Good news, bad news
Monday, Jun 22, 2020 - Posted by Rich Miller
* Crain’s…
• The week ended June 15 was the second in a row when more Chicago-area homes went under contract than in the corresponding week a year ago. It was also the first time that more homes went under contract than the week ended March 16, the last week before the crisis took hold. Buyers put 4,846 homes under contract in the week ended June 15, an increase of nearly 39 percent from the same time a year ago.
• In the second week of June, the number of showings eclipsed the figure from early March by about 5 percent and was about 24 percent above showings at the same time in 2019.
• Open houses are back. Nearly 3,460 properties had open houses in the week ended June 15. That’s more than 10 times the weekly figures from mid-March through mid-April, when agents found themselves improvising ways to show open houses via FaceTime and other virtual technologies.
* But…
Homes sales in the Chicago metro area last month dropped by about 40 percent compared to May 2019, and home prices went flat, according to data just released by Illinois Realtors.
In the city proper, 1,666 homes sold in May, down nearly 44 percent from a year earlier. It’s the biggest year-over-year drop in the records of Illinois Realtors, which go back to January 2008. There’s only been one other month when home sales dropped by more than 40 percent: February 2009, in the depths of the recession following the 2008 financial meltdown. […]
The sales declines in both the city and the larger metro area were considerably larger than the nationwide figure. Home sales in May dropped by 26.6 percent across the U.S. from a year earlier, according to data released separately by the National Association of Realtors this morning. The median price of a home sold was up 2.3 percent from a year earlier. Illinois had stricter lockdown measures than in some other states.
* Crain’s…
Amazon is expanding in south suburban Chicago, with plans to open two fulfillment centers in Matteson and Markham that will employ a total of 2,000 people.
The two warehouses will be the newest additions to Amazon’s sprawling Chicago-area distribution network, which already encompasses 11 sorting and fulfillment centers, according to a statement from the company, Gov. J.B. Pritzker and Cook County President Toni Preckwinckle, who held a news conference this morning about the expansion.
The projects will add to the Seattle-based e-commerce giant’s workforce in Illinois, currently encompassing more than 11,000 people.
* But…
Heading into the official start of summer, Chicago’s tourism scene will be vastly different from years past.
There will be no major events like Lollapalooza, Chicago Pride Parade or Taste of Chicago. Skydeck Chicago, the observation deck on top of Willis Tower, is closed. So are the museums. Baseball has been canceled since March.
Already the Fourth of July weekend is shaping up to be a dud with the fireworks show at Navy Pier canceled. The event typically draws more than 100,000 people, according to Navy Pier spokesperson Payal Patel.
Without these and other events that draw millions of people to the city each year, the chances of Chicago’s tourism industry rebounding anytime soon will be slim, experts say.
But as Chicago moves forward with a phased reopening, industry insiders see a glimmer of hope. More visitors are coming from outside the state, and suburban residents are venturing downtown after weeks of being cooped up at home.
* Sun-Times…
With the coronavirus shutdown top of mind and the state’s first online sportsbook in hand, Illinois bettors have turned to footy.
Overseas soccer matches drew 78% of the money wagered Thursday on BetRivers.com with the launch of legal, mobile sports betting in Illinois through Rivers Casino.
Representatives for the Des Plaines gambling house declined to share the inaugural handle or the overall number of bets placed. But beyond the soccer-happy handle percentage, they said about 60% of the Illinoisans who created accounts to plunk money down put at least some of their money on soccer.
Most of that money — 56% — was placed on La Liga Spanish football and Real Madrid’s winning matchup against Valencia.
* But…
A leading proponent of last year’s gambling expansion bill in Illinois said he is frustrated with delays in its implementation.
State Sen. Dave Syverson, R-Rockford, said officials from Rockford submitted that city’s proposal, with a casino to be operated by Hard Rock International, to the Illinois Gaming Board nine months ago.
“The gaming board is telling us they hope to have the license approved by October, which is 12 months from the time it was submitted,” Syverson said. “It is just ridiculous that it’s taking this long for a group just to review a simple application.”
- Lucky Pierre - Monday, Jun 22, 20 @ 1:55 pm:
Good News?
Illinois unemployment rate is 15.2%, only 7 states have it worse.
JB has no plan to retain or attract employers to Illinois, he just deflects the problems in Illinois to the Trump administration.
- Oswego Willy - Monday, Jun 22, 20 @ 2:08 pm:
===… just deflects the problems in Illinois to the Trump administration.===
I thought it was “it’s the economy, (redacted)”
If it’s so bad in so many states, that’s on Trump, isn’t it?
I think Ford is adding jobs in Illinois, Amazon too.
It’s also ironically pathetic Mr. Syverson has this “concern” for that Rockford casino.
Wonder why that could be.
- Lucky Pierre - Monday, Jun 22, 20 @ 2:16 pm:
Amazing deflection OW, everything bad in Illinois is Republican’s fault, JB can do no wrong.
Of course Amazon is expanding low wage jobs in Illinois.
