiment among homebuilders increasing in August.

Robust demand for new homes is boosting homebuilders like Toll Brothers (TOL.N), which on Tuesday reported a rise in revenue for the fourth straight quarter. The luxury homebuilder said it had sold more houses at higher prices.

The solid housing market is also supporting purchases of big-ticket electronics such as home theater systems, fattening profits for companies like Best Buy (BBY.N). The largest U.S. electronics retailer on Tuesday reported a higher-than-expected quarterly profit and raised its earnings outlook.

RAISES NEAR-TERM OUTLOOK

New home sales are likely benefiting from a chronic shortage of previously owned houses available for sale. With sales surging, the inventory of new homes on the market fell to an eight-month low in July. This means builders will need to ramp up construction activity to meet demand.

At July’s sales pace it would take 4.3 months to clear the supply of houses on the market, the fewest since June 2013, and down from 4.9 months in June.

“This marginally raises our near-term outlook for the housing market, as tightness in the new home market suggests further impetus to new construction ahead,” said Andrew Hollenhorst, an economist at Citigroup in New York.

In the wake of the report, the broader PHLX housing index .HGX, which includes builders, building products and mortgage companies, rose 2.07 percent, outperforming the overall U.S. stock market.

Shares in the nation’s largest homebuilder D.R. Horton Inc (DHI.N) rallied 3.43 percent and Lennar Corp (LEN.N) surged 3.89 percent. Toll Brothers vaulted 8.5 percent. The dollar was little changed against a basket of currencies, while prices for U.S. government debt fell.

What does this all mean?  Well, for starters, it means homes are selling briskly and that inventory is down.  It’s a sellers market and has been for a while now.  Real estate, obviously, is a regional market, but we are seeing pre-2006 increases in home values.  Homes in certain areas are appreciating at about 10% near the Park Ridge area.  Even with all the new regulations in place, people are still buying and they are paying more to get what they want.

If you need any assistance with your real estate questions in, and around the Park Ridge, IL area, please call on me – I know the market intimately and will always shoot straight with you.

Good luck!

Park Ridge Real Estate News

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Posted by Park Ridge Real Estate | Posted in Park Ridge, Real Estate Info | Posted on 25-07-2016

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Skyline of The City of Park Ridge, Illinois

Skyline of The City of Park Ridge, Illinois (Photo credit: Wikipedia)

As we head into August and the impending “back to school” sales, it’s important for prospective buyers to stay diligent with their searches.  Homes are selling briskly and are receiving multiple offers in many cases, especially in Park Ridge and the surrounding areas of Niles, Des Plaines, Mount Prospect, Prospect Heights etc.  It’s in your best interest to act quickly with new listings and to always make sure you are in touch with your lender, if you have one.

Summer is headed into its final month and we all know what that means; fall is coming, the NFL is coming and before you know it, winter! ugh!

If there’s anything I can do to help you buy or sell your home in/around the Park Ridge area, please contact me at your earliest convenience. I can help….

Hope you have a good week…..

 

 

Park Ridge Events

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Posted by Park Ridge Real Estate | Posted in Park Ridge, Park Ridge Community Events | Posted on 13-07-2016

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I just wanted to pass on some information with regards to events happening in Park Ridge.  Here is the list from the community website.

RECURRENT EVENTS

EVERYDAY

SOLID FORM MEDICATION COLLECTION

Collection 24/7 in the Police Department at 200 S. Vine

(PLEASE – NO LIQUID MEDS OR SHARPS!)

TUESDAY 7 pm / THURSDAY 11 am

YOGA

St. Luke’s Lutheran Church; 75 minute classes; $5 donation

THIRD TUESDAY EVERY MONTH

SENIOR BREAKFAST WITH THE POLICE

at the Senior Center, 100 S. Western Avenue / 9 a.m.

Questions?  Call Officer Ben Peterson at 847/318-5233

FIRST THURSDAY EVERY MONTH

MEDICATION, SHARPS, BATTERY, & BULB COLLECTION

1st Thursday of every month in the foyer of City Hall; 8 am – 11 am

Questions? Call 847.318.5281

SECOND FRIDAY EVERY MONTH

SENIOR ASSISTANCE

Kris Sadur, Outreach Coordinator from Congresswoman Jan Schakowsky’s office

Senior Center, 100 S. Western Avenue  / 9 a.m. – 11 a.m.

EVERY SATURDAY THRU OCTOBER

FARMERS MARKET

on Prairie between Garden & Main

MONTHLY

CENTER OF CONCERN

QUESTIONS?  Call 847/823-0453

Every Monday, by appt.

