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South Loop Scoop
April 28, 2010
So, things are tough out there in the real estate business, but don’t fret — the market will return, and faster than you think, and the South Loop will lead the way!
Why the South Loop?
Well first of all, location. The growth of this market was fueled by the neighborhood’s proximity to the lake, the Loop and transportation. Public amenities abound here and include Grant Park, Millennium Park, the Museum Campus, public transportation and beautiful landscaping everywhere. The investment in the area by City Hall over the past decade has been remarkable and has spurred an unprecedented amount of private investment over the past 15 years. I can easily say that the South Loop is the most desirable neighborhood in the City (ok, I am biased but a believer!).
Second, services. We have the three main food groups – Jewel, Dominick’s and Whole Foods; some of the best restaurants in town including breakfast joints (Bongo Room, 11thStreet Deli, Yoke), Italian (Gioco, Café Biondi), Hispanic (Tapas Valencia, Zapatista and Quatro), Chinese (Yang’s, Opera and Chinatown is walking distance). At night the buzz continues – Quatro turns into a hoppin dance club and celebrities often frequent The Shrine on South Wabash. Live Entertainment happens at Buddy Guys, The Jazz Showcase, and others. The boutiques are coming with Entourage on Michigan Avenue and five health clubs are here (Bally’s LA Fitness, Fitness Formula, Xport, and LA Boxing). All of this because several thousand units are built and occupied – as they say, build it and the retailers will come!
Third land. The area is zoned for high density development and big buildings will be built when the market rebounds. There remains 60 acres of undeveloped land south of Roosevelt, west of Clark Street, north of 18thStreet. The land east of Central Station over the railroad tracks is also planned for three million square feet of residential, commercial and hotels. Finally, there are still many infill development sites located between Congress, Cermak, the Lakefront and the Chicago River that will get developed in the next cycle. When this occurs, demand and values will increase.
Since our first development Filmworks Lofts in 1994, Frankel & Giles has focused on the South Loop. We are physically located in the heart of our neighborhood in our trophy development Dearborn Tower at 1530 S State Street. We are true insiders and know this neighborhood better that anyone. We understand values including new construction, renovations, rentals, retail and development. We know the good buildings, the poor ones, the tough ones to sell and the easier ones.
Our agents are committed to working harder and providing you the best, most professional real estate services in the City. We look forward to working with you!
Keith Giles
Managing Broker & Principal
April 26, 2010
IT’S ALL HAPPENING IN THE SOUTH LOOP and right by ASTORIA TOWER!
The IMMEDIATE CARE CLINIC is now OPEN at 811 South State St. There is an on-site lab, X-ray and pharmacy with FREE PARKING!
THE BAR IS BEING RAISED at 825 South State Street at JIMMY GREEN’S All-American Sports Bar & Grill soon to open in May, 2010. Check them out at JimmyGreens.comand on Facebook!
By Cathy Stabb Weichert Realtors® Frankel & Giles. Call me for all the SCOOP on Astoria Tower Residences & Spa with 1 and 2 bedroom condos available NOW!
April 21, 2010
When I was at Chess Lofts and around the neighborhood where I live Saturday I noticed all the volunteers for the SOUTH LOOP CLEAN & GREEN from the Prairie District Neighborhood Alliance group. It was quite impressive. There were huge bags of garbage on the street corners that had been picked up by them. I saw people planting and mulching around the Glessner House, Women’s Park, Wheeler Mansion, etc.
I think they did a great job and should be thanked by all of us who have an interest or live in the South Loop.
Also, the new Community Center at 18th & Indiana will be opening soon! The South Loop is the neighborhood to invest and live!
April 15, 2010
For a Home-buyer the appraisal determines the market value. Real Estate agents are finally putting deals together only to have them blown apart by appraisals. Appraisers are hired by third-party companies, often know little about the area where the property is located, and come up with appraisals wildly out of whack.
As a result, they often hire less experienced appraisers and require them to rush their reports. The reality is that many appraisers are not competent, have incorrect information on their reports, and are undervaluing homes.
If a value comes in low for an appraisal be sure to thoroughly check all of the comparables they are using. We just had an appraiser at Prairie District Lofts who had to revise the appraisal 3 times before getting it right!!!
April 13, 2010
It appears that 1600 Museum Park is cancelling contracts; please see below from one of our agents.
“A young couple came in Sunday at Astoria Tower looking for Two Bedroom condos. I started off asking them how they found us and if they were first time home buyers. They said they were and their agent sent them over from Baird & Warner and recommended our building. They quickly began to tell me their own story.
They put in an offer in and were under contract at 1600 Museum Park in the middle of February 2010. After going through all the work of getting a loan and having a closing date set up for this week, the surprise came. The seller’s attorney for 1600 MP called the buyers attorney last Friday and told them that they are cancelling the contract and returning the earnest money. No reason or excuse was given – they were exercising their right that was in the contract.
The Coldwell Banker agent (representing the seller) was totally confused and upset but told the buyer’s agent that this was not the first time. From what she has heard, similar situations have occurred at other Museum Park properties. Well, all in all I am writing up an offer on Tuesday night after they see the night time skyline view which is always a deal maker in the #06 N/W corner unit.”
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South Loop Scoop
