A new 444-unit tower is all set to begin construction at the site of the former Gino's East restaurant in River North after the city officially issued permits last week. The permits cover the first phase of the building's construction for the foundation and podium superstructure. Designed by Loewenberg Architects, the new tower will stand a total of 41 stories. For the latest, check out Curbed and for additional renderings, head here .
A new high-rise is being proposed for a parcel adjacent to the Kennedy Expressway in River West, according to Alderman Brendan Reilly. A venture led by a California investor named Gray Cardiff would like to construct a 38-story, 373-unit building east of Hubbard's Cave where Halsted St. crosses the expressway. The building would include 158 parking spaces and would be just south of the K2 apartments that were developed by Fifield Companies a couple of years ago...
Home sales in the Chicago Metro area rose modestly in September according to the regular seasonal cycle as summer gives way to fall. The Illinois Association of Realtors reported that sales in the nine-county area rose 5.3 percent year- over-year in September, though they were down 11.5 percent from the previous month. Median prices continue to rise, however, up 6.4 percent from the previous year to $205,570. For more, head over to Chicago Agent Magazine here .
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Chicago is among the top cities for Trick-or-Treaking. According to Zillow the city ranks sixth in the nation with other top cities including Denver, Seattle, Minneapolis, San Francisco, Charlotte and Dallas. But even within the city, a few neighborhoods stand out. The best in Chicago, per the report, are: 1. Ravenswood Manor 2. Roscoe Village 3. Sheffield Neighbors 4. Sauganash 5. North Mayfair For more, head over to Chicago Agent Magazine here .
A new rental and retail development will soon be coming to Division Street in Wicker Park. The six-story building, from Centrum Partners, received its permit last week and could start construction at any time. It will bring 60 new rental apartments and group floor retail to the already booming area. For more on the project including renderings, head over Curbed Chicago here .
The developers behind the Vista Tower, a new Jeanne Gang-designed residential building being proposed for the New Eastside, have set the skyscraper at 93-stories tall (1,144 feet) making it among the tallest in the city. A second public presentation on the tower will be held on Oct. 26 by Magellan Development Group and China's Wanda Group at the second-floor ballroom of the Fairmont Chicago Hotel, 200 N. Columbus Dr. For more, head over to Crain's here .
Median family home sizes are continuing their rise post-recession , according to the U.S. Census Bureau's Survey of Construction. This year the median size for a new single family house is 2,450 square feet. That's the second highest average since 2009. The data divided the U.S. into nine sections and determined a median square footage in each one...
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According to a new report, rental vacancies are at a low not seen since 1985 and the prospects for the future for rental property owners are bright. Vacancies in the second quarter of 2015 were 6.8 percent based on U.S. Census data, down from 7.5 percent in 2014. According to the report, multiple applicants are vying for the same apartments and owners are raising rents...
The latest numbers are in and while Naperville, Aurora, and Joliet typically lead the list of top-sellers they aren't the most competitive markets for suburban buyers. That honor for the month of August goes to Lake Zurich, with an average market time of 11 days, followed by Prospect Heights at 14 days and South Elgin at 15 days. And the suburbs with the lowest inventory were Villa Park with 2.6 months of supply, Romeoville with 2.7 and Crest Hill with 2.9...
According to the latest data, mortgage applications last week rose 25.5 percent from the previous week. The Mortgage Applications Survey from the Mortgage Bankers Association showed that refinancing increased by 24 percent and purchase mortgages increased by 27 percent. Refinancing was a little over half of the activity, comprising 58 percent, while adjustable-rate mortgages comprised 7.6 percent...
Developers have flooded Chicago city hall in the last 30 days with new residential projects. Last month 40 plans for new projects were submitted to the city, a 46 percent increase from the previous month. The surge in applications was certainly prompted, at least in part, by a new Affordable Requirements Ordinance that will require additional affordable units in each project submitted after Sept. 24, 2015 but it isn't just that...
While the highest-volume neighborhoods tend to be the same, lining up well with the neighborhoods with the highest condo inventory. But when you consider other variables like time on the market and highest sale price versus list price, the list of neighborhoods changes considerably. Last month the city's most competitive market was Mount Greenwood with only seven days on the market. The West Loop and McKinley Park at eight days and Wicker Park with nine...
Two new towers are proposed for a strip of retail in the Clybourn Corridor of the popular Lincoln Park neighborhood. Developers are hoping to build two rental towers just off Clybourn, at 901 W. Weed St. The site is currently home to a strip of retail but the towers would add 407 new rental units to the area. For more, head over to Curbed Chicago here . Image via Curbed...
Cash sales, which dominated the market during the economic recession, are nearing normal levels in Chicago, according to a new report. CoreLogic reported this week that cash sales in Chicago were at 27.9 percent in June, their lowest level yet and near the long-term trend line of about 25 percent. They declined 5 percentage points year-over-year. Chicago is also doing better than the national average of 31.3 percent of total cash home sales in June...
The numbers for August are in and the top-selling neighborhood in the city of Chicago was, unsurprisingly, the Near North Side. The popular neighborhood with abundant condo options made a total of 266 sales as the summer wound down. It was followed by Lincoln Park with 175 and West Town with 166. Home sales volume for the city was up 6.3 percent but the top neighborhoods saw declines in volume with the close of warm weather...
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Homes prices in Chicago edged up again in July according to the latest figures. The S&P/Case-Schiller Home Price Index reported that Chicago saw a modest increase of .9 percent from the previous month, beating the national average increase of .7 percent. On an annualized basis prices are up 1.8 percent. Read more at the Chicago Tribune here .