Employment Counseling

Every Wednesday, by appt.

Grief & Loss Counseling

Seniors & Caregiving Counseling

Medicare Counseling

Legal Counseling


J U L Y  

15 July

District 64Summer Session #2 Ends

 

16 Saturday

Canopies on Courtland, 10:00am

 

22 Friday

Women in Business Breakfast; 8:30am

Park Ridge Chamber @ 720 Garden St

 

23 Saturday

Park Ridge Chorale Concert; 7:00pm

St. Luke’s Lutheran Church

 

27 Wednesday

Under 40 Networking BBQ; 6:00pm

Park Ridge Chamber – Location TBD

 

A U G U S T  

2 Tuesday

The Breakfast Club; 7:30am

Park Ridge Chamber @ Lola’s Diner

 

5 Friday

Crusin’ Park Ridge; 6:00pm

PR Library Parking Lot

 

10 Wednesday

Monthly Networking Luncheon; 11:30am

Park Ridge Chamber @ 720 Garden St

 

17 Wednesday

District 64 School Opens

Under 40 Networking BBQ; 6:00pm

Park Ridge Chamber – Location TBD

 

26 Friday

Women in Business Breakfast; 8:30am

Park Ridge Chamber @ 720 Garden St

 

S E P T E M B E R 

2 Friday

Crusin’ Park Ridge; 6:00pm

PR Library Parking Lot

 

6 Tuesday

The Breakfast Club; 7:30am

Park Ridge Chamber @ Lola’s Diner

 

7 Wednesday

General Mtg. – Speaker Gayla Steel; 11:30am

21st Star Chapter NSDAR @ PR Country Club

 

8 Thursday

General Meeting; 7:00pm

PR Garden Club @ Senior Center

 

10 Saturday

10th Annual Community Garage Sale

8:00am – 4:00pm

 

14 Wednesday

Monthly Networking Luncheon; 11:30am

Park Ridge Chamber @ 720 Garden St

 

17 Saturday

Spirits of the Old Park Ridge; 10:00am

PRHS @ Town of Maine Cemetery

 

20 Tuesday

Ladies Night Out; 6:00pm

Park Ridge Chamber @ PR Country Club

 

21 Wednesday

Under 40 Networking BBQ; 6:00pm

Park Ridge Chamber – Location TBD

 

22 Thursday

Kiwanis Peanut Days

throughout community (through 9/24)

 

23 Friday

Women in Business Breakfast; 8:30am

Park Ridge Chamber @ 720 Garden St

 

24 Saturday

Kids Sale; 9:00am – 12:30pm

PR Newcomers Club @ St. Andrew’s Church

 

“In Her Shoes;” 9:00am

1st United Methodist Church

Summer is Here!

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Posted by Park Ridge Real Estate | Posted in Summer Blockbusters | Posted on 27-05-2016

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This weekend starts the summer in Park Ridge – Kids are finishing school, college is out, temperatures rise and real estate activity increases.  It’s also time to look forward to summer blockbusters coming soon!

Here’s a list of what’s coming to a theater-near-you…

 

Angry BirdsNeighbors 2The Nice Guys

May 27, 2016

Alice In Wonderland 2X Men Apocalypse

June 3, 2016

Bye Bye ManMe Before YouPopstar Never Stop Never StoppingTeenage Mutant Ninja Turtles 2

June 10, 2016

Now You See Me 2Puerto Ricans In ParisConjuring 2Warcraft

June 17, 2016

Central IntelligenceFinding Dory

June 24, 2016

iIndependence Day 2Free State Of JonesThe Shallows

July 1, 2016

The BFGTarzan 2016The Purge 3

July 8, 2016

CellMike And Dave Need Wedding DatesThe Secret Life Of Pets

July 15, 2016

Tulip Fever

July 22, 2016

Absolutely Fabulous The MovieGhostbusters 2016Ice Age 5Lights OutStar Trek Beyond Trailer

July 29, 2016

Bad MomsJason Bourne

August 5, 2016

Nine LivesSuicide SquadThe Founder

August 12, 2016

Florence Foster JenkinsPete's Dragon

Sausage Party

Spectral

August 19, 2016

Ben Hur 2016Kubo And The Two StringsWar Dogs

September 16, 2016

Bridget Jones's BabySnowdenWhen The Bough Breaks

September 23, 2016

StorksMagnificent 7 2016

September 30, 2016

Deepwater HorizonMiss Peregrine's Home For Peculiar Children

The Edge of Seventeen

October 7, 2016

Gambit 2016

Live By Night

Monster High

Birth Of A Nation 2016The Girl On The Train

October 14, 2016

A Monster Calls

Kevin Hart What Now?

