What Google's $1.9 billion NYC commercial building purchase tells us about residential real estate in Chicago

This is totally off our usual local topic, but we love New York City and we love Google. The Wall Street Journal reported before the weekend that Google will pay up to $1.9 billion for the building at 111 Eighth Avenue before the end of the year. More images and information about the building here: http://www.111eighth.com/

One of the most interesting take-a-ways from this deal is despite the over-all "lagging" commercial market noted in the Journal, the story suggests players are willing to pay top dollar for proven location (be it for branding or for leasing). Google had real business, and possibly emotional, reasons for this purchase.

When buying or selling residential real estate in Chicago, buyers and sellers are making very specific decisions based on monetary investment, location, emotion and timing. So, regardless if the national or city-wide market looks up or down, your residential property value is a moving target. The players involved will determine value as much as the the raw comparable market data. Especially if the player is Google.

More Holidays! Roscoe Village Winterfest

This weekend!

Roscoe Village Winterfest

Read more about Roscoe Village here!

Bagel and a beer: Bagel on Damen

Bagel on Damen is the new food thing in the Ravenswood neighborhood of Lincoln Square. They have a powerful proposition... a bagel joint on the CTA Brown Line (literally), creative menu and beer. The Ravenswood area is a craft beer kind-a- town so the six pack mix selections offered (not to mention Bloody Marys) will cater to the local.

I think they will do pretty well as there was not a quality, quick "hand food" option around the Damen Brown Line other than Quiznos.

People have responded to good food in Ravenswood along Damen such as the likes of Overeasy Cafe and Fountainhead.

One of a Kind Show NOW at the Merchandise Mart!

Chicago's One of a Kind Show (or extravaganza!) begins tonight through this weekend, December 2-5, 2010. More than 600 artists from across North America are represented.

The best holiday shopping show!

The List: 5 holiday ideas on the North Side for Julmarknad, Chriskindl Markets, Hanukkah!

Andersonville: Head north to the Swedish American Museum for Julmarknad

Crafts, traditional foods, ceremonies and bring the kids for the great Children's Museum too!

Lincoln Square: Three days of Chriskindl Market crafts, food, DRINKS and lots of kid fun!

Lincoln Park: This month ZooLights... need we say more?

Bucktown: Two days of Bucktown Holiday Art Show and class up your home (or friend's home) with some original art!

North Side: Take your pick from the Local Tourist blog Hanukkah Events!

House of the Week. Lincoln Square corner cutie with underground garage

I always stop and admire this single family home at 2178 W Leland. It looks right back at the steady stream of walkers heading to the shops of Lincoln Square. It sits uniquely on the lot; close to the sidewalk, yet it has attractive front and side yard landscaping. The composition of renovations, from color, brick, fencing and landscaping keep the eye moving.

At some point, an underground garage with side drive was added. Cool. A coach house- like multi-unit property with a separate address sits just to the rear. I have not investigated to see if it's still all under one owner or long ago sold separately.

It's all about the details!

View all our House of the Week posts HERE

It's 3AM, do you know where your car is? Chicago's Overnight Parking Ban!

From Alderman Gene Schulter's office today:

Dear Neighbors,

Chicago's Overnight Winter Parking Ban begins tonight (12/01/10) at 3:00 am. The ban resumes for 107 miles of Chicago's most critical arterial streets. It will be in effect from 3:00 a.m. to 7:00 a.m. every night until April 1, 2011. This ban is in effect regardless of snow. Ignoring the Winter Overnight Parking Ban can result in a $150 towing fee, a $50 ticket, and a daily storage fee of $10 that increases over time.

The other pertinent ban that can be activated during a heavy snow at any time of the year is the 2 Inch Snow Ban. This restriction is technically in effect all year round, but realistically only a factor in the winter months. The 2 Inch Snow Ban is not activated often, but does assist in snow removal when more than two inches has been accumulated.

Motorists need to watch for and obey both restrictions.

To learn more or to view maps featuring both the Overnight Winter Parking Ban and the 2 Inch Snow Ban, please visit the News section of our website at www.ward47.com.
Sincerely,

Alderman Gene Schulter's
47th Ward Public Service Office

Old Town: A chicken in every pot and a pool table in every condo!

I was researching for a client and noticed two penthouse units for sale in the same Old Town condo building at 1436 N Wieland prominently feature pool tables in the common living areas.
Photo from www.pooltablenow.com, who by the way, can move pool tables.

A good book on Chicago Bungalows

My business partner Bob gave me a copy of The Chicago Bungalow by the Chicago Architecture Foundation soon after my family purchased our own classic city house. It's been fun relating to the history, use, adaptation and lifestyle of this personable and durable housing stock.

There has been no more a pleasurable experience than restoring and adapting a Chicago Bungalow for our family. While keeping the main parlour and den in tact, and despite my pension for modern architecture, I can not help but enjoy the transformation 50 to 100 years ago while sitting and reading by the light of a vintage lamp (or candle!).

Foreclosures, REO properties returning to market

YoChicago.com reports on Fannie Mae foreclosures returning to the market. Follow their links to discussions on REO properties.

One of my clients just asked about the status of foreclosures after the the week long breathless Armageddon of media stories and analysis hit after Bank of America et, al. had halted foreclosure proceedings. We had just mentioned how quiet it was in the media lately.