YoChicago http://yochicago.com Real estate news, video, guides, blog | homes, apartments, neighborhoods | Chicago & suburbs Tue, 29 Jul 2014 05:06:50 +0000 en hourly 1 http://wordpress.org/?v=3.1.2 Is a South Loop rental bubble in the cards? http://yochicago.com/is-a-south-loop-rental-bubble-in-the-cards/35915/ http://yochicago.com/is-a-south-loop-rental-bubble-in-the-cards/35915/#comments Tue, 29 Jul 2014 05:06:50 +0000 Joe Zekas http://yochicago.com/?p=35915

When the condo market hit the skids in the latter part of the last decade the South Loop was one of the neighborhoods with the greatest imbalance between supply and demand.

It took years to work off the excess inventory, some of which is still on the market in developments that were taken over by Related Midwest. South Loop developments that were built as condos converted to rentals, including Astoria Tower, Burnham Pointe, The LEX, Terrazio and Roosevelt Collection. Many South Loop condo owners, unable to sell, became “accidental landlords” and condo developers placed blocks of units into the rental market.

The South Loop is currently in the early stages of a boom in rental construction. AMLI Lofts, 398 units at 850 S Clark, is nearing completion and construction recently began on 469 units at 1000 S Clark. Golub & Company has yet to begin construction on its planned 392 units at 901 S State, a number of other large projects are in the rumor stage, and smaller projects have recently added several hundred units to the South Loop rental market.

Chicago Real Estate Daily reported yesterday that two South Loop land parcels have become available for sale. One of them, currently a parking lot immediately south of River City, reportedly has zoning in place for 292 units. The other parcel is immediately east of River City.

Can the South Loop absorb several thousand new rental units at a time when 1,000s of units are being added annually in other neighborhoods? What impact will all the new rental units have on condo resales?

You can see all of the new apartment projects that have been proposed or are underway in downtown Chicago on YoChicago’s at-a-glance list.

You can see 100s more of YoChicago’s aerial photos at Flickr.

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Tour a model apartment at Hubbard Place in River North http://yochicago.com/tour-a-model-apartment-at-hubbard-place-in-river-north/35917/ http://yochicago.com/tour-a-model-apartment-at-hubbard-place-in-river-north/35917/#comments Tue, 29 Jul 2014 05:05:53 +0000 sponsored post http://yochicago.com/?p=35917

Hubbard Place, 360 W Hubbard in River North, is a new, luxury, full-amenity high-rise directly across from the East Bank Club and a short walk from the Merchandise Mart.

Hubbard Place apartments are spacious and have well-designed, efficient floor plans that take maximum advantage of the space. Floor-to-ceiling windows open onto expansive views and expand the open feeling of the floor plans.

The apartments have high ceilings and wood-look floors in living areas. Kitchens have large islands, quartz counter tops, full appliance packages and ample Snaidero cabinetry. All of the apartments have in-unit washer / dryers.

Hubbard Place has an extensive suite of amenities highlighted by a lavishly landscaped pool deck with multiple seating areas and gas grills.

Join us in the video for a tour of a model apartment and a brief look at the neighborhood.

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The first step in finding your first Chicago apartment http://yochicago.com/the-first-step-in-finding-your-first-chicago-apartment/35920/ http://yochicago.com/the-first-step-in-finding-your-first-chicago-apartment/35920/#comments Tue, 29 Jul 2014 05:04:04 +0000 Joe Zekas http://yochicago.com/?p=35920

Perhaps the biggest mistake that first-time Chicago renters make is not focusing on exactly where they want to live. That’s an easy pit to fall into if you’re new to the city and unfamiliar with rental costs and locations, but it’s one that should be avoided.

Your first and most important step in finding your first Chicago apartment should be focusing on location. Don’t begin your apartment search until you’ve narrowed it down to a relatively small area based on proximity to work or school, to friends, to recreational or nightlife opportunities – whatever you prioritize.

Once you’ve locked into a location, be flexible on space and amenities if you have a limited budget. You’ll find that living in a convenient location is a lot more important than having granite countertops.

Start your search at least 60 days in advance and begin by identifying the management companies that have multiple properties in your target area. Monitor their websites and sign up for their early notification process if they offer one. Walk the area to learn whether it’s one where FOR RENT signs are posted on buildings. Scan reputable broker sites for MLS-listed condos for rent – they’re often bargains compared to managed apartment buildings.

Don’t let the perfect be the enemy of the good. Remind yourself that “it’s only for a year,” and decide on a place that appears to be “good enough.” The closer you get to your deadline for moving, the fewer “good enough” places you’ll find and the perfect ones will all be gone.

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Have you been to Wildwood? http://yochicago.com/have-you-been-to-wildwood/35923/ http://yochicago.com/have-you-been-to-wildwood/35923/#comments Tue, 29 Jul 2014 05:02:32 +0000 Joe Zekas http://yochicago.com/?p=35923

It wouldn’t surprise me if more Chicagoans have been to Wildwood, New Jersey than to the micro-nabe with the same name on Chicago’s northwest side.

Wildwood is a small neighborhood in Forest Glen, which is one of Chicago’s 77 official Community Areas.

For a look at the neighborhood, head for YoChicago’s Wildwood album at Flickr, or view our images as a slideshow.

If you visit Wildwood, you’re likely to be impressed by the calm and overwhelmed by the greenery, which is dense enough to darken most streets at noon on a sunny day. The largely post-war housing stock is varied and almost uniformly pleasing to the eye.

