Real estate news & trends

News from around the Web - 5/17

Illinois third in foreclosures despite national improvement

States Diverting Mortgage Settlement Money to Other Uses

Single-Family Rentals Keep Pulling In Investors

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ChicagoDowntown / Loop

Chicago new home sales down 90% from 5 years ago

View from 1020 S Wabash roofdeck

Five years ago we posted the following report: Sales of new homes downtown fell 46 percent during the first quarter, according to a story in Crain’s Chicago Business, which quoted a new report by Appraisal Research Counselors. Buyers signed contracts for 1,207 new homes downtown during the first quarter, a 46 percent drop from the ...

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Posted by Joe Zekas on May 17, 2012
ChicagoDowntown / Loop

The South Loop, from the country’s hottest neighborhood to Chicago’s Las Vegas

Chicago Magazine cover image

When our then-editor Barry Pearce picked up his copy of the June 2007 issue of Chicago Magazine, he was “astounded … to learn that the South Loop is pretty much perfect.” The issue’s cover touted the neighborhood’s “booming real estate … hip restaurants … exploding population … Welcome to the hottest neighborhood in the country.” ...

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Posted by Joe Zekas on May 17, 2012
ChicagoDowntown / Loop

Soap on a rope, high-rise edition

1133 Dearborn window washer

Some high-rise buildings have very elaborately engineered machinery for washing their windows. For some buildings, window washing is as simple as having a man rappel down the side of the building with a bucket of soap and water. As you can see from the following photo, the window washer is about 20 stories up on ...

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Posted by Joe Zekas on May 16, 2012
ChicagoDowntown / Loop

The views from Park Michigan apartments

View east from Park Michigan, Chicago

The international-style apartment tower at 1212 S Michigan Ave changed ownership recently, and has been renamed Park Michigan to emphasize its location across from Grant Park. In addition to the rebranding, the building is in the midst of a major makeover of its common area and in-unit amenities. One thing that isn’t changing, however, is ...

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Posted by Joe Zekas on May 16, 2012
ChicagoSouth Side

An eighty-five percent discount on an Englewood deal-of-the-day

Englewood Chicago

Five years ago we spotlighted a 3-bedroom, 2-bath condo for sale for $176,000 at 501 W 60Th Pl in Englewood as our deal-of-the-day. Unit 2E in the building, also a 3-bedroom, 2-bath, sold for $164,500 with 100% financing in November of 2004. It resold last September for $27,500 – 85% below our deal-of-the-day price. The ...

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Posted by Joe Zekas on May 16, 2012
ChicagoNorth Side

Why Katie likes living in Lake View

2850 North Sheridan video

Last week I shot video at 16 different rental properties in Evanston, Lake View and Rogers Park with BJB Evanston and BJB Properties. Whenever I’m shooting video at a property I like to talk to the residents about their experience living there. Most are reluctant to go on camera on an impromptu basis, but some ...

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Posted by Joe Zekas on May 15, 2012
ChicagoDowntown / Loop

215 West apartments paying top dollar to rental services

215 West apartments video

Anticipating a slow Mother’s Day, the 215 West apartment tower in the Loop sent an email blast on Saturday reminding rental services that it’s paying a higher than normal commission for renting some of its apartments: Hi Brokers! We don’t have many showings scheduled for tomorrow (Sunday) so I thought I would reach out! Also ...

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Posted by Joe Zekas on May 14, 2012
ChicagoNorth Side

MLS-listed inventory up again in north lakefront neighborhoods

Belden-Stratford, Chicago

For the second week in a row the number of MLS-listed homes, apartments and condos in 6 north lakefront ZIP codes reached a new high since we began tracking earlier this year. There are currently 581 units listed for rent in the MLS from Lincoln Park north to Rogers Park. That amounts to less than ...

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Posted by Joe Zekas on May 14, 2012
ChicagoFar North

Lincoln Crossing, price destruction on a deal-of-the-day

Lincoln Crossing Chicago

Five years ago today our “deal of the day” spotlighted Lincoln Crossing, a 35-unit condo development at 5588 N Lincoln Ave in the Budlong Woods neighborhood of Lincoln Square. The developer was offering $20,000 discounts on one-bedrooms priced from the $260s and $30,000 discounts on 2-bedroom, 2-bath units starting at $357,900. In November of 2007 ...

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Posted by Joe Zekas on May 14, 2012
ChicagoDowntown / Loop

A renovated Old Town oasis for $2.5M

1330 N Cleveland Chicago

Twenty-five years ago you could have bought the equivalent of several square blocks of the western part of Old Town for unpaid taxes totaling less than $100K. In the interim, the area bounded by Sedgwick, Division, North and Larrabee has been almost completely transformed. Chicago-based MCL Companies spurred development of the area in the mid-90s ...