Accountant

October 21, 2016

Geostorm

Ouija 2

October 28, 2016

Inferno

November 4, 2016

Doctor Strange 2016Loving

Trolls

November 11, 2016

Almost ChristmasBilly Lynn's Long Halftime Walk

November 18, 2016

Fantastic Beasts And Where To Find Them

November 23, 2016

Moana

The Great Wall

December 16, 2016

Rogue One Trailer

December 21, 2016

Assassin's CreedSING

Movie Release Dates TBA

The Nut Job 2

Max Steel

Kicks

Captain Fantastic

B.O.O. Bureau of Otherworldly Operations logo

Equals

Hunter Killer

Catfight

Keeping Up With The Joneses

The Moon And The Sun

The Best Man Wedding

Same Kind Of Different As Me

Bleed For This

Absolutely Anything

Which one you looking forward to seeing?

Real Estate – What to do in a Seller’s Market

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Posted by Park Ridge Real Estate | Posted in Market Stats, Park Ridge, Real Estate Info | Posted on 03-05-2016

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English: An icon from the Crystal icon theme. ...

Seller’s Market

There is no doubt that Park Ridge and the surrounding area is seeing a true seller’s market. If you are the seller, this is a great position to be in for many reasons:

  • You will most-likely see multiple offers for your home
  • You can pick the buyer that is most-ready to close
  • You will hopefully get more for your home than you asked for
  • You should be able to sell your home quicker in a seller’s market
  • Real estate inventory levels are low
  • Rent is getting more expensive
  • It’s Real Estate Season

If you are the buyer in a seller’s market, here are some points to consider as you look for your new home:

  • Make sure you are looking at new homes immediately as they come on the market (other shoppers will be doing this)
  • Get Pre-Qualified before looking at any homes
  • Be aggressive with your offer if you find something you like
  • Do not try to over-negotiate with your seller – they may choose another buyer
  • Be ready to move (get your quotes for movers)
  • Don’t settle for a home you don’t want (even if you feel pressured to just buy a home, don’t buy it for that reason)
  • Be flexible with your time if possible (you have to act quickly in a seller’s market)

If you have any questions about how to successfully buy or sell a home in a seller’s market – please feel free to call/email me with your needs.

 

Spring and Summer Festivals for Park Ridge and Chicago Suburbs

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Posted by Park Ridge Real Estate | Posted in Interesting Events, Park Ridge Community Events | Posted on 14-04-2016

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Wow, it’s finally that time of the year again! Spring is here and summer is right behind it. Here are some of the upcoming Chicago area festivals:

CIMMfest: The Chicago International Movies & Music Festival
April 14-17

Chicago Pinot Days
April 16

2016 NFL Draft and Fan Festival
April 28 – 30

Chicago Zine Fest
April 29 – 30

One of A Kind Show and Sale | Spring Show
April 29 – May 1

Baconfest Chicago
April 30 – May 1

 

MAY 2016


Memorial Day Parade Chicago

One of A Kind Show and Sale | Spring Sale
Through May 1

Chicago Improv Festival
May 2 – 8

James Beard Foundation Awards
May 2

Chicago Kids and Kites Festival
May 7

Chicago Symphony Orchestra Spring Festival
May 7 – 23

Chicago Craft Beer Week
May 14 – 24

Mayfest
May 20 – 22

Frank Lloyd Wright Trust presents Wright Plus Housewalk
May 21

Lincoln Park Wine Festival
May 21 – 22

Bike the Drive
May 24

Chicago Memorial Day Parade
May 28

Navy Pier Summer Fireworks
May 28 – September 3

Randolph Street Market Festival
May 28 – 29

Belmont-Sheffield Music Festival
May 28 – 29

Mole de Mayo
May 27 – 29

Maifest
May 28 – 31

 

