Urban Centers need more of Safdie's Openness

In 1967, Moshe Safdie reimagined the monolithic apartment building, creating “Habitat ’67,” which gave each unit an unprecedented sense of openness. Nearly 50 years later, he believes the need for this type of building is greater than ever. In this short talk, Safdie surveys a range of projects that do away with the high-rise and let light permeate into densely-packed cities.
Ted Talks

Map of Unemployment By County

Good News for us in DuPage County where the Unemployment rate is down.

Malls Into Homes

Would Converting Yorktown into micro apartments be a better use?

Creative Reuse Can Spur Commercial Deals

DAILY REAL ESTATE NEWS | FRIDAY, SEPTEMBER 19, 2014

Back in the bricks-and-mortar days, malls were like an Amazon you could drive to: For that effort, you could buy almost anything you needed and get instant gratification. But as online shopping and the return of Main Streets have squeezed malls, many have fallen unused. If your market contains has any of these properties, reinventing them could put you at center of the deal.

Pop culture site Gizmodo recently looked at a number malls that have been repurposed, some more successfully than others. In Mountain View, Calif., for example, the Mayfield Mall opened in 1966, but lasted only until 1983. After the mall closed, the property was turned into office space – first for Hewlett-Packard and then, in 2013, Google, which uses the space for Google Glass development, writer Sarah Zhang says.

Outside Nashville, meanwhile, the Hickory Hollow Mall closed in June 2012 some months after its anchor stores closed, but reopened in 2013 with a new name and strategy providing people with both retail and community services. Nashville State Community College opened a satellite campus, and the mall also provides a library, recreation center, and the hockey rink for NHL team the Nashville Predators.

Another mall helped Joplin, Mo., when it needed a temporary high school after tornadoes ravaged the town in May 2011. It took only 55 days to repurpose the former Venture department store using movable walls to keep space organized yet flexible. With the permanent school newly open, the temporary site is again available to be reused.

And back in 2004, the Beech Park Baptist Church bought a third of what had been the Tri-County Mall in Oliver Springs, Tenn., opening a modern, 800-person sanctuary in what had been a 30-lane bowling alley. It also turned a former department store into classroom space.

Not all conversions gain traction, Zhang notes. Aside from the temporary high school in Joplin, the vaulted glass ceilings at the Galleria at Erieview in Cleveland inspired reuse as a greenhouse, growing herbs, salad greens, and fruit. The Gardens Under Glass project received attention from the New York Times and National Geographic, but lasted barely two years: The indoor climate was a breeding ground for aphids, and yields never reached satisfactory levels.

Other uses Zhang mentions include a medical center and mixed-use retail and residential spaces, with "microlofts" up to 450 square feet.

Source: "7 Dead Shopping Malls That Found Surprising Second Lives" (Sept. 18, 2014)

courtesy of http://realtormag.realtor.org/

Chicago Is The Most Popular Destination To Move This Summer

Chicago, Washington, D.C., and Atlanta were the most popular moving destinations of this summer, according to United Van Lines' Summer Long-Distance Moving Trends Study. The moving company giant found that more Americans this summer left cities in the Sun Belt and West Coast to move to Midwestern and Northeastern cities.

"Bucking recent trends, more people are moving to cities in the Northeast and Midwest," says Michael A. Stoll, economist, professor, and chair of the Department of Public Policy at the University of California, Los Angeles. "Popular metropolitan destinations driving city-to-city migration are those with a highly educated labor force and that have growing or mature business, financial, and insurance services. In addition, strong technology and health care industries are driving migration, sectors where recent job growth has been relatively robust in the broader economy."

The most popular metro areas for U.S. family moves during the peak moving season (based on United Van Lines' summer moving volume data) are:

1. Chicago
2. Washington, D.C.
3. Atlanta
4. Boston
5. Los Angeles
6. Dallas
7. Phoenix
8. New York City
9. Minneapolis
10. San Diego

What had people moving this summer? Seventy-one percent moved for a new job or corporate transfer; 13 percent moved because of retirement; and nearly 10 percent moved for health or other personal reasons, according to the United Van Lines survey. Dallas/Fort Worth, Atlanta, and Los Angeles were the most popular destinations for new jobs and corporate transfers, according to the survey.

article courtesy of  realtor.org

2014 Q2 Median Home Prices

View Metropolitan Sales Areas 2014 Q2 in a larger map

Vince Vaughn List Penthouse

Vince Vaughn List Penthouse in Chicago's Palmolive Building for $14,900,000 He listed it first in 2011 for $24.9 million

 Spectacular five bedroom, four plus bath, 12,000 sf penthouse on the top three floors of the historic landmark Palmolive building in Chicago. One-of-a-kind condo living that flows like a single family home. Main floor is formal entertaining. Lower floor is intimate family quarters. Top floor includes screening room, Billiards and game room, Hugh Hefner's original restored "Playboy" office, kitchen and entertainment area. Multiple terraces for breath taking view of the Lake and City skyline. Stunning residence in the sky with exquisite finishes.


see listing

Interactive Market Analytics

Lakefront Winnetka Mansion

If you are in the market for a Lakefront North Shore Mansion, take a look at this beauty.

Built by renowned international luxury architect, John Scholz for noted Chicago 

philanthropists, Ann and Robert Lurie, as their personal residence. This lakefront estate, 

inspired by the seaside architectural style of the Mediterranean, blends old world charm into a 

relaxed domestic style perfect for modern living. This home marries both sun and water to 

comprise the ultimate lakefront retreat.

