Michael Hobbs's (michaelhobbs) Blog

Real Estate Appraiser - PahRoo Appraisal & Consultancy
With many of the popular areas already developed in Chicago, developers run into certain challenges like; where can a new development be added in an already thriving neighborhood? Neighborhoods like the South Loop, River North, West Loop, and Bucktown/Wicker Park all seeing their fair share of ne...
International home buyers are taking interest in Chicago and other big cities.  According to Realtor.com’s November 2013 analysis, Chicago was among the top 10 cities in the U.S. that attracted foreign home buyers. Of the 10 cities, Chicago came in 9th, along with LA, Miami, New York City, Las Ve...
The Woodstock Institute, a nonprofit research and policy organization located in Chicago, recently did a study of unresolved foreclosures in Cook County from 2008 to 2012.  They call these cases “zombie properties.” The Woodstock Institute defines a zombie property as a property that has been in ...
One of Chicagland’s most well known grocers, Dominick’s, is in its final 2 weeks of existence.  This begs the question, who will take over these stores? For many of the Dominick’s location it is more than just a grocer, it is “anchor tenant” for many of the real estate centers that house it.  Thi...
As we come to the end of 2013, Chicago says goodbye to one of its incredible beloved restaurants and for some, a best kept secret.  Chicago is known for its diversity and enormous choices of upscale dining.   However, Courtright’s out in Willow Springs has been a destination place for food and wi...
If you are one of those home buyers that has been watching and wondering if you should buy a house before the new year, HomeFinder.com says now is your time. In fact, they give us 5 reasons to buy now versus in 2014. 1.        Avoid rising interest rates.  Currently, interest rates have risen 2% ...
With the 4th quarter of 2013 under way and talk continuing about recovering prices, Foreclosure Auction sales are a category of national housing sales not typically discussed frequently.  One fact many may not have noted was, October 2013 picked up the pace on foreclosure auction sales.   RealtyT...
Whole Foods is going urban.  The mega upscale grocer is moving into the underserved community of Englewood, Chicago.   Englewood just south of Chicago, one of several underserved communities, but community leaders feel that this will be a great addition to the neighborhood.  Despite the violent r...
Mortgage standards don’t appear to be budging, even though over the third quarter of 2013 we have seen interest rates rise, causing fewer refinances and a lower demand for mortgages. The Federal Reserve conducted a survey over the first half of October, of federal loan officers in 73 domestic ban...
According to data from RealtyTrac, fix and flips are increasing due to the rising home prices nationally, especially in the higher end markets.  As a whole, single family flips have decreased about 13% in third quarter of 2013, however exponential growth is happening in markets where home prices ...

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