Existing home sales are UP an average of 10.1% in the United States!

Existing-Home Sales Record Another Big Gain, Inventories Continue to Shrink

Washington, November 23, 2009

Driven by the first-time buyer tax credit, existing-home sales showed another big gain in October with a strong uptrend established over the past seven months, while inventories continue to decline, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – surged 10.1 percent to a seasonally adjusted annual rate¹ of 6.10 million units in October from a downwardly revised pace of 5.54 million in September, and are 23.5 percent above the 4.94 million-unit level in October 2008. Sales activity is at the highest pace since February 2007 when it hit 6.55 million.

Lawrence Yun, NAR chief economist, was surprised at the size of the gain. “Many buyers have been rushing to beat the deadline for the first-time buyer tax credit that was scheduled to expire at the end of this month, and similarly robust sales may be occurring in November,” he said. “With such a sale spike, a measurable decline should be anticipated in December and early next year before another surge in spring and early summer.”

Now that the tax credit has been extended and expanded, potential buyers have until April 30 to have a contract in place. “There is still a large pent-up demand that can be tapped before the tax credit expires. Our recent consumer survey further shows that 13 percent of successful first-time buyers had a previous contract that was cancelled or fell through – there likely are many more buyers who were attempting to purchase but simply ran out of time,” Yun said.

Historically low interest rates also are boosting the market. “Mortgage interest rates last month were the third lowest on record dating back to 1971,” Yun noted. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.95 percent in October from 5.06 percent in September; the rate was 6.20 percent in October 2008. Last week, Freddie Mac reporter the 30-year rate dropped to 4.83 percent.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said strong demand by first-time buyers is creating some unusual conditions. “In parts of the country, especially in Southwestern states but also in Florida and suburban Washington, D.C., we’ve been getting many reports of multiple bids in the lower price ranges with foreclosed properties getting absorbed quickly,” she said….

Check out the full National Association of Realtors article by clicking HERE!

Major expansion plans for DePaul University’s Lincoln Park campus. Some plans already approved!

Huge score for DePaul

NO DISSENT | City planners OK new music, theater schools in Lincoln Park

November 20, 2009

BY FRAN SPIELMAN City Hall Reporter fspielman@suntimes.com

DePaul University’s schools of theater and music would finally have the world-class facilities to match their top-notch talent, thanks to a 10-year master plan for the Lincoln Park campus approved Thursday.

Without a word of dissent, the Chicago Plan Commission signed off on DePaul’s ambitious plan to build new schools for theater and music, a new academic center, and to redevelop Fullerton Avenue with a hotel, student housing and market-rate housing.

The project — with a price tag in the hundreds of millions of dollars — calls for closing Kenmore Avenue to vehicles between Fullerton and Belden to improve student safety, add landscaping and create a greater “campus feel.” Spectator stands, new dugouts and press box facilities also are planned for Wish Field.

“Those two schools have some of the finest faculty in the world and some of the finest students in the country. And they’re literally performing in spaces with dropped ceilings and walls that bleed sound,” said the Rev. Dennis Holtschneider, DePaul’s president.

“It’s not where you learn how to play an instrument. It’s not where you learn how to sing. We need a space where musicians [and actors] can be properly trained.”

The new music school won’t come soon enough for clarinet performance major Philip Espe. But it’s still a dream come true.

“I walk into the practice rooms at 10 a.m. any morning. There’s no place for me to practice. I’m sometimes in rehearsal for six hours a day, and there’s no space. It’s incredibly small. The practice rooms are not acoustically sound,” Espe said.

Holtschneider assured the Plan Commission that there would be no influx of students at the already-cramped Lincoln Park campus….

 

To read the full Chicago Sun Times article about the expansion, click HERE!

Another Chicago building gets a good cleaning. The Fine Arts Building on Michigan Avenue.

Wow, I’m naiive…and I guess stupid but why is it that I always think these buildings are supposed to be this dark and grimy color?  First it was the Old Colony building and now it’s the Fine Arts Building that is returning to its original splendor after a nice bath.  The Fine Arts Building, located at 410 S. Michigan Avenue across from Chicago’s Grant Park, has been going through the tedious process of cleaning the facade after decades of filth and grime soaked into the exterior stone.  Look at the pictures, especially the last one, and you’ll notice the change.  A big thanks goes to the ArchitectureChicago Plus website for the post and the photos!

Design change for Chicago’s Grant Park and Northerly Island. This would be a great HGTV show!