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A townhome with views across from the East Bank Club http://yochicago.com/a-townhome-with-views-across-from-the-east-bank-club/35900/ http://yochicago.com/a-townhome-with-views-across-from-the-east-bank-club/35900/#comments Mon, 28 Jul 2014 05:07:39 +0000 sponsored post http://yochicago.com/?p=35900

Kinzie Park is a gated community on the west bank of the Chicago River opposite the East Bank Club. Kinzie Park’s amenities include a private riverwalk, a gym, a pool, security and package and receiving service.

The 2-bedroom, 2 ½ bath Kinzie Park townhome at 438 N Canal has recently been listed for sale at $999,900. The home spans 2,700 square feet on three levels and includes a 2-car attached garage.

The home boasts an updated kitchen, a large living / dining area that opens to a terrace, and spacious top-floor family room with built-ins. The deck off the family room affords sweeping views of Chicago’s skyline.

Join Eileen Brennan of Berkshire Hathaway Koenig Rubloff for a tour in the video.

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New condo six-flats from hot-selling Noah Properties http://yochicago.com/new-condo-six-flats-from-hot-selling-noah-properties/35898/ http://yochicago.com/new-condo-six-flats-from-hot-selling-noah-properties/35898/#comments Mon, 28 Jul 2014 05:05:17 +0000 sponsored post http://yochicago.com/?p=35898

Noah Properties is continuing its streak as one of Chicago’s hottest-selling builders, with most of the company’s offerings selling out pre-completion.

Three new condo six-flats are nearing completion at 3013 N California Ave. Each of the buildings has two 3-bedroom, 3-bath duplexes and four 2-bedroom, 2-bath simplexes.

The homes have the stylish showplace kitchens and baths, rich detailing and light-filled spaces that are Noah Properties’ signatures.

Join Phyllis Bisceglie and Tina Culver of Sergio & Banks for a tour in the video.

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Question of the day – who’s getting the supervouchers? http://yochicago.com/question-of-the-day-%e2%80%93-whos-getting-the-supervouchers/35902/ http://yochicago.com/question-of-the-day-%e2%80%93-whos-getting-the-supervouchers/35902/#comments Mon, 28 Jul 2014 05:03:47 +0000 Joe Zekas http://yochicago.com/?p=35902

Crain’s Chicago Business reported yesterday that the Chicago Housing Authority is issuing “supervouchers” that enable low-income residents to rent in some of the city’s priciest apartment buildings. Supervoucher recipients are currently renting, for example, at 500 Lake Shore Drive and Aqua.

There are important public policy and resource allocation questions to be considered. But, this being Chicago, the more interesting question is who the supervoucher recipients are and whether they’re clouted up and by whom.

Anyone have any answers?

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YoChicago nears 3,000 YouTube subscribers http://yochicago.com/yochicago-nears-3000-youtube-subscribers/35896/ http://yochicago.com/yochicago-nears-3000-youtube-subscribers/35896/#comments Mon, 28 Jul 2014 05:02:36 +0000 Joe Zekas http://yochicago.com/?p=35896

YoChicago has more than 2,500 videos on our primary YouTube channel, and they’ve been viewed more than 3.8 million times. We have far more narrated real estate videos online than all of the other media outlets in Chicago combined, and we’re adding to them frequently.

Our most popular video, one of several on the erection of the tower crane at K2 Apartments, has been viewed nearly 100,000 times.

We’re nearing what we consider a major milestone for a YouTube channel that’s solely focused on residential real estate and neighborhoods in the Chicago area – 3,000 subscribers. Will you be number 3,000?

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West Loop affordable apartments topped out, closing in http://yochicago.com/west-loop-affordable-apartments-topped-out-closing-in/35883/ http://yochicago.com/west-loop-affordable-apartments-topped-out-closing-in/35883/#comments Fri, 25 Jul 2014 05:06:03 +0000 Joe Zekas http://yochicago.com/?p=35883

The 10-story, 61-unit apartment building at 727 W Lake St in the West Loop is topped out and in the process of being closed in.

According to the developer, Interfaith Housing Development Corporation, all of the apartments will be rented to residents who earn at or below 50% of the area median income (AMI) and who are “at risk of being homeless.” A single person earning $25,800 or less a year would qualify for a studio apartment renting for a maximum of $725 a month.

All of the units in the building will be subject to the 50% of AMI income restriction.

The development is directly across the expressway from YoChicago’s offices, so it’s easy to keep you posted on the progress.

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The space-expanding views from Streeter Place http://yochicago.com/the-space-expanding-views-from-streeter-place/35886/ http://yochicago.com/the-space-expanding-views-from-streeter-place/35886/#comments Fri, 25 Jul 2014 05:05:41 +0000 sponsored post http://yochicago.com/?p=35886

Streeter Place, 355 E Ohio in Streeterville, has a variety of studio to 3-bedroom apartments that are more spacious than many in the neighborhood.

Square footage is just one measure of space, and not the most important. Streeter Place’s floor plans make efficient use of their space and expand it dramatically with floor-to-ceiling windows that open to expansive views from many of the apartments.

Apartment features vary, but invariably include generous room sizes, good closet space, floor-to-ceiling windows, in-unit washer / dryers, and kitchens with ample cabinet space, granite counters and gas ranges. Some of the one-bedroom plans have an office nook, others have a den. Corner apartments have balconies.

Streeter Place is a full-amenity building with a fitness center, a landscaped pool deck with grill area, resident lounges and a business center. Streeter Place has on-site management and leasing staff, and 24/7 door staff. On-site parking is available for Streeter Place residents for $200 a month – a bargain price in Streeterville.

You can schedule a tour online or contact the leasing office at 312-595-0355 for current office hours.

