A Chicago ordinance takes effect Tuesday that will offer additional protections, including funds to offset tenants’ relocation costs, in rental buildings in the city.
Chicago
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The Chicago City Council has passed a controversial ordinance requiring landlords to show how much energy their buildings use. The new law requires the owners of around 3,500 commercial, residential and local government buildings in Chicago to track energy consumption and report the findings to the city, according to a […]
Mayor Rahm Emanuel and Whole Foods plan to open a new location in the Englewood neighborhood, an area which has seen minimal quality retail for several decades. Though opposition says that the store and its prices will have a difficult time connecting with consumers, Whole Foods plans to follow the […]
The Consumer Financial Protection Bureau’s recent report on mortgage servicing found problems at banks and nonbanks alike. Specifically, its investigation, conducted from November to June, found significant issues that could cause homeowners to miss payments, threaten their credit histories and plunge them into foreclosure.
With the economy in recovery, many of the storefronts that went vacant are slowly being filled with new tenants, new businesses and helping spur growth. The average vacancy rate at U.S. retail property in the second quarter fell to its lowest level in more than three years to 10.5%, down […]
With the noticeable changes in the residential market in the past few months many are now looking at the commercial segment for a similar change. Typically, the commercial sector follows the residential trend and the general economy by roughly 18 to 24 months. But the supply and demand, and price […]
From Crain’s Chicago Business: Gov. Pat Quinn yesterday vetoed legislation to provide Commonwealth Edison Co. with about $70 million in additional yearly rate hikes over the next several years. The bill, which passed both chambers of the General Assembly by veto-proof margins, is expected to become law anyway. Both the […]
There are changes coming to the parking meters in Chicago. Mayor Emanuel announced several modifications which include free parking on Sundays. For having free parking on Sundays, neighborhoods outside the downtown area which have meters that currently expire at 9 pm will now be extended an hour until 10 pm. […]
Last week’s flood left many homes with damage. Even minor flooding can cause damage to not only personal property, but dry wall, framing, floors and tile. According to the Federal Emergency Management Agency, flooding causes $2.9 billion in losses between 2002 and 2011. Not only are residents faced damaged property, […]
Take a peek at the current newsletter & video! Some of the sights and sounds in Chicago neighborhoods today — jackhammers, saws and cranes swinging overhead — may strike a familiar chord to those who witnessed the real estate boom a decade ago. Now, they’re abuzz again, and builder confidence […]
Bids are due next week for the 2.2 acre site, which includes a large circular foundation at what would have been the site of the tallest skyscraper in the US – The Spire. Sellers are hoping to recoup hopefully an excess of $93 million from the sale but that could […]
The Developer of Central Station in the South Loop neighborhood, Crescent Heights Inc, who purchased a few acres in the near South Loop neighborhood south of Roosevelt, is proposing a new exit from Lake Shore Drive at 16th Street. Currently there is no exit between Roosevelt and 31st St. This […]
4600 S Marshfield.
While housing seems to continue to show signs life, it will be an ongoing fight. The month’s supply of inventory for Chicago single family and attached condos and townhomes are both below four months (rate at which the current inventory will take to sell, based on current sales rate) indicating […]
There is currently a rise in thefts of homes and buildings. The thieves, however, aren’t looking at your new flat screen or jewelry box. In some cases, they don’t even have to break into your home at all… At the beginning of the year, two new laws have been created, […]
The year over year statistics for November has been published. One common trend occurring in several market segments, including all residential and commercial properties are the lowered months supply of inventory, which all seem to be hovering over the four month mark. What the months supply of inventory (MSI) tells […]
Mayor Rahm Emanuel’s plan to position Chicago for the digital age has received a warm reception from telecom providers, with several companies and industry leaders providing a RFI (Request for Information, a preliminary pitch) providing insight on the project. A total of twenty-four companies including Cisco, AT&T, Verizon, Level 3 […]
With the elections behind us and the winter season approaching, many are watching the housing market for changes in activity. But much of the recent data seems to support much of what has been talked about on a national level. For Chicago, inventory has decreased throughout single family, attached condos […]
The South Side Builder’s Association has scheduled their next meeting this Wed., October 3rd at 11:30a at The Parthenon in the West Loop (314 S Halsted). John Petrovski, currently the Chief Operating Officer of the Commercial Real Estate lending team in the US for BMO Harris Bank and formerly, up […]
Sept 2012 Newsletter
