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Tribune Co. puts tower on the block - Zell also would consider L.A. Times site Chicago Tribune, Robert Manor and Phil Rosenthal, 6/26/08 "Steven Kelley, a vice president at Appraisal Research Counselors, said..."

Tribune Co. Chairman and Chief Executive Sam Zell said Wednesday that he is exploring options for maximizing the value of the headquarters building, which houses the Chicago Tribune, as well as the Los Angeles Times' home, Times Mirror Square. Zell, who engineered the $8.2 billion deal that took media giant Tribune Co. private in December, would use proceeds from a transaction to pay down debt—if the price is right. He is asking a number of real estate firms for ideas on how to capitalize on the Tribune and Times properties. Requests for proposals went out Wednesday morning, one source said. "We are not rushing this process, and I can assure you we will not accept anything but full-market value for these assets," Zell said in a statement that didn't go into specifics. Tribune Co.'s debts total around $13 billion, and there are major obligations due this year and next. Zell has said this year should be covered through Cablevision Systems Corp.'s $650 million deal to acquire control of Newsday, Tribune Co.'s paper in Long Island, N.Y. The anticipated sale of the Chicago Cubs and Wrigley Field is expected to help cover next year's obligation.... Read  |  Purchase from Publisher

Former converter starts vulture fund Chicago Tribune, Andrew Schroedter, 6/26/08 "... says Ron DeVries, vice-president at Appraisal Research Counselors..."

For more than two decades, Robert Sheridan, a former air conditioning salesman, made his money converting apartment buildings to condominiums in Chicago, New York and other U.S. cities. But amid the real estate market crash of the early 1990s, Mr. Sheridan, who was then 63, lost everything and filed for Chapter 11 bankruptcy protection. He says the experience was such a turnoff that he quit doing any more deals — at least for a while. Now, at age 80, a wiser and more experienced Mr. Sheridan is raising money for a $200-million investment fund targeting distressed condominium properties. With $50 million already in the bank, Mr. Sheridan says the hard part hasn't been raising capital for his vulture fund, but finding deals at prices that make financial sense. The residential market is "not at the bottom," says Mr. Sheridan, principal of River Forest-based Robert Sheridan & Partners LLC.... Read  |  Purchase from Publisher

Developer puts South Loop site on the market Crain's Chicago Business, Alby Gallun, 6/18/08 "... says Ron DeVries, vice president at Appraisal Research Counselors..."

A Chicago developer is seeking buyers for a 2.5-acre property in a fast-growing part of the South Loop after dropping plans to build a 600-unit apartment building there. D2 Realty Services Inc. has hired CB Richard Ellis Inc. to sell the parcel at 1000 S. Clark St. with an asking price of $20 million. D2 paid $10.4 million for the property in August 2006, financing the acquisition with an $11-million loan from Fremont Investment & Loan, property records show... Read  |  Purchase from Publisher

Lissner: Buyers taking a “wait and see” approach to home decisions New Homes Magazine, Gail Lissner, CRE, SRA, 6/18/08

Buyers are continuing to wait on the sidelines so far in 2008, although there are some very enticing opportunities for buyers with good credit. A decrease in the number of potential buyers actively shopping the market along with attractive interest rates and a record number of building completions this year will provide some excellent buying opportunities. However, with the uncertainty in the financial markets and slower resale market, many buyers are taking a “wait and see” attitude and deferring purchase decisions. As reflected in our weekly survey of new-construction condominium... Read  |  Purchase from Publisher

South Loop condos get $50-million construction loan Crain's Chicago Business, Eddie Baeb, 6/12/08 "... says Gail Lissner, a vice-president with Appraisal Research Counselors..."

