Why Rent Control Would Hurt Chicago

As some of you may have read Rep. Will Guzzardi, D-39th, has sponsored a bill that would remove the Illinois ban on local municipalities instituting rental control laws. While this removal would not put rent control into place it is a slippery slope that may lead to city councils, specifically the Chicago city council, passing rent control laws. While I do believe Mr. Guzzardi is trying to look out for his constituents, I do believe his logic and understanding of basic economics is flawed. I try to avoid political debates or political opinions in my blog, however, I do not look at this as political but instead as economical. I think it is important that rent control and its disastrous outcomes are explained.

First, let us quickly discuss what rent control is. Rent control is when the government puts a max price (a price “ceiling” if you will) on what a landlord can charge tenants. There are various ways in which this is implemented. Now it is important to note that rent controls must cap price levels below the prevailing market in order for them to have any effect. Otherwise, the cap would never be reached and the rent control law would be pointless. Therefore, rent control sets a rate of rent below the current market level. In Chicago, as with most areas where rent control is a topic of discussion, the goal that is looking to be achieved is to allow low income and middle income residents to stay in neighborhoods and not get “priced out.”

When rent control is in place prices are capped at below the prevailing market and several things happen.

  1. Landlords stop investing in their properties. They do so because they have less cash to invest but also because they will not see increased returns. Therefore conditions of properties deteriorate. I do not mean that they become inhabitable, but the overall the conditions of items that are not 100% essential end up deteriorating and therefore hurting the value of the property.
  2. New investment becomes less. If rents are capped below market value then there is little to no incentive for new rental units to be built. Therefore, supply does not increase. In a normal market, rents increase and therefore profits for landlords increase which entice new investment. The increased supply then helps balance the market.
  3. Existing tenants do not move. Tenants enjoying rent control have little to no reason to move out of their current place. Therefore, only those lucky few take advantage of rent control. The on the market supply shrinks. Because of this, landlords can become very picky. Since they can’t raise rents they might as well be as strict as possible and since supply has decreased they will have countless of applications. High credit scores and higher income requirements will become the new norm. Therefore those with less than perfect credit will be left in the cold.

We will also see a spillover in other neighborhoods that do not have rent control. The excess demand that typically would have been satisfied by increased supply in rent control neighborhoods will not move to other neighborhoods. However, these neighborhoods that do not have rent controls will still likely see less supply. After all, rental developers are not stupid. They know rent restrictions may be placed on them too so they in turn will have less an incentive to invest and therefore supply would become restricted in these markets as well. Therefore, since these markets are unrestricted we can expect to see rent increases greater than normal in these areas and in turn making these areas less affordable.

The reason why any price is exists is due to a supply and demand relationship. When the government tries to “cap pricing” what they end up doing is inadvertently lessening supply while demand remains the same. Therefore, those properties not affected by the rent control will increase dramatically in value. Both NYC and San Francisco have forms of rent control.

We would also see a black market exist among landlords and tenants. “Key money” is common in New York and other areas with rent control. Tenants will pay additional move in fees up front in order to help increase the overall effective rent. Tenants who no longer want to live in an a building or neighborhood, but do not want to give up their amazing rent control place will end up subletting their place. The market will always try to return to normal It is like putting up a damn. You may stop the river in one space, but somewhere else it will flood. The one thing that will not change however, will be a lack of supply as investors will not want to invest in real estate when they are dictated by the government what rents they can charge.

With landlords with less cash there will be less money to pay taxes with. There will be less money to make improvements with thus tradesmen will suffer. The upper middle class market will suffer as well as we will see a spillover into these rentals too as I mentioned before. Rents for those making good six figured salaries will increase. Don’t care about them you say? Well, they will have less money to eat out thus bartenders and waiters will make less tips. They won’t shop at that new mom and pop boutique down the road so that store may close. That cleaning person that came every week? Well, now they’ll cut that out of their budget. The worst part about all this is it will not be due to the free market system, instead it will be due to the disruption of the free market system.

