Chicago Architecture Blog

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http://arcchicago.blogspot.com/

Posted by Michelle Liffick in General Comments[0]

Funke? + the Baer Lofts (1927 N. Milwaukee)

Ever hear of Funke Architects?

Funke is a local architecture firm (stationed in Wicker Park/Bucktown for some time now -- long enough to develop quite a reputation!) well known for its striking, modern designs.

Some of their projects include 777 S. Dearborn, the Baer loft conversion at 1927 N. Milwaukee (currently, some are still on the market - building features "green roof," moped parking - ha!, great location - right by the Western blue-line el stop, gi-normous common rooftop deck), 1630 N. Claremont (a single family home in Bucktown which sold for 1.25mill in '06 -- currently on the market as a resale, listed at 1,499,900), 1431 W. Erie (a single family that sold for 1.125mill in '06), the wild house at 1034 W. Altgeld (sold for 2,730,633 in '06), and other projects - both in the city and suburbs.

Currently, 1842 N. Wood, a recent design/build by Funke (4bed/3.1bath home in Bucktown), is on the market for 1,995,000.

Here are a couple of links:

http://funkedesignbuild.com/

http://www.funkearchitects.com/

http://yochicago.com/today/video/inside-the-newly-remarketed-baer-lofts_7138/ -- youtube video posted on YO! with footage inside the converted warehouse, featuring the seller's representative giving a tour!

Posted by Michelle Liffick in ForRealEstate (Chicago Real Estate) Comments[0]

The REAL Cause of the Housing Market Dip! This American Life, Fri., May 9

The premise goes something like this: global money doubles in 3 years (2000-2003), resulting in more money to invest; investment firms start pooling mortgages together and selling them as bonds/securities (backed by the mortgages); with so much global money, and so much demand for these mortgage-backed bonds/securities, the investment firms/wallstreet can’t keep up on the supply end (everybody who is qualified to get a mortgage has one – no more mortgages = no more mortgage-backed securities to sell); to meet demand of wall street/global investment market, banks loosen up their qualification requirements to lend money (after all, they are passing along the risk to the global market) and the no-income, no asset (NINA) loans are born! . . . Extrapolate, extrapolate. From the website: “A special program about the housing crisis. We explain it all to you. What does the housing crisis have to do with the collapse of the investment bank Bear Stearns? Why did banks make half-million dollar loans to people without jobs or income? And why is everyone talking so much about the 1930s? It all comes back to the Giant Pool of Money.” http://www.thisamericanlife.org/Radio_Episode.aspx?episode=355 You can always download the program from the website.

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This was MY cribchatter tip! 1346 N. Hoyne . . . .

I live across the street from this building and, just this morning, spent an hour chatting with my neighbor who sold the lot to the current owner/developer (for a NICE profit, I might add - esp. considering she purchased it like 30 years ago!). . . .

http://cribchatter.com/?p=3254

It is a 3-unit, new construction building (for new construction, though, it's actually quite nice) located along the historic stretch of Hoyne Ave. in Wicker Park.
The condos have been on the market, now, for about 4 months. Because I live across the street, and because I am very nosy and completely obsessed with all things real estate, I have been watching the listing like a hawk!
I watched/heard the developer build it (all summer -- beginning @ 6am, I might add!), watched them complete the landscaping last weekend, and am very interested to see when they sell the condos . . .
Problems the seller faces: rough real estate market (though the location is amazing! -- and real estate is SO location-specific), new/crazy/insane mortgage guidelines that are tightening developers' ability to sell (buyers' ability to finance the purchase) their new construction properties.
*Tick tick tick* goes the market time . . .

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Another Trip to the Amazing Garfield Park Conservatory

This past weekend, my parents were in town visiting my brother and me and so, after going to ABT/Glenview in order to afford my brother the 2 hours he needed to obsess over projector and flat-screen television systems, we went to the Garfield Park Conservatory!
It is simply amazing in there. I once read another blog entry in which the author said she always felt like she had been to a spa after being in the conservatory - and she really IS right! The changes in temperature and humidity one experiences walking room to room is really cool. Right now, there is an exhibition on photosynthesis ("Sugar from the Sun") - lots of interactive activities for kids.
It just feels GOOD in the conservatory - especially on a cold weekday afternoon . . . In the winter, the conservatory provides a welcome contrast. The history of the building is comforting, too. . . all those who walked here before me . . .

http://www.garfield-conservatory.org/

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Spire Developer FORGOT to Pay Property Taxes??? Hmmmm.

