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.

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.

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.

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.

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

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.

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

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