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Developers Eye Smaller Units for $70M Condo Tower
Globe Street, Mark Ruda, 12/20/05
Smaller units appear to be the way to go for new developments in the South Loop. At least, that's the experience for developers of a $70-million, 268-unit building at 1400 S. Michigan Ave. Skokie developer Jacob Bletnitsky's 1400 S. Michigan LLC includes partners in another condominium at 1250 S. Michigan Ave., a mix of one- , two- and three-bedroom units. The partners saw resistance from the market to the larger units, says partner Alex Vaisman, who adds Appraisal Research Counselors also suggested a mix heavy on smaller units.....
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Market players flee suburbia to be near Chicago trading centers
Chicago Tribune, John Carroll, Bloomberg News, 12/17/05
Troy Steele slashed his daily commute to four minutes from two hours when he bought a downtown Chicago condominium last month blocks from his job trading soybean futures. He says his new home may turn out to be his best trade. Steele reckons the two-bedroom unit he bought for $300,000 in a rehabilitated warehouse on South Michigan Avenue....
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Downtown living is a good buy
Chicago Tribune, 12/16/05
URBAN MARKETPALCE - By staying put, 24-year-old Eric Worley has become part of a trend: people buying residences in downtown Chicago. His reasoning? "It's cheaper to own than to rent," said Worley, a trader at the Chicago Board of Trade. "That's on a monthly cashflow basis, after the down payment." Worley paid more than $300,000 in November to purchase the 16th- floor unit he had been renting at Grand Plaza....
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Condos stake claim as 1st choice for downtown Chicago living
Chicago Tribune, John Handley, 12/11/05
By staying put, 24-year-old Eric Worley has become part of a trend: people buying residences in downtown Chicago. His reasoning? "It's cheaper to own than to rent," said Worley, a trader at the Chicago Board of Trade. "That's on a monthly cashflow basis, after the down payment," he said. Worley paid more than $300,000 in November to purchase the 16th- floor unit he had been renting at Grand Plaza, whose 37-story west tower at 545 N. Dearborn St. is converted to condominiums....
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Beacon to buy 200 S Wacker tower
Chicago Tribune, Thomas A Corfman, 12/7/05
In a bet on the continued demand for West Loop office space, Boston real estate investment firm Beacon Capital Partners LLC has a deal to acquire 200 S. Wacker Drive for more than $121 million. Beacon, whose principals are longtime investors in the local market, has agreed to pay between $160 and $165 a square foot for the building, sources said. The total price would be between $121 million and $125 million, based on 756,600 square feet of space. A Beacon spokesman declined to comment. Executives with the seller, New York investment house Morgan Stanley, and its real estate adviser, CB Richard Ellis Inc.,....
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Trump makes a mark
Crain's Chicago Business, John T Slania, 12/5/05
The Donald changes more than just a skyline - When Donald Trump announced plans two years ago for his 92-story Trump International Hotel & Tower, he proclaimed it would be a "Chicago landmark for the 21st century." That kind of hype is expected from the flamboyant Mr. Trump. But even though the luxury hotel and condominium project....
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Crane crunch crimps contractors
Crain's Chicago Business, Alby Gallun, 11/28/05
Soaring skyline squeezes supply, pushing rental fees to new heights John Martello has the toy that nearly every highrise builder wants this Christmas: a 300-foot tower crane. Without tower cranes, developers couldn't complete many of the condominium and office buildings they've planned for downtown Chicago. After five years of booming construction, and with nearly 30 new high-rise projects on the drawing board....
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Hotel condos' value hard to figure at ground floor
Chicago Tribune, Kathy Bergen, 11/27/05
Luxury hotel proposals are popping up in Chicago like so many desert flowers after a long drought, and it seems almost every developer is betting on the same virtually untested concept: hotel condominiums. At least 12 downtown projects will include hotel condominiums, which are rooms or suites sold to individuals, who have the option of placing them in rental pools when they aren't using them. More than 2,100 of these pricey dens will be marketed here over the next five years, mostly to affluent Baby Boomers....
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High Anxiety
Chicago Tribune, Blair Kamin, 11/13/05
Tall and thin may be the future, but city's mission must be to see the light -- and patches of blue -- as its new, dazzling towers reach for the sky - Chicago has long been a city of cloud busting skyscrapers, but its latest push toward the sky is enough to make jaws drop, eyes pop and start alarm bells ringing. Every week, it seems, a rendering of a new tower is splashed across the front page or the business page in the hopes of generating positive "buzz" and attracting potential buyers and investors.....
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Housing sets downtown record
Chicago Tribune, Thomas A Corfman, 11/9/05
Previous annual mark beaten in 3 quarters - The downtown market for new homes has already set a record for full-year sales, three months before developers close the books on 2005. Sales hit 6,937 units during the first three quarters of 2005, the highest annual total since the downtown building boom began in late 1997, according to a forthcoming report by Appraisal Research Counselors. The new record had been expected since the second quarter, when sales continued at breakneck speed.....
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Apartment market hits roof
Crain's Chicago Business, Alby Gallun, 11/7/05
Downtown occupancy rate, average rent rise - After four years of pain, downtown apartment owners are starting to enjoy the good life again. The average downtown apartment building's occupancy rate hit 96.4% in the third quarter, up from 94.2% in the second quarter and the highest rate since the end of 2000, according to Appraisal Research Counselors, a Chicago-based consulting firm that tracks the apartment market. An improving job market....
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Green stretches past park
Chicago Tribune, John Handley, 11/4/05
The city estimates that the value of residential development attributable to Millennium Park over the next 10 years will total $1.4 billion - Millennium Park is more than a smash hit with visitors to Chicago. It also is an economic engine powering the East Loop, real estate experts say. "Millennium Park is becoming Chicago's version of New York's Central Park," says Louis D'Angelo, president of Metropolitan Properties.....
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Attractive rehabs, pricing and locations let conversions compete...
New Homes Magazine, Gail Lissner, 11/1/05
By the end of 2005, more than 4,000 rental units in downtown Chicago will have converted to condominiums, according to estimates by Appraisal Research Counselors. That represents the biggest conversion market since the record Chicago set in 1979, but the current crop of towers is much different than its ?70s counterpart.....
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Downtown Chicago Condos
Wall Street Journal, 10/19/05
Downtown Chicago has 67,000-plus condo units, with some new ones fetching up to $850 per square foot, reports Appraisal Research Counselors. Here are three for less than half that.....