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Lakeview’s Halsted Flats is more than 70% leased http://yochicago.com/lakeviews-halsted-flats-is-more-than-70-leased/35889/ http://yochicago.com/lakeviews-halsted-flats-is-more-than-70-leased/35889/#comments Fri, 25 Jul 2014 05:03:04 +0000 sponsored post http://yochicago.com/?p=35889

A scant four months after moving in its first residents, Halsted Flats is more than 70% leased. That’s a torrid pace for a new apartment tower, and a reflection of the excitement that’s accompanied the first new rental high-rise in Lakeview in three decades.

Visit Halsted Flats’ floor plan page and mouse up and down the floors to see what’s available on each. The interactive approach makes it easy for you to know whether your preferred apartment type is available with the exposure you favor. A good selection of units is still available overlooking the pool deck and with views of the downtown skyline.

The 15-story, 269-unit Halsted Flats is a full-amenity building. Studio, 1-, 2- and 3-bedroom apartments are available from $1,752 a month.

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Apartment deal of the day – a pet-friendly Lincoln Park one-bedroom http://yochicago.com/apartment-deal-of-the-day-%e2%80%93-a-pet-friendly-lincoln-park-one-bedroom/35894/ http://yochicago.com/apartment-deal-of-the-day-%e2%80%93-a-pet-friendly-lincoln-park-one-bedroom/35894/#comments Fri, 25 Jul 2014 05:02:23 +0000 sponsored post http://yochicago.com/?p=35894

The 176-unit, 11-story vintage high-rise at 2756 North Pine Grove, close to the park in Lincoln Park, has a variety of renovated one- and two-bedroom apartments.

A renovated one-bedroom with hardwood floors and a separate dining area is currently available for $1,325 a month. Vintage touches in the apartment include crown and picture frame moldings.

The building has a lobby-level business center with free Wi-Fi, a rooftop sundeck and on-site maintenance. 2756 Pine Grove is pet-friendly.

Book an appointment online and receive a credit of up to $200 off your first month’s rent.

Planned Property owns and manages 1,000s of apartments in prime Gold Coast, Lincoln Park and Lakeview East locations.

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Deal of the day – newly-renovated 3-bedrooms at Chestnut Tower http://yochicago.com/deal-of-the-day-%e2%80%93-newly-renovated-3-bedrooms-at-chestnut-place/35871/ http://yochicago.com/deal-of-the-day-%e2%80%93-newly-renovated-3-bedrooms-at-chestnut-place/35871/#comments Thu, 24 Jul 2014 05:06:13 +0000 Joe Zekas http://yochicago.com/?p=35871

Newly-renovated high-floor 3-bedroom, 3-bath homes are available at Chestnut Tower, 121 W Chestnut St. Unit 3106 is available immediately and rents for $4,995 per month. Unit 3406 will be ready for move-in on August 6 at a monthly rental of $5,150.

“We’re not likely to have additional 3-bedrooms available until next spring,” reports property manager Lauren Schramka.

The unusually spacious homes span 1,920 square feet and have hardwood floors, in-unit washer / dryers and renovated kitchens and baths. Kitchens have stainless steel appliances, quartz counters and open to a large living / dining area with two walls of windows. The units have north, east and west exposures.

Chestnut Tower is pet-friendly and has a private dog park. The building has 24/7 door staff, a business center, fitness center and a rooftop resident lounge with an adjacent sundeck that serves up sweeping views of the skyline.

Chestnut Tower is currently offering a $200 discount on its administration fee for all new residents who mention the online coupon and are not represented by a broker.

Chestnut Tower is within the attendance boundaries of Ogden International School, one of the city’s more sought-after public elementary schools. Washington Square Park, a tranquil oasis, is just north and east of the building.

Join me in the video for a tour of Chestnut Tower, a visit to a 3-bedroom apartment and a look at the immediate neighborhood. You can get an in-depth look at Chestnut Tower at our apartment review page.

Note: Chestnut Tower is a YoChicago sponsor.

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Thirty percent of mortgaged Chicago homes seriously underwater http://yochicago.com/thirty-percent-of-mortgaged-chicago-homes-seriously-underwater/35873/ http://yochicago.com/thirty-percent-of-mortgaged-chicago-homes-seriously-underwater/35873/#comments Thu, 24 Jul 2014 05:05:41 +0000 Joe Zekas http://yochicago.com/?p=35873

RealtyTrac defines a mortgaged home as “seriously underwater” when “the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value.” According to RealtyTrac, 17.2 percent of all mortgaged homes in the US were seriously underwater in Q2 2014. Equity rich properties, i.e. those with at least 50 percent equity, represented 18.8% of all mortgaged homes during that period.

Major metropolitan statistical areas (population 500,000 or more) with the highest percentage of residential properties seriously underwater were Lakeland, Fla (37 percent), Las Vegas (35 percent), Cleveland (35 percent), Palm Bay-Melbourne-Titusville, Fla (32 percent), Chicago (30 percent), Cape Coral-Fort Meyers, Fla (30 percent), and New Haven-Milford, CT (30 percent).

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Free Chicago rental services and great apartment deals http://yochicago.com/free-chicago-rental-services-and-great-apartment-deals/35875/ http://yochicago.com/free-chicago-rental-services-and-great-apartment-deals/35875/#comments Thu, 24 Jul 2014 05:04:51 +0000 Joe Zekas http://yochicago.com/?p=35875

Chicago’s piratical rental services would like renters to believe that their services are free. There are renters gullible enough to believe that, just as there are renters who are naïve enough to believe the claim that rental services will negotiate the best deal for them.

Chicago’s rental services aren’t that naïve. They’re fully aware that smaller landlords often charge a higher rent to a renter who is working with a rental service. And they often pitch their services to landlords on that basis. What a wonderful world – rental brokers get paid but no one is paying them. Their services are free to renters and landlords alike.

