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All Blog Entries by Susan Dickman

Found 33 blog entries published by Susan Dickman.

Covid-19 has made the economy unpredictable. We saw record numbers in almost every category related to real estate and job loss. The pandemic has created insurmountable unpredictability in families’ financial security. 

We saw a record drop in home purchases during the peak months. However, as of recent, Trade Group Illinois Realtors released data that shows home sales and home prices surged last month in August. This can be attributed to record low interest rates on mortgage loans and families looking to increase space in their homes due to at-home schooling and at-home work. 

Approximately 13,360 homes were sold in August, an approximate 20 % increase from August 2019. This data comes from the 9 counties that make up the metropolitan area. In

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Homeowners are looking to refinance their mortgage loans. This comes at a time when individuals are looking to save and put more money in their pockets. Banks are looking to charge homeowners a new 0.5% “adverse market refinance fee.” 

Freddie Mac & Fannie Mae states that economic uncertainty and risk management is the reason for the increase. A lot of financial institutions are trying to play it safe while so many individuals are reporting a decrease in income or no income at all. Many businesses are still feeling the affects of COVID-19 while we wait for a vaccine. 

This fear is being passed down to consumers who are looking to refinance. With interest rates being at their lowest in history, it’s a no brainer. 

Mortgages Bankers Association

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Vista Tower – 363 E. Upper Wacker Drive

 

Having broke ground in 2016, Vista Tower is highly anticipated. The tower boasts dramatic views & curated interiors. The tower will offer 396 condos ranging from $1 million to $18 million. It currently has the title of being the 3rd largest tower in Chicago, sitting 1,191 feet.

Move ins begin summer 2020 so be on the lookout!

 

Estimated Completion: Summer 2020

 

1000M – 1000 S. Michigan Avenue

 

Located on 1000 S. Michigan Avenue, ground has broken on this 74-story tower. The developers behind this mega project consist of Time Equities, Oak Capital & JK Equities. Once completed 1000M will be the 17th tallest skyscraper in Chicago. Vista Tower and One Chicago will surpass 1000M in

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The West Loop has two big changes happening at 500 W. Randolph block. New York investment trust W.P Carey plans to build a 100,000 square foot establishment at 150 N. Clinton Street. The development will happen on a vacant lot which happens to be next to their 7-story loft building. W.P Carey has been a longtime office landlord in the area and currently occupies the 550 W. Randolph Street building. This property is 227,500 square feet and only has had 1 occupant for 30 years, IRI Data Analytics firm.

Once IRI lease expires at the end of 2020, W.P Carey will begin massive renovations and make the building more modern for potential tech companies to occupy after completion. A spokesperson for the company claims that they will break ground early 2021

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Chicago has had a record number of cranes in the air this past year. However, the new year brings this to an end. A New York based firm, Dodge Data & Analytics, predicts that the construction boom will drop by 10%. Which makes this the third decrease in 4 years, and the biggest since the Great Recession. 

 

It’s difficult to believe this decrease since retailers are consistently looking for industrial space to store goods; rents are skyrocketing, and office space demand has been the highest since 2007. Developers haven’t been able to keep up with these demands. However, real estate investors and developers are being conservative until they figure out how much room they have to truly expand their efforts. 

Michael Newman,

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1000M Tower

The 74-story tall South Loop condo building, more popularly called 1000M and designed by Helmut Jahn, has broken ground. Construction on the tower is expected to take 30 – 36 months. If all goes well, the South Loop tower would officially open mid-to-late 2022.

 

In comparison to other buildings in Chicago, the tower will be the 15th tallest building if completed today, towering 832 feet over Grant Park. However, due to the Vista Tower and One Chicago being in the works, it’ll be the 17th tallest building by the time it’s completed. 323 Units will be available, and some will come with a hefty price tag. A 5,500 square foot penthouse in 1000M has been listed for $8.1 million, which is a higher price tag than the neighborhoods past record of $3.2

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Chicago Skyscraper

 

Credit: Golub & CIM Group/Crains Chicago

 

 

Chicago developer Golub and partner CIM group want to build a skyscraper next to the Tribune Tower. They’ve been making tremendous progress and working to address concerns about traffic if the skyscraper starts construction. Alderman Brendan Reilly says that a deal could possibly be reached “in a couple of months.”  

 

The building would reside in an empty parking lot east of the Tribune Tower. The proposal consists of a mixed condo/hotel tower rising 1,422 feet high. This would make it the second highest tower under the Willis Tower. 

This has motivated the developers of the ambitious Spire development, that did not pass, to go back to the drawing board and

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Looking to retire in a world-class city rich with cultural activity? Chicago, Illinois, may be the perfect place for you.

 

Chicago ranked 86th in the top 100 retirement cities of 180 in comparisons prepared by WalletHub. The “activities ranking” placed Chicago in the #10 spot. The Windy City isn’t just a great place to retire because of cultural interest and many other activities seniors enjoy. You will have several living options for retirement in Chicago, as well.

 

Below, learn why cultural activities and senior living options are reasons enough to place Chicago on your short list of potential retirement cities.

 

Chicago Offers Many Free Cultural Experiences for Retirees

Since retirement means moving from a career with a

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Chicago developer, Habitat, is planning to build in the Fulton River District. Habitat understands that building residential units where big office towers are located is a good idea! Due to two new office buildings opening in the area, they believe the Fulton River District to be the best possible area for their residential project. AND, their building is close to the Fulton Market District, where  Google, McDonald’s and Mondelez are ready rooted. There are also office developments underway that have estimated completion dates of 2021 – 2023.

 

The 343-unit apartment tower will be located at 344 N. Canal Street.

 

The site where Habitat plans to build the tower was once owned by family Cassidy Tire & Service. Habitat recently signed an

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McBrearty Builders are planning to build 18 condos on the corner site of Bronzeville. According to residents in the area, that corner has been vacant since the late 1970s. The firm states that the development will be 3 buildings, each with six units.

The area around this development is Pershing road and Dr. Martin Luther King Drive. There wasn’t much activity in the area until Marianos opened approximately 2 and half years ago. McBrearty Builders have been building in the Bronzeville area for over 17 years now. So, this isn’t their first rodeo.

The buildings are designed by 360 Design Group based in Bridgeport. The buildings will feature private outdoor space, either a balcony or a terrace on the roof of the building or their attached garage.

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