Another day, another residential skyscraper is proposed for Chicago.
This time, Jupiter Realty and Pappageorge Haymes have partnered on a proposal for a 500-foot tall tower at 465 North Park in Streeterville. The tower would feature 444 apartments, 181 parking spaces and just under 12,000 square feet of retail. They're hoping to start construction in January 2016.
According to Curbed Chicago the tower would be priced in the mid-luxury range, or about $2,800 per month for an 800-square-foot apartment.
To read more, head over to Curbed here.
This time, Jupiter Realty and Pappageorge Haymes have partnered on a proposal for a 500-foot tall tower at 465 North Park in Streeterville. The tower would feature 444 apartments, 181 parking spaces and just under 12,000 square feet of retail. They're hoping to start construction in January 2016.
According to Curbed Chicago the tower would be priced in the mid-luxury range, or about $2,800 per month for an 800-square-foot apartment.
To read more, head over to Curbed here.
The total number of "zombies", that is, houses that are vacant but where foreclosure proceedings are not yet completed, fell 28 percent. The total number of such properties in the metro area is now 7,168.
Chicago was joined by Atlanta, Dallas, Miami and Phoenix in the decline.
For more, head over to Crain's here.
It may sound counter-intuitive but in some good news for real estate, the percentage of down payments has dropped. Good news because it could signal the return of the first-time homebuyer.
According to a new report from RealtyTrac, down payments for single family homes, condos and townhouses was down to 14.8 percent in the first quarter of 2015, the lowest number since 2012 and down from 15.5 percent last year.
FHA loans were down to 2.9 percent, while conventional were down to 18.4 percent. FHA loans also increased their share of overall loans, from 21 percent in January of this year to 25 percent in March.
Daren Blomquist, a vice president at RealtyTrac, says "down payment trends in the first quarter indicate that first-time homebuyers are finally starting to come out of the woodwork, albeit gradually."
First-time homebuyers are often the first link in a chain of move-up buyers. Their return could signal the beginning of demand rippling up the chain.
For more on the good news, head over to Chicago Agent Magazine here.
More good news from CoreLogic - the April housing market report showed continuing price increases for Chicago.
Including distressed sales, home prices in Chicago rose 4.5 percent year over year and excluding distressed sales the increase was even more dramatic, 6.6 percent.
For the full report, head over to Chicago Agent Magazine here.