In my experience, when hype runs far ahead of performance in real estate the performance more often than not falls flat. Will that prove to be the case at Flats Chicago, a hyper-active attempt to conjure a positive brand for a group of buildings with troubled histories and sub-par locations?

Flats Chicago has garnered a lot of attention at TimeOut, Chicago Real Estate Daily, mother nature network, the Sun-Times, dnaInfo, and other web venues. What it has yet to do is deliver occupied apartments at any of the Flats buildings, despite having touted openings early this year and, more recently, an April opening at 2500 N Clybourn.

When I spoke with Flats Chicago’s Jay Michael last week he stated that units at 2500 N Clybourn and 7722 N Ashland would be available for occupancy July 1st, but amended that to “early July” later in the call. Michael also reported that a leasing office / model will open the third week of June (this week) at 5411 N Winthrop, “at which time you can pre-lease for 4, possibly 5 of the buildings.”

I visited all of the Flats buildings last week, and saw no activity at several and only modest activity at the others. I’ll look forward to seeing the “rooftop pools” and the “indoor pool, 6,000-square-foot sports club and 4,000-square-foot sky deck” referenced in the Chicago Real Estate Daily piece.

A news release received yesterday reported that the 515-unit Coast apartment tower, which began leasing in mid-February and opened in March, is 50% leased. That’s “a record setting pace,” said an executive of NNP Residential, the leasing and management agent for the 51-story building.

Coast is the eighth residential high-rise in the Lakeshore East development in the New East Side neighborhood, and the first to be 100% smoke free.

According to Coast’s website:

Coast’s soothing modern apartments create your personal urban beachside resort. Stroll home from work, kick off your shoes and roll-up your pants. Experience a coastal retreat on the shores of Lake Michigan.

We’re hoping that Coast is more proficient at calculating percentages than it is at understanding the meaning of “beachside” and “shores of Lake Michigan.”

You can see more of YoChicago’s aerial and panoramic photos at Flickr. You can see all of the downtown rental high-rises on our at-a-glance apartment list.

YoChicago’s at-a-glance apartment lists make it easy for you to find the high-rise apartment buildings that will coddle your current canine or the one you’ve been craving.

If you’re looking to rent in Loop / Downtown and Near North neighborhoods you’ll see that most of the buildings are dog-friendly. If your next high-rise home is in Lincoln Park, only two of the buildings accept dogs, and you can preview them in the following YoChicago video tours.

2756 N Pine Grove, 1- and 2-bedrooms. 40-pound limit on pets. Managed by Planned Property, one of our sponsors.

The Belden-Stratford, 2300 N Lincoln Park West, studio, 1- and 2-bedrooms. 25-pound limit on pets.

If you have a few minutes to spare, they’ll be well spent in listening to architecture critic and photographer Lee Bey’s thoughts on mid-century modern buildings and his approach to photographing them.

The video includes photographs of Diamond Bank, a 1961-vintage structure at the corner of North Ave and Clark St.

There are currently 824 MLS-listed homes, apartments and condos for rent in the 14 downtown ZIP Codes that we track periodically. That’s a little more than 1% below the number available for rent a year ago at this time, an 11.5% increase over the same time in 2011, 37% below the mid-June 2010 number and 57% below November of 2009 when we first began tracking.

Current inventory levels are lower year-over-year in most of the ZIP Codes, but up by double-digit percentages in 60610 and 60654 (Near north) and 60616 (South Loop).

The actual number of units available for rent at any time is lower than we report, since we include listings that are Pending, i.e. an application has been accepted but a lease has not yet been signed.

The relatively stable inventory levels may indicate that the new apartment towers that have opened recently have had little impact on the market for MLS-listed rentals. It’s also possible that a strengthening sale market has resulted in fewer homes and condos being listed for rent in the MLS.

The Tribune recently wrote about a lawsuit brought by the CHA against board members of the master association at the Enclaves of Galewood Crossings in the Austin neighborhood. The CHA had contracted to purchase a number of townhomes in the community, and recently closed on the purchase.

The lawsuit alleges that the adoption of limits on renting homes in the community was motivated by racial discrimination, despite the fact that the community is largely African American and Hispanic and several board members are African American.

Whatever the facts might prove to be, it’s clear that homeowners at Galewood Crossings have taken a beating on resale values. We posted on that topic a year ago in April, and resale prices haven’t improved since then.

A 3-bedroom, 2 ½ bath single-family at 5331 W Galewood that sold for $479K in April of 2008 resold this April for $190K. A 4-bedroom, 3-bath townhome at 5246 W Hanson sold new for $328,500 in July of 2008, resold for $70,300 in December of last year and resold again earlier this month for $155,000.

Back in October of 2010 Red Seal Homes held a grand opening event for its curiously named Avondale Closeout development. Plans called for 19 homes base-priced from the $560s to the $600s, with a first phase of 9 homes.

Since that time, according to Redfin data, two homes have sold. A 5-bedroom, 3 ½ bath home at 3644 N Avondale list-priced at $529,900 sold for $464,000 in September of 2011. A 3-bedroom, 2-bath home listed for $464,900 at 3646 N Avondale sold last December for $400,000. Ten lots are listed for sale at $183,000 apiece.

