The Chicago 77

31 March 2010 ? There is no doubt about it, Chicago is a condo kind of town. With an estimated 260,000 condo units in approximately 12,000 buildings, Chicago ranks as the nation?s 3rd largest condo market. 2009 saw 10,070 condo units sold, which is a 20% decrease compared to the 12,596 units sold in 2008. […]

24 March 2010 ? Last year, prices for condominiums ranged from $4,000 for 1,200 sq ft in South Chicago to $5 million for a 5,000 square foot penthouse in the Gold Coast. The 2009 median sale price of a condo citywide was $270,000 which represents a 13% decline compared to 2008 prices. Last week, I […]

17 March 2010 ? Did you know that at any given time, there are approximately 10,000 condos actively for sale in Chicago? Annually, between 10,000 ? 20,000 condo units are sold in the Windy City. That represents about 2% of the 900,000 condos & co-ops bought and sold across the entire country. In 2009 the […]

10 March 2010 ? Many people are wondering how the condo market is doing so far in 2010. In short, not bad! Here we are, only two months into the new year, and according to figures generated by MRED, our regional Multiple Listing Service, condo sales are off to a strong start compared to 2009. […]

3 March 2010 Campaigning for more Wal-mart stores continues as store closings & job losses rise. This time, with the Lord on their side. The Chicago alliance of just over 200 ministers representing a congregation of over 100,000 plan to put the pressure on Mayor Daley to grant approval for construction to start on a […]

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 […]

3 February ? For those who enjoy rotisserie chicken grilled over a charcoal fire, there will soon be a new hot spot to enjoy in River North as of March 2010. In Edgebrook, similar to that of a Brazilian steak house, George Elbekai, (who was the first General Manager of Bob Chinn?s Crabhouse before it […]

13 January 2010 ? City bail out:: The fledging 263 unit mixed-income condo development, Parkside at Old Town, is getting a little help from the Daley administration. Unable to pay off its construction loan this past December, developer Peter Holsten was able to sidestep a potential $32 million loan default with Chase Bank by securing […]

30 December 2009 ? William Senne, a prominent Chicago condo developer, recently made a splash by criticizing rival developers who slashed their prices. Now, Senne is pursuing a similar tactic. His proposed ?green building? named EcoLogic and containing 94 condominium units near the intersections of Damen, Fullerton & Elston was to feature a rooftop garden, […]

17 December 2009 ? There looks to be new life for Lincoln Park Hospital. North Side developers Richard Zisook & Michael Supera recently took title to the five-building complex located at 550 W. Webster (at the intersection of Geneva Terrace, Lincoln Avenue, and Webster Street). This action ended a $31 million foreclosure case against the […]

18 November 2009 ? Concert promoter Jam Productions Ltd has added another music venue to its growing portfolio. On Tuesday, the historic Uptown Theater, located on the 4800 block of north Broadway, was purchased for $3.2 million in a court ordered foreclosure sale. The sale must be court approved, however Jam does not expect any […]

11 November 2009 ? The Three Arts Building located at 1300 N. Dearborn may be turned into what some are calling the Midwest?s largest columbarium.  Don?t? have a dictionary handy? This columbarium will have enough space to store the ashes of up to 15,000 dearly departed residents. Built in the early 1900?s, and designated a […]

I frequently get asked the difference between a short sale and a foreclosure / Real Estate Owned (REO) property. Buyers in today?s market who are cash heavy and have a flexible time frame may be in the best position to purchase one of these foreclosed properties.