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Avoiding the bubble looming on the horizon
Illinois Real Estate Journal, 12/30/02
The multifamily housing market 2002 can be summed up with just four words -- income down, values up. That's the simple summation. And the whys aren't all that difficult to figure out....
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Office market an option for Investors ;...
Chicago Tribune, Thomas A Corman, 12/25/02
In what promises to be a mixed year for the economy, there should be at least one bull market: office buildings. ...
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Midwest housing market warm as chill settles elsewhere:...
Chicago Tribune, John Handley, 12/18/02
The Midwest housing market is finishing the year on a high note, even as groundbreaking for new homes has begun to lag in some other parts of the country. ...
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Beilter,ex-partner locked in court battle:(North Sports Final Edition)
Chicago Tribune, Thomas Corfman, 12/17/02
Chicago developer, J. Paul Beitler and billionaire New York real estate investor Howard Millstein, who are former partners, are battling in court. ...
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Multifamily Owners Remain in Driver's Seat
Globe Street, Mark Ruda, 12/1/02
Despite lower occupancy rates as well as shrinking rental income, owning multifamily rental property remains an enviable position, according to Appraisal Research Counselors....
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Condo Speculators 'Wild Card' in Rental Market
Globe Street, Mark Ruda, 11/20/02
The downtown multifamily market, which has seen owners fight for fewer prospective tenants by lavishing creative incentive packages, may be nearing the bottom, one expert believes. ...
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Mixed bag faces renters, landlords in the future
Chicago Sun Times, Ed Sacks, 11/17/02
The future for renting in the Chicago area is a mixed bag-- stagnant rents for large management companies, little new contruction of apartment buildings, and continued conversion of existing city apartments into condominiums. ...
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Big John's condo glut
Crain's Chicago Business, Alby Gallun, 10/28/02
Selling a condominium in the John Hancock Center is tougher than it used to be. A softening real estate market, competition from newer high-rises and lingering terrorist fears are giving buyers the upper hand as they negotiate for condos in the 100-story skyscraper....
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How far can the Near South go?...
Chicago Tribune, John Handley, 10/20/02
Miner T. Ames bought the four-story limestone mansion at 1811 S. Prairie Ave. on Chicago's Near South Side for $50,000. The down payment was $10,000 and the five-year loan was at 6 percent. ...
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New blueprint
Crain's Chicago Business, Patricia Richardson, 10/7/02
Poised over huge aerial photos of the city's South Side, Terry Peterson grows animated as he explains the Chicago Housing Authority's plans to transform a more-than-3 1/2-mile corridor of blighted public housing projects into vibrant neighborhoods....
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Region's economy gets mixed assessment:...
Chicago Tribune, Melissa Allison, Kathy Bergen, John Handley T Shawn Taylor..., 10/6/02
Even as Wall Street braces for a flood of lackluster third- quarter corporate-earnings reports, investors and economists are trying to get a handle on how various sectors of the local economy will fare in the year's final period. ...
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McLean buying out his partners in River East; ...
Chicago Tribune, Thomas A Corfman, 9/17/02
Developer Dan McLean buying out his high-profile investors in River East, including Aon Corp. Chairman Patrick Ryan, part of an 11th-hour financial restructuring of the $1.5 billion mixed-use development under contruction in Streeterville. ...
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Cool climate chills housing starts in city
Crain's Chicago Business, Patricia Richardson, 9/2/02
New condominium, loft and townhome sales in downtown Chicago declined slightly during the second quarter, and developers responded to a cooling residential market by starting fewer projects. ...
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A retro look at the river's bold new face:(North Final, W Edition)
Chicago Tribune, Genevieve Buck, 8/31/02
CORRECTIION: This story containes corrected material, published Sept. 4, 2002. Additional material published Sept. 4, 2002: CORRECTIONS AND CLARIFICATIONS. An incorrect photo appeared with the House Hunter column in Saturday's New Homes Section. ...
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Prices propel renters into home-buying leap:(North Sports Final Edition)
Chicago Tribune, Jane Adler, 8/23/02
As interest rates remain at historic lows and home prices continue to rise, even the most diehard renters are turning into home buyers. ...
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Great expectations for about $1,000...
Chicago Tribune, Annemarie Mannion, 8/16/02
Davide Nanni is an artist who needs space where he can sculpt. George Cole sometimes works long, hectic days as a technology manager and likes having a fitness center where he can work out any time he wants....
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Globe Street, Mark Ruda, 8/14/02
An 18-story mixed-use addition to Union Station appears back on track, but not after the city's community development commission Tuesday questioned a potential $18.7-million tax increment financing package for developer Prime Group Realty Trust. ...
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Prime Group walks away from pending sale:(North Sports Final Edition)
Chicago Tribune, Thomas A Corfman, 8/6/02
At the last minute, Prime Group Realty Trust has killed a deal to sell control of 180 N LaSalle St., the second time in recent months that the troubled real estate investment trust has walked away from an agreement to sell assets. ...
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Great prices, right location, and yet...
Chicago Tribune, Genevieve Buck, 7/27/02
When the price seems right and the location's OK, the luxuries of space and deluxe amenities can quickly drop from top to secondary priorities. ...
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Multifamily Rental Market Posting Comeback
Globe Street, Mark Ruda, 7/21/02
It wasn't too long ago when multifamily rental property owners were offering a month or two of concessions. ...
