Archive for September 2015

Case Shiller: Chicago Home Prices Falling

Case Shiller: Chicago Home Prices Falling
Chicago home prices may actually be falling. At least that’s what some of the data from this morning’s release of the Case Shiller Chicago home price index for July seems to indicate. It’s complicated. This month’s release shows the chart below that they have not produced before. It ranks the 20 metro areas that they... Read more »

Chicago Rental Market Trends

Chicago Rental Market Trends
You’ve seen the construction cranes around town and you’ve heard the stories of skyrocketing rents so what does it all mean for the Chicago rental market? Can rents continue to rise at a blistering pace at the same time that they are adding a ton of supply to the market? To answer these questions I... Read more »

RealtyTrac Market Report: Chicago Foreclosures Bottoming Out In August

RealtyTrac Market Report: Chicago Foreclosures Bottoming Out In August
RealtyTrac just released their August Foreclosure Market Report and the data for Chicago shows a continued decline in foreclosure activity but also a bottoming in the shadow inventory. It’s hard to see in the graph below but defaults, which initiate the foreclosure process, are near an all time low and bank repossessions just plummeted to... Read more »
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Chicago Loop Home Prices: 340 On The Park, 340 E Randolph

Chicago Loop Home Prices: 340 On The Park, 340 E Randolph
Back in September Crain’s ran a story about how, in a survey of 65 downtown condo buildings, Appraisal Research Counselors concluded that on average prices in those buildings were now within 4.3% of their peak price/ sq ft. In related news there has been much debate on Cribchatter during the last year about whether or... Read more »

Near Record Area Employment Driving Chicago Real Estate Market

Near Record Area Employment Driving Chicago Real Estate Market
In theory the Chicago real estate market should be driven by the local employment picture more than anything else. It comes down to the demand for housing – how many people CAN buy a home and also WANT to buy a home. And, with the exception of the small retired and independently wealthy population, it’s... Read more »

Chicago Real Estate Market Update: August Home Sales Up Over Last Year, But...

Chicago Real Estate Market Update: August Home Sales Up Over Last Year, But...
August was a good news/ bad news month for the Chicago real estate market. The good news was that home sales were up 8.9% over last year. The bad news is that last August was pretty weak so it was an easy comparison and this August did not surpass 2013. In fact, August closings came... Read more »
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Rahm Emanuel Looking To Increase Chicago Property Taxes 11.3%

Rahm Emanuel Looking To Increase Chicago Property Taxes 11.3%
You probably heard today that Rahm Emanuel is looking to increase Chicago property taxes by $500 MM. As the Chicago Tribune reported this is the largest property tax increase in modern history. I’m not sure the city has any other choice right now, given the consequences of past profligate city spending. What has not been... Read more »

Jonathon Brandmeier Loses Almost $4 MM On His River North Mansion

Jonathon Brandmeier Loses Almost $4 MM On His River North Mansion
Jonathon Brandmeier first put his River North mansion on the market back in June 2011, listing it at $5.9 MM. After more than 2 years without a price drop or a buyer he took it down in September of 2013. Then in June of this year he put it back on the market at $4.7... Read more »