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Condo owners can't get enough rent - report signals risks in downtown market
Crain's Chicago Business, Steve Daniels, 10/10/05
A widening gap between rising prices and stagnant rents signals increasing risk in the downtown condominium market. With an estimated 30% of condo buyers making purchases for investment purposes, the monthly costs of holding the units are far above what those owners can command in rent. If condo prices cool in the near future due to rising interest rates or tightening credit standards, as some forecast, it could prompt condo owners....
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Condos planned at Terra - Firm has option to buy former museum site
Chicago Tribune, Thomas A. Corfman, 10/8/05
A low-profile Chicago real estate firm has an option to buy the shuttered Terra Museum of American Art on Michigan Avenue, with plans to build a luxury condominium building branded with the Ritz-Carlton name. Prism Development Co. is part of a venture proposing a roughly 35-story tower that would be located behind the landmark Art Deco structure at the corner of Michigan Avenue and Erie Street, preserving the facade, according to sources familiar with the plans. Chicago-based Lucien Lagrange Architects....
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Occupancy Up, Concessions Down, Rents Flat - are Rent Spikes Next?
Chicagoland Apartment Association - Aptitudes, Gail Lissner and Ron DeVries, 10/1/05
Appraisal Research Counselors' latest product - our Suburban Apartment & Condo Conversion Benchmark Report - has just been released. Future reports will be delivered on a quarterly basis. The 2nd Quarter 2005 report focuses on recent occupancy and rent trends....
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Condo craze days again
Chicago Sun Times, Larry Finley, 9/30/05
Chicago is in the midst of the biggest boom in condominium conversions in 25 years, with the possibility of 4,000 or more former rental apartments being offered for sale in 2005. The removal of these apartments from the rental market also appears to have been just the push needed to start the sluggish rental industry back on the road to improved health, according to Gail Lissner, vice president of Appraisal Research Counselors....
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North Riverside considers apartment conversion law
Riverside/Brookfield Landmark, Robert Carr, 9/28/05
Would give village more control, spell out guidelines for developers - North Riverside, seeing the switch of apartment buildings to condominiums throughout the Chicago area, is working on a new law to guide these changes to home ownership. The law would give the village more control in how the apartments are changed, how the new homeowner associations are formed, and will generally help with conversion problems, said Mayor Richard Scheck. The village has formed a committee of trustees Tom Corgiat, Randy Czajka and Gary Wittbrodt....
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Occupancies Up, Concessions Easing in Chicago Suburban Apartment Market
Commercial Property News, Dees Stribling, 9/27/05
In the suburban Chicago multifamily market, occupancies are up slightly and very little new product has come on line recently, according to a new report by Chicago-based Appraisal Research Counselors. The upshot of these trends is that landlords aren't offering prospective tenants the kinds of concessions they did in the past few years, when leasing was sluggish. There's also a slight upward pressure on rents. "The number of owners using concessions is down," says Ron De Vries (pictured), vice president of Appraisal Research Counselors....
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A Rarity Looms: Buyer's Market
Wall Street Journal, Maura Webber Sadovi, 9/21/05
Chicago may soon become that true rarity in real estate: a buyer's market. Builders are racing to add new office and condominium towers to the Windy City's glittering skyline, despite the region's comparatively weak economy. Some 3.6 million square feet of new office space was completed in the year ended in June. While New York's larger market gained slightly more over the period, Chicago's new supply is coming into a market where nearly a fifth of the office space was vacant, according to Property & Portfolio Research Inc., a Boston-based....
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Foresite buys building near O'Hare
Chicago Tribune, Thomas A. Corfman, 9/21/05
A local start-up and a high-powered Boston investment firm have teamed up to buy a half-empty office building near O'Hare International Airport, in a nearly $16 million gamble on a suburban market that shows signs of improving. BayNorth Capital LLC, a spinoff of the real estate unit of Harvard University's investment adviser, and Foresite Realty Partners LLC have purchased 6400 Shafer Court, an older, 176,200-squarefoot building in Rosemont. To fund the acquisition and renovations Maryland-based CapitalSource Finance LLC provided a loan of up to $17.7 million. New York investment firm Blackstone Group....
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My condo town - Need for instant gratification fuels a boom in conversions...
Chicago Tribune, John Handley, 9/18/05
Some condo buyers just can't wait. They want something new, or almost new, and want it now. That instant gratification might come in the form of a home in a building converting to condominiums -- that is, a unit in a former rental apartment building or madeover vintage office building that is for sale. "Immediate availability is one of the major advantages of conversions," said Charles Huzenis, president of Jameson Realty Group....
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Want to live in a building full of speculators?
Chicago Tribune, Wayne Faulkner, 9/11/05
If you're buying a new-construction condominium and plan to make it your home, will you know your neighbors -- ever? Because the ranks of your fellow buyers might include investors, this is only one of the questions you should ask. Speculators are all over downtown Chicago to the point that some observers, such as Appraisal Research Counselors, place them among their top worries for the market's health. Note that "investors" and "speculators" are often....
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New look in market for condos - Former rental units are competing...
Chicago Tribune, John Handley, 9/5/05
The biggest wave of condominium conversions in 25 years has hit Chicago's already hot downtown residential market. But its effect on a market with thousands of new-construction condos coming onstream is uncertain. While the role of condo speculators worries market watchers, downtown sales are running at a record pace. "Condo conversions are way up. We could total more than 4,000 this year," said Gail Lissner....
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Converters Driving Multifamily Sales Records
Globe Street, Mark Ruda, 9/1/05
Multifamily sales volume in the Downtown area is expected to exceed $1.3 billion, shattering last year?s $510 million record, Appraisal Research Counselors is predicting. Meanwhile, prices per unit across the wider city and suburban market have inched up to another high, according to Marcus & Millichap Real Estate Investment Brokerage Co. Appraisal Research Counselors? ?Residential Benchmark Report? has tracked $380 million in sales so far this year....
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Vultures Circle Condo Market
National Real Estate Investor, Parke M. Chapman, 9/1/05
Jack McCabe has a sure-fire way to make a killing in Florida real estate. No, he's not joining the throng of speculators in downtown Miami who are snapping up blocks of condominiums in hopes of flipping the properties quickly. And no, the real estate analyst from Deerfield Beach, Fla., isn't acquiring apartments in order to convert them to condos for a handsome profit.....
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Downtown Chicago condo market rocks with record sales in 2005
Pioneer Press, Don Debat, 9/1/05
Sparked by a boom in condominiun conversions, Chicago's downtown housing market skyrocketed to record levels of sales in the first half of 2005, real estate experts say....
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View from the Top
Today's Chicago Woman, Danielle Tullier, 9/1/05
Some of Chicago real estate's more prominent women share their perspectives on the market, the cty's next hot areas and the biggest buying mistakes. In the past five years, more than 20,000 housing units have been added to the downtown market, according to Appraisal Research Counselors....
