Archive | Daily Real Estate Updates RSS feed for this section

Written by: - March 3, 2010

Comments Off on

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 […]

Continue reading...

Fannie and Freddie Announces More Losses

Written by: - March 1, 2010

1 Comment

1 March 2010 The two federally insured companies that purchase mortgage backed securities, Fannie Mae and Freddie Mac, have announced 2009 fourth quarter losses of approximately $15-Billion. The two companies are reportedly planning on asking the Federal Government for more bail out funds. While some might say… “let them go under,” think about this first. […]

Continue reading...

Aqua Named 2009 Skyscraper of the Year

Written by: - February 25, 2010

Comments Off on Aqua Named 2009 Skyscraper of the Year

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. […]

Continue reading...

Centrum Properties Served with Foreclosure Notice

Written by: - February 24, 2010

2 Comments

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 […]

Continue reading...

New Construction Condominiums will be unheard of in Downtown Chicago

Written by: - February 23, 2010

1 Comment

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, […]

Continue reading...

Local Investors Eye Blues Brothers Mall Site

Written by: - February 18, 2010

Comments Off on Local Investors Eye Blues Brothers Mall Site

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 […]

Continue reading...

Distressed in the Gold Coast!

Written by: - February 17, 2010

Comments Off on Distressed in the Gold Coast!

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 […]

Continue reading...

Oversupply Crushes Rental Demand

Written by: - February 16, 2010

2 Comments

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 […]

Continue reading...

Chicago South Side Home Recognized for Role in Desegregation

Written by: - February 11, 2010

Comments Off on Chicago South Side Home Recognized for Role in Desegregation

11 February 2010 ? Chicago City Council voted yesterday to grant the Lorraine Hansberry House landmark status, a result of the home’s critical role in early desegregation movements.┬áIn 1937, the Hansberry family’s peace was shattered when a concrete chunk was thrown through the window of their new home, sending a racially charged message that the […]

Continue reading...

South Loop Condo Building Taken Over By Lender

Written by: - February 10, 2010

Comments Off on South Loop Condo Building Taken Over By Lender

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, […]

Continue reading...

Paying Utility Customers to Pay for Non-Payers

Written by: - February 8, 2010

Comments Off on Paying Utility Customers to Pay for Non-Payers

8 February 2010 ? Utility customers will soon carry the weight of those that do not pay their bills. Last year a new state law was quietly passed allowing utility companies to pass along bad debt to those who do pay their bills. Until this year, gas and electric rates included a set amount reflecting […]

Continue reading...

Spire Woes Cut Developer Deeply

Written by: - February 4, 2010

1 Comment

4 February 2010 – Chicago’s perpetually troubled Spire project has begun to cut deeply into developer Garret Kelleher’s international firms. Ireland-based Clarinabbey Ltd, a subsidiary of Kelleher’s Shelbourne Property Group, recently posted an annual loss of $197.2 million, mostly driven by cross-division transfer of funds tied to the Spire. Kelleher and other company leaders are […]

Continue reading...

River North to Get New Hot Spot

Written by: - February 3, 2010

Comments Off on River North to Get New Hot Spot

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 […]

Continue reading...