The Presidential, updated Evanston apartments in a great location

U.S. Bank Helps Preserve Minneapolis’ History

Here's part of the story. 

The historic Plymouth Building in downtown Minneapolis will be converted into a 290-room Embassy Suites by Hilton hotel, in part through a $65 million investment by U.S. Bank, the Minneapolis-based lender announced Tuesday.
U.S. Bank reportedly provided $65 million in construction and acquisition loans partially replaced by $16.2 million in equity raised by federal historic tax credits to renovate the 12-story, 384,000-square-foot office building, at 12 S. Sixth St. and Hennepin Avenue.
The project’s total acquisition and renovation cost is $109.6 million.
“With the Plymouth Building’s close proximity to the Target Center and the Mayo Clinic Sports Medicine Center, this development will increase hotel options downtown and drive economic activity for Minneapolis,” Vice President Bob Von Hoene of the bank’s community lending division, based in St. Louis, said in a prepared statement.

5 housing predictions from a property-level profile of underwater homeowners

Here's part of the story.

Takeaways: There are still 7.4 million who owe at least 25 percent more on their home than what it is worth -- representing 13 percent of all homeowners with a mortgage. 30 percent of underwater homeowners don't live in their home, which could mean that more single-family rental inventory will become available. The average loan-to-value ratio is 182 percent, which might mean that the underwater problem could linger for at least another five years.  The shrinking pool of underwater homeowners continues to have an important impact on the U.S. housing market. Using the property-level data behind RealtyTrac's latest Home Equity and Underwater Report, we profiled the 7.4 million U.S. homeowners still seriously underwater to make five housing market predictions relating 

When a 1790s Farmhouse Collides With a 1990s Contemporary

Here's the story from Fox News.

From the road, this 1790s Federal-style farmhouse looks much like it did a couple of centuries ago when it was constructed. But get a little closer and you'll see more details, specifically a contemporary addition completed in 1992 by noted New York architect Peter Gluck.
The $1.75 million home in central New York spans 5,873 square feet with six bedrooms and five bathrooms. It's sure to appeal to history lovers and those looking for a more contemporary style.
The original house is on the New York State and National Register of Historic Places. The owners, who have had the house for 40 years, wanted to maintain the home's historic integrity, explains listing agent Christy Dahms. "The original farmhouse has been restored beautifully," she notes.

Why Real Estate Could Be a Better Investment Than Stocks

Here's the story from US News and World Report.

Once you're on track with your financial goals – such as retirement contributions or repaying student loan debt – you may find yourself exploring real estate investments in lieu of the stock market. Buying real estate as an investment can be lucrative, but it's also cash-intensive and carries risks.

As you weigh your options, consider the following points in your analysis.

Risk versus expected returns. Whether putting cash into the market or purchasing real estate, you need to assess the risk versus the expected returns. Traditional equity investments are much easier to analyze in this way. You have historical data, and although past performance is not indicative of future results, you have a bit more control over how much risk you're exposed to when deciding what amount to invest, the asset allocation and so on. Investing in single stocks versus an index fund is a calculated risk some are willing to take in search of higher expected returns.

Chicago Skyscrapers Scraped by Blue Angels

Lakeview’s new Halsted Flats has a time-saving location

Here's more from Yo Chicago.

Some parts of Lakeview have an inconvenient slog or a traffic-clogged drive to the nearest grocery store or pharmacy – or major league ball field. Getting to and from places that you visit frequently is not how you want to spend time in Chicago’s all-too-short summers.
Residents at Halsted Flats, the new luxury apartment tower at 3740 N Halsted, have a variety of groceries and pharmacies close by, and Wrigley Field is a short walk away.

Where to invest in housing: Rent or own?

Here's part of the story from CNBC.

  The U.S. home ownership rate is now at its lowest point in nearly half a century, which has investors asking if that's by default or choice?
Certainly the recent recession has left fewer young Americans in a position to afford home ownership, but the argument is equally strong that young millennials, as well as downsizing baby boomers, prefer the financial and physical flexibility of renting. So which is the better bet: stocks of the nation's homebuilders or stocks of multifamily real estate investment trusts (REITs)? 

Furnished models open at new Gateway West Loop

Here's the story from Yo Chicago.

Apartments at the new Gateway West Loop have a loft aesthetic that pays homage to the hot West Loop’s history as a warehousing and distribution center. That history is now almost completely eclipsed by an abundance of bars, restaurants and night clubs.
Floor plans for Gateway’s studio to two-bedroom, two-bath apartments are online, along with information about rents and availability dates. The on-site leasing office is open daily and furnished models are available for viewing.
Gateway West Loop has an attractive West Loop location next door to Mariano’s and around the corner from Whole Foods.

