The Chicago Tribune reported over the weekend what Crib Chatter readers have known for over a year: the upper bracket market is dead. And now there’s a glut of million dollar homes with no buyers in sight. From the Tribune: In Oak Brook, it’s a $5.75 million stone castle. In Burr Ridge, it’s a Middle […]
Many of you wanted to discuss what impact the Olympics would have on housing in the Washington Park neighborhood as well as the South Side in general, where the proposed Olympic Village would have been located. Now that Chicago will not be getting the Games in 2016, the discussion is still warranted. We’ve chattered about […]
The Chicago Tribune digs into the August sales numbers and finds that sales in the condo market are much slower than the single family home market. Condo sales have crashed in several neighborhoods year over year: Rogers Park down 13.2% Edgewater down 32.9% Uptown down 27.1% Lakeview down 35.7% Lincoln Park down 12.9% Near North side down 13.9% Near West […]
The August sales and price statistics are out from the Illinois Association of Realtors and show further declines in the city in both sales and median price. Chicago appears to be struggling to increase sales more than the total Chicagoland area. The first-time home buyer credit boosted sales for the month. The IAR also states that foreclosures […]
The Chicago Association of Realtors and the Illinois Association of Realtors have both been vocal in press releases that the recently tightened Fannie Mae and Freddie Mac loan requirements for condominiums are squeezing sales in Chicago. Here are some of the new rules recently put in place for buyers seeking to obtain a Fannie or Freddie backed mortgage on a condominium: […]
While sales rose year over year for the state and the 9-county Chicagoland region in July, according to the Illinois Association of Realtors, Chicago still saw a 11.3% sales decline and the median price fell 18.3% year over year. More interestingly, sales also fell month to month, declining 0.4% from June into July. From the IAR: In the city of […]
Crain’s reports on a report just released by the consulting firm Appraisal Research Counselors on the jump of downtown new home sales in the second quarter compared with the first quarter. Appraisal Research Counselors notes first quarter sales were a meager 55 sales while second quarter sales tallied 313, the highest since the fourth quarter of 2007. […]
The Chicago Tribune reports on the latest development in condominium buildings in the city: the buying of foreclosures by the association within the building. Shoreline Towers, at 6301 N. Sheridan in Edgewater, a 378-unit 25 story building has seen its share of foreclosures. According to the article at any time there are 12 to 14 […]
Many of us have wondered just how long we’d have to look at the shell of a building that is (was?) Waterview Tower on Wacker Drive. Greg Burns at the Chicago Tribune recently talked with Peter Greene, first vice president at CB Richard Ellis in Chicago: Halted after work began, standing like a broken tooth […]