The Red Seal website has an active page offering homes starting at $499,999.

The homes are adjacent to the landmark Villa District to the west and are bordered on the east by railroad tracks and the Kennedy Expressway. Just up the road is a colorful mural touting the Villa.

The following market update arrived via a news release from RE/MAX Northern Illinois:

A renewed appetite for condominium purchases has become apparent in the metro Chicago real estate market through the first five months of 2013. That trend was especially clear in May when a 35 percent increase in sales of attached homes (primarily condominiums and townhouses) helped the overall residential market post a 30 percent gain in total sales when compared to May of last year. The detached-home segment of the residential market registered a 27 percent sales increase.

The month’s sales total of 10,822 units was the largest for May since 2006, and not only were more homes selling, but the pace of sales quickened considerably. For homes sold in May, the average number of days spent on the market before finding a buyer fell to 115 days from 160 days a year earlier.

The faster pace of home sales has substantially reduced the inventory of for-sale listings. At the end of May, the total inventory of listings was approximately half as large as it was just a year earlier. Based on the May sales pace, there is currently a three-month supply of homes on the market. A year ago, there was a six-month supply.

This tighter inventory and rising demand, coupled with mortgage interest rates that are less than 4 percent for many borrowers, led to a solid increase in home values across the seven-county metro Chicago area. The median sales price in May was $185,000, up 8 percent from the $171,000 median price recorded in May 2012.

Another factor helping to boost prices was the declining percentage of sales involving distressed properties (foreclosures and short sales). They accounted for 33 percent of May sales, down from 37 percent a month earlier and 36 percent in May of last year.

The median home sales price for May rose in all seven metro counties and in the City of Chicago. In fact, Chicago recorded the biggest increase, a 16 percent gain to $231,025, up from $199,000 a year earlier.

The May median home sales price for each of the seven metro counties was as follows: Cook was up 9 percent to $185,000; DuPage rose 8 percent to $225,000; Kane climbed 5 percent to $165,000; Kendall was up 14 percent to $180,250; Lake rose 2 percent to $189,000; McHenry gained 1 percent to $154,000; and Will had a 10 percent increase to $177,200.

All seven counties also notched substantial increases in transaction volume compared to the level of activity recorded a year earlier. Cook was up 28 percent to 6,185 units; DuPage up 32 percent to 1,327 units; Kane up 41 percent to 762 units; Kendall up 13 percent to 186 units; Lake up 39 percent to 1,025 units; McHenry up 46 percent to 482 units and Will was up 21 percent to 854 units. Transaction volume rose 30 percent in Chicago to 2,796 units.

Average market time for homes sold in May ranged from a high of 136 days in Will County to 109 days in Cook County and just 94 days in Chicago.

Attached Homes
The 35 percent increase in the number of attached homes sold in May and a reduced inventory of listings in the metro area helped generate an 8 percent rise in the May median sales price to $150,500. The average market time shortened to 116 days compared to 168 days in May 2012. During the month, 4,157 attached units changed hands in the metro area.

Transaction volume rose in all seven counties and in Chicago as follows: Cook up 33 percent to 2,971 units; DuPage up 37 percent to 482 units; Kane up 48 percent to 142 units; Kendall up 17 percent to 49 units; Lake up 30 percent to 226 units; McHenry up 92 percent to 100 units; Will up 38 percent to 186 units, and Chicago up 36 percent to 1,826 units.

Cook County led the way in terms of gains in the median sales price, with a 14 percent increase to $188,000. DuPage was up 2 percent to $120,000; Kane up 8 percent to $120,000; Kendall down 8 percent to $95,000; Lake up 4 percent to $130,000, and McHenry down 10 percent to $94,750, while Will County had an 11 percent increase to $127,175. The median price in the city climbed 11 percent to $272,500.

Detached Homes
May sales activity resulted in increased transaction volume and a higher median sales price for detached homes in all seven counties and in Chicago. For the metro area as whole, detached sales totaled 6,666 units for the month, up from 5,234 in May of last year, a 27 percent increase.

The median sales price was $206,250, 11 percent more than in May 2012. Average market time was 115 days, down from 156 days a year ago.

Sales activity was especially robust in Kane County (up 40 percent to 620 units), Lake County (up 42 percent to 799 units) and McHenry County (up 37 percent to 382 units). Gains elsewhere were as follows: Cook County sales totaled 3,214 units, a gain of 24 percent; in DuPage County the gain was 29 percent on 845 sales; in Kendall County, 137 homes were sold yielding a 12 percent increase, and in Will County, sales rose 17 percent to 668 units. Chicago registered a 20 percent gain with 970 units sold.

Significant increases in the median sales price were registered in all seven counties and in Chicago during May, ranging from 5 to 14 percent when compared to May 2012 levels. Will County led the way with a 14 percent gain to $199,000, and Kendall County also posted a double-digit increase, rising 12 percent to $204,000.