List Price $7,750,000

Heres Your Chance To Own A Palace on The Beach

Looking to Upsize, With a private Beach, 11 bedrooms, 17 Baths, and 30 Car Garage.

Look No Further

A steal at $139,000,000

Le Palais Royal is a Beaux Arts masterpiece with 60,000+ s/f, 11-bdrms/17-baths on Millionaire's Mile. The Palace has 1st ever IMAX Theatre, 4,500 s/f infinity-edge pool w/LED lit double loop slide. Marble, hand molded plaster, $2M grand staircase, 22K gold leaf finishes, custom security, music production-level audio system, complete soundproofing. 465 ft on ocean/beach and 492 ft on Intracoastal to dock mega yacht. Six water features, 26 foot 3-tier fountain, plunge pool, putting green, 30-car garage.

              Full Listing

Realtors Expect Modest Growth in Next 12 Months

REALTORS® expect home prices to increase modestly in the next 12 months, with the median expected price increase at 3.4 percent [1]. The expected price change is modest compared to the strong price growth in 2012-2013. Local conditions vary, but concerns about how borrowers are finding it difficult to obtain a mortgage and weak job recovery appear to be underpinning the modest price expectation.

The map below shows the median expected price change in the next 12 months by state of REALTOR® respondents in the May – July 2014 surveys.

Chinese Buyers Looking to Build

Chinese Buyers Looking to Build

DAILY REAL ESTATE NEWS | THURSDAY, SEPTEMBER 04, 2014

Chinese nationals have been snatching up U.S. homes the last few years, and now they're expanding their focus to not only home buying but building, too. CNBC reports that Chinese nationals are buying up some of the priciest parcels of land in the U.S. and are planning to build new developments to attract U.S. and Chinese buyers.

"The Chinese real estate market is very competitive, and the U.S. housing market is recovering and expanding rapidly, so for us as a company to invest a certain amount in the U.S. makes a lot of sense for us," Tian Ming, chairman of Landsea, a Chinese developer, told CNBC.

Landsea is investing $1 billion in the U.S. housing market with three new developments slated: condominiums in the New York City market; townhomes in San Francisco; and single-family homes in the Los Angeles area. U.S. home builder Lennar will design and build the project in New York City.

"Our primary customer is still here domestically in the U.S., but because of our background and who we are and our brand in China, we will get Chinese customers who will want to buy our homes," Tian says.

Chinese nationals say the real estate market in China is mostly overbuilt and overpriced, so investors are coming to the U.S. for new opportunities in real estate.

In 2013, Chinese developers invested nearly $3 billion in U.S. commercial real estate. Two-thirds of that amount was in the New York area alone, according to data from Real Capital Analytics.

"The reality is that these are very big companies. They're well-funded. The U.S. is — we think it's a good market. Obviously, we're in it. So we shouldn't be surprised that they've come," U.S. billionaire Sam Zell, chairman of Equity Group Investments, told CNBC.

Source: “Chinese Love U.S. Housing so Much, Now They’re Building It,” CNBC (Sept. 3, 2014)

Average Home Sale in The Naper-Chicago-Joliet Region is

According to the MMAPA report the average home sale in The Naper-Chicago-Joliet region is $218,000

NAR's quarterly Metropolitan Median Area Prices and Affordability report provides a breakdown of condo and co-op prices by metro market.

View Metropolitan Sales Areas 2014 Q2 in a larger map

Redifin Predicts Surge in Home Sales

Why Redfin Is Predicting a Home Sales Surge

DAILY REAL ESTATE NEWS | TUESDAY, SEPTEMBER 02, 2014

A slowdown in home price growth and a shift in pricing power from sellers to one that more closely aligns with buyers expectations will “drive an unusual surge in home sales this fall,” predicts analysts at the real estate brokerage Redfin in its latest housing report.

“Home buyers who have been willing to wait for better deals are starting to be rewarded for their patience, as sellers drop listing prices to meet buyers’ more value-focused expectations,” Redfin notes in its latest report.

The number of homes that sold above list price in July was down nearly 7 percent to 20.1 percent from 26.8 percent a year ago, according to Redfin’s analysis.

“Sellers are finally catching on that it’s not a seller’s market anymore,” says Jeremy Cunningham, a Redfin real estate professional in Virginia.

Sellers are adjusting their prices, particularly in markets that have seen a large increase in for-sale inventories or big increases in home price appreciation over the past year.

According to Redfin, Denver is the metro that has registered the largest percentage of listing price drops. Its median sales price has increased by 15 percent year-over-year compared with an average of 5.5 percent for all metros.

On the other hand, Ventura County and Sacramento, Calif., have seen more moderate price growth year-over-year but have seen their for-sale inventories rise by 25.6 percent and 18.3 percent, respectively. The two metros had the second and third largest percentage of homes for sale with price drops in July, according to Redfin.

Some of the metros with the fewest price drops tended to have smaller increases in median home prices and for-sale inventories, analysts note. On the other hand, some West Coast markets like San Francisco, San Jose, Los Angeles, and Seattle continue to sell for more than list price.

Get Ready for a Hot Fall?

Redfin analysts are predicting a surge in home sales in September and October.

“We continue to see strong buyer demand as we head into fall,” according to Redfin’s housing report, which shows the number of tours and offers picking up from July and into August. “The buyer fatigue from competing against multiple offers, bidding wars. and tight inventory is diminishing. Additionally, the widespread increase in price drops is likely to give buyers even more confidence that they have regained some of the bargaining power lost last year.”

Also, analysts note that borrowing costs still remain attractive, which will help buyers off the fence.Mortgage rates continue to hover near yearly lows. 

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