Sedgwick Properties Development Corp. has landed a $50-million construction loan for a new, 180-unit condominium building in the South Loop, in a deal that seems to defy the downtrodden condo market. Dubbed Terrazio, the seven-story building is going up at 1935 S. Wabash Ave., thanks to the loan inked last month from Amalgamated Bank’s LongView Ultra Construction Loan Fund. Chicago-based Sedgwick has sold about 80 of the 180 units in the project, just less than a year after sales kicked off, says H. Jay Feeley, the firm’s director of business development. Few other new condo developments this year have approached the roughly 50% of pre-sales required to get a construction loan, particularly with so many lenders skittish about providing loans for new condo buildings. “(Terrazio) will be on the short list that breaks ground this year,” says Gail Lissner, a vice-president with Appraisal Research Counselors, a Chicago-based consulting firm that tracks the downtown residential market. “It will be a short list, a very short list.” Downtown developers... Read  |  Purchase from Publisher

Hot real estate market versus one that's not Chicago Tribune, Mary Ellen Podmolik, 6/6/08 "... Gail Lissner, vice president of Appraisal Research Counselors, favors properties..."

Ask local real estate professionals where the hot spots are in the market right now and their immediate response is the same. It's not a pause while builders, real estate agents and appraisers think about it. It's not an answer preceded by an explanation of market forces. They answer with a laugh, and a loud one at that. Lance Ramella, principal at Meyers Builders Advisors, summed up the sentiment of most who work in a residential real estate industry whose flagging fortunes have been welldocumented. "I wouldn't call any market, in Chicago and anywhere else in the country right now, hot right now," Ramella said. "Some markets are just better than others and it's a relative term. Being better than horrible, that's where we're at." Finding those bright spots in the market requires going back to the basics... Read  |  Purchase from Publisher

Luxury Building Boom Slows Under Tightening Credit Woes Engineering News Record (McGraw Hill Construction), Pamela Dittmer McKuen, 5/28/08 "... says Gail Lissner, a vice president of Appraisal Research Counselors."

A nervous real estate market is jeopardizing some of Chicago’s ritziest new high-rises, which have been popping up lately like champagne corks. With the stream of buyers slowing to a trickle, lenders are increasingly tight-fisted, developers are scrambling for financing, and contractors are looking for other ways to keep busy. “The greatest effect is on anyone who is not yet financed,” says Gail Lissner, vice president of local consulting firm Appraisal Research Counselors. “But everyone is having a very hard time raising mezzanine debt, the layer between the construction loan and the equity in a project. That’s very expensive money.” First-quarter 2008 sales of downtown Chicago new-construction condominiums dropped 83% from the previous year, according to ARC figures... Read  |  Purchase from Publisher

Suburban apartment rent ticks up Crain's Chicago Business, Eddie Baeb, 5/27/08 "Ron DeVries, vice-president with Appraisal Research, thinks rents..."

Rents for suburban apartments crept higher in the first quarter while the occupancy rate remained at its lowest level since at least 2003 as the outlook for landlords has become less rosy due to concerns over the economy. The median net rent increased a penny from the fourth quarter to $1.14 a square foot, up 5.7% from the first quarter last year, according to Appraisal Research Counselors, a Chicago-based consulting firm that tracks the local housing market. The occupancy rate was 93.3% in the first quarter, the lowest since at least the second quarter of 2003. That’s unchanged from the fourth quarter, but down from 96% a year ago.... Read  |  Purchase from Publisher

Jupiter Breaks Ground On 50-Story Loop Apt. High Rise Costar Group, Mishka Parkins, 5/15/08 "The firm cited a study by Appraisal Research Counselors..."

$157 Million Building Seeking LEED Certification - Jupiter Realty Co. recently broke ground on a 50-story, 389-unit apartment tower at 215 West Washington Street in Chicago. Building completion is forecasted for 2010. The building, designed by Solomon Cordwell Buenz, is expected to be the first apartment tower to achieve LEED certification and will include a mix of studios, one-, two- and three bedroom... Read  |  Purchase from Publisher

Record condo numbers to saturate downtown Chicago Tribune, Robert Manor, 5/14/08 "Gail Lissner, vice president of Appraisal Research Counselors, said..."
	Nearly 6,000 condos, by far a record number, are expected to come on the market in downtown Chicago this year at a time when mortgages are tougher to get and sales have slowed dramatically, according to a report. That adds up to a big worry about the Loop-area market, which has seen explosive growth in recent years.... Read  |  Purchase from Publisher

RREEF to invest in planned River North apartment tower Crain's Chicago Business, Andrew Schroedter, 5/14/08 "...according to Appraisal Research Counselors..."

