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. […]
Built c. 1914 for one of Chicago’s early philanthropists and Sears Roebuck Executives; majestically situated on a near-acre of professionally landscaped gardens in historic Kenwood
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 […]
When the housing market declined a few years ago, many builders and investors left the market, either by choice or by consequence. But as with the current recovery, low inventory and pent up demand continues, builders and investors slowly returned.
Thoughts and prayers to those in Boston…. For those who won’t be coming home. Those hurt from the horrific incident. For an entire city. Be strong Boston. The events are still unfolding, but for some, resolution will not come for some time. With a city in mourning, questions unanswered all […]
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 […]
Chicago real estate brokerage @properties has opened its fifth north suburban office, signing a 2,750-square-foot lease at Waukegan and Glenview roads in Glenview. The company has already hired veteran broker Natasha O’Connor, former managing broker of Prudential Rubloff Properties’ Northbrook office, as vice-president of brokerage services leading the Glenview effort. […]
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 […]
The Census Bureau reported this week that housing starts, which measures new home construction, rose nearly 28% between February 2012 and February 2013. Many national builders have also reported been reported increases in buyer demand. Lennar for example, has reported more than a 33% increase in sales of homes. Even […]
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, […]
An independent audit last month revealed that the Federal Housing Administration had a $16.3 billion deficit ($30.3 billion in cash reserves as of Sept. 30 to cover $46.6 billion in projected losses), most of which, accounted for loans backed between 2007-2009. Agency officials however have stressed that it has no […]
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 […]
Wall Street Journal’s Nick Timiraos discussed Federal Housing Authority (FHA) practices that led to its $16 billion shortfall in 2012, what it’s doing about it and the potential of Congress to offer the administration a bailout.
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 […]
Two Story Townhome ready for your personalization Price: $115,000 (recent price drop!) Type: Townhome Bedrooms: 3 (3rd bedroom currently lofted room) Bathrooms: 2.1 Parking: Two car garage + exterior space in front of garage Built: 1997 Taxes: $4258 Description: Two story townhome in Fox Hollow, South Elgin. Built in 1997, […]
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 […]
The official overseeing of the vast pool of mortgages held by Fannie Mae and Freddie Mac has defied the White House and more than 100 members of Congress for the second time by formally rejecting a plan to use bank bailout funds to write down principal balances for underwater homeowners.
With banking institutions unfavorable to homeowners, regulators and policy makers Sandy Weill, the former Citigroup chairman and CEO credited with building the bank into a financial superpower, now says big banks should be split up. Read more at NBC News’ site.
With the housing market still struggling in parts of the country, many policy makers and economists are struggling with ways to help homeowners and the housing market. Sen. Jeff Merkley, suggests that policy makers shouldn’t give up and has offered a new proposal to be released today. He aims to […]
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 […]
Banks could be forced to pay as much as $125,000 per customer to compensate borrowers who were subject to foreclosure-processing errors.
Times are difficult for many. To help, the IRS recently announced an expansion of its “Fresh Start” initiative with more flexible terms to its Offer in Compromise (OIC) program. The full articles is available for registered subscribers here. Register now for free and continue reading!
Times are difficult for many. To help, the IRS recently announced an expansion of its “Fresh Start” initiative with more flexible terms to its (OIC) program helping the most distressed taxpayers to clear up their tax problems more quickly
Foreign investors are on track to continue purchases, taking the place of other traditional buyers missing from the market, such as investors, developers and first time home buyers. This past year has seen a sharp increase in foreign real estate purchases. International buyers accounted for $82.5 billion, or 8.9%, of […]
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 […]
This past Monday, Anthony Renzi, who heads the largest division at Freddie – the single family mortgage division is leaving. This past year has seen a slew of talent and executives leave this past year, and was no surprise back in March, when Freddie announced their 2011 financial results. […]
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:
Homeowners’ insurance policies are sometimes not only advisable but required. This past year many homeowners were faced with increased rates and policies that could not be renewed. In this era of unpredictable weather patterns, insurance companies are raising rates, cutting coverage, shying away at some payouts and generally shifting more […]
(Crain’s) — An Arizona man was sentenced Tuesday to three years in federal prison for his role in defrauding 48 Chicago condominium associations of about $2 million. Jay Strauss, 76, of Scottsdale, Ariz., also was ordered to pay $2 million in restitution, according to a spokesman for the U.S. Attorney […]