The Chicago 77

Garrett Kelleher, the Irish developer who was the visionary for Chicago?s proposed newest landmark, the 150-story Spire, is now being sued by Bank of America for $110,000 in unpaid credit card bills related to the stalled construction project. Allegations have been added to a lawsuit filed in August by Bank of America to recover an [...]

There have been a lot of people speculating on what will happen to the market once the Fed stops buying mortgage backed securities and interest rates start to rise… It is logical for me to think that once the tax credit is over and the interest rates start to climb that buyer’s will be scared [...]

25 February 2010 ? Tuesday was a big day for one of Chicago’s newest skyscrapers, located at 225 N. Columbus in the Lakeview East development. The Aqua, a 82-story residential building was named 2009 Skyscraper of the year by Emporis, a firm that sells data about tall buildings and annually judges the best new projects. [...]

24 February 2010 ? Centrum Properties has been served a foreclosure notice from Wachovia Bank for the parcel located on the corner of Ashland, Lincoln and Belmont. Centrum purchased this 80,000 square foot site in 2005 for $18,700,00 with the intention to build a $100-million retail/residential project called the Lakeview Collection. In 2008, Centrum restructured [...]

The purpose of this article is to discuss the difference of obtaining a mortgage through either a bank or a mortgage broker/banker and the importance of shopping around. Many of my clients get into home buying in much the same way. Eager to get out looking at properties with no idea how much money they qualify to spend. As [...]

23 February 2010 ? After an abysmal year, 2009 proved to be the worst year in Chicago condo sales history. With that said, new construction condominiums will be hard to find in 2012. No new construction buildings have been proposed to the City now or for the future. According to The Chicago Tribune, “This year, [...]

Between the Fed’s FOMC minutes from its last meeting and the raise in the discount rate on Friday, prices in the mortgage-backed securities market have decreased by 1% and many banks have raised their 30-year fixed rate mortgage rate by .125% to .250%. Is the Sky Falling? Does this mean that rates are heading to [...]

To date, the Federal Government has pumped over $1.25 TRILLION into the mortgage market in an attempt to boost slumping activity and aid the overall economy. However, the end may be in sight ? the Federal Reserve is considering ending aid as of March 31. The Real Estate Market Drives the Economy The housing market [...]

18 February 2010 ? In 1979, producers of “The Blues Brothers” brought to life and then destroyed the old Dixie Square Mall in Harvey. The mall had been closed for a short period before the film’s famous car chase wound its way through the stores and shoppers. Today, the mall sits in ruins, redevelopment plans [...]

17 February 2010 ? For nearly 100 years, the prime piece of real estate that was once home to Edith Rockefeller McCormick, located at the intersection of Michigan Ave, Oak Street and Lake Shore Drive has been known as 1000 Lake Shore. However, much to the aggravation of the residents, the U.S. Postal Service sent [...]

While the national economy has been on everyone’s mind for a very long time now, recently I have been wondering about the health of the local Chicago economy. Specifically, I have been contemplating the trickle-down effect the new parking meter system has on local businesses. Last year Mayor Daley made the controversial decision to privatize [...]

Katie Anderson & Stacy Braack 16 February 2010 ? In today’s gloomy real estate market, things seem to only get gloomier for property owners. With an oversupply of rental inventory on the market, condo owners and developers are looking at creative measures to save time, money and their property. With that said, there are currently [...]

Community association management companies play a vital role in both the financial and physical health of client buildings. Their role has become increasingly more difficult, and increasingly more critical, in the recent weak real estate market. Achieving success as a community association manager ultimately comes through proactive management and effective communications. However, many community association [...]