According to the Library of Economics and Liberty, 94% of economists believe rent control not only does not work but is a terrible idea. The agreement cuts across political parties and economists such as Milton Friedman and Friedrich Hayek (who are on the “right”) agree with Nobel laureate Gunnar Myrdal (who is on the “left”). Myrdal stated “Rent control has in certain Western countries constituted, maybe, the worst example of poor planning by governments lacking courage and vision.” I could not agree more. According to Crain’s Chicago Business the executive director of the Metropolitan Tenants Organization wrote ” One in five Chicago renters pays more than half their household income on rent.” Instead of fix the systemic issue that we have 1 in 5 renters paying half their income towards rent, politicians think the solution is to pass rent control? Why? Because fixing the systemic issues takes time, planning, and thought. It does not happen in one election cycle. So instead, politicians with zero understanding of basic economics, or worse their indifference to basic economics, try to move forward legislation that sells a dream to their constituents that will simply never be realized.





Trump Repeals FHA Premium Reduction – Here are the FACTS

If you’ve opened up CNBC or checked your Facebook wall, you may have seen articles and messages about President Trump repealing the reduction in FHA premiums. While some articles simply explained this fact, most articles have been presented in such a way that you might think anyone getting a FHA mortgage is left out in the cold. One of my agents even called me worried about how this might affect her client who is getting ready to close with an FHA loan. In order to put the speculation and worry to rest I thought I’d write a short blog explaining what happened with regard to President Trump and the FHA mortgage premium.

First let me give you a quick run down on what an FHA loan is. A FHA loan is a home loan that is insured by the FHA, Federal Housing Administration. Borrowers pay an insurance premium to FHA which protects lender from a borrower default. Typically FHA loans have less strict requirements than other loans and in many cases allow for a smaller down payment. However, borrows must pay a mortgage insurance premium on a monthly basis.

On January 9th a reduction in FHA insurance premiums was passed lessening the insurance premium by 0.25%. This was set to go into place on January 20th. President Trump instead repealed this and froze the current premiums in place.

The NAR along with other organizations said that in 2017 roughly 40,000 would be home owners may no longer be eligible for an FHA loan because this decrease was repealed. Many news organizations and online columnists have since written articles with headlines and opening paragraphs that make it sound as if there were 40,000 people under contract for homes and now they won’t be able to purchase. Nothing can be farther from the truth.

For anyone considering an FHA loan that might be freaking out right now…don’t worry, relax! Calm down. Here are the facts.

The FHA premium reduction would have saved the average FHA borrower $500 per year which works out to roughly. $42 per month. If you want to equate it to loan value, the premium savings on a $200,000 loan would have been $29 per month.

However if you were quoted a FHA loan price your payment is not going up. The FHA premium reduction was not set to take place until January 20th. Underwriting was not being used to qualify people under the new guidelines. If you were set to close on a home you’re still OK because you were quoted at the old price.

Reporters and columnists can argue all day long whether or not the FHA should lower premiums. However, writing articles especially with catchy headlines to imply many people can no longer purchase homes is down right unethical and detrimental to our industry as whole. Understanding the facts of this change is what is most important and not furthering a political agenda or increasing readership a website.

If you want to know more about the cost of a FHA loan simply call a Realtor or a great mortgage broker. In addition to FHA loans there are MANY great FHA alternative programs that can be even cheaper with similar down-payment and qualifications. Don’t let all these online media sources scare you away from looking into purchasing a home.

What to watch for in Real Estate in 2017

What should we expect in real estate in 2017 across the Chicagoland area? Will 2017 prove to be a year full of growth in Chicago or will rising interest rates temper growth? Will rent prices decrease due to excess multi-family building or will demand rise and keep up with supply? We all have our own thoughts and opinions; I’m sure you know I have mine. However, regardless of your opinions of the future of the economy, Chicago real estate or the real estate market as a whole, here are a few things to keep an eye on in 2017 in Chicago real estate.