At large apartment complexes the rent is the same for renters who work with a rental service and those who don’t. The reality is that all renters wind up absorbing the cost of rental services whether they use one or not.

Quite a few apartment owners and management companies offer discounts to renters who make appointments online and are not represented by rental service brokers. If you take a pass on the discount, work with a rental service and believe that you didn’t pay for it, your education has failed you.

Do rental services negotiate great deals for renters? They don’t negotiate anything at the large apartment buildings where broker agreements explicitly bar them from attempting to negotiate, or with the many large management companies and smaller landlords who make no attempt to conceal their contempt for the rental services they employ.

Do rental services find great apartments for renters? In the real world, many landlords and management companies only cooperate with brokers on their difficult-to-rent apartments and their best apartments are snapped up by renters who deal directly with them.

There are many things that Chicago rental services don’t want renters to know about how they operate. We’ve listed twenty-five of them.

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Food options proliferate near new 1345 Wabash condos http://yochicago.com/food-options-proliferate-near-new-1345-wabash-condos/35877/ http://yochicago.com/food-options-proliferate-near-new-1345-wabash-condos/35877/#comments Thu, 24 Jul 2014 05:03:56 +0000 sponsored post http://yochicago.com/?p=35877

Residents at the new condos currently under construction at 1345 Wabash in the South Loop will find a dizzying array of food shopping and dining options nearby – just part of the location’s allure as one of the most convenient and vibrant in Chicago.

Jewel-Osco and Trader Joe’s are a block north at Roosevelt Rd. A new Mariano’s is a few blocks south, and Target and Whole Foods are a few blocks west on Roosevelt Rd. Quick in-and-out shopping is available at Go Grocer, just around the corner from the building at 13th St and Michigan Ave, and South Loop Market, a few blocks south on Michigan.

Sloopin is reporting that Mac Kelly’s Greens & Things will open a half-block due east of 1345 Wabash at 1347 S Michigan, in the space formerly occupied by Homemade Pizza.

There’s a fabulous restaurant / bar cluster on the same block as 1345 Wabash, just a few steps north, including Gioco, Zapatista, Asian Outpost, Flo & Santos and The Scout.

Residents who venture beyond the block will find dozens of dining establishments within a few minutes’ walk. Breakfast options are abundant, but you can expect a weekend wait at the popular Bongo Room, Eleven City Diner, and Yolk.

1345 Wabash is the first new condominium high-rise built in the South Loop in the past six years. When it’s complete, the building will have 144 one- and two-bedroom condominiums priced from the $220s. A sales center is open at 1620 S Michigan Ave.

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Midtown Square apartments in Glenview target Q4 occupancy http://yochicago.com/midtown-square-apartments-in-glenview-target-q4-occupancy/35861/ http://yochicago.com/midtown-square-apartments-in-glenview-target-q4-occupancy/35861/#comments Wed, 23 Jul 2014 05:06:55 +0000 Joe Zekas http://yochicago.com/?p=35861

Midtown Square, a mixed-use development on a 2.7 acre site at Glenview Rd and Church St in downtown Glenview, is targeting Q4 2014 occupancy for its 138 one- and two-bedroom apartments. Trammel Crow’s High Street Residential is the developer and FitzGerald Associates is the architecture firm for the project.

Exterior construction is nearing completion, and masonry was being installed along Glenview Road when I stopped by yesterday.

The apartments will have 9-foot ceilings, balconies or patios, and kitchens with quartz counter tops. Building amenities will include a fitness center, sun deck, resident lounge, dog wash station, business center, bicycle storage, concierge station, and heated parking.

Midtown Square is a short walk from the Glenview Metra station. Trains reach Union Station in downtown Chicago in about 35 minutes. A Pace Bus stop outside the building provides direct connections to the Old Orchard and Northbrook Court shopping centers.

Downtown Glenview is a pedestrian-friendly area that has a variety of shops and restaurants. It’s a viable, quasi-urban alternative to some of Chicago’s outlying neighborhoods.

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Tour the over-the-top amenities at Hubbard Place in River North http://yochicago.com/tour-the-over-the-top-amenities-at-hubbard-place-in-river-north/35865/ http://yochicago.com/tour-the-over-the-top-amenities-at-hubbard-place-in-river-north/35865/#comments Wed, 23 Jul 2014 05:05:35 +0000 sponsored post http://yochicago.com/?p=35865

Hubbard Place, a new 43-story, 450-unit apartment tower in River North, offers a lavish array of social spaces where its residents can meet each other or enjoy a quiet moment.

A spacious, richly-landscaped deck hosts a pool with cabanas, BBQ grills, and a variety of “living room” areas for more intimate social gatherings. The deck has sweeping vistas into Chicago’s impressive skyline.

The amenities level includes a large fireplace lounge with complimentary hot chocolate and coffee, a game room with a bar, a cinema room and a club room with a demonstration kitchen. The fully-equipped business center has a separate conference room with views along the Chicago River.

Hubbard Place has a fitness center with strength-training and cardio equipment and a yoga studio with virtual classes.

The amenities at Hubbard Place start at ground level, where residents and their guests traverse a landscaped plaza with fountains and sculpture before entering the soaring lobby and being greeted by 24/7 door staff.

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The teardowns are back in Glenview http://yochicago.com/the-teardowns-are-back-in-glenview/35863/ http://yochicago.com/the-teardowns-are-back-in-glenview/35863/#comments Wed, 23 Jul 2014 05:04:24 +0000 Joe Zekas http://yochicago.com/?p=35863

Travel back in time ten years ago and you would have seen a torrent of teardown activity in Glenview and other attractive northern suburbs. Fast forward to the latter part of the decade and many of the new homes built on the teardown sites were in foreclosure and selling at substantial discounts from their asking price and, in many cases, below builder cost.

