Despite several condos and single family homes over $5 million selling in 2011, Crain’s is reporting that the luxury market was not as healthy as it seemed. House and condo sales of $1 million or more in the city dropped 14.4% to 539 units, compared with 630 units in 2010. The number of high-end condo sales […]
2011 marked the first year in over 15 years that there were no new closings on high rise condo units. But that will change in 2012 when two luxury buildings finish construction. Lincoln Park 2520 at 2520 N. Lakeview on Lincoln Park and The Ritz Carlton Residences at 664 N. Michigan on the Mag Mile will start closings as […]
In the last few months of 2011, we’ve been chattering about more new construction projects than we did the prior years. These include new construction million dollar homes and 3 and 6 flat condo developments. Sure, it’s not like it was during the boom time but with prices still falling for the current crop of […]
It’s that time of the month again. The Illinois Association of Realtors is out with the November sales data. Hooray! Something to chatter about at the slow time of the year. As we already know from G posting the data a few weeks ago, sales rebounded but the median price continues to plunge as short/REO properties […]
I don’t know how many of you are paying attention to what is happening in Washington with the discussion over extending the payroll tax cut. The latest is a 2 month extension mainly so that Congress can get home for the holidays and then continue fighting about it in 2012. A 2-month extension of the payroll […]
Crain’s is reporting that new Cubs GM Theo Epstein and his wife purchased a new construction home at 3618 N. Greenview in the Southport neighborhood of Lakeview for $3.25 million in November. The house had been on the market a year and was listed at $2.999 million. Crain’s is reporting that the Epsteins paid 8.3% over […]
Crain’s is reporting that the percentage of FHA loans fell 36% in 2010 from the year before in the Chicago area as lending standards tightened. In 2010, 12% of all Chicago-area home loans were FHA which was down from 18% in 2009. This is still a dramatic increase from the bubble years when FHA loans […]
They’re back! According to Crain’s, condo developers are starting to build again- mainly 6 and 8 flats in the neighborhoods. From Crain’s: ”For the time being, this will work in quality locations with a very limited number of units,” said Jason Vondrachek, managing broker and owner of Chicago-based Quest Realty Group. Quest recently broke ground […]
The “official” October sales data is out today. I cannot be near a computer this morning to post the actual data from the Illinois Association of Realtors. So I will post G’s data for October from the past 14 years- which is always very similar to the IAR’s numbers- and provides a pretty clear picture of […]