Chicago Real Estate Blog

It definitely feels like winter in Downtown Chicago right now, but spring is just around the corner. There’s plenty of fun on tap, from kites and flowers to the zoo.

Chicago Flower & Garden Show at Navy Pier- March 20-24 

Things are really blooming at Navy Pier this spring with the Chicago Flower & Garden Show. The event brings in more than 700 flowers and plants, plus some inspiration from landscape designers to create your own garden or green space at home.

Chicago Wine Fest at Lincoln Park Zoo- April 27

The Lincoln Park Zoo is fun any time of the year, but Chicago Wine Fest only comes to town in April. The annual event offers up wine tastings and live entertainment. 

Chicago Kids and Kites Festival in Lincoln Park- May 4

Staying in

The median price for an existing single-family home began to slow down in the fourth quarter of last year, according to recently released stats from the National Association of Realtors. 

While the third quarter of 2018 saw home prices rise about 4.8-percent year-over-year, that was down to four-percent year-over-year by the end of 2018. The median price now sits at just over $257,000.

Home prices rose in most markets last quarter, but just 14 of the 178 metro areas studied saw a double-digit increase. That’s a few markets less than what was reported in the third quarter of 2018.

Economists credit the slower rise in home prices to a steadily increasing inventory. Reports suggest home sales are falling as price gains outpace wage growth. More than

Looking for the right West Town condo heading into the busy spring market? Start your search here...

1255 N. Paulina

One such building is located at 1255 N Paulina. This new construction property has some hot new options coming in the future, including private balconies and the ability to work with a designer for the finishes. Set in Wicker Park, the property is also close to public transportation, shops and area dining.

915 N. Hoyne 

Another hot building for spring is found at 915 N Hoyne. Academy Hall is actually a re-imagined school building, now home to nine private residences. New buyers can expect to find such desirable extras as exposed beams and brick, large windows and soaring ceilings.  

1300 N. Artesian 

Not to be overlooked

If you’re in the market for luxury new construction on Chicago’s New Eastside, Vista Tower offers plenty of options and opportunities. When finished, Vista Tower will bring with it more than 400 new luxury condos, around 200 hotel rooms, parking and upscale amenities.

While its massive ballroom, on-site restaurants and a full service spa serve up plenty of options, it’s the private residences that promise to deliver a true upscale experience. It’s still possible to find a one-bedroom unit with around 1,000 square feet and a one-car garage for under $1 million.

You’ll also still find some two-bedroom, two-bath units at Vista Tower. With up to around 2,200 square feet of living space, several of these units are priced less than $2 million. 

There

If you're looking for lots of living space during your new apartment search, several buildings right in the heart of Downtown Chicago offer some impressive 3-bedroom units right now. We explore a few below...

The Fordham

Found at 25 E Superior, The Fordham offers up rentals just steps away from the excitement of the Magnificent Mile. Current options range from a three-bedroom with 1,800 square feet for around $6,200 per month, to a full floor penthouse unit with three-bedrooms, two terraces and nearly 6,500 square feet of living space, renting for $35,000.

737 W. Washington

For high-rise living in the West Loop consider a rental at 737 W Washington. The Skybridge Lofts offer access to a rooftop deck, fitness center and a dog run. Currently,

It’s now easier than ever to stay connected when you’re traveling through the City of Chicago. Downtown’s Clark and Lake Station recently added free Wi-Fi availability, and it’s also expanding to include the Jackson, Monroe and Washington Blue Line stations.

The mayor and officials with the CTA claim the newly expanded service is fast enough for commuters to download media as you travel. The new Wi-Fi expansion came about due to an upgrade made about three years ago. 

Back in 2015, the CTA introduced 4G wireless service as part of a more than $32 million deal that was funded by wireless providers. At the time, Chicago was the largest city in this part of the world to have full 4G service throughout the city’s entire subway system.

4G service

Developers have their eye on sites in Chinatown and Pilsen that could mean bringing new life to the area. In one case, a developer aims to turn a vacant old warehouse into a new 200-room hotel and commercial space at the corner of Grove Street and Cermak Road. 

Dubbed Hoyt Square, that plan also involves constructing a nearby parking lot and riverwalk. The old building has stood mostly vacant for about ten years, with past proposals and concepts for the site never taking off. Currently only two hotels exist in Chinatown.

Just a couple of blocks away, yet another plan involves constructing a complex of six buildings in East Pilsen. The opportunity includes using mostly vacant land in the area, and transforming it into five buildings filled with more

A proposed multi-million dollar development just got a major nod from the Chicago Plan Commission, putting it closer to reality. The idea is to transform more than 50-acres along the Chicago River’s North Branch into a massive new development.

Despite some concern from area residents, the commission gave its approval to Lincoln Yards, an ambitious $6 million plan to create a campus of skyscrapers on the North Side. In all, the plan calls for the inclusion of 6,000 new residential units.

The first phase of Lincoln Yards aims to bring new office buildings, parking and retail space to the area. The larger plan also calls for new infrastructure to support the massive complex, including new bridges over the Chicago River. 

The proposed development

Home affordability has dropped to its lowest level in 10 years, prompting housing experts to call it one of the most significant signs we’ve seen yet of a cooling marketplace. 

According to recently released statistics from Attom Data Solutions, U.S. home prices have fallen to the lowest level of affordability since the third quarter of 2008 thanks in large part to home prices consistently rising as wages in many cities across the country remain stagnant. 

Locally, Cook County’s affordability index has dropped 10 percent from last year, while Los Angeles and New York have seen a 12 and 8 percent decline respectively. 

From a nationwide perspective, the median sales price from October through December has jumped 9 percent to $241,250 while the

Home sales in Chicago saw a sharp decline in November, according to new data from Illinois Realtors. In the city specifically, just 1,793 homes were sold in November, representing an 8.5 percent drop from this same time last year. 

For comparison, home sales nationwide only saw a 7 percent decline, according to data from the National Association of Realtors. 

Both local and national economists attribute the decline to rising interest rates and shaky consumer confidence about the future of the U.S. economy heading into the new year. 

Even with the 8.5 percent drop, November still sits behind September for the steepest monthly decline of 2018, a month when sales dropped 14.5 percent year-over-year. 

Compared to the first 11 months in 2017, this