Second City is on the auction block. Why Chicago has much to lose.

So Second City, Chicago’s beloved comedy theater in Old Town, is up for sale. This has happened once before. But the possible loss of local ownership, or any diminishment of the institution as a whole, should set off alarm bells within the business community, tourism agencies and the offices of both the governor and the mayor. Not to mention the hearts of ordinary Chicagoans.



Keegan-Michael Key et al. posing for the camera: Newly arrived from Detroit, Second City's Keegan-Michael Key creates a Pakistani taxi driver who has turned his Chicago vehicle into a patriotic shrine full of flags and paraphernalia, and who answers awkward questions about his ancestry by turning up the Lee Greenwood or Neil Diamond and lip-syncing.


© Peter Thompson/Chicago Tribune/TNS
Newly arrived from Detroit, Second City’s Keegan-Michael Key creates a Pakistani taxi driver who has turned his Chicago vehicle into a patriotic shrine full of flags and paraphernalia, and who answers awkward questions about his ancestry by turning up the Lee Greenwood or Neil Diamond and lip-syncing.

In America, most entertainment is developed, packaged and produced in either Los Angeles or New York City; the coastal elites designate the rest of the country merely as marketplaces to sell their stuff. Unless some

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iO Theater of Chicago is for sale, a sad week for Chicago comedy

At the end of what has been a stunning week for Chicago comedy and improvisation, the venerable iO Theater announced Friday that it, too, has put itself up for sale.



a group of people standing in front of a brick building: Theater-goers line up for the grand opening of the iO Theater, at 1501N. Kingsbury St., in Chicago in 2014. The theater had moved from its previous Wrigleyville location.


© Nuccio DiNuzzo / Chicago Tribune / Chicago Tribune/Chicago Tribune/TNS
Theater-goers line up for the grand opening of the iO Theater, at 1501N. Kingsbury St., in Chicago in 2014. The theater had moved from its previous Wrigleyville location.

The announcement came just days after news that its much bigger rival, Second City, declared itself also to be on the block.

The iO (once ImprovOlympic) only dates to 1981, as compared to 1959 for Second City. Nonetheless, both theaters are privately held, for-profit operations that share a parallel history, rivalry and centrality in the history of American comedy, along with associations with now-famous talents like Tina Fey, Mike Myers and Amy Poehler and reputations for making stars of the entertainment

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Chicago In Focus, As Industrial Becomes Real Estate’s New Darling

Much has been written about the pandemic-precipitated problems plaguing real estate’s commercial sector. But with office and retail-oriented real estate feeling the ill effects of COVID-19, there’s one sector that seemingly remains in the pink of health.

That is the commercial real estate industry’s industrial sector, comprised of factories, warehouses, distribution centers, fulfillment centers, data centers and similar real property. JLL
JLL
recently reported e-commerce represents half its U.S. leasing activity, an increase from the 36% number registered prior to the onset of COVID-19.

The firm projects an anticipated $900 billion increase in online sales over the next half decade will translate to need for more than one billion additional square feet of industrial real estate by 2025.

In few places is the metamorphosis

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Robert Covington And Luol Deng Invest In Real-Estate Fund Aiming To Revitalize Chicago

In September, Own Our Own, an inner-city-focused real-estate fund, announced its first Chicago-based project in partnership with the Houston Rockets’ Robert Covington and former Chicago Bull Luol Deng. Further strengthening the project is a partnership with the Chicago Urban League and the NBPA Foundation, which will fund initiatives around physical fitness and mentorship. 

After being drafted to the Bulls in 2004, Deng spent his first ten years in Chicago, and he signed a one-day

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Chicago aldermen advance new members for Northwest Side home equity board

Chicago aldermen on Monday advanced a group of appointees to a Northwest Side taxpayer-funded commission that guarantees home sale prices for members in several bungalow belt neighborhoods, a program that was created decades ago to try to stem white flight.

Some aldermen questioned the policies of the Northwest Home Equity Assurance Program, which has collected more than $10 million in small property tax payments from all homeowners within its boundaries since the late 1980s, but has handed out just a few payments in that time to residents whose houses didn’t sell for a set minimum price.

“People pay into this program via their tax bill, and it has $9.5 million, $10 million sitting in an account,” said Northwest Side Ald. Gilbert Villegas, 36th, who has for years criticized the agency for not doing more with its reserves. “And it has staff. And what we need to do is to

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S&P CoreLogic Case-Shiller Indices show Chicago home values rose 0.8 percent in July

That’s essentially flat from a year ago. July was the seventh month out of the past 12 when Chicago home values were flat, according to the index. In the other five months, values were up 1.5 percent or less. 