The West Loop is among the swankiest areas in Chicago. Here's more on the West Loop. 

West Loop is the area bounded by the Eisenhower Expy on the south, Lake St (200 N) on the north, from the Kennedy Expy west to Ashland Ave (1600 W). Sub-neighborhoods within the West Loop include Fulton Market, Greek Town, Jackson Boulevard and Randolph Market.

More Homeowners Underwater

Here's more from CNBC. 

Home prices are still rising, and the economy is improving, but the ills of the housing crash are far from cured: 7.4 million borrowers were still "seriously" underwater on their mortgages at the end of June, according to RealtyTrac.
The real estate information company defines that as the loan amount being at least 25 percent higher than the property's estimated market value.
Over 13 percent of all properties with a mortgage are in this predicament, and that is actually a slight increase from the first quarter of this year. 

River North's HoJo Tower Scores Its First Construction Permit

Here's the story of a tower in it's early stages in the River North neighborhood.

Now that the retro Howard Johnson Inn along LaSalle Street has been permanently erased from the streetscape, a new 38-story apartment tower is officially ready to take its place. On Wednesday, the city issued the tower's foundation permit, which will allow workers to transition from demolition duties to construction. The plan to replace the mid-century motel with a new apartment tower was approved by the city last August and demolition began on the HoJo Inn earlier this year. As of last month, the site was completely cleared and prepped for the new tower, which will feature 298 rental units and a 114 space parking podium which will also serve as the building's amenity deck. Grab your hard hats—another tower is ready to climb into the sky. 

The River North neighborhood is one of the swankiest in the city.  

A stylish urban neighborhood that borders the Magnificent Mile and is just across the bridge from the Loop, River North is the go-to district for those who appreciate fine art and design. And for those who appreciate fine dining and drinks, the momentum behind the latest trendsetting openings continues to build and the late night energy swells.
Dormant factories and industrial warehouses began their transformation in the 1970s and 1980s, becoming work spaces and studios for artists and entrepreneurs. What followed was an influx of new businesses that densely concentrated the area and have made River North a hub for creativity and entertainment. Anchoring the area is the massive Merchandise Mart, with its endless trade showrooms for furniture and design wholesalers, and surrounding this epicenter are eye-catching galleries, home stores and antique shops. And architectural standouts are plenty, from the twin corn cobs Marina City to its neighbor the stately, steel and glass 330 N. Wabash building by Mies van der Rohe.
Cultured by day, River North shifts into high gear by night. The dining scene is always buzzing-from knockout noodles and Spanish small plates to high-end steakhouses and famed pizzerias. Just about every type of cuisine is covered in this mix of award-winning restaurants and local favorites. And for some after-hours revelry, slip into any of the sleek new clubs, upscale wine bars and craft cocktail lounges that dot the scene. 

New single-family homes in a great Chicago neighborhood

Here's the story. 

If you don’t know Old Irving Park, you’re missing one of Chicago’s great neighborhoods. Join residents and business owners in the video for a look at what makes Old Irving Park so attractive.

Ranquist Development is building 48 sophisticated, flexible, contemporary homes at an approachable price at Basecamp Old Irving Park.

Mortgage bankers predict $71B more in volume for 2015

Here's the story. 

  In reaction to stronger home sales and less cash in the housing market, the Mortgage Bankers Association is predicting far higher home purchase mortgage volume this year than it did just one month ago.
Purchase loan volume is now expected to rise to $801 billion in 2015, an upward revision from the $730 billion forecast last month and the $638 billion originated in 2014. 

Dodd-Frank's Job Isn't Done

Here's the article from Bloomberg. 

On July 21, 2010, President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, aimed at ensuring the financial system would never again bring the U.S. to the brink of economic disaster. Five years later, the job remains far from done.
Consider, for example, the law's impact on bank capital, a crucial element in protecting the economy from financial shocks. Also known as equity, this is the money provided to institutions by their shareholders. Unlike most types of debt, it doesn't have to be paid back -- a feature that allows banks to absorb losses and keep lending in bad times. The government had to rescue banks during the 2008 crisis because the cushion was insufficient.

Dodd-Frank has dramatically changed the way mortgages are done.

Weekly mortgage applications rise 4.6% on rate dip

Here's the story. 

Mortgage volume last week regained almost exactly what it lost the previous week, as interest rates stopped climbing and dipped slightly lower.
Total applications rose 4.6 percent on a seasonally adjusted basis for the week that ended Friday, which included an adjustment for the Independence Day holiday, according to the Mortgage Bankers Association. Mortgage application volume is now 22 percent higher than one year ago.