1) Interest Rates

The Fed raised rates in the last quarter of 2016 and is expected to do so two to three more times in 2017. Sub 4% interest rates for a 30yr fixed is no longer in our vocabulary, but how high will interest rates go? Keep an eye out for how consumers react to rising rates. While the economy appears to be very robust and we are at what is considered full economic employment, it will be interesting to see how rising interest rates affects home buyer sentiment. In order to get a feel for the market talk to Realtors and talk to mortgage brokers to see how rising rates are influencing their clients decision making process.

2) Increased programs for low down-payment buyers

In the recent year we’ve seen several new programs come out that are what I call, FHA alternatives. They’re essentially low down-payment programs or programs that give rebates or closing cost credits that allow you to purchase a place with as little as 3% down. As these programs gain more momentum and awareness it will be interesting to see a couple things

a) How long will these programs last

b) How these programs are influencing demand in certain price ranges and areas

3) Keep an eye on how rental supply will influence both the rental and sales market

Increased supply on the rental market can greatly affect both the rental market and the sales market. Rent prices have increased drastically in the past 5 years in Chicago but they’re currently peaking and vacancy rates have increased in multi-family. New buildings are offering concessions as high as 2 months free. With more than 4500 units coming to the market in 2017, will people put off buying in favor of taking advantage of rent concessions? What happens if not only concessions increase but rent prices decrease as well? This coupled with rising interest rates could have first time home buyers thinking twice.

4) Supply….

Depending on the price range you’re looking in, supply is still low relative to the amount of buyers in the market place. We’re seeing increased supply of new construction in areas such as Ukrainian Village and increased high end supply in the Near North area but besides this supply has remained low which has help prices increase over recent years. Keep an eye on two things

a) New construction has been selling at a huge premium. Watch it’s market time in 2017

b) Will we see more existing construction come on the market to compete with new construction in 2017? Existing construction has been selling much cheaper than brand new construction. With rising interest rates existing construction may be more appealing given its lower price point.

5) Everything is wonderful…keep an eye on everything wonderful

Unemployment is at all time lows. Interest rates are still at all time lows despite recent rises. Property values in prime neighborhoods are at 2006 levels. The equities markets are booming. Startups are everywhere. Getting VC funding for new companies is like taking candy from a baby. Everything is going well. Keep an eye on leading indicators in all sectors of the economy that may signal a slow down. In real estate I am specifically watching the following in Chicago

A. Market Time of both existing and new construction

B. Absorption rate (How long does it take to sell all properties on the market if no new ones come on the market).

C. Price to rent versus the price to buy the same property. Currently it makes sense to buy given the increased rental prices. If rent prices decrease this could become a slippery slope.


The above is not meant to be a negative outlook or a “debbie-downer” of the real estate market. Personally, I think there are some areas that are a bit over valued but others that are very much under valued. I think the Chicago real estate market is strong, however, I do believe we’re now in a normalization of the market where prices will increase minimally to moderately each year and I think we will see rent prices decrease in the coming years.

Does this mean I shouldn’t buy? No, it doesn’t mean that. In some situations some people maybe should not buy. In others they definitely should. Each persons situation is different and that is why working with a Realtor that is completely transparent and honest with you is always the best policy. Anyone who tells you that buying is always the best option is nothing more than a salesman.


Paul Blackburn is a licensed Real Estate Broker and Realtor with @properties in Chicago. Paul has been selling real estate since 2007 and is part of the Skowron Group which has sold in excess of $100 million in 2016 alone. For further information or questions please feel free to contact Paul directly at Paul@pblackburn.com


TRUMP TOWER IN CHICAGO -Now that Trump is President-Elect…

There have been many questions regarding Trump Tower in Chicago from the start of the 2016 presidential campaign and even more now that Donald Trump is the President-Elect. Since our group does a great deal of business in Trump International Hotel & Tower in Chicago I thought I would take the time to answer the real estate questions many people have asked in recent months.

Does Trump actually own Trump Tower (401 N Wabash Ave) in Chicago? 

Not completely. The building is broken up into two portions. The hotel portion, which Trump does own (although some hotel rooms are owned by individual investors) ends at the 28th floor.

