NEWS: Downtown condo supply up, "party house" crack down

Looking for a downtown condo?

Crain's Chicago Business reported at the end of August a 15 month supply of condos in the Lakeshore East area of #downtown and over 11 month supply of condos in popular #Streeterville. Meanwhile many North Side neighborhoods outside of downtown have less than a 3 month supply. A healthy balanced market is considered 4 to 5 month supply.

Many reasons are cited for high downtown supply... including large high-end new construction buildings delivering units, less necessity to live near offices, investor sell-off and real and perceived unrest. The question is how far and how long the dip will last. Story HERE

The party is over!

Chicago has a new Short Term Rental ordinance that cracks down on "party houses" and lowers fees for smaller host businesses. Two new rules include banning single night rentals and preventing listing the short-term rentals online prior to city approval.

Aldermen debate stronger house sharing regulation

Chicago house sharing regulation may become stricter in the coming months. All photos Eric Rojas, Broker, Kale Realty

I've recently subscribed to The Daily Line for Chicago City Council committee reporting.  Real estate issues are churned out in committee hearings. Developments and housing ordinances live and die in zoning, housing and economic committees.

Recently The Daily Line reported aldermen debated strengthening regulations for the Chicago Shared Housing Ordinance. The new ordinance would prohibit listing a home share on a platform before the City of Chicago approves the registration. Home share operators would have to register with the City first. Among other items the City wants to access more information about the home renters to follow up on complaints and violations.