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Downtown Condo Conversions on Record Pace
Globe Street, Mark Ruda, 8/30/05
The Downtown multifamily market is seeing a record year for condominium conversions, with the pace triple the level typically seen, according to Appraisal Research Counselors. The firm?s ?Residential Benchmark Report? puts the number of converted units so far this year at nearly 3,000, with nearly half of them sold, and projects the total to hit 3,893 by the end of the year.....
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Chicago's new downtown
Chicago Sun Times, David Roeder, 8/25/05
The heart of Chicago pounds stronger than ever. You can hear it over the daily thrumming of Chicago life, amid the tourists scavenging North Michigan Avenue, through the 24-hour cycle of the Loop, to the new neighborhoods carved from freight yards and warehouses on the Near South Side. Downtown hasn't had it so good in years, not since the 1920s.....
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Central Station Project Gets 260 Condos
Globe Street, Mark Ruda, 8/24/05
A vacant office building in the 1300 block of S. Michigan Avenue will be replaced by an $80-million condominium tower, the newest piece to the Central Station development. Central Station, LLC president D. Timothy Desmond tells his company expects to begin construction of the 32-story, 260-unit tower at 1335-77 S. Michigan Ave. next spring. Desmond says units, which will average 1,300 sf, will likely sell in the $300 per sf neighborhood. That would be comparable to Museum Park Place....
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Downtown homes could set record
Chicago Tribune, Thomas A. Corfman, 8/17/05
The downtown market for new homes is charging along at a recordshattering pace Sales of condominiums, townhouses and lofts reached 2,381 units during the second quarter, the second-highest total since the current residential building boom began in late 1997, according to a report by Appraisal Research Counselors.....
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Prices soar through the roof
Chicago Sun Times, Cheryl L. Reed, 8/14/05
When Amy Williamson bought her modest house 10 years ago, she never realized that behind the fake stone paneling, plastic plug-in fireplace and crumbling plaster she'd find a hidden treasure -- a house in a neighborhood that would become hot property. Williamson and her husband, Dan Zolkowski, bought their two-story Victorian on a double lot in Lincoln Square....
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For the Record - United delays reorg plan
Crain's Chicago Business, 8/8/05
United Airlines' more than 2˝-year stay in bankruptcy could extend into next year now that parent company UAL has delayed filing a plan for leaving Chapter 11 protection. The nation's No. 2 airline had expected to submit the plan last week in U.S. Bankruptcy Court....
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Subrubanites fuel city boom in condos
Chicago Daily Herald, Lauren Heist, 8/5/05
Roz Rubens looks out from the windows of her 38th floor penthouse at 401 E. Ontario in Chicago and likes what she sees. "I love it. I just love it," said Rubens, who bought her condo with lakefront views in April. Rubens lived in Northbrook....
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Streeterville style - the time is right for Streeterville
Chicago Sun Times, Larry Finley, 8/5/05
A dozen or more new condominium high-rises are under way or will begin next year, adding about 3,500 moderate- to high-priced residences to the market there, according to Gail Lissner, vice president of Appraisal Research Counselors....
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181 W Madison going back on the market
Chicago Tribune, Thomas A. Corfman, 8/3/05
The prominent Loop skyscraper at 181 W. Madison St. is going up for sale, barely three years after it was purchased by a German investment fund. Prudential Real Estate Investors, a unit of the New Jersey-based financialservices giant, is expected to hire Jones Lang LaSalle Inc. to market the 50-story tower, designed by architect Cesar Pelli....
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Apartment occupancies rise
Crain's Chicago Business, Alby Gallun, 8/2/05
The downtown apartment market strengthened in the second quarter amid a condominium conversion boom that is reducing the supply of rental units in the city. The downtown apartment occupancy rate jumped to 94.2% in the second quarter, up from 92.9% in the first quarter and 91.4% in the year-earlier period, according to APPRAISAL RESEARCH Counselors, a Chicago-based consulting firm that tracks the downtown apartment market.....
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First Quarter 2005 Downtown Chicago Residential Market Overview
Chicagoland Apartment Association - Aptitudes, Gail Lissner and Ron DeVries, 8/1/05
Inventory overview for the rental market and for-sale market (new construction condo, loft, townhome and condo conversion).....
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You're spired - Carley bids to trump the Donald at pinnacle of condo market
Crain's Chicago Business, Alby Gallun, 7/30/05
Christopher T. Carley's plan to build North America's tallest building pits a developer little known outside Chicago against the nation's most famous real estate magnate: Donald J. Trump. Mr. Carley's 115-story hotel and condominium tower on the lakefront would compete for the same wealthy, status-conscious buyers that Mr. Trump is courting for his project, a 92-story condo-hotel under construction on the Chicago River.....
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Converted Units Offer Entry In The Housing Market
The Day, New London, Connecticut, KT Leeson, 7/29/05
Historically low interest rates. High occupancy rates in apartment rentals. First-time buyers eager to enter the housing market. It's the perfect equation for a trend that started in the ?70s, faded in the ?80s and resurfaced in the ?90s ? condominium conversions.....
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"Home Run,"-Part 3: The Condo Conversion Craze
Nightly Business Report (PBS), Diane Eastabrook, 7/27/05
When it comes to the sizzling U.S. housing market, what`s old is new again, as condo conversions make a comeback. They were a big trend in the 1970s, and now they`re helping fuel the condo craze heating up in several big American cities. Tonight, as we wrap up our real estate series "Home Run," Diane Eastabrook looks at why turning apartments into condominiums has become a hot trend in Chicago....
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Fordham Spire daring, conservative - An audacious architectural design....
Crain's Chicago Business, Alby Gallun, 7/27/05
The Chicago condominium developer who wants to build the nation?s tallest skyscraper is trying pull off something audacious and conservative at the same time. Christopher T. Carley has hired star architect Santiago Calatrava to design the 115-story building overlooking Lake Michigan, perhaps the boldest architectural statement on the Chicago skyline since the construction of the Sears Tower....
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Terrorist attack fear not tallest spire's toughest test
Chicago Tribune, John Handley, 7/27/05
Whatever happened to the post-9/11 fear of high-rises? Plans to build the nation's tallest building at Lake Shore Drive and the Chicago River immediately raised questions about whether the 115-story residential tower would be an attractive target for a terrorist attack. But experts put terrorism far down the list of threats to the building. "It would be a prominent building at a prominent location, but Chicago is not on the radar screen as a threat," said Ronald Shipka Sr., principal of Enterprise Cos., a Chicago firm that is building high-rises on the lakefront. The soaring new addition to the city's skyline, designed by Santiago Calatrava, would be built by Chicago developer Christopher Carley....