The residential portion are individually owned condos and Trump no longer has any interest in the residential condos. These units start at 29 and run up to 89.

In short, Trump currently owns the majority of hotel rooms, the management company / brand that manages the hotel as well as all the convention and retail space in the building.

Will the name of Trump Tower in Chicago ever change?

Probably not. Trump has naming rights to the building and I don’t see him changing the name on his building.

Has the Trump election and presidency affected the pricing of condos in Trump?

It is too early to tell. The one thing we have seen is traffic drastically slow down on condos listed for sale in Trump. Most selling in the building at the current time do not NEED to sell (at least financially) so we haven’t seen any major price drops. Showing traffic before the election was very very slow. I think many buyers were concerned about values in the building so potential buyers wanted to wait on the sidelines to see what would happen to values.

Since the election traffic has picked up slightly for condos listed for sale in the building, but traffic is still slow overall.

Rentals are sitting on the market longer than usual, especially 1 Bedroom rentals which we’ve seen drop in price in the past 6 months. 1 Bedrooms would typically rent for at least $3,400 or higher (many in the $3,700 to $4,000 range). We’ve seen one unit rent for only $3,000 and another drop the price to $3,150 and still sit on the market.

Overall prices have not declined drastically, but there is apprehension among buyers regarding the future value of units in the building. On the rental end I think there are some people who simply do not want to be in the building because of the name (this is also true for some owners too). But, this is not the sole reason for 1 bedrooms having a difficult time renting. New construction rental buildings are giving Trump Tower a run for their money with excellent amenities and even hotel amenities such as my building, North Water Apartments, which is connected to the Loews Hotel.

Has hotel business declined?

I can’t speak for the hotel as a whole, but the hotel-condos that we represent are seeing the same or slightly better occupancy and room rates year over year (from 2015 to 2016). I do not know the numbers for November of this year yet, but November is historically a slower month for conventional style hotels.

Is there increased security at Trump Tower?

Yes. The increased security is nothing like you’ll see at Trump Tower in New York, but increased protests has caused the hotel and residential tower in Chicago to increase security and even close the garage to the public that is connected to the building. I haven’t had any major issues accessing the building with clients in recent weeks. However one of my clients actually got locked in the garage by accident due to the increased security measures.



Paul Blackburn is a licensed Real Estate Broker and Realtor with @properties in Chicago. Paul has been selling real estate since 2007 and is part of the Skowron Group which has sold in excess of $100 million in 2016 alone. For further information or questions please feel free to contact Paul directly at Paul@pblackburn.com



The Chicago rental market has been on an upward swing since 2010. Downtown Class A rents are up 36% (on a per square foot basis) since 2009 according to Appraisal Research Counselors. But is the end near? I don’t know about you, but every time I speak with someone in multi-family or read an article regarding an apartment sale, I am feeling reminiscent of the 2005 and 2006 sales market. Before I go into a rant regarding the current state of the market, let us back up and discuss the rental market in Chicago over the past decade.

Rental prices sharply declined toward the tail end of the first decade in the 2000s for several reasons. When the economy was still ticking along rental prices remained flat or only saw nominal increases (in some cases decreases) due to the fact that mortgages were not only easy to come by, but cheap to get. Factor in increasing property values and the ability to gain quick equity and everyone and their dog was buying a condo. It made more sense to buy at the time and home ownership in Chicago was at an all time high (71.2% in 2006). Less renters and more buyers meant lower or flat rents and more vacancy in rental buildings. Once the economy started to soften at the end of 2007 and then drastically so in 2008 and 2009, we saw rents decline even further. The other item to remember is during the 2000s very little new construction apartment buildings were built. ALL developers were focused on condo buildings. In addition, some existing supply of apartment buildings were converted into condos (10 E. Ontario, 440 N. Wabash…think American Invsco and Crescent Heights). Now the year is the end of 2009 and 2010. People either 1) cannot afford to buy, 2) cannot get a mortgage or 3) are still hungover from the crash of the market and are afraid to buy. These people then are forced to rent. Remember what I just said about no new construction of apartment buildings in the past 10 years? Remember what I just said about apartment buildings converted into condos? Well, it doesn’t take a genius to figure out what happened – supply on apartments were low but demand was now high. Home ownership was dropping for the first time in decades and therefore rents started spiking.

