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Discussion on Housing From the Ground Up Texas Real Estate Magazine, CNBC's On the Street with Erin Burnett, 9/6/10 "Russ Haraus, a Vice President at Appraisal Researh Counselors..."
	Watch video of discussion on whether the housing market has hit a bottom that aired on CNBC's on the Street, with Russ Haraus, Appraisal Research Counselors; our own Steve Haines, Texas Estate Magazine; and Charles Cohen, Cohen Brothers Realty. Read  |  View Now  |  Purchase from Publisher

Shipka, Stein win condo loan extension Crain's Chicago Business, Andrew Schroedter, 9/1/10 "... says Gail Lissner, a vice president at Appraisal Research Counselors..."

Developers Ronald Shipka Sr. and Richard Stein have won a key loan extension on the slow-selling first tower at Walton on the Park and have scrapped plans for a second condo high-rise on the site. Now, their joint venture is considering renting out the nearly 100 unsold units in the 201-unit tower, completed earlier this year at State Street and Delaware Place on the Near North Side, according to a lawsuit by two prospective buyers.... Read  |  Purchase from Publisher

Condo sales up - New construction running ahead of 2009 Chicago Journal, Don DeBat, 9/1/10 "... said Gail Lissner, vice president of Appraisal Research Counselors."

As bleak as Chicago’s new-construction condominium market looks, there are a few rays of sunshine filtering through the gloom, real estate analysts say. “With 406 net new-construction condo sales in the first two quarters, 2010 is still tracking to be a stronger year than 2009 when developers marketed a total of 572 units for the whole year,” said Gail Lissner, vice president of Appraisal Research Counselors... Read  |  Purchase from Publisher

Appraisal Research: Light traffic, low conversion ratio among condos Yo Chicago, Joseph Askins, 8/31/10 "... according to Appraisal Research Counselors' latest Residential Benchmark Report."

New condo developments in Chicago saw an average of 12 visits by prospective buyers per week in the first half of 2010, according to Appraisal Research Counselors‘ latest Residential Benchmark Report. Traffic peaked at around 22 or 23 visits per development in late March and early April, as the April 30 deadline for home buyer tax credits drew near, and hit a low of six or seven visits around the beginning of July. So far, about 5 percent of those visits convert into actual sales. That’s about even with 2009’s conversion ratio, a little better than 2008’s bottom of just 3 percent, and well below a peak in 2009 of almost 16 percent. Every week, Appraisal Research collects sales activity figures from 70 to 100 developments ranging from nine-flats to 300-unit high-rises. Although the information is published in ARC’s Downtown Chicago report, the traffic study includes developments from all over the city.... Read  |  Purchase from Publisher

Hot downtown apartment market piques developer interest Crain's Chicago Business, Alby Gallun, 8/30/10 "... says Appraisal Research Vice-president Ron DeVries."

The downtown apartment market is on such a roll that developers like Tony Rossi are getting ready to start building again. Mr. Rossi, president of Chicago-based RMK Management Corp., is putting together cost estimates for a 44-story tower in the Loop and expects to start soliciting lenders in the next few weeks. Leasing at a recently completed project Mr. Rossi co-developed in River North has been surprisingly strong, giving him the confidence to push forward with another one. “The leasing pace has been really good,” he says. “I don't want to uncross my fingers, but we're pretty happy right now.” So are a lot of his competitors. The occupancy rate at top-tier downtown apartments rose to 94.5% in the second quarter, up from 93.6% in the first quarter and 93.4% in the year-ago period, according to a recent report by Appraisal Research Counselors, a Chicago-based consulting firm. It was the highest Class A occupancy rate in nearly three years. Net effective rents, which include concessions such as free rent, rose to $2.22 a square foot in the quarter, up 2.8% from the first quarter and 2.3% from the year-earlier period, the Appraisal Research report says.... Read  |  Purchase from Publisher

Chicagoland Apartment Association event Crain's Chicago Business, 8/27/10 "Panelists included Ron DeVries of Appraisal Research Counselors..."
	Greg Lozinak, left, of Waterton Residential moderated the panel discussion. Panelists, beginning second from left, were Ron DeVries of Appraisal Research Counselors, Jerry Gawlik of Berkshire Properties, Bruce Webster of Lincoln Property Co., Dan Woodworth of Reside Living and Kellie Sanders of Village Green. Read  |  Purchase from Publisher

'It's a slow repair' for condo market as experts look to 2013 Chicago Sun Times, David Roeder, 8/25/10 "... Appraisal Research Counselors said..."

In Chicago, where the cry "Wait 'til next year" is a common refrain, the condominium market is getting its own version of a losers' lament: "Wait 'til 2013." If you are a condo investor, owner, builder, Realtor or anybody else with a vested interest in rising condo prices, the market probably won't appear stable for three years. That consensus view emerged Tuesday in interviews with condo experts commenting on the latest data on housing, numbers that threw the stock market into a tizzy.... Read  |  Purchase from Publisher

Majority Thinks Renting Is Better Option, Chicago Apartments Swing to Owners' National Apartment Association - The Industry Insider, Don DeBat, Chicago Sun times, 8/25/10 "Ron DeVries, vice president of Appraisal Research Counselors, remarks...."

The U.S. Census Bureau reports that its Housing Vacancy Survey found that overall homeownership has declined five years in a row from a 20- year high of 69.1 percent in the first quarter of 2005. The rental apartment market has benefited, as a result. The number of occupied apartments in 64 major U.S. markets nationwide increased by 215,000 in the first half of the year, according to MFP Research. According to a recent survey of 2,000 adults commissioned by the National Apartment Association, 76 percent of consumers now believe renting to be a better option than owning. Roughly 50 percent of those respondents cited financial reasons, while 64 percent cited having no responsibility for upkeep and repairs. Looking at individual markets, rents in the Chicago area are rising again and owners and managers are quite pleased. Ron DeVries, vice president of Appraisal Research Counselors Ltd., remarks, "Over the past three years, net rent growth in the suburbs has amounted to a positive 0.8 of 1 percent. There is a clear rebound in the rental market." One-bedroom units in the Windy City now have a median rent of $890 a month, while two-bedroom units are at $1,105. Consequently, concessions are now being handed out in only 56 percent of Chicago-area rental communities. Another trend that is evolving in Chicago's apartment market is some major apartment managers phasing out security deposits in favor of move-in fees. Read  |  Purchase from Publisher

Price Cuts May Heat Up This Fall With More New Condo Developments Best Chicago Condos, 8/25/10 "ARC vice president Gail Lissner was quoted..."

With last week’s news that Lincoln Park 2520 now has construction financing in place and should start delivering in early 2012 and be completed by summer 2012, most would consider it a positive sign for the Chicago real estate market. So far Lincoln Park is the only major development set to deliver in 2012, with the next closest being the Ritz-Carlton Residences with 86 luxury Chicago condos in 2011. But a recent article in the Tribune points out that the latest report from Appraisal Research Counselors notes that 25% off all downtown Chicago condo projects experienced contract walk-away (negative sales) from April through June of this year and 21% of them made no new sales at all during that time. Adding another 229 units to the mix could have mixed results.... Read  |  Purchase from Publisher

New condo project adds upside to a down market Chicago Tribune, Mary Ellen Podmolik, 8/20/10 "... said Gail Lissner, an Appraisal Research vice president."

