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Auction, wealthy homeowners, new investor in this week's Chicago real estate news

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Maureen Wilkey

Writer on real estate from any angle

Here's a round up of what happened this week in Chicago real estate:

- Prairie Pointe is auctioning its last 13 units in the South Loop The Tribune reports the Central Station building will be up for bid March 14 at 2 p.m. at the Hilton, 720 S. Michigan.

-Upper income homebuyers are an increasing percentage of foreclosures Chicago Public Radio says that low-income foreclosures have remained about the same, while wealthy buyers tended to overextend their loans more. Condo foreclosures have more than tripled over the last three years in Chicago.

-A new development group is taking over 222 E. Pearson The new owner will offer units on the formerly REO condo building for 25-40 percent off of their original price. Some Realtors see this as a good way to bring buyers and sellers together on price, Crain's reports.

-RE/MAX advises buyers to look for properties that will keep their value Good neighborhoods and schools will help you retain or increase the value of your investment.

-Parking garage open at new apartment building You can now self-park at 215 W. Washington, which has also started pre-sales on its new green luxury apartment units.

 

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1 Comment

Lucid Realty said:

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You see these outrageous homes in the suburbs that are so huge - people paid $2.5 MM for 6000 sq ft and borrowed $4.5 MM against them (explain that). Then they proceeded to fill the house with just a ton of useless but very expensive stuff. No wonder foreclosures are up.

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