Deal Estate - November 2012

11/29/12

The Five Buckinghams

List Price: (See individual condos, below)
The Property: Today we’re looking at five different condos for sale in the Buckingham. That just happens to be the same number of musicians that were in the Buckinghams, the Chicago-based band behind the 1967 tune “Kind of a Drag”...

Posted at 10:00 AM in On the Market Real Estate: Featured story | Permalink | Comments (0)

11/28/12

Push Is on to Extend Tax Forgiveness on Foreclosures, Short Sales

Part of a distressed sale—a foreclosure or a short sale—or a loan modification entails the mortgage lender forgiving some or all of a homeowner’s debt. Formerly, tax laws counted that forgiven amount as taxable income. But in 2007, President George W. Bush signed legislation that temporarily exempted forgiven mortgage debt from taxable income. That law expires December 31—unless Congress acts to extend it...

Posted at 9:35 AM in Housing Bulletin Real Estate | Permalink | Comments (1)

11/27/12

What to Fix First Before Selling—Interior or Exterior Flaws?

Readers ask questions, and our real estate expert answers. This week, a reader named Jill from Brookfield asks which should be repaired first—scratches and cracks on the interior doors or cracks and crumbles on the exterior concrete steps—before putting her home on the market.

Posted at 3:19 PM in DEQ's Real Estate: Featured story | Permalink | Comments (0)

11/26/12

Penthouse Sells at Mies Landmark

List Price: $1.975 million
Sale Price: $1.7 million
The Property: After more than two years on the market, a large, extensively renovated top-floor condo has sold at 880 North Lake Shore Drive, the landmark high-rise designed by Ludwig Mies van der Rohe...

Posted at 12:17 PM in Sale of the Week Real Estate Real Estate: Featured story | Permalink | Comments (0)

11/21/12

Real-Estate Data Offer Some Comfort, But Mashed Potatoes Are Better

Real-estate data has been getting dished up in the past few weeks as heartily as mashed potatoes get passed around the Thanksgiving table. And this year, for the first time in a while, the information provides some solace—though not nearly as much as the comfort food will...

Posted at 10:14 AM in Housing Bulletin Real Estate | Permalink | Comments (0)

11/20/12

Rodkin on Pricing an Empty Lot

Readers ask questions, and our real estate expert answers. This week, a reader named Barry from Mount Prospect asks for advice on how to price an empty lot he wants to buy, which seems to have no comparable sites.

Posted at 2:39 PM in DEQ's Real Estate | Permalink | Comments (0)

11/19/12

Deal Estate Extra: Highest-Priced Condo Sale in City’s History

On Friday, Richard Cooper, the head of an Oak Brook-based hedge fund, sold his 66th-floor penthouse at the Park Tower for $15 million, the highest-ever recorded sale price of a Chicago condo...

Posted at 10:04 AM in Housing Bulletin | Permalink | Comments (1)

11/19/12

Elmhurst’s Priciest House Sale Ever

List Price: $3.2 million
Sale Price: $2.56 million
The Property: This 15-room house near the heart of Elmhurst sold for more than any other residence in the town ever has, according to multiple listing service records that date back to 1980...

Posted at 9:15 AM in Sale of the Week Real Estate | Permalink | Comments (0)

11/15/12

Reasons to Look Up, in Lincoln Park

List Price: $3.35 million
The Property: On a block in Lincoln Park, things are really headed up. Over the past year, two neighboring houses have sold for more than $4 million each, and across the street, the last remaining old-time eyesore is now undergoing extensive rehab...

Posted at 12:51 PM in On the Market Real Estate | Permalink | Comments (1)

11/14/12

For Apartment Rents, the Forecast is a Four-Cast

Apartment rents have been rising and will keep going up for the near future—but at three different rates in three different strata of the market, according to speakers at last week’s Lincoln Park Builders Real Estate Forum ’12. In the fourth and bottom layer, they will remain flat...

Posted at 12:36 PM in Housing Bulletin Real Estate | Permalink | Comments (0)

11/13/12

Rodkin on Where to Buy—West Ridge, Rogers Park, or Edgewater?

Readers ask questions, and our real estate expert answers. This week, a reader named Jerry from Rogers Park asks which neighborhood would be the best place to buy a home on the far North Side of Chicago.

Posted at 5:01 PM in DEQ's | Permalink | Comments (0)

11/13/12

Deal Estate Flash: Lot Next Door to Obama House on the Market

One of the most controversial pieces of Kenwood property, the vacant lot next door to the house of President Barack Obama, went up for sale today. The sellers are asking $899,000. That’s 33 percent more than they paid for the 50-by-150-foot lot in March 2008, before Obama’s election presumably jacked up the value of properties near his...

Posted at 3:29 PM in Housing Bulletin Real Estate | Permalink | Comments (0)

11/12/12

In a Down Market, Flatlining Can Be a Good Thing

List Price: $1.299 million
Sale Price: $1.325 million
The Property: The roofline isn’t the only thing about this Lake View house that is flat. On November 2, it sold for the third time in its six-year lifespan—and it went for roughly the same amount as it had the first two times...

Posted at 9:15 AM in Sale of the Week | Permalink | Comments (0)

11/08/12

The Shop Around the Corner—Now a Lake View Condo

List Price: $950,000
The Property: East Lake View is now so full of restaurants and homes that it’s hard to imagine that, just a century ago, a swath of it around Halsted and Aldine Streets was a landscape plant farm filled with greenhouses owned by the Wittbold family...

Posted at 10:00 AM in On the Market Real Estate | Permalink | Comments (1)

11/07/12

Fifty-Year Marina City Resident Reflects on Life in the Landmark Towers

In July 1962, Dr. Theresa Southgate had the then-eccentric idea that she ought to live within walking distance of her new job at JAMA: The Journal of the American Medical Association, headquartered at Dearborn and Grand. “It was an awful neighborhood then, [with] nowhere to live,” Southgate recalls. But there was one big apartment project under construction four blocks south of the office, so she signed a lease...

Posted at 9:35 AM in Housing Bulletin Real Estate Real Estate: Featured story | Permalink | Comments (0)

11/06/12

Deal Estate Questions: Rodkin on When Home Prices Will Return to 2006 Levels

Readers ask questions, and our real estate expert answers. This week, a reader named Joe from West Loop asks when his home will be worth what he paid for it six years ago.

Posted at 10:23 AM in DEQ's | Permalink | Comments (0)

11/05/12

Wilmette Mansion Sells for 37 Percent Below Its 2010 Sale Price

List Price: $2.9 million
Sale Price: $3 million
The Property: After a big markdown designed to get this 16-room mansion on the Wilmette lakefront sold, the highest bidder got it for $3 million on October 30...

Posted at 9:15 AM in Sale of the Week | Permalink | Comments (0)

11/01/12

Born in the Fifties, in Glencoe

List Price: $1,999,000
The Property: No matter what the temperature is outside, it’s always the fifties inside this Glencoe home. Built in 1955, the house has one entire side of glass, facing the steep ravine at the edge of the lot...

Posted at 12:56 PM in On the Market Real Estate | Permalink | Comments (1)

November 2012

11/29/12

11/28/12

11/27/12

11/26/12

11/21/12

11/20/12

11/19/12

11/19/12

11/15/12

11/14/12

11/13/12

11/13/12

11/12/12

11/08/12

11/07/12

11/06/12

11/05/12

11/01/12

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