As housing market struggles, the rich are refinancing

Here's the story from CNBC.

  Mortgage interest rates bumped decidedly back over 4 percent last week, causing a drop in both mortgage applications to refinance and to purchase a home.
Total application volume fell 6.6 percent from the previous week, on a seasonally adjusted basis, according to the Mortgage Bankers Association (MBA). Refinance applications were off 7 percent week-to-week, after soaring in previous weeks, thanks to lower interest rates.

...

Flip this House Event

There's an event in Chicago in November. 

Rent a luxury Lincoln Park townhome at The Pointe

Check out the property here. 

The Pointe is an ideally-located luxury townhome development close to the best of everything in Lincoln Park.
A south-facing 3-bedroom, 3 ½ bath home, 425-J W Dickens at The Pointe, is currently offered for rent at $6,900 a month. The home looks out onto a landscaped courtyard and has a sprawling living / dining area, maple floors, a well-appointed kitchen, an oversized master suite, a large private roof deck and an attached 2-car garage. The home can be rented furnished or unfurnished.

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Crain's Confused on Direction of Real Estate in Chicago

First,here's part of a story from August 18, 2014 from Crain's Chicago Business.

The metastasizing problem of unfunded pension obligations hasn't prevented real estate investors from plunking down big sums — even record-breaking ones — to snap up property in the Chicago area.

Photo by Jaysin Trevino via Flickr.com

The possibility of substantial tax increases to pay for the city's and state's unfunded pension obligations hasn't prevented real estate investors from plunking down big sums—even record-breaking ones—to snap up property in the area.
“I think it's an issue, but I don't think it's stopping anyone from investing in Chicago,” says Mark Stern, senior vice president of acquisitions at Waterton Associates LLC, a Chicago-based hotel and apartment investor whose local properties include Presidential Towers in the West Loop.

In February, for example, a New York financial services firm snapped up a small retail building on Oak Street for about $19 million, or nearly $3,000 per square foot. In May, a California company announced it would pay a record $850 million for a River North office tower. And last month, a Los Angeles apartment firm dropped $78 million for an apartment complex in Arlington Heights, the highest price for a multifamily property in suburban Chicago since February 2013. 

Here's another story from November 2013, 

Real estate investors are slightly warming up to Chicago, but they still think a host of other cities are hotter.

The Chicago market's score inched up to 6.11 this year from 6.05 in 2012, according to the annual “Emerging Trends in Real Estate” report published by the Urban Land Institute and PricewaterhouseCoopers LLP.

Yet the local market remains stuck in place when compared to other large metropolitan areas, ranking 12th out of 15, the same as last year.

In Chicago, “the investment and development outlook remained virtually unchanged from 2013 to 2014,” with many respondents indicating they think next year will be one to simply stand pat on their assets in the region, the report says.

Looks like two very different messages in the span of nine months from the same news organization with no explanation of the sudden shift.

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A major makeover underway at Park Lincoln apartments

Here's the scoop from Yo Chicago.


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The depressing truth behind the jobs 'recovery'

Here's the analysis from CNBC.

  Unemployment is below 6 percent for the first time since 2008, but it's not quite time to uncork the champagne when it comes to the jobs picture.
Wage growth in the U.S. has been flat for decades, providing an ugly counterweight to an ostensibly improving part of the economy.
September's positive jobs report, which saw the unemployment rate fall to 5.9 percent, was celebrated on Wall Street, but a growing chorus of experts suggests that the jobless number alone may not be enough to measure the health of the labor markets. New research suggests there should be more attention paid to income trends.
If your most recent raise felt underwhelming, there is compelling data confirming that your wallet is being squeezed by inflation and stagnant wages. Growth in wages peaked in 1973 and has steadily declined since. In fact, today's wages have the same purchasing power as they did in 1979, according to a report by the Pew Research Center.

The news is ambiguous for housing. With fewer well paying jobs, less people can afford to buy, however fewer jobs means the economy is weaker and the flight to safety means lower interest rates, including mortgage rates.

