YoChicago http://yochicago.com Real estate news, video, guides, blog | homes, apartments, neighborhoods | Chicago & suburbs Mon, 01 Sep 2014 02:31:08 +0000 en hourly 1 http://wordpress.org/?v=3.1.2 Own a new South Loop condo for far less than rent http://yochicago.com/own-a-new-south-loop-condo-for-far-less-than-rent/36272/ http://yochicago.com/own-a-new-south-loop-condo-for-far-less-than-rent/36272/#comments Fri, 29 Aug 2014 05:07:26 +0000 sponsored post http://yochicago.com/?p=36272

CMK Companies1345 Wabash, the first new-construction condominium in the South Loop in years, offers buyers a compelling value proposition: a high-style, architecturally-distinctive home in a prime location for substantially less than the cost of renting.

A new 2-bedroom, 2-bath condo at 1345 Wabash can be purchased for $305,900. Buyers can currently lock in 30-year fixed-rate financing at a 4.586% APR with a 10% down payment. The monthly assessment on the unit is $315 and real estate taxes are estimated at $382 a month.

The result is a total monthly payment of $2,106, before taking into account the income tax benefits of ownership. Real estate taxes and interest are tax-deductible, resulting in an estimated first-year tax savings of approximately $428 a month for an individual in the 30% tax bracket. Over a 5-year period an owner would have reduced the principal balance on the mortgage by more than $25,000, another form of savings.

Individual benefits, of course, can vary, but the stated cost-of-ownership assumptions are fairly conservative.

Two-bedroom, two-bath apartments are in demand in the South Loop, and rents in newer buildings typically range upwards from $2,500 a month.

The bottom line is that owning a condo at 1345 Wabash rather than renting in the South Loop results in substantially lower monthly out-of-pocket costs even before taking into account savings from tax benefits and principal reductions. Financial considerations, however, are only one of 1345′s attractions.

Owners also gain what many consider the prime advantage of ownership: the ability to individualize their unit in a way that a renter never can, and make it truly their home and truly commensurate with their personal style. 1345 Wabash starts with standards that surpass the upgrades in many buildings, including brands that are familiar to upscale buyers: Florense cabinetry, Duravit floating vanities, Grohe fixtures, TOTO toilets and TransCeramica architectural tile.

The biggest draw at 1345 Wabash is its stellar location. 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.

There are dozens of additional restaurants and bars 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.

Trader Joe’s and Jewel-Osco are a block north of the building and a recently-opened Mariano’s is a few blocks southwest. Target and Whole Foods are nearby on Roosevelt Road.

A variety of bus routes criss-cross the area and CTA’s Roosevelt Road station, a block-and-a-half north of 1345, has Red, Green and Orange Line stops for easy access to north, south and west side locations and to Midway Airport.

In brief, there are very few locations in Chicago that offer a comparable mix of convenience and urban excitement.

1345 Wabash has one- and two-bedroom condominiums priced from the $220s. Floor plans, detailed specifications and more information can be found at the 1345 Wabash website. A sales center is open at 1620 S Michigan Ave.

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Countdown to Whole Foods at Streeter Place http://yochicago.com/countdown-to-whole-foods-at-streeter-place/36275/ http://yochicago.com/countdown-to-whole-foods-at-streeter-place/36275/#comments Fri, 29 Aug 2014 05:05:23 +0000 sponsored post http://yochicago.com/?p=36275

Residents at Streeter Place, a full-amenity luxury apartment tower, will soon have Whole Foods at the end of their block.

Whole Foods plans to open the first of the seven former Dominick’s stores it acquired at 255 E Grand Ave in Streeterville. The store’s opening is slated for next January.

In the meantime, Streeter Place residents have an upscale 7-Eleven a short block north and Treasure Island, which bills itself as “America’s most European supermarket,” a block further north.

Options for prepared food are even more convenient for Streeter Place residents.

The popular Yolk and Flour & Stone are in the building, and D4 is just across the landscaped plaza outside Streeter Place’s front door.

Today’s deal: $1,000 off the first month’s rent on studios, convertibles and 1-bedrooms, $1,500 off 2-bedrooms if a renter signs within 24 hours of their first viewing and moves in by September 25.

Available studios rent from $1,819 to$2,161, convertibles from $1,799 to $2,382, 1-bedrooms from $2,026 to $2,909, 2-bedrooms from $3,292 to $3,797 and 3-bedrooms from $5,473 to $6,110.

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Corner two-bedrooms with skyline views available at K2 http://yochicago.com/corner-two-bedrooms-with-skyline-views-available-at-k2/36258/ http://yochicago.com/corner-two-bedrooms-with-skyline-views-available-at-k2/36258/#comments Fri, 29 Aug 2014 05:04:23 +0000 sponsored post http://yochicago.com/?p=36258

Three two-bedroom, two-bath apartments are currently available in the 01 tier at K2, the new full-amenity luxury apartment tower in the Fulton River District. The units rent from $3,580 to $3,590 a month.

The 1,225 square-foot apartments boast an open plan with a living / dining area looking out onto spectacular skyline views through two walls of windows. The apartments have a large balcony.

Units have a high level of finishes, including nine-foot ceilings, large expanses of windows, stainless steel appliances, granite counter tops, plank flooring and in-unit washer / dryers. Master baths in the 01 apartments have double-bowl vanities and a separate tub and shower stall. The bedrooms are separated from each other for privacy.

Floor plans, prices and near real-time availability information can be accessed online.

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Looking down on River City http://yochicago.com/looking-down-on-river-city/36277/ http://yochicago.com/looking-down-on-river-city/36277/#comments Fri, 29 Aug 2014 05:02:02 +0000 Joe Zekas http://yochicago.com/?p=36277

The faint of heart home buyer might think that the only way to look at River City is down. We did that, but in a more literal way, when snapping the above photo from a neighboring South Loop high-rise.

When we checked in on River City condo prices back in January of 2011, some had been down nearly 80 percent.

The Bertrand Goldberg-designed building opened nearly 30 years ago with its atrium skylights leaking badly, and water has been an occasional presence in the building.

If you’re an adventurous, risk-oriented cash buyer you can spend some time trying to understand the asking prices of the units currently on the market at River City, a building that’s seen an inordinate number of foreclosures over the years.

A 13th-floor, 660 square-foot one-bedroom, with what appear to be the original kitchen cabinets and appliances that may be original, is asking $190,000. One floor higher, the 800 square-foot Unit 1402 has the same cabinets, and an asking price of $105,000. Go figure.

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167 West Erie apartments, 167 W Erie St, River North http://yochicago.com/167-west-erie-apartments-167-w-erie-st-river-north/36239/ http://yochicago.com/167-west-erie-apartments-167-w-erie-st-river-north/36239/#comments Thu, 28 Aug 2014 05:07:44 +0000 Joe Zekas http://yochicago.com/?p=36239

167 West Erie, 167 W Erie St, will be a 39-story, 450-unit apartment tower in Chicago’s River North neighborhood. The project will include ground-level retail space fronting Wells St.

The development received Plan Commission approval in August of 2014. Construction is anticipated to begin early in 2015, with completion slated for 2016.

Chicago-based Mac Management and Magellan Development are the developers of 167 West Erie. Loewenberg Architects is the architecture firm.

The building will replace the colorful Gino’s East Restaurant that formerly occupied part of the site.

The apartments

Details of the project’s unit mix are not yet available. Rents are estimated to be $3.40 a square foot, or $3,400 a month for a 1,000 square-foot apartment.

Views. The 167 West Erie tower will be on a north – south axis and surrounded by largely low-rise development, ensuring spectacular skyline views to the east, north and south, and a fairly unobstructed view corridor to the west.

Amenities, services, policies

Details of the amenities package are not yet available, but the building is likely to have extensive amenities to compete with the newer apartment towers in the area.

Preliminary renderings show a large sundeck with a pool and whirlpool atop the existing office building on the site.

The building will have 219 parking spaces in an on-site garage.

