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Building News WWW.HBAGC.COM | FALL 2016
PPG PAINTS COLOR OF THE YEAR TREND-SPOTTING CHICAGO CASUAL MARKET RENEWABLE ENERGY HAS NEVER BEEN NO VIABLE, AND SO ACCESSIBLE
A publication of the Home Builders Association of Greater Chicago
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Building News FALL 2016
HBAGC BUSINESS OFFICE 1525 West Homer Chicago, IL 60642
The Ultimate in Luxury and Convenience
Phone: (866) 773-5598 Email: info@HBAGC.com Greater Chicago Building News is the official publication of the Home Builders Association of Greater Chicago published quarterly by Brandit360 for HBAGC members. Articles appearing in Greater Chicago Building News do not necessarily represent the opinions of HBAGC. Under all circumstances, copyright remains with the original photographer or author. PUBLISHER Brandit 360 312-260-9795 info@Brandit360.com CONTRIBUTING EDITORS Rita Unzner - HBAGC Executive Officer Chantel Beauregard - HBAGC Member - Brandit 360 GRAPHIC DESIGNER Chantel Beauregard - HBAGC Member - Brandit 360 COVER PHOTO Copyright Michael Menn, Ltd. TO ADVERTISE CONTACT: Judith L. Nelson - Marketing Director firstname.lastname@example.org 312-260-9792 ext3 Lucas Epstein - Advertising Director email@example.com 312-260-9792 ext4
consultation We offer AIA/ALA CEU seminars! RESIDENTIAL ELEVATORS
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Promote Your Business! Our advertisers get results! Call us at 312.260.9792 ext 3 to talk with Judi Nelson about different advertising options that are are available for every budget.
Tell Us Your Story! So many of the stories we publish come from our reader’s great leads. We are always looking for great projects and members to profile.
4 FALL 2016
Retirement is about having the time and resources to experience the aspects of life that you enjoy most. Helping you work toward having the income necessary is our job. AXA offers NAHB members a broad selection of retirement solutions to assist you in saving now in order to provide yourself with retirement income in the future. Our retirement programs are designed to fit your business’s unique planning needs and offer solutions that are typically available only to firms of a larger size. Now through 12/31/2017, as a special offer to NAHB members, start or transfer your retirement plan and we’ll waive the $25 per employee enrollment fee, up to $2,500. (All other charges and expenses still apply.)
Learn more by contacting a Retirement Program Specialist for a complimentary consultation today! 1-800-523-1125, Dept. 2326 NAHB@axa.us.com www.axa.com/NAHB
“AXA” is the brand name for the AXA Equitable Financial Services, LLC family of companies, including AXA Equitable Life Insurance Company. AXA S.A. is a French holding company for a group of international insurance and financial services companies, including AXA Equitable Financial Services, LLC. The obligations of AXA Equitable Life Insurance Company are backed solely by its claims-paying ability. Annuities to fund retirement plans are issued by AXA Equitable Life Insurance Company, NY, NY. AXA Equitable Life Insurance Company and its affiliates are not affiliated with the NAHB. GE-108637 (11/15) (Exp. 11/17) G36724
PPG PAINTSâ„¢ ANNOUNCES COLOR OF THE YEAR
TREND-SPOTTING CASUAL MARKET CHICAGO
BUILDDIRECT RENEWABLE ENERGY HAS NEVER BEEN SO VIABLE, AND SO ACCESSIBLE
MICHAEL MENN NAHB REMODELER OF THE YEAR
IN EVERY ISSUE MARKET NEWS - PAGE 24 PEOPLE & PROJECTS - PAGE 25
UPCOMING EVENTS - 26 MEMBER MARKETPLACE - PAGE 27
2017 PPG Color Trends
“Violet Verbena is at once as nostalgic as it is modern. It’s substantial in a world that can sometimes seem so temporary, luxurious in a harsh world that needs pampering, and introspective and private in an invasive world,” said Dee Schlotter, senior color marketing manager, PPG. “Purple was unanimously selected as the 2017 Color of the Year by PPG’s global color experts for its distinctive qualities. We are seeing this shade of violet on the runway in fashion, and in textiles for the commercial and residential segments.”