Their small business competitors were deemed non-essential and ordered closed for months by JB so business for big box and Amazon boomed.
Why is it pathetic to expect a casino license to be approved in less than 12 months?
- Oswego Willy - Monday, Jun 22, 20 @ 2:23 pm:
=== everything bad in Illinois is Republican’s fault===
“By nearly every measure, the state is worse off since Rauner took office”
- Crain’s
I thought POTUS’ owned the economy… “it’s the economy, (redacted)”
I mean, you said it yourself, 7 states are even worse than Illinois in a presidential election.
Whew.
=== Why is it pathetic to expect a casino license to be approved in less than 12 months?===
You should ask why Mr. Syverson is so interested.
You forgot Ford jobs. Why?
- Da Big Bad Wolf - Monday, Jun 22, 20 @ 2:24 pm:
==JB has no plan to retain or attract employers to Illinois, he just deflects the problems in Illinois to the Trump administration.==
Except that itty bitty 45B infrastructure plan.
- DuPage Saint - Monday, Jun 22, 20 @ 2:25 pm:
I really hope Amazon is not getting any tax breaks or utility breaks on any deal. It seems like year ago but probably more recent when Rich posted article about south suburban town giving everything away to Amazon for job promises and Amazon said everyone they hired was independent contractor and city was royally taken.
- Lucky Pierre - Monday, Jun 22, 20 @ 2:34 pm:
If you thought Rauner was bad, by nearly every measure, the state is worse off since JB took office- except for state workers- who get a pay hike next month.
How quickly will Illinois recover from the pandemic compared to other states that maximized their national guard and did a better job protecting their businesses from being looted?
- Annonin' - Monday, Jun 22, 20 @ 2:46 pm:
That Syverson is a hoot. He and other D* around for twenty plus years and now they are in a hurry.
They should have taken Zeke’s advice and grabbed one of the first ten.
- LTSW - Monday, Jun 22, 20 @ 3:00 pm:
I don’t really see how anyone could call a Casino license application simple. Unless of course the fix was in and the approval is just supposed to be a formality.
- Numbers - Monday, Jun 22, 20 @ 3:18 pm:
== I don’t really see how anyone could call a Casino license application simple. ==
In addition to that, Rockford is one of five new casinos (not counting Chicago), plus the new sports wagering companies. On top of that the gaming board has the same number of staff as they had before video slots were legalized.
- Cheswick - Monday, Jun 22, 20 @ 3:43 pm:
Speaking of gambling expansion, I am not sure what it means, if anything, but in the Springfield cable market today I saw two commercials for DraftKings. Unfortunately, I wasn’t paying enough attention to notice which sport they were promoting. Just noting as I thought it was interesting since there are basically no Sports playing right now?
- RNUG - Monday, Jun 22, 20 @ 4:15 pm:
Springfield housing market is going pretty good. In the $100k - $160k range there is a real shortage of houses. Lots of interest; one neighbor just put his up for sale and has had 3 showings in 5 days and, IMO, the house has almost zero curb appeal.
- Collinsville Kevin - Monday, Jun 22, 20 @ 4:45 pm:
The incompetence of the gaming board is astounding.
- Demoralized - Monday, Jun 22, 20 @ 5:04 pm:
LP
You can go back into quarantine now.
- Demoralized - Monday, Jun 22, 20 @ 5:05 pm:
==Springfield housing market is going pretty good==
I sold my house in 10 days a year ago.
- Huh? - Monday, Jun 22, 20 @ 6:18 pm:
Lucky- when has Pritzker’s ever claimed the success of the “economy” as an accomplishment?
The economy has been crushed by measures taken to limit the deadly infectious disease of the covid19 pandemic. Is Pritzker to blame for the pandemic? He ordered measures to reduce the potential of a wider contagious infection. He acknowledged the economic impacts of his orders.
The damage caused by rauner to Illinois and it’s economy was intentionally inflicted, and abetted by the ILGOP, to justify a personal agenda to wreck AFSCME and politically damage Madigan.
Illinois went more than 2 years without a budget, because of rauner’s obstreperous and recalcitrant behavior. As a result of the harmful behavior of rauner, the bonding agencies reduced the Illinois bond rating to near junk status. Numerous businesses failed because of non-payment of bills by the State. Municipalities filed lawsuits for payment of unpaid utilities. Because of rauner’s failure to pay bills in a timely manner, the State ended up having to pay 12% interest on the unpaid debt.
Pritzker has taken responsibility for his actions. He has issued orders to reopen the economy of Illinois in a manner to minimize the continued covid19 infection rates. He has a rational plan.
Lucky, quite simply, any of your arguments are vapid at best.
- NorthsideNoMore - Tuesday, Jun 23, 20 @ 9:04 am:
While they may stop some slight bleeding, Gaming expansion and Amazon/Ford adding a 2k jobs are not going to resolve the $137 billion dollar pension gorilla. Nor will the $5 billion fed CARE package borrowing scheme. 15% needs to be 3% if there is a hope of making any dent in that.