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All in Real Estate Development
New Fannie Mae condo requirements seek to improve the real estate landscape. Overall, this move followed a condominium building collapse in Surfside, Florida.
As of late, investors began numerous real estate initiatives throughout the Chicago South Side, including an influx of investments and developments.
In 2021, Illinois activated several new laws for the real estate industry, including the Condominium Property Act. While Illinois did not make any changes to the law in 2020, this latest addition represents the sole change for 2021.
2019 was a year to remember for Chicago real estate development, including a revival of the Old Post Office, megadevelopment projects on the riverfront, and perhaps, most notably, the opening of the world’s largest Starbucks, a five-story coffee heaven located on Michigan Avenue!
In 2020, several projects are set to break ground, continue production, or open for business!
In recent years, numerous Chicago condominium developments have undergone “deconversions” to transform them into apartment buildings. As a matter of fact, between 2016 and 2018, there were 20 total deconversions made in the City of Chicago. This possibly stems from the upward trending apartment rental market in conjunction with Chicago’s slowing home buying market, along with the devaluation of many units in condominium projects.
Last month, a new Chicago ordinance went into effect in an attempt to slow the spree of recent condo-to-rental deconversions.
Throughout the world, the city of Chicago is known for its glorious skyline. After 1871’s Great Chicago Fire, the city needed a massive rebuilding. Some of the largest metropolitan cities, such as New York and St. Louis, dedicated a great amount of resources to the undertaking, and the initiative drove architects from all over to leave their mark on the Second City.
Since those glory days, real estate and Chicago have gone as well together as a Chicago-style hot dog and relish, something which still rings true over a century later in 2019. Now, the latest example of Chicago’s real estate development ambition stems from the locally-based Decennial Group.
