Appraisal Research Counselors
 
     
Home + News + Press Quotes & Citations Appraisal Research Counselors
 
 
   
  Press Quotes & Citations
  Published Articles / Papers
  Presentations
   

Crain's Chicago Business

Chicago Tribune

Globe St

Chicago Sun-Times

The Wall Street Journal

Time Magazine

Barron's Online

Midwest Real Estate News

Illinois Real Estate Journal

Rechicago

Urban Land Institute

National Real Estate Investor

 

Select a year:  2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | Articles Before 2000

Adobe Acrobat 5.0 or higher is recommended for viewing PDF files. Click here to download.


Firm sues condo developer Augunas over fees
Crain's Chicago Business, Edie Baeb, 12/28/07
"... according to a report by Appraisal Research Counselors."
Condominium developer Andrius Augunas has been sued by a real estate firm that claims it is owed more than $350,000 in fees for its work related to Mr. Augunas? nine-story Motor Row project in the South Loop. Sedgwick Properties Development Corp., a condo developer that also does consulting work, filed a lawsuit last week in Cook County Circuit Court alleging breach of contract against Mr. Augunas, his company Rokas International Inc., and the firm that provided Motor Row?s construction loan, Pasadena, Calif.-based IndyMac Bank....
Read  |  Purchase from Publisher

River North condo project gets loan for first tower
Crain's Chicago Business, Alby Gallun, 12/19/07
"... according to Appraisal Research Counselors..."
The developers of a two-tower, 385-unit condominium project next to the Scottish Rite Cathedral in River North have secured a $135-million loan to finance the construction of the first tower. Enterprise Cos. and Mesirow Financial Real Estate, both of Chicago, plan to break ground Jan. 21 on the Walton on the Park development, says Enterprise Chairman Ron Shipka Sr. Chicago-based Corus Bank N.A. has agreed to provide the construction loan, and investors, including Enterprise and Mesirow, are kicking in about $50 million in equity, he says....
Read  |  Purchase from Publisher

Condo project planned near Trump Tower
Crain's Chicago Business, Thomas A. Corfman, 12/12/07
"... according to the 3rd Qtr Downtown Chicago Residential Benchmark Report by Appraisal Research Counselors.&
In a bet that the downtown condominium market will emerge from its doldrums, a Chicago development firm plans a narrow, mid-rise building just north of Donald Trump?s 92-story hotel/condo tower along the Chicago River. Belgravia Group Ltd. is considering a 15- to 17-story building, with about 50 condo units, above an existing parking garage at 405 N. Wabash Ave., sources say. Belgravia has a contract...
Read  |  Purchase from Publisher

State of appraisals
Chicago Daily Herald, Deborah Donovan, 12/7/07
"DeVries, vice president of Appraisal Research Counselors, said..."
While celebrating its 75th anniversary, the Appraisal Institute is working to solve serious problems in the industry and explain how it works. One federal bill the trade organization supports would make it illegal for a lender to pressure an appraiser to report a property is worth a certain amount. Andrew Cuomo, New York attorney general, has filed suit against an appraisal company for apparently allowing a major mortgage lender to pressure it into inflating appraised home values. The institute, with 22,000 members....
Read  |  Purchase from Publisher

Pension fund to pay top dollar for apartment tower
Crain's Chicago Business, Alby Gallun, 12/5/07
"... says Ron DeVries, vice-president at Appraisal Counselors...."
TIAA-CREF, the big New York-based pension fund, has signed a contract to buy a 328-unit luxury apartment tower in downtown Evanston for more than $100 million, likely the highest price ever paid for a suburban apartment building. Sources say TIAA is acquiring the Park Evanston from Chicago-based developer John Buck Co., which completed the 24- story high-rise 10 years ago. The property at 1630 Chicago Ave. includes 39,000 square feet of retail space anchored by a Whole Foods Market...
Read  |  Purchase from Publisher

Selling the Donald's dream
Crain's Chicago Business, John T. Slania, 12/3/07
"... says Gail Lissner, vice-president with Appraisal Research Counselors..."
Landing buyers for first 80% of units was easy; now the work begins Kiyoko Binosi's job is to convince people to buy something that doesn't exist: condominiums at Trump International Hotel & Tower in Chicago. It's a challenge, since much of the 92-story building is little more than a skeleton. "You're going up on ladders, climbing through windows and telling people, 'Imagine what the living room will look like,' " she says. Ms. Binosi, 65, and her sales partner, Robert Shearer, 53, were picked by Koenig & Strey GMAC Real Estate in Chicago, the exclusive broker for Trump Tower, to sell the project....
Read  |  Purchase from Publisher

Towering troubles?
Chicago Tribune, Kathy Bergen and Susan Diesenhouse, 12/2/07
"... said Gail Lissner, a vice president at Appraisal Research Counselors."
The acid test is just about to begin. As soon as Trump International Hotel & Tower, the city's first new-construction condo-hotel, gets a city permit to begin its phased opening, developer Donald Trump will find out for sure whether Midwesterners and others are willing to fork over megabucks to buy a pad in his luxury inn. Though hawking a killer brand at a killer site, the flamboyant salesman is aiming to ink sales at a time when the residential real estate market is plummeting and the once-hot condo-hotel trend continues to chill. "Frankly, there are developers who are concerned about buyers coming to the closing table," said Scott Steilen, a principal at Warnick & Co., a lodging advisory firm. The Trump team acknowledged the potential for no-shows, but said there have been no signs of hesitancy so far. "We're in constant contact with purchasers," said Ivanka Trump, Donald's daughter and vice president of development for the Trump Organization....
Read  |  Purchase from Publisher

Downtown rents up again
Crain's Chicago Business, Alby Gallun, 11/26/07
"... says Appraisal Research Vice-president Ron DeVries."
But new apartments in works could slow rise - Rents at high-end downtown apartments have hit new highs for the third straight quarter, but a swelling construction pipeline could make it harder for landlords to boost rents in the future. The average effective rent at Class A downtown apartment buildings hit $2.36 a square foot in the third quarter, up 2.2% from the second quarter and 6.3% from the yearearlier period, according to a report from Appraisal Research Counselors, a Chicagobased real estate consulting firm....
Read  |  Purchase from Publisher

Jim Kutill to be 2008 Treasurer of CREC
Appraisal Research Counselors, 11/26/07
Jim Kutill to be 2008 Treasurer of CREC
Jim Kutill, vice president at Appraisal Research Counselors, will be the Treasurer of the Chicago Real Estate Council for 2008. Jim served as Secretary in 2007.
View Now  |  Purchase from Publisher

3Q sees reverse in condo trend
Crain's Chicago Business, Alby Gallun, 11/19/07
"... according to a report by Appraisal Research Counselors..."
Developers added fewer condominiums to the downtown market than they sold in the third quarter, reversing a troubling two-year trend, if only temporarily. Amid feeble demand, downtown condo and townhouse sales continued their slide in the quarter, plunging 34%, to 869 units, from the year-ago period, according to a report by Appraisal Research Counselors, a Chicago real estate consultancy. "Prospective buyers are currently uncomfortable about the market, feel little sense of urgency to make a decision and are often fearful that market conditions may weaken," the report says....
Read  |  Purchase from Publisher

Downtown apartment rents hit new highs in 3Q
Crain's Chicago Business, Alby Gallun, 11/19/07
"... says Appraisal Research Vice-president Ron DeVries."
Rents at high-end downtown apartments hit new highs for the third straight quarter, but a swelling construction pipeline could make it harder for landlords to hike rents in the future. The average effective rent at Class A downtown apartment buildings hit $2.36 a square foot in the third quarter, up 2.2% from the second quarter and 6.3% from the year-earlier period, according to a report from Appraisal Research Counselors, a Chicago-based real estate consulting firm...
Read  |  Purchase from Publisher

Downtown Condo Boom Takes a Dip
Chicago Public Radio - NPR (WBEZ 91.5 FM), Ashley Gross, 11/14/07
"... According to Appraisal Research Counselors..."
Chicagoans have become familiar with the drone of high-rise condo buildings going up over the past decade. But as the housing market sags nationwide, downtown could get quieter, construction-wise. More and more developers are putting their plans for gleaming new downtown towers on hold ? or they?re coming up with a "plan b." Eight Forty- Eight?s Ashley Gross has more...
Read  |  Listen Now  |  Purchase from Publisher

A Look Ahead for Downtown Condos
Chicago Public Radio - NPR (WBEZ 91.5 FM), Allison Cuddy, 11/14/07
"Alison Cuddy interviews Appraisal Research Counselors vice president Gail Lissner."
Appraisal Research Counselors is a firm that closely tracks condo development downtown ? everything from new projects to how sales are doing. They just released their third quarter report. It confirms that the subprime mess and the housing market slowdown have indeed taken a toll on the downtown condo market. Sales and project announcements dropped far below 2005 and 2006 levels. Eight Forty-Eight?s Alison Cuddy recently sat down with Appraisal vice president Gail Lissner....
Read  |  Listen Now  |  Purchase from Publisher

Appraisal Research execs key CREC event
Crain's Chicago Business, Photos by Dianne Brogan, 11/13/07
"Vice-presidents Ron DeVries and Gail Lissner of Appraisal Research Counselors spoke..."
Vice-presidents Ron DeVries and Gail Lissner of Appraisal Research Counselors spoke last week at a Chicago Real Estate Council event. The event took place Nov. 13 at Fulton?s on the River.....
Read  |  View Now  |  Purchase from Publisher

