Urban Real Estate

Monday Real Estate Round-Up

Monday Real Estate Round-Up

A new South Loop tower that will change the skyline is officially headed for a ground-breaking.

The city of Chicago has issued permits for foundation work at 113 E. Roosevelt and 1200 S. Indiana. The building is designed by architect Rafael Viñoly and will rise more than 800 feet tall.

It will ultimately include nearly 800 apartments in the booming area just south of Grant Park.

Read more at Curbed Chicago here.

According to the latest numbers, the North Shore suburb of WInnetka was the most expensive market in the state, with the average price of a four bedroom, two bathroom home at $840,355. 

The neighboring town of Lake Forest came in second with West Suburban Hinsdale in third.

The top ten markets were all mapped out at Chicago Agent Magazine here.

Mortgages have been difficult to aquire since the years of the real estate bubble, largely due to strict adherence to requirements laid out by the banking industry to avoid a repeat of those mistakes.

But mortgage giants Fannie Mae and Freddie Mac are loosening those standards to reach more credit-worthy borrowers that have moderate incomes, good credit scores, but lack the 20 percent down payments for traditional financing. 

The changes include:

• Minimum down payments going as low as 3 percent (and even 1 percent)

• Looser definitions of "income"

• Underwriting flexibility in order to work with multi-generational households that may have more than one or two earners

• Debt-to-income ratios of up to 45 and 50 percent.

Check out more at the Chicago Tribune here.

A long-time fish company is selling its property at the northwest corner of Fulton and Halsted and the new owners are planning a "flagship" retail development for the site.

Development company R2 has hired high-profile design firm Gensler to concept a new, multi-level retail space for the site that would replace a two-story building on the corner and rehab an attached four-story building located to the west.

When completed, the new project would feature 26,000 square feet of retail space together with a rooftop deck.

Read more at Crain's here.

There has been a steady drumbeat of media reports about the plight of Millennials whether its the job market, student debt or something else.

But those reports have also made it clear that the young generation has as strong a desire to purchase a house as those that have preceeded it, so the Chicago Tribune recently put together a useful article on tips for those wanting to make the plunge into home ownership.

Most of those tips involve making more money or spending less to help build savings or pay down debt, but a couple of tips stand out, including keeping your wedding costs down (something that can easily run couples into middle and high five figures) or selling a car to add to your savings.

Read the full story here.

Chicago-based Urban Real Estate (Urban) recognizes partners, Michael Emery and Matt Silver, as two of a distinguished few brokers who have been appointed to represent the state REALTORS® trade association, Illinois REALTORS®, and work closely with foreign consulates to promote real estate in Illinois.

Emery, a senior partner with Urban, will be working closely to build ties with Australia and Silver, partner with Urban and the 2016-17 president of the Chicago Association of REALTORS®, is the liaison working with Israel and its Chicago-based consulate. The partnership is through the association’s Consulate General Liaison program, which matches members with experience in international real estate with foreign consulates. 

Consulates are important links between the home country and the U.S. The offices are overseen by a consul general whose office provides assistance for foreign nationals living and working abroad. 

“It’s rewarding to represent our colleagues and clients in our respective appointments,” said Emery. “As prospective investors consider their options, often they aren’t sure where to turn. This program gives them the resource they need to begin making decisions that are wise and, in turn, can be beneficial to the local and state economy.

Silver adds, “Buying has enough challenges for locals, let alone those considering their buying power from overseas. Our goal is to bridge the gap, and help meet a need that offers knowledge and guidance on residential and commercial opportunities that exist across Illinois.” 

Read the rest of the story online at the Daily Herald.