Readers of Crib Chatter already know how tough the market is for sellers of mansions and other luxury properties, including condos. Crain’s reports on the stubborness of sellers in the $1 million to $2 million range in Northern Illinois: “When there is a motivated seller in the luxury market, the average reduction is 20% to […]
The Illinois Association of Realtors released February 2009 home sales for both Chicago and the 9-county Chicago area today. The plunge continues. From Crain’s: In the nine-county Chicago region, 3,082 single-family homes and condominiums were sold last month, a decline of 28.8% compared with 4,326 sales in February 2008, the association said. In the city […]
The Wall Street Journal reports that Fannie Mae has tightened credit for buyers of condominiums. The new rules are going to hit new construction condo buildings especially hard. Effective as of March 1: Has stopped guaranteeing mortgages in condo buildings where fewer than 70% of the units have sold (previously it was guaranteeing the loans […]
Chicago Public Radio recently did a piece on the cooling off of the Chicago condo market. However, Lakeshore East apparently continues to be popular whereas we already know the problems going on in the South Loop. The piece also addresses those in the West Loop who are attempting to get mortgages for new construction condo units. Eighty-two […]
Crain’s has coverage of the Vetro auction with some interesting quotes on topics we’ve been chattering about here the last several days. Sales totaled $12.1 million. It appears, that other highrises may be following the Vetro’s lead: Lenders on other slow-moving downtown condo projects also are considering forcing developers to hold auctions, said Garry Benson, […]
We’ve been chattering about rent versus owning comparisons since Crib Chatter first started in 2007. But lately, the rental equation has gotten a lot more juicy as landlords have been throwing incentives to try and get their units rented. Just how good is it out there for renters? The RedEye investigated: How would you like to live […]
For many months we’ve been watching sales of single family and condos in Chicago fall sharply but prices remained elevated. That looks like it’s about to change. In January, median price finally followed sales to the downside as it fell to $206,250 from $290,000 in January of 2008. Sales sank another 23.5% to 888 properties […]
As we’ve been chattering about lately, there is simply too much supply of units (both rental and condo) in the downtown area. Not surprisingly, rents have fallen the most in 7 years. From Crain’s: Effective rents at Class A downtown buildings fell to $2.11 a square foot in the fourth quarter, down 6.2% from $2.25 […]
The Chicago Tribune explored the growing foreclosure crisis in Chicago with a Sunday Tribune cover story showcasing the problem in both the south and north sides of the city. As foreclosures soar to historic levels, the infection has spread beyond places of perennial concern, such as West Garfield Park and Englewood. Condo ghost towns replete […]