Lincoln Park 2520
Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.
To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.
2520 N. Lakeview, Lincoln Park 2520
50 of 192 available, 1-5 BR, $1M+, Delivery late 2011
Developed and Marketed by Ricker-Murphy Development
2242 W. Chicago, 2242 W. Chicago
7 of 8 available, 2-3 BR, $380K-$590K, Delivery September
Developed by DenMax, Marketed by North Clybourn Group
925 N. Larrabee, Sky Life
6 of 6 available, 1-3 BR, $640K-$740K, Delivery now
Developed by NA, Marketed by North Clybourn Group
4913-4929 S. King, Logan Square
8 of 8 available, 2-3 BR, $180K-$290K, Delivery now
Developed by Boldun & Gurevich, Marketed by Coldwell Banker
1215 W. Granville, Granville Gardens
9 of 40 available, 1-2 BR, $120K-$150K, Delivery now
Developed by Lee Street, Marketed by Coldwell Banker
Previous New-Construction Updates
Monday, July 27, 2009
New-Construction Update: 7/27/09
Saturday, July 25, 2009
Local Agent Sets Forbes Straight
On her blog, Live and Play in Chicago, top-producing agent Jennifer Ames, takes aim at Forbes' coverage of Chicago's real-estate market, particularly Lincoln Park:
Unfortunately, as with any interaction with the media, there’s the risk of having one’s comments taken out of context, and that is precisely what happened in my July 2009 interview with Stephane Fitch for his Forbes magazine story entitled “America’s Most Troubled Luxury Neighborhoods.”
Fitch distilled our 30-minute interview into two quotes that, out of context, contradict the key points I made in our interview.
So, I’d like to set the record straight: Chicago’s Lincoln Park is not a “troubled” neighborhood. While I cannot comment on the other neighborhoods mentioned in his story, I disagree with his assertion that home prices in Lincoln Park are on the verge of “collapse.”
Lincoln Park has fared better than most other neighborhoods during the current adjustment and is poised to recover faster.
For details, click here.
Wednesday, July 22, 2009
State Offers $6,000 Loans to First-Time Buyers
In today's Chicago Tribune, Mary Ellen Podmolik offers some good news for first-time buyers:
The Illinois Housing Development Authority is set to announce later today that it will offer qualifying consumers short-term, interest-free loans of up to $6,000 to be used as down payments on home purchases.
Under the program, qualifying buyers who finance their purchases through the state's Home Start Loan Program will receive a zero-interest loan for up to 3.5 percent, or up to $6,000, of the purchase price to use for a down payment when they arrange a 30-year, fixed-rate, Federal Housing Administration-insured loan through one of the state's participating lenders.
A $300 application fee is required and the down payment loan must be repaid before June 30, 2010, otherwise interest will start accruing.
Income and purchase limits apply. To participate in the program, households of three or more people can make no more than $86,135 and a single-family home can cost no more than $349,020. Veterans and active-duty military personnel don't need to be first-time buyers to participate.
More information and a list of participating lenders is available at www.ihda.org.
Monday, July 20, 2009
New-Construction Update: 7/20/09
Library Tower
Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.
To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.
520 S. State, Library Tower
10 of 184 available, 1-3 BR, $245K-$950K, Delivery now
Developed and Marketed by Lennar Homes
8 E. 9th, Astoria Tower
60 of 240 available, 1-2 BR, $230K-$1.5M, Delivery now
Developed by Provence, Marketed by Coldwell Banker
1720 S. Michigan, 1720 S. Michigan
20 of 498 available, 1-3 BR, $190K-$350K, Delivery now
Developed and Marketed by CMK Companies
3434-3464 S. Halsted, Bridgeport Condominiums
30 of 67 available, 1-2 BR, $210K-$370K, Delivery now
Developed by Mega Group, Marketed by Koenig & Strey
600 W. 16th, Union Row
6 of 35 available, 2-4 BR, $530K-$680K, Delivery now
Developed and Marketed by Belgravia Group
Previous New-Construction Updates
Wednesday, July 15, 2009
Tighter Lending Rules Choking Sales
According to Chicago Tribune reporter Mary Ellen Podmolik:
Dramatically tightening guidelines on mortgages that government-controlled companies will back . . . are crimping a local condo market burdened with an oversupply of inventory at the same time consumers are dealing with the Chicago area's 10.7 percent jobless rate.
As of July 1, Freddie Mac no longer will guarantee mortgages in new condo buildings where less than 70 percent of the units have been sold. Fannie Mae adopted the same threshold March 1. Previously, the requirement was 51 percent. The changes come on top of a matrix of fees adopted by Fannie and Freddie this spring that increase the cost of a mortgage for condo buyers with various credit scores and also impose fees for buyers who make down payments of less than 25 percent.
As a result, some developers are turning to their own lenders and arranging short-term private financing for buyers. An increasing number, though, are applying to have their developments approved by the Federal Housing Administration.