6 FALL 2016
Schlotter cited a new era of consumer mindsets as part of the reason that the PPG Paints brand selected Violet Verbena as the hottest color for 2017. These new attitudes defy convention and blend ideations of gender, relationships, careers, workplaces and living spaces, she said. “Consumers now embrace the middle ground between masculine and feminine, young and old, and work and leisure. Violet Verbena’s blending of gray and violet reflects that middle ground,” Schlotter said. Violet Verbena serves as an ideal evolution of the bohemian, gypset (gypsy-jetset) consumer lifestyle that has been trending recently. As this type of consumer shifts in to new attitudes and experiences - they are becoming more mindful, more mystic, and more deeply involved in spiritual exploration and fascinated with cosmic exploration, she said. “Consumers are drawn to the galactic dark colors that combine deep purples, blues and grays to create an intriguing futuristic vibe,” Schlotter said.
COLOR OF THE YEAR PPG’s more than 20 color stylists around the world, each specializing in different markets, collaborate to determine styles and color trends for homes as well as electronic devices and automobiles. The company’s unique position as a color leader in multiple industries enables it to observe and translate emerging global color trends for its customers’ applications – from consumer goods to automotive, from residential to commercial to industrial design. The PPG Paints brand’s 2017 Color of the Year is a unique violet hue with a quality that allows it to adapt to surrounding environments and complement a variety of design aesthetics. When paired with dark neutrals, the color unveils gray undertones, but when paired with whites, it reads as a purer purple, according to Schlotter. Its design appeal is similarly nuanced, she said. “Violet Verbena blends perfectly with many different surroundings, like a chameleon. It looks polished yet playful in a child’s room, and it is calming enough to be used in hospitals or other spaces that require tranquility. “The color is a modern choice for interiors and furnishings, yet it is elegant enough to be incorporated into traditional designs,” she continued. “Violet Verbena is colorful enough to make a statement, but it can also be considered neutral with its gray undertones.”
as Willow Tree (PPG1112-6), Gray Violet (PPG1014-5), Silver Screen (PPG1014-3) and not-quite gray Violet Verbena. BIOCENTRIC: This design story is representative of air and the idea that we are all connected, and the palette dazzles with space-inspired hues and saturated organics. PPG Paints brand colors Spinach Salad (PPG11-16), Blueberry Muffin (PPG1164-5) and Enchanting Eggplant (PPG13-07) give the palette an organic vibe, while Black Flame (PPG1043-7), Cavalry (PPG1041-7) and Witchcraft (PPG10377) offer blue-black mystery to the palette and pair beautifully with Violet Verbena. Incorporating these colors into the home gives the look of contemporary elegance and laid-back charm. Violet Verbena and all the colors of the 2017 Pendulum color trend stories, along with 2,000 colors in PPG’s palette for THE VOICE OF COLOR® system, are available at PPG Paints stores and independent retailers across the United States in the PPG Paints, PPG PORTER PAINTS® and PPG PITTSBURGH PAINTS® product lines. To learn more about the PPG Paints brand or to find a store near you, visit www.ppgpaints.com or contact your HBAGC local Member Representative - Mark Hall 219-240-9189.