Monday's announcement that Lincoln Park 2520 had secured construction financing and that its development would proceed is a welcome piece of news for the local new-construction condo market. Chicago Spire and Waterview Tower are gathering cobwebs, and the lone new project that's really gotten off the ground is the ultra-high-end Ritz-Carlton Residences, an 86-unit development that will be the only building to deliver units to the market in 2011. That's not necessarily a bad thing, because the initial exuberance for downtown condos earlier this year, brought about by aggressive marketing campaigns and federal homebuyer tax credits, seems to have foundered in the second quarter. On the same day that Ricker-Murphy Development LLC and GE Pension Trust affiliate Lake Tower Development LLC announced plans to move forward with Lincoln Park 2520, Appraisal Research Counselors painted a picture of a downtown residential sales environment that is more sluggish than it was during the second quarter of 2009. And it's not like sales were setting the world on fire a year ago either.... Read  |  Purchase from Publisher

Majority thinks renting is better option Chicago Sun Times, Don DeBat, 8/18/10 "... noted Ron DeVries, vice president of Appraisal Research Counselors."

Mortgage rates may be at a 50-year low, but a soft job market and consumer worries about obtaining a loan and maintaining a residence is keeping many potential home and condominium buyers on the fence, experts say. That’s probably the biggest reason the national homeownership rate slipped to 66.9 percent in the second quarter of 2010, compared with 67.4 percent during the same quarter in 2009. The U.S. Census Bureau’s Housing Vacancy Survey reported that overall homeownership has declined five years in a row from a 20-year high of 69.1 percent in the first quarter of 2005.... Read  |  Purchase from Publisher

ARC: High demand for downtown rentals Yo Chicago, Joseph Askins, 8/18/10 "Appraisal Research Counselors on downtown apartment inventory, pricing, trends and incentives..."

Appraisal Research Counselors on downtown apartment inventory: Demand for downtown apartments continues to expand at a record pace. There are 2,146 more occupied rental units downtown in 2Q ‘10 vs. 2Q ‘09 — 698 units were absorbed in 2Q ‘10 alone. We expect the new product (2,324 units) delivering this year, combined with the remaining units at existing product, to be leased up by fall 2011. By 3Q ‘11, the market will transition to an overall shortage of rental units downtown. We project the number of occupied survey units to increase by 44.6 percent from 1Q ‘07 to 3Q ‘11 — an additional 6,570 renters downtown compared to early 2007.... Read  |  Purchase from Publisher

Chicago luxury condo project gets $170 million building loan Daily Herald, Bloomberg News, 8/17/10 "... said Gail Lissner, a vice president at Appraisal Research Counselors..."

A luxury Chicago condo project got a $170 million construction loan in one of the city's largest residential financings since the credit crisis. The Americas division of Sumitomo Mitsui Banking Corp. is leading a group of lenders on Lincoln Park 2520, the project's developers said in an e-mailed statement today. The development group includes an affiliate of General Electric Pension Trust.... Read  |  Purchase from Publisher

Deal extends $600M construction loan on Trump Tower Chicago Tribune, Mary Ellen Podmolik, 8/17/10 "... according to Appraisal Research Counselors."
	development of his Trump International Hotel & Tower in Chicago. Trump and his lenders, led by Deutsche Bank Trust Co. Americas and Fortress Credit Corp., last week agreed to extend the term on an approximate $600 million construction loan for five years. So, all litigation between the parties has been dismissed.... Read  |  Purchase from Publisher

Downtown condo sales lag as tax credits end Crain's Chicago Business, Alby Gallun, 8/16/10 "... Appraisal Research Vice-president Gail Lissner."

The market for new downtown condominiums remained stuck in the doldrums in the second quarter, as popular tax credits for home purchases expired and the economy lost momentum. Downtown developers sold 150 condos and townhomes in the quarter, down from 256 in the first quarter and 313 in the year-earlier period, according to a report by Appraisal Research Counselors, a Chicago-based consulting firm. Developers are still on track to sell more condos than they did last year — but not by much. “We're just continuing to plod along,” says Appraisal Research Vice-president Gail Lissner.... Read  |  Purchase from Publisher

Suburban apartment rents back near peak Crain's Chicago Business, Alby Gallun, 8/9/10 "... says Ron DeVries, vice-president of Appraisal Research Counselors..."

The suburban apartment market continued its comeback in the second quarter, with rents nearing their peak hit two years earlier, before the economy tanked. Suburban landlords are flourishing again despite the lousy job market, which usually depresses demand for apartments. Their savior: the shaky residential market, which has made many renters wary of buying a house or condominium. “Right now, people are choosing the least-risk decision, and that's to rent,” says Ron DeVries, vice-president of Appraisal Research Counselors, a Chicago-based consulting firm that tracks the local apartment market.... Read  |  Purchase from Publisher

$47-million apartment sale signals suddenly 'overheated' market Crain's Chicago Business, Alby Gallun, 8/4/10 "... according to Appraisal Research Counselors..."

Money continues to flow back into the suburban apartment market, this time in Schaumburg, where a local investment firm has agreed to buy a 428-unit property for more than $47 million. Naperville-based Marquette Cos. has signed a contract to buy the Lakes of Schaumburg from Cornerstone Real Estate Advisors LLC, according to people familiar with the transaction. Cornerstone, a subsidiary of Massachusetts Mutual Life Insurance Co., has owned the complex at 801 Belinder Lane near Interstates 90 and 290 since 1989.... Read  |  Purchase from Publisher

AI in the News: AI President’s Article Featured in National Trade Magazine Appraiser News Online (Appraisal Institute), 8/4/10
	... Also appearing in national media coverage this past week were Howie Gelbtuch, MAI, the focus of a lengthy feature in The Wall Street Journal, Gail Lissner, SRA, on REJournals.com, and Jonathan Miller, Associate member, on Bloomberg.com... Read  |  Purchase from Publisher

Housing From the Ground Up CNBC, Discussion with Erin Burnett, 8/3/10 "Russ Haraus, a Vice President at Appraisal Researh Counselors..."
	Discussing whether the housing sector has hit a bottom, with Russ Haraus, Appraisal Research Counselors; Steve Haines ,Texas Real Estate Magazine; and Charles Cohen, Cohen Brothers Realty.... Read  |  View Now  |  Purchase from Publisher

Absorption in Condos BisNow, 7/26/10 "Appraisal Research Counselors' Gail Lissner says..."

With just 1.1k new condos being delivered this year and fewer than 100 coming online in 2011, Appraisal Research Counselors' Gail Lissner says absorption should start to take place in the downtown condo market. Gail led off the panel at the REIA monthly breakfast on Thursday. For the roughly 3k unsold new condo units downtown, discounting is starting to work, especially in big projects with large vacancies like 565 Quincy and 310 S. Michigan, meaning fewer auctions, Gail said. Developers are offering units at 40% off, but since no one is sure if that's 40% off of a 2007 price or a 2010 price, she says, they may still be getting close to market rate. Read  |  Purchase from Publisher

Wal-Mart Cracks Chicago by Splitting Union, Non-Union Workers Bloomberg News, Leslie Patton and Matthew Boyle, 7/22/10 "... said James Kutill, a vice president with Chicago-based Appraisal Research Counselors..."

