Urban Real Estate

Monday Real Estate Round-Up

Monday Real Estate Round-Up

A new development partnership between the city of Chicago and Friedman Properties could replace an aging fire station with a new highrise.

The partnership would result in the demolition of the existing firehouse at 55 W. Illinois in River North and replace it with a new station, costing $20.2 million and a mixed use tower with up to 614,000 square feet of office space.

Read more at Curbed Chicago here.

Developers are proposing a new, 20-story tower for the West Loop's red hot Fulton Market District.

MCZ Development has proposed a 236-unit apartment building for 166 N. Aberdeen, the corner of Aberdeen and May, former site of Fabbri Sausage. The building, designed by Chicago-based Solomon Cordwell Buenz (SCB) would be constructed of brick masonry at the base to blend into the site and transition to glass and clay-colored metal panels above. 

It would also include amenities like a communal "sky lounge" for residents in addition to the usual amenities expected for these new and upscale developments.

Read more at Curbed Chicago here.

Fannie Mae has announced several new policies and a program that could help borrowers who have student loan debt. 

First, they'll be offering a student loan cash-out refinance which will give homeowners the option to pay off high-interest-rate student lows as part of a re-finance.

They will also be implementing policies to widen borrower eligibility by excluding debts paid by others from debt-to-income ratios and to accept student loan information from credit reports rather than including them in underwriting.

“We understand the significant role that a monthly student loan payment plays in a potential homebuyer’s consideration to take on a mortgage, and we want to be a part of the solution,” Jonathan Lawless, vice president of customer solutions at Fannie Mae told Chicago Agent Magazine. “These new policies provide three flexible payment solutions to future and current homeowners and, in turn, allow lenders to serve more borrowers.”

Read more at Chicago Agent Magazine here.

Single-family home prices in four of Chicago's neighborhoods have reached new highs, according to data from the DePaul Institute of Housing Studies.

The West Town/New West Side neighborhoods have seen prices rise almost 159 percent and home prices in Logan Square/Avondale have risen almost 156 percent. That's compared with the citywide average that shows homes still 23.4 percent under their peaks reached in 2007. 

Lincoln Square/North Center also saw a high increase, 122 percent.

Read more on the story at DNAinfo Chicago here.

Traditional wisdom has argued that single family homes always appreciate faster than condos, but new research indicates that gap may be closing.

Trulia surveyed the 100 largest metro areas between February of 2012 and 2017 and indicated that appreciation of condos nation-wide was faster than that of single family homes. Condo prices rose 38.4 percent over that period while houses appreciated 27.9 percent.

Chicago, however, bucked the national trend: condo values rose 23.3 percent while homes rose 25.5 percent.

Read more at the Chicago Tribune here.