May 2022 Newsletter

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Three Unit Greystone on the Boulevard  We Just Closed! After several months of searching, 10 offers submitted, and under contract three different times, at last, Kris and I closed on our first investment property! Given the market temperature, our reasonably confident offers did not compare to the 10s, 50s, and 100 thousands over the listing price. We believe in the virtue of thrift, and a crucial element of thrift is, one must hunt in order to find a good deal.  Growing frustrated with offers going amiss, we were beginning to think we must offer more than the list price to land a building. Such a delusional practice is the new reality during this particular turn in the cycle - a seller's market. Interest levels were at an all time low, and the inventory was even lower. Time passed as our patience ran thin. Not to mention, interest rates are rising! We have gone through enough product during our hunt to know a quality asset. So what did we do when we came across the latest place we liked? We gave an "as is," over asking offer with a 24 time limit in order to avoid the "best and final" dance we have grown accustomed to. And that my friends, is how we successfully fell into the stereotype of the 2022 real estate owners club! Crossroads Speech Therapy is excited to be one of Coordinate Properties' clients! Crossroads Speech Therapy has been in business since 2016 and this is our first storefront, so we are very excited. This location will have 4 speech therapy rooms and an occupational therapy sensory gym. We provide high-quality speech and language therapy and occupational therapy to children and adults in Chicago and the surrounding western, northern, and North Shore suburbs. Our therapists are experienced, dedicated, and passionate about helping their clients achieve their full potential. We are goal-driven and cater sessions to each individual. Each Crossroads therapist makes sessions fun, engaging, and effective. We use evidence-based practice treatment approaches. At Crossroads, we recognize that communication, caregiver and parent training, and collaboration with other professions are extremely important. We value that important communication and it is part of our core values. The Crossroads team is comprised of a talented group, including many mothers themselves, our team’s experience spans all speech and language pathology and occupational therapy specialties.  Come Visit their new location at 1235 W. Belmont Ave Floor 2 940 W Cuyler, Chicago, IL 60613 Live in a historic oasis in the middle of a modern city! Here you will find no shortage of woodwork, moldings, trim, original built-ins, and ornate and opulent details - all meticulously and fabulously restored. The unit is oversized with plenty of variety in living spaces. Highlights of the property include a beautifully wallpapered sunroom. The kitchen is renovated with an oversized Viking stove and a separate butler's pantry. Both full bathrooms are newly updated. The ceiling height is 10' and the building is equipped with a boiler and space pak. The property sits just north of the border of Irving Park and Lakeview. The charming terraced back patio space leads to a gorgeous backyard with many areas for relaxation and entertainment. In addition, the backyard is beautifully landscaped with a small pond, birch tree, pergola with wisteria, boxwood, and a 40' pear tree. There is an attached 2 car garage. The lot is extra-wide and deep - 50' x 132.20' x 55.15' x 155.85'  Available now for lease on a short or long-term basis! Check out the full listing here A Blurb from Broker Aaron Spiro   Today’s interest rates are sitting at 5.51%, a significant increase from just a few months ago. Over the last week, we consulted with industry leaders from various investment firms across the United States. There is a consensus on upcoming financial trends.   The first is that everyone is setting aside a pile of cash for opportunistic purchases that may come down the pipeline. We expect that with rising interest rates, there will come a small decline in prices (nationally). The big question is, when will we see a decline, and how significant of a market adjustment will this be?   In Chicago, we are lucky that our city has a low beta as compared to the market average. As the market moves up and down, we tend to pace a little slower. This leads to slightly modest returns, but significantly more stability as compared to emerging cities.   As you consider your next purchase, I encourage you to forecast your interest rate higher than that day's average. That way, you are giving yourself padding to ensure your investment is sound. If you're interested in real estate investing in Chicago, check out ThroughlineCapital.com to join our investor cohort today. You know how to find us!    info@coordinateproperties.com (847) 409-4900 © Coordinate Properties 2021 ¦ All Rights Reserved by Coordinate Properties Coordinate Properties is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.  Our mailing address is: 815 W Armitage, Second Floor, Chicago, IL 60614 Want to change how you receive these emails? 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