It's a big month for construction in Chicago with two new skyscrapers breaking ground. The first to break ground is 833 N. Clark. Set for the northeast corner of Clark and Chicago, the tower will rise 380-feet and include luxury apartments and retail. At the corner the landmark former Cosmopolitan State Bank will be restored and retained. The building's 34 floors will include 392 residences...
Renderings have leaked online for the new project planned by Sterling Bay for the former Harpo Studios complex. The property, occupying an entire city block in the West Loop, was purchased by the developer last year for $32 million and while they haven't formally announced their plan it looks like an entirely new development will be coming to the hot neighborhood. Check out more renderings and information at Curbed Chicago here ...
A new report from the Pending Home Sales Index shows that the rate of contract signings has hit a nine-year high in April 2015. The report finds that signings were up 3.4 percent from March and 14 percent from the previous year. It also marks the fourth-straight month of increases. The Midwest was one of two regions with the largest increase, seeing an uptick of 5 percent...
Rents have been on a steady increase since 2008, according to a report out from the U.S. Census Bureau. The Census Bureau analyzed data from 2006 to 2013 in the country's 11 most populous metro area: Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, Miami, New York, Philadelphia, San Francisco and Washington, D.C. In Chicago, the rental population grew a total of 12 percent over that time period and rents rose together while vacancy declined...
The National Association of Realtors is out with new data showing that the housing market had a hiccup in April except the area they termed a "beacon of light": the Midwest. Existing homes sales in the Midwest increased 1.7 percent from March to an annual rate of 1.22 million sales, 13 points higher than April 2014. The median was also up, to $173,000, 11.4 percent higher than the previous year...
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On the heels of the news of the city's top-selling neighborhoods, going into the long weekend we thought it might be worth checking out which suburbs ranked in the top. Sales in the suburban markets in April were up 12.8 percent year over year but some communities stood out. The towns in the top three for most sales and most single family home sales were identical, in order: Aurora, Naperville and Elgin. For a complete breakdown, head to Chicago Agent Magazine here .
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It's good news for Chicago; a recent analysis from the U.S. Chamber of Commerce ranked Chicago as one of eight cities where tech start-ups are choosing to locate. The report, from the Chamber of Commerce and Washington, D.C.-based tech hub 1776, surveyed the state of civic entrepreneurship in areas like education, energy, health and urbanization in eight cities. Those cities were Austin, Boston, Chicago, Detroit, New Orleans, New York, San Francisco and D.C...
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The most competitive neighborhood in Chicago right now is...drum roll please...the West Loop. According to an analysis from Redfin, the popular neighborhood has less than .4 months of inventory on the market right now. That number is definitely low, but it's not alone among city neighborhoods in terms of tight inventory. Right on its heels is Wicker Park with .5 months, and tied in third place are Avondale, Bucktown, Roscoe Village and West Town with .6 months of supply.
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Further evidence that the housing market locally is continuing its march toward normalcy, the February data that was released by CoreLogic found that cash sales as a part of the market have continued a steady decline. Nationally, cash sales declined about 3 percent from the previous year, settling at 37.9 percent of total sales, continuing a trend of over two years of monthly declines. Chicago beat the national number, declining 3.4 percent to a 36...
According to a new report, while some neighborhoods and suburbs still have a long way to go, some are nearing the peak values recorded nearly a decade ago. Single family home prices are just 7.4 percent off their peak value in West Town/Near West Side and 8.3 percent off their peak in Logan Square/Avondale say the results of a new study from the Institute for Housing Studies at DePaul University...
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While a surge in apartment construction downtown has had analysts prognosticating about a bubble in downtown rentals, the most recent data suggests that the market remains strong. Rents for downtown apartments hit a new high in the first quarter of this year for top-tier buildings. Rents rose to $2.85 per square foot, up 5.6 percent from the previous year according to a report from the Appraisal Research Counselors...
A panel of real estate developers convened to discuss some wide-ranging topics last week for an industry event. The panel, which featured McCaffery Interests' Dan McCaffery, Belgravia Group's CEO Alan Lev, Magellan Development's Co-CEO Joel Carlins and Fifield Companies Vice Chair Randy Fifield. They addressed topics including the housing recovery, construction of rentals versus condos and the new affordable housing ordinance in Chicago...
If you're packing your bags and heading out of the city, it's good to know which suburbs will be the most competitive from a housing perspective. Bigger towns like Naperville and Aurora often top lists of most popular suburbs for the outwardly-bound but that doesn't necessarily make them the most competitive. Chicago Agent Magazine delved into the numbers to determine which 'burbs were hardest to buy into and the results are in: #1: Buffalo Grove, with 4...
Reports from us and from media outlets here and around the country trumpet the fact that prices are up and inventory is down. All around Chicago in many markets the advantage is with sellers...
Conventional wisdom says that as rents rise, home ownership become more affordable and renters turn into buyers, but new data says that isn't happening in large numbers, which could have the effect of buoying rents even as more supply is constructed. A new survey from Gallup sampling home-buying expectations of non-homeowners nationwide found that 41 percent do not plan on buying a home in the "foreseeable future." That percentage is a big increase from 31 percent in 2013.