Nationwide, home values were up 4.8 percent in July, or six times the increase in Chicago. The national figure has been up more than 4 percent in six of the past 12 months.

“The strength of the housing market was consistent nationally,” Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, said in prepared comments that accompanied the data. All 19 cities in the index showed stronger performance in July than in June, he noted. That includes Chicago, where home prices were up 0.6 percent in June and 0.8 percent in July.

This report from Case-Shiller does not conflict with Crain’s story last week

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Chicago has fewest houses for sale in over 13 years

As Grossman expected, the house was under contract eight days after it hit the market in early July. The sale of the 2,460-square-foot house on Leavitt Street closed in early September at $575,000. 

If Grossman wasn’t surprised at the swiftness of the sale, it’s only because “it’s been this way all summer,” she said. In Beverly the inventory of houses for sale is extremely low, as it is in many neighborhoods across the city. 

At the start of September, fewer single-family homes were on the market in Chicago than at any time since January 2007, the earliest data available from the Chicago Association of Realtors. The inventory has been low for a few years, but in the past few weeks it dipped below 2,400 for the first time. September began with 2,377 houses on the market. 

One of the old reasons for low inventory—the jump to a new house is

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Grand Chicago Hotel in Foreclosure, a Symbol of Covid-19’s Toll on Hospitality Industry

The Palmer House Hilton has been one of Chicago’s grandest hotels for more than a century. Oscar Wilde was a guest. Frank Sinatra serenaded diners at its supper club. Over the past 15 years, the owner spent $173 million to overhaul the hotel, modernizing most of the 1,641 rooms.

But today, the property faces a bank foreclosure and has become one of the most potent symbols of the troubled hospitality industry during Covid-19.

Wells Fargo Bank

said in court papers last month that the hotel’s owner, real-estate investor Thor Equities, was in default on its $333.2 million first mortgage, making the property one of the first major foreclosure actions during the pandemic. The Palmer House was worth $305.5 million shortly before Wells Fargo filed its action, appraisers said.

A Thor spokeswoman declined to comment.

Most property owners and lenders at first hoped that damage from the pandemic would be limited

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Chicago, IL HUD Housing and Foreclosure Homes

09-23-2020

Active

 

3 br

1.5 ba

1040 sqft

Single-Family

Foreclosure

View Details

09-22-2020

Active

 

3 br

1 ba

1496 sqft

Townhome

Foreclosure

View Details

09-20-2020

Active

 

3 br

1 ba

1176 sqft

 

Foreclosure

$81,500

View Details

09-20-2020

Active

 

3 br

1 ba

1242 sqft

Single-Family

Foreclosure

$48,000

View Details

09-20-2020

Active

 

2 br

1 ba

579 sqft

Condo

Foreclosure

$195,000

View Details

09-18-2020

Active

 

4 br

2 ba

1966 sqft

Multi-Family

Foreclosure

View Details

09-17-2020

Active

 

3 br

2 ba

 

Foreclosure

$223,600

View Details

09-15-2020

Active

 

5 br

2 ba

2272 sqft

 

Foreclosure

$100,000

View Details

09-15-2020

Active

 

1 br

1 ba

744 sqft

Condo

Foreclosure

$71,000

View Details

09-15-2020

Active

 

2 br

1 ba

Single-Family

Foreclosure

$54,900

View Details

09-12-2020

Active

 

2 br

2 ba

1200 sqft

Single-Family

Foreclosure

View Details

09-11-2020

Active

 

4 br

2 ba

836 sqft

Single-Family

Foreclosure

View Details

09-11-2020

Active

 

6 br

3 ba

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Chicago, IL Condos – Condos for Sale in Chicago, IL

There are currently 7524 condos for sale in Chicago at a median listing price of $369K. Some of these homes are “Hot Homes,” meaning they’re likely to sell quickly. Most homes for sale in Chicago stay on the market for 49 days and receive 3 offers. Popular neighborhoods include Ravenswood, Bucktown, Albany Park, Garfield Ridge, River North, West Loop, Hyde Park, Lincoln Park, Lake View, Roscoe Village, Beverly, South Loop, Logan Square, Wicker Park, and Bridgeport. This map is refreshed with the newest listings in Chicago every 15 minutes.

In the past month, 3257 homes have been sold in Chicago. In addition to houses in Chicago, there were also 9183 condos, 614 townhouses, and 2030 multi-family units for sale in Chicago last month. Chicago is a fairly walkable city in Cook County with a Walk

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