More downtown condos sold than added in 3Q
Crain's Chicago Business, Alby Gallun, 11/12/07
"... according to Appraisal Research Counselors..."
Developers added fewer condominiums to the downtown market than they sold in the third quarter, reversing a troubling two-year trend, if only temporarily. Amid feeble demand, downtown condo and townhome sales continued their slide in the quarter, plunging 34%, to 869 units, from the year-ago period, according to a report by Appraisal Research Counselors, a Chicago-based real estate consulting firm. ?Prospective buyers are currently uncomfortable about the market, feel little sense of urgency to make a decision, and are often fearful that market conditions may weaken,? the report says. But in a sign that developers seem to be getting the message, they launched new projects accounting for just 781 units in the quarter, down 66% from the year-earlier period. As a result, the supply of unsold downtown condos and townhomes fell 1%, to 7,601 units ? not much, but the first drop in unsold inventory since fourth-quarter 2005, when the condo market began to sour. Supply remains a big concern, however. Though downtown developers were sitting on just 64 unsold completed units at the end of the quarter, the supply of unsold condos includes 3,539 units that are under construction and will be completed between now and 2010, according to Appraisal Research....
Read  |  Purchase from Publisher

The condo king
Crain's Chicago Business, Alby Gallun, 11/5/07
"... says Gail Lissner, vice-president at Appraisal Research Counselors..."
Developer Colin Kihnke breaks ground on Loop high-rise project, luring buyers with bargain-basement prices and bucking local real estate swoon Colin Kihnke is proving that cheap chic sells in Chicago's downtown condominium market. Mr. Kihnke's company, CMK Development Corp., broke ground last month on a 714- unit high-rise at 235 W. Van Buren St., the largest downtown condo project since the mid-1970s. Despite a slumping real estate market, Mr. Kihnke, in a period of about six months, lined up buyers for 365 of the units, thanks in part to a price model that has undercut competing high-rises and has rivals wondering how he makes money. "How did he do that? Are they free?" local developer Alan Lev says after being told of the sales. "That's impressive." Mr. Kihnke, 37, isn't giving them away, but the Van Buren condos...
Read  |  Purchase from Publisher

You can go home again
Chicago Tribune, Susan Diesenhouse, 10/28/07
"... said Gail Lissner, a vice president at Appraisal Research."
Former public housing resident takes a page from latest chapter of Near North Side's rebirth - Miles Warren III, 26, spent seven years of his childhood living in the Cabrini Green public-housing project then moved around the city with his family until they settled in Lincoln Park. Now he's back at his old stomping grounds as the owner of a townhouse he bought at Parkside at Old Town, the $250 million housing development built in the footprint of Cabrini....
Read  |  Purchase from Publisher

'It's a good partnership because our skill sets dovetail perfectly'
Crain's Chicago Business, Andrew Schroedter, 10/25/07
"... says Ron DeVries, vice-president with Appraisal Research Counselors..."
David Carlson and Mark Isaacson have gone from perfect strangers to business partners in a little more than a year. Since a lunch in August 2006, they have left their jobs, started a real estate investment company, raised $45 million from an institutional investor and lined up deals to buy three apartment complexes totaling 1,350 units. Now comes the hard part. Their two-person firm, Redwood Capital Partners LLC, faces tough competition from better-established investment firms who are also scouring the country for apartment deals that would produce at least double-digit annual returns. But bargains are tough to find. "It's not easy to make money because there's so much capital that goes into multi-family (housing). The market is very competitive," says Ron DeVries, vice-president with Appraisal Research Counselors, a Chicago residential consulting firm....
Read  |  Purchase from Publisher

Character development: South Loop strives for identity as neighborhood evolves
New Homes Magazine, Phil Berger, 10/24/07
"... says Gail Lissner, vice president of Appraisal Research Counselors..."
When Jim and Laura Munro moved into their Central Station townhome in 2002, they knew the South Loop would grow, but they weren?t prepared for what happened during the next five years. ?We didn?t expect this amount of inundation,? Laura says. ?We were attracted to the area because it was quiet and, at least when we moved here, a little off the beaten path, but at the same time, so accessible.? Indeed, the pace of development in the neighborhood directly south of the Loop has been phenomenal. Since 1990, the number of housing units in the area bounded by Congress Parkway, Lake Shore Drive, Cermak and the south branch of the Chicago River has roughly doubled, according to U.S. Census figures compiled by Metro Chicago Information Center. And in 2006, the South Loop accounted for 53 percent of the 6,582 new condos that entered the downtown market, according to housing analyst Appraisal Research Counselors....
Read  |  Purchase from Publisher

South Loop still ahead of the curve
Chicago Journal, Lars Sorenson, 10/24/07
"... said Gail Lissner, vice president of Appraisal Research Counselors..."
Of all downtown submarkets, South Loop least vulnerable to housing slump - Despite a real estate slow down in 2007, the South Loop continued to surpass all other downtown neighborhoods in new construction and residential development, housing experts say. "The South Loop, Chicago's fastest growing neighborhood, continues to dominate the downtown housing market in terms of new projects and sales velocities," said Gail Lissner, vice president of Appraisal Research Counselors, authors of the Downtown Chicago Residential Benchmark Report.....
Read  |  Purchase from Publisher

Condo holds sealed-bid auction
Crain's Chicago Business, Virginia Groark, 10/22/07
"... says Gail Lissner, vice-president of Appraisal Research Counselors..."
North Side unit sale reflects weak market - To spur condominium sales at a North Side building, a developer is offering buyers a chance to name their price for individual units, a move that could become more common if the real estate market continues to sag, observers predict. The "You Pick 'Em Sealed Bid Sale" auction at 433 W. Briar Place is being offered by Absolute Builders LLC of Evanston, which purchased the vintage high-rise...
Read  |  Purchase from Publisher

Living in the scenery
Daily Southtown, Sheila Burt, 10/21/07
"... Jim Kutill, vice president of Appraisal Research Counselors, said..."
Calumet River and Calumet Sag Channel just off of Ashland Avenue in Blue Island. He watches herons fly over the water and points out beavers that chew on tree branches until the wood looks "like the tip of a pencil." The real estate developer and boater first toured the peninsula in 2003 and quickly noticed its potential to mix residential real estate with boating opportunities. "Even during that first walk, seeing herons and animals, seeing what the water was and knowing what could be done, I immediately began thinking of some boating related use," he said. After purchasing the land in 2004 from a private owner, Laucius and his business partner, Murray Weinberg, developed plans for what now is Fay's Point, a $120 million development with 74 townhomes, 304 condos and a marina with 88 boat slips. A 90-unit rental apartment building for seniors also will be constructed on the property, though Senior Lifestyle Corp. will develop that project....
Read  |  Purchase from Publisher

Willowbrook apartment complex sold to pension fund
Crain's Chicago Business, Alby Gallun, 10/16/07
"... according to Appraisal Research Counselors..."
The Iowa Public Employees Retirement System has paid $30.1 million for the Oaks at Knollwood, a 224-unit apartment complex in southwest suburban Willowbrook, property records show. The pension fund, which is being advised on the asset by RREEF Real Estate, bought the property at 6096 Knollwood Road from Massachusetts State Teachers' and Employees' Retirement Systems. The Massachusetts pension fund?s adviser, Invesco Realty Advisors, had hired CB Richard Ellis Inc. to sell the property. Built in 1987, the Oaks at Knollwood had a 96% occupancy rate as of the end of the second quarter, according to Appraisal Research Counselors, a Chicago-based consulting firm. Net rent at the property was $1.42 a square foot, up from $1.40 a year earlier.
Read  |  Purchase from Publisher

Panel to hear 2 downtown apartment proposals
Crain's Chicago Business, Alby Gallun, 10/11/07
"... according to Appraisal Research Counselors..."
Developers who want to build two apartment towers with a combined 453 units will present their proposals to the Chicago Plan Commission next Thursday. Commissioners will consider Chicago-based JDL Development?s plan for a high-rise at 212-232 W. Illinois St. that would encompass 190 apartments, 170 parking spaces and 11,500 square feet of retail. JDL also plans to preserve a Queen Anne-style firehouse on the property and convert it into a banquet facility for the Gene & Georgetti?s restaurant next door. Also on the agenda for the commission?s Oct. 18 meeting is a plan by San Antoniobased Lynd Co. to build a 32-story tower at 161 W. Kinzie St. The project would comprise 263 apartments, 25,000 square feet of retail space and 213 parking spots.....
Read  |  Purchase from Publisher

2 takes on the rise in prices at Chicago's ultra-luxury developments
Chicago Magazine, Kate Hawley, 10/9/07
"... Gail Lissner of Appraisal Research Counselors... says..."
New condos downtown have gotten steadily pricier in the last several years, as this recent Chicago Tribune story notes. Just a few years ago, homes in the $500- to $600-per-square-foot range were considered "ultra-luxury" - top of the heap. Now the generally accepted benchmark for this category is $700 per square foot. Our scan of the current ultraluxury market in Chicago shows at least 10 downtown developments with condos that crack $1,000 per square foot. Why the rise in prices? Gail Lissner of Appraisal Research Counselors, which tracks the new-construction condo market downtown, says it's part of the overall growth in the market for new homes in the city's center, which began to take off with the first adaptive reuse projects in the early '90s. A wave of new construction followed. "As the market has matured, we're seeing larger projects, more luxury products, better located products," she says....
Read  |  Purchase from Publisher

Chicago rents up, vacancies down in landlord's market
Chicago Tribune, Sharon Stangenes, 10/7/07
"... says Ron DeVries, vice president of Appraisal Research."
Deb O'Dell is a working mother of two who has been renting since her divorce several years ago. "I initially did feel that I had missed the housing boom," she says admits of her first years in the two-bedroom 1,200- square foot Oswego home she shares with her children and two dogs at Prairie Brook Apartments at Farmington Lakes. But now, with home sales slowing and foreclosures swelling, O'Dell says, "I'm kind of relieved I didn't buy because I would be tied to a mortgage I couldn't afford." O'Dell is one of a growing number of people choosing apartment living in what experts say is a tightening local rental market. "A lot of people have been frightened off by the current real estate market and are continuing to rent or are deferring buying," says Maurice Ortiz, marketing director for Chicago-based Apartment People, an apartment finding....
Read  |  Purchase from Publisher