Wal-Mart Stores Inc.’s divide-and- conquer strategy prevailed in Chicago by pitting construction workers against employees who will stock shelves and ring registers. The biggest U.S. retailer reached a deal with the building trades union two weeks before the city council unanimously approved Chicago’s second store. Those workers will erect all Wal-Mart facilities in northern Illinois during the next three years, according to a labor agreement signed by Patrick Hamilton, Wal-Mart’s vice president of construction. The non-union employees who will staff the stores in the nation’s third-largest city have no such agreement. “Wal-Mart played on the whims of the building trade unions, and the rest gave in,” Reverend Booker Vance, a spokesman for Good Jobs Chicago, a coalition of local unions, congregations and community groups, said in a telephone interview. “You have a lot of smoke and mirrors, and Wal-Mart would like to give the impression that they acted in good faith, but they have not.” Nelson Lichtenstein, director of the Center for the Study of Work, Labor, and Democracy at the University of California at Santa Barbara and author of “The Retail Revolution: How Wal- Mart Created a Brave New World of Business,” agreed with Vance. The United Food and Commercial Workers International Union and the Chicago Federation of Labor, an umbrella organization representing 300 unions in the area, were “sold out by the building trades, who are still pretty powerful in the city,” Lichtenstein said in a telephone interview.... Read  |  Purchase from Publisher

Wal-Mart Cracks Chicago by Splitting Union, Non-Union Workers Greater Southeastern Massachusetts Labor Council, Bloomberg News, 7/22/10 "... said James Kutill, a vice president with Chicago-based Appraisal Research Counselors..."
	Wal-Mart Stores Inc. [2]’s divide-and- conquer strategy prevailed in Chicago by pitting construction workers against employees who will stock shelves and ring registers.... Read  |  Purchase from Publisher

New York firm buys second DuPage apartment complex Crain's Chicago Business, Alby Gallun, 7/21/10 "... according to Appraisal Research Counselors..."

A New York investment firm has acquired its second DuPage County apartment complex in seven months, paying $30.8 million for a 252-unit property in southwest suburban Woodridge. Edge Principal Advisors LLC, which bought a 295-unit Wheaton property in January, decided to come back for more, closing two weeks ago on its purchase of Lincoln at Seven Bridges in Woodridge from the Multi-Employer Property Trust, a $3.8- billion real estate investment fund. It’s hard to get zoning to build apartments in DuPage County, limiting competition, one reason Edge likes the area. “We feel like it’s a great long-term market to invest in,” says Edge Principal Jeffrey Walker.... Read  |  Purchase from Publisher

Foreclosures hit suburban condo market Chicago Tribune, Mary Ellen Podmolik,, 7/21/10 "... said Ron DeVries, a vice president at Appraisal Research Counselors..."

Some of the most recent Chicago-area homes to enter foreclosure are hard to spot. There are no weedy front yards or plywood-covered windows. That's because they are condos. While single-family homes continue to represent the bulk of initial foreclosure filings in the Chicago area, the rate at which condominiums are entering the foreclosure process, particularly in parts of suburban Cook County, is startling, according to a study to be released Wednesday. Condo foreclosure filings within the city of Chicago rose 37.5 percent during the year's first half, but add in suburban condo foreclosures, particularly in northwestern Cook County, and regional condo foreclosures have swelled 53.8 percent compared with 2009's first half, the Woodstock Institute study found.... Read  |  Purchase from Publisher

Foreclosures hit suburban condo market BigBuilder Online (Hanley Wood), Mary Ellen Podmolik, Chicago Tribune, 7/21/10 "... said Ron DeVries, a vice president at Appraisal Research Counselors..."

Some of the most recent Chicago-area homes to enter foreclosure are hard to spot. There are no weedy front yards or plywood-covered windows. That's because they are condos. While single-family homes continue to represent the bulk of initial foreclosure filings in the Chicago area, the rate at which condominiums are entering the foreclosure process, particularly in parts of suburban Cook County, is startling, according to a study to be released Wednesday. Condo foreclosure filings within the city of Chicago rose 37.5 percent during the year's first half, but add in suburban condo foreclosures, particularly in northwestern Cook County, and regional condo foreclosures have swelled 53.8 percent compared with 2009's first half, the Woodstock Institute study found.... Read  |  Purchase from Publisher

Early buyers in Trump's tower pocket profits while he presses for loan extension Crain's Chicago Business, Alby Gallun, 7/6/10 "... says Gail Lissner, vice-president at Appraisal Research Counselors..."

As Donald Trump negotiates to buy more time from lenders on his downtown high-rise, some early buyers in the high-end condominium-and-hotel tower have cashed out at a handsome profit. Betting on The Donald paid off for most of the buyers who have resold their residential and hotel condos since the 92-story Trump International Hotel & Tower opened more than two years ago. Of the 31 units that have changed hands, 18 sold for a gain, and the average unit sold for 12% more than the original price paid to the developer, according to county property records.... Read  |  Purchase from Publisher

Price cuts mount as condos linger Chicago Tribune, Mary Ellen Podmolik, 7/4/10 "... said Gail Lissner, a vice president at Appraisal Research Counselors."

A trio of condo developments — one small, one medium and one large — announced price cuts recently as the market readjusts in a post-tax credit market and lenders show their nervousness about the summer selling season. Price cuts in Chicago's condo market are nothing new, particularly downtown. Earlier this year, 565 Quincy, 200 North Dearborn, 222 E. Pearson and Metropolitan Tower all trimmed their advertised prices. Other buildings conducted auctions and then set new prices for the remaining units, based on the auctions. The size and scope of the decreases, at Parkside of Old Town, The Columbian and Wabansia Row, vary. The constant, though, is lenders' efforts to jump-start stalled sales in new buildings.... Read  |  Purchase from Publisher

What's Driving the Sale of Downtown Luxury Condos? Chicago Magazine, Dennis Rodkin, 7/1/10 "As Gail Lissner of Appraisal Research Counselors notes..."

In the first few months of 2010, as some local developers slashed prices or staged auctions on their newly built condominiums, a small segment at the upper end of the condo market flourished. As Gail Lissner of Appraisal Research Counselors notes, “There are always wealthy people with the ability to buy.” The big difference lately is that those well-heeled folks have been shelling out princely sums to buy luxurious new condos in downtown high-rises. “These are not speculators buying cookie-cutter condos,” says Lissner. “By and large, they are buying to live in these really high-end, unique places.” ... Read  |  Purchase from Publisher

Chicago Real Estate Council Luncheon Crain's Chicago Business, 6/25/10 "... James Kutill of Appraisal Research Counselors attend..."
	Jon Schultz of Peregrine Group, left, and James Kutill of Appraisal Research Counselors attend the Chicago Real Estate Council's luncheon panel at Maggiano's last week on alternative asset class investments in real estate. Read  |  Purchase from Publisher

US Apartment Rental Market Shows Signs Of Improvment NuWire Investor, written by: National Real Estate Investor, 6/24/10 "... according to consulting firm Appraisal Research Counselors."

