Archive for the 'Market Conditions' Category

Luxury Condo Prices Are Booming But Not in Trump Tower: 401 N. Wabash in River North

In December 2016 we chattered about whether or not you would be a buyer in Trump Tower Chicago with a President Trump in the White House. You can read that chatter here. With Trump now in the White House for about a year, Crain’s took a look at the number of sales, and average price […]

Market Conditions: $58.75 Million for a Massive 4-Story Gold Coast Condo in No. 9 Walton

Crain’s and the Chicago Tribune both reported that Citadel founder Ken Griffin, who the Tribune also calls the richest man in state of Illinois, has bought the top four floors of the new condo building No. 9 Walton which is at 9 W. Walton in the Gold Coast. Total cost of all the units, which […]

The Biggest Story of 2018: Will the Apartment Bubble Burst?

During 2017, we chattered extensively about the number of new rental high rises going up downtown. But new apartments were also being built in mid-rise buildings throughout the city. Some neighborhoods welcomed the investments, but others, like Logan Square, actually protested the construction of these expensive, luxury apartments. And now, despite reassurance from developers that […]

Second Biggest Story of 2018: Will There Be a Luxury Condominium Glut?

Construction continues on luxury housing in Chicago, with several new luxury condominium buildings announced last year. There are so many, I can’t even keep up with them while they are under construction. Curbed recently put together a nice list of 47 buildings over 100 feet that are under construction in Chicago (these are not all […]

Third Biggest Story of 2018: Will Chicago Win Amazon HQ2?

Decision day is fast approaching as to where Amazon will build its second headquarters. If you recall, 238 cities sent in proposals. The decision is expected in early 2018 as Amazon’s Seattle headquarters is bursting at the seams. It appears they are looking to start construction at the new location ASAP. Amazon will spend $5 billion to […]

Market Conditions: Despite Seasonal Slowdown, November Still Second Best in 10 Years

The Illinois Association of Realtors is out with November’s home sales. As predicted, things slowed in the historically slow time of the year. The housing market just feels pretty “blah” right now- doesn’t it? From the IAR: The city of Chicago saw year-over-year home sales decline slightly in November 2017 with 1,923 sales, compared to […]

Market Conditions: As Thousands of Apartments Come Online, Are Condo Landlords in Trouble in 2018?

We’ve been chattering for over a year about the dozens of luxury apartment high rises that have been built in the Green Zone and the implications of all those units. But the boom isn’t over yet. Thousands more apartments are expected to come online in the next two years. Crain’s reports: But the once-hot market […]

Market Conditions: October Sales Were Flat YOY as Inventory Remains Low

The Illinois Association of Realtors is out with the October sales data. It was actually a ho-hum month, not hot but not cold. The city of Chicago saw year-over-year home sales hold steady in October 2017 with 2,047 sales, compared to 2,046 in October 2016. The median price of a home in the city of […]

Chicago Market Conditions: September Sales Fall 3.7% YOY While Median Price Rises

The Illinois Association of Realtors is out with the September home sales. Sales have slipped from last year, which follows the trend that existed over the summer of weaker year-over-year sales. The city of Chicago saw a 3.7 percent year-over-year home sales decline in September 2017 with 2,309 sales, down from 2,398 in September 2016. The median […]

Chicago Market Conditions: Will Starter Condos Ever Again Be Built in the GreenZone?

In the decade before the 2008 housing bust, thousands of “starter” condos were built in the GreenZone neighborhoods of Chicago. By “starter”, I mean they were condos ranging in prices from $150k to $400k and ranged in size from studios to 2-bedrooms. Since the bottom of the bust in 2012, nearly all the new construction […]