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.


Planned apartment tower gets $54-million construction loan
Crain's Chicago Business, Alby Gallun, 12/3/08
"... says the report by Appraisal Research Counselors..."
Developers Anthony Rossi and Thomas Moran have secured a $54.2-million loan to finance construction of a 221-unit high-end apartment building in River North, an increasingly rare feat amid the global financial crisis. Charter One Bank and PrivateBank are teaming up on the construction loan for the 21-story tower at 469 W. Huron St., and J. P. Morgan Asset Management and Messrs. Rossi and Moran are rounding out the financing with $30 million in equity. The developers aim to break ground on the building within two weeks and finish construction by August 2010. Getting a deal done given current market conditions ?was a real son of a gun,? says Mr. Rossi, president of Moran & Co., a Chicago-based apartment brokerage, and RMK Management Corp...
Read  |  Purchase from Publisher

Suburban apartment occupancy falls
Crain's Chicago Business, Thomas A. Corfman, 11/24/08
"... says Appraisal Research
The occupancy rate for suburban apartment buildings continues to tumble, as landlords brace themselves for a challenging year in 2009. The occupancy rate fell to 92.8% during the third quarter, compared to 93.1% during the second quarter and 96.0% during the third quarter of 2007, according to Appraisal Research Counselors....
Read  |  Purchase from Publisher

Is this the end for condo market?
Chicago Sun Times, Don DeBat, 11/24/08
"... according to Gail Lissner, vice president of Appraisal Research..."
With year?s end approaching, its time to look ahead to 2009 and beyond to search for some clarity about the future of Chicago?s struggling downtown condominium market. Appraisal Research Counselors Ltd. reports that the downtown market accounted for a meager 161 condominium sales in the third quarter of 2008?the lowest total for any quarter since the end of 2001 when the market stalled because of the 9/11 terrorist attacks. Sales in the third quarter ran an incredible 88 percent below the average quarterly sales volume, which has ranged between 667 and 2,113 units over the past decade, according to Gail Lissner, vice president of Appraisal Research, co-author of the ?Downtown Chicago Residential Benchmark Report.? ...
Read  |  Purchase from Publisher

Condo developer Thrush faces lawsuits on 2 loans
Crain's Chicago Business, Alby Gallun, 11/20/08
"... according to Appraisal Research Counselors..."
Add the Thrush Cos. to the growing list of local condominium developers with loan problems. A Thrush affiliate that once planned to develop as many as 164 condos on a West Loop site has defaulted on a $6.6-million loan to finance the property at the northwest corner of Madison Street and Racine Avenue, according to a lawsuit filed last week by the lender, Chicago-based New Century Bank....
Read  |  Purchase from Publisher

Condo market thumps 2 South Loop tower plans
Crain's Chicago Business, Eddie Baeb, 11/19/08
"...according to Appraisal Research Counselors."
The calamitous condominium market has toppled plans for two ambitious high-rises proposed by developer Warren Barr for South Michigan Avenue. Mr. Barr last week sold the site at 830 S. Michigan Ave. for $17.55 million, about $1 million less than he owed his lenders on the project, which was hit with a foreclosure lawsuit early this year. The buyer?s identity couldn?t be determined. Just south at 1000 S. Michigan Ave., which is still in foreclosure...
Read  |  Purchase from Publisher

The market remains in "pause-mode"
New Homes Magazine, Joe Zekas, 11/15/08
"... from Appraisal Research Counselors' (ARC) 3rd Quarter 2008 Downtown Chicago Residential Report."
Chalk up another artful turn of phrase to describe the current state of Chicago's downtown residential new construction market: pause-mode. The phrase is from Appraisal Research Counselors' (ARC) recently-released 3rd Quarter 2008 Downtown Chicago Residential Benchmark Report....
Read  |  Purchase from Publisher

Goose Island keeps Clybourn brew pub
Chicago Sun Times, David Roeder, 11/12/08
"... said a report from Appraisal Research Counselors."
Raise a toast to the lousy economy. The all-but-official recession means Goose Island Beer Co. won't have to close its original brew pub at 1800 N. Clybourn. The Chicago-based brewer's landlord on Clybourn, Deerfield-based investor Charles Malk, had refused to renew the Goose Island lease that expires at year-end. It's what landlords do when they think they can find somebody else to pay more. But the slow market has changed a lot of expectations....
Read  |  Purchase from Publisher

Editor scoops big profit in flipping Trump Tower condo
Crain's Chicago Business, Alby Gallun, 11/12/08
"... according to Appraisal Research Counselors..."
Donald Trump has struggled to sell condominiums in his downtown high-rise, but at least one investor who bought a unit in the 92-story building has made out well: Chicago Sun- Times Editor-in-Chief Michael Cooke. Mr. Cooke and his wife, Barbara, turned a quick profit as the first buyers to flip a residential condo in the tower, a feat dozens of other investors hope to pull off as Mr. Trump completes the upper, residential floors of the downtown skyscraper....
Read  |  Purchase from Publisher

Park 1000: From dustbin to wastebasket
New Homes Magazine, Joseph Askins, 11/12/08
"... we now have confirmation through ARC's report..."
We finally received our copy of Appraisal Research Counselors' Downtown Chicago Residential Benchmark Report summary, and already it's yielding some much anticipated - if unsurprising - revelations. After months of seeking information from developers and sales agents, we now have confirmation through ARC's report that Renaissant Development's Park 1000 is, to paraphrase Monty Python, an ex-project....
Read  |  Purchase from Publisher

Downtown Chicago Condo Sales Hit a Seven-Year Low
Chicago Public Radio - NPR (WBEZ 91.5 FM), Tasha Flournoy, 11/11/08
"... Appraisal Research Counselors' Gail Lissner says..."
The real estate consulting firm Appraisal Research Counselors reports buyers signed contracts for only 160 condos and townhouses in the third quarter. That's an 82 percent decline from the same period last year. The firm's Gail Lissner says she hasn't seen sales this low since just after September 11th. Lissner says potential buyers are struggling right now. LISSNER: They're finding it much more difficult to obtain financing and they need higher credit scores. Certainly concerned about their own job security, concerns that the housing market may not have bottomed out just yet. Forty percent of all downtown condo sales this year have been for the much publicized Chicago Spire high-rise. But a spokesperson for the Spire says construction remains on hold because of the economic slowdown....
Read  |  Purchase from Publisher

Condo sales fall to a 7-year low
Crain's Chicago Business, Alby Gallun, 11/10/08
"... Appraisal Research Vice-president Gail Lissner says."
The downtown condominium market took another turn for the worse in the third quarter, as developers sold the fewest condos in a three-month period since the aftermath of the Sept. 11 terrorist attacks. Buyers signed contracts for only 160 condos and townhouses in the quarter, down 82% from the same period a year earlier, according to Appraisal Research Counselors, a real estate appraisal and consulting firm. Contracts for the year are poised to fall short of 1,000 units, making 2008 the worst year for downtown condo and townhouse sales since the Chicago-based firm started tracking the market in 1997....
Read  |  Purchase from Publisher

Downtown market has worst quarter since 2001
New Homes Magazine, Joseph Askins, 11/10/08
"... according to Appraisal Research Counselors..."
Crain's is already sifting through Appraisal Research Counselors' latest Downtown Benchmark Report (released today), and so far its findings look pretty grim: The downtown condominium market took another turn for the worse in the third quarter, as developers sold the fewest condos in a three-month period since the aftermath of the Sept. 11 terrorist attacks. Buyers signed contracts for only 160 condos and townhouses in the quarter, down 82% from the same period a year earlier, according to Appraisal Research Counselors, a real estate appraisal and consulting firm....
Read  |  Purchase from Publisher

Trump sues lenders for more time to pay off loan on Tower
Crain's Chicago Business, Alby Gallun, 11/7/08
"... according to Appraisal Research Counselors..."
Donald J. Trump has gone to court to force his lenders to give him more time to pay off a $640-million construction loan on his 92-story downtown high-rise. The flamboyant New York developer alleges that a lending group led by Deutsche Bank N.A. has wrongfully refused to extend the maturity date of the loan, which comes due Friday, according to a lawsuit filed this week in a Queens County, N.Y., trial court. The complaint provides new details on the financial troubles imperiling the Trump International Hotel & Tower, the largest skyscraper built in Chicago in more than three decades....
Read  |  Purchase from Publisher

Market swings old news for Appraisal Research founder
Crain's Chicago Business, Andrew Schroedter, 11/6/08
"... says Mr. Stunard, partner and founder of Chicago-based Appraisal Research Counselors."
In the 40 years since he started his residential real estate appraisal and consulting firm in the basement of his Oak Park home, Eugene Stunard has seen plenty of ups and downs in the market. But the current crash is the worst since 1987, when the stock market?s Black Monday triggered a prolonged slump in housing. "In this case, builders got ahead of the market," says Mr. Stunard, 75, partner and founder of Chicago-based Appraisal Research Counselors. "What amazes me is that people let it happen." The downtown market for new condominiums is seeing an unprecedented building boom, with 9,300 units to be completed in 2008-09, according to the firm?s "Downtown Chicago Residential Benchmark Report," a widely read quarterly report that typically runs more than 700 pages....
Read  |  Purchase from Publisher

Construction loan on hold for Waterview Tower
Crain's Chicago Business, Alby Gallun, 11/5/08
"... according to Chicago-based consulting firm Appraisal Research Counselors."
About seven months after agreeing to finance the 90-story Waterview Tower and Shangri-La Hotel, the Export- Import Bank of China has gotten cold feet over the stalled Wacker Drive development. The bank?s refusal to approve a $400-million construction loan for the condominium-and-hotel high-rise reduces the already slim chances that the building?s current developer, a group led by Teng & Associates Inc. President and CEO Ivan Dvorak, will be able to finish the luxury project. And it increases the odds that Bank of America Corp. will move to foreclose on the property at 111 W. Wacker Drive. The Export-Import Bank has put the financing on hold until the U.S. economy improves and it sees ?signs that there is a market for the condominiums,? says Zac Henson, CEO of the U.S. subsidiary of Beijing Construction Engineering Group Ltd., which was arranging the loan....
Read  |  Purchase from Publisher