A building has to be only 51 percent sold in order for buyers to receive FHA-backed mortgages, and the down payment required is 3 1/2 percent. Because of the lesser underwriting requirements, the FHA's share of mortgages insured for new-home purchases has grown.
Condo buildings want in on that action. Since October, 68 Chicago condo buildings have received FHA approval, and an additional 51 buildings have applications pending.
For the entire article, click here.
Monday, July 13, 2009
New-Construction Update: 7/13/09
Silver Tower
Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.
To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.
303 W. Ohio, Silver Tower
NA of 233 available, 1-3 BR, $270K-$790K, Delivery now
Developed and Marketed by Stonegate Development
3340 N. Damen, 3340 N. Damen
2 of 6 available, 2-4 BR, $470K-$610K, Delivery now
Developed by NA, Marketed by Conlon
1201 S. Prairie, One Museum Park West
80 of 298 available, 2-3 BR, $530K-$2.1M, Delivery 2010
Developed and Marketed by Enterprise Companies
2326 W. Giddings, Fountain View
1 of 18 available, 2 BR, $530K+, Delivery now
Developed by Terra Firma, Marketed by Koenig & Strey
1937 W. Diversey, 1937 W. Diversey
3 of 24 available, 2 BR, $300K-$310K, Delivery now
Developed by NA, Marketed by Property Consultants
Previous New-Construction Updates
Tuesday, July 7, 2009
YTD: Dollars Down 53%, Units Drop 44%
According to figures generated by MRED, the regional MLS, year-to-date sales of Chicago condos for the first half of 2009 are:
* Down 53% in total dollar volume, to $1.3 billion
* Down 44% in units closed, to 3,877
* Down 12% in median sales price, to $280,000
* Up 20% in average market time, to 157 days.
This shows an improving market since the end of May, when year-to-date dollar volume was down 57% and units closed were down 48%. At the end of April, sales year-to-date were down 59% and 51% respectively. So the picture has brightened two months in a row.
Reports the Chicago Sun-Times: David Hanna of Prudential SourceOne Realty and president of the Chicago Association of Realtors, said federal rules for mortgage lenders deserve much of the blame [for the decline in the condo market]. Policies of such mortgage underwriters as the Federal Housing Administration have penalized relatively strong local markets for condos, he said. Hanna said the FHA, "the lender of choice for condos," has adopted somewhat looser loan standards for large condo buildings as of Oct. 1, but that help should have come by now.
Comparing June sales to May:
* Units closed were up 37%, from 766 in May to 1,050 in June
* Dollar volume was up 38%, from $239 million to $330 million
* Median sales price was up 1%, from $279,000 to $283,000
* Average market time was up 9%, from 148 days to 161 days.
For details on month-over-month and year-over-year, click here. For previous market reports, click here.
Monday, July 6, 2009
New-Construction Update: 7/6/09
Clarovista
Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.
To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.
6238 N. Broadway, Clarovista
80 of 160 available, 1-3 BR, $100K-$270K, Delivery now
Developed by The Access Group, Marketed by Jameson
123 S. Green, Emerald
84 of 212 available, 1-2 BR, $270K-$620K, Delivery now
Developed by Senco, Marketed by Property Consultants
2523 N. Southport, 2523 N. Southport
6 of 6 available, 2-3 BR, $470K-$770K, Delivery now
Developed by NA, Marketed by Conlon
2208 W. Chicago, 2208 W. Chicago
1 of 3 available, 3 BR, $420K+, Delivery Fall
Developed by NA, Marketed by North Clybourn Group
8 E. Randolph, Joffrey Tower
11 of 208 available, 1-2 BR, $280K+, Delivery now
Developed by Smithfield, Marketed by @properties
Previous New-Construction Updates
Sunday, July 5, 2009
Lawmakers Vote To License Property Managers
In the Chicago Tribune, Pamela Dittmer McKuen summarizes recently passed legislation that affects condo associations:
Association managers soon will need a license to practice their trade. The Community Association Manager Licensing and Disciplinary Act, originally known as SB-1579, passed both houses of the Illinois General Assembly on May 30. Many of the details have yet to be worked out, but the bill creates a regulatory board and denies licensure to anyone convicted of a felony.
Other association-related legislation that passed:
Bills HB-688 and SB-267 allow municipalities to get court permission to reclaim uncompleted and deteriorating condominium projects that are a danger or nuisance to the community. The properties can be turned over to a receiver for management, rehabilitation, completion, sale or dissolution.
HB-155: When a condo owner sells a unit, the association can't exercise its right of first refusal or option to purchase on the basis of the type of financing used by the buyer.
SB-1390 amends the General Not-For-Profit Act to allow the use of e-mail for notices and other informal communications.
All of those bills await the signature of Gov. Pat Quinn to become law.
For details, see the complete article.
