Tag: Housing Bulletin

Yesterday afternoon, the day before Halloween, several real-estate agents and their children went on a special trick-or-treating route on the 4100 block of North Bell Avenue in Chicago’s North Center neighborhood. Stopping at five of the six houses that are for sale on the block, the kids picked up treats—but what their parents saw was pretty scary.

On this block alone, there are four new replacement houses in the $1.2-million to $1.4-million price range, all finished (or nearly finished) and unsold. Also listed for sale are...

Wendy and Jim Abrams are the new owners of a coveted parcel of land on Lake Michigan in Highland Park. Last week, the developer Orren Pickell announced that he had sold the A. G. Becker estate (better known lately as the Mickey Segal estate) to a buyer who intends to keep intact the 17.5-acre parcel—with its Jens Jensen landscaping—rather than subdivide it as Pickell had planned. “[The estate] dodged a bullet and is now out of the hands of developers for at least another generation,” says Daniel Kahn, head of Highland Park’s historic preservation commission.

Pickell would not identify by name the buyer, who bought the property through a land trust. But a source told Deal Estate...

In the midst of all the recent fretting over subprime mortgage failures, some real-estate analysts have been warning of another wave of mortgage trouble on its way: the massive reset of Adjustable Rate Mortgages (ARMs) to higher rates than what prevailed when the loans were made three to five years ago. According to many industry observers, the new, higher payments on those loans could force another round of borrowers out of their homes.

People who used lower-cost ARMs to buy more house than they would otherwise have been able to afford may have been counting on their own income going up before the inevitable reset to a higher rate. Or they might...

As a real-estate agent in a family of real-estate agents, state representative Karen Yarbrough (D-Maywood) knows all about the close connection between house values and school quality. “When I work with [homebuyers],” she says, “the single most important thing they always ask is, ‘How are the schools?’ You could show them a Frank Lloyd Wright house with all kinds of architectural amenities, but if the community’s schools aren’t good, they will pass it by. There are two basic building blocks of healthy communities: good schools and good housing.” 

That’s why Yarbrough took the lead with state senator Iris Martinez (D-Chicago) in sponsoring the Good Housing Good Schools bill (SB 220) that both houses of the state legislature passed last spring and that...