Housing Bulletin: What Makes The Blue Light Special
Chicago Magazine, Dennis Rodkin, 11/5/08
"... says Gail Lissner, the Appraisal Research Counselors executive..."
October was another gloomy month for the downtown condo market, with developers hitting the brakes on both the Spire and the 76-story condo tower by Architectonica that was planned for Lakeshore East. But October was also the month when deals closed on two very expensive penthouses at the Metropolitan Tower, the building with the blue beehive light atop a pyramidal tower at 310 South Michigan Avenue. One buyer paid $3.246 million for a penthouse on the 24th and 25th floors there, and another paid $6.45 million for a 5,400-square-foot space on the 29th and 30th floors. (Neither buyer is identified yet in public records.) Both of those prices are for raw, or unfinished, space. The $6.45-million sale breaks down to $1,194 per square foot, and the building?s developer, Louis D?Angelo estimates...
Read  |  Purchase from Publisher

Our skyline on pause
Chicago Tribune, Tribune staff report, 11/3/08
"... said Gail Lissner, vice president of Appraisal Research Counselors"
Tribune architecture critic Blair Kamin sees Chicago's soaring artistry stall as money woes leave Spire, other towers short - A big chill is about to hit the city of big shoulders. In the wake of the global credit crisis, Chicago's once-superheated skyline?radically transformed during the last 10 years by one of the greatest building booms in the city's history?is on the verge of being frozen in place....
Read  |  Purchase from Publisher

Chicago's Skyscraper Swagger Fades as Trump Extends Tower Loan
Bloomberg News, Brian Louis, 10/31/08
"... said Gail Lissner, a vice president of Appraisal Research."
The credit crunch has made even Chicago, birthplace of the skyscraper, inhospitable to high-rise construction. Just ask high-profile developer Donald Trump. He's been forced to hit up his bankers for extra time to pay back a loan used to finance the 92-story Trump International Hotel & Tower Chicago. Progress on the world's tallest residential building, the Chicago Spire, has come down to earth as demand slumps for condominiums in the third-largest U.S. city. Downtown condominium projects are being delayed and pulled as developers find it difficult to lure buyers and obtain loans in Chicago. Drawing attention to the crisis is the Spire, planned to soar 2,000 feet (610 meters). Construction is being held off except for underground work, its backers said, because of volatile financial markets. ``The market in Chicago is very bad at this moment,'' Trump, 62, said in a telephone interview. Besides the Sears Tower, Chicago is known in architecture circles for Louis Sullivan's Auditorium building on Michigan Avenue, the Frank Lloyd Wright lobby of the Rookery building on LaSalle Street, and Ludwig Mies van der Rohe's Crown Hall at the Illinois Institute of Technology....
Read  |  Purchase from Publisher

Developer believes quality trumps economy
Crain's Chicago Business, Andrew Schroedter, 10/30/08
"... says Ron DeVries, vice-president of Appraisal Research Counselors..."
North Shore architect and developer David Hovey is selling the remaining units in a huge, high-profile condominium project in Skokie, even as he plans a Streeterville apartment skyscraper that would be his first downtown development. Despite the economy, the soft-spoken Mr. Hovey sounds a bit like a starry-eyed architect rather than a pragmatic businessman when he says he doesn't worry about either project?s chance of success. "When you create a good building, economics take care of themselves," says Mr. Hovey, 64, founder and president of Glencoe-based Optima Inc. In Streeterville, Mr. Hovey is planning a 325-unit apartment tower at St. Clair and Illinois streets, after another developer scrapped a proposal for a condo building on the parcel. An experienced developer in the northern suburbs and Arizona, Mr. Hovey will hold off building the 50-story structure until 2011, but will still face competition from the 2,640 rental units already under construction, particularly if the economy doesn't improve. "Demand for downtown rental units is hanging in there," says Ron DeVries, vice-president of Appraisal Research Counselors, a Chicago-based consulting firm. "It's just not rising as fast as the supply." But Mr. Hovey, who has developed...
Read  |  Purchase from Publisher

Trump Expects Loan Extension on Chicago Condo Tower (Update1)
Bloomberg News, Brian Louis, 10/30/08
"... said Gail Lissner, a vice president of Appraisal Research."
Donald Trump said he expects his bankers to give him extra time to pay back a loan used to finance the 92-story Trump International Hotel & Tower Chicago as demand slumps for condominiums in the thirdlargest U.S. city. Trump, the New York-based developer and marketer of luxury real estate and a television host, said in an interview ``it's routine'' to get an extension. He said he's sold $600 million of the units in the hotel and condominium project. The hotel part of the tower has already opened and the entire building is scheduled to be completed next year....
Read  |  Purchase from Publisher

In Chicago, Trump Hits Headwinds
Wall Street Journal, Alex Frangos, 10/29/08
"Gail Lissner, vice president at Appraisal Research Counselors, says..."
Donald Trump's tallest construction project ever is facing some tall challenges. Many real-estate developers are under pressure these days as lenders and investors rush to cut their exposure to the market. But Mr. Trump's 92-story Trump International Hotel & Tower in Chicago, which will be the tallest building constructed in the U.S. since the Sears Tower opened in 1973, may be especially vulnerable because it's getting hit by a triple whammy of colliding forces: the credit crunch, the reversal in the housing market and weak retail sales. The shiny glass skyscraper is one of the few that the brash Mr. Trump developed without partners. The situation also puts pressure on one of the project's major lenders, Fortress Investment Group LLC....
Read  |  Purchase from Publisher

The Housing Bust: Signs of a Bottoming Out?
Time Magazine, Bill Saporito, 10/29/08
"...according to Appraisal Research Counselors..."
The last piece of the last residential construction crane in Miami is coming down this week. Don't expect to see another crane in this city for a decade, says Peter Zalewski, a real estate broker and founder of Condo Vultures, a realty intelligence service. Miami is both metaphor and model for once torrid real estate markets that melted in the subprime debacle. Miami developers threw up some 23,000 units beginning in 2003, many of them bought by speculators who thought they could flip them for a quick profit. Some did....
Read  |  Purchase from Publisher

How healthy is your high-rise?
Chicago Tribune, Julie Deardorff, 10/26/08
"... according to Appraisal Research Counselors..."
Presidential Towers, the West Side residential fortress that's home to more than 4,000 Chicagoans, is on a health kick. Near the main entrance, walking maps on the wall show mileage and calories burned. The in-building market features organic products and food labeled a "healthy choice." "We're trying to encourage healthy choices," said Presidential Towers Senior Community Manager Phyllis Kempton, one of the many building management employees who now wear running shoes with their business attire. "We wondered: How can we help residents without forcing them to join a health club?" The answer is a yearlong residential wellness program...
Read  |  Purchase from Publisher

Lending Freeze Tests Skyscraper Optimism
Architectural Record (McGraw Hill Construction), Tudor Van Hampton (This story first appeared on ENR.com), 10/23/08
"...says Gail Lissner, vice president of Appraisal Research Counselors..."
Chicago just got a little colder as the end to a decades-long building boom has left two of the city?s tallest building projects stuck in limbo, leaving their owners scrambling to seek alternative methods of financing. Developers of the 1,047-ft-tall Waterview Tower and 2,000-ft-tall Chicago Spire bet that enough sales would come through before the market turned sour, but they lost that round?at least for now. Construction of the two supertall residential projects may be on hold until the market rebounds, but industry observers believe the buildings will not be left out in the cold forever. Photos Tudor Van Hampton / ENR (top and middle); courtesy of Shelbourne Development (above). An unfinished Waterview is on hold again (top). The Donald's tower topped out in late September and is 75% sold (middle). Calatrava's twister is still selling amid a lending freeze (above). Rate this project: Based on what you have seen and read about this project, how would you grade it? Use the stars below to indicate your assessment, five stars being the highest rating. Rated Not yet rated Rate This ----- Advertising ----- In both cases, speculators may have bitten off more than they could chew. ?Ninety-five percent of the developers in this market first obtain the construction loan, and then they put a shovel in the ground,? says Gail L. Lissner, vice president of local real-estate analyst Appraisal Research Counselors. ?These are the two exceptions.? Waterview, owned, designed and built by Chicago-based Teng & Associates Inc., is slated to contain an upscale Shangri-La hotel and luxury condos. When complete, it will be the fifth-tallest building in the city at 89 floors. But today its concrete shell on West Wacker Drive stands quietly at about the 25th floor, on hold again this year despite an original completion date of 2009. A Teng project official to whom ENR was referred did not return phone calls. This past spring, work on Waterview was placed on hold but resumed construction after the owner reportedly obtained funding from an overseas source. Then there?s the Spire, designed by Zurich-based architect-engineer Santiago Calatrava ...
Read  |  Purchase from Publisher

Lending Freeze Tests Skyscraper Optimism
Engineering News Record (McGraw Hill Construction), Tudor Van Hampton, 10/22/08
"... says Gail Lissner, vice president of Appraisal Research Counselors."
Chicago just got a little colder as the end to a decades-long building boom has left two of the city?s tallest building projects stuck in limbo, leaving their owners scrambling to seek alternative methods of financing. Developers of the 1,047-ft-tall Waterview Tower and 2,000-ft-tall Chicago Spire bet that enough sales would come through before the market turned sour, but they lost that round?at least for now. Construction of the two supertall residential projects may be on hold until the market rebounds, but industry observers believe the buildings will not be left out in the cold forever. In both cases, speculators may have bitten off more than they could chew. ?Ninety-five percent of the developers in this market first obtain the construction loan, and then they put a shovel in the ground,? says Gail L. Lissner, vice president of local real-estate analyst Appraisal Research Counselors. ?These are the two exceptions....?
Read  |  Purchase from Publisher

