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ChicagoDowntown / Loop

More choices, lower rents in the South Loop

South Loop Target

Some good news for renters. Since the last time we checked, prices have fallen slightly almost across the board on apartments available for rent in the South Loop. The number of apartments available is also on the rise. If you’re looking to rent in the South Loop, you can see all of your managed apartment ...

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Posted by Joe Zekas on October 25, 2013
ChicagoSouth Side

Silly price reductions on an Eastgate Village townhome

Aerial view of Eastgate Village

We last wrote about Eastgate Village, a troubled townhome / condo development on the Near South Side, back in October of 2011. At the time, 26 units were slated for auction. Those units had previously been the subject of a bulk purchase at a third of their original prices. A 3-bedroom, 3-bath, 4-level townhome in ...

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Posted by Joe Zekas on March 6, 2013
News & trendsMarket conditions

Prices down, but wealthy neighborhoods avoided roller coaster

Lakeshore Analytics graphic

It’s been a wrenching few years to watch price and volume movements in many of Chicago’s neighborhoods. These metrics are prone to doing strange things even in ordinary times. I track 20 Chicago neighborhoods with the most sales volume on a quarterly basis. In some neighborhoods, this adds up to only a couple dozen sales ...

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Posted by Jeff Baird on November 12, 2012
News & trendsMarket conditions

Home prices – a welcome V shape in some neighborhoods

Lakeshore Analytics graphic

Several neighborhoods that had seen a steep decline in median selling prices in recent quarters saw an equally steep rise last quarter. The effect was present mostly in single-family homes. Three examples are Near South Side, Edgewater and Rogers Park. The median selling prices of Near South Side houses had fallen 44% between Q3 2011 ...

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Posted by Jeff Baird on November 9, 2012
ChicagoDowntown / Loop

The Near South Side, one of YoChicago’s hottest neighborhoods of 2006

X/O Condominiums

We’re taking a brief look at the state of each of the eight neighborhoods we spotlighted as Chicago’s hottest back in June of 2006. We’ve already revisited Woodlawn, Washington Park and Avondale. Today we move on to the Near South Side, about which our reporter had these observations: Until recently, it seemed as though development ...

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Posted by Joe Zekas on June 16, 2011
ChicagoSouth Side

The fat lady sings for Opera Lofts’ developers

Opera Lofts, Chicago

“What are they going to get from me? I have nothing. Even my little dog is sick.” – Contractor Adolfo Castellanos, responding to news that he and developers Andres Schcolnik and Leigh Ballen face a $21-million foreclosure suit over Opera Lofts, the redeveloped Lyric Opera storage space at 2545 S Dearborn St. In February I ...

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Posted by Joseph Askins on April 27, 2011
ChicagoSouth Side

Landmark living at $99 per square foot

Last May I stumbled across Fred Scovell’s listing for a Queen Anne-style mansion at 2801 S Prairie Ave on the Near South Side. His listing had no text, just photos, but a quick Google search of the address revealed a lot about the home’s history. From my post: The Wood-Maxey-Boyd House is a Queen Anne-style ...

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Posted by Joseph Askins on March 30, 2011
ChicagoDowntown / Loop

Riding the Red Line: Cermak / Chinatown

Video: Riding Chicago's Red Line: Cermak / Chinatown

My next stop on the way north via CTA’s Red Line was the Cermak / Chinatown station, located at 138 W Cermak Rd. Due to construction on the station’s Cermak side, I exited the station onto Archer Avenue and shot this profile from the intersection of Archer and Wentworth. Just a handful of homes have ...

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Posted by Joseph Askins on March 24, 2011
ChicagoSouth Side

From the vault: Fogelson’s $4 billion Gateway

McCormick Place, Chicago - Photo by Michael Kardas

While we’re on the topic of Gateways, I just realized that it’s been almost exactly three years since Central Station mastermind Jerry Fogelson’s announced his intention to build a $4 billion development named — you guessed it — Gateway on the Near South Side, near McCormick Place. The Tribune reported in February 2008 that Fogelson ...

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Posted by Joseph Askins on February 4, 2011
ChicagoSouth Side

Opera Lofts owners singin’ the blues

Opera Lofts, Chicago

It’s been almost two years since Opera Realty started offering up the inventory at Opera Lofts, 2545 S Dearborn St, as rentals. In reality, that probably killed their sales campaign, but developer-owned units were still hanging around on the MLS as recently as fall 2009. These days, the only homes available in any form or ...

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Posted by Joseph Askins on February 4, 2011
ChicagoDowntown / Loop

Consultants sought for Cermak Creative Industry District redevelopment

East Pilsen, Chicago

On Monday the city’s Department of Cultural Affairs and Department of Housing and Economic Development issued a request for qualifications for consultant teams to help redevelop the Near South Side’s Spice Barrel District and Cermak Road Historic Bridge District between Chinatown and Pilsen into a new Creative Industry District offering “affordable and sustainable spaces for ...

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Posted by Joseph Askins on February 2, 2011
ChicagoSouth Side

For landmarked Prairie Avenue listing, pictures speak louder than words

Fred Scovell of Keller Williams Realty – West Loop included 16 great photos with his listing for the mansion at 2801 S Prairie Ave on the Near South Side, but absolutely no text. Why bother with a writeup, when anyone who Googles the address is going to find this entry on the Chicago Landmarks page ...

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Posted by Joseph Askins on May 21, 2010
ChicagoDowntown / Loop

The only home in Chinatown

This week Time Out Chicago is asking readers to check out Chinatown, which sounds like a good excuse to see what’s for sale down there. The answer? Not a lot. If you go by the MLS and our boundaries for Chinatown — the Stevenson Expressway, Cermak Road, and Wentworth, Archer, and Stewart avenues — there’s ...

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Posted by Joseph Askins on February 11, 2010
ChicagoSouth Side

Opera's lofty themes: rent or own?

In Chicago’s Near South Side, Opera Realty‘s Opera Lofts are selling and leasing lofts converted from a storage warehouse for the Lyric Opera of Chicago at 2545 S Dearborn St. Sixty percent of these 93 units are occupied, 20 percent of which are leased. Below is a comparison of the costs of purchasing or renting ...

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Posted by erik stonikas on October 19, 2009
ChicagoDowntown / Loop

Chicago's new lofts: What's left?

The past year has done a number on the selection of new true lofts throughout the city. Some developments, like University Village, finally reached sellout, while others, like the Park Kingsbury Luxury Lofts, gave up the ghost without ever reaching completion. Friday afternoon I ran down our old list of true loft developments (adapted timber ...

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Posted by Joseph Askins on September 19, 2009