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Not So Bad, 2016 Real Estate Forecast Steady

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.

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Who Wants To Buy A Chicago Icon?

chi-tribtower-p-20120711Up till just a few weeks ago, if you wanted to buy the Chicago Tribune building you would have had to settle for a four inch replica sold in souvenir gift shops. Not anymore. Earlier this month, Tribune Media announced that the landmarked neo-Gothic building, which houses the Chicago Tribune and other tenants is up for sale. The thirty six story building, located on perhaps, the most scenic stretch of land in the loop has been an iconic part of Chicago’s skyline for ninety years.

No word on what the listing price will be or if you’ll get the Sunday edition free with purchase.

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Chicago Magazine: How Much Is Your Home Worth?

Chicago Magazine has published median home prices for all Chicago neighborhoods. Their analysis taken from chicagomag.com

Call it a classic case of too much too soon: After zooming more than 9 percent in 2013 and 5 percent last year, median home values in the six-county metro area should level off with just a 0.5 percent increase in 2015, predicts Skylar Olsen, a senior economist at the real estate research firm Zillow. (Many other metro areas, such as Boston and New York, also have a virtually flat forecast for the year.) The message: If you want to sell now but wondered if you should wait another year to benefit from rising prices, go ahead and list. And if you’re a buyer, you’ll have plenty of time to shop around. See how your area stacks up on these charts, which include price data for neighborhoods and suburbs with 20 or more sales in 2014.

The full report and stats are available at http://www.chicagomag.com/Chicago-Magazine/April-2015/chicago-real-estate/home-condo-prices?show=hoods&sortby=name&attached=false