Rent prices in 2007 and 2008 were quite low in Chicago. The rent increases of 2009 and 2010 and even 2011 were simply making up for lost time. Recovering back to where they should have been had the mortgage market not been flooded with such toxic mortgages that ended up contributing to not only the decline in rental prices but the collapse of the entire financial system. But then something strange happened…rents continued to increase and developers took note. Developers could not get a construction loan to save their lives to build a condo building, but if they wanted to build a 500 unit apartment building backed by secure rents…it was like stealing candy from a baby. Financial institutions could not wait to lend money to developers and developers could not wait to get back in the game.

Why would developers want to become landlords you ask? Are they not in the condo game? Don’t they want to sell? Well, here is a secret – developers are not in the landlord business. They have ZERO interest in being so. Once developers saw the increase in rents and what institutional investors were paying for these apartment buildings they knew they could build a building, with cheap money, partially fill it and then sell it off. Guess what – that is what almost all have done in Chicago. EnV (161 W. Kinzie), 111 W. Wacker, North Water Apartments…just to name a few, were all flipped for a big profit. Developers simply went back to what they knew how to do: build and sell.

The Chicago market LOVED it. After all there had not been any high end rental buildings built in quite some time and renters craved new construction. Each building that opened up after the next had better amenities and better finishes. Renters hopped from building to building and had no problem paying the exorbitant rents. Prices were increasing double digits year after year. Then more developers rushed in and we are sitting where we are today. The question we must now ask ourselves is “Is this market sustainable?”

Is this market sustainable? That is a good question to ask don’t you think? This was a question asked to developers in 2005 in which nearly 100% responded with “Yes….” and then gave some bullshit answer derived from misconstrued facts and skewed data. But, what about now? Will we see a market crash in rentals like we did before? Well…lets check out some facts.

Here is a list provided by Appraisal Research Counselors of new rental units added in downtown Chicago. Keep in mind we are only talking about downtown Chicago and only talking about top tier buildings.

2013: 2,750 units     2014: 2,000 units    2015: 3,100 units and projected in 2016 an additional 3,500 units and in 20017 an additional 4,500. 

This is only downtown Chicago. This does not count north side markets and this certainly does not count any suburbs.

Rents have continued to increase even as new supply has come on the market. There are many reasons for this. Millennials continue to rent as opposed to buy. Baby boomers are coming into the city and renting second homes or selling their home in the burbs and making their rental in the city their primary residence. Job growth in Chicago is steady (it is doing well, but not amazingly well) and lets face it, people love new construction. Home ownership has declined back to 1999 levels in the city of Chicago as well. These are all great factors and reasons why the market has done well, but this is not the only data that we should consider. The most important item to consider is the following: VACANCY. Vacancy is the ultimate determining factor. During the real estate boom of the 2000s the major factor that would have let you known the market was cooling off way ahead of a decline in prices was market time and number of homes on the market. We saw market time increase and number of homes on the market start to increase 1 year before pricing actually peaked. 1 full year…it goes to show you how slow the real estate market is to react to change. There are many reasons for this but the main reason is because most investors and many of us brokers in sales love to have blinders on and simply focus on only the good and not the bad. No one likes the bear in the room.

So, here is a fun fact for you. Apartment occupancy rates on a national level decreased for the first time since 2009 last quarter. Specifically in Chicago Class A (top tier luxury rental buildings) occupancy rates went from 94.2% in the 3rd quarter of 2014 to 93.7% in 2015. This may not seem like much of a change, only half a percent but it is drastic. In 2006 for instance, due to many apartment buildings being converted to condos, occupancy was at 97%. In 2007 and 2008 we saw occupancy dip to 91%. We are really only dealing with a small percentage range of occupancy between the lowest occupancy we’ve seen in a while and the highest. Therefore, a half a percent year over year is something to take note of.

