Comments for YoChicago

Comment on Aqua closings get the “yellow light” following Fannie Mae snag by Lee

Lee — Sat, 21 Nov 2009 22:37:14 +0000

This is a really disappointing, anti-urban Fannie Mae policy. There’s little reason for policies like this favoring lending for single-use developments over mixed-use ones. Mixed-use development is essential for healthy, vibrant cities. And the recent economic drama seems to be showing that if anything single-use exurbs are actually the more risky investment for banks.

Comment on Aqua closings get the “yellow light” following Fannie Mae snag by Joseph Askins

Joseph Askins — Fri, 20 Nov 2009 19:24:41 +0000

This didn’t really fit into the story above, but I’m sure someone out there would like to know: According to Appraisal Research Counselors’ latest benchmark report, 313 (or 66 percent) of Aqua’s apartments were leased between May and the end of October. Another 137 need to be leased for the tower to reach 95 percent, the point at which a building reaches “stabilized operations.”

Comment on Price check: Rental rates for Flair Tower by Joe Zekas

Joe Zekas — Fri, 20 Nov 2009 05:51:31 +0000

Papu,

We’ll try to get that info.

These are nominal rents. Don’t be surprised if the actual effective rents are substantially lower, especially since 3 towers are opening in the immediate area at nearly the same time and quite a few condos are also for rent in River North.

As Joe notes in the post, pre-leasing incentives will reduce these numbers by 17%.

Comment on Price check: Rental rates for Flair Tower by Papu

Papu — Fri, 20 Nov 2009 02:37:48 +0000

Joe, $2,980 for a 1080 sq ft???? If that is true, I a feeling really good about owning a similarly sized condo very close by. I can’t imagine the amenities that can bring that much rent. Do you guys know what he Parc Huron is projecting?

Thanks for all the good work

Comment on Conversions and Oakwood Shores: Bronzeville’s dominant features by Milly

Milly — Fri, 20 Nov 2009 02:06:12 +0000

I rent in the area and agree it is seriously lacking in retail to walk to. BUilding hundreds of homes is not enough to get people to move to a neighborhood, they need retail and smaller shops to go to when they don’t feel like big-boxing it. It should have dawned upon developers that they could get more traffic or purchases if desireable retail was near their developments.

Comment on A drive around Union Row’s neighborhood by Milly

Milly — Fri, 20 Nov 2009 02:00:12 +0000

What neighborhood? Do you mean the fortune cookie warehouses and railroad shacks?

Comment on Touring Terrazio in the South Loop by Joseph Askins

Joseph Askins — Thu, 19 Nov 2009 19:54:44 +0000

SMR:

I don’t think anyone sees Eco18 going up anytime soon. Jameson has pulled all of Eco18’s listings and all mention of the development from its Web site. (The development’s official site is still alive, although it hasn’t changed in quite some time.) Less than 20 of its 93 units were under contract as of October ‘08, which is really the last time we’ve heard anything from the developer.

Comment on Touring Terrazio in the South Loop by SoloMotorRow

SoloMotorRow — Thu, 19 Nov 2009 19:25:57 +0000

Hey Joe,

I have not heard a peep about ECO 18 in about 1 year.
Any news on them ?

Comment on Price check: Rental rates for Flair Tower by Joe Zekas

Joe Zekas — Thu, 19 Nov 2009 15:59:31 +0000

$3 a square foot is not where the market is. May be something special about these units that we don’t know.

Comment on Price check: Rental rates for Flair Tower by Matt Garrison

Matt Garrison — Thu, 19 Nov 2009 15:05:59 +0000

Their 3 bedroom pricing seems way off.