The development group will be focusing on resuming construction at the 27 story Waterview Tower, which has remained unfinished since work was stopped on the project in 2008. The development group, led by Related Cos., will close on a $115 million dollar construction loan from Bank of American and US […]
So it’s been all over the news that housing recovery is in full force across the country and not just in selective markets. A part of the recovery is due to supply, with inventory lower across all market segments, while real estate sales increasing at the same time from this […]
As reported yesterday in Crain’s, the redevelopment for the Rosenwald Courts building, in the Bronzeville neighborhood has been approved, 7-1, and is set to received up to $25 million in tax-increment funding (TIF). The development which will hold 331 units, will have 18 market rate apartments with the remaining homes […]
Let’s say you were a conservative, responsible homebuyer back in 2006, and made what, by all accounts, would be considered a conservative, responsible down payment of 20%. Since then, the average home price across Chicagoland has fallen by more than 30%, according to conservative estimates. Conservatively, that means a lot […]
The Chicago Plan Commission on Thursday approved a 269-unit apartment project in the Boystown/Wrigleyville that drew opposition from twelve area condo associations, local community groups and business organizations. The proposal which compromises of a 12 and 15 story building have been heavily debated by local residents, some of whom say […]
As the summer comes upon as, one of the busiest rental seasons is expected. With the expected high demand of rentals, developers are rushing to meet the demand. Occupancies in Class A apartment buildings in the Chicago downtown area are hovering around 95% (Appraisal Research Counselors), and developers are more […]
Chicago, Illinois (PRWEB) May 03, 2012 Chicago real estate brokerage firm @properties today announced that company co-founders Michael Golden and Thaddeus Wong were named finalists in the Ernst & Young Entrepreneur Of The Year® 2012 program in the Midwest. The award recognizes outstanding entrepreneurs who demonstrate excellence and extraordinary success […]
Something for your Friday! Artist Chris Pritchard highlights the beauty of Chicago in these beautiful time-lapse HD videos. Set to an amazing score, the city comes to life:
(AP) — Illinois is expected to receive about $1 billion in a multi-state settlement with the nation’s five largest mortgage lenders, Attorney General Lisa Madigan announced Thursday. Madigan joined with attorneys general in others states and federal officials to announce the roughly $25 billion settlement in Washington. Read the full […]
Several changes have been done to the statistics page. Distressed sales statistics (lender mediated assisted sales: REO, short sales, pre-foreclosure, foreclosure) are now compiled in a monthly report. Additionally, information by each neighborhood is available for registered subscribers. Reports for each month is made available a couple of weeks after […]
Rates are low. So are home prices. So what’s preventing many from buying? For some, buying has become an obstacle as they are finding that financing their real estate purchase has become difficult. With a strong credit background, considerable down payments and reserves, many potential home buyers are finding that […]
The Chicago Architecture Foundation is planning a fabulous evening looking inside a Ukrainian Village home on Thursday, January 26. Read the detail on CAF’s website. Spend a special evening exploring the making of Chicago Home + Garden magazine’s new book of beautiful area homes while inside a spectacular Ukrainian Village […]
As we enter a new year, I am finding myself guiding clients in this market, formulating strategies and guiding expectations. It’s no surprise that the real estate market has been difficult for the past few years and many economists are expecting more of the same for this year. But even […]
City of Chicago Announcement: Department of Buildings Requiring 50 Percent Fee With All Permit Applications Deposit to Increase Efficiency and Recoup Partial Costs for Plans Reviewed The Department of Buildings will start requiring a 50 percent deposit on permit applications on January 3, 2012. The deposit requirement is designed to […]
Fannie Mae and Freddie Mac sued the city of Chicago on Monday over an ordinance that makes mortgage creditors liable for the upkeep of vacant properties. Lenders are liable for fines up to $1,000 if they do not maintain the property, or provide basic care / upkeep. Currently, the city […]
Chicago area real estate statistics for residential and commercial properties have been updated – Chicago real estate statistics. Overall, inventory is down across all real estate classes and contracts written and real estate sold are up from one year ago. Only businesses and multi-units have seen fewer properties sold than […]
The State of Illinois, by way of Public Act 097-0470, just amended the Illinois Landlord and Tenant Act, adding new section 765 ILCS 705/15. Effective January 1, 2012, landlords in counties with a population in excess of 3 million people (ie. Cook County) are required to change or re-key the […]
Chicago area real estate statistics for residential and commercial properties have been updated for the past twelve months ending in Oct 2011. https://realtyevolved.net/residential-commercial-distressed-chicago-real-estate/ Contracts written is up for both residential and commercial properties. Months supply of inventory is also lower, although for several property types the drop has been […]