Chicago Real Estate News & Neighborhood Notes - March, 2017

Hot Uptown! Paves The Way For New Luxury Apartments

In case you haven’t noticed, Chicago’s Uptown is transforming into one of the city’s most distinguished up-and-coming neighborhoods. Along with a number of large scale residential projects either already underway or currently being discussed, plans for another apartment project were just recently revealed that will only add to the neighborhood’s future appeal. 

According to reports, a vacant lot and old auto repair shop at 4906-4918 N. Clark Street near Andersonville could be developed into a chic new apartment building that could hold as many as 60 rentals and from the looks of it even plenty of ground level retail space as well.  

As of now, nothing has been made official and developers still need to present the project to Uptown’s Zoning Advisory…

2732 Views, 0 Comments

Trump Tower Penthouse Knocks $200,000 Off Original Asking Price

One of Downtown Chicago’s most expensive condos has been re-listed and is now asking $12.5 million—a reduction of $200,000 off the original asking price of $12.7 million when the unit first hit the market last September. 

Perched up on the 87th floor of Chicago’s famed Trump Tower, this ultra-luxe penthouse boasts insane upgrades, tons of living space, and as you might imagine some of the best views money can buy.

Officially, penthouse #87A features 4 bedrooms, 4.5 bathrooms, and a jaw-dropping 6.850 square feet of total living area. Other interior finishes include massive 16-foot floor-to-ceiling windows that provide panoramic views, custom millwork throughout the entire unit, and countless designer finishing touches that should satisfy the needs…

3545 Views, 0 Comments

Exploring Red Hot New Construction Deals on Chicago's West Side

Chicago’s west side has been on the upswing for quite some time now and neighborhoods like Bucktown, Wicker Park, and Ukrainian Village are now considered a few of the most sought after locations in town. Naturally, home and condo prices in these and other surrounding neighborhoods have skyrocketed over the pas 12 to 18 months, but if you go just a little further west over to the eastern edge of Logan Square and Humboldt Park—two of Chicago’s fastest developing neighborhoods—there’s still a whole lot of value just waiting for buyers to exploit.  

1505 N. Fairview Avenue, for example, is a new construction condo development that offers spacious floor plans, out-of-this-world interior finishes, and in the case of the top two units, 2 bedrooms, 2…

3477 Views, 0 Comments

How Chicago's Rent Prices Stack Up Against Cities Across the Globe

While some of Downtown Chicago’s new apartment towers may seem pricey on the surface, a new report from RENTCafé shows the Windy City is actually pretty affordable compared to other top financial markets across the globe. 

According to their analysis, Chicago only has the 17th highest rent prices out of the top 30 global finance centers, which includes markets like New York City, Boston, San Francisco and Los Angeles in the U.S.; and London, Paris, Tokyo, Sydney, and Dubai around the world. 

The RENTCafé report analyzed the average rent price for a one-bedroom apartment between 600 and 999 square feet, and Chicago, which as mentioned placed 17th on the list, had an average rent price of just $1,720. New York City, which ranked as the most expensive…

3333 Views, 0 Comments

A Look Back at Luxury Home & Condo Sales in 2016

While Chicago’s real estate market has been off to a fast start in 2017, the luxury market in 2016 actually cooled off a bit compared to a year prior, at least when it comes to the region’s priciest homes.  

According a recent report from Crain's Chicago Business, just two homes in the six-county Chicagoland region sold for $10 million or over back in 2016, which is down from 6 homes at that price point back in 2015. Even with the dip in ultra-luxury home sales, however, 2,423 homes priced at $1 million or more also sold back in 2016, which is a 2.5% increase compared to 2015. 

As you might expect, top selling suburbs in the luxury category were Hinsdale (144 luxury sales), Winnetka (144 luxury sales), Wilmette (120 luxury sales), Lake Forest (97…

2239 Views, 0 Comments

Limited Opportunities Remain at The Row in Bucktown

The Bucktown neighborhood is easily one of the hottest locations on the west side right now, and arguably one of the hottest locations in all of Chicago. Homes and condos are selling faster than ever right now not only in the Bucktown area, but also in several of its neighboring communities like Wicker Park and Ukrainian Village. 

Development around Bucktown has also been on the upswing over the past year, and projects like The Row are catching the attention of home buyers from all over town, and for good reason. That particular development, which lies along Winnebago Avenue not far from the heart of the neighborhood, offers a great location, tons of living space, and plenty of high-end interior finishes to top it all off. 

Consisting of just 24 row…

3666 Views, 0 Comments

Growing Luxury Home Inventory in Lincoln Park Makes Now a Great Time to Buy

While the Chicago real estate market has remained hot during the early part of 2017, an interesting piece in Crain’s revealed now may not be the best time to list a luxury home in Lincoln Park. 

According to data in the report, 69 luxury Lincoln Park homes were added to the market last month, bringing the total number of homes listed to 169, which now marks a two year high. And with sales numbers remaining steady, the selling inventory is now bringing home prices in the area down. 

Going off of recent numbers from the Chicago Association of Realtors, homes in Lincoln Park that went under contract last month had a median asking price of under $1.5 million, which is well below the median asking price just one year prior of $1.85 million. And while…

2188 Views, 0 Comments

Two Penthouse Condos Hit the MLS at 2035 N. Orleans

From a design standpoint, 2035 N. Orleans is one of Lincoln Park’s most unique condo developments currently under construction given its exterior facade will incorporate an old 1930s-era parking garage that will no doubt give the building an added sense of character and allure.  

A luxury development that will only feature 10 units, however, opportunities to own a condo at 2035 N. Orleans will no doubt be limited. But just recently, the building’s ultra-luxe penthouse units officially hit the MLS, present high-end condo buyers with two of Lincoln Park’s most expensive options currently on the market, asking $3,650,000 and $3,500,000 respectively.  

Penthouse E, the more expensive of the two units, features five bedrooms and five bathrooms while also…

2487 Views, 0 Comments