Urban Real Estate

Monday Real Estate Round-Up

Monday Real Estate Round-Up

Mortgage rates have been rising recently, following the end of a contentious and unprecedented presidential election.

Freddie Mac said last week that the average rate on a 30-year fixed mortgage is now at 4.03 percent, the highest rate since July 2015 and up from the previous week's 3.94 percent. The 15-year rates have climbed to 3.25 percent from 3.14 percent last week.

The rise in rates, which includes bond products across a wide spectrum of the financial market, is being driven in part by investors who expect plans from President-elect Donald Trump to spend on infrastructure to drive inflation, causing investors to demand higher long-term rates of return.

Read more at the Chicago Tribune here.

According to the latest numbers, sales in the Chicago-metro area declined in October.

For the month, sales were down 6.3 percent from the pervious year and 12.91 percent from the previous month, while the median price rose 8.1 percent to $216,250.

Geoffrey J.D. Hewings, the director of the Regional Economics Applications Laboratory at the University of Illinois, told Chicago Agent Magazine that many factors contributed to the decline.

“No doubt that the election contributed to a decline in sales, but prices continue to grow,” Hewings said. “For the next three months, price growth is anticipated to be a little stronger. Declining supply contributes some uncertainty to sales growth.”

Overall, inventory was down 17 percent from the previous year.

For Chicago, while sales were down 8.8 percent, prices beat the metro average, rising 9.2 percent to $262,000.

Read more at Chicago Agent Magazine here.

For everyone excited to see Chicago's newest supertall skyscraper come to life and climb skyward, the wait will be long but work is definitely progressing to deliver this skyline-changing masterpiece to life.

Since the Jeanne Gang-designed tower officially broke ground two months ago, workers have been making progress on the Vista's foundation, a process that should take about eight months in total before allowing the tower to rise skyward. The development, which will ultimately include 406 high-end condos and a nearly 200-room hotel is expected to be completed by 2020.

The development is a joint venture between Magellan Development and Chinese firm Dalian Wanda Group. It represents a $1 billion investment in Chicago's New Eastside.

Check out photos of the work in progress at Curbed Chicago here.

A long-simmering plan for a large redevelopment in Lincoln Park has re-surfaced again.

Envisioned as a replacement to the closed Tag Furnishings outlet building in West Lincoln Park at Wrightwood and Hermitage, new renderings have broken cover that add a name: "Norweta Row."

The two-building project would be a total of 76 units, down from an original proposed 105 and a mix of condos and rental units. It's designed by Pappageorge Haymes Partners and being developed by Broder Lincoln Park.  Building amenities will include a pool, health club and sports court. 

Read more at Curbed Chicago here.