Northerly Island, Grant Park have big changes in store

Both getting fresh designs — maybe for the better

A design team recently held a public workshop for remaking Northerly Island, the 91-acre peninsula that once was home to Meigs Field. The team was led by JJR landscape architects of Chicago and including Studio Gang Architects, the Chicago firm responsible for the spectacular new Aqua tower. One of the ideas floated at that forum was integrating the peninsula’s massive Charter One concert pavilion into a hillside as part of an effort to create a more naturalistic landscape. (Tribune photo by Alex Garcia / November 10, 2009)

Blair Kamin CITYSCAPES

November 20, 2009

They are two of the most contested pieces of ground on Chicago’s lakefront — the first, where the Chicago Children’s Museum wants to build its controversial kiddie bunker; the second, where Mayor Richard M. Daley executed his infamous “midnight raid” and shut down Meigs Field.

Big changes are in store for both. And — hold your breath — they might even turn out for the better.

The Chicago Park District on Wednesday hired the highly regarded New York City landscape architect Michael Van Valkenburgh to redesign 25 acres in Grant Park’s northeast corner, an area that encompasses the dreary Daley Bicentennial Plaza and, within it, the proposed site of the mostly subterranean Children’s Museum.

As part of the project, which will renovate the East Monroe Street Garage below Daley Bicentennial Plaza, just about everything in the plaza — grass, shrubs and sidewalks — will be ripped up. In turn, the park will get a completely new layout, including a children’s play area of up to 5 acres.

Meanwhile, on Nov. 10, a design team led by JJR landscape architects of Chicago and including Studio Gang Architects, the Chicago firm responsible for the spectacular new Aqua tower, held a workshop for remaking Northerly Island, the 91-acre peninsula that once was home to Meigs Field. Among the ideas floated at that forum: integrating the peninsula’s massive Charter One concert pavilion into a hillside as part of an effort to create a more naturalistic landscape.

That the Chicago Park District has engaged such talented designers is a sign of how much Millennium Park and its Lurie Garden have raised the standards for landscape architecture along the lakefront. But given the bitter controversy that has preceded them, no one should expect either project to travel a smooth road.

The 58-year-old Van Valkenburgh, who was chosen from a field of 29 firms, brings to Chicago a long roster of acclaimed projects, such as Teardrop Park, a 1.75-acre public space that is expertly sandwiched between banal residential high-rises in lower Manhattan. The park is highlighted by massive bluestone walls that evoke the wild, rocky topography of upstate New York. It also contains features that don’t look as though they were made by nature (or God), like a 25-foot-long slide in a children’s play area.

This tension encapsulates Van Valkenburgh’s approach, which respects but does not slavishly follow the picturesque urban landscapes of great 19th century landscape architect Frederick Law Olmsted. At the same time, a Van Valkenburgh park is not likely to be as intense as Millennium Park and its oversize pieces of public art. For Chicago, he said, “we’re talking about something that’s neither Olmstedian nor Millennium Parkish.”

“One element that we’re interested in,” he explained, “is a children’s play area. We’re operating under the expectation that (the Children’s Museum) is going ahead. We’re interested in how you draw some of those kids to a very different kind of play space, something you wouldn’t buy out of a catalog.”

Typical playgrounds, he added, “keep children busy, but they’re not memorable, they’re not inspiring.” The Chicago children’s play area, he said, might be anywhere from 2 to 5 acres in size, making it a “significant but not dominating” part of the park. He wants the play area to engage adults as well as children, and to be designed for a wide range of children, not just aggressive boys….

To read the full Chicago Tribune article on the new park plans, click HERE!

GREEN ROOF UPDATE! 353 N. Clark in Chicago’s River North.

A big thanks to SkyscraperPage user ‘Harry C’ because without his photos, I wouldn’t have access to these green roof photos from atop 353 N. Clark’s parking entrance and retail space.  You can definitely see the variation in plants and the overall design of the green roof a lot better in the second picture…money well spent in my opinion.  I can’t wait to see what the roof will look like a year or two from now.

Still finishing the green roof...

Finished and growing!

2nd Fridays artwalk is tonight in the Chicago Arts District/Pilsen neighborhood!

I haven’t gone to the 2nd Friday’s art walks for the past few months but now that my mom is visiting from out of town, my sister and I decided to take her there.  Go eat some dinner in the neighborhood then walk around and take a look at some weird and expensive art…luckily not all of the art is weird and expensive.  Also note that this last sentence is coming from someone who is not very insightful and would rather spend money on things other than art.

If you have no idea what 2nd Friday’s is, there are a bunch of art galleries centered around 18th and Halsted Streets in Chicago’s Pilsen neighborhood.  This group of art galleries and shops is formally named the Chicago Arts District.  Once a month, all of these art galleries open their doors to the public and people walk in and out of them looking at the artists’ pieces.  Plus, there’s usually wine, beer, and snacks in each gallery…they accept donations for them so don’t be cheap.

Public meeting TONIGHT at Spertus Institute on future plans for Northerly Island.