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Posted by Joe Zekas on May 11, 2012
ChicagoNorthwest Side

Kimball Station sold to Inland affiliate

Kimball Station Chicago

It’s been almost exactly three years since we received word that Kimball Station, a 59-unit condo development in Albany Park, had converted to rentals. Although we’d been told at one point that 15 of the units were under contract, none ever closed. Crain’s has just reported that the project, which includes a mix of 1-, ...

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Posted by Joe Zekas on May 11, 2012
ChicagoFar North

North Beach Lofts resell at half of original price

Heartland Cafe

Five years ago today we were reporting that the 43-unit North Beach Lofts, 1225 W Morse Ave, was nearing a sellout, with only four units still available. A year later, in June of 2008, we were told that “only a couple of units were left.” Our reporter described the Rogers Park neighborhood as an exception ...

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Posted by Joe Zekas on May 11, 2012
DealsChicagoDowntown / Loop

77 West Huron offering a month’s free rent

77 West Huron Chicago

When we looked in on 77 West Huron, back in March, the River North high-rise had 22 vacancies and was offering a $100 a month discount on 9 to 12-month leases. The building currently lists 48 of its 304 apartments available for rent between now and June 3, most of them for immediate occupancy, and ...

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Posted by Joe Zekas on May 10, 2012
ChicagoNorth Side

The view from a Lincoln Park roof deck

View from 1157 Diversey

You don’t need to be in a downtown high-rise to enjoy spectacular views of Chicago’s skyline. You don’t even need to be in a high-rise. The above view to the south and east was shot from the roof deck of a six-story Lincoln Park apartment building at the six-corner intersection of Diversey, Lincoln and Racine. ...

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Posted by Joe Zekas on May 9, 2012
ChicagoDowntown / Loop

EnV digs even deeper for discounts

EnV Chicago

It seems like only yesterday that we were reporting steep price cuts on apartments at EnV in River North. It was, in fact, all of four days ago. Yesterday’s email brought the details of another round of even deeper price cuts from EnV: Bring a client into EnV Chicago and receive 100% commissions! This is ...

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Posted by Joe Zekas on May 9, 2012
ChicagoDowntown / Loop

Will NIMBYs howl at a packed Wolf Point meeting?

Wolf Point site

The latest email newsletter from 42nd Ward Ald. Brendan Reilly brings word of an upcoming public meeting to discuss plans for a proposed development at Wolf Point. In typically Reillyesque phrasing, Ald. Reilly notes that “I have directed Hines Development Corporation and their team to start our community review process early, even before they take ...

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Posted by Joe Zekas on May 9, 2012
ChicagoDowntown / Loop

Revisiting the birth of River North

Albert Friedman video

Five years ago Barry Pearce, who was YoChicago’s editor at the time, sat down with developer Albert Friedman for a fascinating look back at River North – a neighborhood Friedman was instrumental in creating. Watch our video interview to learn how a dilapidated manufacturing district evolved into a premier urban neighborhood and how restaurateur Gordon ...

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Posted by Joe Zekas on May 8, 2012
ChicagoDowntown / Loop

A Gold Coast custom home on a high-floor corner

1000 Lake Shore Plaza

1000 Lake Shore Plaza is at the corner of Oak Street, where Lake Shore Drive meets the Magnificent Mile. It’s across from Oak Street Beach and steps from enough shops, restaurants, nightlife and recreation to make your head spin. Join us for a tour of the building’s top-tier amenities package and a look at Unit ...

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Posted by sponsored post on May 8, 2012
ChicagoNorth Side

MLS-listed north lakefront rentals more plentiful, renting quickly

2626 & 2650 Lakeview, Chicago

The number of homes, apartments and condos listed for rent in the MLS in six north lakefront ZIP codes is up 17% over the past two weeks to 567, the highest level since we began tracking in early January. Last week also saw the largest number of new listings added to and remaining on the ...

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Posted by Joe Zekas on May 7, 2012
ChicagoDowntown / Loop

A newer Wicker Park home with great outdoor space

1515 N Paulina St Chicago

The 3-bedroom, 3 1/2 bath home at 1515 N Paulina St in Wicker Park has large rooms throughout, a recently-updated kitchen / family room and an attached 2-car garage. What sets it apart from the competition is its outdoor space. There’s a private garden adjacent to the lower level, a roof deck above the garage, ...

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Posted by sponsored post on May 7, 2012