2-building condo project planned for Greektown
Crain's Chicago Business, Thomas A. Corfman, 10/5/07
"... according to a second-quarter report by Appraisal Research Counselors."
Jos. Cacciatore & Co. is gearing up for a rebound in the condominium market next year with plans for two 12-story condo buildings in the Greektown neighborhood on a site owned for more than 20 years by Victor Cacciatore, the patriarch of the Chicago real estate and banking family. Because of neighborhood opposition to high-rise towers, developers on the Near West Side have been limited to mid-rise projects, such as the Cacciatore proposal, which would have a total of 146 units. At a community meeting last month, initial community reaction to the Cacciatore proposal for the vacant lot at 111 S. Peoria St. was positive, says Joseph P. Cacciatore, a Chicago attorney and one of Victor Cacciatore?s sons, who is handling the project, two blocks west of Halsted Street. Victor Cacciatore is president of the Chicago-based real estate company and is chairman and CEO of Chicago-based Lakeside Bank....
Read  |  Purchase from Publisher

Developer Tries Comeback With New Chicago Waldorf
Wall Street Journal, Jennifer S. Forsyth, 9/27/07
"... according to Appraisal Research, a Chicago research firm."
It wasn't so long ago that Michael Reschke was one of the biggest names in Chicago real estate, and the company he built developed or acquired more than $10 billion worth of properties. He founded his development company while in his 20s and constructed a Chicago skyscraper by the age of 36. His Chicagobased Prime Group thrived during the 1990s, spinning off five publicly traded real-estate companies. But he ended up losing his office company in part because of a gamble he took with Blackstone Group LP, and the retail company he founded was sold against his will....
Read  |  Purchase from Publisher

Project about to head out of the K Station
Chicago Sun Times, David Roeder, 9/26/07
"Ron DeVries, vice president at Appraisal Research Counselors Ltd., said..."
Two towers northwest of Loop on one-time railroad land are nearing construction, thanks to a strong market in rental housing - Covering what was lately excess railroad land, Fifield Cos.'s K Station immediately northwest of the Loop is one of downtown's largest longterm projects. It's taking a huge step forward, courtesy of strength in the market for rental housing. Fifield President Rick Cavenaugh said the company will start construction next month on two apartment high-rises, the third and fourth of what eventually is planned as a six-building complex. The new buildings, slated for mid-2009 delivery and designed by Pappageorge/Haymes Ltd., will be 43 and 39 stories and will be southwest of Clinton and Kinzie. They will contain 857 units. Turmoil in the market for condos has had a slight impact on the rental market, mostly by forcing lenders to tighten underwriting standards for new construction. Cavenaugh said Fifield, backed by financing from Pacific Life Insurance Co., is eager to proceed....
Read  |  Purchase from Publisher

Big projects may be pulled back to earth
Chicago Tribune, Susan Diesenhouse, 9/26/07
"... said Gail Lissner, a vice president at Appraisal Research Counselors."
High-end residential developments in Chicago and around the country feel the squeeze as lenders turn cautious in global credit crunch - The developer of the proposed Chicago Spire will host a preview and party for the global press Wednesday, but the celebratory mood could be dampened by the worldwide credit crunch and a postponement of the tower's preconstruction sales. "If I didn't think I could deliver, I'd have a good excuse to pull out, but I'm not doing that," said Garrett Kelleher, who two weeks ago...
Read  |  Purchase from Publisher

Central Station developer not deterred by soft sales climate
Chicago Tribune, Susan Diesenhouse, 9/19/07
"... said Gail Lissner, a vice president at Appraisal Research Counselors..."
The developer of 795 units in two new South Loop luxury condominium towers overlooking Grant Park is forging ahead despite the turbulence in real estate markets around the country and softening demand in Chicago. Gerald Fogelson, co-chairman and chief executive of Central Station Development Corp., is seeking final design approval for the project. Fogelson said that if the city and community sign off on the altered design, he hopes to start marketing one of the towers in the first quarter of 2008....
Read  |  Purchase from Publisher

AvalonBay Buys South Loop Site for Apartment Development
Commercial Property News, Dees Stribling, Midwest Correspondent, 9/18/07
"... according to Appraisal Research Counselors..."
AvalonBay Communities Inc. has acquired a 3.5-acre parcel for an apartment development in the South Loop area of downtown Chicago. The Alexandria, Va.-based AvalonBay plans an eventual total of about 1,000 rental units in three towers on the site, along with a parking garage, representing an investment of $280 million. The deal represents a sea change in the South Loop, from condo to rental apartment development. The seller of the parcel, Miami-based Lennar Corp., had planned a massive condo project for the site, to follow in the wake of so many other condo developments downtown in recent years. But the Chicago condo market is now soft: according to Appraisal Research Counselors, as of the second quarter of 2007, there's an inventory of 7,689 condos in downtown Chicago, up about 1,500 units from the same quarter in 2006....
Read  |  Purchase from Publisher

Condo collapse
Crain's Chicago Business, Alby Gallun, 9/17/07
"... according to Chicago-based consulting firm Appraisal Research Counselors."
Scrapped 1,000-unit South Loop project signals market shift to apartments - In the most striking example of the local condo market slowing, the nation's secondlargest homebuilder scrapped a 1,000-unit project in the South Loop and sold the development site to a firm that wants to build apartments. Lennar Corp.'s decision to scuttle one of the South Loop's largest condo projects reflects a broader market shift as developers adjust to falling demand. Some developers are putting plans on hold, while a growing number are exploring alternative uses such as apartments or hotels. Others, like Miami-based Lennar, are selling. A Lennar-led joint venture sold its 3.5- acre parcel at the end of August for an undisclosed price to AvalonBay Communities Inc., an Alexandria, Va.-based apartment real estate investment trust....
Read  |  Purchase from Publisher

Downtown goes uptown--more slowly
Chicago Tribune, Mary Umberger, 9/16/07
"... Gail Lissner keeps a quarterly sales score card for Appraisal Research Counselors..."
As the downtown condo market has grown in the last few years, so have the number of columns in Gail Lissner's spreadsheet. Lissner keeps a quarterly sales score card for Appraisal Research Counselors, a Chicago firm that specializes in analyzing the downtown market for newly built condominiums. Where condo-shoppers see granite countertops, luxurious baths and dazzling city views, Lissner sees square footage -- increasingly pricey square footage. "We keep breaking out more categories," she said. "I used to [categorize] the highest 'luxury' market at anything over $500 a square foot. "I would lump $500 to $600 a square foot together," she said. "Then, a couple of years ago, we started breaking out a separate category at $600 a square foot, and now we're at $700." This year, she said, 34 percent of all new-construction condo sales downtown....
Read  |  Purchase from Publisher

Apartment REIT sells its last Chicago building
Crain's Chicago Business, Alby Gallun, 9/12/07
"... says Appraisal Research Vice-president Ron DeVries."
Apartment owner Archstone-Smith Operating Trust has sold an 809-unit apartment tower in River North ? its last Chicago building ? in a little-noticed portfolio transaction that values the property at about $218 million. New York-based real estate investment firm Stellar Management bought the 52-story One Superior Place as part of a sevenproperty, 3,937-apartment portfolio acquisition that closed last month. The sale of the tower is the third-largest downtown apartment deal this year, after the $475-million sale of Presidential Towers in April and the $263-million sale of Grand Plaza?s east tower...
Read  |  Purchase from Publisher

Several factors help median suburban apartment rent rise 2Q
Crain's Chicago Business, Alby Gallun, 9/10/07
"... according to Appraisal Research Counselors..."
Suburban apartment landlords continue to prosper amid a healthy job market, tighter home-lending practices and minimal new development. The median suburban net rent hit $1.12 a square foot in the second quarter, up 4.3% from the year-earlier period, according to Appraisal Research Counselors, a Chicagobased consulting firm that tracks the local housing market. The median net rent for a one-bedroom apartment stood at $890 a month, up nearly 11% from a recent low of $803 in fourth-quarter 2005, according to Appraisal Research....
Read  |  Purchase from Publisher

Downtown builders roll out fewer condos, adjusting to slower market
New Homes Magazine, Kate Hawley, 8/22/07
"...columnist Gail Lissner, of housing analyst Appraisal Research Counselors, weighs in..."
In the September issue of New Homes Magazine, columnist Gail Lissner, of housing analyst Appraisal Research Counselors, weighs in on the state of the downtown new-construction market. The current slowdown hasn't created a glut of unsold inventory, since builders are holding back....
Read  |  Purchase from Publisher

Downtown apartment rents hit another high
Crain's Chicago Business, Eddie Baeb, 8/20/07
"... says Ron DeVries, a vice-president with Appraisal Research."
Downtown apartment landlords raised rents to a second consecutive record high in the second quarter, capitalizing on low vacancies and strong demand spurred by job growth in the region and the weak condo market. The average gross rent at top-quality, so-called Class A apartment buildings rose to $2.31 a square foot in the quarter, up 1.8% from the previous quarter and 3.6% from the year-earlier period, according to a report by Appraisal Research Counselors, a Chicago-based real estate consulting firm.....
Read  |  Purchase from Publisher

Columbus Plaza apartment tower on the block
Crain's Chicago Business, Alby Gallun, 8/15/07
"...real estate consulting firm Appraisal Research Counselors says..."
Habitat Co. plans to sell Columbus Plaza, a 533-unit downtown apartment building overlooking the Chicago River that is likely to attract bids in excess of $130 million. Chicago-based Habitat, which built the tower at 233 E. Wacker Drive in 1980, has hired the Chicago office of Holliday Fenoglio Fowler L.P. to sell the 47-story building, which offers ?spectacular views? but could use some work, says Matthew Lawton, senior managing director at Holliday. Habitat has fixed up the lobby and elevators, though a new owner would want to revamp...
Read  |  Purchase from Publisher

