08.20.15

John McGeown’s Mid-Year Real Estate Update

 

John McGeown Jameson Pic

Mid-year update… with gratitude

Like most people, I sometimes (often) have to remind myself why I love my job. Real estate can be a very challenging path and there’s certainly no shortage of tough times. Take for instance, when I started in the business in 2008 during the beginning of the US Housing Bubble.

The strong survive and each day I make the choice to strive for excellence; to stay the course. In addition to being a passion, like many of you, I see real estate as a path to achieve my lifelong goals. And it feels good to be in a place where I know what I’m doing and why I’m doing it.

This feeling comes with great appreciation and gratitude for my clients. 95% of my clients are referrals and I have a vested interest in their success. Helping others achieve their goals is extremely satisfying, especially those who have supported me.

With my highly competitive spirit, and the help of my amazing team, I’m thankful to have already topped last year’s sales and leasing volume… and we’re not done yet.

Market Analysis

With a huge demand for apartments, paired with the city’s employment growth and booming tech industry, the rental market is thriving and in turn, causing rents to raise and encouraging renters to buy. The combination of first-time buyers and limited inventory has lead to multiple offer situations in surprisingly budding markets like Pilsen, Avondale, Humboldt, and Albany Park.

For those of you who like stats, check out this Housing forecast from Multi-Housing News:

“Fueled by the steady employment growth, income growth, urbanization and a booming tech industry, the Chicago multifamily market is expanding at a fast pace. More than 3,100 housing units are scheduled for delivery in core Chicago submarkets in 2015, according to Colliers International, with an additional 6,400 units scheduled for completion in 2016. Multiple condominium developments are currently in the works…”

More info: http://www.multihousingnews.com/market-data/market-snapshot-chicago-multifamily-demand-to-outgrow-supply-in-2015/1004115966.html

Additional links for related articles:

http://chicago.curbed.com/tags/market-reports

http://chicagorealtor.com/june-2015-market-snapshot-infographic/

In Closing

I’m excited to be working closely with a developer, overseeing the construction and sale of a new single-family home project that will be hitting the market next spring.

I’m also really thankful/proud/excited to announce I have recently become a member of the Certified Commercial Investment Management (CCIM) Institute, and completed my first class in financial analysis–allowing me to help clients make better investment decisions and apply analysis tools to quantify investment return.

I’ll keep you updated on the progress, and of share what I’ve learned for those who are interested.

For now, each day presents a new lesson, and every day is different from the one before – this suits my personality well, and I’m thankful for that.

If there’s anyway I can help you, or be a resource to your circle, you know how to find me.

 

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