The 2009 housing market is looking bright!
First time home buyers have been responsible for over 40% of homes sold in the past year. Home sales are up 9.2% overall in September 2009 compared to September 2008, which experts attribute to the first-time buyer tax credit that is in effect on all homes closed between now and the end of November, according to CNN Money
To help boost home prices and sales, lawmakers are considering extending the tax credit and expanding it to all but the wealthiest homebuyers.
While keeping the credit would help lift housing prices, senior economist at PNC Robert Dye says it would only be a temporary effect until the program stopped, as was seen with Cash for Clunkers.
In the Midwest, sales were up by 9.6% to a pace of 1.25 million, which was 7.8% higher year-over year.
Click here for the full CNN Money article.
With the combination of record low prices and the $8,000 tax credit, now is the perfect time to close on your perfect home! Eastgate Village can be that home for you, with beautiful townhomes and condominiums mere blocks from Soldier Field and minutes from the Loop. To get your journey started, click here to visit New West Realty and to get more information or request a showing at Eastgate Village!
Saving 6 figures on a home is huge news, but so is the fact that Eastgate Village is FHA approved with just a 3.5% down payment required for qualified buyers. This is an incredible offer that will not last long! The deadline to take advantage of this fantastic deal is almost upon us, so click here to schedule an appointment or request more information on Eastgate Village’s beautiful Near South Side condominiums!
Because July was likely the last month to get home construction underway in time for families to take advantage of the government tax credit, it remains to be seen what the housing market will do in the next couple months. Nevertheless, another month of growth is encouraging news.
“Single-family housing starts posted a 1.7 percent gain to a seasonally adjusted annual rate of 490,000 units in July, while single-family permits registered a 5.8 percent gain to 458,000 units. Both of these were the highest levels registered since October of 2008. Meanwhile, multifamily starts tied a record low set in April of this year, falling 13.3 percent to a 91,000-unit rate. Multifamily permits fell 25.5 percent to 102,000 units.”
For the full article, click here. And to take advantage of this wonderful time to buy a new home, click here to find out more about New West Realty and its beautiful condominiums located in the heart of Chicago!
John Hughes passed away yesterday at the age of 59, leaving behind a wife, kids, grandchildren and more than a few iconic films. Hughes wrote and directed some classic movies of the 1980s and 90s (including The Breakfast Club, Sixteen Candles, Pretty in Pink and Home Alone) and routinely shot in Chicago’s suburbs or in the city itself, most notably in Ferris Bueller’s Day Off. He was a talented writer/director and a great man, as these two links illustrate.
Roger Ebert on John Hughes
Heartfelt Tribute to Hughes From His One-Time Pen Pal
Note: This article has a lone curse word in it, and it’s a strong one. But it’s a fantastic and touching piece that really illuminates the kind of man John Hughes was.
Only 10% of Parking Tickets are Contested
But if a parking ticket IS contested, it’s 50% likely to be thrown out!
Gordon Beckham’s hair and relationship status more important than his baseball skills.
The ultra-talented White Sox rookie (and southern gentleman, I might add) is single and looking, ladies!
To get closer to U.S. Cellular Field and the skyline John Hughes helped to immortalize, get in touch with New West Realty today! Eastgate Village has beautiful townhomes and condominiums that can put you in the heart of the greatest city in America. All you have to do is click here to request more information or schedule a showing!
Students at Chicago Loop colleges and universities look for public transportation, parking, safety and affordable housing as critical issues.
You may not think of Chicago’s Loop as the largest “college town” in Illinois, but according to a comprehensive study of higher education institutions in the Loop, Chicago’s downtown colleges and universities, with their 50,000+ students actually brings that distinct badge of honor.
The study also revealed how these educational institutions have a significant impact on the area’s retail, restaurant, real estate and construction industries, as well as affect the overall character of the downtown as a destination for work, play and residence.
In addition to generating capital projects that promote development, historic building preservation and job creation, the collective institutions represent one of Chicago’s top 25 employers and generate upwards of $775 million in direct and indirect economic activity annually.
The 2008 Bejing Olympics have just begun, but the city of Chicago is already buzzing about the possibility of hosting the 2016 Olympic Games. Chicago is competing to host the Games with Madrid, Tokyo, and Rio De Janeiro. The International Olympic Committee will announce their final selection in October of 2009, but final bids are due by this upcoming October.
Chicago City government, private developers, and the 2016 bid committee are hard at work preparing the city for such a monumental event. Chicago has raised over $40 million in private dollars to support the bid and has pledged $500 million more in insurance for the Games. The 2016 Olympics Fund for Chicago Neighborhoods has amassed $4.7 million to be donated to the research and development of local communities that may be affected by the future Olympic Games. Eleven communities in the South and West Side neighborhoods have been identified as likely areas to be impacted by the Chicago held Olympic Games. The goal is to prepare and strengthen these neighborhoods and allow residents to capitalize on economic opportunities that the Games may bring. Here at New West Realty we have three communities in these neighborhoods which makes the possibility of the 2016 Olympic Games being held in Chicago a particular topic of interest. Even if Chicago ends up losing the bid, these donations will remain invested in strengthening these communities.
Past Olympic Games have had powerful impacts on the local economy and housing market, and Chicago will be no different. Home prices in the six years prior to the Barcelona Games increased by 240%! For our homeowners and soon-to-be homeowners living in Eastgate Village, 1555 Wabash and Heritage Homes, this presents an enormous financial opportunity.