Urban Real Estate

Industry News

  • 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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  • Homes For Sale Hit A New Low

    Homes For Sale Hit A New Low
    Industry News
    Thursday, January 19, 2017
    If the current numbers are any indication, this year home buyers are going to face a big problem when the spring selling season begins: low inventory. As of earlier this month, there are fewer homes listed for sale in the city than at any point in the last ten years. A total of 7,028 homes were on the market, the lowest number recorded by the Chicago Association of REALTORS® and 3.7 percent below the level from one year ago...
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  • 800-foot Tower Planned for Wacker Drive

    800-foot Tower Planned for Wacker Drive
    Industry News
    Wednesday, January 18, 2017
    It seems Chicago developers have gotten over their fear of heights, if they ever had one. In the latest in a slew of recent high profile and high flying towers, Houston-based Howard Hughes Company and Chicago's Riverside Investment and Development have unveiled a proposal for an 800-foot office building for 110 N. Wacker. Designed by Goettsch Partners, it would ultimately feature 1,350,000 square feet of rental space and a new public space and riverwalk interface...
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  • Chicagoland Poised To Be Among Top Investor Markets

    Chicagoland Poised To Be Among Top Investor Markets
    Industry News
    Tuesday, January 17, 2017
    The latest report predicts that the Chicago metro area will again be among the top housing markets for investors in 2017. According to a report from HomeUnion, single family rental yields will be at 7.5 percent, ahead of markets around the country including smaller cities like Tampa and Charlotte. Chicago was way ahead of markets on the west coast like San Francisco and San Jose which offer among the lowest yields...
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  • Another South Loop Tower Under Construction

    Another South Loop Tower Under Construction
    Industry News
    Friday, January 13, 2017
    The hot South Loop has yet another tower under construction as of this month. The new, 26-story tower will rise from what is today a surface parking lot at 1136 S. Wabash Ave. It will ultimately feature 320 rental apartments and 5,000 square feet of retail space. It is being developed jointly by CA Residential and Keith Giles, and designed by Chicago architecture firm SCB...
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  • FHA To Drop Mortgage Insurance Premiums

    FHA To Drop Mortgage Insurance Premiums
    Industry News
    Thursday, January 12, 2017
    It's a good sign for the housing market, particularly for low and moderate income home buyers. Mortgage insurance premiums, a charge to home buyers who put down less than 20 percent to purchase a home with an FHA mortgage, will drop from .85 percent to .60 percent. David H. Stevens, the president and CEO of the Mortgage Bankers Association, told the press that lower premiums will benefit consumers...
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  • Buying In Chicago Beats Renting

    Buying In Chicago Beats Renting
    Industry News
    Wednesday, January 11, 2017
    New research out recently indicates that not only is it better to buy in Chicago than rent, but it's also better in much of the metro area. The analysis showed that it's slightly more financially responsible to buy than rent in Cook, McHenry and Will counties, while renting is the way to go in Kane, DuPage and Lake counties...
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  • Monday Real Estate Round-Up

    Monday Real Estate Round-Up
    Industry News
    Monday, January 09, 2017
    Condos are starting to make a bit of a come back in Chicago. A new project has recently broken cover for the corner of Sedgwick and Superior. The 34-unit condo building would be designed by Chicago's FitzGerald Associates and rise a total of 12 stories. It would also feature 63 parking spaces. The developer behind the project is Ascend Real Estate Group. Read more at Curbed Chicago here ...
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  • New Condo Plan Unveiled for River North

    New Condo Plan Unveiled for River North
    Industry News
    Friday, January 06, 2017
    Condos will soon be filling a pair of vacant parking lots in River North, according to a new plan out from developer Belgravia Group. The lots are at 356-66 W. Erie and a new 11-story building designed by Chicago-based GREC Architects would have a total of 38 condos when completed. It would also include a fitness center, indoor lounge and outdoor terrace. Read more about the project at Curbed Chicago here .
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  • Iconic Tower To Rise In South Loop

    Iconic Tower To Rise In South Loop
    Industry News
    Thursday, January 05, 2017
    Chicago's skyline is an ever-evolving architectural statement, some might even call a masterpiece, and a new tower is set to change it forever. Known as One Grant Park, the tower, to be built at the corner of Roosevelt and Indiana in the South Loop, has officially begun construction...
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  • All Chicago Housing Valued At $773 Billion

    All Chicago Housing Valued At $773 Billion
    Industry News
    Wednesday, January 04, 2017
    A new report out says that the total value of all residential real estate in Chicago is $772.6 billion, still below the 2006 peak but gaining strength. The number is 15 percent below the total of the local market's $906.4 billion high. In some markets, housing prices have reached or exceeded their 2006 number, especially on the coasts. Taken as a whole, the country's market is just 1 percent up from 2006 to $29.65 trillion. Read more on this issue at Crain's here .
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  • Tower Planned For Hubbard/Wells Moving Forward

    Tower Planned For Hubbard/Wells Moving Forward
    Industry News
    Tuesday, January 03, 2017
    A new apartment project has officially received its final permission from the city of Chicago to move forward with construction. Last weekend the city issued the permits for the tower to rise to its final height of 23 stories at 221 W. Hubbard, filling in a vacant parking lot at the southwest corner of Wells and Hubbard. It's designed by architecture firm Hirsch Associates and developed by Centrum Partners. Read more at Curbed Chicago here .
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  • Monday Real Estate Round-Up

    Monday Real Estate Round-Up
    Industry News
    Monday, January 02, 2017
    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 ...
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  • Will Tax Breaks Continue For Homeowners in 2017?

    Will Tax Breaks Continue For Homeowners in 2017?
    Industry News
    Friday, December 30, 2016
    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...
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  • Chicago's Priciest Sales of 2016

    Chicago's Priciest Sales of 2016
    Industry News
    Friday, December 30, 2016
    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...
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  • New Development Proposed For Hyde Park

    New Development Proposed For Hyde Park
    Industry News
    Thursday, December 29, 2016
    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 .
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  • Do's and Don't's For Condo Buyers

    Do's and Don't's For Condo Buyers
    Industry News
    Tuesday, December 27, 2016
    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...
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  • Monday Real Estate Round-Up

    Monday Real Estate Round-Up
    Industry News
    Monday, December 26, 2016
    A large development planned for Wicker Park just received its first permit for construction. The permit was issued for the Wicker Park Connection's first building, a 15-story rental tower to be built at 1640 W. Division which will ultimately include new first floor retail, 140 residential units and 52 parking spaces. The full plan calls for a seven-story condo building and 17 townhouses on nearby lots. Read more at Curbed Chicago here ...
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  • Home Equity Grows by $1.02 Trillion

    Home Equity Grows by $1.02 Trillion
    Industry News
    Friday, December 23, 2016
    The latest numbers show that Americans have a lot to be happy about as the year winds to a close - $1.02 trillion to be exact. That's the increase in American's home equity revealed by new quarterly data released by the Federal Reserve for the 12-month period ending Sept. 30. Breaking it down, the average home owner saw a gain of $12,500. In hotter markets like the West Coast, that number was double...
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