Gay Realty Watch: Chicago

Gay Chicago Real EstateWe continue our look into local real estate markets with large gay and lesbian communities. Today, Chicago – where (we swear) it looked like every single clean-cut guy in town was gay. Here’s a sampling of what’s going on in the Chicago real estate market at the moment:

Housing Study: Chicago market tour reveals health of Ontario industry (yourhome.ca): In a tale of two Great Lake cities, the grass isn’t always greener on the other side of the lake. Gleaming skyscrapers and a rich history have sadly been unable to spare this great American city from feeling the effects of the worst recession the United States has experienced since the Great Depression. Back home in the GTA, after a brief pause in sales activity while global financial markets plummeted, the real estate market caught fire and took off for nearly a year before settling down to a more normalized and stable pace of sales activity.

Chicago Home Sales Fall Even Further In September (Chicago Now): In about 2 1/2 weeks the Illinois Association of Realtors will report on September home sales for Chicago. However, I can tell you right now that September is going to be even uglier than August was. If you will recall, August home sales for Chicago came in 22.9% below the previous year and that was at least a 10 year low. Well, now it looks like September is going to be around 29% below last year and that is also at least a 10 year low.

Feds: Suburban man took more than $4M in Ponzi scheme (ABC Local): A Mount Prospect man who raised about $12 million from investors in a real estate deal that federal prosecutors call a “Ponzi” scheme has been charged with wire fraud and sued by the SEC.  Robert R. Anderson of Mount Prospect was arrested Thursday morning at his home on federal fraud charges for allegedly raising about $12 million from 70 investors and swindling more than $4 million of it for personal use, according to a release from the U.S. Attorney’s office.

Daley slams real estate groups for opposing renter protections (Chicago Tribune): Mayor Richard Daley angrily rebuked real estate groups that he said helped stop his plan to protect renters whose buildings are converted to condominiums. Daley’s renter protection proposal failed to get a vote Wednesday from the City Council, which sent the package back to committee for further consideration. The plan would require developers to give at least $1,500 to people renting units to help them pay for a move if the building they live in is converted to condominiums. It also would increase from four months to nine months the warning developers have to give renters if they plan to convert apartments.

Chicago couple deals with toxic mold, unresponsive bank (Chicago Journal): Matt Duffey and his girlfriend, Erika Hayes, were thrilled to purchase their first home in October 2008 — a third floor condominium on a quiet, leafy stretch of Leavitt Street in Wicker Park, just steps away from historical homes featured on neighborhood tours. Duffey, a software engineer, and Hayes, a sales rep for Discovery Education, fell in love with the neighborhood after moving to Chicago from Milwaukee in 2007. They found their dream home at 1520 N. Leavitt, a double-wide model with unique features, lots of light and a modest front and back yard.

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