The Chicago 77

Despite speculation that the luxury residential market in the city of Chicago, $1,000,000+, will experience a slight down-turn as consumers sit-back and wait to see what happens with the stock market, the statistics paint a different picture. This information was taken from the Multiple Listing Service showcasing that the first-half of June could turn-out to [...]

The single most important factor when selling a home is the list price. Before Nancy, my business partner, and I even talk about all the ways we can drive traffic to our listings, we talk about market value and where a home should be priced in relation to its competition. Why do we do that? [...]

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 [...]

10 February 2010 ? Another developer is suffering the serious consequences of Chicago?s four-year condo market slump. The Columbian, a 46-story condo building at 1160 S. Michigan, has been taken over by the lender, Fidelity, who financed this development’s mezzanine loan. With 71% of the building sold, the developer, Allison David of David Group LLC, [...]

27 January 2010 ? In April 2009, the Obama administration announced a plan to include second mortgages into its foreclosure rescue program. This program is designed to encourage mortgage note holders to reduce interest rates for five years on second mortgages. The government will share in the cost of these reductions or, as an alternative, [...]

20 January 2010 ? According to the Wall Street Journal Real Estate section, housing construction is expected to rebound this year from its severely depressed 2009 level. The market, however, remains unpredictable as foreclosures continue to rise. In other news, Frank Nothaft, chief economist at Freddie Mac, said the percentage of people who are behind [...]

23 December 2009 ? As we anticipate the opening of the new Apple Store on the corner of North and Clybourn, the builder, Cupertino, are putting the property up for sale. But don?t be alarmed ? Apple is merely a tenant (with a 10-year ground lease) and are able to pay their part of the [...]

9 December 2009 ? Joe Abbas, the owner of Luxury Motors Inc., is yet another casualty in the auto-industry down-turn. The prime property that Abbas purchased in 2007 at 530 W. Chicago Ave. is going into foreclosure. Joe Perillo Sr., a party to the mortgages, filed a $6.6 million foreclosure suit on the property. According [...]

2 December 2009 ? Baum Realty Group, LLC is seeking government assistant for its $53,800,000 project to convert the former Frederick Cooper Lamp Co. factory at 2545 W. Diversey Parkway to the “Green Exchange” ? office and retail space used by eco-friendly businesses. A first of its kind in the United States, the developer has [...]

21 October 2009 ? Yesterday, Ron Phipps, First Vice President at the National Association of Realtors (NAR) stood in front of the Senate Banking, Housing and Urban Affairs Committee urging them to extend the buyer tax credit. According to the NAR website, Phipps was quoted as saying, ?The data on the present home buyer tax [...]

23 September 2009 ? As reported in today?s Crain?s Real Estate: The famous Chicago building on the corner of Monroe and Clark, referred to as ?Weather Bell Corner,? may be acquired by the city if Daley?s administration can get the okay from City Council. The 14-story building, at 79 W. Monroe, once was the headquarters [...]

09 September 2009 ? According to Crain?s today: the CME Group Inc. has applied for $15 million in city aid to subsidize a major renovation of the Chicago Board of Trade Building. In exchange, the CME has promised to create 900 jobs over the next 10 years, according to Alderman Robert Fioretti of that Ward. [...]

19 August 2009 ? The Federal Housing Administration?s 203(K) loan is gaining popularity as more and more distressed homes are entering the marketplace due to foreclosures and short-sales. According to data released last week by the Office of the Comptroller of the Currency, more than 11,000 loans have been insured thus far this year: a [...]