Having owned in Chicago’s Logan Square neighborhood for five years, I have patiently waited for the tide that makes the boats rise.  The good news is that the tide is just beginning to arrive.  We now have many restaurants entering the neighborhood not to mention a change in image from murderous to trendy and hip.

My prediction (and many others) is that you will see more bars and restaurants enter the neighborhood around and between the California and Logan Blue Lines stops.  In fact The Logan Bar (2350 N. California) just recently opened while the Sultan’s Market (2202 N. California), Revolution Brewery (2323 N. Milwaukee) and Real Tenochtitilan (2451 N. Milwaukee) are at various stages of becoming new places. 

Logan Square is one of the last great Chicago neighborhoods to still be affordable.  The incoming tide suggests this will soon change.

A real estate agent or broker is one of the most important advisors you will ever hire.

Many local experts will tell you that Chicago-land has over 250 realty markets.  Considering the vast number of property types, price ranges and neighborhoods this is probably a good number.

The take away is make sure you hire an agent/broker who is an expert in your area and property type.  If you choose not do this you will likely throw money away.  Further you will waste time and become frustrated.

As an example, if you are looking to buy a three flat for which you will owner occupy, then don’t hire someone that has only sold  condos.  Make the agent show you applicable transactions where they have sold these property types prior. 

The typical mix use properties that line Chicago’s commercial streets have a storefront with an apartment or two above.  These are not necessarily the most sought after investments as they tend to have low rents compared to price coupled with higher taxes (among other things).  In many cases, these properties are purchased for business reasons but not as a pure real estate investment.

It is suprising ot me that according to the MLS of Northern Illinois, eight out of twenty nine of these properties in Logan Square are currently under contract.  Obviously residential and commercial markets tend to play off one another so I think it says much about the near future prospects of this Chicago neighborhood.  I feel having nearly thirty percent of this market under contract is a strong number.

I have had the fortunate opportunity to currently be managing one of the most challenging listings of my career.  This listing is a two flat greystone off Logan Boulevard on Richmond Street.  If you want to be in Logan Square, this property resides in what most consider the premier section of this neighborhood.  The problem isn’t the location but rather the property condition.

This listing experience made me wonder how other simiilar two unit greystones in better condition have performed in this current market.  I must say that I was amazed at what I found. The average days on the market for this property type in this area was 55 days before getting a sales contract that closed.  In case you are wondering, the average sales price was $576,500.

The bottom line is if you are considering a multi-unit, look at greystones first.  There is actually amazing demand all over the City of Chicago, not just Logan Square, for these property types.

I just completed a quick keyword search within the MLS for listings that are labled with these terms.  What I found is no matter the neighborhood, you will find properties and distressed sellers.  I found a brick single family homes in North Center, condos along the lake front and three flats all over the City. 

Essentially REO and bank owned are exactly the same thing while a short sale and pre-foreclosure usually mean the same thing.  There is more risk for buyers with short sales as the negotiation happens first with the seller and then with lender who made the loan.  The important thing is to get educated on both types of sales before negotiating an offer.  The best way to receive this proper education is to use a real estate broker and attorney who have navigated these waters together before.