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News & trendsMarket conditions

Have free rent offers slowed the for sale market?

Streeter Place view

More than a dozen real estate brokers have told me that the for-sale market slowed perceptibly and dramatically beginning several months ago. None of them ventured much of an explanation for what they were seeing and none of them, when queried, had any familiarity at all with what was happening ...

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Posted by Joe Zekas on October 20, 2014
ChicagoDowntown / Loop

200 North Michigan apartments, 200 N Michigan Ave, Loop

200 N Michigan

200 North Michigan is a 41-story, 402-unit apartment tower under construction in Chicago’s Loop. The first two floors of the building will contain retail space. Demolition of an existing six-story building on the site was completed late in July of 2014. A ceremonial groundbreaking for the new tower was held ...

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Posted by Joe Zekas on October 20, 2014

Millennials are not opting for cities

Kardas aerial

As he often does, Joel Kotkin looks past wishful thinking to the numbers: It’s an idea echoed everywhere from “Friends” to “Girls”: Young people want to live in cities. And, we’re told, a lot of them (at least the cool ones) do. It’s a common assumption. But it’s also wrong. ...

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Posted by Joe Zekas on October 20, 2014
ChicagoDowntown / Loop

An aerial view of new Near North Side developments

Near North Side aerial

An aerial view of the area bounded by Clark St and the Chicago River, from Chicago Ave (800 N) north to Division St (1200 N) reveals a location with a large amount of vacant land and tremendous potential for development. Developer Steven Fifield has called the area, which is bordered ...

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Posted by Joe Zekas on October 17, 2014
DealsChicagoDowntown / Loop

Today’s deal – Look and lease a 3-bedroom apartment at Streeter Place

Streeter Place

Three-bedroom apartments are typically in short supply in Streeterville, but one will be available for December 23rd move-in on the 50th floor of Streeter Place. The home sprawls over 1,802 square feet and boasts dramatic views from floor-to-ceiling windows. The open plan kitchen / dining / living area has plank ...

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Posted by sponsored post on October 17, 2014
DealsChicagoNorth Side

Live rent-free in Lakeview until next year

Halsted Flats

Renters have been responding enthusiastically to recent free-rent offers at Lakeview’s new Halsted Flats, the first new full-amenity apartment tower built in the neighborhood in nearly 30 years. All but one of the 1- and 3-bedroom apartments have been rented. Two-bedroom, two-bath units remain available, with a variety of views. ...

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Posted by sponsored post on October 17, 2014
ChicagoDowntown / Loop

New South Loop condos near dozens of dining and drinking venues

Giordano's

Imagine having dozens of dining and drinking establishments within a few blocks of where you live. Imagination will mirror reality for residents at 1345 Wabash, the first new high-rise condos built in the South Loop in half a dozen years. There’s a fabulous restaurant / bar cluster on the same ...

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Posted by sponsored post on October 17, 2014
News & trendsMarket conditions

Chicago foreclosure rates on the mend

Foreclosed homes

In October of last year Chicago had the 3rd highest foreclosure rate in the nation among metro areas with a population greater than 200,000. In the third quarter of this year, according to data recently released by RealtyTrac, Chicago had the 19th highest foreclosure rate, with one in every 208 ...

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Posted by Joe Zekas on October 16, 2014
DealsChicagoDowntown / Loop

Today’s deal – free rent at Park Michigan in the South Loop

Park Michigan

The Park Michigan apartment tower has a stellar South Loop location across from Grant Park and steps from grocery shopping, dozens of bars and restaurants and the CTA stops on Roosevelt Rd. Apartments at Park Michigan have great views, spacious layouts with open-plan kitchens, hardwood floors, wall-to-wall windows and generous ...

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Posted by sponsored post on October 16, 2014
ChicagoNorth Side

Great prices and values in Lakeview East apartments

Planned Property

Planned Property owns and manages more than 3,000 apartments in prime Gold Coast, Lincoln Park and Lakeview East locations. Current availabilities include value-priced studios and one-bedrooms in contemporary mid-rise buildings in Lakeview East: 544 W Melrose. Studios from $895 to $945; one-bedroom at $1,305 537 W Melrose. One-bedroom at $1,245 ...