Chicago developer Daniel McCaffery has partnered up again with RREEF on a luxury River North apartment high-rise project. RREEF, the investment advisory unit of Germany’s Deutsche Bank, has agreed to invest an undisclosed amount in Mr. McCaffery’s proposed $80-million Flair Tower development at Erie and Franklin streets, setting the stage for construction to begin this summer on the 201-unit building. RREEF and the developer last teamed up to build the 175-unit Bernardin apartment tower at 747 N. Wabash Ave., which was completed in 2005.... Read  |  Purchase from Publisher

Downtown dead zone Crain's Chicago Business, Alby Gallun, 5/12/08 "... says Appraisal Research Vice-president Gail Lissner."

Downtown condominium developers suffered their worst first quarter in at least a decade, selling just 201 units — an unwelcome trend as unsold condos start piling up. The total represents an 83% drop from first-quarter 2007, when downtown developers sold 1,207 units, according to a report by Appraisal Research Counselors, a Chicago consultancy. The only quarter with lower sales in the past 10 years was the last three months of 2001, after the Sept. 11 attacks, when developers sold 92 units. The speculators who drove the condo boom a few years ago have all but disappeared, and tighter lending standards have made it harder to finance a purchase. The weak economy also is taking a toll, says Appraisal Research Vice-president Gail Lissner.... Read  |  Purchase from Publisher

Downtown apartment rents tick up in 1Q Crain's Chicago Business, Alby Gallun, 5/12/08 "... says Ron DeVries, vice-president at Appraisal Counselors..."

Rents and occupancies at high-end downtown apartments edged higher in the first quarter, but landlords are likely to have a tougher time signing new tenants in the coming months. The lousy market for homes and condominiums has been good news for apartment owners, as many would-be condo buyers wait out the slump by renting instead. The bad news: Landlords face increased competition from new apartment buildings and investor-owned condominiums, along with a weak economy. “Employment is looking pretty bleak this year and that obviously has an impact on the rental market,” says Ron DeVries, vice-president at Appraisal Research Counselors... Read  |  Purchase from Publisher

Irish developer in deal to buy land at Franklin Point Crain's Chicago Business, Alby Gallun, 5/7/08 "... according to Appraisal Research Counselors..."

An Irish condominium developer with one project in the South Loop is getting ready for its second development in the neighborhood on a 2-acre property at Harrison and Wells streets. Sources say Limerick, Ireland-based Chieftain Group has signed a contract to pay D2 Realty Services Inc. nearly $20 million for the parcel, part of a larger vacant 8-acre tract known as Franklin Point. Russland Capital Group, a Skokie developer, bought the other 6-acre parcel within Franklin Point in February.... Read  |  Purchase from Publisher

Gail Lissner, Vice President, Appraisal Research Counselors Crain's Chicago Business, Phuong Ly, 5/5/08 "ARC's quarterly "Residential Benchmark Report," which Ms. Lissner co-authors with Ron DeVries, is a

Gail Lissner's first real estate job was a disaster. In three months at a Chicago agency, she didn't make a single sale. It got so bad her supervisor insisted she keep her next client in the office until he signed a contract. She closed the deal but felt awful because the client was supporting his mother and couldn't really afford the $20,000 condo. Thankfully, he called the next day to cancel, and Ms. Lissner quit her job. "I just wasn't cut out for sales," she says. But she stayed in real estate and found her home in appraisals and consulting. Since joining Appraisal Research Counselors in 1975, she has risen to become one of the most sought-after experts on the Chicago market. ARC's quarterly "Residential Benchmark Report," which Ms. Lissner co-authors with colleague Ron DeVries, is a must-read in the industry. The 700-page tome, nicknamed "the bible" by subscribers, costs $4,000 a year and offers detailed statistics on downtown Chicago condo projects, conversions, developments for sale and the rental market. She also advises some of Chicago's top developers and lenders on pricing condo projects and moving properties that aren't selling.... Read  |  Purchase from Publisher

Who Will Buy the Condos? Chicago Magazine, Dennis Rodkin, 5/1/08 "... says Gail Lissner, a vice president of Appraisal Research."