I passed a number of homes built during the last decade yesterday while traversing just a few blocks in Glenview. And in those few blocks I spotted five new homes under construction.

The reasons for the teardown phenomenon are fairly straightforward. Fifty and sixty year old homes were small, have become functionally obsolescent and were built in attractive areas on lots that allow the development of homes three or more times larger than the existing homes. The lots are worth more than the existing home and lot together.

A quick scan of the selling prices of existing homes in the area, and the asking prices for the new ones, surfaced a compelling reason for the teardown phenomenon: builders are apparently reaping substantial profits.

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Foreclosure, delinquency rates down sharply in Chicago metro area http://yochicago.com/foreclosure-delinquency-rates-down-sharply-in-chicago-metro-area/35868/ http://yochicago.com/foreclosure-delinquency-rates-down-sharply-in-chicago-metro-area/35868/#comments Wed, 23 Jul 2014 05:02:36 +0000 Joe Zekas http://yochicago.com/?p=35868

Foreclosure rates in the Chicago – Naperville – Arlington Heights metro decreased for the month of May over the same period last year, according to newly released data from CoreLogic.

The CoreLogic data reveals that the rate of Chicago-area foreclosures among outstanding mortgage loans was 2.82 percent for the month of May 2014, a 41% decrease compared to May of 2013 when the rate was 4.76 percent. Foreclosure activity in the Chicago area was higher than the national foreclosure rate, which was 1.73 percent for May 2014.

In May 2014, 6.64 percent of local mortgage loans were 90 days or more delinquent, a 25% decline compared to 8.88 percent for the same period last year.

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Smaller buildings renting rapidly in West Loop http://yochicago.com/smaller-buildings-renting-rapidly-in-west-loop/35845/ http://yochicago.com/smaller-buildings-renting-rapidly-in-west-loop/35845/#comments Tue, 22 Jul 2014 05:08:22 +0000 Joe Zekas http://yochicago.com/?p=35845

A number of smaller new West Loop apartment buildings built by Michigan Avenue Real Estate Group have leased up rapidly, at rents comparable to those charged at full-amenity towers in the neighborhood.

All of the 54 new apartments at 20 – 22 N Aberdeen, which became available for occupancy beginning July 1, have been rented. The sole remaining unit is a 2-bedroom, 2-bath priced at $2,500 a month.

The complex included two studios renting for $1,500, 14 1-bedrooms renting from $1,900 to $2,700, and 38 2-bedroom, 2-baths priced t $2,500 to $3,400. A covered parking spot was included in the rent.

Nearby buildings at 3 and 4 N Aberdeen from the same developer are fully rented.

Eight of the 24 2-bedroom, 2-bath units at 1000 W Van Buren, which is slating September occupancy, have been pre-leased. Units in the building are being offered at $2,600 to $3,200 a month.

Construction is well along at 1615 W Warren, where Michigan Avenue Real Estate Group is touting 52 units as “Coming soon.”

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Two new West Loop apartment buildings near completion http://yochicago.com/two-new-west-loop-apartment-buildings-near-completion/35848/ http://yochicago.com/two-new-west-loop-apartment-buildings-near-completion/35848/#comments Tue, 22 Jul 2014 05:06:48 +0000 Joe Zekas http://yochicago.com/?p=35848

The Madison, a 216-unit apartment midrise at 1212 W Madison, is almost entirely closed in. The building’s website has floor plans and rents available, and appears to be offering immediate occupancy, although the building doesn’t appear to ready for occupancy.

Circa 922, 922 W Washington, is topped out at 11 stories. The building’s website is touting occupancy this fall. Floor plans and rents aren’t available yet for the 104-unit building.

With the recent opening of Catalyst, the looming opening of Arkadia and 601 W Jackson, and the addition of several hundred units in smaller properties, the West Loop is shaping up to be a highly competitive market for new apartments.

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Tour a vintage 3-bedroom in an Edgewater 6-flat http://yochicago.com/tour-a-vintage-3-bedroom-in-an-edgewater-6-flat/35856/ http://yochicago.com/tour-a-vintage-3-bedroom-in-an-edgewater-6-flat/35856/#comments Tue, 22 Jul 2014 05:04:19 +0000 sponsored post http://yochicago.com/?p=35856

This 3-bedroom, 2 ½ bath vintage condo at 5445 N Kenmore in Edgewater sprawls over 2,800 square feet of living area.

The home boasts large, light-filled rooms with great separation between public and private spaces. It has hardwood floors, a newly-renovated kitchen with a breakfast area, a spacious formal dining room, a large updated master suite, and a separate bedroom wing.

The condo is in a beautifully-maintained 6-flat on an extra-wide lot with a landscaped front yard and parking in the rear.

The home has a steps-to-everything location close to the park and lake, nearly equidistant between two CTA Red Line stops, and a block from the Bryn Mawr Historic District’s restaurants and shops.

The home has recently been listed for sale at $420,000.

Nicholas Apostal of Coldwell Banker’s Apostal Group is your host in the video. He’s joined by Carolyn Tracy of Carolyn Tracy Interiors. Carolyn staged the home for sale.

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The Millennials are coming, perhaps http://yochicago.com/the-millennials-are-coming-perhaps/35858/ http://yochicago.com/the-millennials-are-coming-perhaps/35858/#comments Tue, 22 Jul 2014 05:02:43 +0000 Joe Zekas http://yochicago.com/?p=35858

One of the few things you can say for certain about the Millennial Generation is that its membership is huge in number.

Beyond the sheer size of this cohort, certainties vanish. Predicting the impact that Millennials will have on the sale and rental housing markets is, in some respects, akin to playing the lottery.