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Downtown living convenient but can come with hefty price
Greenville News, Julie Howle, 7/26/05
High demand drives developers to find ways to make condos affordable - Lee Wills says living in the heart of downtown Greenville can spoil a person. "I enjoy being able to eat out, meet friends for coffee, walk on Saturday mornings," said Wills, who lives in the 100 E. Court condominium she bought in 1999. Since then, young professionals, empty nesters and investors have been snapping up downtown condos from coast to coast. "People like to move downtown. It's where the action is," said Joyce Marquez, a senior appraiser with Appraisal Research Counselors in Chicago....
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Fordham Spire to add to surfeit of luxury housing
Crain's Chicago Business, Sandra Jones, 7/26/05
Is Chicago getting too much of a good thing? Real estate developer Christopher Carley?s ambitious plan to build the nation?s tallest skyscraper on Chicago?s lakefront means the arrival of scores of milliondollar condos at a time when the city is overflowing with luxury homes in the sky. While Chicago?s condo explosion has slowed from the 2004 pace of 11,213 units, it still is moving at a blistering pace, according to Property & Portfolio Research Inc., a Boston-based real estate research firm. Only Miami and San Diego....
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South Loop Retail Takes Shape
Globe Street, Dana Dubriwny, 7/19/05
Once a lifeless strip, the South Loop?s Roosevelt Road corridor, from Canal Street east to Michigan Avenue, has turned into a hotbed of new development. In 2002, Jewel Food Store had already marked its stake in the neighborhood. Walgreens, Starbucks and Target soon followed. Today, retailers can?t seem to get into the area fast enough. ?The South Loop has very strong market characteristics,? says Bill Miller, vice president with Chicago-based Appraisal Research Counselors....
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Wachovia Acquires 16 Walgreens for $85M
Globe Street, Dana Dubriwny, 7/18/05
CHARLOTTE, NC-Locally based holding company Wachovia Corp. recently purchased 16 properties leased by Walgreen Co. in eight states for $85 million-plus from the privately held Chicago-based Equity Capital Management LLC. The assets are located in the Midwest and Southwest regions of the US. All the properties are leased on a long-term basis to Walgreens and consist of stores in Georgia, Illinois, Iowa and Texas, as well as five locations in Kansas and Michigan, three stores in Missouri and three stores in Ohio. The seller, Equity Capital Management....
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Prospective buyers shouldn't count on incentives
Crain's Chicago Business, Dan Rafter, 7/18/05
Incentives are common in the condo conversion business. Real estate development firm American Invsco Corp., for example, offered investment buyers at Plaza 440 a guarantee that they would be paid monthly rent for a period of three years. This guarantee holds even if the buyers can't find a tenant....
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Betting on risky rentals - Million-dollar question for condo conversion....
Crain's Chicago Business, Dan Rafter, 7/18/05
Greg Wormmeester became an instant landlord this summer. For $290,000, the 33-year-old West Town resident bought a one-bedroom condominium at 2 East Erie, a high-rise at State and Erie streets in River North. With it comes 24-hour doorman service, floor-to-ceiling windows, an on-site fitness center ? and a tenant who'll pay him $1,640 per month, enough to cover the mortgage and taxes.....
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In South Loop, it's condo or no-go - Developers face little choice, office....
Crain's Chicago Business, H. Lee Murphy, 7/18/05
Like the South Loop buildings he owns, Jerry Karp has gone condo. The Chicago developer helped spark a condo boom on South Wabash Street in 2000, but only after a previous attempt at apartment development failed on the same spot. The road to Mr. Karp's conversion begins in 1985, when he and his partners acquired virtually all the property on an entire city block to the east of South State between 8th and 9th streets for about $5 million. They spent $21 million to convert the 2,000-room YMCA....
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Ready for the ride? In a condo conversion, you've got time to think before....
Chicago Tribune, Dittmer McKuen, 7/17/05
A few weeks after Kate and Scott Fuller signed a lease in 1996 on a Gold Coast apartment, the building went condo. They decided to move, rather than buy. And, two years ago, that their new building converted as well. This time they became homeowners.....
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High-speed high-rises stagger Streeterville
Chicago Tribune, Kathy Bergen and John Handley, 7/17/05
Streeterville residents are not a naive bunch. They moved into their condos and apartments knowing they would share their turf with hordes of tourists bound for Michigan Avenue or Navy Pier or Millennium Park. And they knew that the patchwork of surface parking lots dotting the landscape would eventually give way to more high-rises, and that those new skyscrapers, ranging from 26 to 65 stories, would block some spectacular views.....
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Developer to buy CBS studio site, ... WBBM's move to Block 37 in the Loop
Chicago Tribune, Thomas A. Corfman, 7/16/05
WBBM-Ch. 2 has a letter of intent to sell to a developer the station's historic Streeterville studios, the site of the first-ever televised presidential debate, between John F. Kennedy and Richard M. Nixon. The developer, Golub & Co., would tear down the antiquated structure to make way for a residential development after the station moves to a new facility on Block 37 in late 2007, sources said. Meanwhile, in another sign that the massive Loop mixed-use project is moving forward, Mills Corp....
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Lot of green OKd for spot of green in the West Loop
Chicago Tribune, Charles Sheehan, 7/14/05
Residents in the booming West Loop area are one step closer to something they have always wanted - a new park. The Chicago Park District on Wednesday approved tax-increment financing worth $6.22 million to buy a former eye and ear infirmary and the land around it from the University of Illinois at Chicago. The lobbying that led up to a deal for 1.42 acres in the 900 block of West Adams Street....
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Record set for condo conversions
Chicago Tribune, Thomas A. Corfman, 7/13/05
Like the market for new construction, downtown condominium conversions also are tearing up the record books. As many as 3,500 former apartment units are predicted to go up for sale as condos this year, shattering the record of 2,424 units set in 1994, according to Appraisal Research Counselors. The first-quarter report tracks project announcements rather than sales. The Chicago-based consulting firm says the number of announced conversion projects could top 4,100 units, though many of those are priced at the top end of the market.....
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Glass and glitz are the new traditions in Streeterville
Chicago Tribune, John Handley, 7/10/05
Glass is in. Concrete and brick are out. Modern is in. Traditional is out. Those are the guiding lights of Chicago's leading architects who are competing ? informally ? to design unique skyscrapers for a glitzy new neighborhood. Their entries in what they hope will be the best of 21st Century residential architecture....