SHARE RSS PRINT E-MAIL COMMENTS The first quarter of 2010 saw a slight gain in US rental prices — the first since 2008. While the apartment rental market appears to have bottomed out, a high unemployment rate for young people, and a growth in the inventory of single-family homes and condos entering some markets, present challenges for recovery. See the following article from National Real Estate Investor for more on this. After two years of rising vacancies and slumping rents, apartment owners have reason to be cheerier these days. According to the latest survey of 169 markets across the U.S. by researcher Reis, the national apartment vacancy rate peaked at a record 8% in the fourth quarter of 2009 and remained unchanged in the first quarter of 2010. Asking rents increased by a scant 0.1% in the first quarter, but that was the first gain since the third quarter of 2008.... Read  |  Purchase from Publisher

Naperville apartment complex to fetch over $41 million Crain's Chicago Business, Alby Gallun, 6/23/10 "... says Appraisal Research Vice-President Ron DeVries."

A Northbrook-based investment firm has agreed to pay more than $41 million for a 400-unit apartment complex in west suburban Naperville that was hit with a foreclosure suit last year. Banner Realty LLC is buying McDowell Place from a fund managed by New York-based investment manager BlackRock Inc., according to people familiar with the transaction. It is the first local acquisition in six years for Banner, which owns more than 5,100 apartments in the Midwest, and further evidence that investor demand for multifamily properties has bounced back from the credit crisis. McDowell Place looked like a victim of the crisis in May 2009, when lender Metropolitan Life Insurance Co. filed to foreclose on the property at 1647 Westminster Drive. MetLife alleged that BlackRock failed to pay back a $33-million loan when it came due.... Read  |  Purchase from Publisher

Apartments Stage a Comeback as Renters Return in Surprising Numbers National Real Estate Investor, Ben Johnson, NREI Contributing Writer, 6/23/10 "... according to consulting firm Appraisal Research Counselors."

After two years of rising vacancies and slumping rents, apartment owners have reason to be cheerier these days. According to the latest survey of 169 markets across the U.S. by researcher Reis, the national apartment vacancy rate peaked at a record 8% in the fourth quarter of 2009 and remained unchanged in the first quarter of 2010. Asking rents increased by a scant 0.1% in the first quarter, but that was the first gain since the third quarter of 2008. Some 20,000 apartment units were absorbed in the first quarter of 2010, which is the strongest firstquarter showing in the past 10 years, according to Victor Calanog, director of research at Reis. “The multifamily market appears to be on the cusp of recovery. If so, pricing and transaction activity will rise and the window of opportunity for landing good deals may close soon,” says Calanog. Rental demand drove the occupancy rate for downtown Chicago apartments higher in the first quarter, to 93.6% from 91.4% in the fourth quarter of 2009, according to consulting firm Appraisal Research Counselors. The latest results surprised long-time industry watchers, including Robert Bach, senior vice president and chief economist at Grubb & Ellis.... Read  |  Purchase from Publisher

RMK Begins Leases at $82M Apt. Tower Globe Street, Robert Carr, 6/22/10 ... according to Appraisal Research Counselors..."

Residents have begun moving into the new $82-million Parc Huron apartment tower here. Locally-based RMK Management is leasing units in the 21-story building, which started out as a condo project. M&R Development, a sister company to RMK, bought the project for $8.3 million in 2008 from Miami-based Lennar Corp. when it was a planned condo building. However, with the market shift, RMK officials said the River North tower made more sense as an apartment building.... Read  |  Purchase from Publisher

Downtown Chicago rental market soaring Chicago Tribune, Mary Ellen Podmolik, 6/13/10 "Ron DeVries, vice president at Appraisal Research Counselors, predicts..."

Poor housing market, new projects' high-end amenities encourage would-be buyers to rent - One morning last week, Fabio Mazzilli warmed up by shooting hoops on a full-size basketball court and later relaxed in an outdoor spa tub before getting ready for work. He wasn't at the nearby East Bank Club. Mazzilli had walked across the street from his apartment to enjoy the perks of the new apartment building he and his wife will relocate to later this month. "I feel I can really relax, be isolated and recharge my batteries," Mazzilli said. "The amenities are what sold me." This year, six buildings brimming with amenities and high-end design will add more than 2,200 apartments to the downtown Chicago rental market, including Alta at K Station, at 848 units the largest apartment complex to open downtown in at least 11 years. Until recently, this year's influx of new units into a tough economy, particularly after the addition of almost 1,300 apartments downtown in 2009, had developers holding their breath.... Read  |  Purchase from Publisher

The Upside Down Recovery: Part Two Multifamily Executive, Chriss Wood, 6/4/10 "... we fall right in line with the [Appraisal Research Counselor] data."

Multifamily operators are forced to account for concessions, as effective rent comps are vital for recovery benchmarking. With nearly 5,000 apartment units added to downtown Chicago since 2008 and unemployment hovering in the low doubledigits, you’d think the Windy City is a multifamily market nightmare. You'd be wrong. Data released May 25 by Chicagobased real estate consulting firm Appraisal Research Counselors shows downtown apartment occupancy on the increase, at 93.6 percent in the first quarter, a 2.7 percentage point increase from just a year earlier and an improvement from 2009 fourth quarter occupancy levels of 91.4 percent.... Read  |  Purchase from Publisher

Tishman Speyer restructures debt on Chicago office buildings Chicago Daily Herald, Bloomberg News, 6/4/10 "... James Kutill, a vice president with Chicago-based Appraisal Research Counselors..."

Tishman Speyer Properties LP reached an agreement with its lenders to restructure debt on a group of downtown Chicago office properties that it bought from Blackstone Group LP at the height of the U.S. property boom. "We can now move forward quickly to meet current obligations and complete all leasing and capital projects, now and into the future," Casey Wold, a Tishman senior managing director, said in an emailed statement. Tishman, a New York-based real estate investor, had been in discussions since at least last year with its lenders to rework the loans. Among the creditors was the Federal Reserve Bank of New York, which acquired a stake in the debt when it facilitated the sale of Bear Stearns Cos. in 2008. Tishman bought the Chicago buildings from an affiliate of Blackstone for $1.72 billion at the height of the commercial real estate market. Tishman simultaneously sold one of the buildings to an investment fund of Houston-based Hines. Blackstone had acquired the towers in its purchase of billionaire Sam Zell's Equity Office Properties Trust in 2007. Robert Lawson, a spokesman for Tishman, declined to comment on terms of the restructuring. Jack Gutt, a spokesman for the New York Federal Reserve Bank, also declined to comment. The properties tied to the restructuring are One N. Franklin St., 161 N. Clark St., 10 & 30 S. Wacker Dr., the Civic Opera Building on Wacker Drive, and 30 N. LaSalle St. Demand for office space in downtown Chicago is "pretty slow," James Kutill, a vice president with Chicago-based Appraisal Research Counselors, said in a telephone interview. "There are some people out there looking but generally it's slow," Kutill said.... Read  |  Purchase from Publisher

3 deals invigorate suburban apartment market Crain's Chicago Business, Alby Gallun, 6/2/10 "... says Ron DeVries, vice-president at Appraisal Research Counselors..."

Three suburban apartment complexes are changing hands, perking up a local multifamily investment market that’s off to a slow start this year. In the biggest deal, a venture led by Chicago-based real estate firm Golub & Co. has agreed to buy Clover Creek, a 504-unit property in west suburban Lombard, for more than $45 million, according to people familiar with the transaction. Golub and an unidentified partner are acquiring the complex at 830 Foxworth Blvd. from a venture including Boston-based Intercontinental Real Estate Corp., which paid $48.2 million for the property in 2004. Clover Creek was listed for $49.5 million. About six miles south, local investment firm Trilogy Real Estate Group LLC has signed a contract to buy the Eagle Creek Apartments, a 346-unit property in Westmont that is listed for $24.5 million, say people with knowledge of the deal. In the third and smallest transaction, property records show that a group including local investors Jeffrey Annenberg and Greg Moyer has acquired the 239-unit Park Colony apartment complex in northwest suburban Des Plaines for $10.6 million.... Read  |  Purchase from Publisher

Suburban apartments rents show first annual gain since 2008 Crain's Chicago Business, Alby Gallun, 6/1/10 "... says Appraisal Research Vice-President Ron DeVries."