Results for the other counties were as follows: Cook County up 7 percent to $181,575; DuPage County up 9 percent to $300,000; Kane County up 8 percent to $189,950; Lake County up 9 percent to $230,000 and McHenry County up 5 percent to $176,400. The median price in Chicago climbed 7 percent to $160,000.

One of the sets for Neil Burger‘s adaptation of Divergent, a sci-fi flick starring Shailene Woodley and Kate Winslet, is appropriately sandwiched between two of Chicago’s architectural icons. No word on whether the set was designed by Burger’s architect wife.

Pictured above, to the north of Divergent’s bleak homes, is Ralph Johnson‘s 235 Van Buren.

Just beyond the set to the south is Bertrand Goldberg‘s River City, 800 S Wells. A person associated with the film assured me that the automatic weapons in the picture were just plastic replicas. The last day of filming at the location will be Wednesday, June 19, after which the set will be dismantled. The film is scheduled to be in theaters in March of next year.

235 Van Buren, one of our sponsors, has 1-bedroom condominiums priced from $210,900, 2-bedrooms from $287,900 and penthouse units from $439,900.

When we looked in on Catalyst in early April drilling rigs were sinking the caissons for the apartment tower’s foundation. The 22-story building, when complete at 630 W Washington, will host 223 apartments, 175 garage parking spaces and 15,168 square feet of ground floor retail space.

Foundation work was complete when I visited the site yesterday afternoon. Assembly of a tower crane is the next important milestone in moving forward to bring a high-rise out of the ground. The crane was nearing completion when I approached Catalyst, and its mast appeared to be tall enough to complete the building without additional sections being added during construction.

The final section of the boom / jib and counterweights were on site and ready to be lifted into place by the telescopic crane, which will leave the site when the tower crane is complete.

The first attempt at installing the final section of the boom was frustrated by heavy winds, and it was lowered back toward the ground. The cranes re-oriented themselves for more favorable positioning.

While the boom section was being lowered and re-positioned iron workers from Local 1 relaxed as only iron workers can while several hundred feet in the air.

On the ground, iron workers moved to different positions with their tag lines to help control the boom section’s rotation and sway.

The second pass at connecting the final section of the boom was successful, and iron workers muscled it into place and began hammering in the pins that hold the sections together.

You can watch the 4-day assembly of the tower crane at the recently-opened K2 Apartments in the following 4-minute video:

The recently-opened 1717 Ridge apartments held its ceremonial grand opening last Wednesday, and drew a crowd despite the storm system that swept through the area that evening. Evanston Mayor Elizabeth Tisdahl keynoted the event.

I attended the event and stopped by again on Friday, in better weather, to shoot some photos in preparation for a sponsored video tour of the property. Check back later this week for that tour.

The quality of the project and its strong design came as no surprise, given the track record of the developers, Focus Development and Atlantic Realty Partners, and the architects, Booth Hansen.

What was unexpected at the 8-story, 175-unit 1717 Ridge was an amenities package as extensive as you typically find in a development more than twice that size. You’ll see some of the amenities in the video, and in the above photos. The scope of the common area amenities and downtown location set 1717 apart from the other new Evanston developments.

Penthouse-level units have floor-to-ceiling windows, and some have views of the Chicago skyline.

1717 Ridge has 21 different studio, one-, two- and three-bedroom floor plans, in both dark Espresso and light wheat finishes. Leasing activity was brisk at the time of my Friday visit.

Ever since Crain’s reported that Google is considering a move to the new 1K Fulton development in the West Loop commenters at various websites have treated the deal as a fait accompli that would precipitate imminent change in the area. Here’s how Crain’s phrased the impact:

If a deal is struck, it would dramatically reshape the gentrifying Fulton Market-Randolph area, where foodies flock to a thriving restaurant row but major office tenants have yet to arrive.

Landing one of the world’s most recognizable companies would bring instant legitimacy to an office market now made up of small tenants in low-rise loft buildings.

There’s been no official announcement of a Google / 1K Fulton deal, but there’s little doubt that the area is changing. The new Morgan Street CTA station both reflects and anticipates greater development nearby.

The building’s tag phrase is “Work. Eat. Chill.” “Chill” looks back to the building’s history as a cold storage facility, but also describes its current state. There has been no construction activity at the 1K Fulton site for more than two weeks. When I stopped by on Friday a worker tending some on-site equipment could only say that he “hoped to start back up again soon.”

If you’re looking to rent an apartment in River North, you can see all of your managed apartment building options on YoChicago’s availability list, below.

Apart from the new buildings, there are currently only twelve large apartment complexes in River North, and we’ve listed all of them in this Google spreadsheet, and checked what’s available for rent, and what the rents are, in almost all of them. The spreadsheet is accurate as of the close of business yesterday. Rents listed are for 12-month leases for apartments available now through next month. All of the buildings accept cats, and all but three accept dogs subject, in most cases, to weight and breed restrictions.

Our spreadsheet contains links to each building, links to videos where available, and links to near real-time availability checks for the buildings that offer that feature. The spreadsheet, which is updated weekly, also has links to several reputable major brokerage sites (clients of our parent firm) where you can search MLS-listed condos and townhomes available for rent. Beyond those options there are only a few small rental buildings in River North, with rare availabilities.

