YMCA buyer on tap: The YMCA of Metropolitan Chicago has a probable buyer for its Lawson House at 30 W. Chicago, according to the Chicago Sun-Times. The Y said it is negotiating a sale with Holsten Real Estate Development Corp., known for integrating low-income housing with services for the residents. Lawson House, considered the largest single-room occupancy site in the Midwest, opened in 1931.
Rental increase: Rentals of high-end condominiums and single-family homes have increased in the past year, according to ChicagoRealEstateDaily.com . Rick Sobin, senior vice-president and branch manager at Prudential Rubloff Properties' Michigan Avenue office, said that some of the area's richest residents want to keep their assets liquid even though they can afford to purchase. In the year that ended July 31, 47 local homes rented for $8,000 a month or more, as opposed to 39 properties the previous year.
Chicago Mayor Rahm Emanuel has announced the Micro-Market Recovery Program, a new program that aims to address foreclosures and stabilize property values in key neighborhoods throughout the city. Emanuel said, "This program will move Chicago from a house-by-house approach to a community-focused strategy, which will do a better job of protecting residents from the devastating impact of foreclosures and will have a positive impact on our neighborhoods." In 2010, more than 10,500 foreclosures were completed in Chicago, up from 20 percent in 2009; an estimated 95 percent of the properties are currently vacant.