After the Fed announced that they would increase interest rates, banks like Bank of America, J.P. Morgan Chase, Wells Fargo and many others thought that this would be a good thing for them. These banks “stated plans to raise the prime rate that they charge borrowers on numerous loans, including mortgages and credit cards. However, they did not announce increases in the rates they will pay on deposits. This decision will increase their net interest margins and contribute to higher earnings,” explains Susan Persin in an article on Trepp Talk.

Although bank stocks increased following the raised rates, most of the banks floundered in terms of the Dow Jones Industrial Average (DJIA)

There are any number of reasons that could have contributed to this outcome, including the possibility that the stock prices had already reflected the jump in rates by the time the hike was announced.

Please visit the link above for more on this story as further explained by Persin.

Downtown high rises and suburban mansions aren’t the only places that retired athletes are moving to. Former Bears cornerback Jerry Azumah just purchased a newly constructed home in Logan Square for $885,000 in late November.

Azumah sold his town home in River North because he wanted a yard and a detached home. The new home he just purchased was built by Denmax and has 3.5 baths and a rooftop deck and garage along with many other amenities including quartz counter-tops.

This sweet little neighborhood seems to be continuing to move on up! Read more about this story here.

A new Malaysian restaurant opened up in Logan Square in early December 2015. It happens to be the only Malaysian restaurant in the city of Chicago since Penang, which was located in China Town and rebuilt in Arlington heights, burned down eight years ago.

The place is called Serai, located at 2169 North Milwaukee Avenue, not a particularly busy strip but it has had good reception thus far, explained Victor Low, co-owner of Serai.

“People around [Logan Square] are more receptive to ethnic foods,” Low said. “We can cater to more adventurous people.” It’s true, although Logan Square is becoming more like Wicker Park in terms of the type of people that live there, they are known to have a more adventurous pallet, with an open mind to trying new things. The Malaysian cuisine incorporates Chinese, Indian, and Indonesian flavors, a nice twist for those looking for something new and exciting to try.

Read more about this story here.

The beloved Logan Square breakfast joint opened up again in August after being closed for a little over a year. If you didn’t think this little place could get any more popular, the new chef and owner Sarah Jordan would prove you wrong.

It has a snazzy new bar that was created out of the extra space they took over next door which used to be a flower shop. The vibe is still pretty much the same, relaxed fun stools lining the edge of the restaurant with plenty of window space to look out at the lovely boulevard. The prices are a tad higher but the homey kind of ambiance and new look is definitely worth it. Have a look next time your by The Eagle!

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It’s been a busy year in Humboldt Park and Logan Square, hasn’t it? As the year comes to a close, here is a list of the 5 most memorable events that occurred there in the past year based on this DNAinfo.com article.

1. Development: If you have read my previous posts, you have probably noticed that a lot of them are talking about new constructions in the Logan Square area. As one of the most sought-after neighborhoods to live in Chicago, it’s no wonder developers have jumped on the chance to snatch up some land and build new developments. Not everyone is in favor of these projects but many of them are already underway.
2. Gentrification: As new developments are brought into the neighborhood mix, there is concern for long time residents of Logan Square and Humboldt that they are being forced out. Not only that, but groups like the Logan Square Neighborhood Association want more affordable housing units brought in but most developers do not. The fight back against gentrification is still a hot issue at the end of 2015.
3. Riot Fest: The music festival, like most music festivals anywhere, tend to get a little rowdy. The 2014 incident in which Humboldt Park was left heavily damaged, sparked concern that probably should have been dealt with long before. The festival may make money but it also cost money to repair the damage it leaves each year. We bid farewell to Riot Fest and hand it over to Douglas Park.
4. The 606: How can I not mention this trail? Although the process in the beginning was not a smooth one and some residents are still concerned that they will be bought out by people who want to live closer to the trail, it is a great idea and spot in the city.
5. Restaurants: A great many restaurants have cropped up in these two neighborhoods and the strip on Armitage Avenue is being referred to as the new restaurant row. Who doesn’t love more food?

 

Earlier this year in February, the First Evangelical Church in Logan Square located at Kimball and Wrightwood went up for sale for $1.1 million. Aloft, ran by Shayna Swanson, a place for circus performers to train, made an offer that was accepted and now what used to be the gorgeous church will hopefully become their new headquarters.

Aloft was previously located at 2000 West Fulton but because their lease was terminated earlier this year, they sought out a new location. As exciting as Swanson is about her company’s new home, Aloft is in desperate need of some money, $100,000 to be exact, to create the proper kind of space they need along with the proper circus equipment, which can get a little pricey.

But as Swanson is well aware of, everything worth doing comes with a risk. And it’s better to aim for something that make you feel fulfilled than not try at all.

 

Read more about this story here.