Prolific Chicago Developer Jay Michael has passed away after a long battle with cancer. He was 34.
Michael was one of the partners at Cedar Street, a development company that has specialized in the rehabilitation of many classic Chicago buildings into micro-apartments. One of their most famous projects currently underway is the rehab of the Bush Temple of Music on Chicago Avenue in the Gold Coast. Michael was also a very active developer in the Uptown neighborhood.
Michael was a cast member of the Bravo program "100 Days of Summer." The city's real estate community mourns his loss.
Read more at Curbed Chicago here.
Image via Cedar St.
The latest addition to the Chicago skyline, a 509-unit residential tower on Wolf Point, will be officially opening later this month.
The 48-story tower will be one of a trio that are planned for the site just east of the Merchandise Mart. The first move-ins are scheduled starting today.
Designed by bKL Architecture, Wold Point is a collaboration from the AFL-CIO Building Investment Trust, Hines and Magellan Development Group.
For more on the tower, head over to Curbed Chicago here.
Home prices continued their steady growth in November, according to the latest figures from CoreLogic.
In Illinois, prices increased 2.4 percent, the same as the growth rate in Chicago. The growth rate is on pace with the national trends and another sign of a healthy market.
“Many factors, including strong demand and tight supply in many markets, are contributing to the long-sustained boom in prices and home equity which is a very good thing for those owning homes,” said Anand Nallathambi, president and chief executive of CoreLogic.. “On the flip side, prices have outstripped incomes for several years in a number of regions so, as we enter 2016, affordability is becoming more of a constraint on sales in some markets.”
Read more at Chicago Agent Magazine here.
A recent study concludes that the city of Chicago is a relatively affordable option for Millennials looking to buy their first house.
Conducted by SmartAssets, the study compared the median net worth and income of the typical Millennial to come up with a down payment and then correlated square footage that could be purchased conventionally. The news for Chicago was that Millennials' first houses could be around 1,000 square feet.
That compares to 165 square feet in New York City and 297 square feet in Los Angeles.
For more, head over to Chicago Agent Magazine here.