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Mall Walk: Block 37
Retail Traffic, Beth Karlin, 7/1/05
When I was young and growing up in the Chicago suburbs, State Street was indisputably ?The Great Street.? The elegant Marshall Fields & Co. was the place to shop and spend the day. Women in white gloves and hats sipped tea there. One dressed for the occasion. But like many downtowns, the glamour faded. Upscale shops moved elsewhere; in this case north to Michigan Avenue ? otherwise known as The Magnificent Mile ? and, of course deeper into the suburbs. Even Fields (acquired this year from Target by May Co., which was swallowed up by Federated), conceded the growing popularity of Michigan Avenue by building a second big store there in Water Tower Place. Bloomingdale's, Neiman Marcus and Nordstrom followed.....
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The Real Apprentice
Chicago Magazine, David Bernstein, photographs by Peter Ross, 7/1/05
Forget reality television. Donald Trump's key young assistant is his eldest son, Donald Trump Jr. A former party boy who's milder mannered than his brash and brassy dad, he's buckling down now, overseeing construction on the massive Trump Tower Chicago....
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Area News - Lamda Alpha International Ely Chapter...
Northern Illinois Real Estate, 7/1/05
... held its "2005 Initiation Banquet" at the Mid-America Club. ... Pictured are Gene Stunard, past president of the International Chapter, with his wife Joan, and Lary Lund. ... On page 3, Ronald Shipka Jr, Enterprise Companies;, Gail Lissner, Appraisal Research Counselors; Faye Pantazelos, New Century Bank; and moderator, Brandt Glomb, BPG Properties Ltd. are pictured....
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Chicago's Condo Market Shows Signs of Cooling
Wall Street Journal, Ray A. Smith, 6/22/05
The air appears to be seeping out of Chicago's bubbly condo market. In recent months, several luxury condominium projects have suffered slower-than-expected sales. A handful of high-profile projects narrowly averted foreclosure as banks came to the rescue with new loans. While condo developer defaults....
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Wal Street Journal article raises concerns about Chicago's condo market
Appraisal Research Counselors, William H. Miller, 6/22/05
A June 22, 2005 article in the WSJ (Chicago?s Condo Market Shows Signs of Cooling) paints a rather abstract picture. The highlighted message of the article is ?The bubble is starting to break.? This message is rather inflammatory ? and wrong. ?Supply bubbles? break when demand doesn?t keep pace. Here are the facts....
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Fast and furious housing boom on Near South Side
Chicago Sun Times, David Roeder and Fran Spielman, 6/20/05
The Near South Side, Chicago's busiest residential market so far in 2005, is being blitzed with plans for additional construction. Developers hoping to beat a rise in interest rates have requested zoning changes that would permit more than 1,200 new units at four locations. "It's really an interest-rate-driven market," said Timothy Desmond, president of Fogelson Cos., the lead developer of Central Station....
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RTA chief looks to get funding back on track
Crain's Chicago Business, Gregory Meyer, 6/20/05
Spotlight: James Reilly - Job: Chairman, Regional Transportation Authority, the umbrella agency overseeing the Chicago Transit Authority, Metra and Pace, effective June 14. Vitals: 60 years old; bachelor's degree in sociology, Illinois College, 1967; law degree, University of Chicago....
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Condos feel at home on Michigan Avenue
Chicago Tribune, John Handley and Sharon Stangenes, 6/19/05
`Absolutely prime residential corridor' evolves as vintage office buildings become residences --- Is Michigan Avenue, the fabled street of world-class shopping, trendy restaurants and office buildings instead becoming Chicago's version of New York's Park Avenue? One look at the number of vintage office buildings being converted into condominiums and it begins to look that way. If the landmark Wrigley Building, one of the most famous buildings on what is a world-famous stretch of street, eventually goes condo, it would join stalwarts such as the Palmolive Building and the old Britannica Center....
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More South Loop condos planned
Crain's Chicago Business, Alby Gallun, 6/16/05
Roszak/ADC, an Evanston-based real estate developer, plans to build a 31-story condominium tower in a part of the South Loop that is brimming with new condo projects. The 240-unit building at the southeast corner of Harrison and Wells streets would be directly east of another condo tower planned by Chicago-based developer D2 Realty Services Inc.....
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Who's Changing Jobs
Crain's Chicago Business, 6/14/05
Architecture/Engineering - Boelter & Yates, Inc., Park Ridge: Stephen L. Lombardo, 42, to director of environmental services, from senior project manager at Roux Associates Inc....
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Readers Suggest Cool Mapping Tips
PikeNet, Peter Pike, 6/2/05
Plotting to Impress... Last week's Dispatch, Maps, Aerial Images and Yellow Pages (May 26), generated some amazing e-mails. Want to plot ocean views in California? Crimes in Chicago? Taxi cabs in Houston? It's all below. Neil Lefmann at N.A. Lefmann Associates in Campbell, CA, raves about Google Earth (formerly Keyhole). "The best feature....
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New ownership set for 300 S. Wacker
Chicago Tribune, Thomas A. Corfman, 6/1/05
New York-based Broadway Real Estate Partners LLC has reached a nonbinding agreement to buy 300 S. Wacker Drive for roughly $80 million, as the local market continues to attract new investors. Broadway would buy the 35-story tower from a joint venture of Lincoln Property Co. and Goldman Sachs & Co.'s Whitehall Fund, sources said. For its first Chicago transaction, Broadway emerged from a group of about 15 bidders that formed quickly after real estate firm CB Richard Ellis Inc.....
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Downtown's record building matched by record buying in 1st quarter of '05
New Homes Magazine, Gail Lissner, 6/1/05
If 2004 was a big year for new housing in downtown Chicago ? and hefty sales figures and ubiquitous construction cranes leave little doubt ? 2005 has the potential to be even bigger. According to the latest Downtown Chicago Residential Benchmark Report by Appraisal Research Counselors, developers are contemplating the addition of up to 10,000 new housing units ? both for sale and for rent ? to the downtown market. It?s likely that the actual number of new homes announced during 2005 will be closer to....
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Downtown Multifamily Sales Racing to $1B Mark
Globe Street, Mark Ruda, 5/31/05
Downtown multifamily property sales could top $1.3 billion this year, predicts Appraisal Research Counselors, shattering the previous record of $510 million set last year. Already, the firm reports $258 million in multifamily sales have closed, with nearly $600 million in potential deals in the pipeline. The activity is translating into richer pricing, according to Appraisal Research Counselors? most recent ?Residential Benchmark Report.? Last year's deals.....