Since 2000, developers have flooded downtown Chicago with more than 20,000 new condos and townhouses—yet at the end of 2007, nearly 8,000 of them sat unsold. Will that glut drag down the local economy even further, or will the lure of city living and an influx of international buyers rescue a failing market? If you were shopping for a Chicago condo over the last few months, the deals were coming fast and furious. At 30 West Erie in River North, developers were offering buyers a free parking space—a year earlier, that handy asset would have cost $50,000. At the Rotunda, at 2741 North Sheffield Avenue in Lincoln Park, you'd get a $15,000 "furniture allowance" if you bought by March 31st. At VB1224 Lofts, in the West Loop at 1224 West Van Buren Street, the developers at one point promised a $35,000 allowance that could be used towards a free parking space, appliances, or other upgrades; at another point, they offered to pick up a year of condo fees. The escalating incentives tell an obvious story: Chicago's condo boom has stalled... Read  |  Purchase from Publisher

Apartment sales plunge in first quarter Crain's Chicago Business, Eddie Baeb, 4/28/08 "... according to Appraisal Research Counselors."

Apartment sales in the Chicago area plummeted in the first quarter as most sellers and buyers remained sidelined amid disruption in the credit markets and concerns about the slowing economy. Sales of large apartment buildings in the quarter totaled $322.4 million, down 56% from the first quarter last year, according to a new report by CB Richard Ellis Inc. The suburbs saw more activity than the city. Five big apartment buildings sold in the suburbs during the quarter, totaling $200 million. In the city, there was only one portfolio sale: seven North Side buildings that fetched $122.4 million. Not a single major apartment building, which CB Richard Ellis defines as selling for $10 million or more, has been sold downtown in more than six months. “It was a weak start to the year,” says John Jaeger, a first vice-president with CB Richard Ellis’ multi-family investment unit in Chicago.... Read  |  Purchase from Publisher

Condo converter to auction 293 unsold units Crain's Chicago Business, Thomas A. Corfman, 4/16/08 "... according to Chicago-based consulting firm Appraisal Research Counselors."

After more than two years of marketing, a condominium converter has hired Inland Real Estate Auctions Inc. to sell 293 unsold units in a large apartment complex in the far northern suburbs. Capital Acquisitions & Development Inc. hired Inland to auction off nearly three quarters of the 396 units in the former County Faire Village in Grayslake. A buyer could continue the slowmoving conversion program... Read  |  Purchase from Publisher

Lake Shore Drive apartment high-rise for sale Crain's Chicago Business, Alby Gallun, 4/9/08 "... says Ron DeVries, vice-president at Appraisal Counselors..."

The owner of North Harbor Tower apartments has put the 55-story high-rise at Lake Shore Drive and Randolph Street up for sale, a move that will test investor demand for apartments amid an ongoing credit squeeze. The Florida State Board of Administration, which paid $118 million for the 600-apartment tower in 1999, aims to sell the property for more than $200 million, or $333,000 a unit, sources say. Heitman, the Chicago-based real estate firm advising the pension fund on the investment, has hired CB Richard Ellis Inc. to sell the building at 175 N. Harbor Drive... Read  |  Purchase from Publisher

Homebuilder scraps downtown condo project Crain's Chicago Business, Alby Gallun, 4/9/08 "... according to a report by Chicago-based consulting firm Appraisal Research Counselors."

Lennar Corp., the big Miami homebuilder, is pulling the plug on another downtown Chicago condominium project, the 221-unit Parc Huron in River North. Lennar is seeking buyers for the development site at 469 W. Huron St. and has talked to several apartment developers about the property, sources say. A Lennar spokesman declines to comment, but the Parc Huron has been... Read  |  Purchase from Publisher

Modest rent increases predicted for '08 Chicago Sun Times, 4/8/08 "... said Ron DeVries, vice president of Appraisal Research Counselors."