If you’ve been searching Craigslist for River North apartments you already know you’re wasting a lot of time and encountering a lot of bait-and-switch ads. You’re unlikely to find anything at Craigslist that you won’t find through Yo’s list.

If you’re considering working with a rental service / finder, consider the twenty-five things rental services won’t tell you. Consult our do-not-call list for the rental services – virtually all of them – that engage in deceptive behavior, or worse. Support our Craigslist Apartment Cleanup campaign by liking our Facebook page.

We think there’s no faster or easier way to find your next apartment in River North than our availability list. If you know someone who’s looking to rent in River North, send them a link to this post or to the spreadsheet.

Koenig & Strey’s Sally Mabadi is our guide to this elegant, 5 bedroom, three-story Georgian Revival.

The home, at 705 Milburn St, is beautifully situated in northeast Evanston, just steps to Lighthouse Beach and the award-winning Orrington School. 705 Milburn perfectly captures the old world craftsmanship of the 1920s with leaded glass windows, arched moldings, marble detailing, French doors, and a graceful winding staircase.

Adding to this beauty are all of the thoughtful updates that make this home perfect for today’s families: a new eat-in kitchen with custom cabinetry, granite countertops and stainless appliances; a spacious master suite with built-in closets, new marble bath; and a large sunroom / exercise room / home office.

A very unusual feature of the home is a dog shower in the mud room. Since the beach is just a short walk, a miniature shower is perfect to wash the sand from your dog – and from any small children – before entering the main part of the home.

The home is listed for sale at $1,475,000.

The vintage high-rise at 420 W Surf in the Lake View neighborhood is on a tree-lined street, but just steps from Lincoln Park and Diversey Harbor.

The building has spacious studio, one-, two- and three-bedroom apartments with hardwood floors, crown moldings, and updated kitchens and baths.

The fitness room and rooftop sun deck are popular draws at 420 W Surf.

BJB Properties owns and manages dozens of newer and recently-renovated vintage apartment buildings in prime Gold Coast, Lincoln Park, Lake View and Rogers Park locations.

Many of our visitors would rather learn about what’s new here by following us on Twitter or subscribing to our videos on YouTube rather than going directly to YoChicago.

If that’s your preference, visit our YouTube channel and Twitter feed to get started. You can, of course, also find us at Facebook.

As of yesterday evening YoChicago had 1,928 followers on Twitter, 1,984 subscribers on YouTube, and 980 Facebook Likes.

In South Loop apartment news, buildings at 619-631 S LaSalle were recently acquired for conversion to 80 to 90 loft apartments. We’ll keep you up to date on the progress.

http://yochicago.com/are-new-south-loop-apartments-a-sign-of-a-rental-market-downturn/30500/

If you’re looking to rent in the South Loop, you can see all of your managed apartment building options on YoChicago’s South Loop availability list, below. Where only a single price is listed, it’s an indication that only one unit of that type was available at the time we checked.

There are only a dozen large apartment complexes in the South Loop, and we’ve listed all of them in this Google spreadsheet, and checked what’s available for rent, and what the rents are, in all of them. The spreadsheet is accurate as of the close of business yesterday. Rents listed are for 12-month leases for apartments available now through next month. All of the buildings accept cats and dogs subject, in some cases, to weight and breed restrictions.

Our spreadsheet contains links to each building, links to videos where available, and links to near real-time availability checks for the buildings that offer that feature. The spreadsheet, which is updated weekly, also has links to several reputable major brokerage sites where you can search MLS-listed condos and townhomes available for rent.

If you’ve been searching Craigslist for South Loop apartments you already know you’re wasting a lot of time and encountering a lot of bait-and-switch ads. You’re unlikely to find anything at Craigslist that you won’t find through Yo’s list.

If you’re considering working with a rental service / finder, consider the twenty-five things rental services won’t tell you. Consult our do-not-call list for the rental services – virtually all of them – that engage in deceptive behavior, or worse. Support our Craigslist Apartment Cleanup campaign by liking our Facebook page.

We think there’s no faster or easier way to find your next apartment in the South Loop than our availability list. If you know someone who’s looking to rent in the South Loop, send them a link to this post or to the spreadsheet. If you’d prefer to rent a condo, virtually all of them are listed in the MLS and can be searched at reputable broker sites. Show your support for YoChicago by visiting the website of one of our parent firm’s clients.

The following arrived via email from RealtyTrac:

RealtyTrac today released its U.S. Foreclosure Market Report™ for May 2013, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 148,054 U.S. properties in May, an increase of 2 percent from the 75-month low in April but still down 28 percent from May 2012. The report also shows one in every 885 U.S. housing units with a foreclosure filing during the month.

High-level findings from the report
The monthly increase in overall foreclosure activity was caused largely by an 11 percent month-over-month increase in bank repossessions (REOs), although REO activity was still down 29 percent from a year ago.