So we have looked at occupancy and we saw it decline a nominal amount. What else should we be considering? Well, let us consider new units projected. Perhaps, if not many new units are coming online then the market will be fine.

Well, in 2016 and 2017 a total of 8,000 new units will be coming to market. This is more than 2013, 2014, and 2015.

During this winter I’ve seen more buildings offer concessions than I have in several years. I’ve seen rent prices at some buildings in downtown down 20% from their summer prices PLUS 1 month or 2 month concessions offered. Some will say “but prices always decrease in the winter.” While this may be true; what I would like to note is the amount prices have decreased this winter is more than years prior and the level of concessions have increased more than years prior.

Continue to bear with me here!

Restaurant Theory:  Pretend a new hot restaurant has opened up. During the “Hot” time of 6:30pm to 9:30pm getting a table is impossible. But you really want to try this restaurant so you go at an off peak time, maybe 5pm or 4pm or 10pm. You walk in and you notice how crowded the restaurant is during that off-peak time. You think wow, this restaurant is doing very well! Once that restaurant starts to loose its luster and is no longer as desirable any more, the first sign would be 4pm diners will stop dining. People will no longer wait until 10pm to eat dinner or want to start at 4pm because either 1) They don’t feel that inconvenient time is worth it or 2) They’re able to snag  reservations during peak times. Now, if you were just looking at the number of tables full between 6:30pm and 9:30pm you might think that restaurant is doing very well. You might think that the sky is the limit and this restaurant needs to expand! But what you’ve failed to realize is that there is already a sign right in front of you that demand is starting to taper off and that would be the fact that less diners are there during the less desirable times. If you only looked at the peak times then your understanding of the restaurant would be mistaken.

Obviously the rental market is very different from the restaurant business, but basic observations of supply and demand can be looked at in the same way. It is important to understand the leading indicators in the rental market. These leading indicators are occupancy rates (vacancy rates) and rent prices and concessions during the slow months of the year.

My Thoughts

If you’ve made it this far thank you for reading through my long winded blog. I’ll keep my thoughts short. The rental market party is over, plain and simply. It may take another 3 quarters for us to start to see price adjustments in the downtown market, but we will see price adjustments eventually. As occupancy rates continue to slide, especially among buildings that are now owned by institutional investors, they will have no choice but to lower rents or increase concessions to attract renters. I believe this will be most prevalent at the end of 2016 / beginning of 2017 as we head into next winter and see the new 2016 supply hit the market. Overall, I do not see a CRASH in rental pricing, but I do see a decrease on the horizon and I would not be surprised if we see rents decrease in Class A buildings by 10% over the next 2 years.



North Water Apartments, located at 340 E. North Water in the new Loews Hotel Chicago development, is finally open for business! The apartment side of the Loews Hotel boasts a total of 398 units from studios to large 3 Bedroom units. There are a great number of Convertible and One Bedroom units with varying floor plans and views. The finishes are what you would expect from a higher end rental building in Chicago including SS Appliances, Quartz Counter Tops, Hardwood Floors in the living spaces, Floor to Ceiling Windows and modern bathrooms.

Many new rental buildings in Chicago have tried to lure potential renters with a full list of amenities. Many rental buildings use this to justify their higher rent price than comparable condo buildings. In my opinion there are few buildings that truly offer a full list of amenities, but North Water Apartments definitely offer that and more.

The Amenities available to the renters at the Loews building offers the following:

Outdoor Pool with Sundeck

Outdoor Grills

Lounge area with bar space, fire place and seating

Full Gym and Aerobics Room 

50th Floor Roof Deck

50th Floor Party Room with Full Service Kitchen

24hr Door Staff

Heated Garage Parking and Storage available at extra charge

Residents will also have access to hotel amenities and will be able to take advantage of perks such as Room Service, Maid Service and a Concierge as well as Dry Cleaning on site. The apartment section has its own set of amenities which means the residents will not need to compete with the hotel guests to enjoy their gym or outdoor space.

