Archive for July 2012

Case-Shiller index shows home prices rising in Chicago

It’s the last Tuesday of the month, a/k/a Case-Shiller Tuesday, and the results are in for May home price trends. The seasonally-adjusted index for metro-area Chicago single-family homes gained 2.29% from the previous month and dropped year-over-year by 3.03%. This places the current index at price levels prevailing in March of 2001. The seasonally-adjusted condo... Read more »

The Hancock building's endless 44th floor amenities

I’d venture to guess that the Hancock building, 175 E Delaware, has the most extensive fully-enclosed amenities package of any high-rise building in Chicago – and it’s all on the 44th floor. There’s a concierge, management office, high-ceilinged sky-lobby / lounge, a large indoor pool, sprawling fitness rooms with lockers, sauna and showers, a well-stocked... Read more »

A view over Grant Park from the Richelieu Flats

Crain’s is reporting that developer Louis D’Angelo is converting a vacant building at 318 S Michigan Ave into 5 luxury condos: The project features four 2,650-square-foot full-floor residences priced from $1.35 million to $1.45 million and a 4,300-square-foot penthouse being offered as raw space for $2.3 million. Buyers can pick their own finishes, including cabinets,... Read more »

Demographics favorable for landlords, reports Marcus & Millichap

One of the single biggest drivers of the health of the apartment market is the number of 20 to 34 year olds in the population. As that cohort grows, the apartment market typically becomes healthier. Marcus & Millichap recently published its Third Quarter National Apartment Outlook (pdf, registration required), with some positive news (for landlords)... Read more »

A community group's vision for Bronzeville's Rosenwald Apartments

Plans for the redevelopment of the Rosenwald Apartments at 47th and Michigan took a step forward recently when Chicago’s Community Development Commission voted to recommend that it receive up to $25 million in tax-increment financing. The proposal contemplates 331 units of low-income and seniors apartments, with a small number of market-rate units. A group of... Read more »

Ashland Catalina is waiting for you – still

The name Catalina resonates with people of a certain age, summoning memories of the Four Preps and the “island of romance.” People of that age, however, were unlikely to be the target demographic for The Catalina, a 12-unit condo development at 2524 – 2530 N Ashland Ave in Lincoln Park. We first wrote about the... Read more »

A single-family alternative in Streeterville

If you know Streeterville, you instantly recognize that the headline is nonsensical. There are no single-family homes in Streeterville, so single-family home vs condo or co-op is not a choice that buyers opting for tht neighborhood actually face. Many of the lavish co-op buildings in Streeterville, however, were built in the 1920s to provide a... Read more »

Chicago-area home prices up, per Redfin Price Tracker

While the Case-Shiller Index and other sources are showing pricing weakness in the Chicago metro area compared to other cities, Redfin’s Real-Time Home Price Tracker is reflecting price increases in June. Some of Redfin’s other market indicators paint a mixed picture of the state of the Chicago market. Redfin measures 19 markets and reports that... Read more »

Twenty-seven cats in a Marina City one-bedroom?

The Marina City condo association, according to a post at Marina City Online, recently adopted new pet limits. The new policy was prompted by reports that 27 cats were living in a one-bedroom unit and in chicken-wire cages on the balcony. The rules now limit studio apartments to a single cat, one-bedrooms to two cats... Read more »

Chicago vacancies down, rents up

Marcus & Millichap has just published its Third Quarter 2012 Apartment Research Market Report (PDF, Registration required). Here are some of the highlights for the City of Chicago: More projects are under way, but few have yet to come online. In the past 12 months, 166 market-rate rentals were delivered in the city. The total... Read more »