Chicago Real Estate Blog - July, 2015

August Events & Festivals Happening Around Downtown Chicago

From family fun to high-flying adventures, there is plenty to do around Downtown Chicago.

Windy City Rubber Ducky Derby:  August 6
Chicago River/Columbus Drive Bridge

Have some great family fun, plus help support a great cause when you come out to the Windy City Rubber Ducky Derby.  Participants will launch more than 50,000 rubber ducks into the Chicago River, then watch them race to the finish.  Proceeds benefit Special Olympics Illinois.  

Bud Billiken Parade:  August 8
Bronzeville Neighborhood to Washington Park

August 8 kicks off the largest and oldest African American parade in the entire nation.  The parade begins at 10am, ending with food vendors and a picnic in Washington Park.  Every year the parade brings together a mix of celebrities, lawmakers,…

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A Profile of Some of Chicago’s Most Expensive Condo Buildings

Luxury abounds in Chicago, perhaps most evident in some of the city’s most beautiful and expensive condo buildings.  

Trump Tower

First on our list is Trump Tower, housing both a hotel and condominiums.  The homes range from studios to penthouse units.  With soaring ceilings and walls of windows, the homes offer expansive views of Lake Michigan and the city below.  With stone and hardwood finishes, plus a prime location in River North, Trump Tower is hard to top.

View Trump Tower condos for sale

Lincoln Park 2550

With an indoor swimming pool and spa, fitness center, valet parking and even a theatre, Lincoln Park 2550 offers top amenities with the desirable lakefront location to match.  The homes include hardwood flooring, crown molding and…

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Home Prices Continue to Rise Around the Country, in Chicago Area.

Home prices around the country have increased in 2015 and the Chicagoland area is certainly seeing a similar trend. According to CoreLogic’s June 2015 Home Price Index, home prices in the area, including distressed sales, have increased by over 3% year-over-year, and by roughly 4.3% excluding distressed sales.

Although 3-4% is a nice jump, the Chicago-Naperville-Arlington Heights area is still seeing a lower percentage than the national average of 6.5% with distressed sales, and 6.4% without.

Pent up demand, higher consumer confidence, and job growth in many parts of the country have industry professionals believing home prices will continue to increase though 2016, albeit at somewhat of a slower rate.

And with interest rates also expected to rise…

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What to Do in Chicago This Weekend: July 31-August 2

Whether you want live music, great food or a great game, there’s plenty to do in Chicago this weekend.

Fiesta del Sol:  July 30-Aug 2
Pilsen Neighborhood

What began as a block party has now evolved into the Midwest’s largest Latino festival.  Fiesta del Sol begins Thursday and runs through Sunday in Chicago’s Pilsen Neighborhood.  Enjoy food, live music and much more during this family-friendly event.

Chicago White Sox:  July 31-Aug 2
U.S. Cellular Field

It’s time to play ball!  The Chicago White Sox are at home this weekend against the New York Yankees.  Come out to U.S. Cellular Field on Friday night for the game, and then stay for fireworks.  The team also takes the field Saturday night and Sunday afternoon.

Lollapalooza:  July 31-Aug 2
Grant Park

Three days of…

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Chicago's West Side Neighborhoods Still Red Hot Heading Into Fall Market

Despite housing inventory rising 17% from June 2014 to June 2015, demand in many of Chicago’s hottest neighborhoods is still outpacing supply by a fairly substantial margin. According to Redfin’s Market Tracker, Chicago’s west side continues to be red hot, with the West Loop, Ukrainian Village, Logan Square, Wicker Park, and West Town neighborhoods having the lowest median days on market in the city, all with 11 days or fewer.

Not surprising, several of these neighborhoods also have the lowest inventory as well, with the West Loop showing a 0.2 months supply, the lowest in Chicago, and Bucktown, Logan Square, West Town, and Wicker Park all recording a 0.3 months supply.

Roscoe Village, which is located more on the city’s north side, also had a 0.3 months…

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New Rendering Released for South & West Towers at Wolf Point Development

Wolf Point is one of the largest and most ambitious new developments under construction right now in downtown Chicago. A monumental three-tower development located right off the Chicago River, it’s hard to believe well over three years have passed since news about the project first broke.

But now, already well beyond the halfway point of 2015, work on the 48-story west tower is well underway, while some updated modifications regarding the other two towers have just recently been released. Designed by Connecticut-based architecture firm Pelli Clarke Pelli, the new renderings show a slightly slimmed down version of each building, wheel the center tower to the south now also features a spire at the top as well.

Although the eventual height of the south and…

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Marina City Granted Preliminary Landmark Status

There’s no doubt Marina City is one of downtown Chicago’s most iconic developments, now having been a part of our beautiful skyline for over five decades. Dubbed the “Corncob Towers” for their unique corncob-like appearance, these Bertrand Goldberg-designed towers are now being considered or landmark status once again, and unlike the last time this debate came up, it looks like there’s much stronger momentum for finally getting this distinct modernist complex approved.

As recently as 2008, Alderman Brendan Reilly pushed for Marina City to be considered for landmark status by the Commission on Chicago Landmarks, but the idea was never given much thought and failed to even made it to a commission vote.

But given Marina City and its design helped…

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Lou Malnati's, Kamehachi Bringing Buzz Bait Taqueria to Old Town

Old Town is one of our favorite neighborhoods in all of downtown Chicago and according to reports, it’s about to get a fun new restaurant from a couple familiar restauranteurs. A joint collaboration between the creative minds behind Lou Malnati’s and Kamehachi—two of the Chicago’s area’s favorite dining spots for decades—the new restaurant space won’t be serving up sushi or pizza, but rather tacos, salsa, and other fun Mexican-inspired fare, with a little seafood mixed in between.

Called Buzz Bait, this dynamic new taqueria will be located at 1529 N. Wells Street, right in the heart of the neighborhood. According to a release, Buzz Bait’s menu will consists of seven taco options, guacamole, elotes, and a few other small items. In addition, five of the…

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Chicago Condo Buildings Starting to Implement No Smoking Inside Units Policies

There’s an interesting new trend happening around Chicago that relates to condo living and it’s one that’s causing quite the controversy. Highlighted in a recent article from Crain’s Chicago Business, a number of condo buildings in the city have recently banned cigarette smoking inside   residents’ units, with apparently many more perhaps following suit sooner rather than later.

According to most condo building bylaws, residents cannot engage in activities that pose a nuisance to any fellow condo owner, and given it’s nearly impossible to stop smoke from traveling from one unit to another, more and more condo boards are starting to eliminate cigarette smoking inside altogether.

Smoking inside a building’s common areas such as the lobby or hallways has…

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Millennials Finally Making an Impact on Chicago's Real Estate Market

As expected, Millennials are playing a big role in how well the real estate market is faring right now, but many who are on the move are finally starting to buy rather than rent. With interest rates already rising, and expected to continue to rise before the end of 2015, many 30-somethings all throughout the Chicago area are boosting home sales significantly, so much so that sales levels are actually reaching a level we haven’t seen since before the recession.

Although the housing recovery has been on-going for the last several years and the market has continued to get better each and every year, the one aspect that hasn’t been improving relates to first-time home buyers, who are seemingly finally starting to come around.

In the 9-county Chicagoland…

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