REO activity increased from the previous month in 33 states — including North Carolina (up 60 percent), Oregon (up 57 percent), Wisconsin (up 44 percent), Illinois (up 44 percent), Colorado (up 23 percent), and Michigan (up 19 percent). REO activity increased 9 percent from the previous month in non-judicial states and was up 13 percent from the previous month in judicial states.

Among the five lenders involved in last year’s national mortgage settlement, all but one (Citi) posted monthly increases in REO activity, indicating that temporary stoppages of foreclosure sales announced during the month by some of the lenders involved in the settlement had little lasting impact on the number of completed foreclosures for the month.

U.S. foreclosure starts increased 4 percent from the previous month but were still down 33 percent from a year ago. Foreclosure starts increased from the previous month in 26 states and were up from a year ago in 14 states, including Maryland (up 229 percent), Connecticut (up 122 percent), Hawaii (up 108 percent), Arkansas (up 84 percent), New Jersey (up 82 percent), Nevada (up 81 percent), Washington (up 53 percent), Pennsylvania (up 26 percent) and New York (up 13 percent).

The foreclosure problem continued to shift away from non-judicial states and toward judicial states. Judicial states accounted for five of the top six foreclosure rates nationwide: Florida, Ohio, Maryland, South Carolina and Illinois. At No. 2, Nevada’s foreclosure rate was the highest ranked among non-judicial states.

Among the nation’s 20 largest metros, those with the biggest increases in median home prices tended to be in states where a non-judicial foreclosure process has allowed foreclosures to be absorbed by the market more quickly. Seven of the 10 metros with the biggest jumps in median home prices from a year ago were in non-judicial states, while all five metros with flat or declining median prices were in states with a judicial foreclosure process.

“Foreclosure activity continued to bounce back in some markets where it may have appeared the foreclosure problem had been knocked out by an aggressive combination of foreclosure prevention efforts over the past two years,” said Daren Blomquist, vice president at RealtyTrac. “Places like Nevada, where foreclosure starts increased to a 20-month high, and Maryland, where overall foreclosure activity increased to a 33-month high. Still, the emerging housing recovery has strengthened most local markets enough to quickly shake off a few more blows from these nagging foreclosures.”

You can access the full report at RealyTrac.

660 W Barry is in a quiet, tree-lined location with great proximity to several lively commercial strips.

Broadway is a half a block to the east, Clark St a half block west and Belmont Ave a short block north. You’d be hard-pressed to find three more lively restaurant, nightlife and shopping venues in all of Chicago. Wrigley Field is a 10-minute walk from 660 W Barry.

The vintage building has large studio and one-bedroom apartments with hardwood floors, crown moldings, and updated kitchens and baths.

The building has a private courtyard with outdoor bike storage, and a fitness room adjacent to the laundry.

BJB Properties owns and manages dozens of newer and recently-renovated vintage apartment buildings in prime Gold Coast, Lincoln Park, Lake View and Rogers Park locations.

The contemporary high-rise apartment building at 1000 N LaSalle is adjacent to a tranquil private dog park. The tree-shrouded area is a favorite among dog-owning residents and residents who just want a cool place to sit outside on a hot summer day.

The grassy areas of the dog park were recently expanded.

Planned Property owns and manages 1,000s of apartments in prime Gold Coast, Lincoln Park and Lake View locations.

Division Street from Ashland Ave almost to Western Ave – a stretch that divides Wicker Park from East Village and Ukrainian Village – is one of the most vibrant, attractive, pedestrian-friendly strips in Chicago. The vitality of Division Street comes to an almost complete halt just east of Western Ave at the border of Humboldt Park.

Division’s broad sidewalks host a wide array of sidewalk cafes, restaurants, bars, nightlife, boutiques and neighborhood service establishments.

Join me for a look at this part of Division Street, and at a new 11-story apartment building that’s nearing completion at the corner of Division and Ashland.

Back in December of 2009 we took a retrospective look at our coverage of Pure, a much-discussed failed condo turned rental at 24 S Morgan in the West Loop.

Since that time a grand jury indicted the building’s developers for running a Ponzi scheme that burned banks and investors to the tune of more than $40 million.

Crain’s Chicago Real Estate Daily reported yesterday that new investors have purchased 66 unsold units at Pure and, in separate transactions bought back 3 of the 4 condo units that had been owned by individuals. The new owners plan to build out five unfinished units in the 75-unit project, which also includes commercial space.

We had our first look at Pure just over six years ago, prior to construction, in the following video:

Chicago’s Fullerton Parkway between Clark and Halsted is lined with historic mansions, many dating back to the 1800′s. These blocks are the heart of Lincoln Park and, some would say, revelatory of its soul.

The handsome brownstone at 614 W Fullerton was beautifully restored and updated in 1996 and has the added bonus of being situated on an extra-wide, extra-deep lot. You’ll find extraordinary vintage details throughout the home, including several pocket doors, all in working order. While the current owners are using the entire structure as a 5 bedroom, 5 ½ bath home, there are separate entries into what could be two spacious 1 bedroom apartments.

The large back yard has space for a nice patio, swimming pool and a 3-car garage.

The home is listed for sale at $2,495,000.