Suburban apartment renters in the Chicago area likely will see another series of modest rent increases starting this spring and continuing through 2008, reported a new forecast by Appraisal Research Counselors, Ltd. “Our current survey for the last quarter of 2007 shows a net suburban apartment rental rate of $1.13 per square foot—a gain of 7.1 percent when compared with the fourth quarter of 2006,” said Ron DeVries, vice president of Appraisal Research Counselors. The Chicago-area suburban median rent on a typical one-bedroom apartment currently is $896 per month, while two-bedroom layouts are going for $1,091, according to the new Apartment & Condo Conversion Benchmark Report. “We project net rent to remain flat until spring of 2008 with a modest increase projected for the year,” said DeVries, who recently completed a survey of 219 rental complexes with 74,481 dwelling units in Cook, Lake, McHenry, Kane, Kendall, DuPage and Will counties. However, the Appraisal Research survey noted that occupancy levels fell in every suburban submarket because of seasonal pressures and weaker employment conditions. Appraisal Research reported a 93.3 percent occupancy rate for the entire suburban Chicago-area marketplace, compared with 97 percent posted a year ago. “The market has clearly softened due in a large part to the weaker employment numbers,” DeVries said. Appraisal Research also said lower vacancy levels and competition from the “shadow rental market” consisting of condominiums leased out by investors also has created a return to concessions at about 40 percent of the complexes surveyed. The average concession is one month’s free rent. A poll of Chicagoland Apartment Association members indicates that most suburban apartment management companies plan to increase rents 4 percent to 6 percent in spring and scale back concessions, said Judy Roettig, executive vice president of the CAA.... Read  |  Purchase from Publisher

Spire takes condos -- and prices -- to new heights Edmonton Journal, Canada, Bloomberg, 3/29/08 "... according to Appraisal Research Counselors."

Developer Garrett Kelleher is counting on a weak dollar and the cachet of living in the world's tallest condominium tower to market the Chicago Spire. It may be a hard sell. Kelleher's Shelbourne Development Ltd. is laying foundations for his 150-storey tower even as demand slows at Donald Trump's 92-storey hotel and condominium project, being built 10 blocks away. Kelleher said wealthy buyers in Europe, Africa and Asia will recognize Chicago as a better investment than "problematic" markets such as Las Vegas and southern Florida. Read  |  Purchase from Publisher

South Loop site lands a buyer Crain's Chicago Business, Alby Gallun, 3/24/08 "... says Gail Lissner, vice-president at Appraisal Research Counselors..."

A little-known local condominium developer has paid about $40 million for a riverside property in Chicago's South Loop, a tract that has tantalized developers but has sat fallow for 37 years. Skokie-based Russland Capital Group says it recently bought a 6.5-acre parcel in the site known as Franklin Point from Florida-based railroad CSX Corp. Russland is the third builder in four years to take a crack at the property, a mostly empty grassy expanse beginning four blocks south of the Sears Tower and extending to Polk Street.... Read  |  Purchase from Publisher

Marketing for Mixed-Use 300 N. Michigan Under Way Commercial Property News, Dees Stribling, 3/14/08 "... According to a recent report by Appraisal Research Counselors..."

The marketing effort for 300 N. Michigan Ave., a planned mixed-use development in Downtown Chicago, has started during increasingly tough times for new residential properties, though predicting market conditions throughout the planned development period -- more than three years -- is difficult. Plans by developer Provence Development Group call for completion of the project in the third quarter of 2011. According to a recent report by Appraisal Research Counselors Ltd., a record number of condo residential units will come on line in Chicago in 2008 -- all of which began construction before the credit crisis made funding for such development more difficult. The report estimates that about 5,900 new units, including both condos and townhomes, will be put on the market in 2008, compared with about 4,300 units in 2007. Most of the new units in 2008 will be in the Downtown market.... Read  |  Purchase from Publisher

A Sterling example of Crain's Chicago Business, Alby Gallun and Thomas A. Corfman, 3/10/08 "... says Gail Lissner, vice-president of Appraisal Research Counselors."