Suburban apartment landlords are pulling out of a two-year slump amid signs that the job market has stabilized. The median suburban net rent rose to $1.10 a square foot in the first quarter, up 2.8% from $1.07 in both the fourth quarter and the yearearlier period, according to Appraisal Research Counselors, a Chicago-based consulting firm. It was the first year-over-year rent increase since the third quarter of 2008, before the economy plunged, dragging demand for apartments down with it. The suburban occupancy rate, meanwhile, rose to 92.7% in the first quarter, vs. 92.2% in the fourth quarter and 91.3% a year earlier. “We’re still not where we were a few years ago, but we’re definitely heading in a pretty positive direction,” says Appraisal Research Vice- President Ron DeVries.... Read  |  Purchase from Publisher

Big, small, cheap, or pricey: The long and the short of Metropolitan Tower Yo Chicago, Joseph Askins, 5/28/10 "According to Appraisal Research Counselors..."

Equity’s sales team at Metropolitan Tower, 310 S Michigan Ave, was one of the success stories of 1Q 2010, having sold 23 of the tower’s newly renovated condos, even in the face of some tough resale competition. According to Appraisal Research Counselors, the tower was the highest priced building in the downtown Chicago market to engage in significant discounting between January and April.... Read  |  Purchase from Publisher

Nearly vacant condo tower goes back to lender Crain's Chicago Business, Eddie Baeb, 5/26/10 "... says Gail Lissner, a vice-president with Chicago-based Appraisal Research."

A Near South Loop site where Chicago gangster Al Capone once had his headquarters, and where Geraldo Rivera famously found nothing in Mr. Capone’s vault, has gained new notoriety as the city’s biggest condo tower to be taken over by its lender in the current housing crisis. The 35-story Lexington Park, near Michigan Avenue and Cermak Road, was surrendered last week by its Irish developer through a deed-in-lieu of foreclosure. The private-equity venture that now owns the property acquired Corus Bank’s the distressed condo loans after the Chicago-based lender failed last fall. Just three buyers have closed on Lexington Park’s 333 units, according to property records. The tower, 2138 S. Indiana Ave., was supposed to be ready for occupancy in 2008. Limerick, Ireland-based Chieftain Group Ltd. borrowed $84 million from Corus in fall 2006 to finance the tower’s construction, and also obtained $10.6 million in financing from 47 individuals in Ireland, according to mortgages recorded in Cook County. A Chieftain executive who had overseen the development declines to comment and referred questions to ST Residential LLC, a venture led by Greenwich, Conn.-based Starwood Capital Group and TPG Capital of Fort Worth, Texas.... Read  |  Purchase from Publisher

Downtown residential condo construction levels back to the 1990s Chicago Journal, Micah Maidenberg, 5/26/10 "Gail Lissner, an Appraisal vice president, said..."

Retro crazes and vintage trends bubble up in generational cycles, mostly in the world of style. Thus in recent years has early ’80s New Wave music regained its modish gloss and Ray Ban sunglasses suddenly again became the sun blocker du jour. But now the market for new development projects in the broader downtown area is going through its own retro spell — back to the 1990s. According to the real estate information firm Appraisal Research Counselors, developers will complete construction on 1,133 new condo units and 2,234 new construction rental units this year in an area stretching from Old Town to the South Loop, and including the West Loop out to Ashland.... Read  |  Purchase from Publisher

Appetite for apartments Crain's Chicago Business, Lisa Leiter, 5/26/10 "...according to Appraisal Research Counselors.."

Hi. I’m Lisa Leiter. In Chicago Business Today: Appetite for apartments. Downtown landlords are smiling this spring. The occupancy rate for top-tier apartment buildings rose to 93.6% in the first quarter, up from 90.9 percent a year ago. This is according to Appraisal Research Counselors. A key gauge of demand is rising at its fastest pace in the past decade. The number of occupied downtown apartments rose by almost 2,200 units from a year ago.... Read  |  Purchase from Publisher

Rents up at downtown apartments for first time in 2 years Crain's Chicago Business, Alby Gallun, 5/24/10 "... says Appraisal Research Vice-President Ron DeVries."

A construction wave coupled with 11.2% unemployment would normally make life miserable for apartment owners, but downtown landlords are holding up surprisingly well. The occupancy rate for top-tier downtown apartment buildings rose to 93.6% in the first quarter, up from 91.4% in the fourth quarter and 90.9% in the year-earlier period, according to Appraisal Research Counselors, a Chicago-based consulting firm. Including concessions like free rent, net rents at Class A buildings rose to $2.16 a square foot, up 3.9% from $2.08 in the fourth quarter and 1.9% from $2.12 in first-quarter 2009. It was the first year -over-year rent increase in two years. “There’s just huge demand for rental product downtown right now, and owners have been quick to capitalize on it,” says Appraisal Research Vice-President Ron DeVries.... Read  |  Purchase from Publisher

Cutting the Condo Glut Crain's Chicago Business, Lisa Leiter, 5/21/10 "Gail Lissner, Vice President, Appraisal Research Counselors, says..."
	Downtown condo sales. Developer discounts helped boost condo sales in the first quarter. Downtown builders sold 256 condos and townhomes between January and March, more than 4 times the number sold a year ago. This is according to the most recent figures from Appraisal Research Counselors... Read  |  Purchase from Publisher

Cap and gown factory rises again as loft development Chicago Tribune, Mary Ellen Podmolik, 5/21/10 "... Appraisal Research Counselors reports..."
	"Absolutely not." That was the instant, and emphatic, answer to a simple question I posed to Nick Kopley. The question was whether Kopley, who heads a multifamily property management and development company, could today get financed the project he started four years ago to turn the E.R. Moore cap and gown factory into lofts.... Read  |  Purchase from Publisher

Chicago Tribune Mary Ellen Podmolik column... Verizon Small Business Center, YellowBrix, May 21, 2010, By Mary Ellen Podmolik, Chicago Tribune, 5/21/10 "... Appraisal Research Counselors reports..."
	May 21--"Absolutely not." That was the instant, and emphatic, answer to a simple question I posed to Nick Kopley. The question was whether Kopley, who heads a multifamily property management and development company, could today get financed the project he started four years ago to turn the E.R. Moore cap and gown factory into lofts. Read  |  Purchase from Publisher

Downtown Chicago condo logjam finally breaks Home To Chicago (Sue Fox, Realtor, @Properties), Sue Fox, 5/20/10 "... Gail Lissner, vice president at Appraisal Research, told Crain’s..."

