Chicago Real Estate News & Neighborhood Notes - October, 2020

Mortgage Rates Increase This Week But Still Well Below Average Numbers From Last Year

Mortgage rates jumped to 3.12% this week, up from 3.04%  according to Bankrate’s weekly survey of the largest lenders in the country.

Compared to this time last year, when rates were just under 4%, current rates are still hovering around historic lows, making it a great time to buy even despite the pandemic.

Over the past 52 weeks, which of course covers the entire COVID-19 crisis, 30-year fixed rate loans have averaged 3.49%, or about 0.37 percentage points higher than current rates that already factor in this week’s increase.

As noted by many mortgage pros, recent news of a COVID-19 vaccine becoming closer to being ready is giving everyone optimism towards the economic state starting to shift to a recovery and ultimately back to normalcy.

For now, most…

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North + Vine: Old Town's Spectacular New Luxury Apartment Development

Found in Old Town, Chicago’s North + Vine provides elegant apartments and an array of added amenities. The property includes your choice of a studio, one, two-, or even a three- bedroom apartment, all of which are accented by a number of high-end features and finishes.

Each of the apartments at North + Vine includes high ceilings, oversized windows, walk-in closets and spa-like baths. In addition, some of the units offer up impressive views of the city skyline.

Community amenities are plentiful, from the private terrace with fire pits to the swimming pool and sundeck. The property also offers its residents access to a health club, resident lounge, a library and a work lounge.

Other extras include reserved garage parking, a dog run and pet spa, plus a…

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Investors and Developers Still Targeting Fulton Market Neighborhood Despite Pandemic

Despite the effect of an ongoing pandemic, it seems investors and developers still have an eye on the Fulton Market neighborhood. According to published reports, an investor recently closed on a $20 million industrial property that will reportedly be turned into hundreds of new apartments.

A new office property is expected to break ground soon, as well. Together, reports suggest the two projects could benefit each other, giving office workers a place to live that’s in the same neighborhood and close to work.

Another one-million or so square feet of office space is under construction right now and should deliver by the end of 2020. Some investors are banking on the neighborhood’s long-term potential.

That’s why they snapped up property in the neighborhood…

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Luxury Condo Rentals Open In Hot Budlong Woods!!!

For luxury and exclusivity in Chicago’s Budlong Woods neighborhood, consider the new construction possibilities of 5442 N Western. This brand-new rental property offers the appeal of a rental and the luxury of a large amount of living space.

In fact, it’s said these apartments feel more like living in a single-family home. Starting at around 1,400 square feet in size, the largest unit easily command more than 3,300 square feet of living space.

With the option of two-to four-bedrooms, renters can either choose from a simplex, a duplex up, or a duplex down unit. All renters, meanwhile, have the option of sharing a large rooftop deck with incredible city views.

You will also find some private outdoor terraces, plus such upscale features and finishes as quartz…

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Why You’ll Love Living at 1400 W. Monroe in Chicago's Highly Sought-After West Loop

From its location to its luxurious options, you’re sure to love living at 1400 W Monroe. Found right in Chicago’s West Loop, the building offers your choice of more than 40 upscale residences.

This new construction property includes mostly two- and three-bedroom floor plans with custom kitchens and large master suites. The sophisticated building also offers large private balconies and some outdoor terraces, as well. 

In addition, you’ll find such conveniences as deeded garage parking, storage lockers, a dog-washing station and some fantastic views overlooking Skinner Park and the city’s skyline. A two-bedroom unit in the building may supply around 1,200 square feet of living space, while a three-bedroom unit can easily top 1,800 square feet.  

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Pre-Sales at Ultra-Luxe CA6 Development in the West Loop Reach 35%

The West Loop has been one of Chicago’s hottest neighborhoods for several years running and  Chicago-based Belgravia Group’s latest condominium project, CA6 West Loop, is only the latest example that backs up that claim.

According to recent reports, the seven-story, 72-unit development has already pre-sold 35 percent of its units well before construction has even started.

For those still unfamiliar with Belgravia’s latest high-profile project, CA6 will feature three-bedroom/three-bathroom and four-bedroom/3.5-bathroom duplex layouts, representing the most sought-after floor plan in the West Loop right now.

Not surprisingly, CA6 condos for sale won’t come cheap for anybody interested in the building. Prices for duplex condos still remaining start at a cool…

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Vince Vaughns Former River North Townhouse Sells Again For $1.72 Million

A River North townhouse that was once owned by actor Vince Vaughn has once again sold, this time for $1.72 million.  

According to The Tribune, Vaughn owned the residence from 2005 to 2015 and paid $1.42 million for it. Around that same time in 2006, Vaughn also shelled out $12 million for a spectacular, triplex penthouse in the Palmolive Building, one of Chicago’s distinguished vintage high-rises.  

Since Vaughn sold the River North townhouse for $1.4 million in 2015, the property changed hands again in 2018, and most recently back in July after the previous owners renovated the interior. 

The townhouse, which has 4,063 square feet, includes five bathrooms, an attached three car garage, custom millwork, premium kitchen appliances, two wine…

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Sales Underway at the Luxurious New Parkline Chicago Condo Tower in Chicago's Loop

Sales are well underway for one of Chicago’s newest luxury towers Parkline Chicago located at 60 E. Monroe in Chicago’s Loop.

The building’s sales gallery officially opened back in March. When finished, the development will include two-dozen condos, along with nearly 200 apartments and thousands of square feet of ground-level retail space.

The condos of Parkline Chicago will be located on the upper floors of the building, and are expected to serve up some outstanding lake, park and skyline views. Buyers will be treated to large outdoor terraces and floor-to-ceiling windows for admiring the views.

The tower is also expected to include a private lobby for condo owners and an owners-only amenity floor including a sky terrace, a library, a catering kitchen and…

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