The sign out front says, "The Sterling Private Residences," but the 50-story tower at 345 N. LaSalle St. recently has earned a less distinguished title: condo foreclosure capital of Chicago. Over the past three years, lenders have filed 95 foreclosure suits, accounting for about $40 million in loans, on condominiums in the 389-unit high-rise, fueling a big drop in condo values throughout the building.... Read  |  Purchase from Publisher

Renter beware: You'll be paying more in 2008 Chicago Sun Times, Celeste Busk, 3/7/08 "... said Ron DeVries, vice president of Appraisal Research Counselors..."

Apartment dwellers in Chicago area suburbs will be hit this spring with rent increases of 4 to 6 percent, reports the Chicagoland Apartment Association. A recent poll of association members indicates that most apartment management companies in the suburbs plan to increase rents and scale back concessions this spring, said Judy Roettig, executive vice president of the CAA. The CAA represents more than 2,500 apartment professionals who own or manage more than 600 properties and more than 136,000 apartments in the city and suburbs.... Read  |  Purchase from Publisher

Interest Rates Vs. Mortgage Rates Adds Up To More Frustration Nightly Business Report (PBS), 3/6/08 "...said Russ Haraus, Risk Mgmt Chair, IMBA (and V.P., Appraisal Research Counselors)..."

A new report today shows American homeowners now have the lowest share of equity in their homes on record. The Federal Reserve says homeowner equity dipped below 50 percent in the second quarter of 2007. That's the first time this has happened since the Fed started tracking the data back in 1945. The total value of equity has also fallen for a third straight quarter.... Read  |  View Now  |  Purchase from Publisher

Expect few new announcements in 2008 as developers move existing product New Homes Magazine, Gail Lissner, 3/4/08

Home pricing in the Chicago market has been holding up well through November 2007, based on the S&P Case-Shiller Home Price Index, which tracks changes in values of existing homes in 20 major markets throughout the United States. According to this study, existing home prices in Chicago have been growing annually at a rate of 6.9 percent per year since 2000 and have lost only 4.1 percent in value from their peak. This is a far different story from what is occurring in many other parts of the United States, where pricing climbed quickly and then fell fast. Thus, the prognosis is rather good for Chicago in comparison to many... Read  |  Purchase from Publisher

Plan for South Loop condo tower takes hit Crain's Chicago Business, Eddie Baeb and Thomas A. Corfman, 3/1/08 "... says Gail Lissner, vice-president with real estate consulting firm Appraisal Research Counselors..."

Plans for an 80-story condominium tower that would overlook Grant Park on South Michigan Avenue are in doubt after a lender filed a foreclosure lawsuit, seeking to recoup more than $4.25 million. The foreclosure action by Chicago-based Hermes Capital LLC is the first on a high-profile project here since the condo market tanked early last year. At 855 feet, the Park Michigan project at 830 S. Michigan Ave., three blocks south of Congress Parkway, would be the tallest tower in the burgeoning South Loop. In a foreclosure lawsuit filed Feb. 15, Hermes Capital claims that Oak Brook-based developer Warren Barr and his firm, Renaissant Development Group LLC, defaulted on the $4.25-million loan by failing to raise at least $2.13 million in new equity to help cover pre-development costs by Dec. 31.... Read  |  Purchase from Publisher

Terrapin close to losing stake in Near West Side project Crain's Chicago Business, Alby Gallun, 2/20/08 "... according to Appraisal Research Counselors..."

Amid loan trouble, Terrapin Group LLC, one of the West Loop’s biggest condominium developers, is on the verge of losing its stake in a proposed mixed-use project at Halsted and Monroe streets. The lender, Orleans Properties LLC, has issued a public notice that it plans an auction on Feb. 28 to sell a Terrapin affiliate’s ownership in the proposed 530,000-square-foot development. The Terrapin entity has defaulted on a loan secured by its investment in the project and owes Orleans more than... Read  |  Purchase from Publisher

Downtown apartment rents fall in fourth quarter Crain's Chicago Business, Alby Gallun, 2/19/08 "... says Appraisal Research Vice-president Ron DeVries."

