Archive for December, 2016

The Biggest Story of 2017: Will Rising Mortgage Rates Stunt Chicago’s Housing Market?

The last time we chattered about rising mortgage rates it was 2013 and 2014. But then mortgage rates dropped again in 2015 and were a non-issue until the November election, which saw a quick spike higher. Suddenly, the average 30-year mortgage rate is sitting at 2-year highs around 4.3%. Many buyers were caught off guard, but […]

The Second Biggest Story of 2017: Will There Be an Apartment Bust?

We’ve chattered several times this year about the thousands of new apartments, many of them “luxury” that are being built all over Chicago. Normally, this would be a good sign that the Chicago economy was strong and jobs were being created. But the number of new apartments is well above current absorption rates while rents […]

The Third Biggest Story of 2017: Will the Luxury Market Continue to Sizzle?

2016 finally saw signs of life in the new condo market but most of the announced developments were luxury buildings. And why not? The new buildings, such as No. 9 Walton in the Gold Coast, are selling out as demand in the upper bracket remains strong. Even the Ritz-Carlton, which first began marketing over 9 years […]

Market Conditions: November Home Sales Were the Strongest in 10 Years

Sales were slow in October as Chicagoans obsessed about the Cubs but all that changed after the World Series and the election in November. It was like a switch was flipped and buyers rushed out. It was the second strongest November for sales in the last 10 years. Only 2009 was stronger but that was the […]

Is Renovated Vintage the Best of All Worlds? A 3-Bedroom at 5510 N. Sheridan in Edgewater

This 3-bedroom in The Renaissance at 5510 N. Sheridan in Edgewater came on the market in October 2016. The Renaissance was built in 1927 and has 32 units along with extensive gardens and an outdoor parking lot with leased parking. This unit has views of Lake Michigan from the 11th floor. It still has many […]

Looking for a Massive Terrace? A 3-Bedroom Duplex at 1615 N. Wolcott in Bucktown

This 3-bedroom duplex up in the Urban Sandbox at 1615 N. Wolcott in Bucktown came on the market in September 2016. The Urban Sandbox is an 8-unit mid-rise modern building originally marketed in 2007. The architect was Miller Hull and in 2009 it won the Builder’s Choice Urban Infill Grand Award and Project of the […]

Live on the Mag Mile for Under $600,000: A 2/2 at 100 E. Huron in River North

This 2-bedroom corner unit in Chicago Place at 100 E. Huron in River North came on the market in August 2016. Built in 1991, this building was the among the first of the “new” buildings that went up downtown in a wave of condo construction in the early 1990s. It has 205 units. While it’s […]

Is It Hard to Sell A Middle Unit? A 2/2 at 1325 N. Dearborn Parkway in the Gold Coast

This 2-bedroom unit in 1325 N. Dearborn Parkway in the Gold Coast came on the market in May 2016. It is on the second floor, which is the middle unit, of this vintage 3-flat building which was built in 1887. The unit still has many of its vintage features including pocket doors, moldings, coffered ceilings […]

On and Off the Market for 6 Years: The Fugitive House at 336 W. Wisconsin in Lincoln Park

This 5-bedroom single family home at 336 W. Wisconsin in Lincoln Park first came on the market in June 2011. We’ve chattered about it several times over the years, most recently in October 2015. See that chatter here. It is known as the “Fugitive House” as parts of the movie The Fugitive, with Harrison Ford, were […]

Get a 2/2 with Lake Views for $340,000 in the South Loop: 1464 S. Michigan

This 2-bedroom in The Marquee at 1464 S. Michigan in the South Loop came on the market in May 2016. The Marquee was one of the last condo buildings completed in the South Loop before the bust hit as it was finished in 2008. It has 214 units and a parking garage. This unit, on […]