Could appraisers become a thing of the past?
Mortgage giant Freddie Mac recently announced plans to do away with traditional appraisals on some home loans, instead employing a valuation system that would be free of charge to all the parties in the transaction and relay data on comparable sales rather than in person reviews of individual properties.
Freddie hopes that the move will not only save money but will also cut down on closing delays related to appraisals. Critics, however, argue that without appraisals by professionals, Freddie could be exposing itself to huge potential liabilities if the data-driven method proves inaccurate.
Read more at the Chicago Tribune here.
A new luxury West Loop condo development is currently under construction, joining a slew of new projects in various stages from approval to construction.
The new CA Washington development has just received approval from the city to finish its six-story building at 27 N. Aberdeen. It will ultimately feature 69 total, 2,000-square-foot three bedroom, three bath condos. They'll be priced starting in the $800,000 range all featuring high-end finishes, private elevator access and balconies.
Read more at Curbed Chicago here.
Developers have changed up the design for a transit-oriented development adjacent to the Belmont Red Line stop in Lakeview.
DW Properties hopes to build a three-story building just east of the stop at 945 W. Belmont. The new building, designed by NORR Architects would feature 33 units, retail on the ground floor and a rooftop deck. They recently presented the revised plans to neighbors and are seeking approval to move forward.
Read more at Curbed Chicago here.
A skyscraper under construction in Streeterville has officially received its permit to complete its vertical construction.
The building, designed by Pappageorge Haymes Partners and developed by Chicago-based Juptier Realty Company, will rise to a total of 48 stories at 456 N. Park and will include 444 luxury rentals and just under 12,000 square feet of retail space.
Read more on the project at Curbed Chicago here.
Anyone can see that downtown Chicago's skyline is dotted, not only with a great many tall buildings, but, recently, a series of towering cranes.
At a ground-breaking to celebrate the high-rise project "One Bennett Park" at 451 E. Grand Ave., Mayor Rahm Emanuel said that the crane for that building is the 48th to operate in Chicago this year alone. This tower's crane represents a post-recession record, the mayor's office said, for a number of cranes operating in the city at one time.
Buildings permits are also at a post-recession high. 40,000 have been issued through October of this year, an increase of 2,000 from one year ago.
Read more at this great write-up from Curbed Chicago.