The Chicago 77

13 August 2009 ? In a plan to link under-served areas of the city and near suburbs, the CTA has approved a $2 billion plan to extend three lines by almost ten miles. While similar projects in other cities require the taking of personal property to make room for the new lines, Chicago’s project will [...]

Finally Home, a mortgage program designed to help Illinois residents buy a home or keep their existing homes from going into foreclosure, changed a key guideline that will allow more Chicago home buyers and home owners to take advantage this state program. The program raised the qualifying average median income (AMI) from 115% to 150%. [...]

12 August 2009 ? Presidential Towers is reconfiguring its retail spaces and two new tenants are already on board: Fitness Formula health club and the South Loop?s popular Yolk restaurant. Both are Chicago-based companies: Fitness Formula Ltd. has leased two levels on the Clinton Street side of the building that equal approximately 52,043 square feet. [...]

12 August 2009 ? Today the bonds opened up 6bps better, which gave us a little hope our rally would be sustained. However, that quickly turned south and bonds are now down 34bps for the day. Stock traders and investors continue to pour money into the Dow and the traders feel that no change in [...]

June marked the fifth consecutive month-on-month increase in home sales statewide, including Chicago. It was the fourth monthly increase in the statewide median home sale price. In a release issued by the Illinois Association of Realtors®, association President Pat Callen says, “We are moving through inventories and that?s a good sign for the Illinois housing [...]

11 August 2009 ? While last week?s stock market rally proved detrimental to bonds, we are starting to see a slight recovery in them this week. The bond market dropped 189 bps from Monday to Friday last week, which spiked up the interest rates to 5.5% – 5.625% for the 30 year fixed. Most of [...]

11 August 2009 – After appraising property in Lakeview as well as running a declining market analysis I have found some interesting statistics. Three bedroom duplex units had declined at a rate of 5.82% back in February of 2009. As of August, 2009 the same homes in the same area has declined approximately 3.81%. This [...]

10 August 2009 ? The impact of the conditions of the local real estate market is one of the a largest factors to the growing budget deficit of the City of Chicago. With a projected shortfall for the overall budget in 2009 to exceed $300 million dollars, the mayor?s office is predicting a greater number [...]

7 August 2009 ? With the decision of The International Olympic Committee?s less than 60 days away, 2 controversial land issues are facing the City of Chicago. Chicago’s landmarks commission  voted against a proposal to place the Michael Reese Hospital campus on the National Register of Historic Places yesterday. If the city gets the Olympics, this area [...]

Regardless of real estate market conditions, our clients hire us to get their properties sold. Sorting through this week’s news and numbers regarding how we market those listings, there still seems to be a huge disconnect between how most agents think their listings are marketed and the realty of the fastest growing resources that the [...]

6 August 2009 ? Today the bond market opened up slightly around 6bps and are currently up 9bps. We had a slight movement down after the unemployment claims dropped, however dismal retail sales immediately turned the bonds back into the positive territory. We have had six straight weeks of decline in the moving average of [...]

6 August 2009 ?I was pleased to see that Chicago was not on the Forbes’ list of the cities to get the best deals on a condo. Unlike many of Forbes’ lists, this is one list we as a city do not want to be on. Being on this list means that there are too [...]

For the price of a condo, you very well could buy 2.7 million square feet in downtown Chicago. Sadly, after 13 years of failed re-development efforts, the US Postal Service is auctioning off what was once described as the world?s largest Post Office with a suggested opening bid a measly $300,000. Hard to believe that [...]