The West Loop will be getting a new 93-unit apartment building in the new year.
Northbrook-based developer Michigan Avenue Real Estate Group has obtained an approximately $21 million construction loan for the development, which is set for a parcel at 1241-45 W. Jackson Blvd.
Photo via Alderman Ervin's Office.
The Chicago Tribune's Mary Ellen Podmolik recently peered into her crystal ball to make some predictions on the bright spots in the city's housing market for the next year.
Among her predictions, there will be fewer problem loans that are subjected to foreclosure, the continued affordability of housing will nudge renters into the market to buy and the condo market will pick up as a result.
Podmolik also reported in a separate article that investors are continuing to have an impact on the local market, but it different ways.
First, they're finding fewer bargains in the market due to increasing prices and second, they're also hanging on their local investments, meaning that they're not dumping a large supply on the local market.
What does the Near North Side have in common with Aurora?
According to Chicago Agent Magazine, they were, respectively, the top selling markets in the city and suburbs in November.
The Near North Side saw 147 total sales while Aurora saw 167 total sales.
For the full report, which includes charts for the top-selling neighborhoods and head here for the city and here for the suburbs.
Have a happy new year!