Violet Verbena is the focal point of PPG’s four global color trend stories for 2017, which center on the theme of Pendulum: earth, water, fire and air. For the first time, the PPG Paints brand includes its Color of the Year in all of its trend themes, as the prevalence of this hue allows it to live in every story. The four themes are: HOURGLASS: A classic palette with a contemporary spin, this theme represents the earth element, with consumers finding stability in what they know and gravitating toward designs rooted in historical relevance. The palette incorporates rich, royal hues such as PPG Paints brand colors Burgundy Wine (PPG1053-7), Old Mill Blue (PPG1171-6) and Castle Stone (PPG1128-7), blended with a healthy dose of neutrals such as Pearl (PPG1087-2) and Go To Gray (PPG1004-1), to pair beautifully with wood, marble and stone tile. The lavender hues of Violet Verbena add to the royal nature of these colors, while still blending effortlessly with greens, blues and neutrals. ES/SENCE: This theme focuses on the element of water, purity and the premise that less is unequivocally more. In a time when many consumers are embracing minimalism, the colors in this palette evoke a sense of simplicity and relaxation. Watery blues, lush greens and soft blended tones provide a mellow, calming and refreshing mentality. Sea Mist (PPG1227-1), Ancestral (PPG1047-4), Almond Cream (10863) and Simply Elegant (PPG1155-3), a few of the colors in the palette, create a soft, calming ambiance and pair beautifully with soothing Violet Verbena. IMPOWER: Centered on change powered by the fire element, this complex palette incorporates deep tones, light neutrals and everything in between. It celebrates the fact that consumers do not have to define themselves by any specific design personality, but can exist somewhere in between. Consumers drawn to this palette can pair furnishings and colors from various genres and disciplines in a decadent yet easy fusion. Bold colors of the PPG Paints brand such as Azure Tide (PPG1231-6), Cenote (PPG17-02), Red Licorice (PPG1186-7) and Crushed Pineapple (PPG1213-7) pair with muted neutral tones such www.HBAGC.com 7
TREND SPOTTING CASUAL MARKET CHICAGO By Steve Kleber, Kleber & Associates
A recent American Institute of Architects study has shown that outdoor living areas top the list as one of the most popular requests from potential buyers. And the National Association of Realtors 2016 Remodeling Impact Report confirms that outdoor remodeling projects add considerable resale value, while increasing homeowners’ satisfaction. The desire for indoor-outdoor transitional living has firmly caught on across the country to incorporate “a seamless transition” between the two spaces. In response to the growing demand for outdoor living, manufacturers have “upped the ante” and are creating unique furniture to bring the luxury of interiors to the outdoors. Casual Market, based at the Merchandise Mart in Chicago, exhibits the latest trends in color, design, pattern, and more all under one roof. This year, the Kleber & Associates team swept the aisles in search of the latest and greatest in outdoor living. Two particular trends stood out to our team: cool-tone hues and bold stripes.
8 FALL 2016
Steve is a passionate force within the agency. He has a deep understanding of the home and building industry, and brings valuable insights on current trends and how they relate to consumers, architects, distributors, builders, remodelers, designers and manufacturers. Steve’s past presentations and white papers include an exploration of Small Spaces, Social Media and Search as it relates to ROI… and consumer trends in relation to specific demographic groups. He is president of the National Remodeling Foundation and the immediate past president of the National Kitchen & Bath Association’s Center for Kitchen and Bath Education and Research.
BOLD STRIPES While the K&A team walked through the mart, we could have sworn we were in the French Riviera. Bold stripes reminded us of a modern interpretation of classic Cote D’Azur style. Armchairs, loveseats, and chaise lounges were tastefully displayed throughout showrooms and added a touch of glamour. Erwin and Sons and Summer Classic explored this swanky trend with their designs aimed at fashionable consumers. COOL TONE HUES Over the last decade, neutral tones have reigned supreme in the outdoor living world. This year, however, manufacturers have broken the beige mold, and have begun to utilize cool tones to bring a fresh feel to the outdoors. Fabrics in pale lavender, grey, and teal covered furniture in showrooms at the Mart. Mallin Casual Furniture and Brown Jordan were just two manufacturers who exemplified this cool trend.
10 FALL 2016
12 FALL 2016
Members save up to 20% off* standard pricing
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*20% discounts are for new G&K customers. Existing G&K customers may be eligible for discounts upon expiration of their current agreement term.
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Build savings with a special offer for local HBA members.
Current LAR Account Holders register for additional 2%** savings.
