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, […]
The latest monthly sales numbers are out from the Illinois Association of Realtors. They confirm what we’ve been talking about for months: the market is hot. Statewide, April sales were the best since April 2007 – which was near the height of the boom. The city of Chicago saw a 28.4 percent year-over-year home sales […]
What’s the problem with Chicago’s housing market? According to Crain’s, it is the underwater homeowner. More than 506,000 Chicago-area homes—or one-third of the market—were underwater as of the fourth quarter, according to California research firm CoreLogic Inc. That’s up 7.6 percent from the previous year. Underwater properties are bogging down a residential market that’s clawing […]
Crain’s is reporting that rental rates on Class A buildings in downtown Chicago hit a new record high of $2.63 a square foot in the first quarter of this year. Class A buildings are the luxury apartment towers like The Streeter. For example, the rent on a 700-square foot 1-bedroom apartment would be $1841 a month in […]
I don’t know if anyone else saw Crain’s luxury residential real estate report yesterday but I was struck by the three listings. House #1: A 6-bedroom 6400 square foot vintage greystone on Cedar in the Gold Coast. Sold in 2000 for $4.5 million Sold in 2013 for $3.1 million House #2: A 6-bedroom 7100 square […]
Crain’s reported that an investment group apparently has paid a record per unit price for the luxury apartment building at 1225 N. Wells in Old Town that was only completed last year. Heitman LLC, a Chicago-based real estate investment firm, has agreed to pay about $158 million for a 250-unit luxury apartment building, according to […]
Crain’s reports that new home sales in Chicago jumped 34% to 691 in the first quarter of the year. It is the first year over year increase in sales since the housing bust began. Sales are up but still nowhere near their level at the market’s peak in 2005, when builders sold more than 33,000 homes […]
We all know the March sales data was good, at least compared to the last few years. But there were some surprises in the data. From the Illinois Association of Realtors: The city of Chicago saw a 13.8 percent year-over-year home sales increase in March 2013 with 1,894 sales, up from 1,664 in March 2012. […]
It’s time to check in on how hot the market really is. We all know there is low inventory but how many sales are really taking place? From the Illinois Association of Realtors: The city of Chicago saw a 10.2 percent year-over-year home sales increase in February 2013 with 1,378 sales, up from 1,250 in […]