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River Walk Development Bringing New-Construction Homes to Chicago River

River Walk Development Bringing New-Construction Homes to Chicago RiverChicagoans are fortunate: They can live not only near Lake Michigan but along the banks of the Chicago River, too. And now 15 town homes and four condos are coming to market along a portion of the river.

Chicago Magazine recently ran a feature story on the mostly final additions to the River Walk community located at the border of the city’s Avondale, Logan Square and West Lakeview neighborhoods. But buyers who want to live here might have to act quickly.

According to the story, four of the town homes — each of which are 3 floors — have already sold somewhere within the developer’s price range of $549,900 to $564,900. Two more of the town homes have closed above that range thanks to customizations requested by the buyers, according to Chicago Magazine.

Those are impressive numbers. According to the Chicago Magazine story, the median town home sale price in the Avondale neighborhood that borders River Walk is $403,000.

And demand for this project has been high from the start. A listing agent for River Walk says that the first town home sold in October. That was before construction even began.

The town homes are attractive, with most of them covering 2,500 sqft. Their kitchens come with Viking appliances and quartz counters. The homes also come with a lots of windows and a fireplace.

Three of the four condos will each cover 1,700 sqft of living space and come with three bedrooms. The fourth unit is a 2,900sqft duplex-down. Construction of these units will start next summer.

Expect demand for these to be high, too. People like living along or near water. And there simply aren’t many new-construction options available today along this part of the Chicago River.

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The Strength of Chicago’s Downtown Neighborhoods

 The Strength of Chicago’s Downtown Neighborhoods


The Strength of Chicago’s Downtown Neighborhoods

How hot are apartments in Chicago? Consider this news from Crain’s Chicago Business: A Chicago landlord is selling a key apartment building in downtown Chicago’s Streeterville neighborhood for $74 million. That’s more than twice what the company paid for it in 2012.

This counts as positive news even for the owners of single-family homes or condominiums in or near downtown Chicago. It shows just how hot these inner-ring neighborhoods are, and how much of a draw they continue to be for new residents.

If you need to sell a home in one of the busy neighborhoods surrounding downtown Chicago — places like River North, Lakeview, Lincoln Park, Streeterville or the West Loop — you can expect plenty of demand for property that is priced right.

According to the Crain’s story, Waterton Associates is selling the Seneca apartment building in Streeterville to Emmes Asset Management, a real estate investor from New York City. The 16-story building at 200 E. Chestnut St. is a well-known structure in the Streeterville neighborhood.

Crain’s reports that the sale should close by the end of the year. When it does, Waterton will enjoy a big profit. According to the story, Waterton Associates paid $35.6 million to buy the 254-unit Seneca in March of 2012. Back then, the property was a hotel-apartment building. Crain’s reported that Waterton spent about $6 million to renovate the building and turn it into a more traditional apartment building.

Crain’s says that Waterton isn’t the only investor in Chicago apartment buildings that is making a big profit these days. Downtown apartments are hot, with low vacancies and high rents. The reason? People like to live in or near downtown Chicago. There are plenty of restaurants, shops, bars and theaters here, so there’s plenty to draw in new residents.

And this should make you particularly happy if you own a home in this area. When it’s time to list and if you’re priced right, you should expect to generate plenty of solid offers.

 

The MG Group is an award winning residential real estate group that has been ranked #1 IN ILLINOIS & TOP 40 IN THE NATION since 2011 by The Wall Street Journal & in Real Trends’ THE THOUSAND TOP REAL ESTATE PROFESSIONALS. The MG Group is also recognized as a LUXEHOME 25 by Top 25 Luxury Broker in Chicago and FIVE-STAR REAL ESTATE PROFESSIONAL by Chicago Magazine.  SHARE THIS POST & FOLLOW US NOW ON:

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Have a Merry Holiday by Selling Your Home this Season

Have a Merry Holiday by Selling Your Home this Season

Have a Merry Holiday by Selling Your Home this Season

The holiday season is always a busy time. But if you’re also trying to sell your home? Expect your season to be even more on the hectic side.

Not only will you have to prepare for holiday parties and entertaining, you’ll have to keep your home spotless for potential buyers and do everything in your power to accommodate showings of your residence.

Fortunately, selling your home during the holiday season doesn’t have to be a chore. REALTOR.com recently listed some tips for moving your home during this busiest time of the year.
First, don’t overdo the holiday decorations. It’s fun to deck your home out in holiday cheer. I understand this. But if you fill every corner of your condo or single-family home with holiday decorations, your residence will look cluttered and cramped. This is the opposite of what you want. You want potential buyers to see a home that is airy and spacious.
So when decorating, scale back a bit this year. You can still make your home cheerful without stuffing it with holiday decorations.
Next, remember that we do live in Chicago, and that the winters here – as we saw last winter – can be brutal. So always shovel your walks and make sure that your steps aren’t covered in ice. A treacherous path to your front door will put potential buyers in a bad mood. You don’t want that.
Make sure, too, that your front entrance way isn’t cluttered with packages dropped off by UPS or shovels stacked against your porch steps. This makes a home look unkempt; again, this is not the impression you want to convey to potential buyers.
Finally, make sure your home is bright. Winter in Chicago can get awfully gloomy. So open your curtains and drapes and leave plenty of interior lights on during showings. A nice bright home can make your condo or single-family residence look even more appealing to potential buyers.

