Urban Real Estate

Monday Real Estate Round-Up

Monday Real Estate Round-Up

In their last meeting of the year, the Chicago Plan Commission gave the green light to several large developments including a new residential development in Old Town.

The proposal from, LG Development and designed by NORR, would replace the Noble Horse Theatre and stable with a 252-unit, seven story apartment building.

It wasn't the only new and large project approved: there were others in Logan Square and Chinatown.

Read more at Curbed Chicago here.

The latest forecast indicates that home prices in the Chicago area will likely increase again in 2017 for the fourth straight year.

The forecast comes from the Illinois Association of REALTORS® and the University of Illinois professor Dr. Geoffrey J.D. Hewings. They're also predicting however, that historically low mortgage rates will continue to climb as well.

In the Chicago area, home prices should rise between 3.8 percent and 8.4 percent, higher than Illinois as a whole which could see between 2.1 percent and 6.9 percent. While mortgage rates could have an impact on the total amount of the increase, inventory continues to decline which puts upward pressure on prices.

Read more at Curbed Chicago here.

A new West Loop apartment development would transform an entire block bordered by Washington, Sangamon, Morgan and Madison if developers have their way.

Dubbed "Union West," the project from developers ZOM Mid-Atlantic and Verde Communities, was designed by Chicago-based bKL Architecture and would bring 405 new apartments to the site.

If constructed it would rise in three different buildings of 8 ,15 and 17 stories clad in brick and metal, opaque glass and, on the upper floors, transparent glass.

 Read more at Curbed Chicago here.

It's been well documented that mortgage rates have climbed each week since the presidential election and are, today, at their highest level in nearly a year and a half. 

But perspective is important.

A new study out from Zillow points out that even with rates rising, they remain at historic lows and that the difference in the average buyers monthly payment in all major markets between 4 percent and 4.25 percent would be less than $100 and in many markets the increase would be less than $50.

In Chicago, that increase on a home valued at $200,000 would be just $23 a month.

Read more at Chicago Agent Magazine here.

As traditional norms have given way in recent years, many couples have up-ended the usual progression of adult life. Instead of pursuing marriage before purchasing a home, now it can also happen the other way around.

Co-habitation in a rental space is nothing new, but some experts warn that even that, without a legal agreement in place, can be tricky. 

As for purchasing a home, a real estate investment is a long term one, something that made sense in the context of a marriage partnership but, when and if a relationship ends, unwinding that investment can be complicated and contentious.

The Chicago Tribune has more on the trend with some great advice for potential buyers here.