Gail Lissner: Condo development trends see a change of pace
New Homes Magazine, Gail Lissner, CRE, SRA, 10/20/08
The residential development trends in downtown Chicago are undergoing a transformation, as record numbers of new condominium units are completing construction and few new buildings are breaking ground. Downtown Chicago is nearing the end of a four-year construction boom period, which has resulted in the completion of 18,500 new condominium units, a record number of condominium deliveries for the downtown Chicago market. Starting in 2006 with 4,200 units completed, an additional 4,800 units were completed in 2007, along with 4,900 units in 2008, and another 4,600 units which will be completed during 2009. Currently, 75 percent of the units being completed in 2008 have already been sold, and 60 percent of the 2009 deliveries are also reported to be under contract. However, the construction pipeline for new condominium buildings in now suddenly empty after 2009. Only three new downtown buildings totaling less than 500 units have obtained construction loans in 2008 and started construction this year. Thus, there will be little new inventory of condominium units delivered to the market in 2010 and 2011, and likely into 2012....
Read  |  Purchase from Publisher

Job market, supply hurt downtown apartment rents
Crain's Chicago Business, Alby Gallun, 10/8/08
"... Appraisal Research Vice-president Ron DeVries said..."
After enjoying strong rent hikes for three years, big downtown apartment landlords are finding life a bit tougher in 2008. Effective rents at high-end downtown buildings fell to $2.26 a square foot in the third quarter, down from $2.31 a square foot in the second quarter and an all-time high of $2.35 in third-quarter 2007, according to Chicagobased real estate consulting firm Appraisal Research Counselors....
Read  |  Purchase from Publisher

Developer scraps Streeterville condo project, sells site
Crain's Chicago Business, Thomas A. Corfman, 10/8/08
"... according to a second-quarter report by Chicago residential consulting firm Appraisal Research Counselors
Developer Centrum Properties Inc. has killed a proposed 41-story condominium building in Streeterville, selling the site to North Shore developer David Hovey, who plans to eventually build an apartment tower there. And in a dance of developers, another site three blocks east is being put on the market by Draper & Kramer Inc. after talks fell apart to sell that site to Equity Residential, an apartment real estate investment trust. Mr. Hovey paid nearly $20 million late last week for a site at St. Clair and Illinois streets, sources say, where Centrum had proposed the second stage of the Cityfront Plaza project. The three-tower Cityfront Plaza site stretches from St. Clair to Fairbanks Court along the north side of Illinois Street....
Read  |  Purchase from Publisher

Bears? QB Grossman closes on condo in Trump Tower
Crain's Chicago Business, Eddie Baeb, 9/24/08
"... says Gail Lissner, a vice-president with real estate consulting firm Appraisal Research Counselors."
Condominium sales in the Trump International Hotel & Tower began closing last month, with Chicago Bears backup quarterback Rex Grossman among the first condo buyers to sign on the dotted line in the 92-story high-rise. Mr. Grossman, who took the Bears to the Super Bowl in February 2007 but was benched for Kyle Orton before the start of this season, paid $2.68 million earlier this month for a 3,437-square-foot unit in the tower at 401 N. Wabash Ave. along with two parking spaces, according to property records filed with the Cook County Recorder of Deeds....
Read  |  Purchase from Publisher

Trump to ask for later loan due date
Crain's Chicago Business, Alb, 9/24/08
"... according to Appraisal Research Counselors..."
Amid stalled condominium sales at his new downtown high-rise, Donald Trump expects to ask lenders to push back the due date on the construction loans that financed the 92-story riverside project. But the project?s 339-room hotel, which opened in January, is performing better than expected, with an average daily rate of more than $350 a room and 65% occupancy rate, according to Donald Trump Jr., the celebrity developer?s son, who is working on the project. Both Trumps were in town Wednesday with other family members to commemorate the recent completion of the top of the building and, more importantly, generate some publicity to get condo sales going again. But the gloomy economic outlook and lack of mortgage financing is likely to make it even harder to sell condos at the Trump tower, where sales have been stuck at the same level for more than two years. Buyers had signed contracts for 365, or 75%, of the project?s 486 residential condos by July, according to Appraisal Research Counselors, a Chicago-based real estate consulting firm....
Read  |  Purchase from Publisher

In brief: New movie theater, apartments on market, Oak Brook retail leases
Crain's Chicago Business, Staff, 9/12/08
"...according to Chicago-based consulting firm Appraisal Research Counselors."
Glendale Heights apartment complex on the market A UBS affiliate plans to sell Fordham Glen, a 296-unit apartment complex in west suburban Glendale Heights. The UBS affiliate has hired Chicago-based broker Moran & Co. to seek buyers for the property at 1245 Fordham Drive, near North Avenue and President Street, according to a marketing brochure on Moran's Web site. Developed by Fordham Co. in 1989, the 16-acre property is being offered without an asking price. The seller paid $26 million, or $87,800 a unit, for Fordham Glen in 2003, according to Chicago-based consulting firm Appraisal Research Counselors.
Read  |  Purchase from Publisher

Metra embarks on retail project - French, Italian vendors coming to Ogilvie
Chicago Tribune, Mary Ellen Podmolik, 8/29/08
"...according to Appraisal Research Counselors."
Metra riders, your long wait for brie and aspirin is near an end. Seven years after it was proposed, work will get under way soon on a project to transform a 100,000-square-foot concourse at Ogilvie Transportation Center into a mix of stores and restaurants. The tenants scheduled to arrive at the West Loop train station next summer will be a gourmet food emporium called French Market, a CVS drugstore and Caffe RoM, an Italian-style coffee bar. U.S. Equities Realty announced Thursday that it secured $25 million in construction financing from German lender Eurohypo AG for the first phase of MetraMarket, to be located in the concourse under the tracks at the station at 500 W. Madison St....
Read  |  Purchase from Publisher

CREC Cubs Rooftop Networking Event
Crain's Chicago Business, 8/29/08
"Photos of Appraisal Research Counselors officers."
Photos of attendees Eugene Stunard, Steve Kelley and Jim Kutill of Appraisal Research Counselors....
Read  |  Purchase from Publisher

Waterview Shangri-La faces another hurdle
Crain's Chicago Business, Alby Gallun, 8/27/08
"... according to Appraisal Research Counselors..."
The developer of the stalled Waterview Tower and Shangri-La Hotel has hit another snag as it tries to obtain financing to restart the $500-million Wacker Drive project. Chicago-based Teng & Associates Inc. has been unable to secure trade credit insurance for the 90-story development, and the Export-Import Bank of China won't provide a $400-million construction loan for the project until it does. It is the latest snafu for Teng, which began construction without a loan back in 2006, a move that backfired when the real estate debt markets froze up last year. The Export-Import Bank emerged as a potential savior in April, but subcontractors have since walked off the job as the loan approval process has dragged on longer than expected. Now, Teng is shopping for trade credit insurance after getting no commitment from the China Export & Credit Insurance Corp., or Sinosure, which typically insures the Export- Import Bank's loans. The continued turmoil in the U.S. credit markets has given Sinosure "pause," says Zac Henson, CEO of the U.S. subsidiary of Beijing Construction Engineering Group Ltd., which is arranging the financing....
Read  |  Purchase from Publisher

Hospital purchase a good deal or big risk?
Chicago Sun Times, Fran Spielman, 8/24/08
"According to a report by Appraisal Research Counselors Ltd..."
Some oppose city's Reese purchase for Oly village, cite budget - The housing slowdown is largely to blame for Chicago's $420 million budget shortfall, according to top mayoral aides. And housing-related revenues are expected to remain in the tank for years, they say. So why is City Hall rolling the dice that a depressed real estate market will come roaring back -- by borrowing $85 million to buy the 37-acre campus of Michael Reese Hospital to pave the way for construction of a $1.1 billion Olympic Village on the Near South Side? That's a question being asked around City Hall as Mayor Daley prepares to lay off as many as 1,000 city workers, possibly including police and firefighters....
Read  |  Purchase from Publisher

Planned condos dropped at New City Y site
Crain's Chicago Business, Eddie Baeb, 8/20/08
"... says Ron DeVries, vice-president with the Chicago based firm Appraisal Research Counselors..."
Adjusting to the sluggish condominium market, the developer of the mixed-use project at the New City YMCA site is dropping plans for condos and replacing them with luxury apartments. The project at North Avenue and Halsted Street was to have about 280 condos and 220 apartments in five buildings spread over the 8.2-acre site. The residential now could be scaled back, with the 280 condos changed to about 225 apartments, says Daniel Lukas, a principal with Structured Development LLC....
Read  |  Purchase from Publisher

Could Tribune Tower go residential?
Chicago Sun Times, David Roeder, 8/20/08
"... Appraisal Research said..."
When Tribune Co. Chairman Sam Zell decided in June to put the company's iconic Michigan Avenue tower on the market, the common belief among real estate experts was that he wanted a standard sale-leaseback deal. That's one in which the seller gets a lump of cash and agrees to a long-term lease that gives the buyer a safe return. But hold on. Sources said Zell, who has hired Eastdil Secured LLC to market the tower and a parking lot abutting it, is thinking big. They said Zell wants nothing better than to turn over all of Tribune Tower to a residential developer....
Read  |  Purchase from Publisher

Downtown Condo Glut (video)
Crain's Chicago Business, 8/19/08
Gail Lissner interviewed for clip.
View Now  |  Purchase from Publisher