The Loews Hotel is a 4.5 star hotel which will still aim to compete with the 5 star hotels in Chicago. The building itself houses an Argentinean steakhouse called Rural Society by famed chef Jose Garce. The lobby bar is a great open space serving their own twist on classic cocktails along with a simple, but inventive food menu. Come warmer weather, however, the biggest attraction will be the massive roof deck (on the 3rd floor) which Loews claims will be the largest rooftop bar in the city of Chicago.

Personally, I am slightly biased and must admit that I just leased an apartment at the Loews. I was considering multiple buildings in the area such as The Parkview (505 N. McClurg), 240 E. Illinois, 340 E. Randolph and pure apartment buildings such as 500 Lake Shore and 111 W. Wacker but found the quality and amenities at this building to be a combined, overall win.

I do not want this blog post to sound like a sales pitch for the building, since if you’ve read my blogs you know I try to stay very middle of the road, but I must say I am very excited to move into this building. On Monday March 2nd, the hotel was officially open for business so I stopped by the hotel bar after work and had a couple of drinks. The bar area was mostly full which was great to see. The lobby was large and open, but the bar space had a very nice cozy feel to it. I chatted with our bartender Tracy about the building and it is clear that the staff is just as excited about the building and concept as I am (that is always a great sign)! If you happen to stop by the bar be sure to see Tracy, she makes great drinks and is a pleasure to talk to! My Belvedere Martini and Old Fashioned were $12 each which is normal by Chicago standards but actually a bit cheap in comparison to hotel standards (think about the pricing for The Witt or Trump, etc.). But I must stop reviewing the bar and stick to the building.

At the end of the day, the residents at North Water Apartments will be able to access all bar and restaurant areas of the Loews hotel in addition to a Starbucks without walking outside. The views from every unit are fantastic. We snagged a nice, high floor, large One Bedroom facing west with incredible views of the skyline and the river. Very soon we will be moving in!

Pricing. Pricing is of course subject to change for the building so I do not want to mention it on this blog, but feel free to reach out to me for the most up to date pricing.

If you have any questions about this building or others in the area please let me know. If you’d like to tour units of this building or others I can arrange that for you and help you with your search.

Paul Blackburn is an Illinois Licensed Realtor and Broker with @properties in Chicago. He can be reached anytime via e-mail at Paul@PKBlackburn.com


New West Loop Luxury Condos on Green Street!

The West Loop has seen its fair share of rental buildings come to market, but now a new condo project is in the works. The “Boulevard at Green” is a luxury condo project in the heart of the West Loop. The new condos are located at 210 S. Green which is between Adams and Jackson on Green street. What are the details on this new project?

The building address will range from 210 to 240 S. Green. The building will be 10 stories tall and will house 50 three-bedroom condominiums at 2,100sf. The penthouse units will total 10 separate units which will be duplexes and will contain four to five bedrooms at roughly 3,400sf with private roof top decks as well.

The 2,100sf units will start at $749,900 and the duplex penthouse units will start at $1,499,900. The Boulevard at Green will feature the expected finishes of a high end development in the west loop. Wide plank oak flooring, custom contemporary cabinets, Bosch, Wolf and Subzero appliances, 10ft ceilings, etc. Elevators will open up directly into the unit and each unit will have private outdoor space. Each unit comes with 1 garage parking space and an additional space can be purchased at $30,000.

Three Bedrooms have gained huge popularity in the West Loop. A project currently under construction on Adams (near Racine & Adams) by Belgravia has been sold out for quite some time and at record prices. Pricing for 3 Bedroom units at 2,200sf started in the low $700s over a year ago and quickly reached the mid $800s for premium units.

The Boulevard at Green is exclusively marketed by our company, @properties. Phase One is currently more than 50% sold and sales continue at a quick pace. Three Bedroom condos in the West Loop continue to be in high demand, especially those in excellent locations that are walking distance to all the things we have grown accustomed to.

Paul Blackburn is an Illinois Licensed Realtor and Broker with @properties in Chicago. For further information he can be reached at anytime via e-mail at Paul@PKBlackburn.com