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Downtown Condo Sales Set Record in Q1
Globe Street, Mark Ruda, 5/31/05
The first quarter saw 2,517 contracts and reservations signed in the Downtown condominium market, reports Appraisal Research Counselors, a record number for the first three months of the year. If this year?s pace keeps up, 2005 could see 7,500 units sold in 2005, according to the firm?s most recent ?Residential Benchmark Report.? The first quarter typically....
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Chicago Tribune, 5/30/05
The U.S. Patent and Trademark Office issued the following trademarks recently to Chicago area companies: ...., providing real estate appraisal and research services over the internet, Stunard Appraisal Research Counselors, Ltd., Chicago.....
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Landlords cashing out on their buildings as condo fever spreads
Chicago Tribune, Terry Pristin, New York Times News Service, 5/28/05
Apartment building owners faced with dwindling returns are selling their properties to developers willing to pay ever larger premiums so that they can convert rental units into condominiums. The trend is driven by low mortgage interest rates that have encouraged renters to become homeowners, leaving landlords....
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North Harbor Tower on the block
Crain's Chicago Business, Alby Gallun, 5/26/05
The booming real estate investment market has flushed out another downtown apartment building onto the market: North Harbor Tower, a 55-story high-rise near the intersection of Lake Shore Drive and Randolph Street. A little more than five years after paying $118 million for the 600-unit tower, the Florida State Board of Administration is selling....
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CBRE Names Jaeger First VP
Costar Group, Candace Coram, 5/26/05
John Jaeger has been appointed first vice president of CB Richard Ellis' Chicago regional Multi- Housing Group. Jaeger will focus on major institutional multihousing opportunities in the greater Chicagoland marketplace. He will team with first vice president Dan Cohen and senior associate Melissa Strauss, and will be based in Chicago. Jaeger brings extensive experience in the multi-housing market. He comes to CB Richard Ellis from Appraisal Research Counselors where he had been for the past 13 years. Establishing a reputation with multi-housing developers, equity investors, financial institutions, REITS and pension funds, including Heitman, Archstone, Habitat & Northmarq, Jaeger helped triple the revenue of the company over the last seven years. Most recently he worked on assignments in Michigan, Indiana, Ohio, Illinois, Missouri, Wisconsin, and Kansas. He was also the developer and co-editor of the Benchmark Report, a subscription-based publication that tracks and projects the housing inventory in downtown Chicago....
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Will hot housing market overheat?
Chicago Tribune, John Handley, Mary Umberger and Thomas A. Corfman, 5/25/05
Fears of an overheated U.S. housing market are rising along with the torrid pace of home sales and prices. Concerns increased Tuesday after the National Association of Realtors said the median price of an existing home in the U.S. hit a record $206,000 in April, surging 15.1 percent from a year earlier. The surprisingly strong sales--both nationwide and locally--have prompted worry about a collapse in home prices, which would send the residential market into a tailspin. "Housing demand has risen from red hot to white hot," said Richard DeKaser, chief economist for National City Corp.....
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McClurg Court Center up for sale
Crain's Chicago Business, Alby Gallun, 5/25/05
The owner of McClurg Court Center, a 1,075-unit apartment complex in Streeterville, plans to sell the property amid what could be a record year for apartment building sales in downtown Chicago. Denver-based real estate investment trust Archstone-Smith Operating Trust has hired Chicago-based Cohen Financial to market the property at 333 E. Ontario St., said people familiar with Archstone-Smith?s plans.....
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Career Education plans call center, negotiates with Merchandise Mart
Chicago Tribune, Thomas A. Corfman, 5/25/05
Controversy isn't slowing up Career Education Corp.'s expansion. The postsecondary school educator, which has been tarnished by corporate governance issues and regulatory questions, is negotiating to lease between 90,000 and 100,000 square feet of space in the Merchandise Mart, sources said. The Hoffman Estates company has plans for a new call center for its fast-growing American InterContinental University....
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Jaeger moves to CB; Ron DeVries takes over apartment practice
Chicago Tribune, Thomas A. Cofrman, 5/25/05
John Jaeger, 44, a well-known consultant in the Chicago multifamily market, next week makes the switch to brokerage, joining CB Richard Ellis Inc. as a first vice president, specializing in apartment building investment sales. At CB, the Grand Rapids, Mich., native joins veteran broker Daniel Cohen, also a first vice president. At Appraisal Research, Vice President Ron DeVries takes over the apartment practice for Jaeger.
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Real estate market booms - but will it burst?
ABC7, John Garcia, 5/25/05
Homeowners are getting rich. Home buyers are in a frenzy. Real estate is hot. Prices are skyrocketing. And many people are wondering -- when will the bubble burst? But so far, real estate is defying predictions of a fall. This is the hottest market for home sales since the early '80s. Nationwide, the average price of a home is up more than 15 percent in the last year. Prices in Chicago are actually a bit more stable....
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CB Richard Ellis Lands Multifamily Expert
Globe Street, Mark Ruda, 5/25/05
CHICAGO-Multifamily valuation guru John R. Jaeger is leaving Appraisal Research Counselors after 13 years to become first vice president of CB Richard Ellis, Inc. ?s regional multi-housing group here. With fellow Appraisal Research Counselors vice president Gail M. Lissner, Jaeger has co-edited that company?s quarterly residential ?Benchmark Report,? a must-read for multifamily rental and condominium developers, investors, lenders and industry observers.....
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Landlords Cashing Out as Condo Fever Spreads
New York Times, Terry Pristin, 5/18/05
Apartment building owners faced with dwindling returns are selling their properties to developers willing to pay ever larger premiums so that they can convert rental units into condominiums. The trend is driven by low mortgage interest rates that have encouraged renters to become homeowners, leaving landlords in many areas with falling occupancy rates and forcing them to lower rents and make other concessions to keep their buildings full. Instead, many landlords are deciding to sell, and in many cities, condo conversion sales have been increasing at an explosive rate. But some real estate specialists say....
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What are Your Real Estate Realities?
CBS2 Chicago, Derrick Blakley, 5/13/05
View interview with Gail Lissner - You can barely walk a block without running into construction downtown. More condos are going up in the city than ever before. What's fueling this condo craze and is the big boom about to go bust? CBS 2's Derrick Blakley checks out Chicago?s real estate realities.....
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Local projects in spotlight
Chicago Tribune, John Handley, 5/8/05
The Glen in north suburban Glenview and Chicago's Millennium Park are winners of a prestigious competition sponsored by the Urban Land Institute. The developments -- a mixed-use project formed from what was an air base and a public park credited with reshaping a whole area and boosting real estate values - - were among 11 winners of Awards for Excellence in North and South America that were chosen from 19 finalists by a jury of 10 design and land experts from 73 entries.....
