As expected, the September sales data was not good as sales in Chicago were down 26.9%, declined 22.4% in Chicagoland and fell 23.4% statewide compared to September 2009. Even the IAR isn’t really trying to “spin” this one. This is one of the more negative press releases I’ve seen from the IAR in awhile. From the […]
Both the Chicago Tribune and the Sun-Times reported yesterday on the new foreclosure data compiled for Chicago and the Chicagoland area by the Woodstock Institute. Some of the data was for the third quarter and some of it was for the first 9 months. But what both articles point out is that foreclosures appear to […]
Someone at Crain’s must be reading our minds (and our recent discussion) about how much inventory is on the market in the million dollar category. The answer? A lot. Crain’s defines the “high-end” to be $1.5 million and above. I think we were chattering about houses over $1 million the other day. But even above […]
Crain’s is reporting that the Anglo Irish Bank has filed a $77 million foreclosure suit against the Chicago Spire developer Shelbourne Development which all but ends any hope that the Spire will ever be built as the tallest residential building in the world. Construction was halted 2 years ago at the site so it’s not […]
There has been a lot of discussion in recent days about Congress trying to force a foreclosure moratorium nationwide until they can investigate what is going on at the big banks with foreclosure processing. Illinois is one of the 23 states where GMAC’s mortgage unit, now called Ally Financial, JP Morgan Chase and Bank of […]
I’ve been saying for awhile that I am seeing more short sales appearing. Too many people are underwater, even in the best neighborhoods of Chicago. The Tribune discusses the large shadow inventory hanging over the market and how it means prices will continue to go lower. In the eight-county Chicago area, 19 percent of mortgages […]
The Illinois Association of Realtors just released the August city and statewide sales data and, as expected, sales plunged for the second month in a row primarily due to the expiration of the tax credits. In the city of Chicago, August total home sales (single-family and condominiums) were down 22.9 percent to 1,486 sales compared […]
Crain’s is reporting what readers of Crib Chatter already knew: the high end housing market has returned (kind of). This year we’ve already seen the sale of an $8 million home in Lincoln Park and two $7 million+ penthouses in the Elysian. Recently, a $5.79 million condo in The Palmolive, at 159 E. Walton, went under contract. […]
Crain’s is reporting that there will be no second tower built at Walton on the Park, the new high rise development at 2 W. Delaware, in the Gold Coast. You’ll recall, in mid-August, we chattered about the flips popping up in this building. See our prior chatter here. In a sign that the new-condo market […]
July’s sales numbers were highly anticipated due to the expiration of the tax credits at the end of June. Similarly to other parts of the country, as the tax credit pulled sales forward in the spring, sales sank in Chicago, the Chicagoland area, and statewide in July. From the Illinois Association of Realtors: In the city of […]