The New York Times has an article today discussing the influx of European buyers in the Manhattan condo market. The number of foreign buyers has doubled in the last two years, according to data from the research firm Radar Logic. In just the last 18 months, they have bought one-third of all new condos that […]
I hate to keep posting on the negative news- but it is what it is. The Chicago Journal is reporting that Chicago foreclosures are on the rise. From the December 13, 2007 Chicago Journal: The Chicago Department of Housing reports that foreclosures in the city in the first half of 2007 are up 35 percent […]
There is an interesting interview in the Daily Herald called “Realtor Sees No Doom and Gloom” with Andy Starck who is “chief executive officer of Palatine-based Starck Realtors and has been in the industry in the suburbs almost 40 years.” This is what he says about the Chicago area real estate market: Home prices might […]
We’ve recently been discussing all of the foreign buyers who are (or might want to be) scooping down to buy up Chicago downtown condos. It would make sense, right? For the European investor, our condos are 50% off. For the British investor, it’s an even better deal. Perhaps, these buyers will help prop up the Chicago condo […]
The October pending home sales were released this morning and showed a slight increase in October from September. But, compared with October 2006, sales were down nationwide 18.4%. In the Midwest, sales were down from September by 1.4%. They were down year over year by 11.7%. From the Wall Street Journal: NAR chief economist Lawrence […]
The “plan” the President outlined today is non-binding on the mortgage industry. Here’s more from Newsday: Bush said that 1.2 million people could be eligible for help under the plan, developed in negotiations with the mortgage industry led by Treasury Secretary Henry Paulson. But only a small fraction of that number will be subject to […]
Gosh, condo-hotels are suddenly hot with the media. Crain’s is reporting financing troubles with the Mandarin Oriental, the condo-hotel and condo building at South Water and Stetson near Millennium Park. It hasn’t broke ground yet and groundbreaking keeps getting pushed off. In Sunday’s Chicago Tribune article about condo-hotels, the Mandarin refused to say what […]
Ask anyone who is trying to sell a home right now. It stinks out there. There is a lot on the market and very few buyers. And no, it’s not just your imagination (maybe you shouldn’t think about firing your current real estate agent after all.) Crain’s is confirming what every homeseller already knows: sales […]