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Chicago

Chicago Cheat Sheet: Rising interest rates spur builders to offer more financing deal incentives…& more

Also, surge in home prices leads to gentrification concerns

Adam Saphier and a rendering of Trammel’s proposed office building (Credit: iStock)
Adam Saphier and a rendering of Trammel’s proposed office building (Credit: iStock)

As interest rates rise, builders offer more financing deal incentives

Hoping to attract buyers who might be deterred by rising interest rates, more developers are offering incentives to close sales. Some builders have offered financial incentives to cover upgrades or closing costs, while others have been offering deals on financing including lower rates or longer periods where rates are locked in. [Crain’s]

Some moderately-priced neighborhoods see big increases in home values

A number of neighborhoods with traditionally low housing prices are seeing a significant uptick in values amid new interest from investors, according to an analysis by the Institute for Housing Studies at DePaul University. Austin, South Lawndale and East Garfield Park are among the neighborhoods that saw prices of buildings with four units or less rise more than 21.6 percent between 2012 and 2017. The rapid increase has some in those neighborhoods worrying about gentrification. [Chicago Tribune]

New Green Line stop coming to the Near West Side

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The city is preparing to start work on a $50 million Damen Green Line stop, plugging a 1½-mile gap between stops on the Near West Side. The new station will serve businesses along the Kinzie Industrial Corridor, United Center crowds and nearby residents. Construction of a stop on the Green and Pink lines near Morgan and Lake streets is viewed as one of the catalysts for the ongoing redevelopment of Fulton Market. [Block Club]

Project would feature some of Naperville’s biggest and most expensive townhomes

Naperville officials approved a plan to develop some of the largest and most expensive townhomes in the city. The Chicago Commons project will be built on Chicago Avenue just east of North Central College will start at $1.2 million. [Naperville Sun]

CHA opens public housing wait lists for first time in 4 years

The Chicago Housing Authority has opened its waiting lists for public housing and rental vouchers for the first time since 2014, and just the second time in eight years. The wait lists do not include Section 8 housing. The last time the wait lists were opened some 260,000 people applied. The CHA said some units in the system could come with a wait of more than 25 years. [Chicago Sun-Times]

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Commercial Real EstateNapervilleOffice