The location

167 West Erie is near the geographic center of River North, affording the location good proximity to the Gold Coast and Streeterville, and to the Loop.

Loyola University’s Water Tower campus, home to its law, business, education and communications schools, is a few blocks north and east of the property. Northwestern and Lurie Children’s hospitals are a short walk further east.

Shopping. 167 West Erie is a few short blocks from what Whole Foods bills as its “Gold Coast store” despite its River North location.

Walmart Express, which has a pharmacy, is a few blocks north west on Chicago Ave. Jewel-Osco and Trader Joe’s are also within a few blocks of 167 West Erie.

A number of convenience stores are nearby, as are Walgreens and CVS pharmacies.

Michigan Avenue’s Magnificent Mile shops and The Shops at North Bridge, anchored by Nordstrom, are a half-mile east.

Oak Street boutiques are a few blocks to the north. Big-box retail stores abound in the Clybourn Corridor, a mile northwest and a new Target is just over a half-mile northwest.

167 West Erie is on the cusp of the River North Gallery District, which has been shrinking in recent years but remains a scene worth visiting.

Dining, nightlife. 167 West Erie is a short walk from a dense array of dining and nightlife options in River North and the Gold Coast.

The immediate area is home to many of the venues that draw crowds of suburbanites, tourists and conventioneers to the area. Hooters and Ed Debevic’s are across the street on Wells. The Rainforest Café, Hard Rock Café, Portillo’s and Rock N Roll McDonald’s are nearby – and that’s just for starters.

On a more positive note, there are numerous neighborhood-oriented dining and nightlife options nearby that residents will find appealing.

Parks, recreation. River North is a park desert. 167 West Erie’s location, in the heart of the neighborhood, has poor proximity to public parks.

Transportation. Public transportation is good from an objective standpoint, but poor in comparison to most River North apartment locations.

The CTA Red Line stops Chicago Ave and Chicago Ave are about a 10-minute walk from 167 West Erie. The Brown and Purple Line stops at Chicago Ave and the Merchandise Mart are, respectively, a 5- and 8-minute walk away.

A variety of CTA bus routes traverse LaSalle St, Grand Ave and Chicago Ave within a short walk of 167 West Erie. The southbound #37 bus stops across the street and travels to the Merchandise Mart and on into the Loop.

The location has good access to I-90/94 and the city’s expressway grid via the Ontario St on-ramp, which is on the south side of the building.

Zipcar car sharing locations are within a block or two of the building. Taxi service is available 24/7. DIVVY bikes are available across the street.

The competition

You’ll find reviews of all of the River North apartment towers on YoChicago’s reviews page and additional nearby options on our at-a-glance list of Near North apartments.

We’ve spotlighted the best River North apartment buildings on each of 18 different criteria to make it easier for you to identify the one that’s best for you, based on the factors you prioritize.

167 West Erie in the news

More recent items are listed first.

  • Goodbye Gino’s East, Hello apartment tower
  • Developers stampede River North with apartment projects
  • Share your take on 167 West Erie

    If you have information about 167 West Erie to share, and are not a real estate agent, add your thoughts in a comment. Comments are moderated, and commercial messages are not allowed.

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    New Lakeview three-bedroom has two master suites, three full baths http://yochicago.com/new-lakeview-three-bedroom-has-two-master-suites-three-full-baths/36254/ http://yochicago.com/new-lakeview-three-bedroom-has-two-master-suites-three-full-baths/36254/#comments Thu, 28 Aug 2014 05:04:45 +0000 sponsored post http://yochicago.com/?p=36254

    There’s only one 3-bedroom apartment remaining for rent at Halsted Flats, the first new full-amenity high-rise built in Lakeview in nearly 30 years, and it’s special in a number of ways.

    For starters, all of the bedrooms are large, and two of them are master suites with walk-in closets and stall showers. There’s a third full bath with a tub directly opposite the third bedroom.

    Two of the bedrooms, and the living / dining area, open directly onto a large terrace that has direct access to the building’s sprawling, landscaped pool deck.

    The apartment, Unit 307, is available for immediate occupancy at $4,829 a month. The limited-time deal: free utilities for a year.

    Halsted Flats, which is nearly 80% leased, still has a variety of studio to 2-bedroom, 2-bath apartments available.

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    Echelon at K Station has the apartments and location you want http://yochicago.com/echelon-at-k-station-has-the-apartments-and-location-you-want/36251/ http://yochicago.com/echelon-at-k-station-has-the-apartments-and-location-you-want/36251/#comments Thu, 28 Aug 2014 05:02:01 +0000 sponsored post http://yochicago.com/?p=36251

    If you’re looking for a luxury high-rise apartment with great amenities, panoramic views, a full-service grocery across the street, a park next door, convenient access to public transportation and expressways, and tons of nearby restaurants, you’ll find everything you’re looking for at Echelon at K Station.

    Located at 353 N Desplaines St in the Fulton River District, Echelon has a number of 1-bedroom and 2-bedroom, 2-bath apartments available for immediate occupancy, and studios coming available shortly. Studios rent from $1,568, 1-bedrooms from $1,671 and 2-bedrooms from $2,741. Floor plans and near real-time availability info can be accessed online,

    All of the apartments have efficient floor plans, in-unit washer / dryers, kitchens with stainless steel appliances and granite countertops and floor-to-ceiling windows that open onto expansive views. Two-bedroom apartments feature private balconies.

    Visit our website for more information or, better yet, stop by our on-site leasing office for a personal tour.

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    Washington Park’s African Festival of the Arts http://yochicago.com/washington-parks-african-festival-of-the-arts/36263/ http://yochicago.com/washington-parks-african-festival-of-the-arts/36263/#comments Thu, 28 Aug 2014 05:01:17 +0000 Joe Zekas http://yochicago.com/?p=36263

    The 25th annual African Festival of the Arts kicks off tomorrow, August 29, and runs through Monday, September 1, in Washington Park, 51st and Cottage Grove.

    Hundreds of vendors participate in this popular event. In addition to the art, crafts and clothes, there’s music on several stages throughout the day, a wide array of food, and a good time for everyone. The festival is also the occasion for numerous family and social gatherings and reunions in the park.

    The park is a Chicago treasure, but the Washington Park neighborhood has been severely distressed in recent years. The city is considering a $25 million tax-increment financing proposal for part of the neighborhood to address some of the problems.

    You can see some of the park and the neighborhood in the YoChicago video, above, from 5 years ago, and see more of our photos of Washington Park and the African Festival of the Arts at Flickr.

    You can see 100s more of our aerial photos of Chicago at Flickr.

    If you visit the festival, set aside some time to explore the park.

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    Quiet foundations and breast cancer awareness at 1000 South Clark http://yochicago.com/quiet-foundations-and-breast-cancer-awareness-at-1000-south-clark/36224/ http://yochicago.com/quiet-foundations-and-breast-cancer-awareness-at-1000-south-clark/36224/#comments Wed, 27 Aug 2014 05:07:06 +0000 Joe Zekas http://yochicago.com/?p=36224

    Residents at AMLI 900 in the South Loop listened to nearly two months of steel striking steel as pilings were hammered into place last April and May to support the new AMLI Lofts immediately to the north.

    Residents who stayed on may have been dreading the start of construction for the new apartments at 1000 S Clark, immediately south of the building. Their concerns would have been unfounded: a very different technology for drilling the pilings is being deployed at 1000.

    When I stopped by yesterday an 80-foot high auger was, fairly quietly, drilling one of more than 100 pilings currently in place at the site. According to the drilling contractor’s website, the “pile is backfilled with grout through the hollow stem while retracting the auger.” For “grout,” read concrete.

    Previously installed pilings were being stress-tested by being subjected to extremely heavy loads.

    As I was leaving a muscular Mack truck arrived with a load of concrete and a very striking message promoting breast cancer awareness.