Downtown new-home sales on pace for 4,000: report
Crain's Chicago Business, Thomas A. Corfman, 8/13/07
"... says Gail Lissner, vice-president with the Chicago-based consulting firm."
The downtown market for new-home sales is on pace to hit about 4,000 units this year, less than half the record-setting total of 8,162 set in 2005, according to a report by Appraisal Research Counselors, which views the market as having bottomed out. Indeed, sales rose slightly in the second quarter, compared to the previous quarter, but the results are overshadowed by the construction pipeline, which rose 20%, to 13,488 units, in the second quarter. Of those units, 27% are unsold, according to the second-quarter Downtown Chicago Residential Benchmark Report, to be issued this week. Sales this year of new townhouses and condominium and condo conversion units are well below last year?s pace. Sales dropped 35%, to 2,443 units, during the first six months of 2007, compared to 3,739 units during the first half of 2006. And sales are expected to continue falling through the rest of this year, although at a slower rate. Nonetheless, Appraisal Research is forecasting a full-year total of about 4,000 units in 2007, says Gail Lissner, vice-president with the Chicago-based consulting firm....
Read  |  Purchase from Publisher

Getting to the bottom of things
Chicago Tribune, Marilyn Kennedy Melia, 7/29/07
"... says Russ Haraus, vice president at Appraisal Research Counselors..."
What the bottom looks like, seeing a check from a lender and other tidbits: *Are we there yet? This summer, it's not just impatient kids in the back seat asking that, it's home buyers trying to figure out when they can bag the biggest bargain and anxious sellers wondering when they'll get their price. How can they know when the market has "bottomed" and sales are headed upward again? Look to the old real estate mantra -- location, location, location -- and add - - inventory, inventory, inventory -- advises Thomas Lawler, a Vienna, Va., housing economist....
Read  |  Purchase from Publisher

Luxury Naperville apartment complex on the block
Crain's Chicago Business, Alby Gallun, 7/26/07
"... according to Appraisal Research Counselors..."
The owner of a 321-unit luxury apartment complex in Naperville has put the property up for sale with an asking price of $55.5 million. American Realty Advisors, a Glendale, Calif.-based pension fund adviser, has hired Chicago-based apartment broker Moran & Co. to sell the Alara Glenmuir on behalf of an American Realty pension fund client. The most likely buyer is another big institutional investor looking for steady returns. The sale of Alara Glenmuir could be one of the most expensive suburban apartment transactions on a per-unit basis this year. The property is listed for $173,000 a unit, more than all but one of the 14 suburban sales in the first quarter, according to Appraisal Research Counselors, a Chicago-based real estate consulting firm....
Read  |  Purchase from Publisher

80 condominiums sold in one hour via computer at 200 N. Dearborn
Pioneer Press, Don DeBat, 7/26/07
A dash of creativity transformed today?s slow condominium market into a ?Greekwedding atmosphere? recently when condo-conversion king Nicholas S. Gouletas marketed $25-million worth of units in one hour at 200 North Dearborn Private Residences. ?We are going to make history today,? exclaimed Gouletas, CEO and president of American Invsco. Then, he quietly watched as 80 condominiums were sold?including 55 units during the first minute of action?at his computerized ?One Night, Best Price Event? event July 12 for the 47-story highrise conversion in Chicago?s Loop....
Read  |  Purchase from Publisher

Firm buys West Chicago apartment complex for $30 mil.
Crain's Chicago Business, Thomas A. Corfman, 7/24/07
"... according to Chicago-based Appraisal Research Counselors' first-quarter suburban apartment market report.
A low-profile real estate company has purchased the 576-unit Westwood complex in West Chicago for about $30 million in a deal that demonstrates the investor demand for older apartment properties. Addison-based Northridge Holdings Ltd. bought Westwood, 1200 Kings Circle in the western suburb, from its longtime owner, a partnership managed by Inland Real Estate Group of Cos. Northridge?s exact plans could not be determined, but the company is said to be planning a renovation of the sprawling, 24-building complex, which was developed in the 1970s. Northridge President Glenn Mueller declines to comment. The price was about $30 million, or $52,000 a unit, sources said. Daniel Cohen, a senior vice-president in the multi-family investment unit of real estate firm CB Richard Ellis Inc., which brokered the sale, confirmed....
Read  |  Purchase from Publisher

@properties picked as local sales firm for Chicago Spire
Crain's Chicago Business, Thomas A. Corfman, 7/5/07
"... according to the 1st Qtr Downtown Chicago Residential Benchmark Report by Appraisal Research Counselors..
Residential brokerage firm @properties on Thursday was named the local sales firm for the Chicago Spire. London-based Savills PLC, picked by the Irish developer last year to handle worldwide condo marketing of the massive tower designed by celebrity architect Santiago Calatrava, said the growing Chicago-based firm would manage Illinois sales for the project, which must achieve record-breaking prices to cover the estimated construction cost of well over $1 billion. Garrett Kelleher, director of Dublin, Ireland-based Shelbourne Development Ltd., has said....
Read  |  Purchase from Publisher

Office vacancy rates drop in Chicago
Chicago Tribune, Bloomberg News, 7/3/07
"... said James Kutill, a vice president with Chicago-based Appraisal Research Counselors."
The vacancy rate for office properties in downtown Chicago fell in the second quarter as companies hired more people, property broker CB Richard Ellis Group Inc. said. The proportion of empty space in the third-largest U.S. city dropped to 13.7 percent from 16.8 percent a year earlier, according to data from CB Richard Ellis. That's the lowest since the first quarter of 2004. A hiring spree by financial-services firms and law firms fueled demand for commercial real estate. The job growth, combined with a lack of new office buildings, is pushing up rent in Chicago. New owners of buildings are charging more rent to meet the projected return they anticipated when they bought them. Demand is particularly strong for space in the western downtown area known as the West Loop, home to the newest buildings and most expensive space in the city, said James Kutill, a vice president with Chicago-based Appraisal Research Counselors. "That's where the modern Class A space is grouped and that is still the dominant segment of the market," Kutill said....
Read  |  Purchase from Publisher

Pension fund to buy Streeter for about $212 million
Crain's Chicago Business, Alby Gallun, 6/30/07
"... according to a recent report by Appraisal Research Counselors..."
Reflecting strong demand among pension funds for downtown apartment buildings, the Ohio State Teachers Retirement System has agreed to pay about $212 million for the Streeter, a recently built 481-unit high-rise at 345 E. Ohio St., sources say. In addition to being one of the largest recent downtown apartment sales, the transaction also ranks among the most expensive, at about $440,000 a unit. The pension fund is buying the 50-story luxury building from a joint venture of Chicagobased Golub & Co., Boston-based AEW Capital Partners and a unit of BlackRock Realty Advisors Inc. in New York. The parties in the transaction either decline to comment or did not return calls. Holliday Fenoglio Fowler L.P....
Read  |  Purchase from Publisher

'Wellness' becomes condo selling point
Chicago Tribune, Mary Umberger, 6/27/07
"... said Gail Lissner, vice president of Appraisal Research Counselors..."
With medical staff on site to offer physicals and coordinate exercise programs, Canyon Ranch's Chicago tower will target well-heeled Boomers - Would you like a shiatsu massage with your new condo? How about a bone-density test? Arizona's Canyon Ranch, regarded as the most glittering brand in the $10 billion spa industry, has branched into real estate, and on Wednesday will roll out a marketing campaign for the 67-story condo-hotel at Huron and Rush Streets that will bear its name. Joining an increasingly crowded field in the city's luxury high-rise market, Canyon Ranch Living- Chicago...
Read  |  Purchase from Publisher

Developer planning luxury Streeterville apartment tower
Crain's Chicago Business, Thomas A. Corfman, 6/27/07
"... Ron DeVries, a vice-president with Appraisal Research Counselors, says..."
A Houston developer is planning an apartment tower on a prominent site in Streeterville, hoping to stand out from an increasingly crowded field of rival projects with a luxury high-rise that would offer top-quality units and charge top-of-the-market rents. Hanover Co. has an agreement to buy a parcel of roughly three-quarters of an acre across the street from the AMC River East 21 movie house, 322 E. Illinois St., about two blocks east of Michigan Avenue, sources say. The site is part of a larger, 2.3-acre site that extends south from Illinois Street to the Sheraton Chicago Hotel & Towers, 301 E. North Water St. John Garibaldi, an executive...
Read  |  Purchase from Publisher

South Loop mega-plan - 3,000 housing units, hotel on drawing board
Crain's Chicago Business, Alby Gallun and Thomas A. Corfman, 6/25/07
"...according to Chicago based consultancy Appraisal Research Counselors."
Two Chicago developers aim to build as many as 3,000 homes, a hotel, stores and a marina along the Chicago River just south of downtown, transforming an 8-acre tract that has sat empty for 36 years into a densely packed urban neighborhood. Estimated to cost $1.6 billion, the 3.5-million-square-foot project four blocks south of the Sears Tower would mark a big step forward in the South Loop's residential renaissance and bring life to a dead stretch of the Chicago River. Sources say the developers, Rokas International Inc. and Frankel & Giles, have agreed to pay about $55 million for the parcel, which, like Block 37 in the central Loop, has stubbornly resisted development. "That site is a gaping hole," says architect Dirk Lohan of Chicago-based Lohan Anderson....
Read  |  Purchase from Publisher

Chicago's hottest neighborhoods 2007
New Homes Magazine, by Yo Chicago, 6/25/07
"... according to Gail Lissner, of Appraisal Research Counselors."
Compiling a list of ?hot" neighborhoods in a cooler market might, on its surface, seem like an exercise in futility, but there is perhaps no better time to seek out a pioneering neighborhood. This is a buyers? market, and if you?re looking for long-term appreciation, shopping for a new-construction home at a time when builders are willing to bargain makes sense. The market for new homes is cooler, but it?s far from cold. During the first quarter of 2007, only half as many condos sold downtown as during the first quarter of ?06, but developers also have unveiled far fewer units. The number of condos sold downtown during the first quarter of ?07 was about the same as the number that started marketing programs, according to Gail Lissner, of Appraisal Research Counselors....
Read  |  Purchase from Publisher

