Chicago Real Estate News & Neighborhood Notes - Leo Clark.

Charming Lakefront Estate in Winnetka Closes at $6.3 Million (Over-Asking)

One of Winnetka’s most beautiful lakefront estates hit the market earlier this year and has now officially sold and closed for $6.3 million.

Edgar Jannotta, chairman emeritus of investment bank William Blair, first listed the blufftop home in January, asking $6.25 million. Built in 1955, the stunning estate features 4 bedrooms. 3,400 square feet, and a charming Cape Cod architectural style with red brick, white trim, and and shingled roof.

Behind the home is a fabulous lawn with sprawling views of Lake Michigan and a winding stairway down the bluff that leads to a private beach.

Records indicate Jannottas paid just over $3.2 million for the property back in 2000, and the new buyer closed on the home on March 1st of this year for over-asking.

Looking…

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Chicago's Commercial Real Estate Market May Be Tanking!

The office market in Chicago is still struggling due to the COVID-19 fallout, according to recent analysis from Crain’s.

Expiring leases are still crushing revenues all through downtown Chicago, and even though more companies are starting to sign new leases as we continue to recover from the pandemic, the rate at which they’re being signed isn’t fast enough for many landlords.

A couple high-profile foreclosure lawsuits at the Civic Opera Building and 208 S. LaSalle were made public last year, and a number of other office property owners downtown simply handed over their property deeds to lenders to avoid on-going legal battles.

On the bright side of things, now is a great time to get a deal on office space for any company looking to make a…

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Chicago Property Taxes Double Over 10-Year Span

Chicago property taxes are up considerably over just 10 years ago. Recent figures show the city collected $754 million in property taxes in 2010.

In 2020, that figure jumped to more than $1.4 billion, doubling the city’s collection from 2010. A recent report shows homes in the bottom 10-percent of valuation are paying an effective tax rate that’s considerably higher than the highest 10-percent.

Property tax bills appear to be rising faster than incomes and home values. According to an Illinois Policy report, lower income residents and tenants will likely be the ones most affected by a new five-percent property tax increase.

Last October, city leaders voted to raise property taxes by $23 million. That figure wasn’t based on the local inflation rate, but…

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Large New Apartment Tower Slated For Fulton Market

Fulton Market could soon make way for a massive new apartment tower. If the plan goes through, it could become one of the largest residential complexes in Fulton Market.

The plan calls for a 32-story tower with 433 residential units on West Fulton Street. The developer behind the project is Fulton St Companies, which is working in conjunction with Chris Merrill, co-founder of Harrison Street Real Estate Capital.

The duo purchased the property at 1201-1215 West Fulton Street last fall for $20 million. Morris Adjmi Architects is the firm responsible for designing the new tower.

Fulton St Companies appears to be expanding from the West Loop, where the firm has seven properties with plans for six projects in all. Five of them are commercial developments, while…

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Mega Mansion on Lake Geneva, WI Sets New State Sales Record

A pricey Lake Geneva home just set a new record in terms of its sale price. The Driehaus Estate recently sold for $36 million.

That’s makes it the most expensive home ever sold in the State of Wisconsin. The more than 14,000-square foot mansion is situated on 40-acres of Geneva Lake.

Originally built around the turn-of-the-century, the estate has 13-bedrooms and 10 full baths. It also has five additional half-baths.

There are 13 fireplaces in the home, and its great room boasts sweeping 30-foot ceilings. The massive property also comes with its own four-bedroom guest house, some staff offices, a carriage house and a boathouse.

There’s even something described as a “children’s village” on the property. The home went on the market last October following the…

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Modbox Homes Growing in Popularity Throughout Chicago

Bungalows and two-flats may be commonplace in some Chicago neighborhoods, but there’s a new home style that seems to be sweeping across the city. The homes are often called “Mod Boxes”, but no matter what you call them, they’re boxy, contemporary new residences.

It’s said these types of homes are the result of using computer-aided design programs. The homes are box-shaped, and sometimes covered by fiber cement panels or an aluminum-like façade.

They’ve been called “McModerns” or even “Gentrification Cubes” because these boxy homes are often constructed as replacement homes or infill homes in existing neighborhoods. In some cases, they’ve spread across entire blocks.

One editor and former columnist coined the named “Minecraft Modern”, because the homes seem…

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Where to Rent a Luxury Apartment in Chicago in 2022

If you’re in the market to rent a luxury apartment in 2022, there are some fantastic options to choose from in Chicago.

Wolf Point East

The newly built Wolf Point East overlooks a riverfront park with some stunning apartments ranging from studio to three-bedroom penthouse layouts. The luxury apartments come with floor-to-ceiling windows, wide-plank flooring, and plenty of other high-end additions. The stylish building adds in an indoor/outdoor pool, a full-floor fitness club, a dog run, and more.

Parkline

Parkline is a luxury apartment building with floor-to-ceiling windows, private terraces and wide plank flooring throughout the homes. The units also come with spa-like baths, gourmet kitchens and plenty of desirable features. Because there…

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Where to Buy a Luxury Condo in Chicago in 2022

As we start a new year, buyers will find plenty of great options when it comes to Chicago luxury condos. Here are some of the top buildings to select in 2022:

St. Regis

For sweeping views of Lake Michigan and the city itself, consider the St Regis. This visionary property rises up a full 101-stories above Downtown Chicago. The building offers such exclusive amenities as a 47th floor amenity space with a Zen garden terrace, a swimming pool, a wine tasting room and a demonstration kitchen. You’ll also find a fitness center, a screening room and an incredible Sky Lounge with floor-to-ceiling windows to admire the surroundings.

Reed at Southbank

The Reed at Southbank is a luxury property that sits right along the river. The building is home to…

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Mortgage Rates Expected to Rise in 2022

If you’re planning to finance a new home or refinance in 2022, the new year could be ushering in higher mortgage rates. While the Federal Reserve doesn’t exactly set mortgage rates, its actions are in some way tied to rates.

Due to the fallout from COVID-19 and its impact on the economy, almost a year ago the Fed started buying up a certain type of bond that helped rates go low and stay low. Those rates can’t stay low forever, though.

Recently the Fed announced it plans to begin tapering off the monthly purchase of mortgage-backed securities in 2022. That’s expected to begin in January, with an end to it in the coming months.

Previously the plan was to stop in the middle of the year, but now that plan has been accelerated. In turn, it means mortgage rates…

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Inside Wolf Point East: Chicago’s Newest Riverfront Apartment Tower

A brand new option in luxury living comes to Chicago at Wolf Point East. The new residential tower is the newest tower to join the Chicago riverfront, and it includes some exciting opportunities.

Prime Location

The building sits at a prime location right along Chicago’s Riverwalk. The address makes it easy to enjoy time in the nearby park or enjoying nearby cultural attractions. The building also sits within a short walk of some of the best dining options and nightlife in the West Loop and River North. It doesn’t hurt, either, that residents can easily access 17 miles of lakefront trail from Wolf Point East.

Amenities

As for some of its most popular on-site amenities, the building comes with a full-floor fitness club and plenty of options for…

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