Wednesday, July 25, 2012

Real Estate Trends in Halifax

Halifax, Nova Scotia offers great quality of life in a spectacular setting on the Atlantic Ocean. As the region's economic, cultural, and social capital, Halifax has all the amenities and conveniences of a large city - but with a population of only 380,000, there are fewer big-city problems and a low cost of living. As the largest city east of Montreal, it's the regional center for finance, health care, commercial industry and transportation - and Halifax is also home to six degree-granting universities, many cultures, fine dining, and world class shopping.

It's no wonder that Halifax real estate is doing well! In January 2010, the average sale price of a home increased by 2% and the number of sales increased by 20% over 2009's figures. According to the Royal Bank's Housing Trends and Affordability Report of November 2009, though, momentum is now slowing in Halifax, making it a balanced market for both buyers and sellers to do business.

Whether you are looking to buy or rent in Halifax, there are a wide variety of housing choices, ranging from urban to rural, condominiums to single family detached, offered at a full range of prices. According to the Canada Mortgage and Housing Corporation, the average selling price of houses in Halifax in 2007 was $332,821.00. Due to these low home costs and the affordability of other essentials like food, the cost of living in Halifax is one of the lowest in the country. For an extensive list of houses currently on the market, visit the MLS website and select Nova Scotia.

Thinking of renting first to see if Halifax is for you? The average monthly rental costs are holding steady at approximately $700 per month for a self-contained one bedroom apartment including utilities.

It's possible to enjoy fabulous condo living in Halifax, too. Right now luxury units at the Bishops Landing development right on the waterfront at harbour's edge, are going from $459,900 up to $1,200,000, starting at a huge 1230 square feet. Southwest Properties is the owner and developer.

A special note on commercial real estate trends - in the 4th quarter of 2009, office vacancy rates remain flat in nearly all sectors across the Greater Halifax region. Translation: the market is firmly in the landlords' favour, with a vacancy rate below five percent, limited leasing options, and no new construction (though there are several major projects being considered downtown, no new inventory is expected until 2012-2013). Business owners, don't despair: In the suburban market, conditions favour the tenant, with lower rents due to less expensive operating costs and property taxes, better quality leasing options than those offered downtown, and ample free parking in most cases.

Saturday, July 21, 2012

Chicago Real Estate Market Trends for 2012

The real estate business in Chicago has always been known for rising and falling as seen in the past few years. Each year has a unique market trend that characterizes it. Several issues do come up in the business. Several factors also determine the market trend for each passing year.

In the current 2012, the Chicago real estate market trends have been on the declining side. According to current reports on Trulia, the entire market trend for 2012 has been declining all over Chicago. There's a decline in the Median Sales for Chicago homes as from January 12 to March 12, 2012. The price stands at $160,750. This shows a 13.1% decline compared to the decrease of 10% seen in 2011.

The Trulia report also says that sales prices in the market have also depreciated since the last 5 years up to this present 2012. Actually, there's a little bit of increase in the average listing price within April 2012. The report holds that the average listing price for homes earmarked for sales stood at $388,423 as at April 25, 2012. This shows a little increase of $2,854 or 0.7% compared to the previews week.

Again, there's also a decline in the price per square foot in Chicago. The average price per square foot stands at $124 as at April 2012. This, shows a decrease of 12.1% compare to what was obtainable on April 2011.

The 2012 market trend for Chicago real estate also shows a concentration of sales on specific neighborhoods. The most popular neighborhoods that are attracting real estate sales include Lincoln Park, North Side, Wicker Park, Loop, Bucktown, and De Paul. The housing market is quite hot in these areas. Investors are busy buying and selling in the mentioned areas.

Meanwhile, there are current trends and news on the Chicago Real estate market conditions. For instance, the US Treasury Department reports that 35% of home sales in Chicago are distressed compared to the 34% seen nationwide. The current May Issue of the "Chicago Tribune" also reports that the current Chicago home sales market is fragile. This is as a result of large number of lengthy foreclosures process times, vacant homes, and low mortgages.

In any case, the year 2012 is still on course. We're yet to hit the middle of the year. Although the current Chicago market trends seem to be on the decrease, experts still hope the conditions will change. The housing market tends to be unstable, while financial uncertainty. The pendulum can swing to any side depending on the prevailing economic situations. There's hope for more investors into the Chicago real estate market. Prices for homes and other properties are expected to appreciate. The future still holds a lot a for the real estate market in the Chicago city.