Register now and save 2%** on your Lowe’s Accounts Receivable (LAR) purchases. Plus, get free delivery on purchases of $500 or more.†
• If your Lowe’s account number begins with 98 or 99, go to LowesForPros.com/NAHB and fill in the fields to register for your 2%** discount.
How to Apply
• If your Lowe’s account begins with anything other than 98 or 99, you do not have an LAR account. Please see How to Apply in this ad.
Download an application at
LowesForPros.com/NAHB. Newly opened accounts that fax the downloaded application to 877-270-5888 will be automatically enrolled for additional 2%** savings.
for NAHB members
*5% Discount: Get 5% off your purchase or order made in-store, on Lowes.com or LowesForPros.com of eligible in-stock or Special Order merchandise charged to your Lowe’s Business Rewards Card from American Express or Lowe’s® Business Account or Lowe’s® Accounts Receivable. Valid at Lowe’s stores based in the United States, on Lowes.com and LowesForPros. com. Look for the discount or discounted price on your receipt. Except as set forth below, if applicable, 5% discount will be applied after all other discounts. Cannot be used in conjunction with any other coupon, discount or promotional offer including Lowe’s military discounts; Lowe’s employee discounts; Lowe’s volume discount programs such as Quote Support Program “QSP”; government contract pricing; or any other special pricing programs. Cannot be used in conjunction with the following products and/or services: extended protection plans; shipping, assembly or delivery charges; gift cards; service purchases; previous sales; Dacor®, ICON®, Fisher & Paykel®, Monogram, Smeg or Liebherr appliances (some brands not available in all markets/stores), Weber products or Kichler. Offer is subject to credit approval. Excludes Lowe’s® Consumer Credit Card, Lowe’s® VISA® Accounts and all Lowe’s® Canada Credit products. We reserve the right to discontinue or alter these terms at any time. **2% Discount: Cannot be combined with any other statement discount. To be eligible for the 2% discount, you must register your NAHB affiliation and Lowe’s® AccountsReceivable (LAR) account per the instructions provided, make a purchase with your LAR account by 12/31/2016, and comply with all terms and conditions of your LAR account. Allow one to two complete billing cycles for your registration to be processed and for your discount to appear on your billing statement. 2% discount will be automatically deducted from your statement at billing (discount will not take effect until Synchrony Bank fully processes your account registration). Excludes Lowe’s® Business Account Card, Lowe’s® Consumer Credit Card, Lowe’s® Visa Accounts, Lowe’s® Business Rewards from American Express Card and all Lowe’s® Canada Credit products. *,**General Terms for Both Discounts: Offers valid in U.S. stores, on Lowes.com and LowesForPros.com. Discounts applicable to commercial purchases only. Offers/discounts provided by Lowe’s, and not Synchrony Bank. Subject to credit approval. Lowe’s reserves the right to discontinue or alter these terms at any time. †
Standard delivery rules apply.
©2016 Lowe’s. LOWE’S and the Gable Mansard Design are registered trademarks of LF, LLC.
14 FALL 2016
12/2/15 3:20 PM
National Association of Home Builders
Put your membership to work now Money-saving discounts that benefit you, your business, and your family
nahb.org/MA www.HBAGC.com 15
Michael Menn wins NAHB
Remodeler of the Year
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he National Association of Home Builders (NAHB) Remodeler of The Year award recognizes superior business management, exemplary NAHB involvement at all levels and outstanding contributions to the remodeling industry. This year, Northbrook resident Michael Menn, principal of Michael Menn, Ltd. in Northbrook, was chosen to receive the Remodeler of the Year award in recognition of his significant professional remodeling achievements. The announcement was made at the NAHB Remodelers’ awards presentation on October 6th during the National Remodeling Show in Baltimore, Maryland. Publisher and Editor Patrick O’Toole, co-sponsor of the 2016 National Remodeler of the Year award, stated “Michael Menn exemplifies what a professional remodeler brings to this industry. Over the last 26 years Michael has brought design to the forefront in remodeling.” Menn responded, “I am honored to have been selected by my industry peers for this prestigious award.”
