February 2020

Found 6 blog entries for February 2020.

While developers and architects are sometimes tasked with shrinking down projects to appeal to nearby neighbors, one particular project is doing just the opposite. Last summer, LG Development announced plans for two towers to go in at the corner of May and Lake streets.

At the time, one tower stood 22-stories, while the other was 20-stories. The latest proposal for the exact same property now calls for just one high-rise, but it stands 33-stories high.

While the original plan called for 484 apartments, the new plan includes 555. That could make this proposal one of the largest rental developments in the West Loop.

The design change will reportedly allow more light to reach the ground level of the building. Updated renderings show a glass building

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The new owner of a heavily discounted site on Lake Shore Drive is planning to build new apartments on the property. JAB Real Estate recently purchased the site at 3726 N Lake Shore for just over $4 million.

That’s a steep discount from the $8.75 million the previous owner paid for the exact same site in 2016. It’s expected that work on the new 36-unit apartment building could begin sometime later this spring.

Current renderings show a red brick building with street-facing balconies. The building is reportedly being built to blend in with some of the neighborhood’s more historic architecture.

Future renters can also expect to find some ground-level parking. The new apartment building replaces an existing three-flat on the site. 

Previously

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Chicagoland Housing MarketWhile traditionally the spring season ushers in a more robust real estate market, that doesn’t appear to be the case in Chicago. Despite all signs of winter weather, the market is already seeing an uptick.

According to the Mainstreet Organization of Realtors, sales in Chicago’s suburbs were up about ten percent when comparing December to November. They were up nearly three percent in the fourth quarter of last year over the previous year.

At the same time, houses sold for higher prices. A single-family detached home saw a more than four-percent rise in sales price. The median was $259,000.

It was a similar story from the Chicago Association of Realtors. It found January sales were up more than seven percent from 2019. December sales were up more

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Lakeview Condo Building A Chicago based real-estate investor has acquired a 58-unit condominium building in Lakeview in a deal that defines the importance of timing is everything. The deal was made possible due to owners of the building approving the sale just 16 days before the city established an ordinance making such “condo de-conversions” much more difficult to approve.

A new ordinance which requires owners of 85%  of a condo building owners now must approve a bulk sale of the property to a single investor, raising the requirement from 75% previously. Condominium de-conversions have spawned controversy and battles within condo buildings around Chicago, with some owners eager to cash out, while other owners being unwilling to sell for various reasons.

The property was

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In case you haven't heard, Chicago has one of the hottest rental markets in the country right now. And thanks to both Chicago and its suburbs having a relatively balanced real estate market, along with the projection of local home prices steadily rising in 2020, the next 12 months could also be a great time for real estate investors too.

According to new data from Zillow, the latest quarter reflects appreciation rates in Chicago have been hovering around 1.3% and continuing to hold steady. If this level of appreciation remains, the annualized appreciation rate would be around 5.2%, which could result in major real estate investment opportunities throughout all of Chicago along with even more interest from investors.

Chicago is currently deemed a

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Vintage Condos in ChicagoIf you love vintage condos but prefer to stay close to downtown Chicago, here are 3 buildings you'll want to consider when starting a search...

3520 N. Lake Shore

With mostly one- and two-bedroom floor plans to consider, 3520 N Lake Shore is definitely worth a look. This property includes options generally ranging from around 700 to 1,400 square feet of living space, however there is occasionally a three-bedroom floor plan on the market that can top 2,000 square feet of space. The property also offers some enclosed courtyard patios, a laundry room and a pet-friendly atmosphere.

421 W. Melrose 

In contrast, 421 W Melrose provides an exercise room and a roof deck. Some condos also have deeded parking. The spacious floor plans of this building

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