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...
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...
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...
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...
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...
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...
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...
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...
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 .
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.
Home sales and prices both surged in the month of February, according to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
The month saw a total of 592,000 sales, up 6 percent from the previous month and 12 percent from the previous year. Inventory is also up across the country, with a 6.1 percent increase from January 2017.
Read more at Chicago Agent Magazine here .
The latest numbers are in and the top selling neighborhood in Chicago for the month of February was the Near North Side, which saw a total of 165 sales and a median price of $425,000.
It was followed by Lincoln Park with 96 sales and a median price of $537,000 and West Town with 78 sales and a median price of $447,000.
For single family homes, Ashburn was first with 31 sales, followed by Ausin with 28 sales and Dunning with 22 sales...
Rising home equity is putting more homeowners into a good position for refinance or pursue additional purchases.
According to a new report from the Federal Reserve, household equity rose 10.9 in 2016, or $1.317 trillion to a total of $13.349 trillion.
The current level exceeds to the previous peak level of equity ($13.27 trillion) set in 2005. Following the real estate crash, equity fell by 54 percent to $6.16 trillion in 2010 before the current recovery...
Related Midwest has unveiled a new set of renderings showing the amenity spaces at the up-coming tower that will be a "landmark" addition to the West Loop.
Known as "Landmark West Loop," the building is expected to be completed by August and will ultimately host 300 units and 12,000 square feet of amenity space in a 30-story building at 1035 W. Van Buren. It will include a game room, fitness center, yoga studio, demo kitchen, lounge, shared work space and library...
A 60-story skyscraper, the highest proposed for River North in a decade, was officially unveiled to residents of the neighborhood at a community meeting yesterday.
Named the Carillon, the 725-foot tower would contain 216 hotel rooms, 120 timeshares, 246 condos and 30,000 square feet of retail space...
A new micro apartment development in River North is officially moving forward.
From Developer Cedar Street Cos. the building was designed by Booth Hansen and will bring 149 new apartments to a vacant lot and vintage office building at the southwest corner of LaSalle and Huron. The project will also have 10,000 square feet of retail space to the ground level. The city has officially granted them their permits to begin foundation work on the new building...
Urban Real Estate broker Giancarlo Chavez and his client's contract for an $8.6 million a full-floor penthouse residence at Chicago's Vista Tower, made news locally and across the country, as it joins the ranks of Chicago's most expensive homes listed for sale. See what local and national media had to say:
Major Chicago Stories from the News:
Front Page Story, New Eastside News
Chicago Tribune: Wanda Vista developers see high-end demand; $8...
Could a new skyline-altering high-rise be coming to Evanston?
Yesterday developers unveiled a proposal for a 33-story glass and steel building that would replace a a bank drive in. These same developers, Vermillion Development, proposed a 27-story building for this site almost two years ago, but the new proposal would bring 318 new apartments, 179 parking spaces and 6,700 square feet of ground floor retail to the downtown site...
When it comes to housing, it seems that each generation wants something different.
Take Millennials: according to a recent study by real estate website Trulia, the generation really wants to own a bigger house. Their survey revealed that even those who had homes over 3200 square feet still wanted more space.
Older generations had the opposition reaction. Only those living in the smallest houses (those under 800 square feet) wanted more space...
A New York developer has proposed the tallest tower to be constructed in River North in a decade.
Symmetry Property Developments is planning a 60-story hotel and condo tower that would rise to a total of 725 feet at the northeast corner of Superior Street and Wabash Avenue. It would include 216 hotel rooms, 120 timeshares and 246 condos. The ground floor would have around 30,000 square feet of retail space...
