Urban Real Estate

Monday Real Estate Round-Up

Monday Real Estate Round-Up

It seems that the condo market is reviving - the latest proposal is a new 33-unit development planned for Noble Square.

Designed by architect John Hanna, the development will replace an Ace Hardware at 1011-1013 N. Ashland, giving it the name of "Ace on Ashland." The development team, led by Gary Mikhaylov of GNP Development, has officially received its construction permit.

Read more at Curbed Chicago here.

A new 15-story tower has been proposed to replace a former auto body shop at the corner of Erie and LaSalle in River North.

From developer Sedgwick Properties, "The Bentham" will include a total of 31 residences starting at $1.3 million. It's expected to include amenities such as a 15th floor pool, sun deck, fitness center and, of course, 24-hour concierge.

Read more at Curbed Chicago here.

Traditionally, Chicago has seen a quiet marketplace throughout the winter months; however, the latest numbers indicate that both the number of sales and prices were up in January.

In Chicago home sales were up 9.3 percent compared to the previous year. Prices were also up by a substantial amount, 12.4 percent from 2016.

“Our year-over-year numbers continue to demonstrate the strength of the Chicago market, as properties are being snatched up at a pace rarely seen,” said Chicago Association of REALTORS® president (and Urban Real Estate partner) Matt Silver. “With higher prices across the board and rising interest rates, the trend will continue (barring ongoing inventory concerns) into the active spring season.”

Read more at Curbed Chicago here.

It's been clear for the last couple of years that Chicago's Northwest Side, particularly along the Milwaukee Avenue Corridor, is booming. 

A new map surveys the construction and shows that the area from Grand Ave. north to Logan Square will see a total of 2,252 new apartments, 81 homes for sale, and 89 new hotel rooms.

Many of these buildings are taking advantage of the city's "transit-oriented development" ordinance, which allows developers to reduce the total number of parking spaces required for their residents.

Check out the full map at Curbed Chicago here.

The latest numbers are in and some familiar names once again top the list of best-selling Chicago neighborhoods.

With 154 sales, the Near North Side was the clear leader, followed by Lincoln Park with 80 sales, which edged West Town's 79 sales.

As usual, when adjusted for single family homes, the leaders are completely different. Ashburn lead the pack with 33 sales, followed by Austin with 28 and Norwood Park with 28.

Read more at Chicago Agent Magazine here.