New Construction Corner

If you're buying a condo, you're not just buying a home. You're also taking on financial responsibility for the whole building: roof, basement, tuck pointing, boiler room, sewer system, foundation and any other areas in which ownership and maintenance are shared by the condo board.

It's a heady commitment – and yet home inspectors don't typically look at common areas, even though that's where the majority of a building's problems occur. In my experience, that's because real estate agents discourage it. They'd rather not have an inspector turn up a rash of deficiencies that will give a buyer cold feet or launch a new round of negotiations with the seller. And inspectors too frequently go along with this ploy so that agents will continue to send them referrals. (more…)

City Homes

Despite gloomy rumors of unsold condominium units sitting empty downtown, there currently are only 177 new-construction high-rise condos, townhomes and adaptive-reuse lofts available for immediate occupancy.

That surprising ray of sunshine comes from Appraisal Research Counselors' latest study on the status of the downtown Chicago residential market.

"There are 6,507 unsold new-construction condos, townhomes and lofts in the pipeline, but only 177 of them are completed – less than 3 percent of the total new-unit inventory," said Gail Lissner, vice president of Appraisal Research Counselors, and co-author with vice president Ron DeVries of the Downtown Chicago Residential Benchmark Report. (more…)

Massive developments build community, parks and more alongside new homes

Most Chicago neighborhoods grow and die piecemeal – old buildings get new uses, condos sprout as shuttered storefronts slide into decay. Change happens a few lots at a time, the identity of neighborhoods forged by the advance and retreat of myriad competing interests.

But if you drive east on Roosevelt Road and turn south on Halsted Street, this accidental city suddenly falls away. Shops of the same style and vintage appear en masse. Newly minted brick condos and townhouses with landscaped lawns extend as far as you can see – nearly three full blocks to the south – as if a master chef whipped up a batch of raw dough and cooked an entire neighborhood fresh.

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"Country" town now a booming 'burb where new homes pass $1 million

Years ago, before everyone had 150 channels to flip through, a television commercial for a car dealership in Libertyville had a catchy jingle: "Weil Olds in Libertyville - the beautiful place in the country!"

You probably are hearing it right now; that's how those jingles work.

"We're not in the country anymore," says Brad Forsberg, who has lived in Libertyville all of his life, most recently at 118 First St., in a historic neighborhood a few blocks from downtown. The house is for sale, as Forsberg and his wife Donna have moved to downstate Mount Vernon to be closer to their grandchildren. They were back in town recently to check up on their property, a white two-story house with three bedrooms, 1.5 bathrooms and an enclosed front porch, listed at $383,900. (more…)

New housing shakes up a 'burb famous for its stability, diversity

I was a little confused last December when the guy I bought my Christmas tree from wished me "Happy Holidays" instead of "Merry Christmas." At a bus stop, in a grocery store, okay - I can understand a "Happy Holidays." But I had just paid good money for a fir tree, and I was about to hoist it onto my shoulder. Was there any question that I intended to celebrate Christmas? –>

City hopes Wabash can emerge from shadows of the el

As well-heeled homebuyers snap up units in highrise developments near the dazzling new Millennium Park, city officials and Loop stakeholders are planning to beautify a rundown stretch of South Wabash Avenue and transform it into a chic shopping destination. (more…)

Latest lofts offer new finishes in new neighborhoods

On one side of West Belmont Avenue just before Pulaski Road stands an old abandoned shoe factory with smashed windows and rusty window frames. Across the street, a stone's throw away, is an old art deco warehouse that also has seen better days. In between lies a small retail hub in the blue-collar neighborhood of Avondale: a Polish American video store, a chicken 'n' ribs takeout, some coin laundries and a smoke-filled tavern. (more…)

Following record company sales of more than $1 billion during 2004, Rubloff Residential Properties recently honored its top producers with the annual "Crystal Awards." (more…)

Beginning with the cover photo and description that open Chicago's Mansions by John Graf (Arcadia Publishing, $19.99), the author takes readers on a compelling journey through Chicago's streets and great houses and indirectly, through the history of a great city. (more…)

Predatory loan terms, especially prepayment penalties and balloon payments, increase the risk of mortgage foreclosure with sub-prime home loans even after controlling for a borrower's credit score, loan terms and economic conditions, according to a new report. (more…)