The latest Housing News Report from RealtyTrac recounts some of the facts about the Millennial Generation, and reports a great deal of speculation about its impact in a number of regional markets.

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Should renters claim the broker bonus at 73 East Lake? http://yochicago.com/should-renters-claim-the-broker-bonus-at-73-east-lake/35835/ http://yochicago.com/should-renters-claim-the-broker-bonus-at-73-east-lake/35835/#comments Mon, 21 Jul 2014 05:06:03 +0000 Joe Zekas http://yochicago.com/?p=35835

Not all Chicago landlords cooperate with rental service brokers, but the ones that do typically pay a commission equal to a month’s rent. Several of the newer buildings have rented up successfully while paying rental services a flat fee per unit that’s well under a month’s rent.

The new Loop apartment tower at 73 East Lake recently emailed rental services, offering a commission equal to one and a half-month’s rent for leases signed this month. That pencils out to a $5,100 commission for a 2-bedroom apartment renting at $3,400 a month.

The above-average commission may be a sign of weak rental progress at the property, or it may simply be an effort to accelerate rentals in advance of the coming slower months. Whatever the case may be, there can be no doubt that a renter is receiving no additional value from a broker’s receiving bonus compensation. In fact, the offer incentivizes brokers to steer renters away from properties that may be better suited for them.

Most rental services add little or no value in a market like downtown Chicago where all of the rental options can easily be identified. Broker commissions are negotiable. If you’re planning to rent at 73 East Lake, you should seriously consider negotiating at least half of the overall commission as a rebate.

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A very special duplex loft on a quiet Lakeview street http://yochicago.com/a-very-special-duplex-loft-on-a-quiet-lakeview-street/35842/ http://yochicago.com/a-very-special-duplex-loft-on-a-quiet-lakeview-street/35842/#comments Mon, 21 Jul 2014 05:04:18 +0000 sponsored post http://yochicago.com/?p=35842

1318 W George is a former warehouse renovated into a boutique loft condominium with seven distinctly different homes open from a second-floor courtyard.

Unit 2B has a soaring living area that’s ideal for entertaining. The up-to-date kitchen has a large island and stainless steel appliances.

The home has a large master suite, a second-level bedroom, and a loft family room that could be converted to a third bedroom.

The home has recently been listed for sale at $499,900. The building has an elevator, garage parking and a shared roof deck.

Nicholas Apostal of Coldwell Banker’s Apostal Group is your host in the video.

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Tour the new luxury apartments at Webster Square in Lincoln Park http://yochicago.com/tour-the-new-luxury-apartments-at-webster-square-in-lincoln-park/35840/ http://yochicago.com/tour-the-new-luxury-apartments-at-webster-square-in-lincoln-park/35840/#comments Mon, 21 Jul 2014 05:03:42 +0000 sponsored post http://yochicago.com/?p=35840

Webster Square is the first new construction apartment building in Lincoln Park in decades.

Webster Square boasts a top-tier location at 558 W Webster Ave, steps from the best of everything in Lincoln Park.

Oz Park and Mrs Green’s Natural Market are directly across the street. Buses at the corner connect to downtown and to the CTA’s Red, Brown and Purple lines. Bars, restaurants, nightlife and theater line Lincoln Avenue just outside the building.

The location affords residents some of the best skyline views available anywhere in Chicago.

Lincoln Park, the park, is a few minutes’ walk to the east.

Join the developer for a quick look inside Webster Square in the video.

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The scary swift service at K2 luxury apartments http://yochicago.com/the-scary-swift-service-at-k2-luxury-apartments/35838/ http://yochicago.com/the-scary-swift-service-at-k2-luxury-apartments/35838/#comments Mon, 21 Jul 2014 05:02:35 +0000 sponsored post http://yochicago.com/?p=35838

K2 is a new luxury apartment tower in the Fulton River District. K2 has a stellar location, a full suite of amenities that includes a pool deck with skyline views, a fitness center, a basketball court / yoga studio, resident lounge and party rooms, a business center, a theater and the city’s largest dog run.

K2′s apartments have condo-quality finishes, wood-look floors and in-unit washer / dryers.

K2 sets itself apart by striving to deliver scary swift service to its residents. Join us for a look in the video.

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See Chris Kennedy’s remarks at the Wolf Point groundbreaking http://yochicago.com/see-chris-kennedys-remarks-at-the-wolf-point-groundbreaking/35824/ http://yochicago.com/see-chris-kennedys-remarks-at-the-wolf-point-groundbreaking/35824/#comments Fri, 18 Jul 2014 22:07:04 +0000 Joe Zekas http://yochicago.com/?p=35824

Construction has been underway for months on a 509-unit, 48-story apartment tower at Wolf Point, the iconic site where the Chicago River forks to the north and south.

It’s typical for an official groundbreaking ceremony to occur well after the actual groundbreaking that marks the start of construction. On Friday, July 18, 100s of people attended the official groundbreaking.

The Wolf Point site has been associated with the Kennedy family for nearly 70 years, and plans to develop the property date back more than 30 years.

Join YoChicago in the video for Chris Kennedy’s remarks on Chicago and Wolf Point.

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Trib surfaces first rendering of Stern tower http://yochicago.com/trib-surfaces-first-rendering-of-stern-tower/35814/ http://yochicago.com/trib-surfaces-first-rendering-of-stern-tower/35814/#comments Fri, 18 Jul 2014 05:06:51 +0000 Joe Zekas http://yochicago.com/?p=35814

The Chicago Tribune reported late yesterday that a 67-story, 500 unit apartment and condo tower has been proposed for a site at 451 E Grand Ave in Streeterville. The site is immediately west of the new 500 Lake Shore Drive.