Ted Margaris Construction in Chicago is also featured on Yelp, Super Pages, Yalwa, Local.com, Merchant Circle, Topix, Mojo pages, Ez Local, Kudzu 2 Find Local, Crestwood Private Investor, A Locations, Cyclex USA ,Show Me Local, B 2 Bye Yellowpages, Biz Wiki, QC Times, Facebook page, twitter feed, PJ Star, My Web Times, Link Town, Local Pantagraph,Domain Tools, NWI Times, Chicago At Home, Brush News Tribune, Olney Daily Mail, Santa Fe Mexican, Reporter Herald, PJ Star, Canton Rep, Post Gazette, US Biz Place, My Motherlode, Vail Daily, Tuff Stuff, Totally Local

Super Swank Evanston Arts & Crafts Home Wants $2.775M

Here's a feature about a property in the near north suburbs.

There is not a single thing wrong with this Evanston home. This 6,200 square foot house is absolutely perfect, really. The only thing one might quibble about is its price. And it's not to say that its price is totally unreasonable, it's just, you know, a lot of money. Built in 1909, the home has a classic midwestern Prairie/Arts & Crafts charm to it, but has been completely restored and updated rather tastefully. Generally, in turn of the century homes such as this one, you might find that the majority of the home has been preserved nicely but then the bathrooms and kitchens are just godawful '80s rejects. However, this five bedroom, four and a half bathroom is just really nice on the eyes. It hits the market at $2.775 million. 

Ted Margaris Construction in Chicago is also featured on Yelp, Super Pages, Yalwa, Local.com, Merchant Circle, Topix, Mojo pages, Ez Local, Kudzu 2 Find Local, Crestwood Private Investor, A Locations, Cyclex USA ,Show Me Local, B 2 Bye Yellowpages, Biz Wiki, QC Times, Facebook page, twitter feed, PJ Star, My Web Times, Link Town, Local Pantagraph,Domain Tools, NWI Times, Chicago At Home, Brush News Tribune, Olney Daily Mail, Santa Fe Mexican, Reporter Herald, PJ Star, Canton Rep, Post Gazette, US Biz Place, My Motherlode, Vail Daily, Tuff Stuff, Totally Local

Seven Things to Know About Construction

Here are some tips from Chicago Agent Magazine.

1. Construction is Definitely Up – In past months, monthly variations were canceled out by longer-term averages, but for once, quarter numbers were consistent with monthly gyrations. In the third quarter, which September concluded, housing starts were up 16 percent over the same period in 2013.
2. Multifamily is Still King – Of course, the one truly thriving sector of housing – multifamily – has driven those double-digit increases; though single-family building is up 8 percent from 2013’s third quarter, multifamily building is up an amazing 34 percent.
3. History in the Making – Here’s how good multifamily construction is right now: at a rate of 353,000, multifamily building is at its highest level since Jan. 1990, aka nearly 25 years ago! Click here for a great graph on the trends.

Check them all out at the link.

Ted Margaris Construction in Chicago is also featured on Yelp, Super Pages, Yalwa, Local.com, Merchant Circle, Topix, Mojo pages, Ez Local, Kudzu 2 Find Local, Crestwood Private Investor, A Locations, Cyclex USA ,Show Me Local, B 2 Bye Yellowpages, Biz Wiki, QC Times, Facebook page, twitter feed, PJ Star, My Web Times, Link Town, Local Pantagraph,Domain Tools, NWI Times, Chicago At Home, Brush News Tribune, Olney Daily Mail, Santa Fe Mexican, Reporter Herald, PJ Star, Canton Rep, Post Gazette, US Biz Place, My Motherlode, Vail Daily, Tuff Stuff, Totally Local

