A historic Highland Park Frank Lloyd home may have been spared from the wrecking ball. The owners, Juan and Claire Montenegro applied and received a permit for conditional demolition of the home that had been listed since 2011. Ten days after the permit was issued, the home was finally sold. The new owners intend to live in the home. Chicagobusiness.com has a great synopsis of the whole ordeal here.
The outlook might not be as bullish as it was a few months ago, but according to the ULI Real Estate Consensus Forecast 2016 won’t be too bad for commercial real estate.
The forecast boldly predicts a fairly healthy pace of economic expansion. Gross domestic product (GDP) growth for this year is expected to be on par with the 2.4 percent that was recorded in 2014, while strengthening to 2.8 percent in 2016 and 2.7 percent in 2017. Interestingly, 2016 and 2017 predictions are at the highest levels in eight years, comparable with the 2.7 percent GDP growth that occurred in 2006.
Highrises seem to be all the rage in Chicago. Currently there are 21 high-rises under construction within the city limits. What’s great for the construction industry might spell trouble for the rental market. While estimates vary, the building boom may produce up to 5,000 new rental/condo units. Are we heading towards a rental bubble in the next few years?
One of our favorite blogs, Curbed Chicago has a great wrap-up of what’s going on: