All Blog Entries by Helaine Cohen

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

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

While 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

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

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

If 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

A proposed seven-story apartment development moves closer to reality in Lakeview. The Chicago Plan Commission recently gave the go-ahead to bring around 200 rentals and nearly 100 parking spaces to the site of a now closed Treasure Island grocery store on N Broadway.

The revised proposal is significantly smaller than the original eight-story proposal unveiled to neighbors last summer for the Optima Lakeview development. That design included around 250 apartments with an all-glass façade.

Some surrounding neighbors had previously complained about the original design’s density and height. Among other things, the newly proposed design is a mixture of glass and brick with some in-set balconies.

Now that the revised project has approval from the Plan

A spectacular new apartment tower now rises up in the West Loop. With rentals ranging from studios to three-bedroom floor plans, 727 W. Madison offers the apartment design renters are searching for. 

Along with all of its private amenities, residents of the building are additionally treated to an array of shared delights. Options range from the tower’s secure parking and bike storage to its private rooftop sky lounge with some outstanding city views.

In addition, the tower offers up access to a fitness center, yoga studio and a pet spa. Along with all of this, the property also provides space for an outdoor swimming pool and spa, a dog park, and it allows for grilling. 

This appealing new apartment building sits at the corner of Madison and

While overall Chicago’s real estate market was relatively weak last year, it wasn’t entirely the same situation across all parts of the city and its suburbs. In fact, in many of Chicago neighborhoods and out in the suburbs of Will, Lake, DuPage and Cook counties, the median home price actually grew in 2019.

Healthy home price growth of around six percent was reported in such locations as North Park, Garfield Ridge and Hermosa. It also happened in Villa Park in the suburbs and in Western Springs. 

Still, in other sections of the Chicago area prices cooled by a similar amount. This included median home prices in Edison Park, Lakeview and Logan Square. Home prices also cooled last year in suburban Oak Park and in Arlington Heights. 

City-wide, the

Looking for the right Chicago co-op apartment? Check out our short list of co-op buildings to consider in 2020...

3500 N. Lake Shore

A good place to begin the search is in the vintage high-rise located at 3500 N Lake Shore. The building was first constructed in the 1920s and comes with its own fitness center and roof deck. Current options on the market in the building range from two- to four-bedrooms and include at least 2,500 square feet of living space.  

2430 N. Lakeview

Another location to search for a co-op apartment is 2430 N Lakeview. This building was also constructed in the 1920s and serves up views overlooking the lake and park. If a large amount of space is what you need, the building offers some generous floor plans, including the