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
Kelly Smith, partner with Urban Real Estate, was a proud sponsor of the Chicago Chapter of the Cystic Fibrosis (CF) Foundation fundraiser, “Aged to Perfection: Bourbon and Bacon”, held at Binny’s Lincoln Park Tasting Room on November 10. With approximately 250 guests in attendance, the organization raised more than $30,000 to help continue to fight the battle...
The latest numbers are in on the fastest-selling neighborhoods in the city for the month of December, 2015. The top-selling neighborhood was the Loop with a total of 59 sales and an average of 90 days on the market. Following right behind was the Near West Side with 75 sales and 91 days on the market. In third was North Center with 93 days on the market and 36 total sales. For more, head over to Chicago Agent Magazine here .
Prolific Chicago Developer Jay Michael has passed away after a long battle with cancer. He was 34. Michael was one of the partners at Cedar Street, a development company that has specialized in the rehabilitation of many classic Chicago buildings into micro-apartments. One of their most famous projects currently underway is the rehab of the Bush Temple of Music on Chicago Avenue in the Gold Coast. Michael was also a very active developer in the Uptown neighborhood...
The latest addition to the Chicago skyline, a 509-unit residential tower on Wolf Point, will be officially opening later this month.
The 48-story tower will be one of a trio that are planned for the site just east of the Merchandise Mart. The first move-ins are scheduled for this up-coming Monday. Designed by bKL Architecture, Wold Point is a collaboration from the AFL-CIO Building Investment Trust, Hines and Magellan Development Group...
Home prices continued their steady growth in November, according to the latest figures from CoreLogic. In Illinois, prices increased 2.4 percent, the same as the growth rate in Chicago. The growth rate is on pace with the national trends and another sign of a healthy market...
A recent study concludes that the city of Chicago is a relatively affordable option for Millennials looking to buy their first house. Conducted by SmartAssets, the study compared the median net worth and income of the typical Millennial to come up with a down payment and then correlated square footage that could be purchased conventionally. The news for Chicago was that Millennials' first houses could be around 1,000 square feet...
Construction is underway on the latest addition to the Near North Side. Long-time community staple City Farm will be replaced this year by 1200 N. Clybourn, a seven-story building that will include 32 market rate units, 26 affordable units and 26 public housing units with 17,000 square feet of ground floor retail. The $39 million project is a partnership between the city, Brinshore Development and Michaels Development Company. Read more at Curbed Chicago here .
With the Fed announcing this month that it's raising its rate above zero for the first time in nearly a decade, what should consumers expect? The Chicago Tribune's Carolyn Bigda recently tackled the question with an eye out for Millennials' pocket books. Here are the likely consequences: - Credit card rates are likely to rise quickly. They usually track the Fed closely...
The latest data shows that the homeownership rates among younger adults is leveling out, perhaps hinting of a turn-around. After declining for decades, Fannie Mae reports this week that the rate of homeownership in the 24-to-34-year-old bracket has leveled out, with no significant decline in 2014. The challenges facing Millennials in home ownership include high levels of student debt coupled with stagnant wages...
As the year comes to a close many publications begin rounding up the biggest stories of the year. Crain's took a stab this week at naming 2015's biggest real estate deals. Their list includes: 1. The Willis Tower, purchased by the Blackstone Group in June for $1.3 billion, the highest price ever paid for a U.S. office building outside of New York. 2...
According to the latest numbers, market activity in the city declined in November while median prices rose. As winter sets in, seasonal declines in market activity continue but last month saw a 1.4 percent decline year-over-year while median prices rose 2.2 percent to $235,000. The suburbs were a surprise and saw a 9.6 percent increase in sales activity with a median price increase of 5.6 percent. For more, head over to Chicago Agent Magazine here ...
Warmest holiday wishes from the Urban Real Estate family! Thanks to all for making our 2015 hugely rewarding for our clients and associates, alike. We're so very excited for the New Year, lots of new things to come! CHEERS!
While the real estate market has achieved the highs of 2006, many Americans are feeling more comfortable as 2015 comes to a close with home prices recovering and improving their equity positions. By the end of the third quarter of 2015, American's home equity grew by a collective $1.3 trillion to a total of $12.4 trillion. That's high, but not as high as the dizzying $13.3 trillion it hit in 2006...
The face of Chicago has been changing a great deal as the market has steadily rebounded in recent years. Perhaps that fact has never been more evident than it was at the last Chicago Plan Commission meeting, when four large redevelopment projects were approved...
With another year closing out, buyers and sellers should be thinking about what's ahead for 2016 with mortgage rates, especially given the Fed's recent move to increase a key interest rate. The answer is, rates shouldn't budge very much. This year the average fixed-rate 30-year mortgage was 4.4 percent, marking the sixth year running where those rates have been below 5 percent, historically low...
River North will likely soon be seeing the construction of yet another condo high-rise following last week's Chicago Plan Commission meeting. The building, from developer Smithfield Properties, will be located at 800-820 N. Wells and will feature 55 units in a total of 23 stories. Antunovich Associates is the architect on the project. For more renderings on the project, head over to Curbed Chicago here . Rendering via Curbed...
A new 35-story luxury apartment tower in the Gold Coast has officially broken ground. The tower, by developer Fifield Companies and known as "The Sinclair" was previously known by the informal moniker "Tower of Jewel" because of the supermarket that currently occupies the site at 1210 N. Clark St. The project is estimated to cost $200 million and will include 390 residential units anchored by a new 55,000 square foot Jewel right on top of the Clark/Division Red Line stop.
The Fed today announced that it was raising a key interest rate for the first time in nearly a decade. Short-term interest rates have been held by the Fed at near-zero since the financial crisis and while the interest rate increase may, at first, seem like bad news for borrowers, it shouldn't have a big effect on the housing market, as long-term interest rates will continue to remain at historic lows for quite some time...
As the end of the year approaches it's the right time to find ways to lower your tax bill. Here are some of the most popular tips from advisors and the Internal Revenue Service. 1. Defer income: if you're owed money in 2015 and you expect to make less the following year, see if you can delay that payment a couple of weeks and not owe the tax until 2017. 2...