Downtown Home Sales Down 73%
Huffington Post, Thomas A. Corfman, Crain's Chicago Business, 8/18/08
"... according to a report by Chicago-based residential consulting firm Appraisal Research Counselors."
Sales of new homes downtown are grinding to a halt, casting doubts over when the market for trendy condominiums and townhouses will begin to recover. New-home sales plummeted 73% to a record-low 685 units during the first six months of this year, compared with 2,443 units in the first half of 2007, according to a report by Chicago-based residential consulting firm Appraisal Research Counselors. The dismal results would have been even worse without the proposed 150-story Chicago Spire, which accounted for more than half the total. Sales are expected to continue to fall this year, making it unlikely that the market will reach a total of 1,200 contracts in 2008, far below the previous low recorded by Appraisal Research of 3,258 in 1998.
Read  |  Purchase from Publisher

Chicago Condo Sales Cool Out
Nightly Business Report (PBS), Diane Eastabrook, 8/18/08
"Appraisal Research Counselors Vice President Gail Lissner says..."
It's a buyers market for condominiums in Chicago. Between now and next year, close to 10,000 new units will be available in the downtown area alone. But as Diane Eastabrook reports, sales are slowing and that has developers pulling the plug on future projects....
Read  |  View Now  |  Purchase from Publisher

Few Condo Sales in Downtown Chicago
Chicago Public Radio - NPR (WBEZ 91.5 FM), produced by City Room, 8/18/08
"Appraisal Research Counselors' Gail Lissner says..."
Downtown Chicago's seen a 70 percent decline in condo sales in the first half of this year compared with last. That's according to real estate consulting firm Appraisal Research Counselors. The firm's Gail Lissner says fewer than 700 units have been sold so far this year. What's more, about half of those sales are in the Chicago Spire building, skewing the results. Lissner says people are waiting for prices to bottom out....
Read  |  Purchase from Publisher

Downtown apartment market fares well amid supply surge
Crain's Chicago Business, Eddie Baeb, 8/18/08
"Ron DeVries, vice-president of Appraisal Research, says..."
Downtown apartment rents held steady in the second quarter while occupancy edged down amid job losses and a record number of new apartments hitting the market. The occupancy rate in the quarter for top-quality, Class A apartment buildings was 91.6%. That?s flat from 91.9% in the first quarter, but down markedly from second-quarter 2007 when the rate stood at 95.4%, according to a report by Appraisal Research Counselors, a Chicago-based consulting firm. Effective rents, which include concession packages, were stable at $2.31 per square foot compared with $2.29 in the first quarter. Rents in the second quarter last year were $2.30 per square foot. Ron DeVries, vice-president of Appraisal Research, says the downtown market has held up remarkably well considering the city is expected to lose 5,530 jobs this year after four straight years of growth, according to an Appraisal Research estimate based on Moody?s Economy.com data....
Read  |  Purchase from Publisher

Condo chasm hits new low
Crain's Chicago Business, Thomas A. Corfman, 8/17/08
"... says Gail Lissner, vice-president with Chicago-based Appraisal Research."
Sales of new homes downtown are grinding to a halt, casting doubts over when the market for trendy condominiums and townhouses will begin to recover. New-home sales plummeted 73% to a record-low 685 units during the first six months of this year, compared with 2,443 units in the first half of 2007, according to a report by Chicago-based residential consulting firm Appraisal Research Counselors. The dismal results would have been even worse without the proposed 150-story Chicago Spire, which accounted for more than half the total. Sales are expected to continue to fall this year, making it unlikely that the market will reach a total of 1,200 contracts in 2008, far below the previous low recorded by Appraisal Research of 3,258 in 1998. "This is just the bare minimum in terms of (sales) activity that a city of this size would support," says Gail Lissner, vice-president with Chicago-based Appraisal Research....
Read  |  Purchase from Publisher

Downtown Chicago New-Home Sales Drop 73 Percent, Crain's Says
Bloomberg News, Andrew Harris, 8/17/08
"Appraisal Research Vice President Gail Lissner told Crain's."
New-home sales in downtown Chicago fell 73 percent in the first six months of this year from the year-earlier period, Crain's Chicago Business reported, citing an Appraisal Research Counselors consulting firm study. A record low 685 units sold in the first half, 358 of those in the 150-story Chicago Spire being built by Irish-based developer Garrett Kelleher, which won't be completed until 2012, the newspaper said. Last year 2,443 units sold during the same time. ``This is just the bare minimum in terms of (sales) activity that a city of this size would support,'' Appraisal Research Vice President Gail Lissner told Crain's. The firm tracks sales of townhouses, condominiums and rentalbuilding conversions. More than 9,500 new downtown housing units are scheduled to be completed by the end of next year, 33 percent of which are unsold, the newspaper said, citing the study. Ten more planned projects comprising 1,100 units have been canceled this year.
Read  |  Purchase from Publisher

Apartment complex planned in Rolling Meadows
Crain's Chicago Business, Eddie Baeb, 8/13/08
"... according to Chicago-based consulting firm Appraisal Research Counselors."
Lincoln Property Co. is planning a 330-unit apartment complex at the site of a shopping center in northwest suburban Rolling Meadows that?s home to a long-vacant Dominick?s store. The Dallas-based real estate giant is vying to take on a project that another developer couldn?t get off the ground last year amid a host of issues including rising costs, difficulty negotiating lease buyouts with existing retail tenants and the objections of nearby residents. Lincoln?s preliminary plans call for a four-story structure at the southeast corner of Kirchoff Road and Meadow Drive that also would include a parking garage and between 20,000 to 50,000 square feet of retail space. There also would be 30 to 40 townhomes on the southern portion of the property, says Thomas Melena, Rolling Meadows? city manager...
Read  |  Purchase from Publisher

Streeterville: Where tourists and homeowners mingle
Chicago Tribune, Susan Diesenhouse, 8/8/08
"... said Gail Lissner, an Appraisal Research vice president."
Neighborhood offers vibrant lifestyle and comforts of home?with prices to match - As home buyers, Nina Patel and Shari Hagedorn have strikingly different profiles. Patel, 25 and single, relocated from Boston last fall to work as a pharmacist at Northwestern Memorial Hospital. Hagedorn, 62 and a longtime Chicago suburbanite, is a retired school teacher eager to enjoy city diversions with her family. But both recently found condominiums to suit their needs in Streeterville, a Near North neighborhood delivering a bumper crop of designer high-rises that are taking it far from its historic roots as a salty shipping and industrial enclave. While the neighborhood's northern and middle tiers have older housing, both luxury and some moderately priced, much of the new development is in its southern tier. The pricey new condos are bringing more people than ever into Streeterville, which has long drawn crowds to Navy Pier, the John Hancock tower, Michigan Avenue shopping and the Museum of Contemporary Art. Buying into the mid-section of the neighborhood bordered by Lake Michigan, the Chicago River, Oak Street and Michigan Avenue...
Read  |  Purchase from Publisher

Suburban apartment occupancy drops; conversion sales plunge
Crain's Chicago Business, Thomas A. Corfman, 8/4/08
"... says Ron DeVries, vice-president at Appraisal Research Counselors"
Condominium conversion sales of apartments in the Chicago suburbs plummeted to just 46 units during the second quarter. Can you name them? The disappearance of the subprime mortgage and the slowing economy have dried up the condo conversion market, with the number of units sold during the second quarter plunging nearly 90%, compared to 414 sales during the second quarter of 2007, according to a forthcoming report by Appraisal Research Counselors....
Read  |  Purchase from Publisher

Lakeshore East project lifts Magellan to top
Chicago Tribune, Susan Diesenhouse, 8/1/08
"... according to Appraisal Research Counselors..."
A great location, moderate prices for a luxury product and a quick sellout has been the formula for developing Lakeshore East, an enormous project that has catapulted Magellan Development Group LLC into the top tier of Chicago developers. "We accept lower margins and a speedy sellout over high prices." said Jim Loewenberg, 74, a longtime local architect-developer who is co-chief executive of the company with lawyer-developer Joel Carlins, 72. "Considering the time value of money, in the end, the net effect is the same." The pair did their first project together 21 years ago...
Read  |  Purchase from Publisher

2 Carol Stream apartment complexes changing hands
Crain's Chicago Business, Alby Gallun, 7/30/08
"...says Ron DeVries, vice-president at Appraisal Research Counselors..."
A Denver-based real estate investment trust has sold a 492-unit apartment complex in Carol Stream to a local investment firm and has agreed to sell another 293-unit property in the western suburb to a California investor new to the Chicago area. In the first transaction, an affiliate of Skokie-based F & F Realty Ltd. paid $52.3 million, or about $106,000 a unit, for Lakehaven Apartments, financing the transaction with a seven-year, $43.5- million loan from Freddie Mac, property records show. The REIT, Apartment Investment & Management Co., also has agreed to sell Yorktree Apartments just a few miles away for about $23 million, or $78,500 a unit, to San Francisco-based Friedkin Realty Group, sources say....
Read  |  Purchase from Publisher

Rent prices react to mixed forces
Chicago Sun Times, Chicagoland Apartment Associatio, 7/30/08
".. according to a recent report by Appraisal Research Counselors..."
Apartment rent increases this summer vary from 1.5 percent to as much as 7 percent in the city and more than 5 percent in the suburbs. According to the Chicagoland Apartment Association (CAA), that is the mixed bag renters will find as some landlords wrestle with a marketplace battered by talk of a recession, joblessness and sky-high gas prices. ?Some apartment mangers have comfortably raised rents, while others have resorted to rental concessions,? said Judy Roettig, executive director of the CAA, a 300-member organization that represents more than 2,500 apartment professionals who own or manage more than 600 properties and more than 136,000 apartments in the greater sixcounty Chicago area. ?I think it depends on whom you talk to,? said Carl Pettigrew, a longtime CAA member and managing partner of New Venture Realty?which owns and manages...
Read  |  Purchase from Publisher

