Things are moving along in Lincoln Park at the site of a new mixed-use development at 2518 N. Lincoln Ave.
The developers of the project, "ELEVATE Lincoln Park" have obtained their first demolition permits and will begin work soon on the development that will have 191 high-end apartments, 138 parking spaces and just over 16,000 square feet of retail.
Rents in the building will range from $1800 for a studio to $4000 for a two-bedroom.
Read more at Curbed Chicago here.
It may seem an obvious question but the National Association of REALTORS® recently engaged in a study to determine why people continue to buy homes.
According to their results, nearly a third of all buyers purchased a home simply to have one of their own, the biggest single reason. For Millennial buyers the percentage was even more pronounced: 48 percent cited that reason.
The generational divide is somewhat more predictable: younger buyers looking for a first home to establish a household or for more space for a growing family, while older buyers were purchasing homes due to job relocations or retirement.
Read more at Chicago Agent Magazine here.
When buyers are considering the different pros and cons of a home, it may surprise them to learn that proximity to a Target store is a sign the house will appreciate more.
RealtyTrac conducted a study of homeowners who sold in 2015 and had a home near a Target but not a Walmart. They saw an average 27 percent increase in home price since their purchase, compared to 16 percent who sold near a Walmart but not a Target.
The average home near Target is valued at $207,286, 72 percent higher than the average home near a Walmart, valued at $178,249. But it's not all good for those near Target: taxes were more than double that of those near Walmarts.
Read more at Chicago Agent Magazine here.
Chicago Agent Magazine profiled and featured our recent company rebranding, including our new website (www.UrbanRealEstate.com), logo, as well as resources and amenities for our brokers and clients.
Managing Partner, Matt Farrell, sat down with Chicago Agent Magazine to discuss the new design and the advantages of using it in congruence with any of our fabulous brokers. "Today’s consumer searching for real estate data is seeking as much information as possible to help determine their needs,” Farrell said. “The new UrbanRealEstate.com is designed to help consumers navigate their way through properties. The knowledge our brokers bring to the table, paired with their Urban resources, help identify viable options to them, faster.”
Senior Partner, Michael Emery, also had this to say regarding the introduction of Urban's new fleet of Mercedes-Benz vehicles for appointments and showings, saying “removing the nuisance of parking worries and traffic with a personal livery service assigned to brokers helps make the lives of both our brokers and their clients that much easier.”
Read more from Chicago Agent Magazine here.
If you're a buyer in the $2 million plus bracket then you have enough options in Chicago that it's beginning to look like a buyer's market.
At the end of February last year, Chicago had enough supply in that price range for 10.7 months of sales. One year later that supply had increased to 12.3 months, the first year-over-year increase since 2010.
While the momentum is shifting to buyers, the luxury market is still strong. Total sales for prices in that bracket rose 2.5 percent over the same period.