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. [Housingwatch.com]
  • 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. [Chicagomag.com]
  • 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. [Chicagomag.com]
  • 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]

Read Full Story

Can't get enough real estate news?

Sign up for Finance Report by AOL and get everything from celebrity homes to renovation tricks delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

Find a home

Buy
Rent
Value
Powered by Zillow