Category Archives: Headline

Quick Monday: Chicago real estate round-up

Distressed property sales increase in March 2011
[National Real Estate Investor]
Thirty-percent of all home sales in March 2011 were due to distressed property sales, a large jump compared to February, according to Moody’s/REAL National All Property Price Index. While this means lenders and investors are realizing losses on their distressed assets, all other properties on the market – particularly luxury ones – are showing signs of increasing in price.
Other Top News:
Spike in vacant south suburban homes, according to 2010 census [Chicago Sun-Times]
Two real-estate boards merge [Realty & Investments]
Aqua Skyscraper in Lakeshore East …

by Liz SanFilippo on May 30, 2011

As condos convert to rentals, condo inventory falls

With more people renting than buying, condo developers are taking advantage of the trend, increasingly converting condos to rentals. As a part of that trend, there were only 174 Q1 sales of downtown condominiums, according to downtown developers and consulting firm Appraisal Research Counselors. That number represents a drop of 82 sales compared to the year prior.
While 174 condo sales mark a slight improvement compared to the prior quarter, it clearly isn’t digging developers out of all-time low numbers over the past five years. Even so, supply is slowly starting to …

by Liz SanFilippo on May 30, 2011

Rahm Focuses on Real Estate

Newly elected mayor Rahm Emanuel has made many promises to the Chicago people. As of yet, it remains to be seen whether he will be able to follow through on those promises, but many residents believe that his commitment is genuine. Many residents also believe that Rahm will be able to address many of Chicago’s real estate issues.

Specifically, Rahm claims that he intends to focus on four real estate issues of particularly importance to residents of The Windy City:
1. New Uses for Vacant Land
The City of Chicago owns several thousand …

by Lindsey Anderson on May 27, 2011

Number of homes bought by foreign-born investors increases 24%

With home prices continuing to decline, more and more U.S. homes are being sold to foreign-born investors, both immigrants living in the U.S. and international investors living abroad. According to the Chicago-based National Association of Realtors, foreign-born investors bought $82 billion worth of homes in the last 12 months, with the year ending in March, representing a 24% increase compared to the prior year.
These numbers mean that foreign-born investors accounted for 8% of all home sales in the U.S., which is a good chunk of change considering there were $1.07 …

by Liz SanFilippo on May 24, 2011

Quick Monday: Chicago real-estate round-up

Home prices and sales increase from March to April
[prnewswire.com and chicagotribune.com]
Depending on where you go to for your Chicago real estate news, you might think there’s some conflicting headlines and findings. According to a press release from the Illinois Association of Realtors, home prices have increased from March to April, and the numbers agree. The median home price was $130,000 in March 2011, and the cost of a home sold rose 4.7% to $136,066 in April 2011.
Yet, the Chicago Tribune claims that home sales have fallen 19% in April. So …

by Liz SanFilippo on May 23, 2011

Vintage store Decollage moves into Near West Side

The Near West side is home to trendy restaurants and shops.

While the West Loop corridor is increasingly becoming known as home to some of the best Chicago restaurants, that’s not stopping some fashionable storefronts from moving in. Decollage opened at 1219 W. Madison in March 2011, and it’s fitting right into the neighborhood. Midwest native Kelsey Tanner-O’Connor is selling both couture and vintage fashion, which she has found at auctions as well as estate sales, from a variety of 1900s decades.
Despite the vintage items, this isn’t your typical vintage store. …

by Liz SanFilippo on May 18, 2011
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