Corcoran Urban Real Estate
 

Monday Real Estate Round-up

Monday Real Estate Round-up A developer working to boost Goose Island into a tech destination similar to the West Loop and Fulton Market recently made his case that the area will be the next big thing as creative and technical companies find the downtown spaces harder to land.

But to make Goose Island a destination developer Sterling Bay (they are currently proposing two major office projects) says the island needs better access for all kinds of users, pedestrians, bicycles, cars and buses.

For more on their plans, which could drive economic development in the area for years to come, head over to Curbed.

Lincoln Park is certainly the place to find some of the priciest real estate in the city and, during the boom years, was home to many homes some would label "McMansions" but the neighborhood is also seeing the rise of a new phenomenon - the Mega Mansion.

DNAinfo recently published an article on the phenomenon, which also features developers "land banking" by buying multiple properties in close proximity and waiting for the right buyer to develop them, and perhaps the largest new single family home under construction in the city, set to occupy seven city lots.

For the story, head over to DNAinfo here.

Last week we mentioned that rents were up in Chicago for 2014. In fact, while Chicagoans paid more than $1 billion in additional rent last year, we're still a bargain according to Zillow economists.

The Zillow data showed that, not only is our city far more affordable than notoriously expensive NYC, San Francisco and Washington, but we aren't even in the top ten most expensive rental markets - we're 15th, slightly more affordable than Austin, Texas with an average monthly rent of $991.

The five most expensive markets are, in order, San Jose, California ($1,807 per month), San Francisco, D.C., San Diego and LA.

To recap last year's numbers for the city, landlords saw took in a total of $14.3 billion in rent, up 7.4 percent.

For more, head over to Zillow here.