Tag: Zillow

Caputo Cheese Brings on New Culinary Executive Chef | Suburban Rents are Too Dang High

Chef Erika Durham.jpgMonday, June 26, 2017 || By Michael Romain || @maywoodnews

Caputo Cheese — the maker of craft cheese with two stores, Caputo Cheese Market, located in Lake Forest and Melrose Park — has hired executive chef Erika Durham (pictured).

“”We look forward to having Chef Erika join our team,” said Natale Caputo, the company’s president, in a statement. “She has a wealth of experience and brings an innovative and dynamic perspective to our organization. We look forward to seeing her gourmet creations for our customers.”

Durham obtained a degree in culinary arts at Le Cordon Bleu in 1996 and had worked in restaurant and hotel kitchens before going into corporate catering, the statement reads. Her clients include Oprah Winfrey, the Lyric Opera House, People Magazine and Herman Miller.

Durham has also worked with celebrity chefs, including Art Smith, Paul Prudhomme, and Paul Bartolotta.

Too high indeed … 

tooDamnHigh.jpg

“Apartment landlords in the suburbs keep hiking rents, and their buildings are a little emptier as a result,” according to a June 12 report in Crain’s Chicago Business.

According to Appraisal Research Counselors, a consulting firm based in Chicago, the “median net suburban apartment rent rose to $1.44 per square foot in the first quarter, up 3.6 percent from a year earlier,” Crain’s reports.

That makes for an interesting dilemma, the publication notes: “suburban apartment rents hit an all-time high in the first quarter while the suburban occupancy rate slipped to its lowest level in more than five years.”

PICTURE THIS: Well, first this (credit for above image of James McMillan III, founder of the Rent Is Too Damn High Party): Robert James Algeo/thirty.inabsentiapress.com. 

Now this: “A hypothetical 1,000-square-foot apartment in the suburbs now rents for $1,440 a month, up 36 percent from $1,060 in 2009, when rents last bottomed out.”

Crain'sIllustration: Crain’s

BY THE WAY: Suburban apartment rents aren’t the only high-priced shelters …

ALSO: Suburban rents aren’t just rising in Chicago suburbs. Per a new report by Zillow Research, “Nationwide, rents in the suburbs rose at a faster pace year-over-year than rents in urban areas.”

“For the first time in four years, suburban rents are rising faster than rents in urban areas,” Zillow reports. “The median monthly cost of a suburban rental is up about 2.5 percent year-over-year, while the median cost of an urban rental is up 2.3 percent. At this time last year, the median urban rental price was up 5 percent year-over-year, while median suburban rental prices were up 3 percent.”

SO WHY?: Zillow offers a possible explanation:

“The foreclosure crisis pushed many former homeowners to rent the same kind of single-family homes they had owned just a few years prior – many of them very likely located in the suburbs.

“Laws prohibited many former homeowners from buying again for seven years after their foreclosures. The housing market reflects the shift: 19.2 percent of single-family homes were rented last year, up from 12.7 percent in 2005. Metro areas that had the most intense foreclosure activity – places like Las Vegas and Phoenix –have seen some of the greatest increases in the share of single-family home rentals.”

Zillow.pngIllustration: Zillow Research

WAIT, THERE’S A CONNECTION: The wave of grocery store and retail closures (both possible, pending and complete: think Aldi in Maywood, Ultra Foods in Forest Park, Meijer in Melrose Park, Sears on North Avenue, Payless ShoeSource in Broadview …) doesn’t bode well for relatively high-rent communities.

Per Zillow: “Department and general merchandise store employment dropped sharply during the first quarter of 2017.”

Zillow retail chart.png

Illustration: Zillow Research

“In the first three months of 2017, the number of jobs in department and general merchandise stores fell by 2.3 percent from the quarter prior, or 71,000 jobs, to 3.11 million – essentially erasing two years of growth in the sector, according to preliminary data from the U.S. Bureau of Labor Statistics.[1] The quarterly decline was the biggest such 3-month drop since early 2012.[2]

Retail jobs pay rent

Fig2-Retail-Worker-households-18e4eb

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Bellwood, Maywood Home Values Up At Least 35 Percent Since 2014

Housing Helpers renovation.png

A home in Maywood, located at 138 S. 14th Ave., recently renovated by Maywood-based nonprofit Housing Helpers. Click the image to see more photos. | Housing Helpers

Thursday, June 2, 2016 || By Michael Romain 

An April report by Chicago Magazine delivers a glimmer of hope and optimism to the local real estate markets, especially in western suburbs like Bellwood and Maywood.

