Archive for December 2010

Crescent Heights purchases Astoria Tower high-rise -- are rentals on the way?

Astoria Tower, the 30-story high-rise at 8 E 9th St in the South Loop, was purchased last week by an affiliate of condo and apartment developer Crescent Heights, according to our contacts at the building. (Astoria Tower has been a client of our parent company for a couple of years, and we manage the tower’s... Read more »

Identifying shoddy masonry work in Lincoln Park

Nothing irks Tom Corbett quite as much as a bad patch-up that costs homeowners money but doesn’t solve any problems. Last week, Tom took me around his neighborhood and pointed out shoddy construction jobs and repairs that could have been prevented or remedied with a little more oversight and diligence up front. He started by... Read more »

Cook County's inventory of homes grew even as its population declined

Even as the population of Cook County fell by 141,000 from 2000 to 2007, the number of housing units rose by 75,000. The simple law of supply and demand tells us that housing prices in the county had to have declined as a result. And they have: IAR, Case-Shiller, and my own calculations all show... Read more »

Wells Street Tower homes routinely closing below mid-2000s sale prices

River City isn’t the only building on South Wells Street where prices have tanked — it’s tough to be a seller at Wells Street Tower, too. Six of the seven condos that closed in the building this year sold for the same amount or less than they sold for in 2002 and 2003, when the... Read more »

Castlewood Terrace home drops to 2002 sale price

When I toured this three-bedroom / 3.5-bath home at 920 W Castlewood Terrace in Margate Park last March, it was priced at just under $1.6 million. In October, Beth Wexler of @properties relisted it at $1.35 million, which happens to be price it went for back in 2002. The home, located just a few doors... Read more »

Belgravia Group's ideas for the Children's Memorial Hospital site in Lincoln Park

Today is a milestone in the history of Lincoln Park hospitals in Chicago. It’s the day that the Plan Commission hears the Webster Square proposal for the former Lincoln Park Hospital site. And it’s the deadline for submission of bids and preliminary proposals for the redevelopment of the Children’s Memorial Hospital site. A joint venture... Read more »

Understanding Case Logic's report on underwater homes

Here’s some local color on today’s Core Logic report on negative equity: Chicago’s share of mortgages with negative equity actually rose (contrary to national numbers) from 22.3% last quarter to 22.7% this quarter. An additional 5% of Chicago-area borrowers have 5% or less equity in their homes, which is essentially negative since it usually takes... Read more »

Chinatown condo sales, median prices slide over three-year period

Chinatown’s a small neighborhood to begin with, so its not a shock to learn that just 12 condos, townhomes, and single-family homes have sold there since January 1. By comparison, the South Loop has seen more closings than that since Thanksgiving. Chinatown is a condo market, and condo sales and median values were both down... Read more »

Looking for a two-bedroom apartment at Kingsbury Plaza? Here are your options

Kingsbury Plaza, the 47-story high-rise at 520 N Kingsbury St in River North, has a simple design: Each floor has four studios, four one-bedroom apartments, and two two-bedroom apartments. The two-bedrooms come in two styles: Tier F (above left) is a 1,210 square-foot unit positioned to have views of the Loop and a good sight-line... Read more »

Sisters love the views from 235 Van Buren in the Loop

What do sisters Alicia and Gabby like about their new condo at 235 Van Buren in Chicago’s Loop? Most of all, Alicia and Gabby love the east views of the lake and Buckingham fountain from their 44th floor unit, and the walk-to-school, walk-to-work, close-to-transportation convenience of their location. This is one of a series of... Read more »