Menn has served as president of the Home Builders Association of Greater Chicago – Remodeler, and is a member of The American Institute of Architects, National Council of Architectural Registration Boards, and National Kitchen and Bath Association. As a Certified Aging in Place Specialist (CAPS), Menn has specialized training to design and build residences and rooms for clients planning to remain in their homes through their senior years. Michael Menn, Ltd. is located at 1930 Phillips Avenue in Northbrook. For more information call (847) 770-6303 or view the company’s website at: www.michaelmenn.com
Michael Menn has been providing residential and commercial architectural and construction services since 1977. He is a licensed architect in Illinois, Indiana, Iowa, Wisconsin and Arizona, and has reciprocity in more than 40 states. Menn established his first architectural private practice in 1983, focusing on custom residential and commercial projects. Over several decades, and under Menn’s guidance, the firm evolved into a diverse architectural, planning, interior design and construction company. Menn has won numerous professional awards, including the Illinois State Remodeler of the Year award on two occasions. He has been honored by the Home Builders Association of Greater Chicago, the National Association of Home Builders, and Remodeling Magazine. Menn has received the Torch Award for Marketplace Ethics from the Illinois Better Business Bureau, an accomplishment of which he is especially proud.
2016 SENIOR LEADERSHIP
PAT COVENY PRESIDENT
JUDITH L. NELSON BOARD MEMBER
FRANK BINETTI BOARD MEMBER
MICHAEL MENN VICE PRESIDENT
DAVID BRADY BOARD MEMBER
BRAD SCHREIBER BOARD MEMBER
JOHN WOSNIAK 1ST VICE PRESIDENT
JOHN KERN BOARD MEMBER
SCOTT WALBRIDGE BOARD MEMBER
SCOTT SEVON BOARD MEMBER
COREY STERN SECRETARY
REGIS VERLIEDFE TREASURER
As a volunteer-driven organization, our many committees and councils help guide the HBAGC’s events and activities throughout the year. Consider joining one — or more — if you want to build strong, long-lasting relationships and make a difference to your fellow HBAGC members, while sharpening your leadership skills.
JANICE SEVON BOARD MEMBER
Committees and Councils Available: MARTY PARIS CITY CHAPTER PRESIDENT
18 FALL 2016
• Programs and Education - includes Golf and After Hours Events • Membership Committee - Frank Binetti, Chair • Remodelers Council - Scott Walbridge, Chair • PWB, Professional Women in Building - Janice Sevon, Chair • Key Awards Committee - John Kern, Chair • Advocacy Committee - Paul Colgan, Chair
MIKE NAGEL BOARD MEMBER
TOM DRAKE BOARD MEMBER
WHY JOIN HBAGC? NETWORKING It’s not just who you know, it’s who others know. Build deep industry relationships with the most connected professionals. Your membership is 3-in1. Local, State and National.
ASSOCIATION OF GREATER CHICAGO
VISIBILITY Stand out and get noticed in your community. Build media recognition for you and your customers. Gain additional exposure by advertising in our member magazine and HBAGC.com.
Gain a competitive edge over non-members with exclusive training opportunities on a variety of industry topics.
Raise your reputation through membership. Polish your leadership skills.
HAVE A VOICE Gain a say in what happens in government through the Association advocacy efforts, new codes and legislation. Access Industry "inside" information.
“The more you put into it, the more you’ll get out of it.”
“THE MORE YOU PUT INTO IT, THE MORE YOU’LL GET OUT OF IT!”