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    North Shore – Barrington area home price growth is moderating http://yochicago.com/north-shore-%e2%80%93-barrington-area-home-price-growth-is-moderating/36233/ http://yochicago.com/north-shore-%e2%80%93-barrington-area-home-price-growth-is-moderating/36233/#comments Wed, 27 Aug 2014 05:05:01 +0000 Joe Zekas http://yochicago.com/?p=36233

    The following arrived via a news release from the North Shore – Barrington Association of Realtors:

    Home prices on the North Shore continued to rise last month, but at a lower rate, reflecting the national picture. The medium home sale price in the North Shore – Barrington market increased 0.6 percent in July to $417,500, compared to $415,000 in July of 2013, according to data from the North Shore-Barrington Association of Realtors (NSBAR).

    Home price growth is moderating across the country. Data from the National Association of Realtors shows that year-over-year appreciation is now at its slowest pace since 2012.

    “A bit of slowdown in growth isn’t bad news,” says Jim Votanek, president of the North Shore-Barrington Association of Realtors and broker with @properties in Libertyville. “The slower but healthier rate allows homeowners to continue steadily building equity. For buyers, moderate price gains together with increased supply, means better opportunities to choose.”

    The inventory of homes for sale in the area is up, increasing 12.8 percent in July to 3,666. This represents a 5.9 month supply of inventory, nearing the 6 month supply considered a healthy equilibrium between buyers and sellers. The local supply of inventory has increased steadily each month in 2014, up from 3.3 months in January. New listings increased by 15.2 percent in July to 1,357 compared to 1,178 in July 2013.

    The time a home sat on the market in July was down to 72 days (a 22.3 percent decrease), compared to 92 days in July 2013. This is also the shortest number of days reported in 2014; down 11 percent from last month and down 39 percent from the 2014 peak of 119 days in March.

    A sixth straight month of 200,000-plus job growth nationally reinforced evidence that the U.S. economy is accelerating and, encouragingly, a higher proportion of July’s job gains were in higher-paying industries. The U.S. Department of Commerce reported GDP grew at a 4.0 percent annual rate in the second quarter and consumer spending is on the rise along with saving rates.

    “Increased saving rates means more resources for down payments,” says Votanek. “Continuing low interest rates coupled with private job growth acceleration at the higher end of the employment spectrum bodes well for our market.”

    Buyers are responding favorably to the stable market. “While there are buyers who think it’s still 2009, most are now making competitive offers,” says Martin Walsh, a broker with @properties in Winnetka. “The spring’s multiple offers have cooled but the cooling is seasonal and we expect to see a bump in activity before the holidays.”

    Across the North Shore-Barrington region, July 2014 housing market highlights include:

    Year-to-date – 2,758 detached single-family homes sold in the North Shore-Barrington market. In the majority of communities, sales for 2014 were down compared to a year ago but median sales prices were higher. Communities reporting an increase in sales year-to-date compared to July 2013 include: Bannockburn, Highwood, Mettawa, Northfield, Prairie View, Riverwoods, Skokie and Wilmette.

    Barrington area – 311 detached single-family homes sold year-to-date, down 7.7 percent compared to 337 detached single-family homes sold by July 2013. The median year-to-date sale price in July 2014 was $505,000, up 2.4 percent compared to $493,000 a year ago.

    Deerfield – 137 detached single-family homes sold year-to-date, down 14.4 percent compared to 160 detached single-family homes sold by July 2013. The median year-to-date sale price in July 2014 was $480,000, up 5 percent compared to $457,000 a year ago.

    Evanston – 235 detached single-family homes sold year-to-date, down 17.3 percent compared to 284 detached single-family homes sold by July 2013. The median year-to-date sale price in July 2014 was $499,000, up 3 percent compared to $484,550 a year ago.

    Golf-Glenview – 298 detached single-family homes sold year-to-date, down 4.8 percent compared to 313 detached single-family homes sold by July 2013. The median year-to-date sale price in July 2014 was $523,000 up 4.8 percent compared to $499,000 a year ago.

    Lake Forest – 155 detached single-family homes sold year-to-date, down 14.4 percent compared to 181 detached single-family homes sold by July 2013. The median year-to-date sale price in July 2014 was $775,000, up 0.6 percent compared to $770,000 a year ago.

    Northbrook – 231 detached single-family homes sold year-to-date, down 5.3 percent compared to 244 detached single-family homes sold by July 2013. The median year-to-date sale price in July 2014 was $510,000, up 6.8 percent compared to $477,717 a year ago.

    Skokie – 272 detached single-family homes sold year-to-date, up 0.4 percent compared to 271 detached single-family homes sold by July 2013. The median year-to-date sale price in July 2014 was $275,000, up 14.6 percent compared to $240,000 a year ago.

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    Lexington Homes kicks off pre-sales at Park Ridge Place http://yochicago.com/lexington-homes-kicks-off-pre-sales-at-park-ridge-place/36226/ http://yochicago.com/lexington-homes-kicks-off-pre-sales-at-park-ridge-place/36226/#comments Wed, 27 Aug 2014 05:04:45 +0000 sponsored post http://yochicago.com/?p=36226

    Lexington Homes has announced the start of pre-construction sales at Park Ridge Place, a gated community of 16 townhomes in north suburban Park Ridge. Construction will begin in September, with first deliveries slated for spring of 2015.

    Located on Dee Road, a quarter mile south of Touhy Ave, Park Ridge Place offers buyers upscale new-construction townhomes pre-construction priced from the $370,000s.

    Park Ridge Place shares popular floor plans with its sister community, Lexington Station in Morton Grove, which recently broke ground on 31 three-story townhomes and is already 75 percent sold. The two townhome plans offered at Park Ridge Place boast two or three bedrooms, 2 ½ baths, attached two-car garages, 1,758 or 1,913 square feet, and are base-priced at $374,990 and $389,990.

    “Park Ridge Place is in an outstanding location and offers outstanding value,” said Jeff Benach, co-principal of Lexington Homes. “Park Ridge is one of those rare Chicago suburbs that’s close to everything. It has good schools and easy access to a variety of shopping, entertainment, dining, expressways and public transportation options.”

    For residents with high school children, Park Ridge Place is within a quarter-mile of Maine South High School, which is well known for its academic, athletic and fine arts success as well as being the alma mater of former First Lady and US Secretary of State, Hillary Rodham Clinton.

    Sales for Park Ridge Place are temporarily being conducted out of the Lexington Station sales office located at 8342 Concord Drive in Morton Grove. For more information, or to make an appointment, visit the community’s website or call 847-232-7200.

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    What do you consider a penthouse? http://yochicago.com/what-do-you-consider-a-penthouse/36237/ http://yochicago.com/what-do-you-consider-a-penthouse/36237/#comments Wed, 27 Aug 2014 05:02:12 +0000 Joe Zekas http://yochicago.com/?p=36237

    It’s common for real estate agents to refer to the top floor of any residential building as a penthouse. It may be even more common for real estate buyers and renters to sneer at referring to the top floor of a 2- or 3-story building as a penthouse.

    Fifteen years ago, real estate agent Janet Owen was quoted in the Chicago Tribune as saying: “Ask 10 different people for their definition of a penthouse and you’ll get 10 different answers.”

    We like Owen’s take on the topic:

    It is at or near the top of a luxury building. It might be a duplex or all on one floor, with a terrace or with no outdoor space, but it is luxurious. It has views and it is unlike any other residence in the building. A penthouse has mystique.

    We also like the description of the penthouse pictured above as “a rooftop 18-room bungalow.”

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    Streeterville rental shootout – The Fairbanks vs Optima Center http://yochicago.com/streeterville-rental-shootout-%e2%80%93-the-fairbanks-vs-optima-center/36215/ http://yochicago.com/streeterville-rental-shootout-%e2%80%93-the-fairbanks-vs-optima-center/36215/#comments Tue, 26 Aug 2014 05:07:41 +0000 Joe Zekas http://yochicago.com/?p=36215

    Optima Center is a new rental tower at 200 E Illinois in Streeterville. The Fairbanks, just to the east at 240 E Illinois, is a six-year old condo building. There are currently MLS-listed 2-bedroom, 2-bath units available in both buildings.

