Robert Darrow, @properties

Archive for the ‘Chinatown’ Category

Just about a year ago was when I last posted something juicy here on the blog.  I admitted my Guilty Pleasure of watching Real Estate Celbreality TV on Bravo in the form of Flipping Out and Million Dollar Listing.

I read today with a hint of Schadenfreaude the downfall of one of the stars from Million Dollar Listing over on The Real Estalker’s blog:

Your Mama Hears…

…from Candy Catoutofthebag that the pending civil trial brought against Beverly Hills real estate agent Josh Flagg for an alleged art heist has been put on hold to make way for an investigation by the City Attorney and the FBI. That’s right, the FBI. Your Mama did a little investigation of our own and managed to get the rumor affirmed by someone other that Miss Catoutofthebag who sits close to the situation and requested anonymity.

The children will recall that young, scruffy and heavy-lidded Mister Flagg, who appeared on the second season of the Bravo’s real estate train wreck Million Dollar Listing, was accused of and publicly pilloried for allegedly stealing expensive artwork right out of a dee-luxe property owned by the estate of Marcia Israel that he had been hired to list and sale.

Certain items belonging to the estate–reported to include Jade sculptures and paintings by Marc Chagall and Pablo Picasso–were indeed found in Mister Flagg’s possession and in fact several of the object in questions were reportedly photographed by an investigator through the windows of Mister Flagg’s Beverly Hills abode. At least some if not all of the artwork found in Mister Flagg’s possession have been returned to the estate of Miz Israel. Interstingly, at the time of his arrest Mister Flagg’s attorney claimed there was nothing to be done about the matter because any statute of limitations had done run out. Of course, we do not know a law book from a recipe but that does not sound to Your Mama like he was claiming his client is innocent.

Nothing juicy ever happens here in Chicago.  It would certainly make Real Estate blogging here in the Windy City more interesting, no?

Inventory looks normal.  This is not an outrageous number of listings currently for sale.  This would indicate that sellers are holding onto their un-sold properties and waiting for more favorable conditions for sale.

This looks dismal.  For the same week in 2008, 2007 and 2006, closings are down 62% over 2007 and down 72% from 2006.

If you can wait for your time, your sale price won’t be too bad.  Closed prices have still appreciated slightly.  Condo prices are down, but not horrendously as they can be on the coasts and in markets that expanded dramatically like Los Vegas.

Your guides weren’t seeing things.  All the seemingly un-related stories about the slowing or halting of construction on condominium high rises all over Chicago are the direct result of the credit crunch and sour economy. 

Although there are a record number of condominiums scheduled for delivery in 2008, and a remarkable number still in 2009, construction on anything with delivery in 2010 and beyond has pretty much ground to a halt.

The Chicago Tribune reports on the Appraisal Research Counselors latest figures in today’s paper.  It looks like that despite finishing 4,900 condominiums in 2008 and 4,600 in 2009, developers are projected to complete and deliver only 500 in 2010.

The report is specific to condominium deliveries in high rise buildings – defined as twelve stories or more.

Developments that have slowed or stopped construction in the downtown area include:

• Most famously – the Chicago Spire, where work has slowed except the finishing work on some utilities and caisson work.
• A new development in the New East Side near the Aqua has been put on hold indefinitely.
• At the Waterview Tower on Wacker Drive at Clark Street the developer has indicated that alternative financing is in the works, but the construction site has been quiet for months.
• A hotel development called Stabridge Suites at 127 W. Huron in River North has been idle since July.

While it’s never good news when there’s trouble in the marketplace, we’re relieved to hear that the pace of construction is going to slow to match demand.  It’s the first step in a recovery to a more balanced market.  It should be an interesting ride along the way.

Chinatown in Chicago is more than a tourist destination. The Chinese population follows only the populations of the Chinese communities of New York and San Francisco. Take a walk down Archer Avenue and look down Wentworth Avenue – framed by the most recognizable landmark in Chinatown.

If you’re coming for a meal and don’t want to fall for the tourist traps, stick to the local eateries inside the walking mall along Archer just west of Wentworth. You’ll know you’re here by spotting the square featuring Chinese Lions, Statues of the animals of the years and the red and green pagoda. Arial Shot Here.

However if it’s trinkets and other stuff you’re looking for, then DO stop inside all the gift shops along Wentworth to the south of the Chinatown Gateway. Get lost inside the musty aisles beneath the buzzing shop lights. The sights and smells are authentic – I’ve been to Hong Kong. And the stuff is the same! No need to travel to the Far East for inexpensive plastic waving cats, rayon kimonos and twisted bamboo; it’s all the same right here. On busy Saturdays, even the DVD vendors come out of the woodwork peddling the latest releases (and even some not released yet.)

Mixed in with the ordinary are two outstanding shops. Keep your eye open for the store featuring tons of imported boxes. These decorative wooden boxes are far more interesting than the standard fare at Pier One. Also stop in at Ten Ren Tea Shop at 2247 S. Wentworth. As one of the most popular tea shops in Chinatown, Ten Ren attracts both locals and tourists with its wide selection of items and friendly atmosphere. Prices range from a couple of dollars to more than $50, depending on the kind of tea or ginseng you purchase. Ten Ren carries several grades of the same tea, giving you a choice in price. Again, as good as we found in Hong Kong.