1. Construction is Definitely Up – In past months, monthly variations were canceled out by longer-term averages, but for once, quarter numbers were consistent with monthly gyrations. In the third quarter, which September concluded, housing starts were up 16 percent over the same period in 2013.
2. Multifamily is Still King – Of course, the one truly thriving sector of housing – multifamily – has driven those double-digit increases; though single-family building is up 8 percent from 2013’s third quarter, multifamily building is up an amazing 34 percent.
3. History in the Making – Here’s how good multifamily construction is right now: at a rate of 353,000, multifamily building is at its highest level since Jan. 1990, aka nearly 25 years ago! Click here for a great graph on the trends.
- See more at: http://chicagoagentmagazine.com/7-important-things-know-new-construction/#sthash.y1hw1ov2.dpuf

1. Construction is Definitely Up – In past months, monthly variations were canceled out by longer-term averages, but for once, quarter numbers were consistent with monthly gyrations. In the third quarter, which September concluded, housing starts were up 16 percent over the same period in 2013.
2. Multifamily is Still King – Of course, the one truly thriving sector of housing – multifamily – has driven those double-digit increases; though single-family building is up 8 percent from 2013’s third quarter, multifamily building is up an amazing 34 percent.
3. History in the Making – Here’s how good multifamily construction is right now: at a rate of 353,000, multifamily building is at its highest level since Jan. 1990, aka nearly 25 years ago! Click here for a great graph on the trends.
- See more at: http://chicagoagentmagazine.com/7-important-things-know-new-construction/#sthash.y1hw1ov2.dpuf

1. Construction is Definitely Up – In past months, monthly variations were canceled out by longer-term averages, but for once, quarter numbers were consistent with monthly gyrations. In the third quarter, which September concluded, housing starts were up 16 percent over the same period in 2013.
2. Multifamily is Still King – Of course, the one truly thriving sector of housing – multifamily – has driven those double-digit increases; though single-family building is up 8 percent from 2013’s third quarter, multifamily building is up an amazing 34 percent.
3. History in the Making – Here’s how good multifamily construction is right now: at a rate of 353,000, multifamily building is at its highest level since Jan. 1990, aka nearly 25 years ago! Click here for a great graph on the trends.
- See more at: http://chicagoagentmagazine.com/7-important-things-know-new-construction/#sthash.y1hw1ov2.dpuf

Live Rent Free in Lakeview for the Next Year

Here's the story.

Renters have been responding enthusiastically to recent free-rent offers at Lakeview’s new Halsted Flats, the first new full-amenity apartment tower built in the neighborhood in nearly 30 years.

All but one of the 1- and 3-bedroom apartments have been rented. Two-bedroom, two-bath units remain available, with a variety of views.


The apartments have floor-to-ceiling windows, plank flooring in living areas, private balconies, and in-unit washer / dryers.

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Mapping the 14 Highrises Under Construction Right Now

Curbed Chicago has this piece.

There are 14 highrise buildings currently under construction in Chicago. It's difficult to paint a clearer picture of the current development boom in this town than simply putting it at that. One can read the daily trickle of news about land sales or financing deals for some new tower and get a vague understanding of what's going on in construction in Chicago, but nothing works better than to take a step back and see it all at once. The city has recently been getting international coverage for its rebounding real estate market and the building enthusiasts at the Skyscraper Page Forums have been keeping track of all of the major developments coming up in Chicago since the first real estate boom. Utilizing their compiled data and some of our own research, we were able to map every building over 200 feet tall currently under construction in the downtown area. These aren't pipe dream proposals from overeager developers we're talking about either - these are buildings that have been approved, been paid for, and are currently being built right now. Here is a preview of what Chicago will soon look like.

Ted Margaris Construction in Chicago is also featured on Yelp, Super Pages, Yalwa, Local.com, Merchant Circle, Topix, Mojo pages, Ez Local, Kudzu 2 Find Local, Crestwood Private Investor, A Locations, Cyclex USA ,Show Me Local, B 2 Bye Yellowpages, Biz Wiki, QC Times, Facebook page, twitter feed, PJ Star, My Web Times, Link Town, Local Pantagraph,Domain Tools, NWI Times, Chicago At Home, Brush News Tribune, Olney Daily Mail, Santa Fe Mexican, Reporter Herald, PJ Star, Canton Rep, Post Gazette, US Biz Place, My Motherlode, Vail Daily, Tuff Stuff, Totally Local