    Unit 2901 at Optima Center spans 1,217 square feet and is listed at $3,985 a month. The 1,361 square foot Unit 1506 at The Fairbanks is listed at $3,200 a month and Unit 2008, 1,400 square feet, at $3,750.

    There are as many similarities as differences among the units – enough to make comparisons interesting and enough pluses for each to make picking a clear winner impossible. Optima Center has all-electric kitchens while there are gas ranges at The Fairbanks. The Fairbanks units have balconies; Optima Center’s lack private outdoor space and bathtubs. Views may be the deciding factor for some.

    Optima Center has an indoor pool and a superior amenities package. The Fairbanks has a full suite of amenities, but has only a small outdoor pool.

    Budget, of course, will be the determining factor for many renters: there’s a $785 a month difference between the smaller Fairbanks unit and the unit listed at Optima Center.

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    A spacious light-filled landmark on Astor Street http://yochicago.com/a-spacious-light-filled-landmark-on-astor-street/36217/ http://yochicago.com/a-spacious-light-filled-landmark-on-astor-street/36217/#comments Tue, 26 Aug 2014 05:06:42 +0000 sponsored post http://yochicago.com/?p=36217

    The Edwin J Gardiner house, 1345 N Astor St, was built in 1887 and is listed on the National Register of Historic Places.

    The 14-room, 5-bedroom, 5 ½ bath Gold Coast home has east, west and south exposures, large windows and multiple skylights that flood the home with natural light.

    The home has been beautifully reconstructed and boasts something rare among Astor Street mansions – a view of Lake Michigan.

    The home recently came on the market for $3,000,000.

    Matt, who grew up in the home, is your tour guide, along with listing agent Meladee Hughes of Coldwell Banker.

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    Will luxury high-rise dwellers be shivering in September? http://yochicago.com/will-luxury-high-rise-dwellers-be-shivering-in-september/36213/ http://yochicago.com/will-luxury-high-rise-dwellers-be-shivering-in-september/36213/#comments Tue, 26 Aug 2014 05:04:48 +0000 Joe Zekas http://yochicago.com/?p=36213

    Chicagoans experienced cooler than normal temperatures in July, and the Farmer’s Almanac is predicting a cold winter.

    Anyone who’s lived in Chicago for any length of time is keenly aware of how volatile temperatures can be. New residents of “luxury” high-rises, however, are often unaware that may not be able turn on the heat when the temperature plunges or summon cool air when it soars.

    A surprising number of luxury high-rises have 2-pipe heating and cooling systems that deliver either hot or cold water to the units, where fans distribute heated or cool air. It can take as long as several days to switch a 2-pipe system from cold to hot or hot to cold.

    Some buildings with 2-pipe systems have electric auxiliary heating coils (pdf) that enable heat to be generated when the system is delivering chilled water. Condo assessments that include heat in a 2-pipe system typically do not include the cost of electricity for the auxiliary heating coils.

    When you’re paying $1 million or more for a luxury condo or thousands a month for an apartment, you might take hot and cool air on demand for granted. If you’re moving to a building with a 2-pipe system, you can’t. Know what to expect before you buy or rent.

    http://yochicago.com/will-luxury-high-rise-dwellers-be-shivering-in-september/36213/feed/ 0
    Rental service lies – the largest database of apartments http://yochicago.com/rental-service-lies-%e2%80%93-the-largest-database-of-apartments/36219/ http://yochicago.com/rental-service-lies-%e2%80%93-the-largest-database-of-apartments/36219/#comments Tue, 26 Aug 2014 05:02:28 +0000 Joe Zekas http://yochicago.com/?p=36219

    If you scan help wanted ads for Chicago rental services at Craigslist, or visit their websites, you’ll find a number of them claiming to have the largest database of apartments. For all but one, it’s an untruth.

    Almost all of the rental service do have access to the largest database of rentals – the local Multiple Listing Service. And almost all of them won’t show you MLS-listed properties. The reason is simple: unless they have the listing, which they rarely do, they’ll have to split the commission with the listing agent. Managed apartment buildings, on the other hand, typically pay a full month’s rent as a commission, and some pay more when they have a number of vacancies to fill.

    Many of the rental agents are also unfamiliar with the process of renting MLS-listed homes and condos and shy away because of the extra work that’s often involved. Given the choice of working harder for less money, or finding a renter the best deal, few rental agents will put a renter’s interest above their own.

    MLS-listed homes and condos often offer better value for renters than managed apartment buildings, and they’re infrequently advertised on Craigslist. Contact an agent at one of the large, reputable, full-service brokerage firms if you want exposure to these properties.

    http://yochicago.com/rental-service-lies-%e2%80%93-the-largest-database-of-apartments/36219/feed/ 0
    The distinct sub-neighborhoods of River North http://yochicago.com/the-distinct-sub-neighborhoods-of-river-north/36209/ http://yochicago.com/the-distinct-sub-neighborhoods-of-river-north/36209/#comments Mon, 25 Aug 2014 05:07:35 +0000 Joe Zekas http://yochicago.com/?p=36209

    River North is bounded by Michigan Ave, Chicago Ave and the Chicago River. It’s a sub-neighborhood of the Near North Side community area.

    Unlike most neighborhoods its size, River North has no sub-neighborhoods of its own. One possible exception, recognized by some, is the Cathedral District – the area bounded by Michigan Ave, Ontario St, Chicago Ave and State St.

    River North’s current desirability and success make it unlikely that real estate agents and developers, the driving force behind most new neighborhood names, will subdivide it into smaller areas.

    Although they have no names, River North has three very different sub-neighborhoods.

    The area from State St east to Michigan Ave is dominated by hotels, office towers, high-end shops and posh residential high-rises stretching north from the Trump Tower.

    The central part of River North, from State St west to the El tracks, is very much a mixed bag that’s home to an eclectic mix of buildings and uses, and is most recognizable by its destination restaurants and clubs.

    West of the El tracks River North becomes a largely residential enclave, with little retail / commercial development north of the Merchandise Mart, but with a solid contingent of restaurants scattered about.

    If you’re considering a move to River North, explore the different sub-neighborhoods to develop a comfort level with the vibe in each of them.

    http://yochicago.com/the-distinct-sub-neighborhoods-of-river-north/36209/feed/ 1
    From the vault – Sweet Home Chicago, Fall 1988 http://yochicago.com/from-the-vault-%e2%80%93-sweet-home-chicago-fall-1988/36203/ http://yochicago.com/from-the-vault-%e2%80%93-sweet-home-chicago-fall-1988/36203/#comments Mon, 25 Aug 2014 05:05:12 +0000 Joe Zekas http://yochicago.com/?p=36203

    YoChicago started in business in 1987 as a weekly real estate newspaper called the Real Estate Profile and, later, Apartments & Homes.

    Among other activities we ran five home shows, most recently at Navy Pier in 1989, where we drew a crowd of nearly 20,000 over a 3-day period.

    Join us for a nostalgic look at our Fall 1988 Sweet Home Chicago show. The show drew more than 7,000 visitors to North Pier to meet more than 100 exhibitors ranging from real estate brokers to home lenders to architectural hardware vendors to developers and more. In 1988 River East was positioned as an indoor shopping mall. It’s currently in the process of converting to loft apartments.

    Our sponsors included Chicago Brass, Citicorp Savings, MCL Development, Jameson Real Estate, Chicago Title & Trust and Chicago Magazine.

    The show’s venue, North Pier, was positioned as an indoor shopping mall. It became known as River East, was reconceived several times, and is currently being converted to loft apartments.

    We were a proponent of real estate video more than 25 years ago, and our commitment to it has only grown, with more than 2,600 videos available on our primary YouTube channel.

    http://yochicago.com/from-the-vault-%e2%80%93-sweet-home-chicago-fall-1988/36203/feed/ 0
    Condominium review, 2650 Lakeview, Lincoln Park http://yochicago.com/condominium-review-2650-lakeview-lincoln-park/36190/ http://yochicago.com/condominium-review-2650-lakeview-lincoln-park/36190/#comments Mon, 25 Aug 2014 05:04:43 +0000 Joe Zekas http://yochicago.com/?p=36190

    2650 Lakeview is a 44-story, 398-unit full-amenity contemporary high-rise at 2650 N Lakeview in Lincoln Park. It’s easily recognizable by its strong vertical risers and bay windows.

