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Archive for December, 2007

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City funding for green condo projects

Wednesday, December 12th, 2007

Developers planning their next major condominium project may want to take note of a recent trend in the real estate market:  Green projects are all the rage.

From customers looking for environmentally friendly condominiums to a city council willing to throw tax dollars at green projects, going green makes sense economically.

One development by Terra Firma Co. and Bethel New Life Inc. has received a lot of attention from city organizations.  The West Side project of 30 condominiums, to be built at 3148 West Lake, has already received city approval.  However, the city has also agreed to give a $2.5 million tax subsidy on future tax revenues to help developers complete the project.

The developers are also getting an incredible deal on the city-owned land to be used for the project.  Terra Firma and Bethel are paying $50,875 for the parcel, a significant deal when compared to market rates for the land.

Green projects are picking up steam all over the Chicago Real Estate market.  However, when the city starts throwing money their way, it’s only a matter of time before every developer takes note.

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Island Lake home sales hit 15-year low

Tuesday, December 11th, 2007

Sales of single family homes around Island Lake hit a 15-year low.  The Chicago suburb saw a total of 25 homes sold during the third quarter, a 25 percent drop from last year and the lowest total for the quarter since 1992.

Meanwhile, as demand slows the inventory of unsold homes on the market continues to rise.  If you are selling your home in Island Lake, it will now take you an average of 155 days to find a buyer, a 76 percent jump from last year and the longest turnover time in more than 16 years.

Despite the drop in demand for homes and rising inventory numbers in Island Lake, the average sales price continued to rise during the third quarter.  Prices were up another 13 percent from the same period last year.

Buyers should beware of getting in the market at the peak, particularly as prices start to drop in many neighborhoods around Chicago.  If demand for Chicago Real Estate in Island Lake doesn’t pick up in the next few months, buyers could start to find incredible deals on homes around the area.

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West Loop developers want zoning change

Sunday, December 9th, 2007

A West Loop development planned for 111 South Peoria is facing an uphill battle.  The developers, Jos. Cacciatore & Co. Real Estate, have owned the lot for 20 years, and are planning to build two 12-story condominium buildings.

The developers appeared before the West Loop Community Organization last week to discuss plans to increase the height of the towers past the 115-foot limit set for the area.  Residents had mixed opinions of the project, with many complaining that the proposed towers would change the face of the neighborhood.

The planned development would include one, two, and three bedroom condominiums.  Floor plans range from 730 square feet for a one-bedroom condo to as much as 1,400 square feet for the largest three-bedroom unit.

Construction on the site won’t begin for at least another two years, and the developers still face a long battle with neighborhood groups and city council members.  The site has been used as a parking lot since it was purchased by the Cacciatore brothers, but as prices for Chicago Real Estate around the West Loop continued to increase, the brothers decided to go ahead with the project.

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