The tower, designed by architect Robert A.M. Stern, would include 400 apartment units and 100 condominium units. The proposal contemplates a redesign of the park on the site and retention of the existing 900-space garage below the park.

Golub & Co has begun construction of a site and Grand and McClurg, and a parking structure at 450 E Grand might also be redeveloped with a high-rise.

The former North Pier Terminal, on the south side of the park, has also been slated for conversion to several hundred loft apartments.

You’ll be able to follow the progress of the Robert A.M. Stern tower in many media venues, but none of them are likely to match the views of the site you’ll find at YoChicago. And, we’ll continue to keep you up to date on all of the new apartment projects proposed or underway in downtown Chicago.

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View the Taste of River North from K2 Apartments http://yochicago.com/view-the-taste-of-river-north-from-k2-apartments/35820/ http://yochicago.com/view-the-taste-of-river-north-from-k2-apartments/35820/#comments Fri, 18 Jul 2014 05:05:03 +0000 sponsored post http://yochicago.com/?p=35820

K2 Apartments has a gateway location in the Fulton River District that affords its residents quick access to the bars, restaurants, nightlife and other attractions in the adjacent West Loop, River West and River North neighborhoods.

One of the advantages of K2′s location is that summer becomes a months-long festival of nearby neighborhood events. On the agenda this Friday, Saturday and Sunday, July 18-20, is the Taste of River North, which will be held across the river from K2 in Montgomery Ward Park.

The above photo of Ward Park was shot from a high-floor at K2, where residents can enjoy a view of the Taste of River North.

K2 is a new, full-amenity luxury tower offering a variety of studio to 3-bedroom apartments.

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Rent an apartment and donate to the Lakeview Pantry http://yochicago.com/rent-an-apartment-and-donate-to-the-lakeview-pantry/35822/ http://yochicago.com/rent-an-apartment-and-donate-to-the-lakeview-pantry/35822/#comments Fri, 18 Jul 2014 05:02:26 +0000 sponsored post http://yochicago.com/?p=35822

You need a new apartment, and many Chicago residents need help with food, especially in the summer months when children are out of school.

When you become a new resident at one of Planned Property‘s apartments this July and August, Planned will donate a portion of your rent to the Lakeview Pantry to help meet the need for food at a time when food prices have been outpacing the inflation rate.

The Lakeview Pantry serves more than 12,000 local residents, and you can also make a donation directly at its website. Every $1 buys 10 pounds of food.

Planned Property owns and manages more than 3,000 apartments in prime Gold Coast, Lincoln Park, Lakeview locations.

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Night views from Streeter Place, and Navy Pier fireworks http://yochicago.com/night-views-from-streeter-place-and-navy-pier-fireworks/35807/ http://yochicago.com/night-views-from-streeter-place-and-navy-pier-fireworks/35807/#comments Thu, 17 Jul 2014 05:59:46 +0000 Joe Zekas http://yochicago.com/?p=35807

I arrived on the 55th floor roof of Streeter Place, 355 E Ohio, just after sunset yesterday evening.

The timing allowed me to sample the views before the Navy Pier fireworks began at 9:30. The roof configuration didn’t offer a direct view south.

Night shots show off my limitations as a photographer – and my unwillingness to jazz up the images in software.

I’ll post video of the fireworks at YouTube a few days from now.

High floor apartments at Streeter Place with a variety of views are available immediately or within a few weeks. Most of the apartments have great views of the lake or city skyline. Current rents range from $1,800 for studios to $5,000 for 3-bedrooms.

Note: Streeter Place is a YoChicago advertiser.

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Forty acres and a mull in Lincoln Park http://yochicago.com/forty-acres-and-a-mull-in-lincoln-park/35803/ http://yochicago.com/forty-acres-and-a-mull-in-lincoln-park/35803/#comments Thu, 17 Jul 2014 05:06:09 +0000 Joe Zekas http://yochicago.com/?p=35803

Crain’s Chicago Real Estate Daily reported yesterday on a meeting hosted by North Branch Works to mull the future of a 40-acre stretch of Lincoln Park.

The location, from the Chicago River north to Webster Ave, includes the former Guttmann Tannery, Finkl Steel and A. Lakin & Sons sites and is included in a Planned Manufacturing District (PMD). The PMD currently limits allowable uses and would not accommodate residential development.

It’s a near-certainty that the decision-making process will go on for years.

You can see 100s more of YoChicago’s aerial photographs at Flickr.

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An impressive new Lincoln Park home by RD Precision http://yochicago.com/an-impressive-new-lincoln-park-home-by-rd-precision/35805/ http://yochicago.com/an-impressive-new-lincoln-park-home-by-rd-precision/35805/#comments Thu, 17 Jul 2014 05:04:05 +0000 sponsored post http://yochicago.com/?p=35805

RD Precision homes have been selling pre-completion, attracting buyers with a rich mix of standard features and impressive craftsmanship. The homes have open floor plans, high ceilings, extravagantly large windows, spacious kitchens with high-end appliances, oversized islands and floor-to-ceiling cabinetry.

The most striking features of an RD Precision home are the custom stonework and details that accent multiple fireplaces, the lavish master bath and a floating staircase.

The home at 2455 N Greenview boasts 4 bedrooms, 3 ½ baths, five outdoor spaces including a whole-house roof deck and a 2-car garage. The home was listed and sold at $1,720,000.

Izabela Sloma of Sergio & Banks is your tour guide in the video, and the go-to person for information about RD Precision’s upcoming offerings.

