The Chicago Tribune talked to local Chicago area developers and real estate experts about what is in store for the new construction market in 2010. “Owning costs less than renting. Today is an ideal world of affordability because of low mortgage rates and reduced home prices in the last two years,” said Chris Naatz, Midwest […]
We’ve chattered about many distressed properties here on Crib Chatter, including short sales and foreclosures, in the last 2 years. But recently, the number appears to be picking up, even in “prime” parts of town. You can definitely see the increase in the multi-unit buildings and smaller “starter” condos in North Side neighborhoods. Also worth watching […]
We’ve chattered about the glut of million dollar homes many times over the past two years. In fact, many of the properties we’ve followed priced over a million dollars over the last few years remain on the market. Most at risk, however, appear to be million dollar new construction homes in neighborhoods where a million […]
There is still plenty of new construction condo development going on in downtown Chicago. We’ve chattered about this story every new year for the past 2 years. In 2009, developers introduced the auction to try and move some of the inventory at reduced prices. It seemed to work. But there are numerous luxury buildings which […]
With the original first time home buyers tax credit set to expire at the end of November 2009, it isn’t surprising that sales soared ahead of the deadline (even though the deadline was then extended to April). Sales were up strongly in Chicago, the Chicagoland 9-county area and statewide compared with a year ago but […]
The surge in buyers rushing to get the first time homebuyers tax credit showed up in the October sales numbers. Sales jumped by double digits statewide, in the nine county area and in the City of Chicago. While sales rebounded in Chicago, median price fell 18% year over year. From the Illinois Association of Realtors: In […]
Illinois had the dubious distinction of being 3rd in the nation in October for the number of foreclosure filings with 19,946, the highest monthly total since January 2005. It beat out states such as Michigan, which ranked 7th. One in every 263 homes in Illinois received a filing. In Cook County, the closest set of […]
Crain’s is reporting that according to a new report by the Appraisal Research Counselors just 56 condos and townhomes sold in the third quarter of 2009 compared to 160 in the year ago period. It’s also down from 313 condos in the prior quarter (second quarter of 2009). Appraisal Research is expecting just 600 units […]
Crain’s has several articles out this week describing what is happening on the front lines of Chicago real estate. I thought several comments made by the developers were worth chattering about. On The Legacy, highly anticipated 72-story new high rise overlooking Millennium Park at 60 E. Monroe, the developer appears optimistic. Developer James Hanson says the economy […]
The September home sales data is out from the Illinois Association of Realtors. For the first time in several years, sales rose year over year in Chicago. However, median price continued to slide. From the Illinois Association of Realtors: In the city of Chicago, September total home sales (single-family and condominiums) were up 5.8 percent to 1,918 […]