All Blog Entries by Sam Tarara

Found 16 blog entries published by Sam Tarara.

Rent in Chicago PricesIf you’re looking for a rental in Chicago, the price you pay may depend on what time of year you do your search. According to a recent report from Renthop, Chicago rental prices peak in the fall.

While rent prices in Chicago are often the highest in September and October, you may be able to get a better deal. Prices in the Windy City typically tend to dip the most in March and April. According to Renthop that may be tied to the city’s typically cold winters.

The apartment ranking website looked at ten of the nation’s most populous cities and found Chicago had some of the biggest shifts in rental prices tied to the season, particularly in terms of two-bedroom apartments. It could mean shelling out an extra $176 per month. When it comes to

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New Construction Cabrini Green ChicagoThe former site of the old Cabrini-Green housing project could soon see new development. Developers hope to bring in a mixed-income project of nearly 500 residential units to the corner of Larrabee Street and Clybourn Avenue.

Developers recently filed a zoning application with the city to turn the wedge-shaped land into an 18-story tower followed by two mid-rise apartment buildings and townhouses. While around 200 of the residences would be market rate apartments and townhomes, another 80 or so would be affordable-rate and the rest would go to those on waiting lists for the Chicago Housing Authority.

While the land in question once belonged to the Near North Career Metropolitan High School, public housing towers also once stood in the area. They

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A new 47-story tower could be coming to Michigan Avenue. Sterling Bay recently announced plans for a mixed-use tower at 300 N. Michigan Avenue. According to local leaders, the proposed project includes plans for 290 residential units topping 280 hotel rooms.

The new tower is planned for the space currently occupied by a four-story building the developer already owns at East Wacker Place and Michigan. While the smaller building is vacant right now, it once housed a Walgreens, RadioShack and Subway.

Sterling Bay is the same Chicago developer currently pushing a massive new project at Lincoln Yards. The developer is close to gaining final city approval for that project. The $6 billion development sits along the Chicago River’s north branch. 

It’s

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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

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West Town CondosLooking 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

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Housing Affordability 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

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Home Sales FallingHome 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

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New Construction Condos ChicagoThinking about buying a luxurious new condo in or around downtown Chicago next year? If so, here's a closer look at some of Chicago's most highly-anticipated condo developments currently under construction. 

Vista Tower

Under construction right now, Vista Tower comes with the promise of 101-stories of upscale Chicago elegance. This spectacular new high-rise will soon include such impressive amenities as a Sky Lounge, a state-of-the-art gym overlooking the city, a swimming pool and other upscale additions.

The Hampdens East Lincoln Park

The Hampdens East Lincoln Park is another high-end property coming to the city soon. The two new buildings are set to deliver this spring, with large floor plans just a short walk from the park.

56 W. Huron

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Condo Tower West Loop Sulo Development was already planning to build a 9-story, 28-unit condo building at 19 N. May in Chicago’s rapidly growing West Loop neighborhood. Now, plans have changed and their earlier proposal has been expanded to include 18 stories and 73 condominium residences. 

If the name sounds familiar, it’s probably because Sulo was also the company behind Hayden West Loop, a luxury condo building on the same block that’s nearly sold out already. 

With the new McDonald’s headquarters now finished and plenty of other office space in the works for Fulton Market and the surrounding area, it’s no wonder why the West Loop real estate market continues to remain red hot. 

According to Crain’s, Sulo will still need City Council to approve a zoning change

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New Construction ChicagoThe goal for our brand has always been to provide Chicagoans with the very best destination to search homes, condos, lofts, or whatever you happen to be looking for on the local Chicago real estate market. 

In an ever-changing marketplace, it’s important for all buyers to have the necessary resources needed to make the best possible decision for their unique situation, and we pride ourselves on providing just that with our top-ranking website. 

Moving forward, our plan will be to continue this unique approach, and through the launch of our latest website, Chicago Development Finder, we've already taken another big step forward.

Specifically designed to match prospective buyers with new construction properties throughout the city and suburbs,

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