And now for some good news… After several years of sluggish sales, condos in downtown Chicago are finally selling at a healthy clip, according to a recent report. Is it time to buy a condo in downtown Chicago? Buyers finally say yes. Downtown builders sold 256 condos and townhomes in the first quarter of 2010, up from 148 in the previous quarter and just 55 in the same period a year ago, according to Appraisal Research Counselors, a real estate consulting firm. Just to be clear, that’s nearly five times as many condos sold as compared to a year ago!... Read  |  Purchase from Publisher

Crain's: Huge Reduction In Downtown Developer Condo Inventory Chicago Now (Tribune), Gary Lucido, 5/18/10 "...according to Appraisal Research Counselors..."

Yesterday Crain's reported a huge decline in the inventory of unsold condos in downtown Chicago - half of what it was two years ago. What drove the decrease? Canceled projects and discounting. According to the article "Downtown builders sold 256 condos and townhomes in the first three months of the year, up from 148 in the fourth quarter and 55 in the year-earlier period, according to Appraisal Research Counselors, a Chicagobased real estate consulting firm"... Read  |  Purchase from Publisher

Mondial condos headed back to market Yo Chicago, Joseph Askins, 5/18/10 "... story on Appraisal Research Counselors’ latest downtown benchmark report..."

If diarrhea and not sleeping at night is trepidation, yes. - Mondial developer Jack Berger, admitting some nervousness to Crain’s about marketing more than 100 newconstruction condos in today’s environment. Last week we learned that Jack was making another attempt at selling off the condos at Mondial, 900 W Huron St in River West, instead of converting the units to apartments. Yesterday, near the end of a story on Appraisal Research Counselors’ latest downtown benchmark report, Crain’s fleshed out some details: Prices at Mondial will now run from the $190s for a junior one-bedroom to the $380s for a two-bedroom, down from a range of the $230s to $500s, according to old Yo posts. Jack will be sending us details on pricing and availability as he gets closer to go-time, so keep an eye out for more in the coming weeks.... Read  |  Purchase from Publisher

Discounting boosts first-quarter downtown condo sales Crain's Chicago Business, Alby Gallun, 5/17/10 "... says Appraisal Research Vice-president Gail Lissner."

More price-cutting spurred sales of downtown condominiums in the first quarter, helping developers chip away at a mountain of unsold units built during the bubble. Downtown builders sold 256 condos and townhomes in the first three months of the year, up from 148 in the fourth quarter and 55 in the year-earlier period, according to Appraisal Research Counselors, a Chicago-based real estate consulting firm.... Read  |  Purchase from Publisher

A recent history of rental concessions in Chicago's suburbs Yo Chicago, Joseph Askins, 5/12/10 "... From Appraisal Research Counselors‘ latest Apartment & Condo Conversion Benchmark Report..."
	From Appraisal Research Counselors‘ latest Apartment & Condo Conversion Benchmark Report for the suburban Chicago market. Along with its quarterly benchmark report on downtown Chicago condos, Appraisal Research also keeps tabs on 266 apartment complexes located in Cook, DuPage, Kane, Kendall, McHenry, Lake, and Will counties.... Read  |  Purchase from Publisher

Take-Aways: 2010 "Successful Women in Commercial Real Estate" Chicago Realtor, 5/6/10 "... Gail Lissner, Vice President, Appraisal Research Counselors, said..."

Learning from the Best - More than 100 real estate industry professionals gathered for "Successful Women in Commercial Real Estate," an event "related to what is going on in the industry, and the world, right now," according to Deena Zimmerman, Helios Commercial Realty and 2010 President of Chicago WCR. WCR co-hosted the April 28 event with C.A.R. CommercialForum and Roosevelt University's Goldie B. Wolfe Miller Women Leaders in Real Estate Initiative. Moderated by Zimmerman, preeminent women in Chicago real estate who served as the event's guest panelists included: Gail Lissner, Vice President, Appraisal Research Counselors, focused on data; Goldie B. Wolfe Miller, President, Millbrook Corporate Real Estate Services, focused on suburban transactions; and Victoria L. Noonan, Managing Director, Director of Leasing, Tishman Speyer, Chicago Region, focused on the city. Read  |  Purchase from Publisher

Price cut - Discounts pulled in at 1400 N. Lake Shore Drive Skyline, Ian Fullerton, 5/5/10 "... said Gail Lissner, vice president of Appraisal Research Counselors."

As the gears of the residential real estate market strain to turn again, one development firm recently proved that there’s more than one way to grease the skids. In what has quickly become a fabled marketing event, Chicago-based RDM Development last week auctioned off 26 units at their 1400 N. Lake Shore Drive condominium project, roping in more than $4.2 million in heavily discounted sales with additional deals still pending.... Read  |  Purchase from Publisher

Today's Commercial Market: Finding Opportunity in Crisis International Business Times, By Brian Summerfield, Online Editor, REALTOR® Magazine, 5/3/10

In spite of the well-known woes of the commercial real estate market today, the watchword among practitioners in this space seems to be "opportunity." That word came up time and again in a "Women in Commercial Real Estate" meeting I attended on Wednesday. The event featured a panel of leaders in the commercial space: Gail Lissner, vice president of Appraisal Research Counselors; Victoria Noonan, regional leasing director of commercial development firm Tishman Speyer's Chicago portfolio; and Goldie B. Wolfe Miller, one of the top commercial real estate brokers in the country. The event was hosted by the Chicago Association of REALTORS®, the Women's Council of REALTORS®, and the Goldie B. Wolfe Miller Women Leaders in Real Estate Initiative.... Read  |  Purchase from Publisher

Today’s Commercial Market: Finding Opportunity in Crisis Realtor Magazine Online, Brian Summerfield, Online Editor, 4/30/10

In spite of the well-known woes of the commercial real estate market today, the watchword among practitioners in this space seems to be “opportunity.” That word came up time and again in a “Women in Commercial Real Estate” meeting I attended on Wednesday. The event featured a panel of leaders in the commercial space: Gail Lissner, vice president of Appraisal Research Counselors; Victoria Noonan, regional leasing director of commercial development firm Tishman Speyer’s Chicago portfolio; and Goldie B. Wolfe Miller, one of the top commercial real estate brokers in the country. The event was hosted by the Chicago Association of REALTORS®, the Women’s Council of REALTORS®, and the Goldie B. Wolfe Miller Women Leaders in Real Estate Initiative.... Read  |  Purchase from Publisher

2010 Successful Women in Commercial Real Estate Panelist Chicago Realtor, 4/30/10

Gail Lissner is a vice president at Appraisal Research Counselors, a firm she has been associated with for the past 28 years. A graduate of Washington University, she also holds the SRA designation from the Appraisal Institute. Ms. Lissner engages in residential development appraisal and consulting assignments, particularly focused on downtown Chicago. She co-authors the “Appraisal Research Counselors Downtown Chicago Residential Benchmark Report,” an in-depth analysis and review of the downtown Chicago housing market written on a quarterly basis and used by people who want to make informed investment decisions regarding residential real estate. Read  |  Purchase from Publisher

Developers indicted over loans for East Loop projects Crain's Chicago Business, Eddie Baeb and Alby Gallun, 4/19/10 "... according to a report by Chicago-based consulting firm Appraisal Reasearch Counselors."

