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Home Building in America Has Seen Better Days

Where are today’s new homes? Why isn’t the homebuilding industry booming? Fourteen years ago, construction in the top 10 markets totaled 394,000 single-family homes. Today, those markets are building 54% fewer homes, according to John Burns Real Estate Consulting. Yes, there are certain metro areas that have recovered quite well since the housing bubble burst (Houston, Dallas), but more often than not, major metro regions are way behind the curve. Atlanta builders are building 36,000 fewer homes than in 2005, and Phoenix builders are building 37,000 fewer. The reason behind this slowdown? Price increases at every building stage have pushed home prices to a point where homebuilders find it di

26 Fun Things to Do In Chicago This Fall

The air is crisp, the leaves are turning, and the Cubs aren’t in the World Series. It must be fall. Fall is a great time to explore the City of Big Shoulders and there are more fun things to do than ever. Like movies? Then head over to the Music Box Theater. Built in 1929, the Music Box is one of only a handful of Chicago’s original movie houses to survive through the decades relatively unchanged. It’s also one of the city’s top places for enjoying foreign, independent, experimental and classic cinema. How about some outdoor fun? Then the Alfred Caldwell Lily Pool might be your cup of tea. This beautiful Lincoln Park treasure was originally part of a larger Victorian garden conceived by land

Single-Family Rentals are Having a Field Day

Happy (and profitable) days are here again! The demand for single-family rental homes is running high and is outpacing multi-family, office and retail markets. Let’s take a look at some history. The the number of single-family rental households grew by more than 36% since 2005, while the number of all US households increased by only 11% over the same period. Before the Great Recession, single-family rentals accounted for 15.5% of all single-family households, but grew to roughly 1-in-5 single-family homes by 2017. Kevin Maggiacomo, CEO and president of SVN International Corp -- a Boston-based full-service CRE advisory firm – says that “the stark difference in growth in the past decade betwee

Amazon Plans to Add 400 Jobs to Chicago Tech Hub

More good news is on the horizon for Chicagoans. The online shopping behemoth plans to double its Tech Hub workforce in Chicago. That means 400 new jobs. In addition, Amazon will be adding 70,000 square feet of space at The Franklin office building in Downtown Chicago. Amazon is no stranger to Illinois. Since 2010, Amazon has invested more than $4.4 billion in the state, including building customer fulfillment and cloud infrastructure, research facilities and in compensation to employees. “We’re excited to create more opportunity in Chicago—a city with terrific talent and a culture of innovation,” says Geoff Nyheim, director central US AWS Sales. “We look forward to doubling our teams in the

Chicago Ranks #1 Again in North America for Foreign Investment

We’re Number One! When it comes to foreign direct investment in North America, Chicago is the top spot for the seventh year in a row. according to the 2019 IBM Global Location Trends report. Chicago is home to more than 1,800 foreign-based companies, accounting for more than $140 billion in foreign direct investment. “Chicago has now ranked as the top city in North America for the number of significant foreign investment projects for seven consecutive years,” Roel Spee, Global Leader IBM-Plant Location International says. “Chicago has consistently performed as a prime global city for foreign direct investment.” One of the organizations that has helped encourage foreign investment in the Wind

Home Prices Are Going Down, Instead of Up

Historically, during the summer months, home prices surge. Buyers are more apt to take a look at homes when the weather is nice, and families with kids are motivated to move before the school year starts. With this summer’s very low mortgage interest rates, the expectation was that August would be business as usual. But that didn't happen. Buyers and sellers are both worried that a recession is on the horizon. That caused a dip in the price of existing homes; a drop of .8% from July. The number of homes on the market also fell in August because buyers, lulled by low mortgage interest rates, don’t seem to be in much of a rush. Lower supply and lower demand are a very unusual mix. And the lack

Rochester, Buffalo and Hartford Will Be Fine in the Next Recession

Many signs point to a recession beginning sometime next year. Fortunately, it may not have a big negative impact on the real estate market. However, there are some metro areas that will be more at risk of a housing downturn than others. But Rochester, Buffalo and Hartford will have the lowest risk. Since the Great Recession, led by the housing bubble burst, Americans have come to believe that an economic recession is tied to a weakening housing market. That’s just not true. That hasn’t been the case historically. No matter. People get nervous about the housing market when the word “recession” is mentioned; and who can blame them? On a scale of risk factors, the metro area with the lowest ris

It May Take Years for Homebuilding To Get Back to Historic Levels

According to a recent survey of more than 100 economists and real estate gurus by Zillow, this year’s slow pace of single-family home building isn’t expected to get back to historic norms until 2022 or later. And the expectation is that this trend will continue in the foreseeable future. In any given month since 1959, single-family housing starts averaged over one million. But since 2007, that number has never been achieved. Builders have been dealing with myriad issues: acquiring buildable land in desirable areas; securing lumber and other materials; and finding enough workers. Experts agree that there are solutions which would spur some growth; they include easing local review regulations

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