Landlords still have the upper hand over tenants in the downtown Chicago apartment market, but they lost some leverage in the fourth quarter, a trend that could continue in 2008. After factoring in concessions like free rent, rents at downtown Class A apartment buildings fell 4.3% in the fourth quarter from the third, the largest quarterly decline since 2001, according to a report by Appraisal Research Counselors. Occupancies dropped to 91.3% from 94.6% in the third quarter, the Chicago-based real estate consulting firm says.... Read  |  Purchase from Publisher

Gap grows between condo sales, inventory Chicago Tribune, Susan Diesenhouse, 2/15/08 "... said Ron DeVries, a vice president at Appraisal Research."

Sales of new condominiums are falling while inventory, especially downtown, is rising. Last year buyers agreed to purchase 3,783 downtown condo units, down from 5,783 in 2006 and 8,162 in 2005, according to a presentation Thursday by Appraisal Research Counselors. Among downtown neighborhoods, only the West Loop saw sales rise in 2007. Construction is slated to be completed on 6,000 downtown condominium units this year, double the number completed in 2005, the peak sales year. "New projects are outpacing sales and the gap is continuing," said Gail Lissner, vice president of Appraisal Research Counselors. "We'll see more auctions as an exit strategy." The condo glut also cooled apartment rents, which eased to $2.25 a square foot last year, down from the decade's peak of $2.35 a square foot in the third quarter of 2007. Now 5,814 condominiums are for sale in recently completed projects, still in construction or being planned. But the weakening job market is likely to dampen 2008 sales. Job growth will slow to about 32,000 new positions, down from 43,000 a year ago, said Ron DeVries, also a vice president at Appraisal Research.... Read  |  Purchase from Publisher

Condo units hitting Chicago market expected to double in 2008 Chicago Tribune, Susan Diesenhouse, 2/14/08 "... according to the annual assessment by Appraisal Research Counselors..."

In 2007, the weakening downtown Chicago condominium market was marked by declining sales and values but rising inventory in most neighborhoods, according to the annual assessment by Appraisal Research Counselors, a Chicago-based appraisal and research firm. And the number of new units being delivered this year is set to rise to nearly 6,000 up from 3,000 in the peak year of 2005, the firm reported Thursday. The West Loop was the one neighborhood that saw sales increase last year, according to Appraisal Research. Read  |  Purchase from Publisher

New downtown condo sales down 36% last year Crain's Chicago Business, Alby Gallun, 2/14/08 "... Appraisal Research Vice-president Gail Lissner said..."

Sales of new downtown condominiums and townhomes fell 36% last year, and developers will face a big test in 2008, when nearly 6,000 units become ready for occupancy. Condo and townhome buyers signed contracts for 3,700 units in 2007, down from 5,783 in 2006, according to Appraisal Research Counselors, a Chicago-based real estate consulting firm. Sales have fallen 55% since 2005, a record year, with 8,162 contracts, but are still higher than they were in 2001 through 2003. “Buyers are still confused and scared of making a bad decision,” and are waiting to buy until the market hits “rock bottom,” Appraisal Research Vice-president Gail Lissner said at luncheon presentation Thursday at the Standard Club.... Read  |  Purchase from Publisher

Get ready for a glut of Chicago condos Chicago Sun Times, Dave Roeder, 2/14/08 "... Gail Lissner, vice president at Appraisal Research, said..."

Think the downtown condominium market is glutted? You haven’t seen anything yet. A record number of new units, all planned and with construction loans assured before the credit crisis upset the markets, will be delivered in the downtown area this year, said a report by Appraisal Research Counselors. The construction binge will continue despite record levels of unsold inventory of condos, slower traffic at sales offices and conditions that have chased most speculators out of the market, the firm said Thursday in its closely watched annual review of the market.... Read  |  Purchase from Publisher

Bigger idea for Near South Side - Central Station... Chicago Tribune, Robert Manor, 2/10/08 "... said Gail Lissner, vice president of Appraisal Research Counselors."

