Chicago Real Estate News & Neighborhood Notes

9,000 New Apartment Units Planned Through 2017

Although an apartment bubble for downtown Chicago seems ready to burst at anytime, the demand for high-end rentals in the city still seems to be as strong as ever. Over the next two years, roughly 9,000 more apartments will be added to the marketplace, giving renters an abundance of choices all over town.

In 2016 alone, developers will be completing 4,000 new units—a record for Chicago—and nearly 5,000 more later on in 2017. According to Appraisal Research Counselors, that’s almost a 28% increase in supply, leaving many to believe something has to give at some point.  
Despite the overwhelming jump in supply, however, the strong job market in downtown Chicago along with what appears to be a lack of demand in buying downtown condos seems to have others in…

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CA Washington to Offer Highly Sought After 3-Bedroom Units in Chicago's West Loop

Although you tend to see a lot of chatter about some buyers wanting smaller, more efficient living spaces, just as many other home buyers in Chicago want lots and lots of living space that might include an extra bedroom or two for added convenience.

In Chicago’s West Loop, where much of the real estate landscape consists of trendy loft conversions with maybe two bedrooms at most, finding a new place to live with the kind of living space luxury buyers demand isn’t always easy—until now.

Introducing CA Washington, a luxury new condo development from Belgravia that features huge 3-bedroom, 3-bathroom condos right in the heart of one of Chicago’s most sought after neighborhoods. Inside, these highly desirable units will include much more than just a few…

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Luxury Condos in The Loop Growing in Popularity

When you think about luxury real estate in Chicago, neighborhoods like River North and the Gold Coast likely come to mind pretty quickly. But as The Loop becomes more and more residential-friendly, luxury home buyers are also starting to make their way to the heart of downtown Chicago’s commercial core faster than you might think.

Don’t believe us?

As of today, roughly 20 listings are currently on the market in the Loop priced at $1 million and over, which certainly says a lot about where the market currently is, and where it might be heading in the not-so-distant future.

For now, the record sales price for a condo south of the main branch of the Chicago River is $5.2 million, but with luxury inventory increasing and evolving, and with so much high-end…

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Chicago Condo Prices Now Exceeding 2008 Levels

Real estate prices have certainly been on the rise in downtown Chicago in recent months, especially on the rental side of things. But just how much are condo and apartment prices increasing here in the Windy City? 

Well, thanks to little new construction condo development over the past few years, prices have officially and completely rebounded to levels prior to 2008, at least according to a recent report from Appraisal Research Counselors. At the end of 2015, the average price per foot for condos in downtown Chicago was right around $421, which is actually 1.7% higher than the 2008 level. 

With few condo developments coming through the pipeline, condo owners considering selling right now should continue to benefit from what little new supply we’re…

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Two New Developments Slated For Ashland Avenue

Two new residential developments are in the works over on Ashland Avenue right now—the first being in Lincoln Park and the other over on Chicago’s red hot west side near Ukrainian Village.

The Lincoln Par project, called The Parker 60614, is a luxury 53-unit condo development that is somewhat unique in its design. Rather than being just one continuous structure, The Parker 60614 will instead consists of a number of two to six-flat buildings spread out over 18 individual lots, which in some ways allows these units to live more like townhomes rather than condos, especially given a few of the different layouts are duplex floor plans.

Luxury condos for sale at The Parker 60614 feature between two and three bedrooms and according to reports, will list…

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Hotel Palomar Now Listed For Sale During a Crazy Time in Chicago's Hotel Market

While one high profile downtown Chicago hotel is currently being planned, another is now being listed for sale. According to reports from Crain’s, the 261-room Hotel Palomar at 505 N. State Street is now being listed on the open market at a time when hotel values in the Windy City seem to be at all-time highs. 

Although a price has not yet been disclosed, the likely value of Hotel Palomar has almost certainly gone up since it first opened up back in 2010, likely netting its owners a fairly substantial profit. 

 One of four hotels run by Kimpton Hotels & Restaurants, the boutique Hotel Palomar occupies the lower floors of the 36-story tower at 505 N. State, which of course is a prime location in one of the city’s hottest and trendiest…

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11-Story Hotel Being Planned for 200 N. Green in Fulton Market

With 1K Fulton now open, which of course is the dynamic new office building that Chicago’s Google office and various other high profile companies call home, Fulton Market is continuing its rather robust development boom with reports now surfacing about a significant new hotel project possibly moving forward.  

Being planned by Jeff Shapack of Shapack Partners, the new 11-story hotel was just presented to Fulton Market residents earlier this month, which if approved, will be located at 200 N. Green Street, just a block south of The Publican.  

According to the developer, the hotel will include approximately 170 rooms, 1,200 square feet of retail space, and two floors of additional office space. For now, the plan is to include a restaurant on the…

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Apartments Atop Loews Hotel Sell For $604,000 Per Unit

Big apartment news hit downtown Chicago yesterday as reports have now surfaced that Atlanta-based Investco has acquired the 398 apartment units atop the Loews Hotel at 340 E. North Water Street, which was only just finished last year.

As first reported by Crain’s, Investco paid $240.3 million for the units, which comes out to roughly $604,000 per unit, or about the third-highest price-per-unit ever paid for an apartment building in Chicago.

Not long ago, 111 W. Wacker, another of downtown Chicago’s premier newer construction apartment towers, also sold for a hefty price, which is an encouraging sign for developers of new construction apartment towers who may be on the fence about selling sometime in the near future.

Along with 340 E. North Water, Investco…

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21-Story Streeterville Hotel Project Using Controversial EB-5 Program to Cover Development Costs

The hotel market in downtown Chicago is growing, and earlier this month, ground was broken on the newest hotel project to hit the Streeterville neighborhood at 226-228 E. Ontario. Being developed by Scott Greenberg, this particular hotel project is unique, however, because it’s being financed using the controversial EB-5 program, which allows international investors to become U.S. residents if they invest in qualified business ventures, like large-scale real estate developments for example.

As first reported by Crain’s, the new Streeterville hotel project combines 40 international investors who all put up $500,000 each for the development, which will eventually become a branch of Marriott International’s Autograph Collection once finished.

Also…

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DEAL ALERT: Chicago Lofts $300,000 & Under

With the holiday season now behind us and the new year in full swing, those thinking of buying a new home in 2016 shouldn’t waste too much time looking for something that fits all their needs and wants. Interest rates are expected to increase at some point in the near future and with rents in Chicago also at all-time highs, there seems to be no better time to finally make that transition from renting to owning than right now.

Even though this may seem like the perfect time to buy, however, affordability is also a key component in purchasing a home for many of today’s home buyers, especially the first-timers. But luckily for many out there looking for that perfect combination of style and affordability, downtown Chicago has many different options…

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