A pair of developers who had sought to convert two vintage office buildings in the East Loop into condominiums have been hit with federal fraud charges over loans they received for the projects. Romel Esmail and Bassam Haj Yousif of Global Real Estate Investors LLC are accused of using at least $3.6 million of loan proceeds for their own personal benefit — including the purchase of a vehicle, jewelry and other real estate. The two men were each charged with two counts of bank fraud and three counts of making false statements in bank loan documents, according to a grand jury indictment. The two launched an effort to convert a building at 6 N. Michigan Ave. into condominiums and also acquired the nearby 59 E. Van Buren St. with loans from the former CIB Bank of Hillside.... Read  |  Purchase from Publisher

It's a buyer's market and a renter's market, too Northwestern University - Medill News Service, Eleanor Goldberg and Jacquelyn Ryan, 3/22/10 "... Observed Gail Lissner of Appraisal Research Counselors."

Analysts across the board here agree that the next 10 months in Chicago real estate will certainly be defined as a buyer’s market—and a renter’s market too--for the 20-to-30-something set. As both vacancy rates climb and home prices drop to levels not seen since 2003, this generation need not agonize over whether to capitalize on the soft market and tax credit, or sit tight in their sunny Lake Shore Drive rentals. For those positioned to buy a home right now, this could be the opportunity of a lifetime thanks to attractive prices and low mortgage rates. For those not ready to take that plunge though, renting offers competitive deals and compelling advantages too. "I think that there are some excellent buying opportunities out there right now...certainly renting gives you a lot more flexibility,” observed Gail Lissner of Appraisal Research Counselors.... Read  |  Purchase from Publisher

Refi at Sky 55 Chicago Journal, Micah Maidenberg, 3/4/10 "Ron DeVries, a vice president for the real estate analysis firm Appraisal Research Counselors, said..."

Rental market forces 'tremendous concessions' at South Loop building - The battered economy has a prominent development group seeking permission to restructure the financing behind Sky 55, a glassy, 40-story tower that was one of the first rental buildings to go up in the South Loop during the boom years. Central Station Development Corporation, a firm that has invested deeply in South Loop residential projects, built the tower, located at 1255 S. Michigan, and was helped in that effort with more than $83 million in multi-family housing bonds the city issued in 2004.... Read  |  Purchase from Publisher

Aqua makes waves as world's best Chicago Sun Times, David roeder, 2/24/10 "... Appraisal Research Counselors Vice President Gail Lissner said..."

Stunner named 2009 Skyscraper of the Year - The lady trumped The Donald. Jeanne Gang, founder of Studio Gang Architects, designed a residential building called the Aqua at 225 N. Columbus. Aqua was named Tuesday as the 2009 Skyscraper of the Year, an annual award issued by Emporis, a company that sells data about tall buildings. With it comes a Top 10 list of the new buildings Emporis judges best in a calendar year. For 2009, Aqua was ranked first in balloting by the award's jury, Emporis' senior editors. Chicago's Trump International Hotel & Tower finished fifth.... Read  |  Purchase from Publisher

Developer lands $100 million for West Loop condos Crain's Chicago Business, Alby Gallun, 2/24/10 "... says Appraisal Research Vice-President Gail Lissner."

Developer Gary Rosenberg says he has lined up $100 million in financing for a 220-unit condo tower in the West Loop, beating the odds in a market where lending for such projects has all but evaporated. With lenders stuck in survival mode and the downtown market awash in unsold condos, many downtown condominium developers are just trying to hang on to what they have. But after a long search, Mr. Rosenberg says he has found a single capital source to provide $100 million in debt and equity for the Catalyst, a 21-story tower at the northeast corner of Washington and Des Plaines.... Read  |  Purchase from Publisher

Condo market goes on hiatus Chicago Sun Times, David Roeder, 2/24/10 "... reports Gail Lissner, vice president of Appraisal Research Counselors."

“Condomania” is going to take a vacation in downtown Chicago in 2010 and 2011, forecasters predict. “With only 1,200 new condominiums in the pipeline for construction in 2010, and only 86 units planned for delivery in 2011, the Chicago’s downtown market is returning to production levels reminiscent of the early 1990s when there was very little new condo development activity,” reports Gail Lissner, vice president of Appraisal Research Counselors... Read  |  Purchase from Publisher

Job market to keep suburban apartments stagnant Crain's Chicago Business, Alby Gallun, 2/16/10 "... says Appraisal Research Vice-President Ron DeVries."

Suburban apartment landlords ended 2009 on a flat note, and the bad job market will keep this year from being much better. The median suburban net rent held steady in the fourth quarter, at $1.07 a square foot, unchanged from the previous quarter but down from $1.10 in the year-ago period, according to a report by Appraisal Research Counselors, a Chicago-based consulting firm. The suburban occupancy rate rose to 92.2%, up from 92.0% in the third quarter and 92.1% in fourth-quarter 2008.... Read  |  Purchase from Publisher

Bargains for condo buyers Chicago Tribune, Jeffrey Steele, 2/14/10 "... said Gail Lissner, vice president at Appraisal Research Counselors..."

As many downtown condos sit empty, sellers cut prices - Jodi Geoghan couldn't believe her good fortune. She and her husband, Ritchie, had just moved back to Chicago from California in mid-December, taken a sublet on the Gold Coast and needed to buy a new home quickly. The couple got preapproved for a loan, and on Jan. 31 saw an ad for an open house at a condo high-rise development in the West Loop.... Read  |  Purchase from Publisher

Apartment deals aplenty as supply outstrips demand Chicago Tribune, Mary Ellen Podmolik, 2/12/10 "... said Ron DeVries, vice president at Appraisal Research Counselors."

A record 2,234 apartments will be added to downtown Chicago this year, increasing the supply of rental units at a time when inventory is already outstripping demand. It's not that interest in downtown living is on the wane. It's just that there aren't enough people for the number of apartments — and increasingly, condos are available for rent. The additions, which come on top of 1,296 units this year, will ratchet up the pressure to trim rents in existing buildings and could lead to a 10 percent vacancy rate in the rental market, said Ron DeVries, vice president at Appraisal Research Counselors. But what's a negative for property owners should be viewed as welcome news for renters this spring. "There is so much supply, the owners are getting very competitive," DeVries said. Luxury apartment rents are at their lowest level since 2005's fourth quarter and rents at more modest buildings are at their lowest level since 2006's first quarter, according to Appraisal Research data..... Read  |  Purchase from Publisher

New condo units to test rental market Chicago Sun Times, David Roeder, 2/12/10 "Ron DeVries, vice president at Appraisal Research, said..."

While condo sales suffer, demand for rental housing remains strong downtown. But the market will face a test in 2010. In a report on apartments, Appraisal Research Counselors said six new projects will bring 2,234 units to the downtown market this year. It's an unusually large addition to the inventory, made possible because developers had an easier time financing rental buildings rather than for-sale condos. Ron DeVries, vice president at Appraisal Research, said the newcomers will put pressure on rents and increase vacancy rates. But he said landlords that hang on could see an improving economy that allows for spikes in rental rates by 2013.... Read  |  Purchase from Publisher

Downtown condo sales up in 4th quarter Crain's Chicago Business, Alby gallun, 2/11/10 "... Appraisal Research Vice-President Gail Lissner said..."

Sales of downtown condominiums inched higher in the fourth quarter as developers continued to cut prices to bring in buyers. Downtown builders sold 148 condos and townhomes in the last three months of 2009, up from 56 units in the third quarter and a loss of 253 sales in fourth-quarter 2009, according to Appraisal Research Counselors, a Chicago-based real estate consulting firm. But the market won’t stage a meaningful comeback until the job market recovers and buyers overcome their fear of further price declines. “They have to be convinced that the market has bottomed out and we’re going to see some price appreciation,” Appraisal Research Vice-President Gail Lissner said at lunch presentation Thursday.... Read  |  Purchase from Publisher

Downtown condo market shrinks for second year Chicago Sun Times, David Roeder, 2/11/10 "... said Gail Lissner, vice president at Appraisal Research."

