This week Barron’s discusses the state of the luxury housing market in Manhattan given the carnage in the financial sector which makes up nearly a quarter of all jobs in the New York metropolitan area. Chicago isn’t nearly as dependent on the financial sector but Chicago still sports quite a few hedge funds, mutual funds, investment […]
Given everything going on in the financial markets, it’s not surprising that fourth quarter condo sales in the downtown corridor crashed. Crain’s reports that quarterly sales were actually a negative 253 sales as units that were formerly under contract fell out of contract and new sales stalled. For the entire year, only 644 new construction […]
Even the New York Times is interested in Chicago real estate. We’ve chattered several times about the lack of construction at both The Spire and Waterview Tower in recent months. It’s a combination of there being absolutely no financing going on for these massive buildings along with the rapid slowdown in condominium sales. “If I’d known in […]
According to the Sun-Times, Zillow released a report on Feb 3 stating that $79 billion in home owner wealth has been lost in the Chicagoland area in the last year. Zillow also found that 23.4 percent of homes sold in the area in the fourth quarter sold for a loss, and 19 percent of homeowners in […]
The Chicago Tribune writes that many real estate agents are finally seeing sellers capitulating and lowering prices significantly in 2009. Are they? On Tuesday, a key index showed that Chicago-area home values in November posted the biggest one-month decline on record. The latest drop in the S&P/Case-Shiller Home Price index has all but wiped out […]
What if you had put down a deposit for a unit in Waterview Tower several years ago? How long would you be willing to wait for your dream unit? Construction has halted on the building on Wacker Drive in the Loop. Crain’s updates construction developments at several of the new highrises in this week’s issue. […]
Sales continued to plunge in December – marking the end of a nasty year in the Chicago housing market. Prices continued to hold up for the full-year however. How much longer will prices hold? The median price spiked dramatically lower in December 2008 compared to the year ago period. From the Illinois Association of Realtors: In the […]
On Sunday, the Chicago Tribune highlighted 5 North Side neighborhoods where the median condo/townhouse price actually rose in 2008 compared to 2007. The data was supplied by Midwest Real Estate Data, LLC. Lincoln Square 2007: $275,950 2008: $305,000 North Center 2007: $381,000 2008: $385,000 Lake View 2007: $332,500 2008: $347,500 Lincoln Park 2007: $414,328 2008: $420,000 […]
Tricia Fox of Keller Williams Gold Coast, and one of the city’s top agents, is going to Dubai for the 5th Annual International Property Show in February to try and lure wealthy foreign buyers to Chicago’s luxury condo market. According to the Chicago Tribune, Tricia has been working with Australian clients and members of her sales team have […]
Tucked away in last weekend’s Chicago Tribune Magazine article about how more Polish immigrants are returning to Poland than are coming to Chicago, was this tidbit about how easy money and the housing boom is affecting the Polish immigrant neighborhoods. But these days, the old Polish corridor that stretches along Milwaukee Avenue is looking a little frayed. […]