Call 866.773.5598 visit hbagc.com STAY CONNECTED WITH THE MEMBERPLUS® APP www.HBAGC.com 19
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Renewable energy has never been so viable and so accessible. BuildDirect, a leading online marketplace for home improvement products, is quickly transforming its industry. First, the company created an innovative supply chain for shipping heavy goods directly to residential and commercial construction sites. Then, in February 2016, BuildDirect bolstered consumer access to these products with the launch of Home Marketplace – a platform that uses predictive analytics and forecasting tools to anticipate customer demand in real-time. Following the launch, the company saw a spike in interest from sellers – some of the biggest names in flooring joined the platform including Shaw, Armstrong Flooring, and Mohawk. The company added over 90,000 new products and expanded into several new categories ranging from lighting and home décor to furniture and appliances with, perhaps, the most notable expansion into Clean Energy. “We are at a tipping point as residential solar energy goes mainstream, with California leading the way declaring that all new homes must be net zero by 2020,” said Rob Banks, BuildDirect co-founder and executive officer. “Millions of consumers want to move to solar because it’s an endlessly renewable resource that yields zero emissions and reduces power bills. And BuildDirect has a unique opportunity to eliminate inefficiencies and confusion in this growing space by helping connect homeowners with suppliers.” The BuildDirect heavyweight supply chain connects the U.S., giving solar suppliers the opportunity to break through the geographic limitations of their existing distribution networks. Now, a solar supplier on the East coast can easily connect with potential customers on the West Coast and everywhere in between. Direct market access offers the added benefit of 22 FALL 2016
testing new solar products and innovations with a concentrated group of customers. In addition to connecting consumers and contractors with a broad range of products at affordable prices, BuildDirect seeks to make the process of going solar simple, by informing homeowners about all of their options. BuildDirect’s education hub demonstrates how solar energy works, why it increases a home’s value while dropping utility bills, and what equipment is necessary to get started. Expense has been a major hurdle to mainstream residential solar adoption. While the hard costs of solar equipment have
NAHB MEMBERS ENJOY A
PRIVATE OFFER OF UP TO $1,000
NAHB members benefit from these special offers. Members of the National Association of Home Builders (NAHB) can now enjoy a private offer1 of up to $1,000 toward the purchase or lease of most new Chevrolet, Buick, and GMC vehicles for business use. Choose an eligible vehicle at your local dealer and present your NAHB proof of membership. You can add on incentives from the National Fleet Purchase Program2 and Business Choice3 to get the best value on vehicles that run your business. For private offer details, visit nahb.org/gm. The 2016 BUSINESS CHOICE OFFERS provide you the best value on the vehicles that run your business.3 From Upfit Cash Allowance, which now includes vehicle wraps, to GM Accessory Cash Allowance,4 you have more options than ever to save. Example offer on 2016 Chevrolet Silverado 2500HD Double Cab for NAHB members who are business owners: Up To
4,150 + 1,000 = $6,150
National Fleet Purchase Program (FVX)2
Accessory Cash Allowance3,4
In Potential Value
Available at participating dealers. Private offer amount varies by model. Retail and Fleet deliveries for City Express receive a $250 offer. Retail deliveries for all other eligible vehicles receive a $500 offer. Fleet deliveries on the following vehicles receive a $1,000 offer: Buick Enclave; Chevrolet Traverse, Silverado, Express; GMC Acadia, Sierra, Savana. All other Fleet deliveries will receive a $500 offer. Valid toward the purchase or lease of eligible 2015 and 2016 model-year vehicles. Customer must take delivery by 1/3/17. Not compatible with other private offers. Not valid on prior purchases. Compatible with many current incentives. Incentives are subject to change without notice. Excludes Buick Regal, Cascada; Chevrolet Corvette, Impala Limited, Sonic, Spark, Trax, SS, Volt; all Cadillac models. FAN required for fleet deliveries. See dealer for complete details. 2Offer eligible for non-CAP customers only through 12/31/16. See dealer for 3 details. To qualify, vehicle must be used in the day-to-day operations of your business and not solely for personal/ non-business-related transportation purposes. Must provide proof of business. For complete program requirements, including information regarding offers, vehicles, equipment, options, warranties, and ordering, consult your dealer or visit gmbusinesschoice.com. Take delivery by 9/30/16. 4Not valid with all offers. See dealer for details. Take delivery by 9/30/16. Amounts include parts and labor. ©2016 General Motors. All rights reserved. The marks appearing in this ad are the trademarks or service marks of GM, its subsidiaries, affiliates, or licensors.
