Chicago Real Estate News & Neighborhood Notes - February, 2016

Luxury New Construction Homes on the North Side in High Demand

We’ve all heard about Chicago’s robust new construction market and how insane projects like Wanda Vista and Riverline are currently in the works, which will undoubtedly change the city’s already unmistakable skyline. But up on Chicago’s north side, new development is also playing an active role in today’s real estate market, but more so in the form of luxury single-family homes.

According to a recent report, Lakeview is leading the way in teardowns in Chicago, which are essentially residential properties that are completely torn down to make way for a brand new homes. In most cases, the homes that are being torn down are usually fully functioning properties that of course could use some updating, but aren’t necessarily un-livable. But given developers are…

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River North Commmercial Tower at 321 N. Clark Hits The Market

With so many new apartment buildings going up in River North, investors are certainly seeing the potential for office and commercial space within the neighborhood as well. According to a report from Crain’s, the 35-story office tower at 321 N. Clark Street is going up for sale, which has nearly 900,000 square feet of commercial space.

After a record volume in office sales in 2015 that totaled over $6 billion in downtown Chicago, the commercial market in many ways is as hot as many other segments of the Chicago real estate market.

Early estimates have the building selling for between $350 and $375 per square foot, putting the final sales price at over $335 million. As noted by Crain’s, a Houston-based venture purchased 321 N. Clark Street for $247.3…

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Smithfield Makes 808 Wells Official, Sales Model Opening Soon

Back in early January, news broke about another condo tower coming to River North on Wells Street, and now, nearly two months later, we have a much better idea of what to expect from this dynamic new project. Known simply as 808 Wells, this incredible new Smithfield project will feature 50 luxury homes that range in size from 1,600 to 5,000 square feet.

Above all, the building’s sleek glass design is certainly what stands out most and clearly fits in with the modern River North landscape that continues to evolve with each new project that helps maintain its fashionable reputation.

Amenities at 808 Wells will include 24 hour door service, a large fitness center with a terrace, additional unit and bike storage, wine storage, and on-site garage parking.…

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9,000 New Apartment Units Planned Through 2017

Although an apartment bubble for downtown Chicago seems ready to burst at anytime, the demand for high-end rentals in the city still seems to be as strong as ever. Over the next two years, roughly 9,000 more apartments will be added to the marketplace, giving renters an abundance of choices all over town.

In 2016 alone, developers will be completing 4,000 new units—a record for Chicago—and nearly 5,000 more later on in 2017. According to Appraisal Research Counselors, that’s almost a 28% increase in supply, leaving many to believe something has to give at some point.  
Despite the overwhelming jump in supply, however, the strong job market in downtown Chicago along with what appears to be a lack of demand in buying downtown condos seems to have others in…

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CA Washington to Offer Highly Sought After 3-Bedroom Units in Chicago's West Loop

Although you tend to see a lot of chatter about some buyers wanting smaller, more efficient living spaces, just as many other home buyers in Chicago want lots and lots of living space that might include an extra bedroom or two for added convenience.

In Chicago’s West Loop, where much of the real estate landscape consists of trendy loft conversions with maybe two bedrooms at most, finding a new place to live with the kind of living space luxury buyers demand isn’t always easy—until now.

Introducing CA Washington, a luxury new condo development from Belgravia that features huge 3-bedroom, 3-bathroom condos right in the heart of one of Chicago’s most sought after neighborhoods. Inside, these highly desirable units will include much more than just a few…

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Luxury Condos in The Loop Growing in Popularity

When you think about luxury real estate in Chicago, neighborhoods like River North and the Gold Coast likely come to mind pretty quickly. But as The Loop becomes more and more residential-friendly, luxury home buyers are also starting to make their way to the heart of downtown Chicago’s commercial core faster than you might think.

Don’t believe us?

As of today, roughly 20 listings are currently on the market in the Loop priced at $1 million and over, which certainly says a lot about where the market currently is, and where it might be heading in the not-so-distant future.

For now, the record sales price for a condo south of the main branch of the Chicago River is $5.2 million, but with luxury inventory increasing and evolving, and with so much high-end…

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Chicago Condo Prices Now Exceeding 2008 Levels

Real estate prices have certainly been on the rise in downtown Chicago in recent months, especially on the rental side of things. But just how much are condo and apartment prices increasing here in the Windy City? 

Well, thanks to little new construction condo development over the past few years, prices have officially and completely rebounded to levels prior to 2008, at least according to a recent report from Appraisal Research Counselors. At the end of 2015, the average price per foot for condos in downtown Chicago was right around $421, which is actually 1.7% higher than the 2008 level. 

With few condo developments coming through the pipeline, condo owners considering selling right now should continue to benefit from what little new supply we’re…

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Two New Developments Slated For Ashland Avenue

Two new residential developments are in the works over on Ashland Avenue right now—the first being in Lincoln Park and the other over on Chicago’s red hot west side near Ukrainian Village.

The Lincoln Par project, called The Parker 60614, is a luxury 53-unit condo development that is somewhat unique in its design. Rather than being just one continuous structure, The Parker 60614 will instead consists of a number of two to six-flat buildings spread out over 18 individual lots, which in some ways allows these units to live more like townhomes rather than condos, especially given a few of the different layouts are duplex floor plans.

Luxury condos for sale at The Parker 60614 feature between two and three bedrooms and according to reports, will list…

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