Plans take new look at Northerly Island

With 2016 dreams dashed, what should become of Meigs site?

November 10, 2009

BY LISA DONOVAN Staff Reporter ldonovan@suntimes.com

A month after Mayor Daley’s Olympic team washed out in the race for the 2016 Games, the tide has shifted as planners focus on Northerly Island’s long-term place in the lakefront landscape.

Before Chicago lost to Rio de Janeiro in the Olympic contest, the Park District was eyeing how to develop the 91-acre man-made island east of Soldier Field, while making the former site of Meigs Field a temporary home for Olympic venues for beach volleyball, the canoe and kayak slalom courses and even an observation point for sailing contests.

Today, Chicago Park District officials are holding a public meeting downtown to unveil a series of sketches for the site, pen-to-paper ideas that will serve as a conversation starter, says Gia Biagi, director of planning and development for the Chicago Park District. “We’re not holding up a particular concept,” she said. “But looking at what are the components of a great park.”

The Park District hired a design team that includes Studio Gang Architects, best known for the Aqua Building at the Lakeshore East site near downtown, to sketch out ideas — though officials did not release the cost of the work.

One thought is to extend the swimming and beach areas on the eastern edge of the island. Another is to carve out portions of the “island” — really a peninsula — creating bays or coves or even inland waterways….

Check out the full Chicago Sun Times article by clicking HERE!

Today marks 35,000 HITS for ChicagoismynewBlog!

Earlier today, ChicagoismynewBlog! reached over 35,000 hits.  Obviously, I wish they were all 35,000 unique hits, but that’s alright.  It still means people are coming back to take a look so I’m happy.  Thank you to everyone who visits the site and lets keep it going. 

Also, if you or anyone you know are looking to buy, sell, or rent a home in Chicago, I’m always looking to pick up new clients and expand my business!  Just give me an email:  jeffstewart@atproperties.com.

I FINALLY went to Rick Bayless’ new restaurant Xoco in Chicago’s River North (2.5/5 Stars).

So after opening up a couple months ago, all I’ve heard is that everyone I know in Chicago wants to go to Rick Bayless’ new restaurant, Xoco, located at 449 North Clark Street.  I wanted to visit Xoco because I had heard it was more of a fast food and more inexpensive version of Rick’s other restaurants, Topolobampo and Frontera Grill.  While I agree that Xoco is both of the above, it’s still expensive as hell.  I spent over $19.00 for my meal which is not what I consider inexpensive.

I ordered the Pepito ($12.00) which is braised Tallgrass shortribs, caramelized onion, artisan Jack cheese, black beans, pickled jalapenos.  Now, I have to admit, the Pepito was an awesome sandwich.  Now, I’m sure Rick Bayless would hate to have his sandwich described as a much better Portillo’s Italian beef sandwich but that’s all I thought about when I was eating it.  Personally, I would take this as a compliment because Portillo’s Italian beefs are awesome.  I also had an order of fresh chips and Frontera guacamole ($4.00) and one homemade churro ($1.25).  Obviously I could have gone without the churro in order to save money, but I felt like the chips and guac were necessary.  You know how a burger comes with fries?  Well, this sandwich didn’t come with anything else.

My sister ordered the Gunthorp Chicken sandwich which is wood-roasted red chile chicken, caramelized onion, black beans, avocado and tomatillo salsa ($8.50).  She didn’t like it and only finished half of the sandwich.  I thought it was alright, but the red chile sauce was so thick and almost chalky in texture.

Our friends both ordered the slow-cooked pork carnitas with potato-masa dumplings, chayote, roasted serrano chile, spinach, arugula, avocado…all in soup form ($11.50).  Neither of them liked it and for one, it was too spicy and painful to even finish.  Again, I thought it was good but not $11.50 good.  Everyone but me ordered the hot chocolate and althought it was very rich for two of the three, I thought it was awesome…think melted chocolate mixed with a teaspoon of water.  That’s how rich it was. 

 The service and food came out very fast and they definitely have it down to a ‘T’ so I give them props for that.  Too bad Xoco isn’t larger because it could definitely use more tables at times.  Click HERE for their menu!

The Pepito sandwich!

North/Clybourn Apple Store to be much like the Scottsdale, Arizona Apple Store.

So word on the street is that the new Apple Store, located at North Avenue and Halsted Street, will look exactly like Apple’s Scottsdale, Arizona store.  After I heard this, I immediately Google’d to find the image and sure enough, it looks like it’s true.  You can already tell from the steel frame of Chicago’s Apple Store that, when finished, they will be the same.  Take a look.

If you’ve walked or driven by the new Apple Store, you’ll definitely notice a resemblence.  Too bad I don’t have a picture from here.