dropped dramatically over the past 10 years (i.e. price of solar PV panels has dropped over 70%), substantial soft costs associated with things like labor and supply chain inefficiency remain. These soft costs continue to make solar unattainable for many consumers. This is where BuildDirect makes an enormous impact. Its supply chain is specifically designed to efficiently deliver heavyweight goods, such as solar batteries, from the point of manufacture, directly to a residential location or construction site. This can potentially shave thousands of dollars and several weeks off of an installation project. To solve these pressing issues, BuildDirect has collaborated with numerous cleantech experts. The company formed an advisory board that includes Greg Bohl, former president and CEO of Solar Logic, and Ramez Naam, computer scientist, author, cleantech angel investor, and co-chair of the Energy and Environment program at Singularity University at NASA Ames. “There have been tremendous advances with solar energy, but most homeowners and contractors have no way to get it,” noted Naam. “With BuildDirect’s Home Marketplace, suppliers gain access to new markets and homeowners have a wealth of information and solar energy products at their fingertips to help make solar a very practical and affordable solution for their lives.” To learn more about BuildDirect’s approach to solar energy, please visit: builddirect.com/ clean-energy-info.
Lending Solutions for Builders & Buyers Does your home purchaser need to remove a home sale contingency, or are you looking for funds to build or remodel your next spec? We have the lending solution for you.
Contact your local HBAGC Member Representative John Wilke
2221 Camden Court, Oak Brook, IL 60523 630.570.7777 NMLS ID 405488 RBankChicago.com www.HBAGC.com 23
Illinois home prices increase in September; Sales slow slightly S
eptember brought continued annual gains in Illinois median home prices, while statewide sales declined slightly, according to Illinois REALTORS®.
Statewide home sales (including single-family homes and condominiums) in September 2016 totaled 13,940 homes sold, down 0.6 percent from 14,029 in September 2015. The statewide median price in September was $180,000, up 5.0 percent from September 2015 when the median price was $171,350. The median is a typical market price where half the homes sold for more and half sold for less. “Sellers are still seeing the benefits of a market where prices have consistently risen for the past four years,” said Doug Carpenter, ABR, AHWD, GRI, SFR, of Mokena, president of Illinois REALTORS® and managing broker of Coldwell Banker Honig-Bell in Orland Hills. “The tight inventory of homes on the market and a decline in the average time it is taking to sell show buyers are still in the market, they just aren’t finding as much as they would like from which to select.” The time it took to sell a home in September averaged 58 days, down from 65 days a year ago. Available housing inventory totaled 64,934 homes for sale, a 13.2 percent decline from September 2015 when there were 74,794 homes on the market. The monthly average commitment rate for a 30-year, fixedrate mortgage was 3.46 percent in September 2016, an increase from 3.44 percent the previous month, according to the Federal Home Loan Mortgage Corp. In September 2015 it averaged 3.90 percent. In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single-family and condominiums) in September 2016 totaled 9,895 homes sold, up 0.1 percent from September 2015 sales of 9,887 homes. The median price in September 2016 was $218,000 in the Chicago PMSA, an increase of 5.1 percent from $207,500 in September 2015. “Annual sales growth in September was flat in Illinois and Chicago,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “Prices, though, continued to increase and this trend is expected to prevail for the next three months. Both the Conference Board Consumer Confidence Index and the University of Michigan Consumer Sentiment Index pointed to positive directions at the national level as a result of a
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positive outlook on the labor market. Unfortunately, job growth in Illinois has been way below the national level, dampening housing sales.” According to the data, forty-three (43) Illinois counties reported sales gains for September 2016 over previousyear numbers, including St. Clair County, up 18.8 percent with 265 units sold; McHenry County, up 17.1 percent with 479 units sold; and DuPage County, up 3.6 percent with 1,223 units sold. Fifty (50) counties showed year-over-year median price increases including Winnebago County, up 13.5 percent to $105,000; Kane County, up 12.9 percent to $210,000; Peoria County, up 8.3 percent to $129,900; and Cook County, up 4.7 percent to $225,000. The city of Chicago saw a 3.2 percent year-over-year home sales decrease in September 2016 with 2,336 sales, down from 2,414 in September 2015. The median price of a home in the city of Chicago in September 2016 was $261,500, up 4.6 percent compared to September 2015 when it was
“We continue to see a vibrant Chicago real estate market with homes moving quickly and with steady median price gains,” said Matt Silver, president of the Chicago Association of REALTORS® and partner at Urban Real Estate. “It is taking 42 days to sell a home, indicating buyers are eager to purchase when they find the right property.” Sales and price information are generated by Multiple Listing Service closed sales reported by 28 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of Oct. 7, 2016 for the period September 1 through September 30, 2016. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will. Illinois REALTORS® is a voluntary trade association whose more than 44,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, Illinois REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.
