Archive for December, 2008

Market Conditions: Best Real Estate Quote of 2008

Crain’s reported today that luxury apartment building company AvalonBay Communities Inc. has pushed back its plans to build 1000 units in the South Loop at Clark and Polk due to economic conditions, including a glut of condo units that are being rented. Construction was set to start in May 2009 on the first of two 500-unit towers. The […]

Still Listed for Under Its 2006 Price: 1445 W. Belden in Lincoln Park

We last chattered about this 2-bedroom unit at 1445 W. Belden in Lincoln Park in September 2008. See the prior post and pictures here. (In the comments thread- someone claiming to the owner admits that they listed too high in the beginning.) It has been reduced another $50,000 and is now listed $62,000 under its prior […]

Third Biggest Story of 2009: Will Buyers Come Out of Hibernation?

I’ve been hearing buzz from various realtors that many sellers intend to list their properties for sale in early January 2009 (going against conventional Chicago real estate wisdom that there are few buyers in the winter and that you should list in the “spring”- which is normally after the Super Bowl.) Reasons? Low interest rates […]

We Love Authentic Lofts: Another Reduction in 711 S. Dearborn

We’ve chattered about this 1500 square foot brick and timber 1-bedroom loft in the Donohue Building at 711 S. Dearborn in Printers Row several times. It’s been reduced another $20k. The listing now says that a “2nd Bdrm/Bath can be added”. Is the problem that it’s “only” a 1-bedroom unit? See some pictures and our old chatter […]

Second Biggest Story of 2009: Fate of the Luxury Market

Trump Tower Chicago started closings in 2008 but it will likely continue to be one of the top real estate stories in 2009. Currently, there are 143 units on the MLS  in the building (out of 758 units). 117 for sale 26 for rent Some may be both for sale AND for rent. Waterview Tower construction […]

Someone Wanted to Live Near the Beach: 1056 W. North Shore in Rogers Park

Remember this pretty 3-bedroom, 2200 square foot vintage unit at 1056 W. North Shore that was only “50 feet” from the Beach in Rogers Park? We originally chattered about it in May 2008. It sold in September. See the pictures here. Here’s it’s history again: Unit #3W: 3 bedrooms, 2 baths, 2200 square feet, 2 […]

Another Vintage Beauty Finally Under Contract: 4712 N. Paulina

We chattered about this 3-bedroom 1930’s vintage unit at 4712 N. Paulina in Ravenswood in June and July 2008. It is finally under contract after several price reductions. The listing now says, “Reduced, incredible price!” See more pictures here. Here’s the history: Unit #2N: 3 bedrooms, 2 baths, sunroom, 2200 square feet I couldn’t find […]

Market Conditions: Downtown Chicago is a Renters Market

As we’ve been chattering about for several months now, the sheer number of new apartment high rises combined with investors trying to rent out unsold condo units has created a glut of rental units downtown. From the Chicago Tribune: Rates in the “best of the best” apartments in the downtown area on average dipped from […]

Flipper Alert: $301K Reduction in The Marquee: 1464 S. Michigan

We’ve chattered about The Marquee, at 1464 S. Michigan (although previously the address was listed as 1454 S. Michigan) several times before. This 3-bedroom unit, Unit #2201, was originally listed a year ago for $795,900 and has been reduced by over $300,000. There is no square footage listed but here are the room sizes: Bedroom #1: […]

Biggest Story of 2009: Glut of New Construction Downtown Condos

As we did last year, it’s time to chatter about what new buildings will complete construction and will be closing on units in 2009. Despite the market conditions, the list is still long. Loop: 55 E. Monroe- 156 units West Loop: 565 W. Quincy- The Quince: 241 units 24 S. Morgan- Pure: 67 units 659 […]