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June foreclosures at lowest levels since 2006 http://yochicago.com/june-foreclosures-at-lowest-levels-since-2006/35809/ http://yochicago.com/june-foreclosures-at-lowest-levels-since-2006/35809/#comments Thu, 17 Jul 2014 05:02:51 +0000 Joe Zekas http://yochicago.com/?p=35809

RealtyTrac released its Midyear 2014 U.S. Foreclosure Market Report today. The report reflects a 19% decrease in US foreclosure filings over the previous six months and a 23% decrease from the first six months of 2013.

States with the highest foreclosure rates in the first half of 2014 were Florida (one in 74 housing units with a foreclosure filing), Maryland (one in 107), Illinois (one in 123), New Jersey (one in 134), and Nevada (one in 138).

The full report is available at RealtyTrac.

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The shockingly good views from Webster Square http://yochicago.com/the-shockingly-good-views-from-webster-square/35794/ http://yochicago.com/the-shockingly-good-views-from-webster-square/35794/#comments Wed, 16 Jul 2014 05:06:12 +0000 Joe Zekas http://yochicago.com/?p=35794

One of the expected trade-offs for living on a pedestrian-friendly street in the lower-density parts of Lincoln Park is giving up skyline views.

If that’s your expectation, you’re likely to be shocked when you step out on the sundeck at Webster Square. The views are sweeping, and they’re extraordinary, even at mid-day on a mostly cloudy day. You can expect them to be stunning when the skyline is lit by the warm glow of the evening sun.

The apartments have large bands of windows and higher floors also have dramatic views. The first photo immediately above is from the kitchen window of the living area in the second image.

A few of Webster Square’s attractions are directly across the street: Mrs Green’s Natural Market and Oz Park.

As you overlook Oz Park from Webster Square’s sundeck all you see is a dense tree canopy. Wander the park and you’ll find tennis and basketball courts, soccer and baseball fields, a fieldhouse with a gym, the charming Oz Garden and sculptures of the main characters from the movie that gives the park its name.

Webster Square, 558 W Webster, is the first new apartment building in Lincoln Park in more than 25 years. The 6-story, 75-unit boutique building has an expansive, wraparound rooftop sundeck with gas grills, a fitness room, a resident lounge and a business center.

Webster Square moved in its first residents just over six weeks ago and as of yesterday more than two-thirds of its 1-, 2- and 3-bedroom apartments had been leased. Floor plans and rents for available units can be accessed online.

Note: Webster Square is a YoChicago advertiser.

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The everyday convenience of Halsted Flats apartments http://yochicago.com/the-everyday-convenience-of-halsted-flats-apartments/35797/ http://yochicago.com/the-everyday-convenience-of-halsted-flats-apartments/35797/#comments Wed, 16 Jul 2014 05:05:36 +0000 sponsored post http://yochicago.com/?p=35797

When you visit Halsted Flats, the new luxury apartment tower in Lakeview East, you’re likely to be impressed by the building’s extensive amenities and its feature-laden apartments, and overlook the basic needs of day-to-day living.

Don’t worry. Whole Foods is just down the block on Halsted, and Walgreen’s and Walmart are just around the corner on Broadway.

Bus lines are steps from Halsted Flats, the CTA Red Line is a short walk away, cabs are plentiful, and DIVVY bikes are a half-block away.

The Halsted and Broadway strips serve up a dizzying array of nearby bars, restaurants, coffee shops and nightlife.

If a regular breakfast venue is high on your checklist, Waffles Café is close by and IHOP is next door.

Wrigley Field is a few short blocks west and Lincoln Park is just to the east.

Halsted Flats has been leasing up rapidly, but still has a selection studio to 3-bedroom apartments available.

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1345 Wabash condos have a focus on design http://yochicago.com/1345-wabash-condos-have-a-focus-on-design/35800/ http://yochicago.com/1345-wabash-condos-have-a-focus-on-design/35800/#comments Wed, 16 Jul 2014 05:03:36 +0000 sponsored post http://yochicago.com/?p=35800

A focus on design is nothing new for the CMK Companies. CMK has a history of creating architecturally distinctive high-rises that are, according to NewCity Design, “a relief from the so-so-ness of neighboring condo buildings.”

At 1345 Wabash in the South Loop CMK has once again teamed up with Brininstool + Lynch, an architecture firm “credited with breathing new life into Chicago’s modernist tradition.”

A sales and design center for 1345 Wabash is open at 1620 S Michigan, also a CMK / B+L collaboration. The design center showcases CMK’s approach to 1345 Wabash: delight the value-conscious buyer with an unexpectedly high level of style and finishes. Visitors to the design center can get a first-hand look at brands they may have only encountered in upscale shelter magazines: Florense cabinetry, Duravit floating vanities, Grohe fixtures, TOTO toilets and TransCeramica architectural tile.

Construction is underway at 1345 Wabash, with occupancy slated to begin early next year.

One-bedroom condos are pre-completion priced from $222,900 and two-bedrooms from $289,900. Floor plans, detailed specifications and more information can be found at the 1345 Wabash website.

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Calling ex-rental service agents to speak out http://yochicago.com/calling-ex-rental-service-agents-to-speak-out/35784/ http://yochicago.com/calling-ex-rental-service-agents-to-speak-out/35784/#comments Tue, 15 Jul 2014 05:06:17 +0000 Joe Zekas http://yochicago.com/?p=35784

Recruiting ads for new rental service leasing agents on Craigslist lure the naïve into thinking they’ll join a fast-growing elite firm, be trained for a career with high earnings potential, and be supported with the latest technology.

The reality is that working at a rental service is a miserable experience for many new recruits, who wash out of the business without netting what they would have earned at a minimum wage job. Rental services aren’t continually recruiting because they’re growing quickly, but because they have very high turnover.

If you’ve worked at one of Chicago’s rental services, chime in with a comment telling new recruits what they can really expect. You can also send a confidential email with your experiences to yojoe at yochicago dot com.

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