Roosevelt Square is also part of University Village and is basically condo’s. This mix used development rest on what used to be a big portion of the CHA ABLA homes housing project. This area is also part of Taylor street which is also home to some of Chicago’s best Italian restaurants. I would highly recommend Rosals at Taylor and Racine it has the best Tiramisu around!  One observation about Roosevelt square as they have just finished up Phase 1 and beginning the next phase is so far the condos and multi unit buildings are rather bland in architecture and design. I hope the next  phase has more character. The next phase also plans to have more commercial space.

University Commons which rest on 14th pl. and 15th st between Morgan and Racine is an historically landmarked building that has a lot of character  reflective of its original structure….The South Water Street produce Market. This complex is comprised of 6 separate buildings but with all  the same in design. The complex was re-built by the Enterprise Companies and they painstakingly refinished the beautiful facade. These buildings used to be what was know as the "South Water Street Market" where all the produce would come in to individually stalled row warehouses by horse and buggy. Eventually by the 1990’s many business’ left these buildings to move their warehouses to larger facilities near I-55 and Ashland. This happened mainly because the buildings became dilapidated and it simply was too difficult and congested for the 18 wheeled  trucks to maneuver while trying to offload their goods. These buildings were gutted to the cement structure and rebuilt one building at a time over the last 5 years.

Today, University Commons is nearly all sold and a very thriving, well landscaped complex. Each building has a workout facility, party room and all owners have access to the 30 seat movie theater and in ground pool. Yes,an in ground pool in Chicago. These building have many different floor plans from 1 bedroom 1 bath to 3bedroom 2bath duplex units with penthouses and private decks.  Every lobby in the complex has a fruit theme reflecting to the original purpose of the buildings as a fruit market. So there is certainly a lot of character to this part of University Village.

Chicago is made up of many different neighborhoods, but what makes them all so unique is the difference between them all.
Take for example University Village, which is defined by these boundaries, to the east is the Dan Ryan expressway (90/94), to the south is 16th St (actually the train line), to the west is Racine, and to the north is Roosevelt road.

University Village is anchored by Halsted and Maxwell Streets the original home to Chicago’s Blues music. From Roosevelt road to 15th place you can find many different shops like restaurants, boutique stores, and numerous bars. This area really seems to be thriving and full of people enjoying the neighborhood.  

University Village, is named because it rest on the south edge of  The University of Illinois at Chicago (UIC) and also the university used to own much of the land here.  There are a few smaller neighborhoods within University Village (others may say developments). Those communities are  Ivy Hall, University Commons, University Village, University Station, and  Roosevelt square.

Probably one of the strongest themes throughout University Village is the amount of open and green space available. From the huge UIC softball fields, tennis courts, and running track, which the public can use, to the many nice kids parks, and smaller well manicured courtyards.

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. 

It is no big secret that we are currently in a "big" slow down for our local real estate market.  Even in slows times, there still seem to be winners.  And what are those winners?  The winners are anything Greystone and lofts in historically strong buildings.  These two property types have continued to go contingent in the MLS even with all the doom and gloom media on local real estate. 

As potential home buyer, what does this tell you?  Well it probably tells you alot of things.  First, prices are not going in the wrong direction for these property types.  Second, you might lose out on a property if you are not committed to writing the offer.  Third, your resell prospects may be significantly greater if your are considering another property type.