JUNE 2016


Puerto Rican Parade & Festival Chicago

Navy Pier Summer Fireworks
Through September 23

Maifest
June 2 – 5

Pivot Arts Festival
June 2 – 12

Chicago Gospel Music Festival
June 3 – 4

Do Division
June 3 – 5

Taste of Little Village: Flavors of Mexico
June 3 – 5

57th Street Art Fair
June 4 – 5

Lincoln Park Greek Fest
June 5 – 7

Copa America Centenario
June 5, 7, 10

Millennium Park Music Series
June 6 – August 25

Andersonville Midsommarfest
June 10 – 12

Ribfest Chicago
June 10 – 12

Chicago Blues Festival
June 10 – 12

America’s Cup World Series
June 10 -12

Spring Awakening Music Festival
June 10 – 12

Pilsen Food Truck Social
June 11 – 12

Remix Chicago: Chicago’s Recycled Art Fair 
June 11 – 12

Wells Street Art Festival
June 11 – 12

Grant Park Music Festival
June 15 – August 20

Puerto Rican Festival & Parade
June 16 – 19

Chicago Ale Fest
June 17 – 18

Brew to Be Wild
June 17 – 18

Oakley Festa Pasta Vino
June 17 – 19

Taste of Randolph
June 17 – 19

Windy City Lake Shake
June 17 – 19

Chicago Pride Fest
June 18 – 19

Green Music Fest
June 18 – 19

Dew Tour at Grant Park Skate Park
June 20 – 21

Make Music Chicago
June 21

Millennium Park Summer Film Series
June 21 – August 30

Copa America Centenario
June 22

Gold Coast Art Fair
June 24 – 26

Gold Coast Greek Fest
June 24 – 26

Logan Square Arts Festival
June 24 – 26

Chicago SummerDance
June 24 – September 11

Old St. Pat’s World’s Largest Block Party
June 25

Rachael Ray’s Feedback Festival
June 25

Randolph Street Market Festival
June 25 – 26

Back Lot Bash
June 25 – 28

Chicago Pride Parade
June 26

 

JULY 2016


Windy City Smokeout

Grant Park Music Festival
Through August 20

Millennium Park Music Series
Through August 25

Millennium Park Summer Film Series
Through August 25

Navy Pier Summer Fireworks
Through September 3

Chicago SummerDance
Through September 11

African/Caribbean International Festival of Life
July 1 – 4

Chosen Few Picnic: House Music Festival
July 2 – 3

Windy City RibFest in Uptown
July 2 – 4

Fourth of July Fireworks at Navy Pier
July 4

Taste of Chicago
July 6 – 10

Millennium Art Festival
July 8 – 10

Square Roots Festival
July 8 – 10

Ruido Fest
July 8 – 10

West Fest
July 8 – 10

Roscoe Village Burger Fest
July 9 – 10

Irish American Heritage Festival
July 10 – 12

artfest Michigan Avenue
July 15 – 17

Windy City Smokeout
July 15 – 17

Pitchfork Music Festival
July 15 – 17

Southport Art & Music Fest
July 16 – 17

Chinatown Summer Fair
July 17

Dearborn Garden Walk
July 17

Taste of River North
July 22 – 24

Chicago Yacht Club Race to Mackinac
July 23

Wicker Park Fest
July 23 – 24

Chicago Craft Beer Festival
July 23 – 24

Fiesta del Sol
July 28 – 31

Lollapalooza *25th annual*
July 28 – 31

Chicago Margarita Festival
July 30 – 31

Randolph Street Market Festival
July 30 – 31

 

AUGUST 2016


Chicago SummerDance

Grant Park Music Festival
Through August 20

Millennium Park Music Series
Through August 25

Millennium Park Summer Film Series
Through August 30

Navy Pier Summer Fireworks
Through September 3

Chicago SummerDance
Through September 11

Chicago Hot Dog Fest
August 5 – 7

Edge Fest
August 6 – 7

Taste of Lincoln Avenue
August 6 – 7

Wrigleyville SummerFest
August 6 – 7

Ginza Festival Chicago
August 12 – 14

Retro on Roscoe
August 12 – 14

Northalsted Market Days
August 13 – 14

West Loop Art Fair
August 17 – 18

Clark After Dark
August 18

Festa Italiana
August 19 – 21

Edison Park Fest
August 19 – 21

Chicago Air & Water Show
August 20 – 21

Albany Park World Fest
August 20 – 21

Chicago Dancing Festival *10th anniversary*
August 22 – 27

Taste of Greektown
August 27 – 28

Bucktown Arts Festival
August 27 – 28

Randolph Street Market Festival
August 27 – 28

Transamerica Chicago Triathlon
August 28

 

St. Patty’s Day and Real Estate

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Posted by Park Ridge Real Estate | Posted in Park Ridge, Real Estate Info | Posted on 17-03-2016

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St. Patty’s day and forwarding our clocks ahead is typically the start of our busy season in Real Estate. Park Ridge homes, townhomes, condos will be listed and sold with more frequency the closer we get to summer. Although we have still had a very busy winter, REALTORS® know that Spring/Summer in Chicago and the suburbs like Park Ridge is the start of the listing season. Many “listers” have children in school and try their best to time the market with the end of the school season.  It’s the same with buyers, especially in Park Ridge.

With that, Happy St. Patrick’s Day to you and watch out for the green beer!