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Investors fed up with stocks are scooping up property
Seattle Times, Mary Umberger, 5/1/05
On Valentine's Day, the first of about 600 hopefuls began to line up for a three-day vigil outside the sales tent of a Boynton Beach, Fla., developer, to try to nail a condo. Among them were a couple of stand-ins for real-estate agent Peter Celnicker, whose investor clients were clamoring for units....
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3 towers in Streeterville taking over from the hulk
Chicago Tribune, John Handley, 4/22/05
The concrete hulk stood empty and unfinished for more than two years, a stark reminder of the perils of real estate development. Just a block east of the Magnificent Mile, the eyesore was supposed to be a parking garage for Grand Pier Center, a $375 million, mixed-use project. But financial problems stalled construction of the project in June 2001. Now, another developer is picking up the pieces and has revealed plans to jump-start the project and build three residential towers with approximately 1,000 units at the Streeterville site, bounded by Grand Avenue, Columbus Drive and Illinois and St. Clair Streets. Chicago-based Centrum Properties Inc. acquired the site from Lehman Brothers....
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A piece of the suburbs right downtown - 'House' atop new high-rise
Chicago Sun Times, Andrew Hermann, 4/22/05
It looks perfectly appropriate -- maybe for the North Shore. But the structure that resembles a new home in, say, Lake Forest, is being built atop a downtown high-rise, giving the Chicago skyline a new twist and Near North Siders something to wonder about. Rising from the roof of the new apartment building called The Bernardine at 747 N. Wabash, the structure is actually three homes, with rents around $5,300 a month.....
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Sky-high prices match condos' lake views
Chicago Sun Times, Stephanie Zimmermann, 4/9/05
Gone, apparently, are the days when a few million bucks would get you the best penthouse view in the city and bragging rights among Chicago's elite. Prices for posh downtown penthouses are going sky-high, evidenced by the latest offering by Chicago developer Draper and Kramer Inc. at the Palmolive Building: a two-floor, 7,800-square-foot penthouse with built-in luxury details and panoramic views of Lake Shore Drive and Lake Michigan -- for $10.6 million. Another luxury condo in the Palmolive Building, formerly known as the Playboy Building, at 919 N. Michigan, takes up the entire 18th floor and is going for....
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Streeterville: next ripple in condo wave; But with 3,000 units on tap, a glut...
Crain's Chicago Business, Alby Gallun, 4/9/05
The downtown condo building boom is about to explode in Streeterville. Developers are set to launch at least nine high-rise projects that could add 3,000 condominiums or more to the neighborhood sandwiched between North Michigan Avenue and the lakefront....
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Housing market keeps growing in South Loop Area - New condo will face library
Columbia Chronicle, Alicia Dorr, 4/4/05
The University Center of Chicago is about to have a new neighbor. The Library Tower, a 17-story residential project managed by Chicago-area developer Concord Homes, will add condominiums to the bustling corner at State Street and Congress Parkway.....
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Shadow Market
Commercial Property News, Allison E. Beatty, 4/1/05
A large supply of vacant office space is not the main problem facing Chicago's downtown market. Instead, it is those big blocks of space lurking in the shadows. As vacancy rates have climbed to 18 percent, many tenants are being lured away to other buildings in downtown Chicago 18 to 24 months ahead of their lease expirations.....
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Commercial Property News, 4/1/05
Green Park Financial provided an $11 million refinancing loan for Nittany Garden Apartments here. The loan was a streamlined refinancing of an existing Green Park Financial loan using the Fannie Mae....
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A very new look for State and Randolph
Chicago Tribune, John Handley, 3/27/05
A modern look is envisioned for one of the Loop's highest profile locations. A 32-story condominium is planned for the northeast corner of Randolph and State Streets, next to the Chicago Theater and across the street from Marshall Field's and Block 37. The existing two-story Walgreens drugstore will be demolished in October, said Bill Smith, president of Smithfield Properties, the developer. The glassy condo, designed by Laurence Booth of Booth Hansen Architects and named MoMo (for modern momentum), will have....
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Condo talk at 900 N.
Crain's Chicago Business, Alby Gallun, 3/21/05
After losing its largest office tenant, the 66-story tower at 900 N. Michigan Ave. may turn the vacated space into condominiums. The office market's down and the condominium market's up, one reason the joint venture that owns the mixed-use property is mulling converting office space on floors 21 through 28 into condos, says a person familiar with the situation. Built in 1989, 900 N. Michigan is already a premier address, housing the Four Seasons Hotel....
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The flip side of home investors
Contra Costa times, Mary Umberger, 3/20/05
On Valentine's Day, the first of about 600 hopefuls began to line up for a three-day vigil outside the sales tent of a Boynton Beach, Fla., developer, where they hoped to nail a condo. Among them were a couple of stand-ins for real estate agent....
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Freddie Mac: Mortgage Rates Highest in 7 Months
Realtor Magazine Online, Jane Adler, 3/18/05
Freddie Mac reports a rise in the 30-year mortgage rate to 5.95 percent this week from 5.85 percent a week ago, marking the highest level since August 2004. The jump in mortgage rates is being attributed to fears that soaring oil prices could spark inflation.....
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Real estate flippers on the rise
Wilkes Barre Scranton Times Leader, Mary Umberger, 3/13/05
On Valentine's Day, the first of about 600 hopefuls began to line up for a three-day vigil outside the sales tent of a Boynton Beach, Fla., developer, where they hoped to nail a condo. Among them were a couple of stand-ins for real estate agent....
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Sixable appeal for small condos
Chicago Tribune, Wayne Faulkner, 3/13/05
It's an age of huge houses, huge price tags, huge federal deficits, huge SUVs. It sometimes seems our whole society is on steroids. In real estate, though, you'll be happy to know that there's still a big place for smaller spaces, especially in the increasingly expensive city. That's where you'll find a healthy market for one-bedroom and even studio condominiums.... In fact, the market is "fantastic," says Bruce Theobald of Lakefront Realty Group
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'Flipping' could flop if you're not careful
Grand Forks Herald, Mary Umberger, 3/12/05
On Valentine's Day, the first of about 600 hopefuls began to line up for a three-day vigil outside the sales tent of a Boynton Beach, Fla., developer, where they hoped to nail a condo. Among them were a couple of stand-ins for real estate agent....
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'Flippers' heating up prices; Real estate bubble fears rise
The Mississippi Sun Herald, Mary Umberger, 3/11/05
On Valentine's Day, the first of about 600 hopefuls began to line up for a three-day vigil outside the sales tent of a Boynton Beach, Fla., developer, where they hoped to nail a condo. Among them were a couple of stand-ins for real estate agent....