Stock of unsold new units high downtown, but few completed condos are empty
New Homes Magazine, Don DeBat, 6/22/07
"... said Gail Lissner, vice president of Appraisal Research Counselors..."
Despite gloomy rumors of unsold condominium units sitting empty downtown, there currently are only 177 new-construction high-rise condos, townhomes and adaptive-reuse lofts available for immediate occupancy. That surprising ray of sunshine comes from Appraisal Research Counselors? latest study on the status of the downtown Chicago residential market....
Read  |  Purchase from Publisher

West Loop: is one of the city's trendiest neighborhoods growing fast enough?
New Homes Magazine, Phil Berger, 6/22/07
"... according to housing analyst Appraisal Research Counselors."
A neighborhood on the cusp of "emerging" is by now such a familiar notion in real estate that we hardly pay attention when we hear the story. You already know all the elements: a diminishing industrial base (thinned further by relocation of businesses to more modern facilities) leaves a glut of industrial building stock, which is discovered by bohemian types, who are followed by art galleries, which are followed by hip restaurants and clubs, which are followed by upscale....
Read  |  Purchase from Publisher

A Study in Contrasts
Chicago Reader, Ben Joravsky, 6/22/07
"... according to local real estate consulting firm Appraisal Research Counselors..."
A Wilmette middle school spends more than $14,000 per kid; Chicago gets ready to dole out $65 million to developers - ONE DAY A few weeks ago, I took a drive out to Wilmette to visit the Marie Murphy School, a public middle school not far off the Edens Expressway. My host was Bruce Cook, a sixth-grade teache....
Read  |  Purchase from Publisher

Developer buys land for another South Loop project
Crain's Chicago Business, Eddie Baeb, 6/21/07
"... according to Appraisal Research Counselors..."
Sedgwick Properties Development Corp. bought a large South Loop parcel for $6.8 million earlier this month with plans for a seven-story condominium building that is to have about 180 units. Chicago-based Sedgwick, which is also building a 25-story condo tower a few blocks north on South Michigan Avenue that?s to be done around January, is betting that demand for lower-priced units in the South Loop will remain strong and that the region will continue to attract buyers as more restaurants and retail shops are built....
Read  |  Purchase from Publisher

AMG Expands Multifamily Services into Chicago
Multi-Housing News, 6/19/07
"... according to a recent report by Appraisal Research Counselors..."
American Mold Guard Inc. (AMG), a San Juan Capistrano, Calif.-based mold prevention services company, has continued its U.S. expansion with the opening of a new region in Chicago that will focus on multifamily and single-family construction. The company has named Chicagobased sales veteran Amy Volas....
Read  |  Purchase from Publisher

American Mold Guard Expands Mold Prevention Services to Chicago
CNNMoney.com, PrimeNewswire, 6/19/07
"... according to a recent report by Appraisal Research Counselors..."
SAN JUAN CAPISTRANO, Calif., June 19, 2007 (PRIME NEWSWIRE) -- American Mold Guard, Inc. (Nasdaq:AMGI), the industry leader in mold prevention services, continues its U.S. expansion with the opening of a new region in Chicago that will focus on multi-and single-family residential construction. The Company named Chicago-based sales veteran Amy Volas as account manager to lead sales in the new operation.....
Read  |  Purchase from Publisher

Condo-hotel plans go bust
Crain's Chicago Business, Alby Gallun, 6/18/07
"... according to Appraisal Research Counselors..."
Developer backs out of Michigan Ave. site - Citing worries about the slumping downtown condominium market, Miami developer Peebles Corp. has walked away from a prime Michigan Avenue site where it had planned to build a 50-story condo and hotel tower. Peebles had signed a contract this spring to pay about $32 million for the site at 300 N. Michigan Ave., currently home to a Walgreens, a Subway and a Radio Shack...
Read  |  Purchase from Publisher

Placing Trump Tower - Location matters, even when you're the Donald
Crain's Chicago Business, John T. Slania, 6/18/07
"...says Gail Lissner, vice-president with Appraisal Research Counselors..."
According to conventional wisdom in real estate, location is everything, and any decent developer can identify a good site. But it took an outsider from New York to envision turning an eyesore in downtown Chicago into a 92-story luxury tower with a hotel, condominiums and retail shops. The two-acre property at Wabash Avenue and the Chicago River was home to the Chicago Sun-Times, housed in a dreary seven-story metal structure that was an ugly stepsister to its pedigreed neighbors, the French Renaissance-style Wrigley Building and the minimalist IBM Building....
Read  |  Purchase from Publisher

2 suburban apartment properties on the block
Crain's Chicago Business, Alby Gallun, 6/15/07
"... according to Appraisal Research Counselors..."
Two suburban apartment complexes, one in Waukegan and one in Willowbrook, have been put up for sale amid strong investor demand for multifamily properties. Waterton Associates LLC, a Chicago-based apartment investor, has hired CB Richard Ellis Inc. to sell the Lakes at Fountain Square, a 384-unit property at 500 Lakehurst Road in Waukegan that's listed for $35 million, or $91,000 a unit. Completed in 1978, the property is 97% occupied. CB Richard Ellis is also selling the Oaks at Knollwood, a 224-unit complex at 6096 Knollwood Road in southwest suburban Willowbrook. The seller is the Massachusetts State Teachers' and Employees' Retirement Systems, which is advised on the investment by Invesco Realty Advisors....
Read  |  Purchase from Publisher

Developer backs out of condo-hotel for 300 N. Michigan
Crain's Chicago Business, Alby Gallun, 6/13/07
"... according to Appraisal Research Counselors..."
Citing worries about the slumping downtown condominium market, Miami developer Peebles Corp. has walked away from a prime Michigan Avenue site where it had planned to build a 50-story condo-and-hotel tower. Peebles had signed a contract this past spring to pay about $32 million for the site at 300 N. Michigan Ave., currently home to a Walgreens drugstore, Subway restaurant and Radio Shack store. Yet the developer "felt a bit uncomfortable" with the weak high-end condo market and decided to back out a couple weeks ago, says Barron Channer, the firm's vice-president...
Read  |  Purchase from Publisher

Chicago's Olympic Dreams Rest on Rehab Over Truck Parking Lot
Bloomberg News, Brian Louis, 6/12/07
"... said Gail Lissner, a vice president at Appraisal Research Counselors..."
The south lot of Chicago's McCormick Place convention center is filled with cargo containers, trucks, exhaust fumes, even an old boat. The area holds something else: America's hopes of hosting the 2016 Olympic Games. The 37-acre (15-hectare) parking yard for trucks hauling trade-show booths is proposed as the site of a $1.1 billion Olympic village, a short walk from the Lake Michigan shore. The village plan is the centerpiece of the city's bid, said Patrick Ryan, chairman of Chicago's Olympic committee. The games would be the highest-profile event in Chicago since the World's Columbian Exposition more than a century ago, said Russell Lewis, executive vice president and chief historian of the Chicago History Museum. ``Having the Olympics would really bring worldwide attention to Chicago in a way it hasn't had since 1893,'' Lewis said. The U.S. Olympic Committee selected Chicago in April as its entry for host city. Mayor Richard M. Daley...
Read  |  Purchase from Publisher

Rents, renovations rise in suburban apartment market
Crain's Chicago Business, Eddie Baeb, 6/4/07
"... says Ron DeVries, a vice-president with Appraisal Research Counselors..."
The suburban apartment market is improving ? both for landlords and contractors that do remodeling work. Net rents rose 2% to $1.08 per square foot during the first quarter, while the occupancy rate fell one percentage point from the end of last year to 96%, according to a new report by Chicago-based Appraisal Research Counselors. Occupancy levels and rents have been climbing in recent years as few new apartment complexes have been built, partly because municipalities are reluctant to approve new apartment towers. That?s prompting some building owners to conduct major renovations and upgrades with hopes they?ll be able to push rents higher, says Ron DeVries, a vice-president with Appraisal Research and co-author of the report....
Read  |  Purchase from Publisher

Commercial Real Estate Appraisal (Seminar)
DePaul University - The Real Estate Center, 6/4/07
"... Instructor: Ron DeVries, Vice President, Appraisal Research Counselors..."
Instructor: Ron DeVries, Vice President, Appraisal Research Counselors - Real estate appraisals are the benchmark for commercial transactions. You'll not only learn about the valuation methods used in every appraisal, but also understand how to apply them by working through calculations and examples in class. Included in your calculations will be market data, as well as ethical, legal and regulatory considerations and their impact on value....
Read  |  Purchase from Publisher

2nd builder eyes Evanston sky
Chicago Tribune, Blair Kamin and Deborah Horan, 5/30/07
"... said Gail Lissner of Chicago-based Appraisal Research Counselors..."
High-rise proposed for same block as other team's plan - It's dueling skyscraper plans in Evanston. A month after one team of developers floated a proposal to build a 523- foot condominium tower, another team on Tuesday night briefed city officials on its design for a 421-foot condo high-rise on the same triangleshaped block. Each skyscraper would supplant the 418-foot Oakbrook Terrace Tower as the tallest in Chicago's suburbs, but it is unlikely that both will be built....
Read  |  Purchase from Publisher

Downtown apartment rents rise again in first quarter
Crain's Chicago Business, Alby Gallun, 5/29/07
"... says Appraisal Rsearch Vice-president Ron DeVries..."
Downtown apartment landlords again hiked rents in the first quarter, suggesting that the market is holding up well even as developers build new high-rises. The average Class A effective downtown rent rose to a record high of $2.25 a square foot in the quarter, up 2% from the previous quarter and nearly 9% from the year-ago period, according to a report by Appraisal Research Counselors, a Chicago-based real estate consulting firm....
Read  |  Purchase from Publisher

