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 .
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 .
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 ...
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...
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...
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 .
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...
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 ...
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...
Chicago-area home sales climbed dramatically in November, according to the latest data from the Illinois Association of REALTORS®.
The Chicagoland nine-county market had just under 7,000 sales in the month, up 16 percent from the year earlier. Median sale price rose to $215,000, a 10.3 percent increase from the previous year.
Inventory meanwhile, continued to decline. The area's inventory was down 17.5 percent from the previous year...
Each month that goes by seems to bring a new low in the level of housing inventory for sale. Buildings have received an out-sized amount of blame but a new study points to another reason that recent home price gains have obscured.
According to new research from Zillow, the percentage of houses that are underwater or in negative equity is still high. In Chicago, they calculate that number is 17 percent of all houses, or more than a quarter of a million houses...
Urban proudly celebrates partner Matt Silver and his installation as president of real estate trade organization, Chicago Association of REALTORS. Learn more about Matt, and his vision for where the industry's opportunities are to thrive in 2017 in this issue of CR Magazine
In their last meeting of the year, the Chicago Plan Commission gave the green light to several large developments including a new residential development in Old Town.
The proposal from, LG Development and designed by NORR, would replace the Noble Horse Theatre and stable with a 252-unit, seven story apartment building.
It wasn't the only new and large project approved: there were others in Logan Square and Chinatown.
Read more at Curbed Chicago here ...
The latest forecast indicates that home prices in the Chicago area will likely increase again in 2017 for the fourth straight year.
The forecast comes from the Illinois Association of REALTORS® and the University of Illinois professor Dr. Geoffrey J.D. Hewings. They're also predicting however, that historically low mortgage rates will continue to climb as well.
In the Chicago area, home prices should rise between 3.8 percent and 8...
A new West Loop apartment development would transform an entire block bordered by Washington, Sangamon, Morgan and Madison if developers have their way.
Dubbed "Union West," the project from developers ZOM Mid-Atlantic and Verde Communities, was designed by Chicago-based bKL Architecture and would bring 405 new apartments to the site...
It's been well documented that mortgage rates have climbed each week since the presidential election and are, today, at their highest level in nearly a year and a half.
But perspective is important.
A new study out from Zillow points out that even with rates rising, they remain at historic lows and that the difference in the average buyers monthly payment in all major markets between 4 percent and 4...
As traditional norms have given way in recent years, many couples have up-ended the usual progression of adult life. Instead of pursuing marriage before purchasing a home, now it can also happen the other way around.
Co-habitation in a rental space is nothing new, but some experts warn that even that, without a legal agreement in place, can be tricky...
One of the north side's biggest real estate deals has closed and it could mean a dramatic transformation for one neighborhood.
Developer Sterling Bay has closed on the former Finkl Steel site for a reported $100 million, bringing their holdings in the area to a total of 35 acres.
If they're able to change the zoning and begin work on their project, it could mean a new development to the west side of Lincoln Park in the $1 billion range.
Read more at Crain's here .
There could be some good news on the horizon for homeowners and the real estate market in general.
According to a new report, some 2.5 million homeowners who lost their houses when the housing market crashed in 2008 will see the foreclosure, short sale or bankruptcy fall off of their credit report this year. They're the so-called "boomerang buyers...
New condos could soon replace a restaurant in River North.
Named "Blank Chicago", the building would deliver 31 condos to the southwest corner of Wells and Ontario and for ribs fans, the Carson's Ribs would be re-established as a ground floor retail tenant.
This development would join other projects at Wells and Ontario, including the former Ed Debevic's site and a new hotel planned for 611 N. Wells.
Read more at Curbed Chicago here .
