Mortgage bankers are anticipating a new wave of borrowers in coming years due to a pent-up demographics boom.
Millennials and minorities will drive new housing formations over the next ten years, with 1.2 million new households expected each year, according to David Stevens, a former federal housing official who now leads the Mortgage Bankers Association.
The mortgage bankers are expecting that the increasingly costly rental market, which ran up to new heights following the financial crisis of 2008, will ultimately drive home ownership as the prices reach parity between the two options.
Read more at the Chicago Tribune here.
Lincoln Park took the crown as the top-selling luxury market in the city through March, edging out the previous leader, the Near North Side.
While both neighborhoods had 18 sales of homes priced over $1 million, Lincoln Park had a much higher average price of $2.45 million versus the Near North Side's $1.85 million.
Rounding out the top five in order were North Center, Lakeview, West Town and Logan Square.
Read more at Chicago Agent Magazine here.
There are new renderings out for downtown's latest amenity, the redesigned Maggie Daley Park restaurant.
The park is already one of the most popular hang-outs downtown, featuring a one-of-a-kind playground, skating ribbon and climbing wall. Chicago-based Four Corners Tavern Group hopes to open a restaurant at 352 E. Monroe St.
The restaurant would be 8,000 square feet with 240 outdoor seats and 120 inside. It would also include public restrooms and a green roof with views of Grant Park and Buckingham Fountain.
The whole plan goes to the Chicago Plan Commission for a vote on April 21st.
Read more at DNAInfoChicago here.
When ABC7 reporter Alan Krashesky was looking for expertise on the local real estate market and the up-coming (and in progress) Spring selling season, he turned to Matt Silver, Urban Real Estate's own Partner and Chicago Association of REALTORS® President-elect.
February home sales data shows the median selling price up 7.8 percent to $160,000, while March sales data is not out yet.
Silver says that the city's appreciation has varied neighborhood by neighborhood.
"Most of the properties along the Lakefront have recovered faster, that's a natural progression," he said. "For those who are looking a little more west and a little bit south, those are recovering just at different rates."
His conclusion?
"It is absolutely a seller's market."
Watch the full interview here.
One study after another has suggested that the Millennials show a marked preference for city living over the suburban alternative but the latest numbers are showing a decline in the number of Millennials buying in cities.
According to a new survey from the National Association of REALTORS® (NAR), the share of Millennials buying in urban areas has declined from 21 percent a year ago to 17 percent now.
The reason? Prices are high and they can't afford as much space as they want in cities.
"Even if an urban setting is where they'd like to buy their first home, the need for more space at an affordable price is for the most part pushing their search further out," Lawrence Yun, the chief economist for NAR told the Chicago Tribune.