Niko Apostal of Coldwell Banker’s Apostal Group is our guide in the video.

If you want an affordable apartment with vintage character close to DePaul University, you’ll find 828 W Fullerton hard to beat. The location is directly across from the eastern stretch of DePaul’s campus, with great proximity to the Fullerton El stop. There’s a CVS pharmacy next door and a stunning array of bars, restaurants and shops along Lincoln Avenue and Halsted Street.

The studio to 3-bedroom apartments at 828 W Fullerton boast hardwood floors, vintage touches and all-new kitchens and baths.

BJB Properties owns and manages dozens of newer and recently-renovated vintage apartment buildings in prime Gold Coast, Lincoln Park, Lake View and Rogers Park locations.

The new apartment buildings all seem to be offering a month’s free rent as an incentive to renters.

We recently noted that EnV was the first “two months’ free rent” offer that we’ve seen recently, but we have been seeing one-month offers from a number of older buildings in recent months.

The latest offer to come to our attention is from McClurg Court, 333 W Ontario – a month’s free rent on 12-month leases of selected convertible and one-bedroom units. That’s in addition to a “Look and Lease Special” waiving the “administrative / application fee” for renters who fill out an application within 24 hours of their first visit.

In the above aerial photo you can see the two towers of McClurg Court (arrows), The Streeter and Streeter Place immediately beyond, and 420 East Ohio and Onterie Center just east of them. The recently-opened 500 Lake Shore Drive is within a few minutes’ walk. You can find links to all of the Streeterville high-rise apartment buildings on our at-a-glance list of Near North apartments.

Is the downtown Chicago apartment market beginning to soften, or are existing buildings just trying to remain competitive with the recently-opened new ones? If you tell me that’s not an either / or, I won’t necessarily disagree.

It was nearly seven years ago when we first took note of Mayfair Crossing, a development of 26 3- and 4-bedroom single-family homes along Kilpatrick and Berteau priced at the time from the $500s to the $700s.

Two years later 21 of the homes were still available, with four different floor plans priced from the $470s to the $600s. Three of the homes were complete and the rest were slated for completion within 10 months.

By May of 2010 homes that had been priced in the low $500s were discounted to the $360s to $370s. At that time, according to public records, only 7 of the 26 homes had been sold, at prices ranging from $450K to $636K.

Mayfair Crossing is now apparently sold out, with seven homes having closed since last December for $408K to $462K. Public records reflect only two resales. A home purchased for $496K in January of 2010 resold in April of last year for $412K. A home purchased in August of 2009 for $505K sold two years later for $426K.

The development fits nicely into the neighborhood and the homes and public parkways were well maintained at the time of my visit yesterday.

It comes as no surprise to anyone familiar with Chicago development naming conventions that the project is not in the Mayfair neighborhood, which is across the Kennedy Expressway and further north. Mayfair Crossing does have excellent access to the Six Corners shopping district and the Kennedy and Edens Expressways.

Yesterdays’ email included the following, from Redfin:

According to Redfin’s latest Bidding War Report, Chicago saw a 2.8 percentage point decline in bidding wars in May, but remained on Redfin’s list of the most competitive markets at #9.

Despite the slight ease, competition is still fierce in Chicago:

48% of offers were up against competing offers in May, compared to 51.2% in April.

19% of winning offers were over asking price.

Of the winning offers in May, 71% used a conventional loan, 12% included a personalized cover letter and 0.0% waived the financing contingency or had a pre-inspection.

This slight ease in competition is due to the fact that there are more homes for sale on the market now. In April, we saw the largest monthly increase in the number of homes for sale (inventory) since March 2010. Back then, sellers were putting homes on the market in anticipation of high demand prior to the April 2010 contract deadline for the first-time homebuyer tax credit. Interest rates also rose in May, but it is still unclear how much of an impact the rising rates had on homebuyer demand, which dipped slightly last month as well.

The full report is available at Redfin’s blog.

If you want steps-to access to the best of Lincoln Park living you’ll want to take a look at 2051 N Sedgwick. The renovated property is a short block from the park itself and just east of the lively Lincoln Avenue restaurant, nightlife and shopping scene.

The studio to 3-bedroom apartments at 2051 N Sedgwick boast hardwood floors, vintage touches and updated kitchens and baths.

BJB Properties owns and manages dozens of newer and recently-renovated vintage apartment buildings in prime Gold Coast, Lincoln Park, Lake View and Rogers Park locations.

Chicago’s rental services a/k/a apartment locators a/k/a apartment finders advertise that they’re “free” to renters since the landlords pay their commissions – typically a month’s rent.

It doesn’t take much reflection to realize that renters are paying for that “free” service over the course of their lease. If you’re spending $2,000 a month on rent and make use of a rental service, you’re paying $2,000 for your “free” service.

Major landlords don’t allow rental services to negotiate the rent or any other term of a lease on your behalf. That’s just one of the many things rental services won’t tell you that you ought to know about using a rental service.