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Stay informed and connected at association meetings and events. Register at HBAGC.com November EVENTS
Key Awards Banquet and Awards Extravaganza Date: November 18, 2016 Time: 6:00 pm
Holiday Party Date: December 1, 2016 Time: 5:00 pm
Regional Board Installation Date: January 4, 2017 Time: 6:00 pm
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1 Based on 3–5 pickup-based conventional cab chassis over 10,000 GCWR. 2 Family members must reside in the same household as member. Not available on SRT models. On The Job (OTJ) incentives vary depending on model chosen. See dealer for NAHB allowance and OTJ incentive details and eligibility requirements. ©2016 FCA US LLC. All Rights Reserved. Chrysler, Dodge, Jeep and Ram are registered trademarks of FCA US LLC. FIAT is a registered trademark of FCA Group Marketing S.p.A., used under license by FCA US LLC. Cummins is a registered trademark of Cummins Inc.
Prepared by: Southfield, MI • 248.354.9700
98259_CHRY_SB_NAHB_ToolKit_HalfPage.indd Saved at: 4-27-2016 1:08 PM Job info Client Job # Prefix Trim Bleed Live Line Screen Product Code Unit Caption
CHRYSLER SMALL BUSINESS 161049700035 98259 8.5” x 5.125” 8.75” x 5.25” 8” x 4.875” 300 dpi 000 - CHRYSLER SMALL BUSINESS Magazine Great Relationships Come With
From: kcarter-mpt-11871 Approvals Print Producer Account Mgr Art Director Copywriter Traffic Art Producer Scale Proof #
Evans, Joe Kirsten, Marc Duane, Lauren Karagosian, Anthony Stoewsand, Jenna Frankel, Jillian Faith None 3
Krystal Carter / Jeffrey Mansk
Fonts Fonts: Minion Pro (Regular), Knockout (HTF28 JuniorFeatherwt, HTF30 JuniorWelterwt, HTF51 Middleweight, HTF29 JuniorLiteweight), Veneer (Regular) Link Name: 98259_CHR_14_581_UU_4CSWOP_HalfPg.tif (CMYK; 300 ppi; 100%), CHR_16_138_CP_RAM_ CC.tif (CMYK; 1177 ppi; 25.48%), CHRY_12_BL_
OTJ_4C.eps (15.52%), CHRY_13_BizLink_4C. eps (12.49%), CHRY_14_CDFJR_3D_ Horz_4C_K.eps (42.19%), CHRY_15_NAHB_K. eps (19.92%), SignOff_out_K.eps (90.3%) Used Swatches: Cyan, Magenta,
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The Greater Chicago Building News is the official publication of the Home Builders Association of Greater Chicago.
Published on Oct 21, 2016
The Greater Chicago Building News is the official publication of the Home Builders Association of Greater Chicago.