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Stock market woes entice many to try flipping real estate
The Myrtle Beach Sun News, Mary Umberger, 3/11/05
On Valentine's Day, the first of about 600 hopefuls began to line up for a three-day vigil outside the sales tent of a Boynton Beach, Fla., developer, where they hoped to nail a condo. Among them were a couple of stand-ins for real estate agent....
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Stock Market woes induce many to try flipping real estate
Middle East North Africa Financial Network, Mary Umberger, 3/10/05
On Valentine's Day, the first of about 600 hopefuls began to line up for a three-day vigil outside the sales tent of a Boynton Beach, Fla., developer, where they hoped to nail a condo. Among them were a couple of stand-ins for real estate agent....
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Builder faces re-fi, again; Developer Carley aims for more time to pay off loans
Crain's Chicago Business, Alby Gallun, 3/7/05
While the downtown condo market booms all around him, luxury condo developer Christopher T. Carley is working to save his third troubled project. Mr. Carley already has obtained three loan extensions on one of his buildings, and he handed over the unsold part of another condo project to a lender last fall. Now, he's trying to buy more time with lenders on the Pinnacle, a 213-unit, 49-story tower at Wabash Avenue and Huron Street that opened this year.....
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Investors take up more space in home market
Chicago Tribune, Mary Umberger, 3/2/05
Real estate speculators are buying at a pace that far exceeds previous estimates of their influence on the housing market, according to a first-of-its kind report released Tuesday by the National Association of Realtors. Collectively, investors and second-home buyers bought more than one of every three homes sold in last year's record mrket, according to the Realtors' report. "I am astonished," said David Lereah, the association's chief economist....
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Construction, Conversion adding 1,173 "East Side" Units
Globe Street, Mark Ruda, 2/28/05
While ground has been broken on the 324-unit Regatta and 344-unit 340 on the Park condominium towers in Lakeshore East, sales are expected to begin this weekend at 474 N. Lake Shore Dr., a 61-story multifamily rental building being converted to 505 condominiums. NNP Residential & Development and Magellan Development Group Ltd. already have sold 84% of the units in their Regatta at 400 E. Waterside Dr., which has helped the developers land $122 million in construction financing from National City Bank and LaSalle Bank. McHugh Construction is building the 44-story building designed by DeStefano + Partners Inc.....
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Home investors wear out welcome, Stock market woes induce many to try flipping
Chicago Tribune, Mary Umberger, 2/27/05
On Valentine's Day the first of about 600 hopefuls began to line up for a three-day vigil outside the sales tent of a Boynton Beach, Fla., developer, where they hoped to nail a condo. Among them were a couple of stand-ins for real estate agent....
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Downtwon market hot
Chicago Sun Times, Business Briefs, 2/11/05
Chicago's downtown residential market had a record sales year in 2004, the firm Appraisal Research Counselors said Thursday. The firm said the downtown area recorded 6,298 sales contracts last year, topping the previous record of 5,625 in 2000. The advance sales could make 2005 a record year....
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Downtown home sales heated
Chicago Tribune, Thomas A. Corfman, 2/10/05
New-home sales in downtown Chicago surged during the fourth quarter, traditionally a slow period for home buyers, as the residential market shattered the full-year record for sales, set four years ago when the local economy was robust. The number of sales agreements climbed to 6,298 units in 2004, up 80 percent from 2003 and up 12 percent from 2000, according to a report by Appraisal Research Counselors. The record-breaking year....
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Mansur, Reschke boost bid for Prime Group
Chicago Tribune, Thomas A. Corfman, 2/9/05
Chicago investor E. Barry Mansur and developer Michael Reschke have teamed up with a Los Angeles real estate investment firm to increase their buyout bid for Prime Group Realty Trust, after more than three months of wrangling with the real estate investment trust. The Mansur-Reschke venture has teamed with BentleyForbes Holdings LLC....
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Illinois: Soild Housing Market Predicted
Realtor Magazine Online, Jane Adler, 2/6/05
The housing market should stay relatively strong in 2004, according to panelists at a recent economic forecast forum sponsored by the Chicago Association of REALTORS® and the Real Estate Center at DePaul University. DePaul economics professor Michael Miller....
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Office space turning to condos in Michigan Boulevard District
Pioneer Press, Adam Pincus, 2/3/05
Real estate professionals and preservationists are applauding the recent trend to convert antiquated office space in the Historic Michigan Boulevard District to condominiums. Currently seven buildings out of 39....
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Jahn brings his skills to downtown condo market
Chicago Sun Times, David Roeder, 2/1/05
Helmut Jahn, once a firebrand of Chicago architecture who recently has landed most of his work overseas, is coming home to try his hand at that most common of genres, the downtown condominium tower. Jahn has provided the design for a planned 197-unit building at 600 N. Fairbanks. Developer Geoffrey Ruttenberg hopes to begin marketing the project in late spring. The celebrated designer of the James R. Thompson Center and the United Airlines terminal at O'Hare Airport....
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Rent ... to own; It's still a viable option for those short on cash or credit
Chicago Tribune, Annemarie Mannion, 1/30/05
Talk about being in the right place at the right time. After many years as a renter and trying, but failing, to amass the money for a down payment on a purchase, Nilda Rodriguez, 51, thought she might never achieve her dream of becoming a homeowner. But, last February she bought a $150,000, two-bedroom, two-bathroom condominium in Elk Grove Village....
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Skybridge condos get financing
Crain's Chicago Business, Alby Gallun, 1/24/05
The developers of Skybridge, a struggling West Loop condominium development, have avoided foreclosure by lining up about $47 million in new financing. The development group, which includes Moran Associates and Dearborn Development LLC, had been scrambling to secure new financing for the 39-story tower after the project?s original construction loans came due on June 3....
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South Loop zoning hits condo plans; Height, density limits would trim projects
Crain's Chicago Business, Alby Gallun, 1/10/05
Chicago is tightening up zoning in parts of the South Loop, making it harder to build big condo projects in one of the city's fastest-growing residential neighborhoods. Covering stretches of South Prairie Avenue, South State Street and other areas, the zoning changes represent a potential setback for landowners like Reebie Storage & Moving Co. The company has a contract to sell its property at 1401 S. State St. to a condominium developer....
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South Loop not as rich as report finds, officials say
Columbia Chronicle, Andrew Greiner, 1/3/05
A recent Crain?s Chicago Business report ranked the South Loop as the second-most affluent community in the Chicagoland area. However, a small clarification about what makes up the South Loop could make those numbers incorrect. The Nov. 29 report listed the burgeoning neighborhood among perennial north shore powerhouses, such as Kenilworth, Glencoe and Lake Forest, as the richest of the rich....
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