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The number of local homes selling for more than $1 million is on the rise according to the latest RE/MAX Luxury Report on Metro Chicago Real Estate. First quarter transactions in Chicago were up 18 percent over 2014’s first quarter activity. In the entire seven-county metro area, turnover was faster with luxury home buyers finding a home 14 days sooner than buyers did last year.  Although sales were up, prices were down slightly with a median sales prices of $1,373,750 in Chicago. In the … [Read more...]

Most seniors envision their golden years as a time to enjoy the fruits of their decades-long labor. But for some, dwindling income coupled with out-of-control medical debt have made retirement more stressful than they had hoped. According to a recent article in The New York Times, bankruptcy may be a smart way for seniors to protect their retirement assets and eliminate the stress of being underwater financially. If considering filing, the article recommends that seniors first try to negotiate … [Read more...]

Move Inc. has lost a valuable piece of evidence in its trade-secret lawsuit against Zillow. Earlier this week, a Washington state superior court judge granted Zillow’s motion to strike an anonymous whistleblower letter from a former Zillow employee that alleged Zillow’s current chief industry development officer stole documents and databases from Move Inc. in order to improve its own real estate listings. Move Inc. had hoped the letter would compel the court to order third parties to produce a … [Read more...]

With housing inventory low in many markets around the country, chances are good that you could end up competing with other homebuyers for your dream home. While it may seem logical that the highest bidder will win the house, a recent Trulia article reveals that in many cases that simply is not true. The article highlights five things you can do to increase the chances that the seller will accept your offer.  One of the most enticing carrots you can dangle is cash. Even if another buyer makes a … [Read more...]

The country’s negative equity crisis is continuing to see steady improvement according to the latest Mortgage Monitor Report from Black Knight Financial Services. A little more than 4 million Americans are currently upside down in their mortgages. That number is 30 percent less than this time last year. Based on the report’s findings, the nation’s most affordable homes appear to be the hardest hit by negative equity. Borrowers who owned homes in the bottom 20 percent price tier were nine times … [Read more...]

Low-income workers looking to make the shift from renting to home-ownership may have a serious challenge on their hands, according to a new report released by Zillow Research. That report reveals that since 2000, wages for the lowest third of American workers have only grown 15 percent while home values have increased 41 percent. This significant divide means even the cheapest homes may be out of reach for low-income workers. Zillow says to afford even the lowest-priced homes in 77 housing … [Read more...]

In honor of Small Business Week, which begins on May 4, the Internal Revenue Service is reminding small business owners that they have until June 2nd to file any required but past-due retirement-plan returns without incurring a penalty. The IRS launched the penalty relief program last June to help ease the burden for small businesses that did not know about the reporting requirements for retirement plans. The program is only open to small businesses that are required to file Form 5500 EZ for … [Read more...]

In an effort to provide same-day delivery to its Chicago-based customers, Amazon is leasing the first of what may be many warehouses in the Chicago area. The initial Goose Island warehouse at 1111 N. Cherry Ave. offers nearly 52,000 square feet. The warehouse was previously the flagship of beleaguered Calumet Photographic, which has relocated to Lincoln Park.  According to Crain’s Chicago Business, Amazon also has plans to occupy an even larger distribution center in Joliet. That warehouse, … [Read more...]

Prudential Real Estate Investors stands to lose tens of millions of dollars in a reported deal to unload the Hyatt Regency Schaumburg. According to Crain’s Chicago Business, Chicago-based real estate firm First Equity Group will purchase the hotel for a price in the mid-$20 million range. Prudential paid $49 million for the hotel in a 2007 joint venture deal and later renovated the property for another $32 million. The deal shows that while the overall hotel real estate market has improved, … [Read more...]

In an effort to help struggling homeowners avoid foreclosure, the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) announced last Friday major changes to the Distressed Asset Stabilization Program. The most significant program change requires loan servicers to delay foreclosing on a property for a year and to evaluate default borrowers to see if they qualify for a loss mitigation program like the Home Affordable Modification Program (HAMP). … [Read more...]