Using data compiled by the real estate research company Zillow, the magazine noted that median home values Chicago, the suburbs, Cook County and five other counties increased by around 2 percent to $193,000 from 2014 to 2015.

According to Zillow economist Svenja Gudell, that trend should be continuing throughout 2016, albeit ‘slow and steady.’ In some Proviso Township suburbs like Maywood and Bellwood, however, the growth in housing prices has been a lot speedier. To read more, click here.

Chicago Mag House Sales Price

Chicago Mag Bellwood

Chicago Mag Broadview

Chicago Mag Maywood

Chicago Mag Melrose Park

Looking to make mortgage moves? Read this article, published in Chicago Magazine, by financial reporter Beth Braverman:

6 Smart Mortgage Moves

The Federal Reserve raised interest rates in December, right? Guess I’ve missed the boat on the lowest mortgage rate.

Wrong. What the Fed raised (from a range of 0.0 percent to 0.25 percent to a range of 0.25 percent to 0.5 percent) was the federal funds rate—the rate banks charge each other for overnight loans. Yes, mortgage rates tend to move in the same direction as the federal funds rate over the long term. But not so much in the short term. Thanks in part to recent stock market volatility and plummeting oil prices, the rate on the average 30-year fixed-rate home loan—a common benchmark—has actually fallen, from 4.15 percent at the end of December to 3.85 percent at the end of February, according to the Mortgage Bankers Association. What’s more, even if the Fed continues to raise rates this year, it has made clear that it will do so very gradually. So from a purely interest-rate perspective, now is a great time to buy.

What are these new “Know Before You Owe” rules I’ve been hearing about?

They’re a victory for borrowers that make it “much easier to decipher exactly what you’ll be paying,” says Tom Pilafas, a vice president of the Chicago-based title industry company Near North National Title. Late last year, Congress passed a law requiring each potential lender to give you a three-page loan estimate—including details on rates, fees, and closing costs—in a format that’s easy to compare with competitors’ estimates. Your lender must also give you a disclosure sheet at least three days before your scheduled closing that spells out exactly what your final costs will be (no more closing-table surprises!). To make the most of the new rules, use the information from the loan estimates as ammo to negotiate a better deal. And always compare the disclosure sheet with your estimate to make sure they match.

I need a jumbo loan. Any tips?

Yes: Celebrate. It used to be that interest rates on jumbos (currently defined as loans of more than $417,000) were about half a point heftier than on nonjumbos (or “conforming loans,” in broker-speak). But competition among banks for high-end borrowers has shaved down that difference. The average 30-year fixed jumbo now goes for 3.80 percent, even less than the going rate for the conforming version. The required down payment for the best rate has also come down, with some lenders offering loans without private mortgage insurance for borrowers putting down as little as 15 percent. Eliminating PMI could save you thousands of dollars over the life of the loan.

To read the other three tips, click here. VFP

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Weekly Maywood Foreclosure Listings @ Zillow

FIGHT TO KEEP MAYWOOD INFORMEDThe following are Maywood foreclosure listings found at zillow.com:

21 N. 8th Avenue

3 beds || 1 bath(s) || 1,481 square feet || 3,300 square foot lot || Built in 1899 || 7 days on Zillow || $34,500 || Zestimate: $117,525 || Est. Mortgage: $138/month

21 N 8th Ave-Front21 N 8th Ave-Back21 N. 8th Ave-Attic21 N 8th Ave-Bath

824 S. 11th Avenue

3 beds || 2 bath(s) || 1,800 square feet || 4,791 square foot lot || Built in 2010|| 8 days on Zillow || $1,500 || Zestimate: $158,671|| Est. Mortgage: $6/month ||

Photos unavailable at the moment.

1916 S. 4th Avenue

2 beds || 1 bath(s) || 990 square feet || 5,096 square foot lot || Built in 1927|| 10 days on Zillow || $47,900 || Zestimate: $123,615|| Est. Mortgage: $191/month

1916 S 4th-Back 1916 S 4th-Front

1916 S 4th-Room1916 S 4th-Bath

1912 S. 11th Avenue

5 beds || 2 bath(s) || 1,410 square feet || 3,746 square foot lot || Built in 1916 || 12 days on Zillow || $125,000 || Zestimate: $N/A|| Est. Mortgage: $499/month

1912 S 11th-Front1912 S 11th Ave-Back

1912 S 11th-Room1912 S 11th Ave-Kitchen

1015 S. 2nd Avenue

3 beds || 2 bath(s) || 1,152 square feet || 5,096 square foot lot || Built in 1927|| 12 days on Zillow || $30,000 || Zestimate: $110,820 || Est. Mortgage: $120/month

1015 S 2nd Ave-Front1015 S 2nd-Back