Michigan Avenue could be getting a bit more magnificent. A developer is proposing a new and extremely slim, 41-story tower to be built just north of Millennium Park on Michigan Ave. The tower would be a mix of hotels and residences that would offer access to some of the city's greatest amenities like Grant Park and the new Maggie Daley Park, as well as the cultural offerings of the Loop. The project, from Park Ridge developer BJB Partners, is just in the beginning stages.
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Chicago is seeing steady home price growth, according to the latest numbers. CoreLogic reports that the appreciation is moderate, but steady. Chicago home prices including distressed sales shows increases of 2.1 percent year-over-year. Excluding distressed sales, prices rose 3.2 percent. Statewide those numbers were, respectively, 2.4 and 3.5 percent. That growth is consistent with numbers across the nation. Read more at Chicago Agent Magazine here .
There isn't much detail at this point but downtown Alderman Brendan Reilly sent an email this week announcing a plan for a 23-story residential tower to replace a surface parking lot at the corner of Illinois and Franklin. Crain's reported that developer John Buck is behind the project. He's currently building a new apartment tower at 200 N. Michigan Avenue...
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It's a seller's market throughout Chicago but even within that context there are some neighborhoods that stood out as particularly competitive for buyers. Chicago Agent Magazine crunched the numbers for July and found that the most competitive neighborhood in the city was the West Loop where the average time on the market for a property was a mere eight days...
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Mortgage rates have dropped again, to their lowest level since May. According to Freddie Mac, the average rate on a 30-year fixed rate mortgage was 3.84 percent Thursday, down from 3.93 the week before, the lowest since May 21. 15-year fixed rates, meanwhile, dropped to 3.06 percent from 3.15. The decline was driven at least in part by market turmoil that originated in China following that country's move to modestly devalue its currency. Read more here .
According to a report out this week from RealtyTrac home sales in Chicago have hit at 8-year high. In the first half of 2015 there were 43,009 sales in the Chicago-metro area. Not only does that number represent an 8-year high, but also a dramatic increase from 2008's sales number of 31,554. It's a total increase of 36.6 percent. For more, including a chart of the 10 major metros, head over to Chicago Agent Magazine here .
The West Loop could soon be seeing some new high-end condos, if a developer is able to obtain approval for a zoning change. Taris Real Estate, based in River North, hopes to build a 24 unit, 10-story, 130-foot condo building at 900 W. Washington Blvd., steps from the popular Fulton Market. The project would include a mix of two, four and five bedroom condos, with a total of 23 parking spaces. They would be priced at the very high end with prices at $500 per square foot...
The new 22-story River North tower that is planned to replace the Chicago institution of kitsch, Ed Debevic's, is moving forward. The Chicago Plan Commission approved the plan for the tower last week. From JDL development the tower will include 251 apartments and 12,000 square feet of retail space. It's designed by Hartshorne Plunkard Architects. For more renderings, head over to Curbed Chicago here ...
July's data is in from the Illinois Association of Realtors and home sales in the Chicago metro area surged, totaling 12,834, a 9.6 percent year-over-year increase. In Chicago itself, sales rose 9.7 percent to 2,989 with the median price up 5.3 percent to $285,000. The suburbs faired well too, with a home sales rise of 9.2 percent and median price increase of 3.2 percent. Pending sales are also up. For more, head over to Chicago Agent Magazine here .
According to the latest data, cash sales continue to decline as an overall percentage of the market in Chicago. The report, out from CoreLogic, also shows that cash sales have dipped below the national average for the city for the month of May. Nationally, cash sales made up 31.9 percent of all sales, down from 35.1 percent. Before the economic crisis, cash sales were approximately 25 percent of the market. In Chicago, cash sales account for 30.2 percent of the market...
New construction is at an eight-year high according to a new report from the U.S. Census Bureau. Housing starts this year are at a total of 641,000, the strongest annual number since 2007. In July, housing starts represented a 10.1 percent increase. You can read more at Chicago Agent Magazine here .
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The city of Chicago has officially issued a permit for downtown's newest attraction , the bigger and better Navy Pier Ferris Wheel. The new attraction will stand 50-feet taller than the Ferris Wheel that now stands on Navy Pier. The pier is the state's top tourist attraction with 8.5 million visitors in 2014. The project celebrates the pier's 100th birthday...
According to a new study from Bankrate, millennials are facing some substantial obstacles to home buying. In fact, the obstacles are so large that nearly a third are putting off a home purchase. But it's not all bad news, according to the National Association of REALTORS, millennials account for 32 percent of all home purchases last year - that's important because first-time homebuyers initiate the chain of sales of move-up buyers...
The latest news on the city's real estate (aside from year-over-year increases in practically everything) is that condos are selling fast. Crain's Dennis Rodkin has a report out today that cites data from the MLS to show that condos sold in June in an average of 61 days, faster than any time since January 2007...