    The building was built in 1972 as a rental building, and was converted to condominiums in 1979.

    The architect for the building was Loebl, Schlossman, Bennett & Dart and the general contractor was McHugh Construction.

    The apartments

    2650 Lakeview has a variety of studio, 1-, 2- and 3-bedroom floor plans with 1 to 3 baths.

    The apartments have been renovated by owners over the years in a wide variety of styles, but they share some common characteristics: floor-to-ceiling windows, bay windows, relatively spacious and efficient layouts, good closet space and all-electric kitchens.

    Ceiling heights are typical of 70s-era construction, i.e. lower than what you’ll find in most new construction condos. None of the units have balconies.

    Views. The building is oriented on an east-west axis. The southeast corner units enjoy the best views over the park and lake.

    The building’s floor-to-ceiling windows and bay windows afford decent views of the park and lake from most of the units. West-facing units have good view corridors looking over the city.

    Recent selling prices. Studio prices have ranged upward from the mid-$100s, 1-bedrooms from the low $200s, 2-bedrooms from the low $300s and 3-bedrooms from the $600s.

    Amenities, services, policies

    2650 Lakeview has one of the most extensive suites of common-area amenities among Lincoln Park condo buildings.

    There’s a nice-sized indoor pool on the top floor that opens to a west-facing sundeck. The only other Lincoln Park condo with an indoor pool is Lincoln Park 2550, a nearby luxury building.

    There’s also a large top-floor sundeck on the east side of the building, with great views over the park and lake.

    There’s a community room with a catering kitchen adjacent to the east sundeck.

    The building also has a well-equipped fitness room, a sauna, and two tennis courts. Storage lockers are available for residents. There’s also an on-site valet / cleaners.

    Management, services. The building is professionally managed by Sudler Property Management and has 24/7 door staff.

    Parking. Parking spaces in the attached garage can be rented on a monthly basis.

    Pets. 2650 Lakeview does not allow pets.

    Assessments. Monthly assessments include heat, air-conditioning and basic cable service. As of late August there were no special assessments outstanding.

    Finances, litigation. Information about the building’s financial condition is unavailable at this time. There was no litigation pending on behalf of or against the condo association as of August 23, 2014.

    Leasing. Owners are permitted to lease once in a twelve-month period. Leases are subject to processing, application and move-in / move-out fees. The association does not have a right of first refusal on leases.

    Governing documents. Copies of the building’s governing documents are available for purchase online.

    The location

    2650 Lakeview is on a residential street that directly fronts a tranquil part of Lincoln Park, the park. It’s an attractive, convenient location close to a wide selection of bars, restaurants and neighborhood shops.

    Shopping. 2650 Lakeview has good proximity to grocery shopping, beginning with a small convenience store in the building.

    The Market Place, a spot that draws mixed reviews, and a 7-Eleven are a block north on Diversey.

    Trader Joe’s on Diversey and Walmart Neighborhood Market on Broadway are a few short blocks from the building. The Walmart has a pharmacy.

    There’s a flagship Walgreens at Clark and Diversey.

    Affordable Portables, Discount Mattress and Bed Bath & Beyond are a short walk away.

    Dining, nightlife, entertainment.
    There’s a good selection of bars and restaurants along Clark, Broadway and Diversey, and nearby in the park.

    Dunlay’s, The Edge and The Wiener’s Circle are a few of the many venues in a blocks-long strip along Clark St, two short blocks west of 2650 Lakeview.

    Duffy’s Tavern, Pars Cove and Miss Asia are just a few of the venues you’ll find clustered along Diversey, a block north of 2650 Lakeview.

    Chipotle, Starbucks, Potbelly, Panera and Yolk are also on Diversey, just north and west of 2650 Lakeview.

    Grill in the Park is a little-noticed spot to grab a quick bite when the weather’s good. North Pond is a highly-rated restaurant in a beautiful setting steps from 2650 Lakeview.

    Century Centre Cinema is just north of Diversey on Clark St.

    Parks, recreation.
    Lincoln Park has too many attractions to list.

    The Zoo, the Conservatory and its gardens, the landmark Alfred Caldwell Lily Pool, the Peggy Notebaert Nature Museum and other Lincoln Park draws are all within a half-dozen blocks of the building.

    The peaceful North Pond and a popular children’s playground are almost directly across from 2659 Lakeview.

    Active recreation opportunities are abundant, some of them unexpected. Fly fishing lessons, for example, are available at nearby North Pond in the park and the golf driving range at Diversey is open year-round. There are clay tennis courts and miniature golf adjacent to the driving range.

    Diversey Harbor is a short walk from the building.

    The park also offers endless opportunities for quiet relaxation.

    Transportation. 2650 Lakeview’s access to public transportation is good, but not great.

    The #151 bus is one of several routes that connect to the Loop via stops in the park just east of 2650 Lakeview. The #22 Clark and #36 Broadway buses are three short blocks west, and also connect to the Loop.

    The nearest CTA train stop, at Diversey, is about an 18-minute walk from 2650 Lakeview, but it can also be reached via the #76 bus along Diversey.

    Taxi service is nearly always available near the building. Several Zipcar car-sharing locations are nearby.

    Access to I-90/94 and the city’s expressway grid is inconvenient, and can be a source of major misery during peak hours.

    Similar buildings

    Lincoln Park, the park, is bordered by a number of high-rise condo buildings. We’ll bring you links to their reviews as they become available, and begin a discussion of the comparative merits of the buildings.

    Share your take on 2650 Lakeview

    If you’ve lived at or visited 2650 Lakeview, and are not a real estate agent, add your thoughts in a comment. Comments are moderated, and commercial messages are not allowed.

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    Lakeview East apartments double down on dog-friendliness http://yochicago.com/lakeview-east-apartments-double-down-on-dog-friendliness/36207/ http://yochicago.com/lakeview-east-apartments-double-down-on-dog-friendliness/36207/#comments Mon, 25 Aug 2014 05:02:00 +0000 sponsored post http://yochicago.com/?p=36207

    Dog-friendly apartments aren’t easy to find in the popular Lakeview East neighborhood.

    Planned Property owns and manages a range of dog-friendly Lakeview East buildings, from courtyards to high-rises, and is continually looking for ways to make the buildings more welcoming to pet owners.

    A private, gated dog run was recently added at 515 W Briar, a midrise building, and another is nearing completion at 632 W Addison, a courtyard. Both buildings feature studio and one-bedroom apartments and welcome dogs up to 40 pounds.

    You can save up to $200 off your first month’s rent when you book an appointment online.

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

    http://yochicago.com/lakeview-east-apartments-double-down-on-dog-friendliness/36207/feed/ 0
    A view over Streeterville’s busiest new apartment block http://yochicago.com/a-view-over-streetervilles-busiest-new-apartment-block/36178/ http://yochicago.com/a-view-over-streetervilles-busiest-new-apartment-block/36178/#comments Fri, 22 Aug 2014 05:08:17 +0000 Joe Zekas http://yochicago.com/?p=36178

    You can see a drilling rig and caissons on the far end of the large site in the foreground in the above picture. Construction is apparently underway on 545 N McClurg Ct, a 44-story, 490-unit apartment tower, office space and ground-level retail.

    Construction has also begun on the conversion of the River East Art Center building, 445 E Illinois, into 285 loft apartments.

    At the east end of the park Related Midwest is proposing a new residential tower, and a site directly across from that tower has the potential for more than 340,000 square feet of residential or office development. That tower would be immediately west of Related’s recently-completed 500 Lake Shore Drive apartments.

