Urban Real Estate

Monday Real Estate Round-Up

Monday Real Estate Round-Up

A new luxury condo building is getting ready to dig in on the western edge of Lincoln Park.

Developer Broder Lincoln Park received their full construction permit for the four story, 16-unit condo building that will be built at 2633 N. Hermitage. It's the first of a three-building project that will have 76 total units of condos and rentals with amenities like a pool deck, landscaped terraces and more. The buildings are designed by architect Pappageorge Haymes Partners.

Read more at Curbed Chicago here.

 

Streeterville is a booming area on the Near North Side of Chicago that has been attracting a ton of residents and developers for the last ten years.

Right now it's in the middle of a mini-boom - there are currently three residential high-rise towers under construction that are taller than 500 feet, as well as two new hotels and a research center. They represent a combined total of more than 1,000 rental apartments, nearly 70 condos and more than 500 hotel rooms.

One Bennett Park, Optima Chicago Center II, and 465 N. Park Street are the three residential towers currently under construction and Curbed Chicago has the low down on the boom here

 

New construction in the Chicago metro area reached a post-recession high in 2016, according to the latest research.

There were a total of 6,800 new homes built in the area last year, Metrostudy found and while that is small compared to 36,000 in 2006 it was a 13 percent increase over 2015.

Three quarters of homes built in the city were priced at or above $250,000 and the largest percentage was priced between $300,000 and $399,000. Only 7 percent were priced below $200,000.

Read more at the Chicago Tribune here.

 

January marks the fifth straight month of record-high home prices nationwide and hit a 31-month peak of increasing housing prices, according to the Case-Shiller Home Price Index.

According to the report, January saw a 5.9 percent increase over the previous year, up from 5.7 percent the month before. 

Economists note that the price increases are sustainable but that potential interest rate hikes could affect them in the future.

The nature of the price increase is also varied, with some regions seeing bigger increases than others and within metro areas, price rises are also uneven.

Read more at Chicago Agent Magazine here.

 

A developer has proposed a new 60-unit development for an Uptown site that includes a vacant lot and former auto garage.

Peerless Development is behind the proposal for 4906-18 N. Clark St. It will feature a mix of apartments from 4 bedrooms down to studios and is designed by Axios Architects. 

The developers are hoping to break ground in the spring of next year and see the project completed by spring of 2019.

Read more at Curbed Chicago here.