Homeowner equity in Chicago and nationally has taken big strides in the last year.
Nationwide, equity positions have dramatically improved in the fourth quarter of 2015. CoreLogic's analysis showed that the total improvement was $682 billion or 11.5 percent, putting 91.5 percent of homes in positive equity.
“The improvement in equity reflects positive home prices and continued deleveraging of mortgage balances by households,” said CoreLogic Chief Economist Frank Nothaft.
In Chicago, equity positions improved from 18.4 percent in negative equity to 16.7 percent.
Read more at Chicago Agent Magazine here.
New renderings have been released for a proposed transit-oriented development for the intersection of Clark and Belmont in Lake View.
The development, which would replace the shuttered but famed Alley store at 3228 N. Clark, would include a new seven-story building behind the original terra cotta facade with 23 residences and 2,500 square feet of retail space.
Read more at Curbed Chicago here.
First-time homebuyers are an important part of any healthy housing market. But Chicago Agent Magazine recently identified four challenges that they face.
• Cash Investors: With foreclosures and short sales gone, cash buyers have increasingly competed with first time buyers for the limited home inventory. 25 percent of home sales went to cash investors in October of last year, down from 32 percent the previous year but well above the average. In 2000, for example, that number was only 8 percent.
• Housing Inventory: The total numbers of homes for sale was 1.82 million in January, a total of four-months supply. That's below the normal supply level of six months and in some markets that number is even lower.
• Financial Situation: Many home buyers face a variety of financial challenges including rising home prices, stagnant wages and large amounts of student loan debt.
• Buying Time Frame: According to a recent survey, 42 percent of first-time homebuyers wait until they're married with children to buy a home but many are delaying those larger decisions. Only 20 percent of young adults are married with children.
Read more at Chicago Agent Magazine here.
Residential construction got off to a strong start in Chicago in 2016, according to the latest data from Dodge Data & Analytics.
The total for residential new construction in Chicagoland totaled $391.72 million through January, an increase of 180 percent over January 2015.
That figure only puts Chicago behind San Francisco in terms of percentage increase, but ahead of it in real dollars. New York had the highest real dollar figure, at just over $2 billion, a 76 percent increase.
For the full breakdown, head over to Chicago Agent Magazine here.
A new West Loop rental tower is heading to the Chicago Plan Commission this month for its first approvals.
The tower, proposed for 346-358 N. Union St. and 347-357 N. Halsted St. in the Fulton Market area would bring 373 new rental units and top out at 405-feet.
The development also includes a new public dog park. It heads to the Plan Commission March. 17.
Read more about it and two other projects headed for approvals at Curbed Chicago here.
Urban Real Estate (Urban) has named veteran Chicago real estate broker Matt Silver, president-elect of the Chicago Association of REALTORS® (C.A.R.), as the firm’s newest partner.
Mr. Silver has been with Urban Real Estate since June 2011. In this time, he has served as the brokerage’s director of professional development in which he has spearheaded offerings to brokers in the areas of continuing education, and best practice forums, as well as worked with his own clients as senior broker. Silver began his career in the commercial real estate sector in 1998 before making the transition to focus on residential transactions. His industry experience in the downtown Chicago and North Shore markets, along with his attention to every detail in the negotiation, affords clients near or far the assurance that their interests are front and center. This fall, Mr. Silver will ascend to president of C.A.R., will continue to focus on the importance of education for brokers and consumers, alike, and advocate for the industry and homeowners locally and across the country.
Matt Farrell, managing partner at Urban Real Estate, welcomes the firm’s newest partner and says “Matt Silver encompasses every tenet a brokerage could hope for. Not only is his knowledge of our client’s needs inherent in all he does, but his veteran experience and professionalism are qualities which will only help guide Urban to the next level in Chicago and beyond.”
“It is a true honor to join the leadership of Urban as a partner,” Matt Silver says. “Urban Real Estate has, and continues to lead our industry in its efforts to provide impeccable service to our brokers, which in turn provides the best client experience. Working with our team, I know we will continue to raise the bar in Chicago real estate.”
Senior partner Michael Emery adds, "Chicago has some tremendous brokers, and it has long been our mission at Urban to cultivate those relationships, and see some of Chicago’s best become involved with our trajectory of service and achievement. Mr. Silver is a welcomed voice of experience whose contributions will serve our firm well and strengthen our mutual investment in Urban’s ongoing success."