Chicago Real Estate News & Neighborhood Notes

The 606 Trail has done wonders for west side neighborhoods like Bucktown, Wicker Park, and parts of Humboldt Park. Now, walkers, joggers and cyclists will soon be able to enjoy a new, nearly two-mile long trail, connecting various parks and communities within Chicago River’s North Branch, just the 606 did nearby. According to reports, crews just officially broke ground on an elevated recreational trail named 312 RiverRun, which is just one more outdoor amenity to add to the rapidly growing list here in the Windy City. 

When completed, the trail will extend the riverwalk from Horner Park to Clark Park, and on to California Park, giving pedestrians an easy way to reach Albany Park, Irving Park, Avondale and North Center, all connected via the trail. 

If you haven't taken notice, there is a ton of things going on this weekend in Chicago, from baseball to food and the arts. And while the list of events and festivals going on is wide-ranging, here are a few things we have our eye on...

Cubs watch party 

The fun kicks off Friday night with a home team matchup against the Washington Nationals in game one of the National League Division Series. While the teams are actually squaring off at Nationals Park, fans plan to gather for a watch party at the Park at Wrigley. 

Tickets to the watch party cost $10 with proceeds benefiting Cubs Charities. The Park opens up an hour before broadcast, with free, limited parking. Game two of the series will be up on the video board Saturday afternoon. 

Chicago

Plans are in the works to redevelop the old Tribune Media printing site into a reimagined “River District”, with upwards of a dozen new buildings along the riverfront. The 37-acre site doesn’t have a developer just yet, but that’s not stopping Tribune from pushing ahead with plans to design thousands of new residences and millions of square feet of new construction along the Chicago River.

Recently unveiled plans also call for a street connecting Chicago and Grant avenues and extending the Downtown Riverwalk. If completed, it’s expected the new property could translate to around 19,000 jobs and generate more than a billion in property taxes over the next couple of decades. 

The news comes shortly after the same company announced a four-tower

As home prices in neighborhoods like Ukrainian Village, Bucktown, and Wicker Park continue to spike, heading a bit further north to begin a new home or condo search may not be a bad idea, at least according to the high-traffic website Lonely Planet.

Although their findings have little to do with purchasing a home, Lonely Planet dubbed Chicago’s Avondale neighborhood one of the ten hottest in the country, and a “must-visit” for anyone traveling or planning to spend time in the Windy City.

Specifically noted in the area’s top-notch culinary scene, as well as its “scruffy, artsy, lived-in magic,” Avondale certainly has a lot to offer for both visitors and locals who call this part of Chicago home, and its highlights go far beyond just a couple good

A triple condo now on the market in the John Hancock Center could soon smash the old record sale price for a unit in the building. The latest offering is a newly redesigned condo that takes the square footage from three condos, forming a new 4,100 square foot home with four-bedrooms, four-baths and a massive, combined space, incorporating the kitchen, dining and living rooms into one L-shaped design. 

Just as impressive as the condo’s size is its current asking price. Now on the market for $2.5 million, the unit far surpasses the old record price for a condo sold in the building. A more than 3,000 square foot unit was purchased for $1.65 million back in May of this year.

While that particular unit was on the 91st floor of the John Hancock Tower, the

What’s now a parking lot could soon turn into a new 10-story building on Jefferson Street. A developer hopes to gain a special use zoning variation to construct the new residential mid-rise building close to Union Station.

Located at 315 S Jefferson, plans call for nearly 70 residential units to be constructed within the building. While the size of the planned building itself does not require a variance, the developer wants to change the required parking from a standard of 1 to 1 per residence to a total of five parking spots for the entire building.

Since the proposal hasn’t been introduced to councilors yet, more detailed plans for the building are not yet public. Residences living within 1,000 feet of the site did receive a letter but it does not

New data from the Chicago Association of Realtors is showing single-family homes in the city sold faster in July than at any other time over the last decade.

According to the numbers, single-family homes in Chicago averaged just 74 days on the market before moving, which represents the shortest amount of time on market since all the way back to January of 2007.

For comparison-sake, July of 2016 saw single-family homes in the city sell in 80 days on average.

Inventory is fairly tight around many of Chicago’s top neighborhoods, prompting buyers to move a little faster than what we’ve been used to seeing.

Condos have also been selling faster in recent months, with June setting a new record of just 50 days on market. And in July, that average only

A much-anticipated plan for redevelopment along the river just took another step forward, as developers officially filed zoning paperwork with the city. The land in question includes seven acres of riverfront land that currently belongs to the Chicago Tribune.

For some time, rumors have swirled about redeveloping the land, but now a potential project appears to have gained new momentum. According to the filed documents, plans call for four new towers to be built just to the south of Goose Island at 700 W Chicago Avenue. 

Plans call for construction to start on Office Tower 1 first, with a delivery date as soon as mid 2019. That building would offer around 435,000 square feet of office space, including terraces with skyline views.

The next step of

With the busy fall season approaching, we thought we’d take a closer look at where some of Chicago’s most expensive condos currently on the market are listed, and what each of these lavish and luxurious units have to offer. Not surprisingly, No. 9 Walton, Waldorf Astoria Chicago, and Trump Tower feature the three highest priced condos right now, each boasting a price tag of well over $12 million. Somewhat unexpected, just two condos over at Vista Tower are among some of the Windy City’s 25 most expensive units on the market right now, which is the same number of units you’ll see listed over at The Palmolive in that same category.

The spectacular new One Bennett Park condo tower also features a couple condos in the $6 million price range, and you’ll

A beautiful new hotel project is being discussed for the West Loop and will be up for approval by the Plan Commission later this year. 

If approved, the new West Loop Hyatt Hotel will be built over at 113 N. May Street and is expected to house trainees of McDonald’s “Hamburger University” training program, which of course will also be moved to the city once the new McDonald’s headquarters is finished right down the street. 

The design of the new West Loop Hyatt Hotel has been slightly modified from the original proposal, which included a 19-story building with 220 rooms. The new revised design from Eckenhoff Saunders Architects now only stands 16 stories high with 200 rooms. 

For additional information on the fabulous new West Loop Hyatt Hotel,