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About Chicago's Albany Park

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Understanding the Real Estate Market Today for Selling Investment Properties

10-12-08
Barb Van Stensel, Realtor - Chicago, Illinois
Barb Van Stensel, Realtor - Chicago, Illinois: Real Estate Agent in Chicago, IL
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  • Office: (773) 564-4268
  • Mobile: (773) 746-5395
  • Secondary: (773) 564-4268

Hey Chicago, if you are a multi-unit building nad have been on the market or are considering going on the market soon, then pull out your leases and review them. Here's why:

The bank will base the value on the property off of these leases and the verbage that most Realtors put out there about "below market rents" just won't cut it with the lender. If you aren't at market rent and you have been giving your tenants a break in their rent for staying at the property for so long, that's great but it's not great to your property value. Your property value will be based off of the GRM (Gross Rent Multiplier) and the rents are what support that GRM.

Financing for your property, depending upon the price point, would be best to go under FHA financing. Why FHA? If you neighborhood has been experiencing a decline in value, like most, FHA would require a certain percentage down payment. With conventional financing, the lender will require 5% more down payment and it has been brought to my attention that PMI will no longer be available for investment properties. I would suggest you reach out to your banker or mortgage broker for the latest in guidelines.

And if you want to increase your rents, then increase your curb appeal. There is nothing like curb appeal and a property that has been maintained.

I do rentals in Chicago and I recently rented out two units for one of the neighbors in the Ravenswood GArdens/Albany Park borderline. He put roughly $800 in landscaping and because of that he got $300 more above the crrent market rent per month for the one unit and $150 more above the current market rent for the garden unit. That's $450 a month above the competition! In under two months, because this owner listened to me he netted $4,600 more in rent because of $800 in landscaping. Nice return on your investment, eh?

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Homes sold in Chicago - Albany Park

08-19-08
Alise Luke
Alise Luke: Real Estate Agent in Deerfield, IL
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  • Office: (888) 326-2726

Chicago - Albany Park Home Sales

Average List Price and Sale Prices by subdivision in the Chicago - Albany Park area.


Single Family Homes

Search Previous Sales
Subdivision Sales Avg. List Avg. Sale Ratio
Albany Park 7 $318,571.43 $300,714.29 94.4
Mayfair 19 $300,921.05 $283,403.74 94.2
North Mayfair 2 $336,700.00 $328,000.00 97.4
Park Manor 12 $402,758.33 $385,375.00 95.7
Ravenswood 2 $847,000.00 $840,960.50 99.3
Ravenswood Manor 3 $623,300.00 $596,666.67 95.7


Attached Homes

Search Previous Sales
Subdivision Sales Avg. List Avg. Sale Ratio
Albany Park 4 $250,425.00 $244,450.00 97.6
Avers Court 1 $189,900.00 $186,000.00 98
Bernard Court 1 $139,700.00 $139,700.00 100
Mayfair 1 $229,900.00 $223,300.00 97.1
North Mayfair 2 $361,500.00 $361,500.00 100
Park Place Condominiums 1 $184,500.00 $180,000.00 97.6
Ravenswood 9 $300,588.89 $290,388.89 96.6
Ravenswood Manor 7 $264,464.29 $259,571.43 98.2


Search for homes sold in Chicago - Albany Park. Get complete access to all homes sold in Chicago - Albany Park and the surrounding areas. With experienced, local Chicago - Albany Park real estate agents who know the area, we can help anyone find the house of their dreams.
Average Sale prices and List Prices for homes sold in Chicago - Albany Park:

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Chicago - Albany Park Real Estate

08-19-08
Alise Luke
Alise Luke: Real Estate Agent in Deerfield, IL
  • view my blog
  • Office: (888) 326-2726

Chicago - Albany Park Real Estate

Learn about Chicago - Albany Park, IL Real Estate. Search for Chicago - Albany Park homes for sale or recent Chicago - Albany Park home sales using these real estate tools. Get complete access to all available homes for sale on the MLS in Chicago - Albany Park and the surrounding areas. We have hundreds of listings including condos, town homes, foreclosures, new homes, duplexes, and vacant land with photos. Refine your real estate search in Chicago - Albany Park, Illinois by price, number of bedrooms, bathrooms, property type (including townhouses, condos, and single-family homes), garage, architectual style, age of home and subdivision or complex. See average Chicago - Albany Park listing prices, Chicago - Albany Park sale prices and information for local school districts. With experienced, local Chicago - Albany Park real estate agents who know the area, we can help anyone find the home of their dreams.
Chicago - Albany Park, Illinois has many homes for sale. Real estate in Chicago - Albany Park consists of single family residential, condos, town homes, townhouses, luxury homes, estates, lots, vacant land, villas, garden homes, land, multi- unit, duplexes, and new construction. Use our website to search all available Chicago - Albany Park property listings, view specific Chicago - Albany Park, IL subdivision information, learn about area schools and parks.

Chicago - Albany Park's Population:

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