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Posted by Joe Zekas on October 16, 2014

New Palatine townhomes at Lexington Hills deliver the unexpected

Lexington Hills

Over the years you may have developed a set of assumptions about what to expect in a townhome. And over the years Lexington Homes, one of Chicago’s most experienced homebuilders, has been refining the townhome form to delight and surprise home buyers. The townhomes at Lexington Hills in Palatine showcase ...

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Posted by sponsored post on October 16, 2014
ChicagoNorth Side

Noah Properties condo seeks 30% price increase after 18 months

Noah Properties kitchen

This is a show we’ve seen a number of times before, and it’s generally had a happy ending for the home seller. A 3-bedroom, 2 ½ bath Noah Properties condo at 4042 N Western Ave that was purchased 18 months ago for $329,900 has just been listed for resale at ...

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Posted by Joe Zekas on October 15, 2014
ChicagoDowntown / Loop

Join the Fit Club at K2 Apartments

K2 Fit Club poster

K2, a new apartment tower in the Fulton River District, has a large outdoor pool, a fully-equipped fitness center and a basketball court / yoga studio to enable residents to get fit or stay fit. Residents who want more structure in their exercise program can opt in to the K2 ...

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Posted by sponsored post on October 15, 2014
ChicagoDowntown / Loop

Rent new West Loop apartments now for next spring

Circa 922

The first residents will move into Circa 922, 922 W Washington in the West Loop, in mid-January of 2015. The building, like every new apartment tower, will phase occupancy over a period of time beginning with its lower floors. Renters can take advantage of the staged delivery schedule to sign ...

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Posted by sponsored post on October 15, 2014
News & trendsMarket conditions

Percentage of home sales for cash continues to fall

CoreLogic graphic

The following arrived via news release from CoreLogic: Cash sales made up 32.9 percent of total home sales in July 2014, the lowest share since August 2008, and down from 35.9 percent in July 2013. Month over month, the cash sales share was mostly flat, falling only one tenth of ...

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Posted by Joe Zekas on October 15, 2014
ChicagoDowntown / Loop

Record number of new downtown apartments opening in 2015

Tower crane

Renters will have a bonanza of new apartment offerings to choose among in downtown Chicago next year. We define downtown Chicago as the area bordered by the Stevenson Expressway on the south, North Ave (1600 N) on the north, Lake Michigan on the east and Ashland Ave (1600 W) on ...

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Posted by Joe Zekas on October 14, 2014
ChicagoDowntown / Loop

River West apartment towers take a step forward

Gonnella site

The rezoning of the former Gonnella Baking site at 1001 W Chicago in River West is one of the items on the Chicago Plan Commission’s agenda at its October 16 meeting. A Seattle-based developer is proposing to rezone the 1.88-acre site for two-mixed use 14- and 15-story buildings with a ...

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Posted by Joe Zekas on October 14, 2014

Leasing agent with criminal record busted again

Bryan Duffy

We’ve repeatedly warned renters and landlords about Chicago leasing agents who have criminal records. If you’re a landlord handing over the keys to an occupied apartment, we think you owe it to your tenants to know who’s getting those keys. Hand them to a rental service, and you’ve lost control ...

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Posted by Joe Zekas on October 14, 2014
Downtown / Loop

Avant apartments, 347 W Chestnut St, Near North Side

Avant rendering

Avant is a 29-story, 330-unit apartment tower that is slated to begin construction in the first quarter of 2015 at 347 W Chestnut St on Chicago’s Near North Side. First occupancies are targeted for the latter half of 2016. Chicago-based Fifield Companies is the developer and Pappageorge Haymes is the ...

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Posted by Joe Zekas on October 14, 2014
DealsChicagoDowntown / Loop

Today’s apartment deal: large 3-bedrooms at Walton on the Park

Walton on the Park

Unit 1902 at Walton on the Park, 2 W Delaware, is currently available for immediate occupancy at $6,500 a month, a reduction from the $7,015 listed online. The 3-bedroom home has 3 full baths and spans 2,165 square feet. Walton on the Park was built as a condominium and the ...

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Posted by Joe Zekas on October 13, 2014