Harold Willig
- May 23, 2020
Pritzker Outlines Plan to Reopen Illinois Regions
Illinois Governor J.B. Pritzker has detailed a new approach to reopening the state’s economy in the wake of the Covid-19 pandemic. The plan is to divide the state into four discrete “health regions” that may be treated differently depending on how well they’re doing in controlling the spread of the virus. It’s not a case of one size fits all. The four regions, including metro Chicago, the northwest part of the state, Central Illinois and Southern Illinois will be judged by va
Harold Willig
- May 22, 2020
Multifamily Borrowers and Tenants Get CARES Aid
The U.S. government often says it cares but then it doesn’t act. But the CARES Act, the rescue package that Congress passed in March actually cares! To address a potential destabilization in the multifamily rental market, the Federal Housing Finance Agency ("FHFA"), through the CARES Act, has created protective orders that will benefit tenants and landlords of multifamily properties with federally backed mortgages. This approach will avoid evictions and foreclosures that woul
Harold Willig
- May 16, 2020
Amazon to Add More Warehouse Space
It seems like every month, Amazon is getting ready to expand their warehousing in Chicagoland. Case in point: the e-commerce giant plans to open three more big warehouses in University Park, Kenosha and Channahon, adding to a rapidly expanding distribution network that already employs nearly 15,000 people. Since September 2019, the Seattle company has cut deals for industrial buildings in Palatine, Downers Grove, Skokie. Melrose Park and Chicago’s South Side. An Amazon spokes
Harold Willig
- May 15, 2020
New Home Sales Hit Hard by Covid-19
The news was inevitable. In Chicago, sales of newly built homes fell in the first quarter, stymied by the arrival of the Covid-19 crisis in March, typically the strongest month of the year for home sales. In the first three months of 2020, builders sold 994 new homes locally, down more than 12% from the first quarter of 2019. That was a bit better than the nationwide drop of 15.6%. Erik Doersching, executive vice president at Schaumburg-based Tracy Cross said, “March is usual
Harold Willig
- May 9, 2020
SFR Sector Poised For a Rebound
As bleak as the economic news has been during this pandemic, there are certain sectors that may rebound quite quickly once Covid-19 fades way. According to a recent article in National Real Estate Investor, the single-family rental (SFR) sector is well-positioned for a rebound once widespread economic activity resumes. “In the post-Covid-19 future, I think we will see even more people opt to rent homes instead of buying,” says Doug Brien, CEO and co-founder of Mynd Property M
Harold Willig
- May 8, 2020
Rents, Value of Properties And the Corona Virus
If you’re a property owner, you’re already feeling the crunch as some tenants, hit hard by the pandemic, are struggling to pay the rent on time. Marcus & Millichap, major players in real estate brokering, recently released a report on the state of rental properties and how landlords can best navigate the choppy waters ahead. Even though landlords were very anxious about last month’s rental collections, studies reveal little or no change in rental income since March. Of the to
Harold Willig
- May 2, 2020
America Has a “Delivery” Problem; Not So in Chicago
The ravages of Covid-19 are pervasive. It has closed down most of our economy; and even as some states try to carefully reopen, the delivery of necessities like hand soap, baking flour and grocery items has revealed a yawning challenge: how can deliveries keep up with increasing demand? Look no further than Chicago. With its big population, central location and easy access to shipping by air, rail, waterways and interstates, Chicago is a key hub in an increasingly global supp
Harold Willig
- May 1, 2020
A Look at Illinois and The Stimulus Package
In response to the scourge of Covid-19 and its wrecking ball effect on the economy, the federal government passed a $2-trillion aid package targeting taxpayers and businesses. While imperfect, the aid package comes at a time when the nation’s unemployment rate soars towards levels not seen since the Great Depression. Greystone, a major player in real estate financial services, has put out a report highlighting some of the benefits Illinois residents will receive. In Chicago,
