Tag Archives: Developers

The Failed Olympics Bid – Neighborhoods Will Be Better Off

Written by: - October 28, 2009

Comments Off on The Failed Olympics Bid – Neighborhoods Will Be Better Off

The Failed Olympics Bid – Neighborhoods Will Be Better Off

Many Chicagoans are still reeling with disappointment over Chicago?s loss of the 2016 Olympics. But the impact on the near south and South Loop real estate markets may have been less than positive after the flame was extinguished.

Continue reading...

Chicago Spire Faces More Trouble

Written by: - October 15, 2009

4 Comments

15 October 2009 ? Chicago’s much challenged lakefront Spire project is facing yet another hurdle. The owner of NBC tower, where Shelbourne Development Group occupies the entire 18th floor in a $10 million sales center, is threatening eviction. The developer hasn’t paid rent since April 1 and owes more than $300,000. The 2000-foot skyscraper project […]

Continue reading...

How to Reduce Condo Supply: Sink the Spire and Convert Condos into Apartments

Written by: - August 14, 2009

Comments Off on How to Reduce Condo Supply: Sink the Spire and Convert Condos into Apartments

14 August 2009 ? The likely demise of the Spire along with other new construction buildings now being marketed for rent instead of sale continues to contribute to the reduction of Chicago?s housing inventory. Another nail in the Spire?s coffin is the lawsuit filed Thursday by Bank of America against the Shelbourne Development Group for […]

Continue reading...

Pearson On The Park to Be Foreclosed On

Written by: - July 29, 2009

1 Comment

29 July 2009 ? PrivateBank & Trust Co. has filed to foreclose on Pearson on the Park (222 E. Pearson St.) a 219-unit condo conversion that as of late has been struggling to sell its remaining twenty percent of units. According to records found in MLS (Multiple Listing Service), three developer units have sold since […]

Continue reading...

Home Sales Down Just 19% in May in the Chicago Area

Written by: - June 24, 2009

4 Comments

Home Sales Down Just 19% in May in the Chicago Area

I think there is light at the end of the tunnel. We can certainly see it in our showing activity and in the market. It’s still not an easy market or necessarily a fair market for all involved, but it is changing for the better. Statistics from Illinois Association of Realtors (IAR) definitely back up […]

Continue reading...

Home Builders Pessimistic and Vacancies on the Rise in Chicago

Written by: - June 16, 2009

2 Comments

Home Builders Pessimistic and Vacancies on the Rise in Chicago

Two reports yesterday seem to cast a shadow over recent good news in closings. Home Builders Not Predicting Increased Business The National Association of Home Builders (NAHB) reported yesterday that it’s nation-wide monthly sentiment index dropped by a point to 15. This is down from a score of 18 one year ago and an all-time […]

Continue reading...

Hope and Change the Theme at CAR Awards

Written by: - May 28, 2009

Comments Off on Hope and Change the Theme at CAR Awards

Hope and Change the Theme at CAR Awards

At a dinner On May 21, the Chicago Association of Realtors presented the 2009 Good Neighbor Award winners. As I saw the recipients walk to the podium to receive their awards, the words of the evening?s emcee kept running through my head. In his remarks, Brian Bernardoni the Government Affairs Director for the Association said, […]

Continue reading...

Five Things Buyers Should Know About New Construction Condos

Written by: - February 3, 2009

3 Comments

Five Things Buyers Should Know About New Construction Condos

There’s a lot to love about a new building: the smell of fresh paint, the gleam of new stainless steel appliances, the anticipation of waiting for the cardboard protecting the walls of the elevator to be taken down so you can finally see what’s behind it, the excitement of people wearing hardhats carrying blueprints around […]

Continue reading...

Sears Tower to Lose Largest Tenant

Written by: - January 8, 2009

2 Comments

Sears Tower to Lose Largest Tenant

CoStar is reporting that Ernst & Young have signed a 10-year lease for 203,618 square feet at The John Buck Co.’s new office development at 155 N. Wacker Drive. According to The John Buck Co’s web site, the 46 story, 1.13 million-square-foot office tower is scheduled to be completed in July of 2009. Costar is […]

Continue reading...

South Loop Condo Glut Means Lower Prices

Written by: - January 5, 2009

2 Comments

South Loop Condo Glut Means Lower Prices

Simple supply and demand are having a strong impact in the South Loop. A quick search in MRED for condos in the South Loop (I defined it as Congress to 18th, Dan Ryan to Lake Michigan) shows a huge number of condos on the market. If we look under the new, stricter maximum HUD loan […]

Continue reading...