Crain’s is reporting that the foreclosure rate on FHA loans in Chicago is much higher than the national rate and is the highest of any metro area in the country. Not only that, but many of the loans that are going bad are those that were given out AFTER the bust had already started (i.e. 2008-2009). In […]
There’s hope for Vince Vaughn and his Palmolive penthouse which is listed at $16.75 million. The penthouse in Park Tower at 800 N. Michigan just closed for $15 million. I believe it’s the most expensive condominium to ever sell in the city of Chicago. It “sold before print” which means it was never listed on […]
We’ve already been chattering about the October sales data for awhile thanks to Gary’s posts in the comments about how great the numbers are. October 2011 saw a 7.9% increase over 2010’s dismal numbers. 2012 saw a 53.1% jump along with a median price increase (but we know that the median can be skewed by […]
Downtown condo sales continue to be completely dead as third quarter sales fell sharply compared to the third quarter of 2011. Developers sold 154 units downtown in the third quarter, down from 182 sales in the second quarter and 229 in the third quarter last year, according to Chicago-based consulting firm Appraisal Research Counselors. Downtown developers were […]
Bloomberg reports that Chicago’s luxury new construction housing market appears to be recovering. Belgravia Group Ltd., which started construction about a month ago on a Chicago row-house development, is charging almost $1 million for each of the 14 Lincoln Park homes as buyer demand surges in the neighborhood. The three-story properties will have high-end features […]
Tracy Cross & Associates is out with a report on new home sales in Chicago and the Chicagoland area in the third quarter. While sales appear to be recovering in the suburbs, the city actually saw sales fall 42.5% from last year. Without annualizing sales and adjusting for seasonality, developers sold 740 homes in the […]
I know all of you Crib Chatterers are savvy real estate watchers who know where to go to get information in Cook County on properties in distress. But even for the savvy, finding out information about a property usually means figuring out the PIN number and visiting various different websites until the full story of […]
One of the big stories of 2012 has turned out to be the sheer number of highrise apartment buildings that are being built and/or are under consideration for construction in the GreenZone, specifically the downtown neighborhoods. Every few months there are new announcements of yet a couple of more highrises that have gone on the […]
Crain’s recently analyzed the downtown Chicago condo market over the last 5 years and put together a report on the Great Chicago Condo Bust. According to Crains, 4 out of 10 condo projects proposed or under way in 2007 wound up in financial distress. In retrospect, 2007 “was the beginning of the end, and stupid deals were […]