According to the latest stats, Highland Park was the Chicago area's top luxury housing market for the second quarter of 2016.
The average sale price in that segment was $2.16 million, a more than 40 percent increase over the previous year. Barrington and Hoffman Estates also saw big increases in their luxury segment, 40.5 perent and 30.4 percent respectively.
Read more at Chicago Agent Magazine here .
Recently released data shows that housing construction in the Chicago metro area is at a seven year high.
A report out from Metrostudy shows that housing starts in Chicagoland reach a high of 6,250 during the year, ending with the second quarter of 2016, a figure that indicates a 5.6 percent increase and the best showing in new construction for this market in the last seven years...
The West Loop's development boom is continuing unabated.
The latest proposal, from Crayton Advisors and White Oak Realty Partners would see the construction of a 15-story structure with more than 250 apartments, replacing a large surface parking lot and a vintage two-story brick building along Peoria Street.
Read more at Curbed Chicago here ...
The New Eastside's latest addition will soon begin construction, adding an architectural landmark and becoming one of the city's tallest structures.
The Jeanne Gang-designed super tall tower will be 93-stories tall and has just received its permits for caisson drilling, a necessary first step when constructing a skyscraper in Chicago.
When completed, it will have both condo residences and a hotel component.
Read more at Curbed Chicago here .
Chicago Agent Magazine crunched the numbers to determine which neighborhoods had the perfect intersection of affordable housing and high quality schools.
For the city, the top neighborhood is Albany Park's Edison Elementary, where the median home goes for $243,500. It was followed by Mt. Greenwood's Keller Elementary (median home $199,500) and West Ridge's Decatur Elementary (median home $140,000)...
President Obama recently signed into law a bill that will expand opportunities for condo buyers throughout the country. The bill will re-tool FHA condo restrictions to broaden the number of buildings where an FHA loan may be used for a purchase. It corrects a situation where, in recent years, a cumbersome re-certification process has been required in order for condominium buildings to be eligible for FHA loans for purchasers...
A new proposal for the West Loop could see a dual tower development in the hot market area.
If approved, the project, which would cover an entire city block, would add 627 residences to the area, 17 and 15 stories tall. It would also add 10,000 square feet of retail space on the former site of the H2O Plus Facility, at 845 W. Madison...
In what could be exciting news for first time buyers, a new bill pending in Congress would expand FHA loans to more condo buildings.
In recent years a cumbersome re-certification process has been required in order for condominium buildings to be eligible for FHA loans for purchasers. The new bill would tweak those rules and, because of the price point and proliferation of condos, would expand access for many first time buyers.
Read more at the Chicago Tribune here ...
Wrigleyville will begin its transformation next week when a large, mixed-use project breaks ground.
M&R Development and Bucksbaum Retail Properties will be building a 148-unit building with 150,000 square feet of commercial space next to Wrigley Field at Addison and Clark on a 2.3 acre site.
Read more on the project at Curbed Chicago here .
The latest numbers are in and Naperville was the champion - the top-selling suburb for the first half of 2016.
The west suburban powerhouse had a total of 1,402 sales, a nearly 12 percent increase from the previous year.
Aurora was second with 1,307 sales, an increase of 6.96 percent. Plainfield was third with 918 sales, an increase of 16.35 percent.
Read more at Chicago Agent Magazine here .
The latest results are in and the Near North Side is again the champ for top selling Chicago neighborhood in the month of June.
Sales in that area rose almost 17 percent, with a total of 348 sales. It was followed by West Town with 223 sales and Lincoln Park with 139 sales.
When adjusted for single family homes only, the top selling neighborhood was Norwood Park, with an increase of more than 33 percent to 56 sales...
Chicagoland had the highest home price growth in the nation, according to the latest research.
The Case-Shiller Home Price Index from S&P shows that the area's home prices rose by 1.8 percent from April to May, double the national average. Year-over-year growth was more modest at 3.7 percent.
Read more at Chicago Agent Magazine here .
A new anaylsis suggests that two Chicago-area markets are among the best opportunities in the country.
The report, out from RealtyTrac, analyzed 3,561 zip codes nationwide and found that two in Chicago were high on the list: Cicero and Alsip.
Cicero was number six and Alsip was number 15. The report analyized areas with at least 2,500 residents, an increase in construction loans from the previous year, and average flipping return of at least 60 percent...
The Gold Coast will soon be seeing a new, 28-story tower rising in its midst.
The plan from developer Lexington Homes will add a glass tower to the surface parking lot at 1010-1028 N. Dearborn. The project will be comprised of 50 condos that will be offered for sale, a departure from the recent spate of residential rentals being construted in the city...
The redevelopment of the Old Main Post Office in the West Loop, a long-cherished dream of city planners, is finally moving forward.
After being sold earlier this year to 601W Companies, they're beginning a $500 million overhaul of the Art Deco gem. It will include, initially, a restored lobby, new amenities like a three-acre rooftop park and fitness center, outdoor cafes and a riverwalk.
Read more at Curbed Chicago here .
Sliding mortgage rates are opening up new options for buyers in recent weeks.
Last week the 30-year fixed rate mortgage dropped nationally to an average of 3.41 percent, just over the historic low of 3.31 percent set in late 2012.
Rates declining means that larger mortgages are more affordable to a wider group of consumers. A lot of rates have been driven in recent weeks by the economic uncertainty following the "Brexit" vote in the U.K...
In our opinion, there's no contest; the New Eastside has to be Chicago's best place to live.
But the good folks at Niche have put together a list of Chicagoland's 10 best places to live and, in their top choice is perennial suburban favorite, Naperville, the village out west that is consistently the top-selling suburb in the metro area.
Behind Naperville are Bannockburn and Grayslake.
Check out the whole list at Chicago Agent Magazine here .
The New Eastside’s newest tower Wanda Vista is having brisk sales, though it hasn’t yet broken ground.
The developer behind the 95-story project has confirmed to various media sources that the tower has moved a quarter of its 406 condominiums, roughly $200 million in sales.
While the exact breakdown of which units are selling isn’t yet confirmed, the building is drawing its share of interest both locally and from foreign investors...
This summer will see the housing market having its best performance in a decade, according to Realtor.com chief economist Jonathan Smoke.
In a piece for CNBC, Smoke wrote that the real estate market is at its "strongest...since the housing boom." Smoke pointed to May sales data that showed a 6 percent year-over-year increase, numbers that were substantiated by Case-Shiller...
A new ranking puts seven of Chicagoland's suburbs in the nation's top 20 school districts.
The rankings, from Niche, say that Glencoe, Kenilworth, Wilmette and Winnetka tied for seventh place on the list. Northfield placed 11th, Lincolnshire placed 13th and Northbrook placed 20th.
For the ranking, Niche weighed test scores and graduation rates. They even considered student and parent reviews.
Read more and see the full list at Chicago Agent Magazine here .