Lissner: downtown sales keeping pace with new units so far in '07
New Homes Magazine, Barry Pearce, 5/25/07
"... writes Gail Lissner, of Appraisal Research Counselors..."
Recent headlines proclaimed that compared to the first quarter of '06, only half as many condos sold downtown during the first quarter of this year, but when you consider that '06 was a record year and that many fewer projects have been announced so far in '07, the news becomes a lot less sensational. "The number of units developers sold downtown during the first quarter was about the same as the number they unveiled in marketing programs," writes Gail Lissner, of Appraisal Research Counselors in her June column for New Homes Magazine. "This means there was no real change in the number of unsold units on the market." Read the rest of her insightful column, New Homes Magazine's Housing Watch.
Read  |  Purchase from Publisher

Trump trumpets condos for sale - Too few sold so far, the developer says
Chicago Tribune, Susan Diesenhouse, 5/24/07
"... said Gail Lissner, an Appraisal Research vice president."
For developer Donald Trump, a press conference may not solve every problem, but it's worth a try. In an effort to turn around a slowdown in sales of units in his luxury tower being built along the Chicago River, Trump on Thursday will meet with reporters to deliver a message: He's got a sale going on. "We're pricing to sell," Trump said in an interview Wednesday about his 825-unit Trump International Hotel and Tower now under construction. "People think we're sold out but we're not." Indeed, Trump needs the publicity. Of the 825 units in the 92-story tower, 224 condominiums are still for sale. Trump, 60, is hoping that his appearance, along with three of his five children?Donald Jr., 28, Ivanka, 25, and Eric, 22, who are all working at the tower...
Read  |  Purchase from Publisher

Trump: 'We're trying to make some good deals'
Crain's Chicago Business, John T. Slania, 5/24/07
" said Gail Lissner, vice-president at Appraisal Research Counselors..."
Donald Trump is adding units and freezing prices in an effort to improve slumping condominium sales at his Trump International Hotel & Tower. At the downtown Chicago construction site Thursday with his three adult children, Mr. Trump acknowledged that sales of the luxury condominiums have been weak for the past year, mirroring the broader slowdown in the residential real estate market. ?The housing market in Chicago is only so-so, and we?ve felt it,? Mr. Trump said....
Read  |  Purchase from Publisher

Draper & Kramer in venture to buy apartment tower
Crain's Chicago Business, Alby Gallun, 5/23/07
"... Appraisal Research Counselors, a Chicago-based real estate consulting firm, says..."
A joint venture of Draper & Kramer and GE Asset Management has agreed to pay about $75 million for a 28-story apartment tower in the West Loop. People familiar with the transaction say the joint venture has signed a contract to buy the building at 180 N. Jefferson St. from an affiliate of New York-based BlackRock Realty Advisors Inc., which paid $61.9 million for the 274-unit high-rise in November 2004. Draper & Kramer and BlackRock did not return phone calls for comment; GE Asset Management and CB Richard Ellis Inc., the brokerage hired to sell the property....
Read  |  Purchase from Publisher

Developer in new league
Chicago Tribune, Susan Diesenhouse, 5/20/07
"... said Gail Lissner, vice president of Appraisal Research Counselors..."
Tennis and college didn't work out, but Chicago Spire developer Garrett Kelleher found his calling in real estate. He honed his business skills in Chicago, then built his fortune -- close to $1 billion - Garrett Kelleher, once an aspiring tennis pro who dropped out of college, ran a painting contracting company in Chicago before returning to his native Ireland to start a development firm. While a solid, midsize operation, it hasn't built a structure taller than 14 stories. But in the next few weeks his audacious plan to erect North America's tallest skyscraper -- the 150- story, $1.5 billion Spire -- will get under way, much to the amazement of some who know the 45- year-old developer and investor. "I was surprised to hear he was involved in such a huge undertaking," said Laurence McCabe, the former director of a Dublin real estate brokerage. "One wonders, is he out of his league?" Alastair Adair, a professor of real estate at the University of Ulster in Jordanstown, Northern Ireland, calls the Spire "a big bet....
Read  |  Purchase from Publisher

Downtown Condo Sales: Slowed, Not Stalled
Chicago Magazine, Dennis Rodkin, 5/16/07
"According to Gail Lissner of Appraisal Research Counselors..."
At first glance, the news was disturbing?reports earlier this week that downtown condo sales had nose-dived by 46 percent in the first quarter of 2007. But contrary to those early reports, the downtown condo market has not stalled, only slowed. According to Gail Lissner of the Appraisal Research Counselors?the local real-estate consultants that provided the data for this latest round of news?sales did drop by 46 percent, but only when compared with the first quarter of 2006. But the market of a year ago differs considerably from today?s. The more appropriate comparison, Lissner suggests, is to the two quarters immediately prior to first quarter 2007?periods when the new, slower pace of sales prevailed. With the more recent figures in mind, the recent sales report ?wasn?t an improvement, but it wasn?t a decline,? says Lissner. ?It leveled off.? The number of units sold in the first quarter was approximately equal to the number of new units that came on the market, she notes. Which is to say, the logjam of new condos didn?t clear, but it didn?t get any more crowded, either....
Read  |  View Now  |  Purchase from Publisher

Apartment sales surge in the suburbs
Illinois Real Estate Journal, Daniel Duggan, 5/15/07
"... says Ron DeVries, a vice president with Appraisal Research Counselors."
The suburban multifamily market continues to be white-hot and is on pace for yet another record-shattering year as the massive liquidity in the commercial markets seek strong investment properties. At the end of first quarter 2007, transaction volume in the suburbs was $4.3 million ? ahead of 1Q2006 at $3.9 million, according to the First Quarter Benchmark Report by Appraisal Research Counselors....
Read  |  Purchase from Publisher

Downtown condo sales down 46% in first quarter
Crain's Chicago Business, Alby Gallun, 5/14/07
... says Appraisal Research Vice-President Gail Lissner."
The slide in new downtown condominium sales accelerated in the first quarter, prompting some developers thought twice about launching big new projects. Buyers signed contracts for 1,207 downtown condos and townhomes in the quarter, a 46% plunge from 2,243 in the year-earlier period, according to a report by Appraisal Research Counselors, a Chicago-based real estate consulting firm....
Read  |  Purchase from Publisher

Only 3% of unsold condos downtown are complete
New Homes Magazine, Barry Pearce, 5/14/07
"Gail Lissner, vice president of Appraisal Research Counselors..."
"Only 3 percent of the unsold condominium inventory that builders are marketing downtown is actually completed and available for immediate occupancy?An abundance of completed, unsold condos would be cause for concern, but of the 3,700 units expected to be finished downtown this year, more than 80 percent already are under contract." ? Gail Lissner, vice president of Appraisal Research Counselors in her upcoming New Homes Magazine column, Housing Watch
Read  |  Purchase from Publisher

Naperville apartment complex sells for over $51 million
Crain's Chicago Business, Alby Gallun, 5/9/07
"... says Ron DeVries, vice-president at Appraisal Research Counselors,..."
Heitman, the Chicago-based real estate investment firm, is buying a 319-unit Naperville apartment complex for more than $51 million, according to people familiar with the transaction. An affiliate of UBS signed a contract to sell the Grand Reserve, a 19-acre property at 504 Chamberlain Lane,...
Read  |  Purchase from Publisher

Collegiate Real Estate Conference a Sucess
DePaul University - The Real Estate Center, 5/8/07
"...with Instructor Ron DeVries, Vice President of Appraisal Research Counselors."
The Real Estate Center strives to connect students with industry professionals on a regular basis. The Collegiate Real Estate Conference, held on April 27th, is a prime example. This year, more than 130 students representing DePaul University, Indiana University, John Marshall Law School, University of Chicago, University of Cincinnati and University of Illinois attended....
Read  |  Purchase from Publisher

2 Schaumburg apartment properties sell for $65 mil.
Crain's Chicago Business, Alby Gallun, 5/2/07
"... says Ron DeVries, vice president at Appraisal Research Counselors..."
Two Schaumburg apartment complexes have sold for a combined $65 million, one to a group of Indian investors who paid a head-scratching price. An affiliate of IKMax Development & Management, which has developed several apartment buildings in Hyderabad, India, paid $32.4 million for Schaumburg Villas, a 300-apartment property that sold for $23.5 million just last October, according to documents filed with the Cook County Recorder. The investor and the high price are a bit of a mystery in local real estate circles. At $108,000 a unit, that's a lot for a Class C suburban apartment complex, which typically trade for about $80,000 to $100,000 a unit, says Ron DeVries, vice president at Appraisal Research Counselors, a Chicago-based real estate consulting firm....
Read  |  Purchase from Publisher

Conversion Country - Suburban complexes offer condo buyers space, location...
ABC7, Annemarie Mannion, 4/22/07
"... Gail Lissner, vice president at Appraisal Research Counselors, said..."
As he was looking to buy a home in the suburbs, the bells and whistles of new construction held little appeal for Mark Katz. He drove past new developments to a 1980s apartment complex that had been converted to condos. Older construction had just what Katz wanted as he downsized...
Read  |  Purchase from Publisher

New Streeterville apartment tower on the market
Crain's Chicago Business, Alby Gallun, 4/21/07
"... says Ron DeVries, vice-president at Appraisal Research Counselors,..."
A joint venture led by Golub & Co. has put a new 50-story luxury apartment building in Streeterville up for sale as the developer gets ready to build another one just as big right next door. Chicago-based Golub has hired the Chicago office of Holliday Fenoglio Fowler L.P. to sell the Streeter, a 481-unit high-rise at 345 E. Ohio St. that is expected to fetch more than $200 million, or about $416,000 a unit. Financed with $108 million in loans from Union Labor Life Insurance Co. and the California State Teachers? Retirement System, the building opened to tenants last year and is currently about 75% leased....
Read  |  Purchase from Publisher