    You can see all of the new downtown apartment projects that are proposed or underway on our at-a-glance list.

    http://yochicago.com/a-view-over-streetervilles-busiest-new-apartment-block/36178/feed/ 0
    A wonderful Bucktown home that’s large yet cozy http://yochicago.com/a-wonderful-bucktown-home-thats-large-yet-cozy/36176/ http://yochicago.com/a-wonderful-bucktown-home-thats-large-yet-cozy/36176/#comments Fri, 22 Aug 2014 05:06:26 +0000 sponsored post http://yochicago.com/?p=36176

    When you arrive at 1614 N Leavitt in Bucktown you’ll feel like you’re at a home built in the late 1800s. In fact, the home is less than 10 years old but is a wonderful recreation of an architecturally distinctive period piece.

    Every element in the home is of artisan quality and a high level of craftsmanship. The home boasts 4 bedrooms, 3 ½ baths, a 2.5-car garage, a butler’s pantry, a kitchen with a built-in banquette and adjacent family room, a second family room in the lower level along with a library.

    Several levels of the home open to beautifully-landscaped outdoor areas with an immense amount of character and charm.

    The home is listed for sale at $1,840,000.

    Joe Schiller
    of Berkshire Hathaway Koenig Rubloff is your tour host in the video.

    http://yochicago.com/a-wonderful-bucktown-home-thats-large-yet-cozy/36176/feed/ 0
    Checking out a one-bedroom apartment in Streeterville http://yochicago.com/checking-out-a-one-bedroom-apartment-in-streeterville/36180/ http://yochicago.com/checking-out-a-one-bedroom-apartment-in-streeterville/36180/#comments Fri, 22 Aug 2014 05:04:33 +0000 Joe Zekas http://yochicago.com/?p=36180

    I stopped by Streeter Place yesterday, for my first look at the model apartments. Streeter Place is a 54-story, 480-unit full-amenity apartment tower at 355 E Ohio St in Streeterville. It was completed in 2009.

    The “I” model is an east-facing one-bedroom that spans 846 square feet.

    The model was furnished in a minimalist style that puts the focus on the wood-look floors and draws attention to the space-expanding floor-to-ceiling windows that look out over an adjacent park toward Lake Michigan.

    The apartment has a spacious bath, and an oversized vanity with drawers for storage.

    The bedroom is large enough to accommodate a seating area or a desk for a home office.

    The full-size in-unit washer / dryer is conveniently located adjacent to the bedroom.

    Available “I” apartments rent from $2,096 to $2,742. Other one-bedrooms range in price from $2,036 to $3,569. Apartments in the building range from studios to three-bedroom, two-baths.

    Streeter Place is currently offering a discount of $1,000 on the first month’s rent for studio, convertible and one-bedroom apartments, and $1,500 for two-bedrooms. To qualify, a renter must complete an application within 24 hours of their first visit.

    Streeter Place is close to the lake and Magnificent Mile shops, to grocery shopping, and to a wide array of restaurants, bars, parks and cultural attractions.

    Streeter Place is also a short walk from Northwestern University’s downtown campus and the Northwestern hospitals. Streeter Place credits its $400 admin fee toward the first month’s rent for Northwestern employees pursuant to its Preferred Employer Program.

    Note: Streeter Place is a YoChicago advertiser.

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    Only one studio left at Lakeview’s new Halsted Flats http://yochicago.com/only-one-studio-left-at-lakeviews-new-halsted-flats/36184/ http://yochicago.com/only-one-studio-left-at-lakeviews-new-halsted-flats/36184/#comments Fri, 22 Aug 2014 05:02:32 +0000 sponsored post http://yochicago.com/?p=36184

    Halsted Flats is the first new full-amenity rental high-rise built in Lakeview in nearly 30 years, and it’s been renting rapidly since it opened in the spring.

    The studio apartments at Halsted Flats have been especially popular and only one remains available for rent. Unit 1118 offers 550 square feet of space and is priced at $1,851 a month. The layout has a separate sleeping alcove for privacy, wood-look floors, a large bath, and an in-unit washer / dryer.

    Floor plans and near real-time availability information for Halsted Flats can be accessed online.

    http://yochicago.com/only-one-studio-left-at-lakeviews-new-halsted-flats/36184/feed/ 0
    Chicago ranks highest in distressed property sales http://yochicago.com/chicago-ranks-highest-in-distressed-property-sales/36173/ http://yochicago.com/chicago-ranks-highest-in-distressed-property-sales/36173/#comments Thu, 21 Aug 2014 05:08:27 +0000 Joe Zekas http://yochicago.com/?p=36173

    The following arrived via news release from CoreLogic:

    Distressed sales (REO and short sales) accounted for 11.4 percent of total home sales in June, the lowest share since December 2007 and a strong improvement from the same time a year ago when this category made up 15.8 percent of total sales. Within this category, REO sales made up 7.2 percent of total home sales, and short sales made up 4.2 percent of total sales in June.

    At its peak, the distressed sales share totaled 32.5 percent of all sales in January 2009, with REO sales making up 28 percent of that share. The more recent shift away from REO sales is a driver of improving home prices, as REOs typically sell at a larger discount compared to healthy sales than do short sales. There will always be some amount of distress in the housing market, so one would never expect a 0-percent distressed sales share, but the pre-crisis share of distressed sales was traditionally about 2 percent.

    Michigan had the largest share of distressed sales of any state at 27 percent in June, followed by Illinois (24.1 percent), Florida (23.6 percent), Nevada (22.7 percent) and Georgia (20.7 percent). California experienced a 14.6-percentage point drop in the distressed sales share, the largest of any state.

    Of the largest 25 Core Based Statistical Areas (CBSAs) based on population, Chicago-Naperville-Arlington Heights, Ill. had the largest share of distressed sales at 27.4 percent, followed by Miami-Miami Beach-Kendall, Fla. (26.4 percent), Orlando-Kissimmee-Sanford, Fla. (24.8 percent), Tampa-St. Petersburg-Clearwater, Fla. (24.6 percent) and Las Vegas-Henderson-Paradise, Nev. (23.9 percent). Sacramento-Roseville-Arden-Arcade, Calif. had the largest drop in its distressed share, falling by 17.1 percentage points from 33.1 percent in June 2013 to 16.1 percent in June 2014.

    http://yochicago.com/chicago-ranks-highest-in-distressed-property-sales/36173/feed/ 0
    K2 Apartments, a short walk from Chicago’s hottest neighborhoods http://yochicago.com/k2-apartments-a-short-walk-from-chicagos-hottest-neighborhoods/36162/ http://yochicago.com/k2-apartments-a-short-walk-from-chicagos-hottest-neighborhoods/36162/#comments Thu, 21 Aug 2014 05:05:40 +0000 sponsored post http://yochicago.com/?p=36162

    K2 Apartments, the new luxury tower at 365 N Halsted St in Chicago’s Fulton River District, has a keystone location that affords quick pedestrian access to the city’s hottest neighborhoods.

    The West Loop, River West and River North – the neighborhoods adjacent to K2 – are all just a few minutes’ walk away, and they’re all seeing explosive development surges. The number of new restaurants, retail, office, nightlife and residential projects in the neighborhoods near K2 is impressive.

    Join us in the video, shot nearly 6 months ago, for a quick look at K2 and some of what’s happening in its immediate area.

    http://yochicago.com/k2-apartments-a-short-walk-from-chicagos-hottest-neighborhoods/36162/feed/ 0
    Attend the Bash on Wabash, and check out Park Michigan Apartments http://yochicago.com/attend-the-bash-on-wabash-and-check-out-park-michigan-apartments/36165/ http://yochicago.com/attend-the-bash-on-wabash-and-check-out-park-michigan-apartments/36165/#comments Thu, 21 Aug 2014 05:03:58 +0000 sponsored post http://yochicago.com/?p=36165

    The 1300 block of South Wabash Ave is one of the best restaurant and bar destinations in downtown Chicago. It’s also just a block south of the Park Michigan Apartments, 1212 S Michigan Ave, in the South Loop.