Lender avoids foreclosure on suburban condo conversion
Crain's Chicago Business, Alby Gallun, 7/30/08
"... says Appraisal Research Vice-president Ron DeVries."
A Connecticut mezzanine lender that took over a languishing Schaumburg condominium conversion project last fall has averted a foreclosure of the 219-unit property by senior lender LaSalle Bank N.A. LaSalle, now a unit of Bank of America, signed a forbearance agreement in May giving the mezzanine lender until Oct. 3 to pay off a loan on Hawthorn Estates, a condo development at 1931 Prairie Square. Launched in 2005 by Miami-based developer Hudson Capital LLC, the project has struggled with weak sales amid the depressed condo market. Buyers have closed on or signed contracts for just 102 units, or 47% of the total, according to Chicago-based real estate consulting firm Appraisal Research Counselors....
Read  |  Purchase from Publisher

Condo buyers flip off Trump
Crain's Chicago Business, Alby Gallun and Thomas A. Corfman, 7/28/08
"... says Appraisal Research Vice-president Gail Lissner."
Investors no longer have to pay Trump prices for a piece of Donald Trump's downtown condominium and hotel tower. At least 34 hotel suites sold by the developer in the past six months are back on the market, some priced at a steep discount to comparable unsold hotel units in the yet-to-be-completed project. They are owned by investors who signed purchase contracts before construction began on the 92- story skyscraper, aiming to flip the units for a profit after closing. It's a potential problem for Trump International Hotel and Tower, which is having a hard time regaining early sales momentum in a downtown condo market suffering from surging supply and declining demand. Mr. Trump, who relied on early sales contracts with investors to get $770 million in construction loans, now must compete with many of them for buyers: That's tough when prices on some of the resale units are more than 30% below the developer's. "My clients want to get out, and the only way they can get out is by undercutting the developer," says broker Andrew Glatz, who has listings for...
Read  |  Purchase from Publisher

Mixed-use towers planned for Franklin Point
Crain's Chicago Business, Alby Gallun, 7/23/08
"... according to Appraisal Research Counselors..."
An Irish condominium developer wants to build two 25-story towers with hotel rooms and residences at the southwest corner of Harrison and Wells streets in the South Loop. Limerick, Ireland-based Chieftain Group plans 200 hotel rooms, 200 apartments and 250 condos on the 2-acre parcel, part of a long-vacant 8-acre tract known as Franklin Point, says Sean O?Sullivan, Chieftain?s chief operations officer. Designed by Chicago architecture firm Brininstool & Lynch, the project is expected to cost about $150 million. Chieftain aims to submit its plans for the project to the Department of Planning and Development in October, Mr. O?Sullivan says....
Read  |  Purchase from Publisher

Owner takes out $41.8-million loan on Bernardin
Crain's Chicago Business, Alby Gallun, 7/22/08
"... according to Appraisal Research Counselors..."
An affiliate of UBS Realty Investors LLC has taken out a $41.8-million loan on the Bernardin, an apartment building in River North, more than two years after buying the 171-unit tower. New York-based Metropolitan Life Insurance Co. provided the loan on the building at 747 N. Wabash Ave., according to a mortgage filed with the Cook County Recorder. A joint venture that included Chicago-based developer McCaffery Interests built the tower a few years ago and sold it to the UBS affiliate for $89.4 million in December 2005. The UBS affiliate did not borrow money to finance the transaction. UBS and Metropolitan Life executives were not immediately available for comment Tuesday morning. The Bernardin was 93.6% occupied in the first quarter, with an average rent of $2.71 a square foot, according to Appraisal Research Counselors, a Chicago-based real estate consulting firm. Rents in the building ranged from $1,470 for a studio to $6,785 for a four-bedroom apartment.
Read  |  Purchase from Publisher

From gritty roots to urban chic - Developers see opportunity in River North
Chicago Tribune, Susan Diesenhouse, 7/11/08
"... according to Appraisal Research Counselors..."
Gary Deutsch wanted to live in a neighborhood with the cosmopolitan flair and pulsating pace that his digs in San Diego lacked. He found that in River North, a oncederelict district being transformed by new development into one of the city's most vibrant places to live and work. "River North has the urban beat," said Deutsch, 55. "Suburban San Diego has a dead beat." This fall, he will move into a new 2,500-square-foot, three-bedroom, threebath condominium at 110 W. Superior St., within walking distance of his furniture store, Ligneroset, at 208 W. Hubbard St. His new $1.5 million condo "is convenient to good restaurants, bars, galleries and Neiman Marcus on Michigan Avenue," he said....
Read  |  Purchase from Publisher

City looking at modest rent hikes
Chicago Sun Times, Celeste Busk, 7/11/08
"...Appraisal Research Counselors, a Chicago-based consulting firm that tracks housing trends, says..."
Apartment hunters looking for rentals and renters anticipating lease renewals can expect to see rent increases of 1 to 6 percent in the city, reports the Chicagoland Apartment Association. Rents throughout the city and suburbs are expected to rise between now and Oct. 1 as some landlords wrestle with a marketplace battered by talk of a recession, joblessness and sky-high gas prices, said Judy Roettig, executive director of the CAA, a 300-member organization that represents more than 2,500 apartment professionals who own or manage more than 136,000 apartments in the greater six-county Chicago area....
Read  |  Purchase from Publisher

Deal on table for Reese parcel - $85 million financing plan called 'creative'
Chicago Tribune, Kathy Bergen and Hal Dardick, 7/9/08
"... said Gail Lissner, a vice president at Appraisal Research Counselors."
Though the housing and credit markets are reeling, Chicago is poised to make a major bet on real estate, proposing an $85 million deal for the purchase of the Michael Reese Hospital property as a potential site for a 2016 Olympic Village. The transaction would be financed with an $85 million note to hospital supplier Medline Industries Inc., the hospital's landlord, which in turn would make a $20 million cash contribution to the city. That contribution would be used to cover interest payments on the loan in the near term, as well as to cover costs for hospital building demolition and environmental cleanup. The hospital intends to close as early as this fall. Only interest payments would be due for the first five years of the 15-year loan under the proposal to be introduced to the City Council on Wednesday. "This is a very creative financing solution," Chicago Planning Commissioner Arnold Randall said. "We are not laying out any money. We aren't using any tax dollars." The city intends to resell the 37-acre parcel within the year to a developer who would be interested in building a $1.1 billion Olympic Village if Chicago wins the right to host the 2016 Summer Games, a decision due...
Read  |  Purchase from Publisher

Bargains abound with Chicago condo market in pause mode
Chicago Journal, Don DeBat, 7/9/08
"... said Gail Lissner, vice president of Appraisal Research Counselors."
Chicago's downtown condominium market appears to be in suspended animation, waiting for better economic times to kickstart sales and development, experts say. Veteran real estate experts are comparing today's real estate market with that of 1981-82, the last great downturn, when mortgage rates peaked at 18 percent during the era of Reaganomics and financial deregulation. Today, benchmark 30-year fixed mortgage rates are affordable, in the low 6-percent range. However, the sub-prime mortgage crisis has forced lenders to become extremely picky about approving loans. So why are buyers sitting on the sidelines? "With so much uncertainty in the financial and real estate markets, potential buyers are confused, cautious and deferring purchase decisions," said Gail Lissner, vice president of Appraisal Research Counselors...
Read  |  Purchase from Publisher

Tribune Co. puts tower on the block - Zell also would consider L.A. Times site
Chicago Tribune, Robert Manor and Phil Rosenthal, 6/26/08
"Steven Kelley, a vice president at Appraisal Research Counselors, said..."
Tribune Co. Chairman and Chief Executive Sam Zell said Wednesday that he is exploring options for maximizing the value of the headquarters building, which houses the Chicago Tribune, as well as the Los Angeles Times' home, Times Mirror Square. Zell, who engineered the $8.2 billion deal that took media giant Tribune Co. private in December, would use proceeds from a transaction to pay down debt?if the price is right. He is asking a number of real estate firms for ideas on how to capitalize on the Tribune and Times properties. Requests for proposals went out Wednesday morning, one source said. "We are not rushing this process, and I can assure you we will not accept anything but full-market value for these assets," Zell said in a statement that didn't go into specifics. Tribune Co.'s debts total around $13 billion, and there are major obligations due this year and next. Zell has said this year should be covered through Cablevision Systems Corp.'s $650 million deal to acquire control of Newsday, Tribune Co.'s paper in Long Island, N.Y. The anticipated sale of the Chicago Cubs and Wrigley Field is expected to help cover next year's obligation....
Read  |  Purchase from Publisher

Former converter starts vulture fund
Chicago Tribune, Andrew Schroedter, 6/26/08
"... says Ron DeVries, vice-president at Appraisal Research Counselors..."
For more than two decades, Robert Sheridan, a former air conditioning salesman, made his money converting apartment buildings to condominiums in Chicago, New York and other U.S. cities. But amid the real estate market crash of the early 1990s, Mr. Sheridan, who was then 63, lost everything and filed for Chapter 11 bankruptcy protection. He says the experience was such a turnoff that he quit doing any more deals ? at least for a while. Now, at age 80, a wiser and more experienced Mr. Sheridan is raising money for a $200-million investment fund targeting distressed condominium properties. With $50 million already in the bank, Mr. Sheridan says the hard part hasn't been raising capital for his vulture fund, but finding deals at prices that make financial sense. The residential market is "not at the bottom," says Mr. Sheridan, principal of River Forest-based Robert Sheridan & Partners LLC....
Read  |  Purchase from Publisher

Developer puts South Loop site on the market
Crain's Chicago Business, Alby Gallun, 6/18/08
"... says Ron DeVries, vice president at Appraisal Research Counselors..."
A Chicago developer is seeking buyers for a 2.5-acre property in a fast-growing part of the South Loop after dropping plans to build a 600-unit apartment building there. D2 Realty Services Inc. has hired CB Richard Ellis Inc. to sell the parcel at 1000 S. Clark St. with an asking price of $20 million. D2 paid $10.4 million for the property in August 2006, financing the acquisition with an $11-million loan from Fremont Investment & Loan, property records show...
Read  |  Purchase from Publisher

