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Renting out unsold condos for the short term is an idea that is simultaneously gaining and losing popularity. It’s on the upswing among owners of vacant condos who hope to defray their costs while waiting for an improved real-estate market. HomeAway, an online vacation home rental source, reports that in April, it had 120 listings in Chicago, up 53 percent from a year before. More than half of them are condos, according to Denise Frasier, HomeAway’s spokesperson.
Henry M. Paulson Jr., the former secretary of the U.S. Treasury, has bought a downtown Chicago condo with his wife, Wendy. According to information from the Cook County Recorder of Deeds, in mid-April the Paulsons paid $1.45 million for a three-bedroom, 2,500-square-foot…
List Price: $2.499 million
The Property: The limestone home from the 1940s that stood on this Hinsdale lot until a couple of years ago is gone but not forgotten.
In a cluster of south suburbs hard hit by the foreclosure crisis, a coalition of towns is working to clean up and stabilize their devastated neighborhoods. Now the CVS pharmacy chain is lending some vital support to that effort by trying to create a pool of potential buyers for homes reclaimed by banks. In late April, CVS announced that it would bring its employer-assisted housing program to the south suburbs…
Sale Price: $2.325 million
The Property: The Magerstadt House, a Prairie school landmark ornamented with a poppy motif, a gold-leaf mural, and other distinctive details specified by the Chicago architect George Maher, hadn’t even been on the market when it was sold on April 30th…
List Price: $499,000
The Property: When she was appointed by President Obama to an ambassadorial post in Rome last year, Ertharin Cousin was reluctant to let go of her Chicago home, a three-bedroom condo she had painstakingly updated in the Powhatan, the Art Deco treasure at 49th Street and South Lake Shore Drive.
The lives of young adults can change multiple times in the course of several years. They get married, have children, send the kids off to school. When home values were rising fast, young people could afford to think short-term and buy a place that suited their immediate needs. For most, a rising market would make moving on to the next property a profitable step—or at least not a financially ruinous one.
List Price: $5.75 million
Sale Price: $5.25 million
The Property: On April 15th, the developer and socialite Fred Latsko sold this Gold Coast chateau with its extensive rehab still unfinished. Mary Bennett, the sales agent for Latsko and his wife, Julie, says that her clients planned to live in the house, “but it didn’t work out that way.” She says that the buyer—identified in public documents as…
List Price: $1.390 million
The Property: In 2004, a builder put up seven new cedar-sided houses and a mini-riverwalk on the former site of a boat storage yard on the North Branch of the Chicago River a few blocks north of Irving Park Road. Each of the homes has views of the water and of Horner Park.