Central Station hasn't quenched Jerry Fogelson's thirst for development - Plans to build a $4 billion mini-city partly over the Metra tracks near Soldier Field in some ways parallels development that began there about a century earlier. That's the view of John Hudson, a Northwestern University professor who has studied geographical population trends in the greater Chicago region. "You could say this is a periodic and not very frequent look toward the south" of Chicago, said Hudson, who added that growth there is propelled by relatively cheap land and the short commute to downtown. Developers Fogelson Properties and Forest City Enterprises unveiled plans last week to build a 3,000-room hotel near McCormick Place, 4,000 residential units and 1.5 million square feet of office space. Called Gateway, the development would extend Jerry Fogelson's successful Central Station project, which has helped transform the South Loop into one of the city's fastest growing neighborhoods. Mayor Richard Daley was one of Central Station's first residents.... Read  |  Purchase from Publisher

A gallery of rogues Chicago Tribune, Blair Kamin, Tribune Critic, 1/27/08 "... according to Gail Lissner, a vice president at Appraisal Research Counselors."
	Architecure - For every gem produced by the long-running building boom, there are even more clunkers - There is the ideal Chicago, the showcase city glimpsed on the Chicago River boat tour that glides past the Wrigley Building and other glorious skyscrapers. And then there is the real Chicago, a Dickensian construction zone.... Read  |  Purchase from Publisher

Chicago Spire condominium tower faces twist in economy as it begins sales push Chicago Tribune, Susan Diesenhouse. Tribune staff reporter William Sluis contributed, 1/14/08 "... said Gail Lissner, vice president at Appraisal Research."

In today's troubled housing market the dreams of the Chicago Spire developer will meet reality Monday when its sales office opens. After a four-month delay, Dublin-based Shelbourne Development Ltd. will start selling the 1,194 super-luxury units it plans to build in a twisting 2,000-foot-tall tower designed by architect Santiago Calatrava. Shelbourne not only wants to build the world's tallest residential tower, with prices of $1,400 a square foot and higher, but also aims to raise the price level of luxury living in downtown Chicago. Already about 600 people have made appointments to visit the sales office at 455 N. Cityfront Plaza. "There's interest in the building because it's one-of-a-kind," a Shelbourne spokeswoman said last week. With most units priced from $750,000 to $15 million, she added, "it will appeal to a specific audience." Later this month, Shelbourne will launch its sales effort outside the U.S., where it expects to sell about half the units, its chief executive, Garrett Kelleher, has said. Starting Jan. 23, it will take its road show to Dublin, London, Shanghai, Hong Kong, Moscow and Johannesburg, among other places.... Read  |  Purchase from Publisher

Chicago Spire Condos Put On Sale Monday CBS2 Chicago, Derrick Blakley, 1/14/08 "... said Gail Lissner of Appraisal Research Counselors."

Developers of the Chicago Spire, put the ultraluxury condos on sale Monday. Bargain hunters need not take a look. CBS 2's Derrick Blakley reports on the sky-high building with sky high prices to match. Walking into the sales office for the Chicago Spire is like stepping into a modern art museum. In the lobby, a large egg with white doves rest on a blue background, created by architect Santiago Calatrava.... Read  |  View Now  |  Purchase from Publisher

The Realty Club of Chicago, founded in 1910, elect president Appraisal Research Counselors, 1/1/08 "Gene Stunard, president & co-founder of Appraisal Research Counselors, elected Realty Club President..."
	The Realty Club of Chicago, founded in 1910, elected Eugene W. Stunard, MAI, president for 2008. Purchase from Publisher

Luxury Condo Developers Put to the Test National Real Estate Investor, Joe Gose, 1/1/08 "...says Gail Lissner, vice president of Appraisal Research Counselors..."

The gloom in the housing and credit markets is seeping into commercial real estate, challenging the conventional wisdom that luxury condominiums can better withstand a sluggish economy. Luxury condo developers today face tougher underwriting standards, higher capital costs and generally skittish lenders. In many cases, developers are shelving ambitious proposals as supply outstrips demand and prices fall, particularly in the once-hot condo markets of Chicago, Tampa, Fla., Phoenix and Las Vegas. But other markets are suffering, too.... Read  |  Purchase from Publisher