While the news out this week was the housing sales for the Chicagoland area were down, that simple fact glosses over the bigger picture: the market is returning to normal after years of irregular patterns. Sales in October dropped 2.0 percent year-over-year from 9,344 to 9,155 but the market was still positive by year-to-date measure, 7.4 percent above 2014. Distressed housing sales as a portion of the market also continue to decline: they're now back to 2009 levels...
Would you move to River South? Or Riverline? Developers behind a massive riverfront project south of the Loop are hoping you will as their proposal moves through the city planning process. The project would be built on a little over six and a half acres of riverfront property that has functioned as a de facto park since the demolition of Grand Central Station in 1969...
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Plans for what would become the city's third-tallest tower cleared the Chicago Plan Commission, bringing the Wanda Tower that much closer to construction in the booming New Eastside. The tower, which would be a combination of 210 hotel rooms and 410 condos, would rise to 1,186 feet, replacing the Aon Center as the third tallest in the city. It's designed by famed architect Jeanne Gang who designed the nearby Aqua tower...
A new report out today from the DePaul University Institute for Housing Studies shows that it's been a good opening to the 21st century for homeowners in many Chicago neighborhoods. It's been particularly good for a set of four: West Town, Logan Square, Avondale and Lincoln Square. According to the report each of those neighborhoods saw price increases of more than 100 percent since 2000. For the top three the percentage increase was 126.9. For Lincoln Square it was 109...
A new condo tower has been proposed for a site next to the Trump Tower on the Chicago River in River North. From developer Belgravia Group and bKl Architecture, the tower, which was first proposed about a year ago, would be built atop a parking garage at 403 N. Wabash Ave. It would rise 17 stories and feature only 45 condo units ranging from 2,200 to 3,300 square feet. Sales are expected to begin next year with prices beginning at over $1M...
After years of back and forth and two earlier iterations, a residential and retail tower could soon rise in Uptown. The project, from JDL Development, now calls for 381 apartments, 289 parking spaces and almost 40,000 square feet of retail space along Montrose at the intersection with Clarendon. If it moves forward the plan would also include a city-funded rehabilitation of the nearby Clarendon Park field house. For the whole story, head over to Curbed Chicago here .
The internet always seems to be reinventing the way we interact with everything from shopping to reading to watching television. While it's not necessarily a huge innovation, news website DNAinfo has added a nifty feature to their site, where readers can review real estate sales in an interactive "heat" map. To check it out, head over to DNAinfo here. The foreclosure rate in Chicago continues to decline, according to the latest report from CoreLogic...
The foreclosure rate in Chicago continues to decline, according to the latest report from CoreLogic. Illinois and Chicago inventories dropped .6 percent and .8 percent year-over-year respectively from the previous year. That roughly follows the national decline of 16.6 percent. The drops, CoreLogic says, represent a much longer trend towards stability for the state and region and should continue through the new year. For more, head over to Chicago Agent Magazine here .
A new 25-story rental building could join the surge of buildings being proposed for the red hot South Loop. The project, for 1136 S. Wabash, would bring a total of 320 apartments, up from an originally proposed 280. It's also aiming at a different demographic than other recent proposals with rents below $2,000 per month. The building would replace a city-owned surface parking lot. For more on the proposal, head over to Curbed Chicago here .
East Lakeview could soon be seeing a new tower going up that would add almost 100 rental apartments to the neighborhood. Developer Chioros Properties, Inc. has proposed a new 17-story residential tower for 450-454 W. Belmont Ave. Designed by Antunovich Associates, the building would be all residential with no retail space. It would also feature a green roof and amenity space on the top floor. A community meeting is planned for next Thursday...
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In the neighborhood news category, Armitage Avenue between Bucktown and Logan Square is on tap to see a new mixed-use development just east of California. Eco Development is planning a four-story building to replace a defunct manufacturing building at 2701 W. Armitage. It would include 59 rental apartments and 10,000 square feet of retail space. For more on the project, head over to Curbed Chicago here . Rendering via Curbed...
The latest report from CoreLogic shows that home prices for the last fifteen months have shown steady, but not soaring price increases, indicating that the boom and bust cycle has moderated. In September, Chicago home prices rose 3.7 percent year-over-year while the statewide increase was 3.8. CoreLogic describes that growth level as steady and sustainable. For more, head over to Chicago Agent Magazine here .
With the recent news that new construction is at its highest level since 2008, it's a good time to look at which markets are doing the best in Chicagoland. In the seven-county area, Will County leads the way with 1,180 housing starts in the third quarter of 2015. Kane County was close behind with 1,034 and Cook County in third with 773. The three leaders were ahead convincingly - the county in fourth, Lake County, had 440 housing starts...
This just in!... New construction activity in Chicagoland is at a seven-year high, according to a report from Metro Survey. A total of 6,143 new units, including single family houses, townhouses and duplexes were started in the 12-month period ending in the third quarter of 2015, up 7.6 percent over the previous quarter. For more, head over to Chicago Agent Magazine here .
It was a super tall kind of week with new coverage on several towers that are proposed which would change the skyline in remarkable ways. A public meeting in the South Loop showed off plans for the restoration of the 254-room Essex Inn at 800 S. Michigan Ave. A 54-story tower is proposed for the adjacent site which would rise 605 feet and include 454 apartments in a mix of studios all the way up to three bedroom units...
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Several Chicago-area zip codes have landed on a list of the most profitable places to flip houses. According to a report from RealtyTrac, the Chicago zip code 60652 was the third most profitable in the country for flipping, with profits in the six figure range. Also among the top zip codes were 60634, 60402, 60629, 60638 and 60634 For more, head over to Chicago Agent Magazine here .
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