Lissner: Buyers taking a ?wait and see? approach to home decisions
New Homes Magazine, Gail Lissner, CRE, SRA, 6/18/08
Buyers are continuing to wait on the sidelines so far in 2008, although there are some very enticing opportunities for buyers with good credit. A decrease in the number of potential buyers actively shopping the market along with attractive interest rates and a record number of building completions this year will provide some excellent buying opportunities. However, with the uncertainty in the financial markets and slower resale market, many buyers are taking a ?wait and see? attitude and deferring purchase decisions. As reflected in our weekly survey of new-construction condominium...
Read  |  Purchase from Publisher

South Loop condos get $50-million construction loan
Crain's Chicago Business, Eddie Baeb, 6/12/08
"... says Gail Lissner, a vice-president with Appraisal Research Counselors..."
Sedgwick Properties Development Corp. has landed a $50-million construction loan for a new, 180-unit condominium building in the South Loop, in a deal that seems to defy the downtrodden condo market. Dubbed Terrazio, the seven-story building is going up at 1935 S. Wabash Ave., thanks to the loan inked last month from Amalgamated Bank?s LongView Ultra Construction Loan Fund. Chicago-based Sedgwick has sold about 80 of the 180 units in the project, just less than a year after sales kicked off, says H. Jay Feeley, the firm?s director of business development. Few other new condo developments this year have approached the roughly 50% of pre-sales required to get a construction loan, particularly with so many lenders skittish about providing loans for new condo buildings. ?(Terrazio) will be on the short list that breaks ground this year,? says Gail Lissner, a vice-president with Appraisal Research Counselors, a Chicago-based consulting firm that tracks the downtown residential market. ?It will be a short list, a very short list.? Downtown developers...
Read  |  Purchase from Publisher

Hot real estate market versus one that's not
Chicago Tribune, Mary Ellen Podmolik, 6/6/08
"... Gail Lissner, vice president of Appraisal Research Counselors, favors properties..."
Ask local real estate professionals where the hot spots are in the market right now and their immediate response is the same. It's not a pause while builders, real estate agents and appraisers think about it. It's not an answer preceded by an explanation of market forces. They answer with a laugh, and a loud one at that. Lance Ramella, principal at Meyers Builders Advisors, summed up the sentiment of most who work in a residential real estate industry whose flagging fortunes have been welldocumented. "I wouldn't call any market, in Chicago and anywhere else in the country right now, hot right now," Ramella said. "Some markets are just better than others and it's a relative term. Being better than horrible, that's where we're at." Finding those bright spots in the market requires going back to the basics...
Read  |  Purchase from Publisher

Luxury Building Boom Slows Under Tightening Credit Woes
Engineering News Record (McGraw Hill Construction), Pamela Dittmer McKuen, 5/28/08
"... says Gail Lissner, a vice president of Appraisal Research Counselors."
A nervous real estate market is jeopardizing some of Chicago?s ritziest new high-rises, which have been popping up lately like champagne corks. With the stream of buyers slowing to a trickle, lenders are increasingly tight-fisted, developers are scrambling for financing, and contractors are looking for other ways to keep busy. ?The greatest effect is on anyone who is not yet financed,? says Gail Lissner, vice president of local consulting firm Appraisal Research Counselors. ?But everyone is having a very hard time raising mezzanine debt, the layer between the construction loan and the equity in a project. That?s very expensive money.? First-quarter 2008 sales of downtown Chicago new-construction condominiums dropped 83% from the previous year, according to ARC figures...
Read  |  Purchase from Publisher

Suburban apartment rent ticks up
Crain's Chicago Business, Eddie Baeb, 5/27/08
"Ron DeVries, vice-president with Appraisal Research, thinks rents..."
Rents for suburban apartments crept higher in the first quarter while the occupancy rate remained at its lowest level since at least 2003 as the outlook for landlords has become less rosy due to concerns over the economy. The median net rent increased a penny from the fourth quarter to $1.14 a square foot, up 5.7% from the first quarter last year, according to Appraisal Research Counselors, a Chicago-based consulting firm that tracks the local housing market. The occupancy rate was 93.3% in the first quarter, the lowest since at least the second quarter of 2003. That?s unchanged from the fourth quarter, but down from 96% a year ago....
Read  |  Purchase from Publisher

Jupiter Breaks Ground On 50-Story Loop Apt. High Rise
Costar Group, Mishka Parkins, 5/15/08
"The firm cited a study by Appraisal Research Counselors..."
$157 Million Building Seeking LEED Certification - Jupiter Realty Co. recently broke ground on a 50-story, 389-unit apartment tower at 215 West Washington Street in Chicago. Building completion is forecasted for 2010. The building, designed by Solomon Cordwell Buenz, is expected to be the first apartment tower to achieve LEED certification and will include a mix of studios, one-, two- and three bedroom...
Read  |  Purchase from Publisher

Record condo numbers to saturate downtown
Chicago Tribune, Robert Manor, 5/14/08
"Gail Lissner, vice president of Appraisal Research Counselors, said..."
Nearly 6,000 condos, by far a record number, are expected to come on the market in downtown Chicago this year at a time when mortgages are tougher to get and sales have slowed dramatically, according to a report. That adds up to a big worry about the Loop-area market, which has seen explosive growth in recent years....
Read  |  Purchase from Publisher

RREEF to invest in planned River North apartment tower
Crain's Chicago Business, Andrew Schroedter, 5/14/08
"...according to Appraisal Research Counselors..."
Chicago developer Daniel McCaffery has partnered up again with RREEF on a luxury River North apartment high-rise project. RREEF, the investment advisory unit of Germany?s Deutsche Bank, has agreed to invest an undisclosed amount in Mr. McCaffery?s proposed $80-million Flair Tower development at Erie and Franklin streets, setting the stage for construction to begin this summer on the 201-unit building. RREEF and the developer last teamed up to build the 175-unit Bernardin apartment tower at 747 N. Wabash Ave., which was completed in 2005....
Read  |  Purchase from Publisher

Downtown dead zone
Crain's Chicago Business, Alby Gallun, 5/12/08
"... says Appraisal Research Vice-president Gail Lissner."
Downtown condominium developers suffered their worst first quarter in at least a decade, selling just 201 units ? an unwelcome trend as unsold condos start piling up. The total represents an 83% drop from first-quarter 2007, when downtown developers sold 1,207 units, according to a report by Appraisal Research Counselors, a Chicago consultancy. The only quarter with lower sales in the past 10 years was the last three months of 2001, after the Sept. 11 attacks, when developers sold 92 units. The speculators who drove the condo boom a few years ago have all but disappeared, and tighter lending standards have made it harder to finance a purchase. The weak economy also is taking a toll, says Appraisal Research Vice-president Gail Lissner....
Read  |  Purchase from Publisher

Downtown apartment rents tick up in 1Q
Crain's Chicago Business, Alby Gallun, 5/12/08
"... says Ron DeVries, vice-president at Appraisal Counselors..."
Rents and occupancies at high-end downtown apartments edged higher in the first quarter, but landlords are likely to have a tougher time signing new tenants in the coming months. The lousy market for homes and condominiums has been good news for apartment owners, as many would-be condo buyers wait out the slump by renting instead. The bad news: Landlords face increased competition from new apartment buildings and investor-owned condominiums, along with a weak economy. ?Employment is looking pretty bleak this year and that obviously has an impact on the rental market,? says Ron DeVries, vice-president at Appraisal Research Counselors...
Read  |  Purchase from Publisher

Irish developer in deal to buy land at Franklin Point
Crain's Chicago Business, Alby Gallun, 5/7/08
"... according to Appraisal Research Counselors..."
An Irish condominium developer with one project in the South Loop is getting ready for its second development in the neighborhood on a 2-acre property at Harrison and Wells streets. Sources say Limerick, Ireland-based Chieftain Group has signed a contract to pay D2 Realty Services Inc. nearly $20 million for the parcel, part of a larger vacant 8-acre tract known as Franklin Point. Russland Capital Group, a Skokie developer, bought the other 6-acre parcel within Franklin Point in February....
Read  |  Purchase from Publisher

Gail Lissner, Vice President, Appraisal Research Counselors
Crain's Chicago Business, Phuong Ly, 5/5/08
"ARC's quarterly "Residential Benchmark Report," which Ms. Lissner co-authors with Ron DeVries, is a
Gail Lissner's first real estate job was a disaster. In three months at a Chicago agency, she didn't make a single sale. It got so bad her supervisor insisted she keep her next client in the office until he signed a contract. She closed the deal but felt awful because the client was supporting his mother and couldn't really afford the $20,000 condo. Thankfully, he called the next day to cancel, and Ms. Lissner quit her job. "I just wasn't cut out for sales," she says. But she stayed in real estate and found her home in appraisals and consulting. Since joining Appraisal Research Counselors in 1975, she has risen to become one of the most sought-after experts on the Chicago market. ARC's quarterly "Residential Benchmark Report," which Ms. Lissner co-authors with colleague Ron DeVries, is a must-read in the industry. The 700-page tome, nicknamed "the bible" by subscribers, costs $4,000 a year and offers detailed statistics on downtown Chicago condo projects, conversions, developments for sale and the rental market. She also advises some of Chicago's top developers and lenders on pricing condo projects and moving properties that aren't selling....
Read  |  Purchase from Publisher