From Crain's, April 23rd:
"Garrett Kelleher failed to pay nearly $430,000 in property taxes due nearly two months ago on the proposed site of the Spire, even as the Irish developer was launching a lavish, five-city Asian tour to trumpet the massive skyscraper.
"The tax payments were due March 4 on a 2.2-acre site along the north bank of the Chicago River that Mr. Kelleher acquired in 2006, reviving a stalled proposal by another developer for a twisting tower to be designed by prominent architect Santiago Calatrava.
"Three days after the taxes were due, Mr. Kelleher, executive chairman of Shelbourne Development Group Inc., began courting prospective condominium buyers during a lavish road show that started in Singapore and was scheduled to include Hong Kong and Kuala Lumpur, Malaysia.
"A spokeswoman for the 150-story Spire at first insisted that the property taxes had been paid. But later she confirmed that the taxes were past due and blamed an error in the address for the tax bills.
"The 2,000-foot-tall Spire project would challenge even the most seasoned developers. And the failure to manage a routine task like property taxes raises questions about Mr. Kelleher’s ability to complete a multi-billion dollar project that demands the highest level of concentration.
“'The attention to detail in this project itself is huge,' the spokeswoman said. “I can tell you from being part of some of the design meetings and some of the other projects that they have going within this building that the attention to detail is absolutely minute.'”

Interesting.

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Chicago + Bungalow: The Chicago Historic Bungalow Association

The Bungalow.
If you're like me, you've been hearing a LOT more about "The Bungalow" these days. Many, many of these quaint homes sit quietly waiting for updating in Chicago's northwest neighborhoods (Ravenswood, Albany Park, Rogers Park). Beverly is another Bungalow hotspot!
Here is more information about the HCGI and the perks/benefits available to purchasers/owners/lovers of the Bungalow!
From the website:
"Launched by Mayor Richard M. Daley in September of 2000, the Historic Chicago Bungalow Initiative is designed to foster an appreciation of the Chicago Bungalow as a distinctive housing type, encourage sympathetic rehabilitation of Chicago bungalows, and assist bungalow owners with adapting their homes to current needs, which in turn helps to strengthen Chicago bungalow neighborhoods."
"The Historic Chicago Bungalow Association is the non profit organization that administers the Initiative. The program offers a variety of financial resources, from grants to loans, and technical resources, from special permit assistance to "how-to" seminars. Certifying your bungalow with the Historic Chicago Bungalow Association is the first step in accessing these financial incentives and benefits."
http://www.chicagobungalow.org/

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CribChatter.com

If you haven't heard about or seen this blog, and you're in the market (or enjoy watching the market -- or are generally nosy like I am!), this is definitely a very entertaining resource! I can't attest to EVERY tidbit posted, but I absolutely look at it every single day! www.cribchatter.com

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ChicagOasis.org -- Garfield Park Conservatory: "The Greenest Show on Earth"

tag The 100th Anniversary of the Garfield Park Conservatory is coming up! Next month, the conservatory is 100 years old!
Check out: http://www.chicagoasis.org/ ("The Greenest Show on Earth")

This is another website about the GPC provided by the Garfield Park Alliance and offers information about the history of the conservatory and the park, programs scheduled for the year (I think I want to do the bee-keeping training, but that class is probably very popular and, thus, it is likely difficult to get a spot), AND information about the new book that just came out - "Inspired by Nature" - which was recently published in honor of the 100-yr-Anniversary. I have a copy - of course.
The book includes a historical analysis of the changes that have occurred in the neighborhoods on the west side of Chicago (with a focus on Garfield Park), . . . Lots of great photos too!

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Green Resources for Homeowners and Builders!

GreenTech . . . . Green Resources for Homeowners and Builders!

