LOCAL COMMUNITY & GOVERNMENT  - SCHOOLS - RESOURCES More About Brookfield   READ MY LATEST MARKET REPORT FOR: JULY 2008 Chicago West Loop and Western Suburbs CALCULATE CAP RATES - Do the Math Research More on LoopNet JANUARY 31, 2008  Source MLSNI:  (Period: OCT 2007- JAN 2008) CHICAGO LOOP/SOUTH LOOP:   Closed Listings: 146.  Average prices Condos: One (1) Bedroom $165K, Two (2) Bedroom $300K - $350K. Average market time:  68 days.  Sell  Price/List Price Ratio:  102% down from 103% in September 2007. BROOKFIELD:  Closed Listings: 28.  Average home price: Two (2) Bedroom $224K, Three (3) Bedroom $284K, Four (4) Bedroom $331K+. Average market time:  92 days days.  Sell  Price/List Price Ratio:  93% down from 96% in September 2007. LYONS:  Closed Listings: 12.  Average home prices:  Two (2) Bedroom $211K, Three (3) Bedroom $224K, Four (4) Bedroom $227K+. Average market time:  114 days days.  Sell  Price/List Price Ratio:  93% down from 95% in September 2007. NEAR WEST SUBURBS:  Hot/Hip areas up and coming:  Forest Park, La Grange, Oak Park, Brookfield, La Grange Park and Lyons.  Average Home Price for Two (2) bedrooms low $200K - Mid $300K+, Average Price for Three (3) Bedrooms High $300's to low $400K. NEW DEVELOPMENTS: HOT AREAS:  West Loop, Taylor Street, Medical District, Elgin, Romeoville, Bolingbrook, Woodridge LOW TAXES/GROWING COMMUNITIES:  DOWNERS GROVE, LEMONT, BROOKFIELD, LYONS  OVERVIEW:  Prices are expected to steadily level off but moving up gradually in mid-2008.  Concessions and bonuses can be negotiated on existing homes and condos.  Many Sellers are offering condos and homes are for rent and with option to buy.  First-time buyers qualify for new FHA loan program, as primary residence for Single Family, Condos, Townhomes.  NEWS/DEVELOPMENT:  LAKEFRONT - New Development expected in south lakefront corridor near McCormick Place at 31st (Bronzeville Hyde Park) if approved will cover 70 acres to include 7,000 new homes, condos, townhomes and  a new shopping center 5 blocks east of IIT. (Source Crains.com)  RETAIL/COMMERCIAL MARKET REPORTS:  Torto Wheaton Research (source: CBRE) CoStar RETAIL REPORTS (source CoStar.com) AVERAGE HOME PRICES IN AREA:  BROOKFIELD vs. LAGRANGE vs. LAGRANGE PARK , IL: MARKET NEWS Chicago Real Estate Daily Inman Real Estate Market Watch CNN Money Real Estate - Illinois Market Stats U.S. Makert News - Wall Street Journal Chicago News by Neighborhood Chicago Real Estate News