February sales numbers are out and there's some good news: the city of Chicago saw sales volume increase by 3.9 percent year over year.
Chicago Association of Realtors President Hugh Rider called the performance a sign of "buyer confidence" and a "spring buying season starting strong."
The median sale price was also up to $212,000, an increase of 21 percent over the previous February.
The nine-county metro area, though, didn't fare as well, with an overall decrease in sales volume by 1.4 percent. At least part of that is attributable to a similarly declining level of for sale inventory.
For more, head over to Crain's here.
The city is selling a parking lot in the South Loop which will soon be home to a new high rise residential project.
The 19,000 square foot site at 1136 S. Wabash is set to be sold for $4.4 million and will be the site of a new $64 million, 24-story tower designed by Solomon, Cordwell and Buenz. It will house 280 apartments, 84 parking spaces and about 10,000 square feet of ground level retail.
For more, head over to Curbed Chicago here.
The Chicago Tribune is moving forward with plans to redevelop some riverfront land that could command some big demand from buyers or tenants.
The Tribune's Freedom Center printing plant is located near the intersection of Chicago Avenue and Halsted Street. It recently announced it has partnered with Riverside Investment & Development to tackle a new development at the site.
It's neighbors include the old Montgomery Ward warehouse that is now home to Groupon and Lightbank.
For more, head over to Crain's here.
Finally, perhaps the biggest story in real estate last week is the newest home improvement show coming to television hosted by the inimitable Mr. T.
According to the New York Daily News, the 62-year-old is "no stranger to power tools." He's going to be working in Chicago to help those fools whom he pities.
For more, head here.