The Chicago 77

Today’s chaotic market presents pricing, communication, marketing and mortgage challenges that vary with each transaction, each listing, and each buyer. However, one often overlooked component common to every transaction is the lost art of negotiating. I call it a “lost art” because many sellers focus solely on marketing and advertising when choosing an agent, and […]

I recently spoke with a long-time client who is considering refinancing their home to take advantage of today’s low interest rates. The client had called her mortgage banker to start the process. Her northwest Chicago home was purchased in May of 2004 for $590,000, not quite at the peak of the market, and several years […]

18 March 2010 You either love it or hate it – the iconic purple brick hotel at the corner of Touhy and Lincoln. Previously a Hyatt, the hotel has allegedly been the site of a mob hit, raucous sex parties, and the base for Stuart Levine’s politically corrupt activities. Now, however, Lincolnwood town leaders are […]

12 March 2010 While the market for loop office buildings has been stagnant, the family that makes Jose Cuervo was expected to close yesterday on 303 W. Madison for more than $60. This will be the first sale of a downtown office building this year, and one of the first significant real estate investments made […]

4 March 2010 Jones Lang LaSalle, Inc, just published the 2010 Chicago Skyline Review, its graphic report that highlights the downtown rental market. While vacancies in some key buildings are limited, including Willis Tower and several others, there is plenty of space available in prime locations. Vacancy rates currently run at just under 15%, which […]

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. […]

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 […]

The struggling real estate market has forced sellers to look for creative solutions to squeeze dollars out of their sale to break even or minimize their loss. More and more frequently, listing agents are asked to ?share the pain? and cut their commission to cushion the blow to sellers caused by lower property values. The […]

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. In 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 […]

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 […]

Condo? Hotel? Timeshare? The uncertain economy and downturn in the real estate market have driven developers to create unique projects. Chicago has seen several “condotel,” developments, where units are sold fully furnished and come with daily maid service. Building amenities resemble those of hotels, and owners can use the units themselves or rent them through […]

28 January 2010 ?Last Friday, Nordstrom, Inc. announced plans to open a second Nordstrom Rack alongside the Magnificent Mile. The company currently operates one location on South State Street. That store opened in 2003. ?We have a lot of great Chicagoland customers and want to give them yet another way to shop with us,? Scott […]

23 January 2010 ? U.S. Treasury to Limit Bank Response Time on Short Sale Offers to 10 Days For any buyer trying to get a deal out of a short sale, the waiting time and frustration level must be balanced with the savings realized. Banks have been notoriously slow, sometimes taking up to six months, […]