Construction on the Vista Tower, Studio Gang's latest effort in the New Eastside is moving forward, according to a recent report in Crain's.
The supertall tower, from Magellan Development and China's Dalian Wanda Group, will be the city's third-tallest at 93 stories and 1,186 feet. It's expected to break ground as early as next month.
The tower will ultimately feature 405 luxury condos together with a hotel. There haven't been any numbers on pre-sales but if the team is looking to break ground they've reached a critical point of confidence.
Read more at Curbed Chicago here.
A new study shows that Chicago is one of the top metro areas in the United States for foreign buyers.
Colliers International issued a report which surveyed more than 600 investors around the world on how they're planning to spend their money and which American markets were attractive for real estate purchases.
Chicago was number five on the list, beating out Washington D.C., but trailing New York, San Francisco, Los Angeles and Boston. 16 percent of investors indicated it was their first choice.
Read more at Chicago Agent Magazine here.
Cash sales continued their decline as a share of the total market in the first quarter of 2016.
According to the latest numbers from RealtyTrac, cash buyers, those who didn't take out a mortgage, represented 36 percent of all sales in the Chicago area last quarter, a 40.4 percent decline from the previous year.
The decline in cash sales is a sign the market is returning to health. Cash buyers represented, in part, interest from investors buying bargain-priced homes in the years after the housing bust. As they decline as a percentage of the market, more traditional home buyers are taking their place.
Read more at Crain's here.
A six-story apartment building will soon be going up in a prime location in Old Town.
Developer JAB Real Estate plans for 60 total units in the building, which will be located at 227 and 233 W. North Ave., across the street from the popular comedy club Second City. They're hoping to break ground this fall.
“We think Old Town is a really strong submarket,” JAB Principal Frank Campise told Crain's Chicago. “There's hospitality, and you're close to downtown and the lakefront.
Read more at Crain's Chicago here.
The U.S. Census Bureau has made it official: Millennials, those aged 19 to 35 have officially overtaken Baby Boomers as the largest generation.
While Boomers will continue to be a force in real estate for some time (they do, after all, own a great deal of real estate taken as a group) the up and coming generation of Millennials and the choices they make will reverberate through the economy for decades to come.
In real estate, Chicago is well positioned as a haven for Millennials. As we noted last week, the city and suburbs are easier to afford than competing metropolitan areas, making homeownership, a dream for Millennials just like generations before, much more attainable.
Read more at Chicago Agent Magazine here.