Condo market shrinks again
Chicago's downtown condominium market shrank for the second straight year in 2009 as meager sales forced developers to put construction plans on hold, said a report released Thursday. Appraisal Research Counselors said 572 condo units sold downtown last year, the lowest number since the company began keeping track in 1997. It also said developers of 1,041 future units canceled construction plans during the year as several factors drove buyers from the market. They include job loss, inability to get a mortgage, or lack of confidence in condo valuations.
Chicago's downtown condominium market shrank for the second straight year in 2009 as meager sales forced developers to put construction plans on hold, said a report released Thursday. Appraisal Research Counselors said 572 condo units sold downtown last year, the lowest number since the company began keeping track in 1997. It also said developers of 1,041 future units canceled construction plans during the year as several factors drove buyers from the market. They include job loss, inability to get a mortgage, or lack of confidence in condo valuations.
New condo units to test rental market
While condo sales suffer, demand for rental housing remains strong downtown.
Chicago Auto Show fueling interest in cars, 'green'
The Chicago Auto Show, a Broadway extravaganza for gearheads and the people who love them, begins its 10-day run Friday.
The Chicago Auto Show, a Broadway extravaganza for gearheads and the people who love them, begins its 10-day run Friday.
CME Group to buy 90% stake in Dow Jones industrial average
The Dow Jones industrial average is Chicago-bound. But its name and role as a stock bellwether will be unchanged.
Downtown condo market shrinks for second year
Chicago's downtown condominium market shrank for the second straight year in 2009 as meager sales forced developers to put construction plans on hold, said a report released today.
Sibling discord rattles foundation of family
David Roeder: Since its founding in 1927, Kenny Construction Co. of Northbrook has been one of the premier problem-solving firms in Chicago. It was the company Mayor Daley called to help with the freakish "Loop flood" in 1992. From its expertise in construction and public works, the parent Kenny Industries expanded into an empire that included about $100 million in real estate assets. But the company couldn't fix a problem within itself. Its family owners have torn themselves apart.
David Roeder: Since its founding in 1927, Kenny Construction Co. of Northbrook has been one of the premier problem-solving firms in Chicago. It was the company Mayor Daley called to help with the freakish "Loop flood" in 1992. From its expertise in construction and public works, the parent Kenny Industries expanded into an empire that included about $100 million in real estate assets. But the company couldn't fix a problem within itself. Its family owners have torn themselves apart.
Lightning trades can tear up markets
David Roeder: Math geniuses could be the ruin of us all. They've been busy at trading firms around the country, and especially in Chicago, building computer systems with Frankenstein zeal that analyze prices and execute trades faster and faster, beyond the speed of human action or common sense.
David Roeder: Math geniuses could be the ruin of us all. They've been busy at trading firms around the country, and especially in Chicago, building computer systems with Frankenstein zeal that analyze prices and execute trades faster and faster, beyond the speed of human action or common sense.
High labor rates costing McCormick Place shows
A confidential analysis of labor costs in the convention business shows McCormick Place at an extreme disadvantage compared with its primary competition in Las Vegas and Orlando. The study, prepared to show policymakers here why big shows are leaving McCormick Place or considering that step, said the straight-time labor cost for a Chicago convention averages 50 percent more than the rate in Las Vegas and 147 percent more than Orlando's rate.
A confidential analysis of labor costs in the convention business shows McCormick Place at an extreme disadvantage compared with its primary competition in Las Vegas and Orlando. The study, prepared to show policymakers here why big shows are leaving McCormick Place or considering that step, said the straight-time labor cost for a Chicago convention averages 50 percent more than the rate in Las Vegas and 147 percent more than Orlando's rate.
$2.05 mil. for W. Side plant
David Roeder: If you're like me, you have a couple Lakewood box fans sitting around the house somewhere, waiting for the summer heat to return. Those fans were good Chicago products, made by Lakewood Engineering & Manufacturing Co., which once had $80 million in annual sales, mostly through the discount stores. Then the company was liquidated under Chapter 7. The closure left in limbo the fate of its huge plant and headquarters site at 501 N. Sacramento. Last week, a bankruptcy judge approved the sale of the 450,000-square-foot building for $2.05 million after an auction.
David Roeder: If you're like me, you have a couple Lakewood box fans sitting around the house somewhere, waiting for the summer heat to return. Those fans were good Chicago products, made by Lakewood Engineering & Manufacturing Co., which once had $80 million in annual sales, mostly through the discount stores. Then the company was liquidated under Chapter 7. The closure left in limbo the fate of its huge plant and headquarters site at 501 N. Sacramento. Last week, a bankruptcy judge approved the sale of the 450,000-square-foot building for $2.05 million after an auction.
Expert: 23% of suburban office space vacant
David Roeder: Kevin McLennan doesn't believe in "zombies" in real estate. Not yet, anyway. Hard times for office landlords have given rise to predictions that some buildings will become "zombies." It's the term for buildings plagued by empty space, yet the owners are prevented by lenders from accepting leases at reduced rates.
David Roeder: Kevin McLennan doesn't believe in "zombies" in real estate. Not yet, anyway. Hard times for office landlords have given rise to predictions that some buildings will become "zombies." It's the term for buildings plagued by empty space, yet the owners are prevented by lenders from accepting leases at reduced rates.
Obama plan for banks could be boon for Wall Street
David Roeder: If Wall Street influence-peddlers had it to do over again, maybe they would have urged votes for the Democrat in that Massachusetts U.S. Senate race. The Republican victory in the race for the "Ted Kennedy seat" set the White House into populist pitchmanship. President Obama might not get health-care reform, but he doesn't risk much by wagging the finger of executive censure at the big banks. Obama wants to break them up.
David Roeder: If Wall Street influence-peddlers had it to do over again, maybe they would have urged votes for the Democrat in that Massachusetts U.S. Senate race. The Republican victory in the race for the "Ted Kennedy seat" set the White House into populist pitchmanship. President Obama might not get health-care reform, but he doesn't risk much by wagging the finger of executive censure at the big banks. Obama wants to break them up.
Architect defends his stature on tallest building
David Roeder: In reputation and marketability, Adrian Smith is Chicago's tallest architect. At age 65, Smith has reached a stature where he has nothing left to prove and little to fear. Yet, he's afraid that part of his legacy is being lost. For that, Smith blames his former employer, Skidmore, Owings & Merrill LLP, who he says is rewriting history. Smith said Skidmore is minimizing or erasing his credit as primary designer for the firm's supertall buildings around the world.
David Roeder: In reputation and marketability, Adrian Smith is Chicago's tallest architect. At age 65, Smith has reached a stature where he has nothing left to prove and little to fear. Yet, he's afraid that part of his legacy is being lost. For that, Smith blames his former employer, Skidmore, Owings & Merrill LLP, who he says is rewriting history. Smith said Skidmore is minimizing or erasing his credit as primary designer for the firm's supertall buildings around the world.
CBOE's indexes ease market volatility
A little security is an understandable human need. People want comfort against the unknown, and so insurance and deadbolt locks exist.
Vermilion wins bid to demolish Harper Court
The Daley administration and the University of Chicago said Thursday they have picked a developer to demolish Harper Court in Hyde Park and replace it with a $200 million mix of uses. Harper Court, at 5211 S. Harper, is a shopping center plagued by vacancies and disrepair.
The Daley administration and the University of Chicago said Thursday they have picked a developer to demolish Harper Court in Hyde Park and replace it with a $200 million mix of uses. Harper Court, at 5211 S. Harper, is a shopping center plagued by vacancies and disrepair.
