Tagged : Chicago Real Estate News

New data from the Chicago Association of Realtors is showing single-family homes in the city sold faster in July than at any other time over the last decade.

According to the numbers, single-family homes in Chicago averaged just 74 days on the market before moving, which represents the shortest amount of time on market since all the way back to January of 2007.

For comparison-sake, July of 2016 saw single-family homes in the city sell in 80 days on average.

Inventory is fairly tight around many of Chicago’s top neighborhoods, prompting buyers to move a little faster than what we’ve been used to seeing.

Condos have also been selling faster in recent months, with June setting a new record of just 50 days on market. And in July, that average only

The downtown Chicago area has seen a whole lot of new development reshape both the city’s landscape and its distinguished skyline in recent years, and now with 2017 already half over, which almost seems hard to believe, there seems to be no sign of a slowdown coming anytime soon, especially as the Chicago Tribune just reminded us of how many large-scale projects are still currently in the works. 

According to the piece, Chicago has at least 10 developments that will cost $1 billion or more to finish, which are either already under construction or at the very least in the final planning stages before development can officially begin. And while the roster of these mega-projects of course vary in terms of eventual use, here’s a quick look at what to

It doesn’t seem like all that long ago that living right next door to an “L” station was the last place you’d want to call home. While the convenience of being near public transportation is always a benefit, many assumed the noise would simply be too much of a nuisance to justify the investment. 

Today, things are slightly different, and the emergence of brand new transit-oriented developments (TODs) are re-shaping how we view living spaces in the city. 

Given the state of Chicago’s red hot rental market, many TODs being built in Chicago fall into the category of luxury apartment residences, but even condo buyers are starting to see a greater upside to living just a short distance away from various “L” stops. 

Recognizing a shift in the market,

Although Kenect Chicago is one of the newest apartment buildings to be developed in Chicago’s River West neighborhood, Akara Partners has just recently put the entire building up for sale. 

First reported by Crain’s Chicago Business, the news of the building being put on the market isn't completely out-of-the-ordinary right now with investors paying steep prices for large multi-family buildings all over town, and especially around downtown. But also noted by Crain’s, Chicago’s supply of new construction apartments is continuing to swell and another 8,000 units are expected to be delivered between now and the end of 2018. 

Located at 504 N. Green Street, Kenect Chicago officially made its debut last year and features 227 high-end apartment

If you’re looking for a quick update on how the Chicago real estate market fared over the first few months of 2017, Crain’s recently outlined which parts of the city have been the hottest so far in the new year. With mortgage rates still low and available inventory also scarce throughout many parts of the city, the Chicago real estate market has been especially kind to sellers, especially in a few familiar neighborhoods. 

According to Crain’s data, which only included neighborhoods with at least 25 sales during the first quarter of 2017, the Near North Side, West Town, and Lincoln Square rounded out what’s viewed as being the three hottest neighborhoods for condos and townhouses in the city right now, which is somewhat surprising in some ways. While

While some of Downtown Chicago’s new apartment towers may seem pricey on the surface, a new report from RENTCafé shows the Windy City is actually pretty affordable compared to other top financial markets across the globe. 

According to their analysis, Chicago only has the 17th highest rent prices out of the top 30 global finance centers, which includes markets like New York City, Boston, San Francisco and Los Angeles in the U.S.; and London, Paris, Tokyo, Sydney, and Dubai around the world. 

The RENTCafé report analyzed the average rent price for a one-bedroom apartment between 600 and 999 square feet, and Chicago, which as mentioned placed 17th on the list, had an average rent price of just $1,720. New York City, which ranked as the most expensive

Chicago’s most iconic tower is getting a facelift, according to numerous reports coming in from all over. City officials revealed a series of proposed improvements to the famed Willis Tower earlier this week, which are estimated to cost around $500 million. 

In a nutshell, it appears the plan is to make the Willis Tower much more accessible and inviting to visitors, even despite the building already attracting 1 million people annually. 

Blackstone Group L.P., who previously purchased the building almost two years ago, will be heading the makeover, which will include adding 300,000 square feet of new retail space, restaurant, and entertainment space, as well as a new 30,000 square foot outdoor deck. 

According to the release, the new retail

With the issuing of a permit that will allow Florida-based Dolce Living Communities Residential to convert a vintage office tower into stylish new apartments and additional ground level retail space, the Loop’s on-going transformation into one of the hottest places to call home in downtown Chicago seems to be pushing forward as we navigate the first month of 2017.

The building, which is located at 29 S. LaSalle, was originally designed by Jenney & Mundie and first completed all the way back in 1902. But now, roughly 114 years later, a totally revamped interior is on the way for 29 S. LaSalle, which according to reports is being designed by renowned Chicago-based architectural firm FitzGerald Associates Architects.  

Permit documents have the total

With real estate prices continuing to spike around Chicago’s downtown and west side neighborhoods, both investors and home buyers are now looking for the city’s next “up-and-coming” communities for either an investment property or perhaps to even buy a new place to call home. And if you believe a recent report from The Tribune, Chicago’s Edgewater and Rogers Park neighborhoods may just be two locations in the city that fit that description perfectly. 

According to the piece, investors are scooping up apartment buildings on Chicago’s far north side, hoping to attract young professionals who might not be interested in paying a premium for already established neighborhoods in the area like Lakeview or Lincoln Park. A California-based investor just

Downtown Chicago’s hotel inventory got a little deeper last week as the 287-key Conrad Chicago hotel made its official debut. Located at 101 E. Erie inside the former DraftFCB office, Conrad Chicago is just steps from the Magnificent Mile and right in the center of all the action. Countless restaurants, stores, and downtown attractions virtually surround the new Conrad Chicago, but its design and overall concept should also be appealing to frequent business travelers visiting the Windy City as well. 

Conrad Chicago’s interior design is from highly-acclaimed Pierre-Yves Rochon, a Paris-based design firm that has handled major hospitality projects all over the world. In addition to its nearly 300 rooms, Conrad Chicago also includes 10,000 square feet of