Urban Real Estate

Industry News

  • Chicago's Top Selling Suburbs: January 2017

    Chicago's Top Selling Suburbs: January 2017
    Industry News
    Friday, February 17, 2017
    The latest numbers are in and the top-selling suburb for the month of January 2017 is Naperville, with 131 sales. The perennial favorite in the Western Suburbs beat out its competitors of Aurora, placing second with 119, and Joliet, which beat out Plainfield for third place with a total of 111 sales. Check out the full list at Chicago Agent Magazine here .
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  • Buying Still Beats Renting in Chicago

    Buying Still Beats Renting in Chicago
    Industry News
    Thursday, February 16, 2017
    The latest numbers confirm it; buying is still better than renting in most areas of Chicago. In the most densely populated county, Cook County, it's better to buy - it takes just over 30 percent of the average wage to afford a house, but just over 31 percent to rent the average home. In Lake County, however, it's cheaper to rent than to buy - it takes about 34 percent of the average salary to buy but about 28 percent to rent. Read more at Chicago Agent Magazine here .
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  • Chicago's Rent Affordability Ranks Competitively

    Chicago's Rent Affordability Ranks Competitively
    Industry News
    Wednesday, February 15, 2017
    Two new reports show that Chicago's rental affordability is somewhere in the middle of the pack both nationally and globally. Nationally, Chicago is 8 th in overall rental affordability - rental costs average $2.49 a square foot, with the median individual apartment for a single month renting right around $1,200...
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  • Single Buyers Are 1/3 of Chicago Market

    Single Buyers Are 1/3 of Chicago Market
    Industry News
    Tuesday, February 14, 2017
    The latest numbers show that fully one third of Chicago-metro area home buyers in 2015 were single, a large surge that has been growing over the last ten years. The 2015 figure, which shows single buyers aged 25 to 34 made up 33.8 percent of buyers in the Chicago area, is a 9.2 increase from 2005. Part of the reason the number is so high in Chicago is that the city is among the most affordable places in the nation to buy and it runs counter to the national trend...
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  • Monday Real Estate Round-Up

    Monday Real Estate Round-Up
    Industry News
    Monday, February 13, 2017
    A Hyde Park high rise in the works for nearly a decade is officially cleared to reach a height of 26 stories. Designed by Chicago Architect Jeanne Gang, Solstice on the Park has been under construction for its foundation and the first four floors of the rental tower at 1616 E. 56th St. The total cost of the project is ultimately expected to cost more than $85 million...
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  • Gold Coast Corner Will Get New Rentals

    Gold Coast Corner Will Get New Rentals
    Industry News
    Friday, February 10, 2017
    New high-end row houses will soon be coming to an empty lot at the corner of Clark and Chestnut, moving forward after a year's apparent delay. A building permit has just been issued for seven historically-inspired stone row houses from Col. Jennifer Pritzker's Tawani Enterprises. They're designed by Chicago firm Booth Hansen and will likely be marketed as rentals. Read more at Curbed Chicago here .
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  • Thousands of New Apartments Coming to Chicago

    Thousands of New Apartments Coming to Chicago
    Industry News
    Wednesday, February 08, 2017
    A construction boom that Chicago has been riding for the last several years will reach a new milestone this year: more than 6,000 new apartments are expected to be brought to market in 33 new buildings. That number would be equal to the total number of new apartments constructed in the last two years combined and are probably attributable to hot areas like the West Loop, the Milwaukee Avenue corridor and, of course, the Loop and South Loop...
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  • Riverline's First Tower Taking Shape

    Riverline's First Tower Taking Shape
    Industry News
    Tuesday, February 07, 2017
    The large and ambitious Riverline project, planned for a large parcel on the Chicago River's south branch, is starting to take shape. The largest buildings of its first phase received construction permits today. The "Ancora" will eventually rise 28 stories and include 452 new apartments, an amenity deck and 230-car garage. The first phase of the project will also include a second tower, the 18-story "Current", nine townhouses, and 3...
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  • Monday Real Estate Round-Up

    Monday Real Estate Round-Up
    Industry News
    Monday, February 06, 2017
    The Vista Tower is moving right along and will one day change the face of Chicago, and especially the New Eastside. Last weekend, workers on the site poured the concrete mat that will one day form the lowest point in the supertall skyscraper. Read more here at Curbed Chicago . Plans for a large West Loop apartment development have broken cover and it could bring hundreds of new residents to the booming neighborhood...
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  • New Look for West Loop Apartments

    New Look for West Loop Apartments
    Industry News
    Friday, February 03, 2017
    Plans for a large West Loop apartment development have broken cover and it could bring hundreds of new residents to the booming neighborhood. The plan, proposed by the John Buck Company Lendlease, and from GREC Architects, would bring 586 new residences, 14 of which would be townhouses, and 10,000 square feet of retail space to the former site of the H20 Plus Company building at 845 W. Madison...
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  • South Side Lakefront Site To Be Redeveloped

    South Side Lakefront Site To Be Redeveloped
    Industry News
    Thursday, February 02, 2017
    After a joint venture fell apart last year, it looks like a buyer has emerged that plans to build what amounts to an entire new neighborhood on the south lakefront. US Steel is selling their former South Works site (the plant closed in 1992), a 430 acre piece of vacant land on the far South Side. A joint venture between Barcelona Housing Systems and WELink is buying the site and plans to build up to 12,000 new homes there...
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  • Popular Investment Exemption In Danger?

