Crib Chatter

Crain’s has picked up on a theme we’ve been chattering about here in the last few months. Inventory of new construction condos, outside of the luxury towers at the Ritz and 2550 N. Lakeview, are almost non-existent. Anything that IS on the market at lower price points, such as in the newly reconfigured Related buildings in the […]

Crain’s has the numbers from Tracy Cross & Associates on the new home sales in the second quarter in Chicago and the Chicagoland area. Given the strength in the resale market, you might have guessed that it is shaping up to be the best year for the homebuilders since the bust. In the second quarter, […]

How hot was the Chicago housing market in June? From the IAR: The city of Chicago saw a 12.5 percent year-over-year home sales increase in June 2013 with 2,623 sales, up from 2,332 in June 2012.   The median price of a home in the city of Chicago in June 2013 was $254,900 up 17.5 percent […]

With all the cheerleading going on, you’d think the luxury market was sizzling hot. But is it? Crain’s does it’s mid-year update on the luxury market in the Chicagoland area. While sales are up 14% from a year ago, and are much higher than the dark years of 2009 and 2010, they are still well […]

Welcome back from the holiday break Crib Chatterers. Last week 30-year mortgage rates rose to a national average of 4.46% from 3.93% the week before, the largest one week increase since 1987. It pushed mortgage rates to their highest level in 2 years. Rates may go even higher this week as, while you were all […]

It has been one of the most anticipated buildings to begin closings since the real estate bust. The Ritz-Carlton Residences at 664 N. Michigan in River North finally began closings in February 2013 after several delays. Only if you looked at public records, it seemed as if nothing was closing despite the fact that, apparently […]

The May sales data is out. It’s still red hot out there. From the Illinois Association of Realtors: The city of Chicago saw a 30 percent year-over-year home sales increase in May 2013 with 2,762 sales, up from 2,125 in May 2012.  The median price of a home in the city of Chicago in May […]

Crain’s reports on an Oregon developer that is going to build 2 apartment buildings in the GreenZone. One will be in River North on land that was supposed to be a condo building before the bust and the second one will be near the Old Cabrini Green complex in Old Town. The projects in River […]

Crain’s is reporting that 46 out of 48 units in Phase II at the Park Monroe at 65 E. Monroe in the Loop which went on sale 8 months ago have sold. The Legacy, practically next door at 60 E. Monroe, however, still has 140 unsold condos but it has a higher price point. “We […]

The Chicago Tribune reported over Memorial Day weekend that new condo projects are selling at a fast clip, including Trump Tower which started closings 4 years ago, just as the housing bust was picking up steam. About 92 percent of the condominiums in the 4-year-old building are sold, and not at fire-sale prices. In fact, […]