Another thing you ought to know is that the cost of using a rental service is fully negotiable, and you can ask your rental service to rebate a part of their commission to you. If you plan to work with a rental service, read anything you sign carefully before proceeding. Then, once you’ve settled on an apartment, and before you commit to it in writing, determine the most strategic moment at which to negotiate the level of rebate you think is appropriate to the level of service you’ve received.

Real estate brokerage firms that rent homes and condos listed in the Multiple Listing Service typically split the one month commission equally between the firm that represents the owner and the firm that represents the renter. That’s one of the reasons that most rental services won’t show you MLS-listed properties despite the fact that they may offer the most value to renters and brokers can negotiate price and terms. It’s also the case that renting MLS-listed properties requires more effort in scheduling showings and follow-up, and requires a higher level of professionalism and knowledge.

You can, of course, also negotiate the terms of any rebate before beginning to work with a rental service. If you’re looking to rent in one of the high-rises on our at-a-glance apartment lists, the options are so limited that it’s realistic to ask for at least a 50% commission rebate.

The studio, 1- and 2-bedroom apartments at 517 W Oakdale have been fully renovated and feature hardwood floors, new kitchens and baths and vintage character.

The 5-story elevator building is a former 1920s hotel located steps from the dozens of bars, restaurants, shops and nightlife along Broadway in one direction and the attractions of Lincoln Park in the other.

BJB Properties owns and manages dozens of newer and recently-renovated vintage apartment buildings in prime Gold Coast, Lincoln Park, Lake View and Rogers Park locations.

The spacious loft condo at 673 N Milwaukee is one flight up from the Shane Campbell Art Gallery, next door to the popular Delux Bar and Grill, and close to a wide selection of bars and restaurants.

The River West loft’s main living area is an unusual space, more than 20 feet wide and over 100 feet deep, with a ceiling height that tops out at more than 12 feet. The unit has 3 bedrooms, 2 baths, a private balcony and 1-car garage parking. It’s listed for sale at $525,000.

Niko Apostal of Coldwell Banker’s Apostal Group is our tour guide in the video.

The one- and two-bedroom apartments at 618 Hinman Ave boast hardwood floors, spacious rooms, built-ins, updated kitchens and baths and a gracious floor plan. The building has a laundry room, a fitness room and a huge back yard for outdoor relaxation and recreation.

618 Hinman Ave has easy access to the South Blvd CTA station and the Main Street Metra station. It’s a short stroll from the lake and the variety of shops and restaurants along Chicago and Main.

BJB Evanston owns and manages more than a dozen renovated properties in prime Evanston locations.

If you’re looking to rent an apartment in River North, you can see all of your managed apartment building options on YoChicago’s availability list, below.

Apart from the new buildings, there are currently only twelve large apartment complexes in River North, and we’ve listed all of them in this Google spreadsheet, and checked what’s available for rent, and what the rents are, in almost all of them. The spreadsheet is accurate as of the close of business yesterday. Rents listed are for 12-month leases for apartments available now through next month. All of the buildings accept cats, and all but three accept dogs subject, in most cases, to weight and breed restrictions.

Our spreadsheet contains links to each building, links to videos where available, and links to near real-time availability checks for the buildings that offer that feature. The spreadsheet, which is updated weekly, also has links to several reputable major brokerage sites (clients of our parent firm) where you can search MLS-listed condos and townhomes available for rent. Beyond those options there are only a few small rental buildings in River North, with rare availabilities.

If you’ve been searching Craigslist for River North apartments you already know you’re wasting a lot of time and encountering a lot of bait-and-switch ads. You’re unlikely to find anything at Craigslist that you won’t find through Yo’s list.

If you’re considering working with a rental service / finder, consider the twenty-five things rental services won’t tell you. Consult our do-not-call list for the rental services – virtually all of them – that engage in deceptive behavior, or worse. Support our Craigslist Apartment Cleanup campaign by liking our Facebook page.

We think there’s no faster or easier way to find your next apartment in River North than our availability list. If you know someone who’s looking to rent in River North, send them a link to this post or to the spreadsheet.

The following is from a recent news release from the US Attorney’s Office for the Northern District of Illinois, where you can read more of the gory details:

Two attorneys are among four defendants who have been indicted in two separate mortgage fraud cases, federal law enforcement officials announced today. In one case, an attorney, a real estate investor, and a loan originator were charged with allegedly participating in a scheme to fraudulently obtain at least five residential mortgage loans totaling approximately $1.5 million from various lenders. In the second case, an attorney was charged with allegedly participating in a scheme to fraudulently obtain at least 12 residential mortgage loans totaling nearly $3.75 million from various lenders.
…
Since 2008, several hundred defendants have been charged in Federal Court in Chicago and Rockford with engaging in various mortgage fraud schemes involving more than 1,000 properties and more than $300 million in potential losses, signifying the high priority that federal law enforcement officials give mortgage fraud in an effort to deter others from engaging in crimes relating to residential and commercial real estate.

Mortgage and appraisal fraud have been a pervasive problem throughout the south and west sides of Chicago. Law enforcement resources have been woefully inadequate to the scale of the problem – and, at the state and local level, virtually non-existent.

