Chicago Real Estate News

Chicago Real Estate News It seems the tenets of the recession -- that have hit some markets in the country harder over the past couple of years -- are finally taking a toll on Chicago, the big, stalwart Midwestern city. While higher-end markets like New York and San Francisco are stabilizing, Chicago's real estate woes are looking worse, and it's even bringing Mayor Daley into the scuffle. But there's a few glimmers of good news, including the top-notch sale price of the Elysian's penthouse, a new residential tower opening in the Loop, and the home of one of Chicago's famed architects on the market.

  • Chicago-area home prices had the biggest drop in January out of 20 cities nationwide. The biggest rise happened in Los Angeles. [Crains Chicago Business]
  • While the median home price dropped 6.7 percent from last year, making Chicago the 40th most expensive city in the nation, a new report says that living in the Windy City is still unaffordable to many of the city's middle class workers. []
  • Even Mayor Richard Daley got into the action by "ripping" the decision to let teachers (and other government employees) live outside the city because he says it will be a precursor to losing Chicago's middle-class residents. [Chicago Sun-Times]
  • The former CEO of the Chicago Mercantile Exchange paid $6.9 million to buy the entire 37th floor of the Elysian, a new 60-story boutique hotel-and-condo high-rise in the Gold Coast. This was the development's highest priced transaction to date. []
  • The second residential building to ever be built inside the Loop opens, offering a free month's rent and gift certificates, but given the condo bust downtown, there's some uncertainty about its future. []
  • The home of famed architect, John Root, best known for his work on Chicago's World Fair in 1893, is on the market for a million less than its 2007 price tag. [Chicago Architecture Plus]

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