Thanks to the tipster who sent me the link to this Dec 26 report on Fox News about a new construction single family home in Wicker Park that is now bank-owned. I don’t have the exact address but I’m sure someone on here will figure it out from the information in the segment. It is facing complete […]
Chicago home sales continue to plunge, as November recorded the sharpest year-over-year decline in the city in 2008. Sales of single family homes and condominiums in the city fell 41.3% in November compared to a year ago. Only 1,057 sales closed compared with 1,801 in November 2007. The median price declined 23.3% to $222,500 compared to $290,000 […]
Crain’s reports that the delinquency rate for Chicago-are construction loans surged to 13.7% in the third quarter- making it the 10th highest delinquency rate in the nation. Riverside, CA is first at 19.3%. From Crain’s: The delinquency rate for construction loans in the area hit 13.7% in the quarter, up from 10.8% in the second quarter and more than […]
Not everything is doom and gloom out there as the most expensive single family home to sell in Chicago this year just did so for $8 million. The house in question is 43 E. Burton at the corner of Burton and Astor Streets in the Gold Coast. I can’t post any pictures and Google Streetview has interestingly […]
Rumors are circulating that the Treasury Department may buy mortgage-backed securities with the goal of pushing 30-year mortgage rates to 4.5% in order to spur home sales. Will low rates drive sales and stop housing’s decline or will it provide just a brief respite? After the Fed announced last week it would buy $500 billion of mortgage-backed […]
The year-over-year drop in sales continues in Chicago. Median price is also falling. From Crain’s: In the city of Chicago, home sales fell 21.6% in October, to 1,535 from 1,959 in October 2007. The median price in the city of Chicago was $260,000 in October, down 9.1% compared with $285,900 in October 2007. “Realtors are […]
It should come as no surprise that Chicago third-quarter home sales continued to slide (as each of the monthly reports during the quarter showed slowing sales). From Crain’s: In the city of Chicago, third quarter-sales were down 23.3 percent, to 5,958 units, from 7,769 in last year’s third quarter. The median price of a city home […]
Crain’s is reporting that downtown condo sales had their worst quarter in 7 years. Is anyone surprised? From Crain’s: Buyers signed contracts for only 160 condos and townhouses in the quarter, down 82% from the same period a year earlier, according to Appraisal Research Counselors, a real estate appraisal and consulting firm. Contracts for the […]
Donald Trump had a November deadline to pay off a $640 million senior construction loan on Trump Tower Chicago, at 401 N. Wabash in River North, and couldn’t meet the deadline. According to the WSJ and Crain’s, Trump already obtained one six-month extension on the loan and now wanted another. The lending group, led by Deutsche Bank, has […]
Crain’s has an update on the status of Waterview Tower, the luxury hotel/condo building on Wacker in the Loop, which stopped construction several months ago. The Export-Import Bank of China which was apparently going to ride to the rescue of the project with a $400-million construction loan- has now pulled out of the deal. Crain’s reports […]