The Wall Street Journal discussed the lack of sales of high end homes today and compares Schaumburg and Kenilworth (and the north shore.) While it doesn’t mention Chicago’s high end home market, I think it’s relevant enough to quote here. In the article, one seller in Northfield cut her price by a million dollars and […]
Crain’s reports that PrivateBank & Trust Co. has filed to foreclose on the 219-unit conversion Pearson on the Park at 222 E. Pearson in the Gold Coast. We have chattered about this building in the past. See our prior discussion and pictures here. From Crain’s: The bank alleges that the developer of the project at […]
The June sales numbers are out from the Illinois Association of Realtors. There wasn’t much change in the story from the previous months except that the year-over-year decline in sales was lower than we’ve seen the last few months. Median price continued to decline year-over-year. In the city of Chicago, June total home sales (single-family […]
The Wall Street Journal is reporting that private equity firm Starwood is in talks with regulators to buy assets of Corus Bankshares Inc., the Chicago-based bank that is a large lender for condominium construction. Barry Sternlicht’s Starwood Capital Group, a private-equity firm specializing in real-estate investments, is bidding on assets of Corus Bankshares Inc., according to people […]
The Chicago Tribune describes the increasing desperation of sellers as the middle of summer fast approaches and the window for selling is quickly closing (at least for selling during the “peak” selling season.) It’s the middle of July, and home sellers are starting to feel the pressure. Elmwood Park resident Dan Gongola is among them. […]
We’ve chattered about the problems with the Freddie and Fannie requirements in new condo buildings in the past. Both lenders will no longer guarantee mortgages in buildings that are less than 70% sold. According to the Chicago Tribune, the restrictions are making it extremely difficult for developers to sell new units. In March, sales of […]
According to the New York Times, out of town buyers are flocking to Chicago to buy up second homes because Chicago is seen as affordable and stable. CELEBRATING their wedding anniversary in April at the Palmer House Hilton in downtown Chicago, where they were engaged 10 years ago, Chris and Kristine Warnes knew they would […]
Matt Garrison from the Matt Garrison Group at Coldwell Banker was on CNBC yesterday discussing the million dollar market in Chicago. According to Matt (and the other guest who was discussing the Seattle market), luxury homes have come way down in price. “$1.4 or $1.5 million in a lot of neighborhoods …. have been hit […]
The Chicago Tribune recently reported on the state of the multi-unit property in Chicago. Multi-unit properties became all the rage in the last 10 years as investors bet on appreciation. “Those were some of the first buildings people were willing to walk away from,” says David Hanna, president of the Chicago Association of Realtors. “The […]
Thanks to Spark who linked to this Forbes Magazine article earlier about the level of inventories of million dollar homes in America and what it means for some of America’s wealthiest neighborhoods. I’m going to highlight it again for those of you who didn’t see it when it was linked. It’s a similar story in […]