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More residents are going condo; Economy and ease drive downtown sales:...
Chicago Tribune, Maggie Sieger, 7/17/02
Claudia and Robert Andersen happily gew up in the Chicago suburbs and raised two sons there. But when their nest was empty, the couple realized they weren't ready for a sedate Florida retirement. ...
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Loan enlivens River North tower; Boston firm gives expensive boost...
Chicago Tribune, Thomas A Corfman, 7/13/02
A Boston real estate investment firm is giving a high-priced boost to a ritzy River North skyscraper, the latest example of the evaporating profits of some luxury condominium projects...
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Wards' HQ building to get ritzy rehab
Crain's Chicago Business, Patricia Richardson, 6/10/02
A Chicago developer is betting that a multimillion-dollar facelift will transform the former headquarters of defunct Montgomery Ward & Co. from a dated-looking, 1970's office tower into a swanky condominium building....
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Building boon
Crain's Chicago Business, Particia Richardson, 6/3/02
When John Podmajersky started buying and rehabbing dilapidated apartment buildings in Chicago's East Pilsen neighborhood in 1957, he hoped to save his community from abandonment....
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MarchFirst campus auction rescheduled:(North Sports Final Edition)
Chicago Tribune, Thomas Corfman, 5/7/02
The auction of the partially completed corporate campus of MarchFirst Inc. has been rescheduled now that the bankruptcy trustee for the defunct Internet cousulting firm has reached an agreement with a new buyer, developer Michael Drew....
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Thrown for a loop
Real Estate Chicago, Jeffrey Steele, 4/1/02
The downtown multifamily rental market is going through some tough times, but the worst may be over. Everyone's familiar with the concept of the double whammy, but a quintuple whammy?...
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With vacancies up, apartment owners beef up services, amenities
Midwest Real Estate News, Contributing Writer, 4/1/02
Midwest multifamily owners and operators are redoubling their efforts to attract and keep tenants as they face a slumping apartment market impacted by the recession and loss of manufactruing jobs. ...
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Sterling Conversion Pays Off From Get-Go
Globe Street, Mark Ruda, 3/21/02
While recessionary clouds darkened on the Downtown multifamily, both condominium and rental, American Invsco was making an $89-million bet against the field by closing on a 389-unit building at 345 N. LaSalle St....
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Boom in Bridgeport
Crain's Chicago Business, Patricia Richardson, 3/4/02
After house-hunting in the Northwest Side neighborhoods of Old Irving Park and Northwood Park, Gina and John Minas have set their sights south. Specifically, they're building a new house in Bridgport, on the South Side....
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'Critical Mass' May Carry Downtown Condo Market
Globe Street, Mark Ruda, 2/27/02
The Downtown condominium market has reached a "critical mass," two developers say, giving it the ability to weather downturns rather than go through boom-bust cycles such as the one that flattened the overall market in the late 1970s and early 1980s. ...
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Mild weather, low rates buoy home building: (North Sports Final Edition)
Chicago Tribune, John Handley, 2/20/02
Mild weather and low mortgage rates have pushed construction of new homes to a fast start to the year, but experts warn that January figures released Tuesday do not mean it's going to be another record year for home building in the Chicago area....
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Ernst moves 580 employees to Sears Tower:...
Chicago Tribune, Thomas A Corfman, 2/20/02
In a sign that tenants in Sears Tower may be regaining a level of comfort after the terrorist attacks of Sept. 11, a key tenant is moving more employees into the 110-story skyscraper....
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Downtown home slump:(North Sports Final Edition)
Chicago Tribune, Tribune staff, wires, 2/15/02
Terrorist attacks and the recession combined to drive both sales of new downtown Chicago homes more than 90 percent during the fourth quarter, to 92 units from 934 a year ago, according to a reprot by Chicago-based Appraisal Research Counselors Ltd. ...
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Commercial real estate service providers dodge recession
Midwest Real Estate News, 2/1/02
Midwest commercial real estate service providers in three key areas, consulting, appraisal and title insurance, are finding a brisk market for their services despite the recession. ...
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Fifield Sees Silver Lining in Sector Numbers
Globe Street, Mark Ruda, 1/24/02
Developer Steve Fifield majored in mathematics in college, and admits he once dreamed of teaching the subject. However, he is willing to study numbers and share his view with other professionals, including the Chicago Real Estate Council Thursday....
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A new twist in Trump's tower plans
Crain's Chicago Business, Patricia Richardson, 1/14/02
Donald Trumph is still committed to building a skyscaper on the Chicago Sun-Times site along the Chicago River. But he doesn't know what's going to be in it....
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Will rents rise? ; In Chicago, tenant demand,...
Chicago Tribune, Wendell Hutson, 1/6/02
After five years of renting, Larry and Shamar Aina decided they had enough of the apartment life. In September the Ainas bought a three-bedroom house in the 6800 block of South Wabash Avenue on Chicago's South Side. ...
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That empty feeling
Real Estate Chicago, Jeffrey Steele, 1/1/02
The Roseland Ridge Apartments on South Michigan Avenue in Chicago. It recently came onto the market in a time of increasing apartment vacancy, but has the competitive advantage of offering affordable unit rents. ...
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