Who Will Buy the Condos?
Chicago Magazine, Dennis Rodkin, 5/1/08
"... says Gail Lissner, a vice president of Appraisal Research."
Since 2000, developers have flooded downtown Chicago with more than 20,000 new condos and townhouses?yet at the end of 2007, nearly 8,000 of them sat unsold. Will that glut drag down the local economy even further, or will the lure of city living and an influx of international buyers rescue a failing market? If you were shopping for a Chicago condo over the last few months, the deals were coming fast and furious. At 30 West Erie in River North, developers were offering buyers a free parking space?a year earlier, that handy asset would have cost $50,000. At the Rotunda, at 2741 North Sheffield Avenue in Lincoln Park, you'd get a $15,000 "furniture allowance" if you bought by March 31st. At VB1224 Lofts, in the West Loop at 1224 West Van Buren Street, the developers at one point promised a $35,000 allowance that could be used towards a free parking space, appliances, or other upgrades; at another point, they offered to pick up a year of condo fees. The escalating incentives tell an obvious story: Chicago's condo boom has stalled...
Read  |  Purchase from Publisher

Apartment sales plunge in first quarter
Crain's Chicago Business, Eddie Baeb, 4/28/08
"... according to Appraisal Research Counselors."
Apartment sales in the Chicago area plummeted in the first quarter as most sellers and buyers remained sidelined amid disruption in the credit markets and concerns about the slowing economy. Sales of large apartment buildings in the quarter totaled $322.4 million, down 56% from the first quarter last year, according to a new report by CB Richard Ellis Inc. The suburbs saw more activity than the city. Five big apartment buildings sold in the suburbs during the quarter, totaling $200 million. In the city, there was only one portfolio sale: seven North Side buildings that fetched $122.4 million. Not a single major apartment building, which CB Richard Ellis defines as selling for $10 million or more, has been sold downtown in more than six months. ?It was a weak start to the year,? says John Jaeger, a first vice-president with CB Richard Ellis? multi-family investment unit in Chicago....
Read  |  Purchase from Publisher

Condo converter to auction 293 unsold units
Crain's Chicago Business, Thomas A. Corfman, 4/16/08
"... according to Chicago-based consulting firm Appraisal Research Counselors."
After more than two years of marketing, a condominium converter has hired Inland Real Estate Auctions Inc. to sell 293 unsold units in a large apartment complex in the far northern suburbs. Capital Acquisitions & Development Inc. hired Inland to auction off nearly three quarters of the 396 units in the former County Faire Village in Grayslake. A buyer could continue the slowmoving conversion program...
Read  |  Purchase from Publisher

Lake Shore Drive apartment high-rise for sale
Crain's Chicago Business, Alby Gallun, 4/9/08
"... says Ron DeVries, vice-president at Appraisal Counselors..."
The owner of North Harbor Tower apartments has put the 55-story high-rise at Lake Shore Drive and Randolph Street up for sale, a move that will test investor demand for apartments amid an ongoing credit squeeze. The Florida State Board of Administration, which paid $118 million for the 600-apartment tower in 1999, aims to sell the property for more than $200 million, or $333,000 a unit, sources say. Heitman, the Chicago-based real estate firm advising the pension fund on the investment, has hired CB Richard Ellis Inc. to sell the building at 175 N. Harbor Drive...
Read  |  Purchase from Publisher

Homebuilder scraps downtown condo project
Crain's Chicago Business, Alby Gallun, 4/9/08
"... according to a report by Chicago-based consulting firm Appraisal Research Counselors."
Lennar Corp., the big Miami homebuilder, is pulling the plug on another downtown Chicago condominium project, the 221-unit Parc Huron in River North. Lennar is seeking buyers for the development site at 469 W. Huron St. and has talked to several apartment developers about the property, sources say. A Lennar spokesman declines to comment, but the Parc Huron has been...
Read  |  Purchase from Publisher

Modest rent increases predicted for '08
Chicago Sun Times, 4/8/08
"... said Ron DeVries, vice president of Appraisal Research Counselors."
Suburban apartment renters in the Chicago area likely will see another series of modest rent increases starting this spring and continuing through 2008, reported a new forecast by Appraisal Research Counselors, Ltd. ?Our current survey for the last quarter of 2007 shows a net suburban apartment rental rate of $1.13 per square foot?a gain of 7.1 percent when compared with the fourth quarter of 2006,? said Ron DeVries, vice president of Appraisal Research Counselors. The Chicago-area suburban median rent on a typical one-bedroom apartment currently is $896 per month, while two-bedroom layouts are going for $1,091, according to the new Apartment & Condo Conversion Benchmark Report. ?We project net rent to remain flat until spring of 2008 with a modest increase projected for the year,? said DeVries, who recently completed a survey of 219 rental complexes with 74,481 dwelling units in Cook, Lake, McHenry, Kane, Kendall, DuPage and Will counties. However, the Appraisal Research survey noted that occupancy levels fell in every suburban submarket because of seasonal pressures and weaker employment conditions. Appraisal Research reported a 93.3 percent occupancy rate for the entire suburban Chicago-area marketplace, compared with 97 percent posted a year ago. ?The market has clearly softened due in a large part to the weaker employment numbers,? DeVries said. Appraisal Research also said lower vacancy levels and competition from the ?shadow rental market? consisting of condominiums leased out by investors also has created a return to concessions at about 40 percent of the complexes surveyed. The average concession is one month?s free rent. A poll of Chicagoland Apartment Association members indicates that most suburban apartment management companies plan to increase rents 4 percent to 6 percent in spring and scale back concessions, said Judy Roettig, executive vice president of the CAA....
Read  |  Purchase from Publisher

Spire takes condos -- and prices -- to new heights
Edmonton Journal, Canada, Bloomberg, 3/29/08
"... according to Appraisal Research Counselors."
Developer Garrett Kelleher is counting on a weak dollar and the cachet of living in the world's tallest condominium tower to market the Chicago Spire. It may be a hard sell. Kelleher's Shelbourne Development Ltd. is laying foundations for his 150-storey tower even as demand slows at Donald Trump's 92-storey hotel and condominium project, being built 10 blocks away. Kelleher said wealthy buyers in Europe, Africa and Asia will recognize Chicago as a better investment than "problematic" markets such as Las Vegas and southern Florida.
Read  |  Purchase from Publisher

South Loop site lands a buyer
Crain's Chicago Business, Alby Gallun, 3/24/08
"... says Gail Lissner, vice-president at Appraisal Research Counselors..."
A little-known local condominium developer has paid about $40 million for a riverside property in Chicago's South Loop, a tract that has tantalized developers but has sat fallow for 37 years. Skokie-based Russland Capital Group says it recently bought a 6.5-acre parcel in the site known as Franklin Point from Florida-based railroad CSX Corp. Russland is the third builder in four years to take a crack at the property, a mostly empty grassy expanse beginning four blocks south of the Sears Tower and extending to Polk Street....
Read  |  Purchase from Publisher

Marketing for Mixed-Use 300 N. Michigan Under Way
Commercial Property News, Dees Stribling, 3/14/08
"... According to a recent report by Appraisal Research Counselors..."
The marketing effort for 300 N. Michigan Ave., a planned mixed-use development in Downtown Chicago, has started during increasingly tough times for new residential properties, though predicting market conditions throughout the planned development period -- more than three years -- is difficult. Plans by developer Provence Development Group call for completion of the project in the third quarter of 2011. According to a recent report by Appraisal Research Counselors Ltd., a record number of condo residential units will come on line in Chicago in 2008 -- all of which began construction before the credit crisis made funding for such development more difficult. The report estimates that about 5,900 new units, including both condos and townhomes, will be put on the market in 2008, compared with about 4,300 units in 2007. Most of the new units in 2008 will be in the Downtown market....
Read  |  Purchase from Publisher

A Sterling example of
Crain's Chicago Business, Alby Gallun and Thomas A. Corfman, 3/10/08
"... says Gail Lissner, vice-president of Appraisal Research Counselors."
The sign out front says, "The Sterling Private Residences," but the 50-story tower at 345 N. LaSalle St. recently has earned a less distinguished title: condo foreclosure capital of Chicago. Over the past three years, lenders have filed 95 foreclosure suits, accounting for about $40 million in loans, on condominiums in the 389-unit high-rise, fueling a big drop in condo values throughout the building....
Read  |  Purchase from Publisher

Renter beware: You'll be paying more in 2008
Chicago Sun Times, Celeste Busk, 3/7/08
"... said Ron DeVries, vice president of Appraisal Research Counselors..."
Apartment dwellers in Chicago area suburbs will be hit this spring with rent increases of 4 to 6 percent, reports the Chicagoland Apartment Association. A recent poll of association members indicates that most apartment management companies in the suburbs plan to increase rents and scale back concessions this spring, said Judy Roettig, executive vice president of the CAA. The CAA represents more than 2,500 apartment professionals who own or manage more than 600 properties and more than 136,000 apartments in the city and suburbs....
Read  |  Purchase from Publisher

Interest Rates Vs. Mortgage Rates Adds Up To More Frustration
Nightly Business Report (PBS), 3/6/08
"...said Russ Haraus, Risk Mgmt Chair, IMBA (and V.P., Appraisal Research Counselors)..."
A new report today shows American homeowners now have the lowest share of equity in their homes on record. The Federal Reserve says homeowner equity dipped below 50 percent in the second quarter of 2007. That's the first time this has happened since the Fed started tracking the data back in 1945. The total value of equity has also fallen for a third straight quarter....
Read  |  View Now  |  Purchase from Publisher

Expect few new announcements in 2008 as developers move existing product
New Homes Magazine, Gail Lissner, 3/4/08
Home pricing in the Chicago market has been holding up well through November 2007, based on the S&P Case-Shiller Home Price Index, which tracks changes in values of existing homes in 20 major markets throughout the United States. According to this study, existing home prices in Chicago have been growing annually at a rate of 6.9 percent per year since 2000 and have lost only 4.1 percent in value from their peak. This is a far different story from what is occurring in many other parts of the United States, where pricing climbed quickly and then fell fast. Thus, the prognosis is rather good for Chicago in comparison to many...
Read  |  Purchase from Publisher

