Chicago Real Estate News & Neighborhood Notes - Leo Clark.

Cash Sales on the Decline in Chicago, Nationwide

Recent data released from CoreLogic is showing that all cash sales are continuing to decline not only in Chicago, but also around the country as well. According to the report, cash transactions have been on a steady downslide for about 29 months, with recent figures from May showing about a 3% decrease year-over-year, bringing the total percentage of all cash home purchases to about 31.9% nationwide.  

In Illinois specifically, cash sales occupied about 28% of the total market share, with traditionally financed purchases seemingly on the rise. As for the city of Chicago, cash sales are still just over 30%, even despite dropping 4.4 percentage points year-over-year in May.

So what does all this mean?

According to research from CoreLogic, cash sales around…

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Construction Set to Begin on Much-Anticipated 9 W. Walton Building in the Gold Coast

It’s been nearly 5 months since plans for No. 9 Walton were first introduced, and now, it appears construction is ready to begin on what will essentially be one of Chicago’s priciest and most exclusive condo developments once completed. Being developed by JDL, reports are now surfacing about construction permits finally being issued for the lavish new condo tower in the Gold Coast, which was designed by Chicago’s very own Hartshorne Plunkard Architecture (HPA).

When finished No. 9 Walton, located at 9 W. Walton in the heart of the city, will stand 35 stories high but only house 66 individual units. According to the developers, the average unit size will be right around 4,000 square feet, providing more than enough space for potential home buyers looking…

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High-End New Construction Homes in Lincoln Park Are Red Hot Right Now

An update on a luxury single-family home project caught our eye today in Chicago Magazine, which when completed will bring six incredible new single-family homes to a plot of land that was once the home of DePaul University’s vacant Theater School on Kenmore Avenue, just south of Webster Avenue.

As noted, the new homes will range from 5,700 to 9,500 square feet in size, and offer attached two- to four-car garages, top-of-the-line finishes, and even some pretty amazing add-on features like a basketball court or indoor lap pool should the eventual buyer choose. But with all that extra living space and all those lavish interior and exterior finishes, these home in particular come at a premium, with prices anywhere between $3.6 and $6.2 million, or about $2…

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REPORTS: Condo Sells at The Ambassador for Nearly $7 Million

The Ambassador, located at 1300 N. State Parkway in the heart of the Gold Coast, is one of Chicago’s most elite condominium buildings, even despite not getting the same kind of press as buildings like Trump Tower, the Ritz Carlton Residences, or any number of other luxury high-rises. Regardless of how few people are talking about The Ambassador, its status as an elite building was once again solidified recently, as one of its units has reportedly sold for almost $7 million.

According to Crain’s, the sold unit, which features 6,800 square feet with an additional 1,400 square foot terrace with a private dog run, now holds the crown for being Chicago’s second-highest sale price this year, and the fifth listed property to sell for over $6 million in 2015…

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Sales at Lincoln Park's Webster Square Finally Set to Begin

With plans for the massive re-development of the old Lincoln Park Hospital having first been proposed nearly five years ago, many of us may have forgotten about this dynamic new Sanz Development project, even despite the rental portion of it well underway from from a leasing standpoint.

But now, after years of planning and with construction still on-going, pre-sales are about to start over at Lincoln Park’s new Webster Square—a development that will ultimately house 95 new luxury condos once completed.

As reported, buyers can expect quite a range of pricing and interior options, with floor plans offering between one and four bedrooms and prices set between $459,000 and all the way up to $2.3 million.

Inside, potential buyers will be presented with…

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Seller Sees $1 Million Return at Trump Tower Chicago

Back in November 2012, reports surfaced about McDonald’s Corp. chief executive Don Thompson buying a 3-bedroom, 3100 square foot unit inside Trump Tower for $3.3 million.

Now, nearly 3 years later, more news has been reported that’s linking McDonald’s and Trump Tower, only this time the company’s retired president and his wife have unloaded their 49th floor unit, which was originally purchased back in 2011 for $1.5 million.

According to Crain’s, Jeff and Karen Stratton listed the 2,700 square foot condo back in March for $2.8 million, and as of July 22nd, the unit has officially closed at $2.5 million.

As mentioned, this particular unit has three full baths, a den attached to the kitchen, and 11-12 foot high ceilings throughout. And although market…

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Developers Back Out of Lincoln Park Condo Tower

Despite being in the middle of a development boom unlike anything we’ve seen since prior to the recession, not every project that’s being proposed comes to fruition, believe it or not. According to a recent report from Curbed, plans for a new 17-story condo tower over on Diversey Parkway have been shot down by the Park West Community Association and local neighbors in the Lincoln Park area due to their concerns over the building’s height and unit count.

The plan for the sleek new Pappageorge Haymes Partners-designed tower called for 78 condos, parking for 81 vehicles, a green roof deck, and as mentioned above a height of 17 stories, however after requests were made to lower the height and reduce the number of living spaces, developers have apparently…

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Chicago's Most Expensive Listing Appears to Have Finally Sold

Chicago’s most expensive listing on the market appears to have finally sold, as its status has recently been updated to “Contingent.” A massive, 6-bedroom, 10.5 bathroom home that features a mind-blowing 20,000 square feet of living space, the residence at 1955 N. Burling Street in Lincoln Park has been one of the city’s priciest since it hit the market all the back back in June 2014.

Now over a year later, it appears a buyer seems to be in place for this immaculate Lincoln Park estate, which has acted as Illinois’ most expensive listing since a $20 million home listing in the Barrington area expired earlier this the year.

As Curbed pointed out, more expensive “pocket listings” have actually been available while 1955 N. Burling sat on the market, but of…

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Strata Condos in River North Quietly Hit the Market

In the midst of the luxury apartment boom that’s taking the downtown Chicago real estate market by storm, it’s nice to finally see a condominium project come through the pipeline, especially one as nice as the recently announced Strata, located at 861 N. Larrabee.

Being developed by the Domus Group, the Strata residences will feature 27 ultra stylish units that range from a $799,000 three-bedroom unit to a lavish $2.1 million full-floor unit with right around 3,500 square feet of living space. Those behind the project describe its design as modern European, while the site itself actually consists of three separate, already-existing structures that are currently being re-worked to appear as one cohesive building.

Inside, potential buyers can of course…

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Chicago's West Side Neighborhoods Showing Fewest Days on Market, Lowest Inventory

You think downtown Chicago’s real estate market is hot? Well, if you’re searching for a place over in the Gold Coast, Streeterville, or River North, you may have an easier time securing a place than those looking in some of the city’s west side neighborhoods.

According to Redfin’s Market Tracker, the neighborhoods with the lowest median days on market are the West Loop, Ukrainian Village, Logan Square, Wicker Park, and West Town—each showing a median days on market at 11 days or fewer.

One contributing factor to homes on the west side selling at an incredible rate is the extremely low inventory that’s currently on the market in these neighborhoods. At last count, the West Loop has the lowest inventory of any neighborhood in the city, a .02 months…

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