Buyers flock to downtown Evanston to be near urban amenities
Chicago Tribune, Jane Adler, 4/20/07
"... said Gail Lissner, vice president at Appraisal Research Counselors,..."
It may not top every traveler's wish list, but downtown Evanston is almost a must-see for condominium buyers. Take, for example, Michael and Mandy Gutwaks. They were out walking in downtown Evanston when, for fun, they stopped in at the sales office at Sherman Plaza, a new 25-story mixed-use high-rise on Davis Street....
Read  |  Purchase from Publisher

American Invsco to do conversion at 200 N. Dearborn
Crain's Chicago Business, Alby Gallun, 4/11/07
"... according to Appraisal Research Counselors,..."
As it wraps up the conversion of one Loop apartment tower into condominiums, American Invsco is getting ready to launch another conversion just two blocks away. The Chicago-based developer has signed a contract to buy the 46-story apartment building at 200 N. Dearborn St. and plans to start turning its 309 units into condos later this year, says Arnold Schepel, vice-president of advertising and marketing at the firm....
Read  |  Purchase from Publisher

Developer planning 2nd apartment tower downtown
Crain's Chicago Business, Alby Gallun, 3/24/07
"... according to Appraisal Research Counselors,..."
As it gets ready to break ground on a 389-apartment high-rise in the Loop, Jupiter Realty Corp. is drawing up plans for another tower just five blocks to the west that would include as much as 150,000 square feet of office space and 300 to 400 apartments. The Chicago-based developer wants to build the high-rise on a property at 108-116 N. Jefferson St. that a Jupiter affiliate acquired for $7.5 million in February. Three months earlier, the City Council approved the other Jupiter project, a 49-story apartment building at 215 W. Washington St....
Read  |  Purchase from Publisher

West Loop apartment building on the block
Crain's Chicago Business, Alby Gallun, 3/21/07
"... says Ron DeVries, vice-president at Appraisal Research Counselors,..."
An affiliate of BlackRock Realty Advisors Inc. is putting up for sale a 28-story apartment building in the West Loop that could fetch $75 million or more. BlackRock has hired the Chicago office of CB Richard Ellis Inc. to sell the 274-unit high-rise at 180 N. Jefferson St., according to sources familiar with the situation. Built in 2004, it is the only major downtown apartment building on the market at a time when investors are flush with cash. ?A newer apartment building that hits the market at this time is just going to get high demand because pension funds and the like have a lot of capital to place,? says Ron DeVries, vice-president at Appraisal Research Counselors, a Chicago-based real estate consulting firm. Chicago-based Fifield Cos., which developed the building, sold it in November 2004 for $61.9 million, or about $226,000 a unit. The buyer, New Jersey-based pension fund adviser SSR Realty Advisors....
Read  |  Purchase from Publisher

Shangri-La Hotel developer gets $20-million loan
Crain's Chicago Business, Alby Gallun, 3/21/07
"... according to Appraisal Research Counselors,..."
A year after breaking ground, the developer of the Waterview Tower & Shangri-La Hotel has finally secured a $20-million loan, a step in the right direction but not enough to finance the entire 90-story condominium-hotel project on West Wacker Drive. Chicago-based Teng & Associates....
Read  |  Purchase from Publisher

Fledgling hotel condo market sees homeruns, strikeouts
New Homes Magazine, Kate Hawley, 3/21/07
"... says Gail Lissner of housing analyst Appraisal Research Counselors."
Ken Costanzo had practical reasons for wanting a second home in Chicago, but one sentimental thought stood out. A little more than 24 years ago, he proposed to his wife while riding down Michigan Avenue in a horse-drawn carriage ? on their second date. Costanzo, who now lives in Greenville, South Carolina, recently bought a hotel condominium at The Elysian, under construction at 11 E. Walton, mere blocks from that fateful spot. Since Costanzo, president of Greenville, North Carolina-based Gary Player Real Estate, can?t often....
Read  |  Purchase from Publisher

Oversupplied condo market may squeeze investors when their babies are delivered
New Homes Magazine, Don DeBat, 3/20/07
"... said Gail Lissner, vice president of Appraisal Research,..."
Fewer than 300 new condominiums were completed and still on the market in downtown Chicago at the end of 2006, but the inventory of unsold new-construction condos in the pipeline swelled to more than 6,400 units, according to one veteran real estate expert, who compared the current market to the condocrash years of the late 1970s and early 1980s. ?The early 2000s saw the greatest condominium investment surge in Chicago since the condo conversion boom of the 1970s," said Steven L. Good, chairman and CEO of Chicago-based Sheldon Good & Company,...
Read  |  Purchase from Publisher

Condo project across from Millennium Park to be completed
Crain's Chicago Business, Alby Gallun, 3/7/07
"... according to a report by Appraisal Research Counselors..."
A long-stalled condominium project across from Millennium Park is back on its feet. Chicago-based brokerage @properties is getting ready to start selling condos in a vintage office building at 6 N. Michigan Ave., a project launched seven years ago by a little-known developer. The developer, Chicago-based Global Real Estate Investors LLC, defaulted on a $44.8- million construction loan, so one of the project?s lenders, Oak Park-based FBOP Corp., is finishing the job....
Read  |  Purchase from Publisher

Rental market set to heat up
Crain's Chicago Business, Alby Gallun, 3/6/07
"... says Ron DeVries, vice-president at Appraisal Research Counselors,..."
Frustrated 'flippers' vie with apartment buildings for tenants - The glut of downtown condominiums is spilling over into the apartment market, where landlords face increased competition from condo owners who rent out their units. Landlords, coming off their best year since 2001, aren't feeling the effects of the so-called "shadow" rental market yet. But that could change over the next two years as downtown developers finish building more than 8,000 condos, a record number....
Read  |  Purchase from Publisher

Chicago's Evolution
Urban Land Magazine, Jacques Gorden, Mary Ludgin, and Nathan Zinn, 3/1/07
"... according to Appraisal Research Counselors"
Once a midwestern manufacturing center, Chicago is in the midst of transforming itself into a white-collar economic power with a global reach. The reorientation of Chicago away from its traditional manufacturing and agricultural commercial base and toward diverse service industries is well documented. Less well known are the structural changes that have placed Chicago's economy in a leadership position in a rapidly globalizing world....
Read  |  View Now  |  Purchase from Publisher

Memo to Shrewd Condo Investors: Buy in Chicago
TheStreet.com, Peter Slatin, 2/28/07
"... says Gail Lissner, a vice president at Appraisal Research...."
Any report on the condo development market routinely lists cities such as Miami and Las Vegas as the touchstones of a market gone mad. It's just as easy to point to Chicago, where conversion of disused and historic office buildings has fueled a resurgent and, some say, overbuilt urban center. But unlike those other places, Chicago's developers can't rely on tourists, snowbirds or fun-seekers to fill their new residential buildings. That relatively steady market has its benefits, says Gail Lissner, a vice president at Appraisal Research Corp., a local real estate marketing and research firm. "We don't have peaks and valleys, the craziness that you see in Vegas and on the coasts," she says....
Read  |  Purchase from Publisher

Accountants, Lawyers, Appraisers & Consultants...
Cambridge Realty Capital Companies e-PULSE!, 2/28/07
"Michael Cooper, Vice President for the Senior Care Division of Appraisal Research, states...."
Some lawyers, accountants, appraisers and other professional consultants with clients in the senior housing and healthcare industry know the symptoms well. Whenever one of their clients is faced with a daunting situation....
Read  |  Purchase from Publisher

2 South Loop projects get construction loans
Crain's Chicago Business, Eddie Baeb, 2/26/07
"... according to Appraisal Research Counselors..."
Two South Loop residential high-rises, one a condo building and the other an apartment tower, recently landed a combined $152.6 million in construction financing. In the larger of the two deals, Chicago developer Terrapin Group last month secured an $83.5-million construction loan from Corus Bank for a 298-unit condo building at 720 S. Clark St. The loan comes due in January 2010. Terrapin also took out a $14-million mezzanine loan from Wisconsin hedge fund Stark Investments that?s due in July 2009, according to mortgage documents. Terrapin bought the site, two blocks south of Congress Parkway in the Printers Row area, for $4.6 million in January 2005. The 29-story tower, to be called Burnham Pointe....
Read  |  Purchase from Publisher

Going green: Project envisions eco-friendly shopping center
Chicago Tribune, Azam Ahmed, 2/25/07
"... said Jim Kutill, vice president at Appraisal Research Counselors."
When David Baum decided last year to convert the old Cooper Lamp factory in Logan Square into a one-stop shopping center of green businesses, he knew it would be a risky and expensive proposition. "Wind turbines don't necessarily make economic sense today, but we want to engage the imagination," said Baum, who plans to spend more than $30 million renovating the sprawling yellow brick structure where craftsmen once turned out custom-made lamps. "We do still plan to make a profit, albeit a small one." Baum is aiming to tap into the growing consumer demand for eco-conscious merchandise and services. Dubbed the Green Exchange....
Read  |  Purchase from Publisher

'Significant interest' expected in Naperville apartment complex
Crain's Chicago Business, Alby Gallun, 2/23/07
"... Appraisal Research Counselors says..."
The Grand Reserve, a 319-unit apartment complex in Naperville, is up for sale amid a strong suburban apartment investment market. The 19-acre property is listed for $51.5 million, or $161,000 a unit, according to a marketing brochure from Moran & Co., the Chicago-based brokerage hired to sell it. Owned by an affiliate of UBS, Grand Reserve is the only suburban Class A apartment property on the market and is expected to attract ?significant interest? from institutional investors, according to a recent report from Appraisal Research Counselors, a Chicago-based real estate consulting firm....
Read  |  Purchase from Publisher

