Data current as of September 17, 2018
Changing demographics, income levels, corporate growth and natural disasters all affect
residential real estate markets. Home prices in Seattle and San Francisco have increased
amidst e-commerce and technology success stories, while listings and sales decline
precipitously when a hurricane strikes. This week, we are reminded of the destruction
delivered by Hurricane Harvey to Houston at this time last year. From Katrina to Sandy to
Maria to Florence, housing markets have bent but remain unbroken.
“Year-over-year percentage changes for housing metrics like inventory, median sales price and days on market have sometimes looked dramatic over the past few years in most markets across the country not named Houston. But as faster sales and higher prices persist, another trend is beginning to emerge: reliability. Although more market balance is preferred, the current situation has proven to be surprisingly sustainable, at least for the time being.”
The trends from the last several weeks and, honestly, the last several months remain in place in much of the country as well as locally. The market is trying to sustain a healthy number of listings to keep pace with a consumer base that is clearly in a buying mood. There is real evidence of increased showing activity and anecdotal evidence from busy real estate professionals that we are setting up for another busy year in residential real estate.
As we get beyond the newness of the year and into the idea that 2018 is here and now, there is plenty of excitement about the promise presented within strong economic conditions and an active real estate market. Buyers are taking fresh listings that show well off the market in short order, and it is evident that the lack of inventory is driving prices up and market time down.
“At the beginning of a calendar year, it is often common for home buyers and sellers to become immediately more active. Call it the result of a resolution or the promise of something new, but it is a noted phenomenon across the country. It’s really too early to say if the trend will continue in 2018, but the first weeks of the year have not necessarily shown a huge jolt in activity so much as the last weeks of 2017 were quieter than usual.”
We are very excited for this new development in River North. Check out 700 at the River District.
“National economic trends can help inform what the housing market will do over the next
year. Residential real estate should remain active if joblessness continues to decline and
wage growth picks up. However, those increased wages must be in line with median sales
price increases. Unfortunately, that has not always been the case. Add in factors such as
increasing mortgage rates, student loan debt and lower affordability, and the balance
becomes more interesting but not insurmountable for home purchasers.”
By: Emma Gonzalez | December 7th
As River North Specialists, we work to update our clients whether they’re landlords, tenants, or property owners about the expanding area. Knowing about changes in the neighborhood can help you make informed decisions on whether to buy or sell. More importantly, it can increase your quality of life to enjoy your neighborhood.
River North is on the forefront of innovation and job creation. Earlier this year, we saw the announcement of the North Branch development which is one of the largest zoning changes in history. In September a healthcare technology company, staked its claim for a new office in River North to accommodate 2,000 employees by 2022 to drive innovation and job creation. Finally, Curbed Chicago looked at over 14 different construction sites in River North that range from new hotels, to rentals, and condos.
It is no doubt an exciting time for River North as expansion and new additions bulldozes its way into the city. However, if you’re not looking for a new job or place to live, is there anything for you to enjoy? For those already living in the area or wanting more River North in their life, there’s a way to enjoy some of the brand spanking new changes… River North Gym.
The River North Gym or RNG for short, is slated to open at the end of the year with memberships starting as early as January 1st, 2018. With one other location at Merchandise Mart, RNG is taking over the once coveted Dave Barton Gym that closed in late 2016. The Chicago Sun Times spoke to the new owner, Bernie LeCocq about the massive changes to the facility and a new method of approaching exercise.
Just in time for the year new. This 27,000-sq. ft. gym will have everything fitness dreams are made of. From a sauna to steam room to 2 hours validated parking you can focus on yourself and your health with ease.
While we all know the benefits of exercise both physically and mentally, sometimes it can be difficult to get the medicine ball rolling. New year, new me seems like an overused phrase, but take it as an important reminder that it is never too late to join the gym and get in shape. RNG has group fitness classes to help you stay on track and provide you space to feel comfortable exercising. Some of our favorites include Body Pump, Werq, Tabata Blast, and bootcamp classes to show you different moves for healthy results.
They also offer The Sweat Principle as a small group training program for a more inclusive work out experience. You’re assigned a coach that helps you develop a plan. Not just a regular workout plan, but a plan for calorie intake, your heart rate zones, your BMR (Basal Metabolic Rate) for a fully customized program for your needs.
“As the year works its way to a closing crescendo, it is evident that the year’s predominant storyline is beyond a clever weekly jab. It has been an interesting and remarkably positive year for residential real estate. Even as some desirable housing tax breaks are on the verge of sunsetting, real estate, as a whole, remains in great shape.”