    Popular Investment Exemption In Danger?
    Industry News
    Wednesday, February 01, 2017
    Real estate investors shouldn't necessarily hold their breath, but they should watch carefully to see how the new administration in Washington handles the popular tax deferral program known as the 1031 exchange. Named after a section in the tax code, a 1031 exchange allows real estate investors to defer the tax on capital gains for real estate investments when they swap on asset for a "like kind" investment...
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  • Developer plans Single Family Homes In Woodlawn

    Developer plans Single Family Homes In Woodlawn
    Industry News
    Tuesday, January 31, 2017
    The South Side neighborhood of Woodlawn is starting to receive a lot of attention. The long-overlooked community won the 2016 Curbed Cup for Chicago , a reader poll that pits neighborhoods against each other in terms of popularity and development, and now a real estate developer is preparing to break ground on a series of single family homes. Greenline Development is planning an $8...
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  • Monday Real Estate Round-Up

    Monday Real Estate Round-Up
    Industry News
    Monday, January 30, 2017
    Uptown may soon be home to a new transit-oriented development. Ald. James Cappleman is working with developer Clayco on the project, which would bring a new, 8-story building with 147 units to 975 W. Wilson Ave., currently a vacant lot. It would include 29 parking spaces and 7,000 square feet of ground floor retail space. Read more at Curbed Chicago here . According to the latest data, total number of sales and median prices were largely up across the city in 2016.
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  • Chicago's Top-Selling Neighborhoods of 2016

    Chicago's Top-Selling Neighborhoods of 2016
    Industry News
    Friday, January 27, 2017
    The final numbers for 2016 are in and Chicago's top-selling neighborhood was the Near North Side which, despite a sales decline of 1.5 percent, saw a total sales volume of 2,737. This far exceeded the next most popular neighborhood, West Town, which had 1,887 sales, a 7.52 percent increase from the previous year's 1,755. In third place was Lincoln Park, with 1,616 sales, a 7.95 percent increase over the previous year's 1,497 sales...
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  • Chicago's Top-Selling Suburbs For 2016

    Chicago's Top-Selling Suburbs For 2016
    Industry News
    Thursday, January 26, 2017
    With the final numbers in for the year it should come as no surprise which three suburbs were the top-selling, but Naperville took the top spot. The popular western suburb saw a total of 2,765 sales last year, a 9 percent increase over 2015. It was followed by Aurora which had 2,642 sales, up 9.49 percent and Plainfield with 1,813 sales, up 7.53 percent...
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  • 44 High-Rises Under Construction in Chicago

    44 High-Rises Under Construction in Chicago
    Industry News
    Wednesday, January 25, 2017
    Chicago is in the midst of a building boom - developers are changing the skyline both downtown and in the neighborhoods. At the moment, the city has 44 high-rises under construction including towers like One Grant Park, Solstice on the Park, and the Vista Tower. But there are more planned for Lincoln Park, Hyde Park, Lakeview, and the West Loop. Curbed Chicago rounded them all up this month and put together a great map. You can check it out here .
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  • Prices, Sales Up Across the City

    Prices, Sales Up Across the City
    Industry News
    Tuesday, January 24, 2017
    According to the latest data, total number of sales and median prices were largely up across the city in 2016. For the nine-county area, the median sale price was $222,500, a six percent increase from 2015. For Chicago alone, the price was up 4.2 percent to $272,000. Sales volume was also up. The region saw a 4.3 perent increase to 116,500 sales while the city saw a total of 28,033 sales, up 1.9 percent. Crain's breaks down the data with charts and maps here .
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  • Monday Real Estate Round-Up

    Monday Real Estate Round-Up
    Industry News
    Monday, January 23, 2017
    A new 56-story skyscraper has officially broken ground this week and will rise over south Michigan Avenue. Named Essex on the Park, the tower is designed by Hartshorne Plunkard Architecture and will ultimately include 479 luxury rental apartments at 808 S. Michigan. The project will also include a renovation of the soon to be landmarked Essex Inn located on the parcel to the north...
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  • Essex Tower To Rise on South Michigan Ave

    Essex Tower To Rise on South Michigan Ave
    Industry News
    Friday, January 20, 2017
    A new 56-story skyscraper has officially broken ground this week and will rise over south Michigan Avenue. Named Essex on the Park, the tower is designed by Hartshorne Plunkard Architecture and will ultimately include 479 luxury rental apartments at 808 S. Michigan. The project will also include a renovation of the soon to be landmarked Essex Inn located on the parcel to the north...
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