 

The MG Group is an award winning residential real estate group ranked #1 IN ILLINOIS & TOP 40 IN THE NATION since 2011 by The Wall Street Journal & in Real Trends’ THE THOUSAND TOP REAL ESTATE PROFESSIONALS. The MG Group is also recognized as a LUXEHOME 25 by Top 25 Luxury Broker in Chicago and FIVE-STAR REAL ESTATE PROFESSIONAL by Chicago Magazine.  SHARE THIS POST & FOLLOW US NOW ON:

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Home Sales Still Sluggish in Chicago

Sluggish Home Sales

Sluggish Home Sales

The city of Chicago’s housing market remains in the doldrums, at least according to the latest sales report from the Illinois Association of REALTORS® (“IAR”).

According to IAR, the city of Chicago saw a decrease of 8.6% in year-over-year home sales this October. During this October, there were 2,082 sales of existing homes in the city of Chicago. Last year during the same month, the city saw 2,279 sales of existing homes.

There was some good news for home sellers, though; median sales prices on existing homes in the city continued their steady rise in October. According to the association, the median sales price stood at $237,500 in October of this year, up from $218,000 during the same month one year earlier. That translates to an increase of 8.9 percent

It’s important to note, though, that median sales price is not the same as average price. The median price is that figure at which half of all homes in the city sold for more and half for less. So in October of this year, half of all existing Chicago homes sold for $237,500 and half sold for less than that number.

What do these numbers mean for Chicago home sellers and buyers? For sellers, it means that a smaller number of buyers are purchasing homes in the city. This means that it might take longer for sellers to move their homes. But on the positive side, when these owners do sell their homes, they are generally getting higher prices this year than they fetched last year or the year before.

For buyers, the slower housing market means that they might have a greater choice of prime properties in their targeted neighborhoods. They might, though, have to pay more to get their dream homes.

For both buyers and sellers, the key to succeeding in today’s Chicago housing market is to work with a REALTOR® who knows their targeted markets. Only by working with such a professional, can owners and buyers meet their real estate goals.

The MG Group is an award winning residential real estate group ranked #1 IN ILLINOIS & TOP 40 IN THE NATION since 2011 by The Wall Street Journal & in Real Trends’ THE THOUSAND TOP REAL ESTATE PROFESSIONALS. The MG Group is also recognized as a LUXEHOME 25 by Top 25 Luxury Broker in Chicago and FIVE-STAR REAL ESTATE PROFESSIONAL by Chicago Magazine.  SHARE THIS POST & FOLLOW US NOW ON:

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New City Development to Make Lincoln Park Even More Attractive – and Congested

New City Development to Make Lincoln Park Even More Attractive – and Congested

New City Development to Make Lincoln Park Even More Attractive – and Congested  Photo via Chicago Magazine

Lincoln Park has long been one of the hottest neighborhoods in Chicago. And it’s due to get even more attractive to potential home buyers. That’s because, as Chicago Magazine recently reported, the New City mixed-use development is bringing yet more retail and apartment options to the neighborhood.

Lincoln Park is already filled with restaurants, shops, theaters and nightlife options. That’s good for anyone who owns property here – putting aside the added traffic this will bring to an already congested neighborhood. However, when a neighborhood is this strong, it makes the housing here particularly valuable. And as sales prices throughout Chicago slowly rise, the residences in Lincoln Park are seeing their already considerable values continue to inch up.

I expect that the New City development – which today ranks as the largest construction project taking place in all of Chicago — will only add to the appeal of Lincoln Park and, therefore, will provide yet another boost to the housing in this prime Chicago neighborhood.

New City was first conceived of way back in 2007. The development, located near Clybourn Avenue and Halsted Street, will, once complete, include a 14-screen ArcLight Cinema, Mariano’s supermarket, bowling alley, Dick’s Sporting Goods and many restaurants.

Chicago Magazine reports that the retail portion of the project when complete will total 370,000sqft. There’ll also be 30,000sqft of medical office space. Construction is moving along steadily. In all, the $260 million development is already about 75% complete. The development has also already leased out 80% of its retail spaces.

This December, construction should begin in earnest on the project’s apartment component. This is an important part of the project. Urban living has become increasingly popular with young consumers. Young renters want to live in an exciting urban environment, and few urban areas offer as much as does Lincoln Park. You can expect demand, then, to be high for any new apartment units that become part of this project.

Chicago Magazine reports that the goal is to have the apartments ready for tenants in May of 2015.

I’m excited about this project. Any new construction that promises to provide even more appeal to Lincoln Park is a welcome one.

 

The MG Group is an award winning residential real estate group ranked #1 IN ILLINOIS & TOP 40 IN THE NATION since 2011 by The Wall Street Journal & in Real Trends’ THE THOUSAND TOP REAL ESTATE PROFESSIONALS. The MG Group is also recognized as a LUXEHOME 25 by Top 25 Luxury Broker in Chicago and FIVE-STAR REAL ESTATE PROFESSIONAL by Chicago Magazine.  SHARE THIS POST & FOLLOW US NOW ON:

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