Urban Real Estate

Monday Real Estate Round-Up

Monday Real Estate Round-Up

2016 was a big year in more than one way - a lot of people want to forget it, but, can we say Cubs World Series Champions?

Curbed Chicago recently put together a few retrospectives on the year including this one on the developments they had the chance to visit and this one on what they thought were the biggest stories.

With a new presidential administration taking shape and a call from President-elect Donald Trump to revise the country's complex tax code, what will happen to popular tax breaks enjoyed by homeowners?

Specifically, two tax breaks could be on the chopping block in 2017: the deducation for mortage insurance premiums and the mortgage interest deduction.

A variety of changes have been proposed for the popular tax breaks - they could even fall victim to obsolecence if, for example, the standard deduction was raised.

The Chicago Tribune has a column exploring the potential future of these tax breaks here.

While 2016 definitely had its share of unusual and surprising news (Cub's World Series win, anyone?), it was a good year for luxury real estate in Chicago.

The highest-priced sale in the city was a penthouse condo at the Waldorf Astoria (it sold for $11.7 million) but it wasn't alone in the multi-million dollar category. The sales in the multi-millions were clustered in an area from Downtown north to Lincoln Park and included names like Peter Francis Geraci and Vince Vaughn.

Check out more including a nifty map at Curbed Chicago here.

Hyde Park could soon be seeing a new residential tower.

Developer MAC Properties last week released plans for a new residential tower at 1600 E. 53rd St. that would rise a total of 27 stories and feature 250 units together with 10,000 square feet of retail space. 

Designed by Chicago architecture firm Solomon Cordwell Buenz (SCB), the building will also feature an outdoor pool and 160 total parking spaces.

Read more at Curbed Chicago here.

Buying a condo is not only a big investment, it is also a decision that can be very complicated at times.

There are many factors to consider for each condo building and though two units may have a similar number of bedrooms and bathrooms, they may be completely different; one could be a good investment, the other a money pit.

The Chicago Tribune recently put together a series of do's and don't's for condo purchases, focusing on items like checking resale history within the building, the amount of money in reserves, watch for a reasonable assessment level (neither too high nor too low) and, of course, make certain you love the idea of living there.

Read more at the Tribune's site here.