Apartment sale reflects changing investment market
Crain's Chicago Business, Thomas A Corfman, 2/23/07
"... according to the Suburban Apartment & Condo Conversion Benchmark Report by Appraisal Research Counselors.
A California adviser to institutional investors said Thursday that it bought an Aurora apartment complex, in a deal that shows how the investment market has shifted away from condominium converters and in favor of pension funds and other apartmentbuilding operators. Glendale, Calif.-based American Realty Advisors paid about $46 million, or $110,000 a unit, for the 420-unit Fox Valley Villages complex in Aurora, according to real estate industry sources....
Read  |  Purchase from Publisher

Rents to rise for downtown apartments
Crain's Chicago Business, Alby Gallun, 2/20/07
"... says Ron DeVries, vice-president at Appraisal Research..."
The downtown apartment boom lost momentum at the end of 2006, but landlords still can expect fatter profits in 2007. Downtown occupancies fell, and rents were flat in the fourth quarter, compared to the third quarter, according to a report by Appraisal Research Counselors....
Read  |  Purchase from Publisher

OK for apartments sought at Lake, Wells garage site
Chicago Sun Times, David Roeder and Fram Spielman, 2/13/07
"Ron DeVries, Vice President at Appraisal Research Counselors, said ..."
One of downtown's longtime parking garages would be demolished and replaced with a 43-story apartment tower under a zoning plan filed at City Hall. The proposal calls for a building with 335 units at 200 W. Lake, the northwest corner of Lake and Wells. On the site is a three-level parking garage and a small surface lot. Zoning documents say the building also would get parking for about 550 cars, an unusually large allotment. City officials have urged developers to be generous in providing indoor spaces, especially when their buildings replace garages and lots that drivers have relied on for years. Submitting the proposal was Hinsdale-based Midwest Property Group Ltd. Its president, Jaime Javors, said studies show demand for rental homes downtown is growing....
Read  |  Purchase from Publisher

Downtown condo sales fall for first time in 3 years
Crain's Chicago Business, Alby Gallun, 2/12/07
"... according to Appraisal Research Counselors,..."
Still third-best year; inventory of unsold units up 10% - Unsold downtown condominiums continued to pile up in the fourth quarter as developers kept building and annual sales fell for the first time since 2003. The number of unsold downtown condos and townhomes either completed or under construction totaled 2,887 at the end of the fourth quarter, up 10% from the third quarter and 44% from fourth-quarter 2005, according to Appraisal Research Counselors, a Chicago-based real estate firm that tracks the downtown residential market....
Read  |  Purchase from Publisher

3 condo projects get $825 million in financing
Crain's Chicago Business, Eddie Baeb, 2/7/07
"... says Gail Lissner, a vice-president with Appraisal Research."
Three downtown residential towers recently landed $825 million in construction loans and are being built despite falling condo sales and a glut of new units being marketed. More than half the amount was for one building, the 82-story Aqua tower at Lakeshore East that?s to include 263 condos as well as apartments and a hotel when it opens in 2009. Magellan Development Group LLC last month obtained $451 million in construction loans for the high-rise from LaSalle Bank, National City, Germany?s Eurohypo A.G. and Wall Street firm Lehman Brothers. A 73-story condo tower going up at Monroe Street and Wabash Avenue called the Legacy at Millennium Park obtained a $275.5-million construction loan in December from LaSalle. Also in December, 1600 Museum Park....
Read  |  Purchase from Publisher

West Side growth spurs Jewel site
Crain's Chicago Business, John T. Slania, 2/5/07
"... says James Kutill, a vice-president with Appraisal Research Counselors,..."
Full-size grocery slated for Fulton River District - Jewel Food Stores is seeking to profit from the residential boom on Chicago's Near West Side ? and also grab business from rival Dominick's Finer Foods LLC ? by opening a full-size grocery in the Fulton River District. Minneapolis-based SuperValu Inc., which owns Jewel, plans to break ground this spring on a 2.6- acre site at the southwest corner of Kinzie Street and Desplaines Avenue, part of a broader rollout of Jewels in the area (Crain's, Oct. 2). The 65,000-square-foot store, slated to open in spring 2008, is expected to draw customers not only from the Fulton River District but River West and the West Loop....
Read  |  Purchase from Publisher

2006 sales tumble a bit from historic highs
Chicago Sun Times, Bill Cunniff, 2/4/07
"... said Gail Lissner, Vice President at the Appraisal Research Counselors..."
Total home sales (including houses as well as condominiums) totaled 7,532 in December in the Chicago area market, down 21.5 percent from the same month of 2005, according to statistics from a statewide realty group. The median home sale price for the Chicago area was $245,000 in December, up 0.2 percent from that month in 2005, the Illinois Association of Realtors said. For the year, total home sales in the Chicago area reached 116,463 in 2006, down 12.6 percent from 2005. The 2006 median sale price was $248,000, up 2.9 percent from 2005....
Read  |  Purchase from Publisher

6-tower project planned
Chicago Tribune, Susan Diesenhouse, 2/1/07
"... according to Appraisal Research Counselors,..."
$750 million residential complex set for area that housed Kinzie Station - A Chicago-based developer intends to build a $750 million residential project near downtown that it said will have enough scope and variety to be a new neighborhood. Fifield Cos. is set Thursday to unveil finalized plans for a community called K Station that would link the West Loop and River North districts. It would include six residential towers with 2,451 luxury apartments, parking for 2,000 vehicles and 40,000 square feet of retail space, plus a Jewel/Osco supermarket....
Read  |  Purchase from Publisher

Fifield selling interest in Kinzie Station apartment building
Crain's Chicago Business, Alby Gallun, 1/31/07
"... according to Appraisal Research Counselors,..."
Prudential Real Estate Investors is buying out its development partner, Fifield Cos., in a recently completed 37-story apartment building at Lake and Canal streets. A spokeswoman for New Jersey-based Prudential confirms that the sale of Left Bank at K Station could close as soon as this week, declining to disclose terms. One observer estimated that the transaction could value the 451-apartment property at $115 million to $125 million, or $255,000 to $278,000 a unit. The joint venture between Chicago-based Fifield and Prudential....
Read  |  Purchase from Publisher

Aqua tower in Lakeshore East close to financing
Crain's Chicago Business, Eddie Baeb, 1/22/07
"... says Gail Lissner, a vice-president with Appraisal Research Counselors,..."
The proposed 82-story Aqua high-rise, which features an undulating exterior that evokes rippling water, is close to obtaining a $427-million construction loan that would allow the developer to break ground on the tower next month. Chicago-based Magellan Development Group LLC has signed letters of intent with three banks to provide the loan, and also has lined up about $24 million in mezzanine financing from a Wall Street firm for the mixed-use building. Aqua, which was designed by Chicago architect Jeanne Gang, is to be the tallest high-rise in the massive Lakeshore East development downtown. The tower, which is to include condominiums, apartments and a hotel, is to open to apartment residents in mid-2009, while condo owners are to take occupancy in the fourth quarter that year, says Magellan President David Carlins. ?We?re on schedule,? Mr. Carlins says. LaSalle Bank, National City Bank and the German bank Eurohypo are providing the construction loan. In addition, Lehman Bros. has agreed....
Read  |  Purchase from Publisher

Trump undoing deals
Chicago Tribune, Susan Diesenhouse, 1/16/07
"... said Jim Kutill, a vice president at Appraisal Research..."
Condo buyers who got discounts in friends/family program told contracts voided - The letter from Donald Trump's lawyer didn't say, "You're fired." But it said something close. Back in 2003, when Trump was planning his downtown residential tower, he gave about 40 insiders an attractive deal: They could sign contracts to buy condominiums in the Trump International Hotel & Tower at a discount. In some cases they agreed to pay about $500 a square foot. But units in the building, still under construction, are on the market for as much as $1,343 a square foot. That would represent a tidy profit for these early purchasers. Except that Trump has notified them that their agreements are "null and void." That's not as catchy as Trump's stock phrase on "The Apprentice," ....
Read  |  Purchase from Publisher

48-story condo project planned near Sears Tower
Crain's Chicago Business, Alby Gallun, 1/10/07
"... according to Appraisal Research Counselors,..."
The Chicago Plan Commission next week will consider a 48-story, 714-unit condominium tower proposed for a site just a couple blocks south of the Sears Tower. An affiliate of Chicago-based CMK Development Corp. plans to build the high-rise at 235 W. Van Buren St., which would be one of the largest Loop condo projects in several years. The development is on the agenda for the Plan Commission's Jan. 18 meeting. If the commission approves the project, CMK still must sell enough units to secure financing, a challenge in the current soft condo market. Sales of downtown condos and townhomes fell 7.6% in the first nine months of 2006 from the year-earlier period, according to Appraisal Research Counselors....
Read  |  Purchase from Publisher

80-Story Tower Planned for South Loop
Midwest Construction (McGraw-Hill Companies), 1/1/07
"... said Gail Lissner, vice president of Chicago-based Appraisal Research Counselors..."
Late 2007 Start Planned for Tower; The Park Michigan would be in the top-10 of tall buildings in Chicago - An 80-story condominium marketed as the Park Michigan has been announced. It would rank in the top-10 of Chicago's tallest building and be the tallest in the city south of the Van Buren Street in the Loop. The tower, which is initially estimated to cost $200 million, will reach 855 ft. It will be located at 830 S. Michigan Ave. It will include 900,000 sq. ft. of space and hold 376 residential units. In addition, it will hold 35,000 sq. ft. of retail space, including a 9,000-sq.-ft. restaurant, grocery store and spa. The developer is Oak Brook-based Renaissant Development Group....
Read  |  Purchase from Publisher

Russ Haraus, SRA serves on IMBA Board of Directors
Illinois Mortgage Bankers Association, 1/1/07
"Directors with terms ending January 2008 - Russ Haraus"
Russ Haraus, SRA, Vice President, Single Family Division, Appraisal Research Counselors, serves as a Director on the IMBA Board through January 2008.....
Read  |  View Now  |  Purchase from Publisher

 

Site Map  |  Links  |  Contact Us
© 2017 - Appraisal Research Counselors - All Rights Reserved