From the Website:
"The Chicago Center for Green Technology has many resources available to help you learn more about green technology. The on-site Green Building Resource Center is a must-see for builders, developers, facility managers, architects and homeowners looking to incorporate sustainable design practices and green materials into their next building project. The center's resources include green building standards and construction guides; reference books; recycled, reused and renewable building material samples; a public-access workstation with established links to green technology web sites; and staff and volunteers to guide you through the research process."
"CCGT also offers tours, workshops and other opportunities for people to learn about green technology. Guided tours of the facility are available to anyone who wants to see sustainable design first-hand. Educational workshops on topics of general interest, such as solar electricity, native landscaping, and green roofs, are offered to the general public. Seminars designed specifically for building industry professionals address issues of interest to them, such as boiler efficiency and whole-building design strategies."
There are certain financial incentives/tax breaks available to home-owners/builders who incorporate green building techniques, install green roofs, etc. The Center for Green Technology can help YOU find out more information about this and other green-related topics! -- Or ask me! I can help! ;)

The Center for Green Technology is located at 445 N. Sacramento (just south of Chicago Ave. on Sacramento Ave. -- at 3000W). You can reach GreenTech via email at greentech@cityofchicago.org or call them via phone at(312) 746-9642.

Posted by Michelle Liffick in ForRealEstate (Chicago Real Estate) Comments[0]

City Doubles Property Taxes in Garfield Park, Reduces in John Hancock Bldg by 14.6% . . . . Hmmmm.

Ben Javorsky, Chicago Reader, on property taxes and politics.
If you were watching the Chicago real estate market 5-10 years ago, you may remember that Wicker Park's property taxes doubled . . . then doubled again . . . and so on, and so forth, and . . . look at Wicker Park now . . .
This article is more about the politics and lawyers - the advantages of having the funds and clout to hire a power-attorney to represent one's self before the County Bd. of Review to appeal taxes, but . . . the information that I find most interesting is about the tax heights on the West Side.
Here's an excerpt: "As gentrification creeps west from the United Center, the vacant lots on his block are appreciating, raising the value of his land. (The same thing is happening in south-side neighborhoods like Washington Park, where speculation has sent taxes soaring by upwards of 200 percent.)"
http://www.chicagoreader.com/features/stories/theworks/071129/

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Business Week names E. Garfield Pk as 1 of top 10 up and coming in U.S. + Community Development Plan

Check it out: http://jump.suntimes.com/list.cfm?tag=eat-garfield-park
In addition to describing "places to go" in E. Garfield, this article also points out that Business Week has called East Garfield Park one of the top 10 up and coming neighborhoods in the U.S.

Some of the other great things that Garfield Park has going for it:
1. The conservatory
2. the amazing park/outdoor space
3. beautiful, vintage housing stock
4. transportation -- on the north end, the green line (which goes straight to the loop); at the south end, I-290/Congress (which runs straight to the loop) and the blue line (which also runs straight to and from the loop); and, every street that runs east-west through Garfield is also a straight shot to the loop
5. the Garfield Park Alliance -- http://www.garfieldconservatory.org/about_us.htm

Did I mention the conservatory? ;)

And, take a look at THIS -- the 41 page Garfield Park Madison Street Retail Development plan:
http://www.garfieldconservatory.org/gpca_pdf/madison_st_retail_plan.pdf

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Bird Cage Elevators in Chicago: The Donohue + The Brewster

Have you ever seen a birdcage elevator?
So beautiful. . . The kind one has to operate one's self (unless there is an elevator operator) -- with the sliding/accordion-esque metal doors . . . . .
Per my knowledge, there are only TWO buildings in Chicago with birdcage elevators: The Brewster (at 2800 N. Pine Grove) and the Donohue Annex Building (at 727 S. Dearborn) -- both are historical/landmark buildings.
The Wizard of Oz (the children's book) was first printed in the Donohue Building.
Charlie Chaplin lived in one of the PentHouses in the Brewster.
;)

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Reader Article re E. Garfield Park/TIFs

Check this out. Ben Javorsky writes about development of the West Side of Chicago, vacant lots, changing neighborhoods, . . .
Article: http://www.chicagoreader.com/features/stories/theworks/070119/
Here's an excerpt: "[Wallace] Davis, a former 27th Ward alderman who served four years in prison for bribery and extortion before becoming a successful businessman, also thinks the city’s selling the land for less than it’s worth. 'They’re getting, what, $34, $36 a square foot for that?' he says. 'Hell, vacant lots go for about $40 a square foot around here.' Davis owns several pieces of west-side property, including Wallace’s Catfish Corner, his restaurant at 2800 W. Madison, just down the street from the lots on Warren. 'They’re not selling the west side, they’re giving it away,' he says. 'And they sure ain’t doing it to help poor folks.'”

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