September 2021

There are 3 blog entries for September 2021.

Fulton Market Real Estate DevelopmentA decision from the Chicago Committee on Zoning a few months ago could have a far reaching impact on development in Fulton Market. The committee approved an ordinance last spring which lifted a ban on residential development north of Lake Street.

That decision was quickly reinforced by a similar vote from the full City Council. In lifting the previous construction ban, it gives approval for new residential development in the Kinzie Corridor Overlay District.

That’s an area bound by Carroll Avenue, Ogden Avenue, Hubbard, Wayman and Halsted. Residential construction had previously been banned in the area, as it was mostly restricted to hotel and office buildings.

Over about the past ten years or so the area has changed over from an industrial, meatpacking

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Working From Home Housing DemandLast year was a year of changes for many, and perhaps most notably among homeowners who are now working from home. With many employers opting for remote scheduling during the duration of the pandemic, employees have started reevaluating where and how they live, and according to some statistics, nearly 40% of those workers still don’t know if they’ll be gong back to the office any time soon.

As a result, workplace flexibility has become a top priority for many of America’s workers, which not only gives them the freedom to live where they want but also an opportunity to move to a place where they’re happy and more productive.

It’s because of the new work from home phenomenon that many housing markets across the country are booming, creating serious supply

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Home sales in August up from 2020Newly released figures show new home sales up for the month of August. The data comes from new reports credited to the Department of Housing and Urban Development and the US Census Bureau.

On a monthly basis in August, new home sales were up  more than one-percent over July’s revised rate of 729,000. For August of this year, sales of new single-family homes were at an annual, seasonally adjusted rate of 740,000. Still, when comparing year-over-year, the August 2021 rate of new home sales was more than 24-percent below the estimate of 977,000 for August 2020.

The new report puts the median sales price of new homes sold this past August to just over $390,000. In comparison, the average sales price for the same time period was more than $443,000.

The figure

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