    Starting at 13th and Wabash, a few steps south will take you to Gioco, Zapatista, Asian Outpost, Flo & Santos and The Scout.

    This weekend, August 23rd and 24th, the 11th Annual Bash on Wabash will be held on the 1300 and 1400 blocks of Wabash. You can enjoy two days of food, music and fun and scope out the apartments at Park Michigan. The CTA Red, Orange and Green line stops at Roosevelt Rd are just west of Park Michigan.

    Park Michigan has some of the most affordable high-rise luxury apartments in downtown Chicago. Available studios start at $1,450, one-bedrooms at $1,641 and two-bedroom, two-baths at $2,116.

    http://yochicago.com/attend-the-bash-on-wabash-and-check-out-park-michigan-apartments/36165/feed/ 0
    See classic cars and classic homes in Bridgeport this weekend http://yochicago.com/see-classic-cars-and-classic-homes-in-bridgeport-this-weekend/36167/ http://yochicago.com/see-classic-cars-and-classic-homes-in-bridgeport-this-weekend/36167/#comments Thu, 21 Aug 2014 05:02:13 +0000 sponsored post http://yochicago.com/?p=36167

    The St Barbara Classic Car Show will be held this Saturday, August 23, from 9 am to 4 pm, at 2859 S Throop St in Bridgeport. The event will feature classic show cars, antiques, custom hot rods and muscle cars. Car owners pay a fee to exhibit, but the event is free to viewers.

    The Bridgeport homes at Lexington Place are in a classic Chicago style. They have the friendly, familiar, welcoming feel that marks a great neighborhood.

    The first phase, pictured above, sold quickly. Lexington Place 2 is now offering 19 new, spacious single-family homes at 37th Pl and S Sangamon St in a quiet location that’s been transformed by Lexington Homes, one of Chicagoland’s most experienced home builders.

    Lexington Place 2 homes will boast extra-wide, extra-deep lots, rambling front porches, high ceilings, family-sized kitchens and great rooms, hardwood floors, granite countertops, back yards, a full finished basement and 2 or 3 car garages. Prices for the 3- to 6-bedroom, 2 ½ to 3 ½ bath homes begin at $489,990.

    The sales office for Lexington Place 2 will be open Saturday from 10 until 5.

    http://yochicago.com/see-classic-cars-and-classic-homes-in-bridgeport-this-weekend/36167/feed/ 0
    New lofts underway in Streeterville http://yochicago.com/new-lofts-underway-in-streeterville/36156/ http://yochicago.com/new-lofts-underway-in-streeterville/36156/#comments Wed, 20 Aug 2014 05:07:41 +0000 Joe Zekas http://yochicago.com/?p=36156

    Building permits have been issued and work has begun on the conversion of the former River East Art Center building at 445 E Illinois into 285 loft apartments.

    Preliminary signage has been posted on the site. A website is expected to go live in about a week, and pre-leasing activity will begin shortly.

    The development will have first-floor commercial space, extensive common-area amenities, and high-end apartment finishes. First occupancies are being targeted for year-end – an ambitious schedule.

    The new lofts will bring a markedly different product to the Streeterville market, where rentals consist almost exclusively of high-rise apartments. The building has an attractive location fronting Ogden Slip on the south and a park on the north.

    An affiliate of Group Fox is the developer. We’ll provide more details as they become available.

    http://yochicago.com/new-lofts-underway-in-streeterville/36156/feed/ 1
    Assembling the South Loop’s newest condos http://yochicago.com/assembling-the-south-loops-newest-condos/36158/ http://yochicago.com/assembling-the-south-loops-newest-condos/36158/#comments Wed, 20 Aug 2014 05:05:50 +0000 sponsored post http://yochicago.com/?p=36158

    The site of 1345 Wabash, the first new condo development built in the South Loop in years, is currently a busy staging area for skilled trades shaping and assembling a bewildering variety of forms and materials.

    The end result of all the activity will be a sleek building that makes a distinctive statement in the neighborhood, and betrays no trace of the complexity of its construction.

    CMK Realty’s Scott Hoskins reports that sales have been brisk. “The buyers have been owner-occupants who have been excited about 1345′s outstanding location, design and finishes, our exceptional pricing, and the opportunity for near-term occupancy.”

    1345 Wabash has one- and two-bedroom condominiums priced from the $220s. A sales and design center is open at 1620 S Michigan Ave.

    http://yochicago.com/assembling-the-south-loops-newest-condos/36158/feed/ 0
    Has condo pricing gone off the rails again? http://yochicago.com/has-condo-pricing-gone-off-the-rails-again/36160/ http://yochicago.com/has-condo-pricing-gone-off-the-rails-again/36160/#comments Wed, 20 Aug 2014 05:03:15 +0000 Joe Zekas http://yochicago.com/?p=36160

    Lately I’ve been seeing nearly identical new condominiums – in some cases from the same developer – selling for similar prices in locations that I consider to differ widely in value.

    It’s possible, of course, that I’m misjudging the appeal and underlying value of the locations I’m comparing. I don’t think that’s the case. It’s more likely, in my opinion, that buyers are paying speculative prices based on a shortage of new construction homes.

    When Chicago real estate goes into one of its periodic and inevitable down cycles, the price of condos in less desirable locations will plunge, while the stronger locations will decline relatively less in price.

    http://yochicago.com/has-condo-pricing-gone-off-the-rails-again/36160/feed/ 2
    Apply for the 21st Annual Chicago Neighborhood Development Awards http://yochicago.com/apply-for-the-21st-annual-chicago-neighborhood-development-awards/36154/ http://yochicago.com/apply-for-the-21st-annual-chicago-neighborhood-development-awards/36154/#comments Wed, 20 Aug 2014 05:02:46 +0000 Joe Zekas http://yochicago.com/?p=36154

    Applications are now open for the 21st Annual Chicago Neighborhood Development Awards (CNDA).

    The CNDAs recognize innovation and best practices in neighborhood development. Established in 1995, the awards “recognize and honor the outstanding achievements in neighborhood real estate development and community building, as well as the essential role that both non-profit and for-profit developers play in working to build healthier neighborhoods throughout Chicago. ”

    The deadline for submissions, which must be made online, is September 11, 2014, at 5 pm.

    The video above is from Harvest Commons, which won the 2014 1st Place Driehaus Award for Architectural Excellence. You can check out the winners from the past 20 years at the CNDA website.

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    An updated look at nine new Near North Side apartment projects http://yochicago.com/an-updated-look-at-nine-new-near-north-side-apartment-projects/36140/ http://yochicago.com/an-updated-look-at-nine-new-near-north-side-apartment-projects/36140/#comments Tue, 19 Aug 2014 05:07:39 +0000 Joe Zekas http://yochicago.com/?p=36140

    Yesterday we stopped by nine of the new apartment projects that are in various stages of completion on Chicago’s Near North Side. The nine projects include a total of nearly 2,000 apartments. Three additional Near North Side projects, with a total of 1,140 units, are on the Plan Commission agenda for this Thursday, and neighborhood projects in the pipeline could add several thousand more apartments.

    The 510-unit apartment tower at Wolf Point, above, is just beginning to rise out of the ground. Completion is expected toward the latter part of next year.

    Jones Chicago, 220 W Illinois, is topped out, mostly closed-in and is targeting a fall 2014 opening for its 188 apartments. Floor plans are online (without room dimensions), but pricing has not been made available yet.

    The site has been cleared for an 11-story mixed-use building with 51 apartments at 707 N Wells.

    The 295-unit tower at 805 N LaSalle and the 367-unit building at 845 N State are both slated for 2015 occupancy.

    The 6-story, 23-unit building at 858 N Franklin is nearly ready for occupancy.

    The 106-unit apartment complex at 459 W Division has caisson drilling rigs onsite. The project is part of the Parkside of Old Town development.

    The tower crane was recently completed for the 240-unit apartment tower under construction at 625 W Division.

    The New City development at Halsted and Clybourn will include a 196-unit apartment tower and several hundred thousand square feet of retail and office space.

