Urban Real Estate

Monday Real Estate Round-Up

Monday Real Estate Round-Up

A new 26-story building designed by Jeanne Gang is set to begin construction this fall in Hyde Park.

Known as Solstice on the Park, the rental apartment building will begin construction with fencing being erected Oct. 3. Construction is expected to take about two years with the first tenants moving in Spring of 2018. It will ultimately have 250 apartments.

Read more at Curbed Chicago here.

According to a new analysis, Chicago's suburb of Tower Lakes is the best place to buy a home.

The analysis, from Niche, weighed factors such as median home price, public schools, property tax as a percentage of the property and the percentage of owner-occupants.

South Barrington was second and Green Oaks was third.

For the full list and more, head over to Chicago Agent Magazine here.

A high-rise project in River North will be one of the first to take advantage of a new city density program and, though it's already under construction, there are plans to grow by an additional 15 feet and add 26 more units.

The apartment building, being constructed by Centrum Partners, located at the corner of Hubbard and Wells will add .5 points to its allowable Floor Area Ratio (FAR) by making a contribution of just over $400,000 to the city's Neighborhood Opportunity Fund, a program that will help spur development in under-served neighborhoods.

Read more at Curbed Chicago here.

Even as many people find home ownership less affordable, Chicago remains very competitive when viewed from the national level.

In order to buy a home at the national median price of $240,700, a worker needs to earn $52,700 a year, according to a report from HSN.com, a mortgage website. 

While Chicago's median priced home is higher and would require a slightly higher salary ($62,455.94), it's far more affordable than cities like Portland, New York City, Washington , D.C. and San Francisco - in the city by the bay, workers need to earn $161,947.60 to buy the median priced home.

Read more at the Chicago Tribune here.

Chicago had a huge milestone as officials from the city joined developers CMK Companies and Lendlease to break ground on the South Loop project known as Riverline.

One of the largest projects to come to the city's core in recent years, it will eventually bring 3,600 new residences to eight buildings fronting the South Branch of the Chicago River between Bertrand Goldberg's River City and Roosevelt Road on the north.

Read more at Curbed Chicago here.