Crib Chatter

Many of you probably saw Mary Umberger’s Chicago Tribune column on Sunday discussing a new fee set to take effect on April 1 for buyers of condos that don’t have at least a 25% downpayment and whose loan is going to be sold to Fannie Mae by their lender. With many lenders already casting a […]

The Chicago Tribune had an article in Sunday’s Business section about all of the rental deals on condos and in luxury high rise apartment buildings in Chicago’s downtown. We’ve been chattering about this phenomena for several months now. Chicagoan Bob Balanoff has been among those on the prowl for a new place. Six months ago […]

RealtyTrac released 2008 foreclosure numbers today. It’s not totally clear what the company means by “the Chicago market” (all of Cook County or the entire Chicagoland area?) In the Chicago market, 77,226 properties, or 2.5 percent of the housing units, faced a foreclosure filing last year, up 53.4 percent from 2007, RealtyTrac said. In Illinois, […]

Over the weekend, the Chicago Tribune tackled the subject of how suddenly people are looking to downsize their homes instead of move into something bigger- mainly because of the economy. Could this spell the end of the McMansion craze? Will 3,000 square feet become the “new” 5,000? “It’s a value play, it’s a cash-flow play,” […]

Crain’s reported that 2 developers, Habitat Co. and Thrush Co., successfully auctioned off unsold condo and townhouse units at two South Side developments in December 2008: McKinley Park Lofts at 2323 W. Pershing Road, a 163 unit loft conversion in McKinley Park Jazz on the Boulevard, a 137-unit complex at 41st Street and Drexel Boulevard in North Kenwood […]

Crain’s reported today that luxury apartment building company AvalonBay Communities Inc. has pushed back its plans to build 1000 units in the South Loop at Clark and Polk due to economic conditions, including a glut of condo units that are being rented. Construction was set to start in May 2009 on the first of two 500-unit towers. The […]

I’ve been hearing buzz from various realtors that many sellers intend to list their properties for sale in early January 2009 (going against conventional Chicago real estate wisdom that there are few buyers in the winter and that you should list in the “spring”- which is normally after the Super Bowl.) Reasons? Low interest rates […]

Trump Tower Chicago started closings in 2008 but it will likely continue to be one of the top real estate stories in 2009. Currently, there are 143 units on the MLS  in the building (out of 758 units). 117 for sale 26 for rent Some may be both for sale AND for rent. Waterview Tower construction […]

As we’ve been chattering about for several months now, the sheer number of new apartment high rises combined with investors trying to rent out unsold condo units has created a glut of rental units downtown. From the Chicago Tribune: Rates in the “best of the best” apartments in the downtown area on average dipped from […]

As we did last year, it’s time to chatter about what new buildings will complete construction and will be closing on units in 2009. Despite the market conditions, the list is still long. Loop: 55 E. Monroe- 156 units West Loop: 565 W. Quincy- The Quince: 241 units 24 S. Morgan- Pure: 67 units 659 […]