Urban Real Estate

Monday Real Estate Round-Up

Monday Real Estate Round-Up

One of the north side's biggest real estate deals has closed and it could mean a dramatic transformation for one neighborhood.

Developer Sterling Bay has closed on the former Finkl Steel site for a reported $100 million, bringing their holdings in the area to a total of 35 acres. 

If they're able to change the zoning and begin work on their project, it could mean a new development to the west side of Lincoln Park in the $1 billion range.

Read more at Crain's here.

There could be some good news on the horizon for homeowners and the real estate market in general.

According to a new report, some 2.5 million homeowners who lost their houses when the housing market crashed in 2008 will see the foreclosure, short sale or bankruptcy fall off of their credit report this year. They're the so-called "boomerang buyers."

It's hard to say for certain whether these individuals will want to take the plunge into homeownership once again, given the dramatic nature of the events of 2007-2008, but their credit reports will be in a position to allow them to seek a mortgage again.

Read more on this at the (end) of a report from the Chicago Tribune here.

New condos could soon replace a restaurant in River North.

Named "Blank Chicago", the building would deliver 31 condos to the southwest corner of Wells and Ontario and for ribs fans, the Carson's Ribs would be re-established as a ground floor retail tenant.

This development would join other projects at Wells and Ontario, including the former Ed Debevic's site and a new hotel planned for 611 N. Wells.

Read more at Curbed Chicago here.

A new 58-unit building is coming to a prominent Gold Coast block, the southwest corner of Bank and Lake Shore Drive.

The lot had originally been pitched as the site of a 40-story high-rise, but opposition from local neighbors has resulted in a smaller project. It will ultimately rise 8 stories, with 47 parking spaces from developer Draper & Kramer.

The mid-rise building was designed by architects with Booth Hansen and will soon fill a lot that has been empty and the subject of a neighborhood dialogue and battle for two decades.

Read more at Curbed Chicago here.

The old saying that all real estate is local or that location is everything is never more true when trying to determine whether a market is "hot" or "cold."

The Chicago Tribune recently broke down a list of factors that buyers and sellers should determine to decide what kind of market they're in when they enter into the process of buying or selling. 

Among the important factors are the overall amount of available inventory, the trajectory of the selling price, the amount of time it takes to sell a property, and the number of foreclosures can be of particular importance.

Check out the full break down at the Tribune here.