If you have any doubts about the continuing existence of this problem, simply take a look at the highest-priced listings in West Englewood, where the median selling price last month was $14K and the median list price was $29K.

The bright and sunny studio, 1- and 2-bedroom apartments at 1215 W Diversey have been fully renovated and feature hardwood floors, new kitchens and baths and a crisply modern feel.

The location affords easy access to the Brown Line stop at Diversey, or to the lakefront via a bus stop at the front door. Dozens of bars, restaurants, shops and local attractions are a short hop away.

BJB Properties owns and manages dozens of newer and recently-renovated vintage apartment buildings in prime Gold Coast, Lincoln Park, Lake View and Rogers Park locations.

The handsome vintage courtyard at 1509 Hinman Ave has an enviable Evanston location. It’s a few short blocks from the lake and Northwestern campus, a block from Whole Foods and a variety of restaurants and shops, and a leisurely stroll from downtown.

One- and two-bedroom apartments are available, with hardwood floors, spacious rooms and updated kitchens and baths. The building has two laundry rooms, a fitness room, and bicycle and resident storage.

BJB Evanston owns and manages more than a dozen renovated properties in prime Evanston locations, and is the sponsor of this video.

In South Loop apartment news, buildings at 619-631 S LaSalle were recently acquired for conversion to 80 to 90 loft apartments. We’ll keep you up to date on the progress.

http://yochicago.com/are-new-south-loop-apartments-a-sign-of-a-rental-market-downturn/30500/

If you’re looking to rent in the South Loop, you can see all of your managed apartment building options on YoChicago’s South Loop availability list, below. Where only a single price is listed, it’s an indication that only one unit of that type was available at the time we checked.

There are only a dozen large apartment complexes in the South Loop, and we’ve listed all of them in this Google spreadsheet, and checked what’s available for rent, and what the rents are, in all of them. The spreadsheet is accurate as of the close of business yesterday. Rents listed are for 12-month leases for apartments available now through next month. All of the buildings accept cats and dogs subject, in some cases, to weight and breed restrictions.

Our spreadsheet contains links to each building, links to videos where available, and links to near real-time availability checks for the buildings that offer that feature. The spreadsheet, which is updated weekly, also has links to several reputable major brokerage sites where you can search MLS-listed condos and townhomes available for rent.

If you’ve been searching Craigslist for South Loop apartments you already know you’re wasting a lot of time and encountering a lot of bait-and-switch ads. You’re unlikely to find anything at Craigslist that you won’t find through Yo’s list.

If you’re considering working with a rental service / finder, consider the twenty-five things rental services won’t tell you. Consult our do-not-call list for the rental services – virtually all of them – that engage in deceptive behavior, or worse. Support our Craigslist Apartment Cleanup campaign by liking our Facebook page.

We think there’s no faster or easier way to find your next apartment in the South Loop than our availability list. If you know someone who’s looking to rent in the South Loop, send them a link to this post or to the spreadsheet. If you’d prefer to rent a condo, virtually all of them are listed in the MLS and can be searched at reputable broker sites. Show your support for YoChicago by visiting the website of one of our parent firm’s clients.

Planned Property Management, hosts a year-round series of events for its residents, but few are as much fun as the pool parties.

One of the parties takes place at 1111 N Dearborn, on what Planned bills as “the highest outdoor apartment pool in the Gold Coast.”

Followers of Planned Property’s Facebook page get early alerts to apartment deals. The current offering is a $300 rent reduction on a rarely-available corner 3-bedroom, 2-bath at 1111 N Dearborn. Renters who schedule an appointment online save an additional $100.

Planned Property owns and manages more than 3,000 apartments in prime Gold Coast, Lincoln Park and Lake View locations.

The 12-unit condominium building at 3443 N Lincoln Ave has a stellar Lake View location near a Brown Line stop, with close proximity to Roscoe Village and Southport Corridor shops, dining and nightlife.

Unit 4A was recently listed for sale at $475,000 and quickly went under contract. The 3-bedroom, 2-bath corner unit has an open floor plan. All 3 bedrooms offer nice city and neighborhood views and, with no nearby building obstructions, light pours into 3 sides of the unit.

The kitchen has granite countertops, 42-inch cabinets and stainless steel GE Profile appliances. Other features include an in-unit side by side washer & dryer, crown moldings throughout, and 2 private balconies. The building has an elevator that leads to a large rooftop deck.

Niko Apostal of Coldwell Banker’s Apostal Group is our tour guide in the video.

Our local ABC channel is reporting that the city has filed a public nuisance lawsuit aimed at removing the blue sculpture that towers over Armitage Avenue in Lincoln Park. According to the ABC 7 report:

Depending on how you see Big Blue, it is either a gorgeous art object beautifying a wealthy section of Lincoln Park, or it is an obnoxious eyesore dragging down property values. City attorneys have another name for it: a public nuisance – and they have filed suit against the owner to bring it within code. The 30-foot tall object still towers over the front yard at Burling and Armitage, and part of it hangs over the sidewalk.

If you’d rather watch than read:

The city’s next target should be Charlie Trotter’s grotesquely inappropriate canopy and planters.