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    A corner two-bedroom with a great balcony at Astoria Tower http://yochicago.com/a-corner-two-bedroom-with-a-great-balcony-at-astoria-tower/36146/ http://yochicago.com/a-corner-two-bedroom-with-a-great-balcony-at-astoria-tower/36146/#comments Tue, 19 Aug 2014 05:05:34 +0000 sponsored post http://yochicago.com/?p=36146

    The two-bedroom, two-bath apartments with downtown views at Astoria Tower in the South Loop have been one of the popular building’s most sought-after floor plans. One of them is currently available for September 29 occupancy, renting for $2,645 a month.

    The apartment has a split-bedroom layout that’s ideal for roommates or a home office. Both bathrooms have stall showers and the master also has a tub and an oversized vanity. The apartment has ample closet space, in-unit washer / dryer, hardwood floors in living areas and condo-quality finishes. The apartment also has floor-to-ceiling windows and a sprawling 30-foot wide balcony.

    YoChicago singled out the layout as the South Loop’s best two-bedroom floor plan.

    Astoria Tower is a full-amenity building in a very walkable location. Visit the webiste for more information.

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    Don’t play rookie roulette with a random rental service http://yochicago.com/dont-play-rookie-roulette-with-a-random-rental-service/36149/ http://yochicago.com/dont-play-rookie-roulette-with-a-random-rental-service/36149/#comments Tue, 19 Aug 2014 05:03:59 +0000 Joe Zekas http://yochicago.com/?p=36149

    Chicago’s rental services are high-turnover operations. New agents are suckered in by promises of high pay, a fun working environment and a clear career path. Almost all of them quickly learn that the business offers little compensation, is no fun and is a dead-end career that very few persevere in.

    High turnover means that many renters wind up working with rookie agents who don’t know the neighborhoods, don’t know the relative value of the apartments they’re showing, don’t understand how unscrupulous their employers may be, and don’t understand the process well enough to ensure that renters get the apartments they apply for in a straightforward fashion.

    Renters are ultimately paying the cost of a rental service, and they should insist on working with an agent who has at least two years’ experience and has been properly licensed for that length of time. It’s easy to check an individual’s licensing status and tenure at the IDFPR database. Select “Real estate” from the Board list.

    There’s no guarantee of competence or integrity when you work with an experienced, licensed rental service agent –but at least they’re likely to be able to find their way around the city and have some familiarity with what you can afford and the apartments you qualify for.

    It’s a sad fact that a number of rental service agents have criminal records. Research the individual you decide to work with before your appointment. You may or may not feel comfortable getting in a car and going to vacant apartments with someone who’s been convicted of dealing drugs or domestic battery.

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    View the Gold Coast’s best pool party http://yochicago.com/view-the-gold-coasts-best-pool-party/36138/ http://yochicago.com/view-the-gold-coasts-best-pool-party/36138/#comments Tue, 19 Aug 2014 05:02:10 +0000 sponsored post http://yochicago.com/?p=36138

    Planned Property sponsors a series of resident appreciation events throughout the year at 1120 North LaSalle, but the most-anticipated is the annual pool party. We think it’s the Gold Coast’s best pool party and hope you agree after watching the video.

    Studio, one- and two-bedroom apartments are available at 1120 North LaSalle, which is a full-amenity high-rise in a steps-to-everything location.

    Planned Property owns and manages more than 3,000 apartments in 28 buildings in prime Gold Coast, Lincoln Park and Lakeview East locations.

    You can save up to $200 off your first month’s rent when you book an appointment online.

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    YoChicago’s taking a day off http://yochicago.com/yochicagos-taking-a-day-off/36136/ http://yochicago.com/yochicagos-taking-a-day-off/36136/#comments Mon, 18 Aug 2014 05:02:49 +0000 Joe Zekas http://yochicago.com/?p=36136

    YoChicago won’t be posting about Chicago real estate today, but will resume tomorrow.

    I returned to Chicago late Sunday after a five-day break in California, visiting my daughter Valerie.

    We had tickets for Paul McCartney’s concert at Candlestick Park – the last event at “The Stick” before it’s demolished.

    As usual I took a lot of view shots from high vantage points in San Francisco, Squaw Valley and Lake Tahoe.

    Thanks, Val, for a great trip.

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    Hit the lakefront trail from a Streeter Place studio http://yochicago.com/hit-the-lakefront-trail-from-a-streeter-place-studio/36123/ http://yochicago.com/hit-the-lakefront-trail-from-a-streeter-place-studio/36123/#comments Fri, 15 Aug 2014 05:07:35 +0000 sponsored post http://yochicago.com/?p=36123

    Residents at the high-service, full-amenity Streeter Place apartment tower have quick access to Chicago’s glorious lakefront and the 18-mile lakefront trail.

    The trail is a magnet for walkers, bikers, joggers and rollerbladers. It affords great views of the skyline and access to beaches, playgrounds, soccer and baseball fields, volleyball nets, tennis courts, harbors and more. There are drinking fountains, washrooms and concession stands along the way.

    Streeter Place residents who prefer to exercise closer to home can head for the fully-equipped fitness center and the pool deck.

    If a studio apartment is your first choice, Streeter Place has three different plans available with either city or lake views. All of the plans are spacious, ranging in size from 576 to 655 square feet, and all include in-unit washer / dryers, stylish kitchens with ample cabinet and counter space, a walk-in closet and a separate linen closet.

    Available studios rent from $1,853 to $2,451 before a limited-time discount of $500 on the first month’s rent. To qualify for the discount, renters must rent within 48 hours of their first visit and begin their lease by September 15, 2014.

    Streeter Place is a short walk from Northwestern University’s downtown campus and the Northwestern hospitals. Streeter Place credits its $400 admin fee toward the first month’s rent for Northwestern employees pursuant to its Preferred Employer Program.

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    There’s a food mall outside Astoria Tower’s apartments http://yochicago.com/theres-a-food-mall-outside-astoria-towers-apartments/36092/ http://yochicago.com/theres-a-food-mall-outside-astoria-towers-apartments/36092/#comments Fri, 15 Aug 2014 05:06:15 +0000 sponsored post http://yochicago.com/?p=36092

    If you rent at Astoria Tower and commute to the Loop via the CTA Red Line stop at Harrison, or attend Roosevelt University’s nearby vertical campus, you’ll pass a food mall along your 5-minute walk home.

    Heading south along the east side of State Street the first venue you encounter is the South Loop Club.

    Further south along the same block, you’ll find Pauly’s Pizzeria, Toppers Pizza, Urban Grocers, Jimmy Johns and Devil Dawgs.

    Your home block is home to a 7-Eleven, Lou Malnati’s Pizzeria and Jimmy Green’s.

    There are dozens of additional restaurants within a few minutes’ walk of Astoria Tower.

    Astoria Tower is a full-amenity building, with an indoor pool and fitness club to work off some of the calories you might pick up on the way home. Studio, 1- and 2-bedroom, 2-bath rents start at $1,576 a month.

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    It’s pool party season at Gold Coast apartments http://yochicago.com/its-pool-party-season-at-gold-coast-apartments/36108/ http://yochicago.com/its-pool-party-season-at-gold-coast-apartments/36108/#comments Fri, 15 Aug 2014 05:04:02 +0000 sponsored post http://yochicago.com/?p=36108

    Planned Property sponsors resident appreciation events for the residents of its Gold Coast, Lincoln Park and Lakeview East apartments throughout the year.

    Some of the most popular and well-attended events are the high-rise pool parties at 1120 North LaSalle, 1133 North Dearborn and 1111 North Dearborn.

    Last Saturday residents at 1120 North LaSalle soaked in the skyline views from the rooftop pool while soaking up the complimentary food and refreshments.

    This Saturday, August 16, the rooftop pool at 1111 North Dearborn will serve up views of the Chicago Air and Water Show while residents chow down, drink up and party on.

    1111 North Dearborn has a variety of studio to 3-bedroom apartments available for rent. You can book an appointment online and receive up to $200 off your first month’s rent.

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

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