March 2022

There are 5 blog entries for March 2022.

Luxury Homes ChicagoChicago’s luxury market is quietly heating up as three property listings recently sold for just under $9 million without even hitting the market, according to a recent report from Crain’s.

Over at the ultra-high-profile 9 W. Walton, a 30th floor condo sold for $8.96 million back in February, upholding the building’s undeniable reputation of being one of the city’s most luxurious places to call home.

Also in February, a mansion on Orchard Street in Chicago’s Lincoln Park neighborhood moved for $8.65 million before officially hitting the market, while just down the street a home on Mohawk Street also went under contact in late January for just under $9 million as well.

The Orchard Street home features 6 bedrooms, 8,400 square feet, and a classic brick

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Order your home with a poolIf you’re in search of a classic Lincoln Park mansion with lots of charm and character but also wouldn’t mind some fresh modern updates mixed in between, LG Development’s latest project might be worth keeping an eye on.

According to Crain’s, LG  purchased a beautiful Tuscan-inspired estate along Dayton Street back in September 2020 and are currently working to makeover the home with some truly spectacular updates.

Plans for the makeover were recently unveiled and detailed by Crain’s, and apparently potential buyers also have the option to include a stunning backyard swimming pool, which would bump up the asking price to more than $10 million.

Specific interior finishes are still unknown but the home does sit on a rare triple lot, and two homes

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Winnetka Mansion Closes For $6.3 MillionOne of Winnetka’s most beautiful lakefront estates hit the market earlier this year and has now officially sold and closed for $6.3 million.

Edgar Jannotta, chairman emeritus of investment bank William Blair, first listed the blufftop home in January, asking $6.25 million. Built in 1955, the stunning estate features 4 bedrooms. 3,400 square feet, and a charming Cape Cod architectural style with red brick, white trim, and and shingled roof.

Behind the home is a fabulous lawn with sprawling views of Lake Michigan and a winding stairway down the bluff that leads to a private beach.

Records indicate Jannottas paid just over $3.2 million for the property back in 2000, and the new buyer closed on the home on March 1st of this year for over-asking.

Looking

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Commercial Real Estate Downtown ChicagoThe office market in Chicago is still struggling due to the COVID-19 fallout, according to recent analysis from Crain’s.

Expiring leases are still crushing revenues all through downtown Chicago, and even though more companies are starting to sign new leases as we continue to recover from the pandemic, the rate at which they’re being signed isn’t fast enough for many landlords.

A couple high-profile foreclosure lawsuits at the Civic Opera Building and 208 S. LaSalle were made public last year, and a number of other office property owners downtown simply handed over their property deeds to lenders to avoid on-going legal battles.

On the bright side of things, now is a great time to get a deal on office space for any company looking to make a

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property tax increases in ChicagoChicago property taxes are up considerably over just 10 years ago. Recent figures show the city collected $754 million in property taxes in 2010.

In 2020, that figure jumped to more than $1.4 billion, doubling the city’s collection from 2010. A recent report shows homes in the bottom 10-percent of valuation are paying an effective tax rate that’s considerably higher than the highest 10-percent.

Property tax bills appear to be rising faster than incomes and home values. According to an Illinois Policy report, lower income residents and tenants will likely be the ones most affected by a new five-percent property tax increase.

Last October, city leaders voted to raise property taxes by $23 million. That figure wasn’t based on the local inflation rate, but

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