Chicago Real Estate News & Neighborhood Notes

As we enter a new year, some people are preparing to buy a new home. Over the course of 2021 we experienced high home prices and a limited number of homes on the market. But what about 2022?

If you’re considering buying a new home you likely need a mortgage. You’ll want to put yourself in a good position to qualify for a home mortgage. Here are a few tips to help you out:

Tip #1 Compare lenders

Each lender out there has the ability to set its own rates. If you compare lenders by shopping around a bit, you may end up with a better deal. Keep in mind, though, every time a lender pulls your credit report it’s a hard inquiry. Too many spread out over too long could bring down your credit score.

Tip #2 Know what’s on your credit report

It’s

With large tax increases expected to impact landlords, renters in parts of Chicago should probably brace for some significant apartment rent hikes in 2022. The large tax increases are being blamed on a couple of things.

First, over the course of 2021 the entire city was reassessed. That assessment level is 10-percent of a residential property’s market value.

Landlords should expect to start seeing the assessment increases from 2021 on their property tax bill in summer of 2022. Recently, the Chicago City Council approved a budget for 2022 that includes an automatic property tax increase of more than $76 million for the first time.

Higher market-value increases on properties in Chicago means higher assessed values. Analysts are already predicting that could

A brand new dining option is opening up in Chicago’s Gold Coast. Cafe Sophie is a European-style café from the same owners that brought us Maple & Ash and Etta.

Cafe Sophie is described as an all-day café with wood-fired breakfast sandwiches, pastries and a full bar. This isn’t exactly the kind of place to eat your food quickly and leave.

While service should be fairly quick, the idea if for customers not to feel too rushed. Cafe Sophie is designed as the kind of place people might want to stay for a while, much like the kind of cafes you would find in parts of Italy.

There’s room for about 20 people to eat inside, plus another 60 or so out on the patio. The cafe also includes some space to purchase kitchen supplies.

Cafe Sophie takes the place of the

A new park is now open in Chicago’s Lakeshore East neighborhood. Cascade Park is a privately developed park that helps connect up the Chicago Lakefront Trail to Harbor Drive.

The new green space slopes down from North Harbor Drive to Lower Lake Shore Drive and the lakefront trail. Crews first began working on the green space in mid 2019.

The sidewalk switches back and forth to frame some flatter grassy areas. It’s thought these could be used for social gatherings and recreational activities. Some sculptures in the park double as seating areas.

At the bottom of the green space, some walking and bike paths link Lakeshore East Park to the trail and DuSable Harbor. A lower part of the park is dog-friendly and being called Cascade Bark.

The new park is seen as a

A new condo and apartment building is beginning to take shape in the South Loop. Construction is progressing on The Reed, which sits along the south branch of the Chicago River.

When finished, The Reed will include more than 200 condos, topping another 200 or so apartments. The podium of the building will house its amenities, some parking and some retail space.

Like some other recently constructed buildings in the area, the Chicago Riverwalk promenade will run underneath part of The Reed. This creates the opportunity for some retail space just adjacent to the Riverwalk.

It also provides some sun and weather cover, as well as the future possibility for outdoor dining. Being right up against the river likely also means at least some protection when it comes to

The year isn’t even over yet, but already 2021 has been a record year when it comes to Chicago’s luxury housing market. Over the first 10 months of the year, 75 homes sold for at least $4 million.

That’s slightly more than the 2018 record of 73 luxury home sales and significantly more than the 50 or 60 that sold in years leading up to 2018. Agents credit the boost, in part, to low mortgage rates and a booming stock market.

Of the 20 priciest sales in the Chicago area, eleven of them were downtown condos. Six properties were in Lincoln Park.

Some empty nesters are selling off their large homes in the suburbs and moving downtown. In late October, a four-bedroom condo sold at the St Regis Chicago for $7 million.

Over the course of the year, the St Regis

The site of a proposed mega-house in Lincoln Park now appears to be slated for condos. At one time the owner of the triple lot was on track to construct a new, 25,000 square foot home.

Without any zoning changes, the lot could have resulted in a more than 15,000 square foot home on Howe Street. The previous owner paid nearly $6 million for the lot, then demolished its two buildings in 2020.

A year later, the lot was back on the market and ready for a new buyer once again. The new plan is to turn the lot into a six-unit condo building.

According to reports, four of the six units in the future building are already under contract. At one time the project was to turn the property into eight units but two buyers wanted full-floor units, bringing the total number

A new apartment tower is slated for Fulton Market, where a developer plans to construct a 27-story building. Plans call for 375 apartments to go in near the corner of Elizabeth and Randolph streets.

Designed by architect and developer Thomas Roszak, crews plan to first demolish some existing low-rise buildings at the site. The new tower is just one of a handful of new apartment developments coming to the neighborhood, which is once again a hot market for real estate in Chicago.

Two other large apartment developments are already under construction along Randolph Street. One plans for 300 new units, while another a few blocks away plans for more than 200. There are also several other developments in the works.

As the industry recovers from the COVID

A former industrial site in Lakeview will soon be transformed into luxury homes. For around 40 years, the site served as home to Craftsman Plating & Tinning.

A couple of years ago, a developer came in with plans to construct 28 new townhomes on the site. After that plan fell apart, a city committee voted to downsize the property for a dozen single-family homes.

A new developer recently purchased the property with plans to construct two different models of homes. Each home will be around 4,200 to 5,000 square feet in size.

Preliminary plans show three-story floorplans with the homes featuring a stone and brick façade. It’s expected the homes will also come with a detached garage and a rooftop deck.

Construction should start on each of the two model homes

If your budget allows, you can experience the utmost in luxury at Tribune Tower Residences. A truly unique and upscale rental is currently available for $23,000/month.

This particular property sits on the building’s fifth floor, and offers three-bedrooms plus a den, along with 3.5-baths. The price point affords top appliances from SubZero, Miele and Wolf, plus wide plank white oak floors, a marble master bath, and custom cabinetry and millwork.

The luxury unit also comes with a large private terrace, two garage parking spaces, and an address in one of Chicago’s most coveted buildings. Situated on Chicago’s Near North Side, Tribune Tower offers up such amenities as an indoor swimming pool and outdoor terrace, a fitness center and access to a peaceful