Chicago Real Estate News & Neighborhood Notes

There are plenty of reasons to want to live in Chicago, but traffic may not be at the top of your list. A newly released study found Chicago drivers spend a whopping 73 hours a year stuck in traffic. 

That’s considerably higher than the national average of just 54 hours. The study comes from the Texas A&M Transportation Institute. It recently released the findings as part of its 2019 Urban Mobility Report.

The report puts Chicago tenth in the nation in terms of the number of hours drivers waste commuting. Chicago took the number three spot in terms of the cumulative time spent in traffic.

All that time is also costing area drivers money. In Chicago alone, the study determined that’s about $1,300 per commuter. 

The study took a look at traffic

The iconic Lake Point Tower condo building could be returning to rentals. About 30 years ago the tower changed from rentals to condos, and it appears the property may change back, and make history once again.

First constructed as rental apartments in the late 1960s, the property converted to condos in the late 1980s. At that time, it was the city’s largest conversion project. If the condos revert to apartments, it would again break records, this time marking the largest condo-to-apartment conversion project in Chicago history.

According to reports, some condo owners recently received letters inquiring about buying up units in the building and changing them to rentals. Current state law requires at least 75-percent of ownership to be in agreement in order

If you’re hoping to live near Fulton Market District, 215 Aberdeen may just be the perfect building. Living in the Blue Moon Lofts makes it simple to visit any one of the many shops, restaurants and entertainment venues in the area.

It’s an easy walk to several grocery stores and specialty food shops. In addition, the building sits within a short walk of several gyms and not far from options in public transportation.

Starting at around 725 square feet of living space, some of the largest units in the building command more than 1,700 square feet of space. With your choice of one to three-bedrooms, the open units also provide for private balconies, a gas fireplace and the convenience of in-unit laundry.

New buyers can expect to find an appealing mix of the old

Home to less than 20 private residences, the lavish 65 E. Goethe may be the premiere building to call home in Chicago’s Gold Coast. This exclusive building may not be one of the largest condo buildings in the neighborhood, but it certainly holds its own.

Featuring French-inspired architectural elements, the building is filled with luxuries. The sophisticated building may look like an elegant old building, but it actually only dates back to the early 2000s.

You’ll find plenty of luxurious additions to the private homes, including crown molding, hardwoods, granite countertops and large kitchen islands. You’ll also find private balconies and large master suites with plenty of closet and storage space.

Residents of this boutique building are treated to a

The new Three Sixty West condo project has been one of River North’s most anticipated, which is why it’s exciting that first move-ins are finally under way.

But along with reaching this milestone, developer Belgravia Group also unveiled staged models as well, giving prospective buyers a better glimpse at what units at this amazing 11-story boutique building has to offer.

According to reports, around half of the building’s 38 units have already closed, which is impressive given pricing starts right around $1.1 million.

Each floor plans at Three Sixty West includes 3 bedrooms and between 1,735 and 2,396 square feet. In addition, only the most coveted amenities were incorporated into the building’s plan, helping keep monthly assessments as low as

Luxury home sales have taken a hit in 2019 as many would-be million dollar home buyers are waiting to see how local and national economic conditions play out in the coming months—or possibly even longer.

According to data from MRED, the Chicago area’s MLS, 614 homes in the city of Chicago sold for $1 million or more over the first half of this year, which represents a 14.6 percent drop from 719 million dollar homes sold over the first half of 2018.

In the entire 10 county metro area, the numbers were almost identical, as just 1,416 million dollar homes sold over the first 6 months of 2019, representing a 14.9 percent decline year-over-year.

Some are saying the current wait-and-see approach many buyers are taking might have to do with recent chatter about

Tech giant, Google, has been in Chicago since 2000 and has grown steadily since expanding to the Windy City. Four years ago they made a high-profile move from River North to the new 1K Fulton development in Chicago's Fulton Market neighborhood, opening a new office that now staffs over 1,000 people.

It appears Google is poised to continue that expansion and is looking at additional options in various locations, including office space at 1000 W. Carroll Ave., 345 N. Morgan St, and320 N. Sangamon St., all just blocks from Google's main Chicago office. 

One of the primary reasons Google is looking for additional space is to grow their engineering staff. Chicago is ripe with engineering and development talent, which is generally more affordable and

Looking for the PERFECT downtown Chicago apartment? Welcome to Essex on the Park, a uniquely designed apartment community located on Chicago’s prestigious Michigan Avenue. Whether you’re looking to rent or buy, residents of this property will enjoy all that Lake Michigan and Grant Park have to offer. Essex stands tall above the surrounding buildings offering a view unmatched anywhere on south Michigan. The interiors of these amazing apartments have 10 foot high ceilings and oversize windows which emphasize it’s towering position within the neighborhood.

There is a wide array of floor plans available with units ranging from, studios up to the massive 4-bedroom penthouse which is fit for a king. All of the Kitchens have marble countertops, gas ranges,

The luxury home and condo market in Chicago has struggled in 2019 but that’s not stopping the developers of One Bennett Park from putting three luxury penthouses on the market that start at a jaw-dropping $14.3 million.

Oh—and each of these units, at that price point, all have unfinished living spaces.

The reason for the raw, unfinished units is simple—because buyers at this price point prefer to incorporate their own custom features, at least according to execs at Related Midwest.

Each penthouse condo at One Bennett Park is a full floor unit with exposures on all four sides. Each unit also comes with three garage spaces.

The 64th floor unit has 8,414 square feet and is listed at $16.8 million; the 65th floor unit has 7,582 square feet and is

61 Banks is easily one of Chicago’s most impressive and most luxurious new rental developments; and it’s also one of the only opportunities to rent new construction in the city’s highly sought-after Gold Coast.

With all that the building has to offer, it’s easy to see what makes 61 Banks an intriguing option for anyone looking for an upscale living experience right on Chicago’s breathtaking waterfront.

The problem, however, is that if you’re interested in a 61 E. Banks apartment for rent, you’re quickly running out of time.

Right now, 2-bedroom apartments at 61 Banks are priced from $4,900 while a 2 or 3 bedroom maisonette will run you $11,800.

Amenities at 61 E. Banks include 24 hour door service, full-time concierge, a resident lounge, parking, a