Chicago's downtown condominium market shrank for the second straight year in 2009 as meager sales forced developers to put construction plans on hold, said a report released today. Appraisal Research Counselors said 572 condo units sold downtown last year, the lowest number since the company began keeping track in 1997. It also said developers of 1,041 future units cancelled construction plans during the year as several factors drove buyers from the market. They include job loss, inability to get a mortgage, or lack of confidence in condo valuations.... Read  |  Purchase from Publisher

Davis loses control of Grant Park condo tower Crain's Chicago Business, Alby Gallun, 2/10/10 "... says Appraisal Research Vice-President Gail Lissner."

Chicago developer Allison Davis has lost control of a slow-selling $117-million condominium tower overlooking Grant Park, rankling an investor in the project who has sued the lender that took it over. A unit of Boston-based Fidelity Investments reneged on a deal to modify an $18.5-million mezzanine loan to the Columbian, a 46-story building at 1160 S. Michigan Ave., according to the lawsuit, filed last week in Cook County Circuit Court.... Read  |  Purchase from Publisher

Crain’s: Lender takes over the Columbian Yo Chicago, Joseph Askins, 2/10/10

Fidelity Investments took control of the Columbian high-rise at 1160 S Michigan Ave last week after sending a default notice to developer Allison Davis, Crain’s reports. The takeover has sparked a suit by one of the South Loop tower’s investors, who claims Fidelity backed out of a deal to restructure its $18.5 million mezzanine loan to Davis’ development company. According to Appraisal Research Counselors data cited in the Crain’s article, just 156, or 71 percent, of the Columbian’s 220 condos have sold since the project launched in 2005. Available units are priced from the $270s to more than $2 million.... Read  |  Purchase from Publisher

More Real Estate Forecasting Vranas Properties, Paul Vranas, 2/4/10 "... said Gail Lissner, vice-president of Appraisal Research Counselors."
	The Chicago Association of REALTORS recently hosted an economic forecast panel for 2010. Chicago Magazine reported 10 highlights of the panel... Read  |  Purchase from Publisher

The end of new construction Yo Chicago, Joseph Askins, 2/3/10

Not forever, mind you — just for the foreseeable future. The Ritz-Carlton Residences, slated for completion in 2011, will be the last new-construction condo project we’ll see in the downtown market for several years. “You can just forget” anything proposed beyond that, says Gail Lissner of Appraisal Research Counselors, “because we’re not going to be seeing those.” Lissner gave an update on downtown market trends during last week’s 2010 Economic Forecast panel, hosted by the Chicago Association of Realtors... Read  |  Purchase from Publisher

Turning traffic into sales – it’s not easy Yo Chicago, Joseph Askins, 2/1/10 "... according to Gail Lissner, vice-president of Appraisal Research Counselors."

One of the ways Appraisal Research Counselors keeps tabs on the downtown market is by tracking buyer traffic to sales centers and open houses on a weekly basis. ARC can then compare this data with weekly sales figures to determine how many visits actually result in contracts. These conversion ratios don’t show up in the executive summaries we receive every quarter, but they were a part of Gail Lissner’s presentation at last week’s 2010 Economic Forecast panel hosted by the Chicago Association of Realtors. According to one of Gail’s slides, just 4 percent of visits to downtown developments resulted in sales last year, down from a peak of 11 percent in 2006.... Read  |  Purchase from Publisher

Top 10 real estate predictions in 2010 Northwestern University - Medill News Service, Eleanor Goldberg, 1/30/10 "... reported Gail Lissner, of Appraisal Research Counselors."
	Four of the city’s real estate all-stars—an appraiser, investor, academic and analyst—spent a little over two hours bemoaning the industry’s bleak 2010 fate at Thursday’s Chicago Association of Realtors Forecast. Then, they boiled their complicated, chart-heavy predictions into a bookmark-sized Letterman-esque top 10 list.... Read  |  Purchase from Publisher

The alarm bells aren’t ringing Yo Chicago, Joseph Askins, 1/29/10

A real estate recovery will be difficult without job creation, and Illinois entered the recent economic downturn with one distinct disadvantage: It never really recovered from the last recession. So says Geoffrey Hewings, director of the University of Illinois’ Regional Economics Applications Laboratory, who was the first guest to take the mic at Thursday’s 2010 Economic Forecast panel hosted by the Chicago Association of Realtors. The presentation, moderated by WBBM’s Ron Gleason, also featured Inland Real Estate Group Vice President Joe Cosenza, Hanley Wood Market Intelligence Regional Manager Michael Hart, and Appraisal Research Counselors Vice President Gail Lissner, all of whom gave Realtors updates on the state of the residential, commercial, and industrial real estate markets in the Chicago metro area.... Read  |  Purchase from Publisher

CAR's 2010 Economic Forecast: The end of new construction in downtown Chicago You Tube, Gail Lissner (speaker), 1/28/10 "Gail Lissner, vice-president of Appraisal Research Counselors said...."
	Is recovery at hand? What does the future hold for the economy? What can buyers and sellers expect in 2010? Are short sales the new selling point? How will the future economic climate affect the housing inventory? The past year has been one of the most challenging for the real estate industry. The C.A.R. 2010 Economic Forecast ... View Now  |  Purchase from Publisher

Wheaton apartment complex sold to New York firm Crain's Chicago Business, Thomas A. Corfman, 1/20/10 "... according to Chicago-based residential consulting firm Appraisal Research Counselors."

A little-known New York real estate investment firm is entering the Chicago market with the $45-million purchase of a Wheaton apartment complex, another sign of a pickup in investment activity for residential rental properties. Edge Principal Advisors LLC last week bought the 295-unit Avalon at Danada Farms complex from AvalonBay Communities Inc., an apartment real estate investment trust that has been paring back its holdings here. Apartment lender Freddie Mac, which is backed by the federal government, provided a 10-year, nearly $33.2-million loan, or more than 73% of the $45.45-million purchase price, property documents show. Edge was formed in 2008 with the financial backing of an investor group that includes the principals in New York-based LS Power, a privately held power generation and transmission company, says Jeffrey Walker, a principal with Edge. LS Power has often teamed up with New York hedge fund Luminus Capital Management on deals, including an unsuccessful $7-billion bid in 2008 to buy Calgary, Canada-based TransAlta Corp., that country’s largest independent utility. Luminus isn’t involved in Edge, Mr. Walker says.... Read  |  Purchase from Publisher

Welcome to Bargainville Chicago Journal, Don DeBat, 1/20/10 "... said Gail Lissner, vice president of Appraisal Research."

With home and condominium prices starting the year on the edge of a slippery slope, both buyers and sellers are seeking clarity on the future of residential real estate values, experts say. Although the nation’s housing market showed signs of stabilizing in the second half of 2009 and several economic indicators are pointing up, risks of a relapse remain high. Heavy foreclosure activity forecast for 2010 could potentially depress real estate prices further in the hardest-hit areas, according to a new economic outlook by Freddie Mac.... Read  |  Purchase from Publisher