Plan for South Loop condo tower takes hit
Crain's Chicago Business, Eddie Baeb and Thomas A. Corfman, 3/1/08
"... says Gail Lissner, vice-president with real estate consulting firm Appraisal Research Counselors..."
Plans for an 80-story condominium tower that would overlook Grant Park on South Michigan Avenue are in doubt after a lender filed a foreclosure lawsuit, seeking to recoup more than $4.25 million. The foreclosure action by Chicago-based Hermes Capital LLC is the first on a high-profile project here since the condo market tanked early last year. At 855 feet, the Park Michigan project at 830 S. Michigan Ave., three blocks south of Congress Parkway, would be the tallest tower in the burgeoning South Loop. In a foreclosure lawsuit filed Feb. 15, Hermes Capital claims that Oak Brook-based developer Warren Barr and his firm, Renaissant Development Group LLC, defaulted on the $4.25-million loan by failing to raise at least $2.13 million in new equity to help cover pre-development costs by Dec. 31....
Read  |  Purchase from Publisher

Terrapin close to losing stake in Near West Side project
Crain's Chicago Business, Alby Gallun, 2/20/08
"... according to Appraisal Research Counselors..."
Amid loan trouble, Terrapin Group LLC, one of the West Loop?s biggest condominium developers, is on the verge of losing its stake in a proposed mixed-use project at Halsted and Monroe streets. The lender, Orleans Properties LLC, has issued a public notice that it plans an auction on Feb. 28 to sell a Terrapin affiliate?s ownership in the proposed 530,000-square-foot development. The Terrapin entity has defaulted on a loan secured by its investment in the project and owes Orleans more than...
Read  |  Purchase from Publisher

Downtown apartment rents fall in fourth quarter
Crain's Chicago Business, Alby Gallun, 2/19/08
"... says Appraisal Research Vice-president Ron DeVries."
Landlords still have the upper hand over tenants in the downtown Chicago apartment market, but they lost some leverage in the fourth quarter, a trend that could continue in 2008. After factoring in concessions like free rent, rents at downtown Class A apartment buildings fell 4.3% in the fourth quarter from the third, the largest quarterly decline since 2001, according to a report by Appraisal Research Counselors. Occupancies dropped to 91.3% from 94.6% in the third quarter, the Chicago-based real estate consulting firm says....
Read  |  Purchase from Publisher

Gap grows between condo sales, inventory
Chicago Tribune, Susan Diesenhouse, 2/15/08
"... said Ron DeVries, a vice president at Appraisal Research."
Sales of new condominiums are falling while inventory, especially downtown, is rising. Last year buyers agreed to purchase 3,783 downtown condo units, down from 5,783 in 2006 and 8,162 in 2005, according to a presentation Thursday by Appraisal Research Counselors. Among downtown neighborhoods, only the West Loop saw sales rise in 2007. Construction is slated to be completed on 6,000 downtown condominium units this year, double the number completed in 2005, the peak sales year. "New projects are outpacing sales and the gap is continuing," said Gail Lissner, vice president of Appraisal Research Counselors. "We'll see more auctions as an exit strategy." The condo glut also cooled apartment rents, which eased to $2.25 a square foot last year, down from the decade's peak of $2.35 a square foot in the third quarter of 2007. Now 5,814 condominiums are for sale in recently completed projects, still in construction or being planned. But the weakening job market is likely to dampen 2008 sales. Job growth will slow to about 32,000 new positions, down from 43,000 a year ago, said Ron DeVries, also a vice president at Appraisal Research....
Read  |  Purchase from Publisher

Condo units hitting Chicago market expected to double in 2008
Chicago Tribune, Susan Diesenhouse, 2/14/08
"... according to the annual assessment by Appraisal Research Counselors..."
In 2007, the weakening downtown Chicago condominium market was marked by declining sales and values but rising inventory in most neighborhoods, according to the annual assessment by Appraisal Research Counselors, a Chicago-based appraisal and research firm. And the number of new units being delivered this year is set to rise to nearly 6,000 up from 3,000 in the peak year of 2005, the firm reported Thursday. The West Loop was the one neighborhood that saw sales increase last year, according to Appraisal Research.
Read  |  Purchase from Publisher

New downtown condo sales down 36% last year
Crain's Chicago Business, Alby Gallun, 2/14/08
"... Appraisal Research Vice-president Gail Lissner said..."
Sales of new downtown condominiums and townhomes fell 36% last year, and developers will face a big test in 2008, when nearly 6,000 units become ready for occupancy. Condo and townhome buyers signed contracts for 3,700 units in 2007, down from 5,783 in 2006, according to Appraisal Research Counselors, a Chicago-based real estate consulting firm. Sales have fallen 55% since 2005, a record year, with 8,162 contracts, but are still higher than they were in 2001 through 2003. ?Buyers are still confused and scared of making a bad decision,? and are waiting to buy until the market hits ?rock bottom,? Appraisal Research Vice-president Gail Lissner said at luncheon presentation Thursday at the Standard Club....
Read  |  Purchase from Publisher

Get ready for a glut of Chicago condos
Chicago Sun Times, Dave Roeder, 2/14/08
"... Gail Lissner, vice president at Appraisal Research, said..."
Think the downtown condominium market is glutted? You haven?t seen anything yet. A record number of new units, all planned and with construction loans assured before the credit crisis upset the markets, will be delivered in the downtown area this year, said a report by Appraisal Research Counselors. The construction binge will continue despite record levels of unsold inventory of condos, slower traffic at sales offices and conditions that have chased most speculators out of the market, the firm said Thursday in its closely watched annual review of the market....
Read  |  Purchase from Publisher

Bigger idea for Near South Side - Central Station...
Chicago Tribune, Robert Manor, 2/10/08
"... said Gail Lissner, vice president of Appraisal Research Counselors."
Central Station hasn't quenched Jerry Fogelson's thirst for development - Plans to build a $4 billion mini-city partly over the Metra tracks near Soldier Field in some ways parallels development that began there about a century earlier. That's the view of John Hudson, a Northwestern University professor who has studied geographical population trends in the greater Chicago region. "You could say this is a periodic and not very frequent look toward the south" of Chicago, said Hudson, who added that growth there is propelled by relatively cheap land and the short commute to downtown. Developers Fogelson Properties and Forest City Enterprises unveiled plans last week to build a 3,000-room hotel near McCormick Place, 4,000 residential units and 1.5 million square feet of office space. Called Gateway, the development would extend Jerry Fogelson's successful Central Station project, which has helped transform the South Loop into one of the city's fastest growing neighborhoods. Mayor Richard Daley was one of Central Station's first residents....
Read  |  Purchase from Publisher

A gallery of rogues
Chicago Tribune, Blair Kamin, Tribune Critic, 1/27/08
"... according to Gail Lissner, a vice president at Appraisal Research Counselors."
Architecure - For every gem produced by the long-running building boom, there are even more clunkers - There is the ideal Chicago, the showcase city glimpsed on the Chicago River boat tour that glides past the Wrigley Building and other glorious skyscrapers. And then there is the real Chicago, a Dickensian construction zone....
Read  |  Purchase from Publisher

Chicago Spire condominium tower faces twist in economy as it begins sales push
Chicago Tribune, Susan Diesenhouse. Tribune staff reporter William Sluis contributed, 1/14/08
"... said Gail Lissner, vice president at Appraisal Research."
In today's troubled housing market the dreams of the Chicago Spire developer will meet reality Monday when its sales office opens. After a four-month delay, Dublin-based Shelbourne Development Ltd. will start selling the 1,194 super-luxury units it plans to build in a twisting 2,000-foot-tall tower designed by architect Santiago Calatrava. Shelbourne not only wants to build the world's tallest residential tower, with prices of $1,400 a square foot and higher, but also aims to raise the price level of luxury living in downtown Chicago. Already about 600 people have made appointments to visit the sales office at 455 N. Cityfront Plaza. "There's interest in the building because it's one-of-a-kind," a Shelbourne spokeswoman said last week. With most units priced from $750,000 to $15 million, she added, "it will appeal to a specific audience." Later this month, Shelbourne will launch its sales effort outside the U.S., where it expects to sell about half the units, its chief executive, Garrett Kelleher, has said. Starting Jan. 23, it will take its road show to Dublin, London, Shanghai, Hong Kong, Moscow and Johannesburg, among other places....
Read  |  Purchase from Publisher

Chicago Spire Condos Put On Sale Monday
CBS2 Chicago, Derrick Blakley, 1/14/08
"... said Gail Lissner of Appraisal Research Counselors."
Developers of the Chicago Spire, put the ultraluxury condos on sale Monday. Bargain hunters need not take a look. CBS 2's Derrick Blakley reports on the sky-high building with sky high prices to match. Walking into the sales office for the Chicago Spire is like stepping into a modern art museum. In the lobby, a large egg with white doves rest on a blue background, created by architect Santiago Calatrava....
Read  |  View Now  |  Purchase from Publisher

The Realty Club of Chicago, founded in 1910, elect president
Appraisal Research Counselors, 1/1/08
"Gene Stunard, president & co-founder of Appraisal Research Counselors, elected Realty Club President..."
The Realty Club of Chicago, founded in 1910, elected Eugene W. Stunard, MAI, president for 2008.
Purchase from Publisher

Luxury Condo Developers Put to the Test
National Real Estate Investor, Joe Gose, 1/1/08
"...says Gail Lissner, vice president of Appraisal Research Counselors..."
The gloom in the housing and credit markets is seeping into commercial real estate, challenging the conventional wisdom that luxury condominiums can better withstand a sluggish economy. Luxury condo developers today face tougher underwriting standards, higher capital costs and generally skittish lenders. In many cases, developers are shelving ambitious proposals as supply outstrips demand and prices fall, particularly in the once-hot condo markets of Chicago, Tampa, Fla., Phoenix and Las Vegas. But other markets are suffering, too....
Read  |  Purchase from Publisher

 

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