The Chicago Tribune had some interesting housing data in the Sunday Home section. There was this gloomy statement from Diane Swonk, chief economist at Chicago-based Mesirow Financial, on the housing outlook: “Sales and starts activity should bottom out before the end of 2009, that’s if we can get the lending apparatus moving again. But the downward pressure on […]
Today, the Wall Street Journal looks at the state of Trump Tower Chicago, at 401 N. Wabash in River North, and the financial implications for Donald Trump. The timing, as we’ve chattered about, is far from ideal for the building. So far, Mr. Trump has lined up buyers for a bit less than $600 million […]
The September monthly sales and price stats for Chicago were released late last week. Sales declined less than August- falling “only” 16% compared with a year-over-year decline of 30.8% the month before. From Crain’s: In the city, a total of just 1,770 single-family homes and condominiums were sold in September, compared with 2,108 during the […]
The Chicago Tribune investigates what is going on on the 28th floor of the Daley Center- where foreclosure cases are heard. It’s no surprise to most of us that foreclosures are spiking. We’re seeing it even in the most prestigious high-rise buildings in the city. Cook County’s foreclosure court is so busy with the wreckage […]
Crain’s first reported on Oct 17 that architect Santiago Calatrava filed a lien against Shelbourne Development, the developer of The Spire, on Oct 8 for $11.3 million. The Tribune also reports that architectural design firm Perkins+Will Inc. filed a lien for about $4.85 million. From the Tribune: A spokeswoman for Irish developer Garrett Kelleher said the […]
There’s an interesting article in the Chicago Tribune about homeowners who are underwater. Suburbanites are struggling as prices decline. According to a Baird and Warner agent in the article, 7% of all sales in six suburbs on the North Shore have been short sales. Facing debilitating health problems, Goldner refinanced his Highland Park home repeatedly […]
Several of you have e-mailed me with the news that the St. Clair at Cityfront Plaza, phase 2 of the Cityfront development in Streeterville, has been canceled. Crain’s is now confirming it. Developer Centrum Properties Inc. has killed a proposed 41-story condominium building in Streeterville, selling the site to North Shore developer David Hovey, who […]
The August home sales numbers for the City of Chicago are out and, once again, it’s not pretty. From Crain’s: In the city of Chicago, home sales fell 30.8% in August, to 2,022 from 2,923 in August 2007. The median price in the city of Chicago was $295,750 in August, down 3% compared with $305,000 in […]
Crain’s has a few reports on the impact of the ongoing financial crisis on Chicago. From “Chicago Braces for Lehman, Merrill Impact” [Crain’s, Sep 15, 2008]: Lehman has about 550 local employees, and Merrill Lynch employs hundreds as well. Both firms are based in New York. “Ultimately, it’s going to have a very devastating impact on the region,” […]
The Tribune’s real estate reporter Mary Umberger finally tackled the incredible condo glut in Chicago and the surrounding suburbs in Sunday’s ChicagoHomes. Alan Yunek is convinced he snagged a bargain. After spending two years methodically checking out an estimated 75 properties, he closed on a two-bedroom, two-bath condominium on the city’s South Side in July. […]