Chicago Real Estate News & Neighborhood Notes - December, 2022

7 Reasons Why You Should Buy a Home When Interest Rates Are High

Interest rates are higher than they’ve been in some time, but that shouldn’t scare you away from buying a home right now. In fact, there are plenty of good reasons to consider buying, right now. Here are seven reasons why you should buy a home when interest rates are high.

Lower home prices

There was a time when some sellers were getting multiple offers for homes, and oftentimes they were above asking price, even in markets that don’t typically see that type of buying frenzy. That seems to have cooled. With higher interest rates, it’s likely fewer buyers are willing to overbid on a home and drive up the price. Now, some buyers can’t afford as much home, so home sale prices are going down.

Help with closing costs

Sometimes, with a higher…

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Inside Brass Tack: Waldorf Astoria’s New American Brasserie

A new signature restaurant is open for business at the Waldorf Astoria Chicago, and this one is an American Brasserie, reportedly with a Chicago twist. The new Brass Tack restaurant serves up American cuisine that’s Midwest-sourced. 

The venue uses ingredients from regional farms, sourcing them based on the season. Led by Executive Chef Nicholas Marino, Brass Tack is said to transform those ingredients to menu items with a contemporary twist.  

Daily breakfast favorites include Coffee Cake Pancakes and Shakshuka Verde. The restaurant also serves Lobster Toast, which takes ciabatta and hollandaise, then tops it with a butter poached lobster and truffle scramble.

The lunch menu at Brass Tack ranges from Porchetta Dip and Agnolotti to Chicken…

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Home with Ties to Hollywood Sells For Nearly $13 Million in Lake Forest

A home with ties to one of Hollywood’s most successful moviemakers just sold for nearly $13 million in Chicago’s Lake Forest suburb. The estate was owned by philanthropist Nancy Hughes, who was the late wife of John Hughes. 

She was married to the moviemaker for 39 years. He died in 2009. She purchased the home on Mayflower Road in 2018 but died in 2019. 

At the time, she paid $12 million for the estate. This time, it only took the home about a week to sell. Originally offered for $15 million, the home sold for around $12.9 million.

That makes it one of the priciest home sales in Chicago for 2022. The lakefront estate sits on five acres, complete with six-bedrooms and nearly 12,000 square feet of living space. 

The home has its own private…

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New Guinness Taproom & Brewery in Fulton Market Closer to Completion

A new Fulton market brewery is inching closer to completion. The old Pennsylvania Railroad Terminal Building on Morgan Street is currently being developed into a new Guinness Taproom and Brewery. 

Finalized last year, the deal means a new restaurant with local chefs, a pub, and a 10-barrel brewery for the neighborhood. The process includes both exterior and interior renovation work on the old building. 

Crews are attempting to save some of the building’s history, while also bringing in more modern additions to the site. Plans call for exposed brick walls and beams on the inside, as well as a large glass wall, allowing customers to actually watch the brewing process happen. 

On the outside, the plan calls for power-washing the brick, removing the…

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