Urban Real Estate

Industry News

  • Condo Values Catching Up To Homes

    Condo Values Catching Up To Homes
    Industry News
    Tuesday, April 25, 2017
    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
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  • Monday Real Estate Round-Up

    Monday Real Estate Round-Up
    Industry News
    Monday, April 24, 2017
    Home sales in March were the best since the housing crash, according to the National Association of Realtors. Citing a slight increase in housing supply, NAR said that nationwide home sales last month totaled 5.71 million, the highest number since February of 2007. It represents a 4.4 percent increase from February and a 6 percent increase from the previous year. Read more at Chicago Agent Magazine here ...
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  • And Chicago's Hottest Neighborhood Is...

    And Chicago's Hottest Neighborhood Is...
    Industry News
    Thursday, April 20, 2017
    There are a lot of factors to weigh when trying to determine which neighborhood is the hottest in the city and Crain's used three metrics to come up with their ranking: sales volume, median price and time to sell. Based on those rankings, the top neighborhood was Irving Park for single family homes, the Near North Side (a neighborhood that includes the hot River North) for condos and Glendale Heights for suburbs...
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  • Millennials Love Chicago

    Millennials Love Chicago
    Industry News
    Wednesday, April 19, 2017
    On the heels of news that Chicago is among the most affordable metros for Millennials, a new survey out from Mayflower indicates that the city is also the fifth hottest location for relocations among the cohort. The reasons cited for moving to Chicago included jobs, affordable cost of living and many housing options...
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  • What's The Biggest Obstacle to Buy?

    What's The Biggest Obstacle to Buy?
    Industry News
    Tuesday, April 18, 2017
    So what's the biggest obstacle to renters who want to make the plunge into home ownership? The latest data suggests it's the down payment. A new study from Zillow indicated that 70 percent of renters will struggle to secure enough cash for a traditional, conventional 20 percent down payment. This stumbling block is extremely consequential because owning is cheaper than renting in 33 of the nation's largest 35 housing markets...
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  • Monday Real Estate Round-Up

    Monday Real Estate Round-Up
    Industry News
    Monday, April 17, 2017
    Numerous reports have outlined the speed of sales and rising prices in the local housing market, but what's behind it? According to Builder Magazine there were a total of 9556 homes sold in the Chicago-metro area in March, an increase of 15 percent over the previous years. Median prices were also up 10.4 percent to $234,000...
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  • Homes Sell Faster, Inventory Decline Continues

    Homes Sell Faster, Inventory Decline Continues
    Industry News
    Friday, April 14, 2017
    The latest numbers show that the pace of home sales accelerated in March while overall inventory continued to decline. In Chicago the median price for March was $226, 000, an 11.8 percent increase from the previous year while available for sale inventory was 40,774, a 13.3 percent decline from the previous year. The typical home nation-wide went under contract in just 49 days, down from 60 days in Marh of 2016. Nearly 20 percent went under contract within two weeks...
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  • Chicago's Construction Boom: 52 High-Rises Under Construction

    Chicago's Construction Boom: 52 High-Rises Under Construction
    Industry News
    Thursday, April 13, 2017
    Chicago is in the midst of a historic building boom and it's most obvious downtown. According to Curbed Chicago, the city is currently seeing a total of 52 high-rises under construction. Perhaps the most high profile of the projects is the Vista Tower, a supertall designed by Jeanne Gang for the New Eastside that will eventually host a hotel and condos...
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  • Nationwide Survey Says: It's a Seller's Market

    Nationwide Survey Says: It's a Seller's Market
    Industry News
    Wednesday, April 12, 2017
    For the first time in its history, Fannie Mae's Home Purchase Sentiment Index has indicated that Americans believe it's a better time to sell than to buy. The number of Americans who felt it was a good time to buy fell 10 percent to 30 percent from February to March while those who say it's a good time to sell rose 9 percent to 31 percent. For those surveyed, 39 percent cited strong and rising home prices as their top reason why it's a seller's market...
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  • 160 Units Proposed for Noble Square

    160 Units Proposed for Noble Square
    Industry News
    Tuesday, April 11, 2017
    A new plan was recently unveiled for a vacant parcel in Noble Square that would bring 160 new rentals to the neighborhood. Designed by Brininstool + Lynch, the proposal for the lot at the intersection of Walton and Noble would be five stories tall and clad in brick, metal and fiber cement. The front of the project along Walton would feature 17 townhouses that are two stories tall to better blend into the area's low-rise fabric...
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  • Monday Real Estate Round-Up

    Monday Real Estate Round-Up
    Industry News
    Monday, April 10, 2017
    In a long-awaited shift, Millennials are finally starting to buy housing. While a shakey economy caused many of them to eschew homeownership along with other large life decisions like marriage and children, with the generation now in its 30s, they've begun to purchase their first homes and Chicago is a great place for them to be. According to Realtor...
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  • First-time Buyers Comprise One Third of Sales

    First-time Buyers Comprise One Third of Sales
    Industry News
    Friday, April 07, 2017
    First-time homebuyers made up 32 percent of sales in February 2017, a big proportion of the market but a statistic that remains largely uncharged from the previous month and the previous year. While low inventory and a weak job market that have presented challenges for Millennials, they continue to be an important factor in the housing market and are likely to play a larger role in the years ahead...
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  • New South Loop Tower Ready To Rise

    New South Loop Tower Ready To Rise
    Industry News
    Thursday, April 06, 2017
    Another tower is poised to join the booming South Loop; a new 47-story high rise has officially received its permits to begin foundation work from the city of Chicago. The tower, designed by Chicago-based SCB will be built at 1326 S. Michigan. Officially known as "SoMi" for South Michigan, it will bring 500 new rental units, 190 parking spots and new retail space along Michigan Avenue itself...
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  • Pending Home Sales Nearing New Highs

    Pending Home Sales Nearing New Highs
    Industry News
    Tuesday, April 04, 2017
    Pending home sales jumped in February, according to the National Association of Realtors, an unexpected development that puts total contracted sales to their second highest level since 2006. Nationwide, the data indicated a 5.5 percent jump in contracts, the second highlest level since 2006 and just under April of 2016...
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  • Monday Real Estate Round-Up

    Monday Real Estate Round-Up
    Industry News
    Monday, April 03, 2017
    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...
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  • A Look At Streeterville's Construction Boom

    A Look At Streeterville's Construction Boom
    Industry News
    Friday, March 31, 2017
    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...
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  • Chicagoland Construction Hits Post-crash High

    Chicagoland Construction Hits Post-crash High
    Industry News
    Thursday, March 30, 2017
    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...
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  • Home Prices Rise In January

    Home Prices Rise In January
    Industry News
    Wednesday, March 29, 2017
    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...
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  • 60 Units Proposed for Uptown

    60 Units Proposed for Uptown
    Industry News, Uptown
    Tuesday, March 28, 2017
    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 .
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  • Monday Real Estate Round-Up

    Monday Real Estate Round-Up
    Industry News
    Monday, March 27, 2017
    Chicago is currently leading almost the entire nation in construction, with a record number of cranes at work in the city. According to an article in the Wall Street Journal, the city has 56 active tower cranes at work, second only to Seattle's 62. Late last year, Mayor Rahm Emmanuel said the cranes were working at a post-recession record. 33 new buildings currently under construction in the city are expected to bring more than 6,000 new rental units to market this year.
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