Chicago Real Estate News & Neighborhood Notes

For more than a decade, new development has been spreading through the Pilsen neighborhood like wildfire. Recent reports indicate the trend has accelerated  exponentially in the past couple years, helping to transform the predominantly  working-class Mexican neighborhood into a hotbed of new construction.

The area has seen housing prices rise to levels found in Logan Square and Humboldt Park and current listings show that the demand to live in this area continues to grow.

According to Redfin data, back in 2018, the Lower West Side community area, which includes the Pilsen neighborhood, has an average home price of around  $336K, which was an astonishing increase of nearly 200% since 2013.

The same report from early 2020 indicates that the Lower West Side

The luxury home market in Chicago was anything but robust for much of 2019. But after a slow start in January, several high dollar home sales in early February have many of us optimistic about how the 2020 spring market will play out.

As highlighted by The Real Deal, Chicago’s top 5 residential sales from January 31st to February 7th sold for a combined $16.4 million with a sprawling five-bedroom home in the Gold Coast leading the way at $5.45 million.

The other four sales, all single-family homes, include a jaw-dropping, 7,000 square foot home in Old Town priced at $2.8 million, an 1896-built historic home in Lincoln Park also with a $2.8 million price tag, a six-bedroom Logan Square home at $2.5 million, and another ultra-modern Logan Square residence

Buying a home or condo with 20 percent down is easier said than done, especially in a major market like Chicago. But the good news for active home buyers is that more and more Americans are finding other ways to purchase a home that doesn’t involve spending a decade or more saving for a down payment.

According to a recent survey mentioned in Business Insider, the majority of Millennials are planning to put down less than 20 percent when buying a home in 2020, and the National Association of Realtors also found that a whopping 76 percent of Americans who bought a home in December also put down less than the previous norm of 20 percent.

There’s no doubt we’re seeing a shift in how real estate purchases are financed and if savvy home buyers can secure

Whether you're looking to rent or buy within a luxury high-rise building near Grant Park, there are a number of amazing properties to see. Many of the properties have luxurious amenities, spacious units, and unique design elements. Below are 3 properties near Grant Park that will blow you away!

Essex on the Park

Essex on the Park is a uniquely designed apartment community located on Chicago’s prestigious Michigan Avenue. Residents of this property will enjoy all that Lake Michigan and Grant Park have to offer. There is a wide array of floor-plans available with unit sizes ranging from, studios up to the massive 4-bedroom penthouse. The penthouse units are the gems of the Essex offering large outdoor terraces for entertaining. If you're not in a

If you're a first-time buyer that desires to live in an area that prioritizes a community feel, great transit options, parks, and affordability, then this listing of neighborhoods is perfect for you. Whether you’re a first-time home-buyer, or looking to upgrade into a larger yet affordable space, here are 3 affordable communities to consider in 2020.

Bridgeport

Bridgeport is a walk-able neighborhood on the Southwest Side. Throughout the area, buyers will find charming cottages, landscaped row homes, and simple brick two-flats. With more than half the properties built before 1940, Bridgeport is prefect for those after a residence with some historic charm. Bridgeport is close to both Pilsen and Chinatown, which puts you close to a variety of ethnic

Despite attempts by some to slow down gentrification along The 606, it seems slowing future development is unlikely. A recently released DePaul study shows a big jump in real estate prices along the western part of the trail in recent years, and it’s hard to imagine this trend slowing anytime soon.

In just the past seven years, prices have reportedly shot up a whopping 344 percent. Two northwest alderman attempted to freeze development in the area with a moratorium, but the mayor pushed back. In the meantime, however, the City Council has voted to ban demolitions, at least for the next six months.

Despite the short demolition ban, it may be too late to really have a big impact. While some have claimed the opening of the trail helped speed up gentrification,

Chicago's planning commissioner is proposing the massive, 415-acre South Works site along Lake Michigan be split up and sold to developers in the future, according to new reports.

The 415-acre property is ready for development, but the commissioner thinks it’s too big for just one developer to take on. That’s because the property in question is larger in size than all of Downtown Chicago.

Still owned by U.S. Steel, the property was once home to a steel plant. Closed decades ago, the plant has since been demolished and the property has mostly remained vacant over the years.

Despite several attempts in the past to develop the property into housing and possible mixed-use space, nothing has ever been built at the site. Had a megadevelopment ever gone

If you’re in the market for a new home this year, there’s good news to report. The new year began with a drop in mortgage rates. Rates recently fell to their lowest level since October.

The average 30-year, fixed mortgage rate now sits at 3.69-percent. The rate drop came as buyer sentiment remained strong at the close of last year.

Fannie Mae’s Home Purchase Sentiment Index comes out monthly. It hit an all-time high in 2019 and stayed close to that to finish the year.

While many people believe it’s a good time to buy, housing demand also remains high. According to CoreLogic, national home prices increase about 3.7-percent annually in late 2019.

Some economists say a drop in mortgage rates is helping support a gain in sales activity and a gain in home prices.

Despite a decline in luxury home sales in Chicago over the past 12 months, a completely overhauled condo at 400 W. Huron is asking $10 million, according to an exclusive from Crain’s.

The unit, which offers 5,000 square feet of living space, was originally purchased for $3.75 million in 2017, but the buyer, a Chicago oral surgeon, hired Box Studios and Steve + Filip Designs to finish the interior, which at the time of the original purchase was completely unfinished.

Along with its spectacular interior, the unit also has a whopping 7,200 square feet of patio space that also includes a private Jacuzzi and swimming pool.

While this unit clearly offers some extraordinary features, average condos for sale at 400 W. Huron have recently been asking between $1.3

Getting preapproved for a home loan can make or break your home or condo buying experience. To sellers, it’s a signal that you’re a serious buyer, and getting preapproved also helps give you a one-up over other buyers who might be interested in the same property you’re considering.

If you’re smart, you’ll start your home or condo buying experience with getting pre-approved. But before you apply, here’s a quick look at several tips to keep in mind that will also go a long way in securing the new home or condo you truly want…

Work on raising your credit score

Even if you already have a strong credit score, it doesn’t hurt to maximize it any way you can. The better your score, the better your rate.

Improve your DTI

By default, improving your