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The Biggest News Jason Rosenberg
Oct 11, 20242 min read

Cook County Taxes: So High, They're Scaring Away the Cash & More!

Here's a summary of the latest Chicagoland real estate news as of today, October 11, 2024:

Top Headlines:

  • O'Hare office complex facing short sale: TPG Angelo Gordon and Glenstar are looking to sell a suburban office complex near O'Hare airport for less than the $147 million they owe on it. This comes as the loan from Bank of America is nearing maturity. (Source: The Real Deal)

  • Foreclosure suit filed in migrant shelter dispute: A lender has filed a foreclosure suit against the owners of a Near West Side building that was converted into a migrant shelter. This escalates the dispute between the lender and the building's owners, who include a principal and partner at Farpoint Development. (Source: The Real Deal, Crain's Chicago Business)   

  • Cook County property tax collections at a 10-year low: Property tax collections in Cook County have hit their lowest point in a decade. This is partly due to a record 19.9% increase in median residential tax bills for property owners in the south suburbs. (Source: The Real Deal)

Other News:

  • Downtown office market continues to struggle: Despite some positive signs, the downtown Chicago office market is still facing challenges. (Source: REJournals)

  • Suburban luxury market remains strong: A lakefront mansion in the suburbs is on the market for $11 million, highlighting the continued strength of the luxury market outside the city. (Source: The Real Deal)

  • Interest rate cut provides a boost to the industrial sector: The Federal Reserve's recent interest rate cut has brought some optimism to the industrial sector in the Midwest. (Source: REJournals)   

Overall Market Trends:

  • The Chicagoland real estate market is showing signs of both strength and weakness.

  • The suburban market, particularly the luxury segment, remains strong.

  • The downtown office market is still facing headwinds, but there are some glimmers of hope.

  • The industrial sector is benefiting from the recent interest rate cut.   

Where to Find More Information:

I hope this overview is helpful! Let me know if you have any other questions.Cook County Taxes: So High, They're Scaring Away the Cash



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