Chicago Real Estate News

A beautiful snow-filled view from 336 W. Wellington #905

2012-01-21T14:07:00.000-08:00

Check out this amazing snow-filled view of Lincoln Park and lake Michigan taken from unit 905 at 336 W. Wellington. This unit is on the market for $250,000 and is completely redone with updated kitchen and baths. For a virtual tour of this property, go to 336 W. Wellington #905.

For more information, email me at agersten@rubloff.com or call directly at 312-368-3280

Incredible space in Lincoln Park overlooking the park and lake at 2100 N. Lincoln Park West

2012-01-04T07:05:00.000-08:00

Check out this 2700 square foot four bedroom, four bath unit at The Pierre. The entire unit runs across the front of the building with lake and park views from almost every room. Located across from the Lincoln Park Zoo, The Pierre is ideally located in the heart of Lincoln Park and is a full service building with 24 hour door staff and convenient on-site parking.

The views will amaze you. These shots were taken from the unit. You can see the lake and the park from almost every room and on occassionally you can even hear the lions roaring from the zoo across the street. There is also one of the best play grounds directly outside the front door of the building.

This unit does need kitchen and bath updating and is a great opportunity to update a space exactly the way you'd like it. Call me at 312-368-3280 for additional questions, floor plans or to schedule a showing.

Prudential Rubloff Properties Lux Collection

2011-11-15T11:29:00.000-08:00

Take a look at the new digital version of the Prudential Rubloff Properties Luxe Collection. Just click and explore. It showcases the best of our city, suburban and Harbor Country properties in a digital format. Basically an online magazine.

And should you have any additional interest, feel free to contact me directly at 312-368-3280

OPEN HOUSES SUNDAY, JULY 31---NEW LISTINGS

2011-07-29T11:34:00.000-07:00

Check out these incredible new listings and open houses this Sunday, July 31st:

1742 N. Wilmot--OPEN 1-3PM

Stunning 4 bedroom Contemporary Bucktown Home

List PRice: $1,525,000

Experience quality in this stunning contemporary Bucktown home w/ith two story living room, 5" Brazilian cherry floors, custom stair rails and wbfp. Kitchen has stainless steel Viking appls and island with dining and living areas that walks out to an incredible multi level landscaped deck. The 3rd level has three bedrooms with master suite, marble bth, bubble tub and seperate steam shower. The lower level is a true walk out with family room, 4th bedroom, studio & enclosed walkway to two car garage. Just steps to all BUcktown has to offer including shopping, dining and the blue line.

3417 N. Bosworth-OPEN 12-2

List Price: $635,000

Extra large duplex in the heart of the Southport Corridor. Built on a 30' lot, this 3br/2.1ba is extra wide with huge rooms, separate family room, patio and deck, two fplcs, 42" cherry cabinets, stainless appliances and granite counters + hardwood floor throughout. Massive master suite with dbl vanity sink, jacuzzi, separate shower and walk-in closet. Garage parking included. Easy walk to everything

606 W. Aldine #2W-OPEN 12-2

List Price: $360,000

Stunning vintage home in the heart of Lakeview w/ garage pkg,back deck off kit & incredible park like yard.Beautifully restored,this home offers custom millwork, hwfls, lacquered doors, lrg bay window in living rm w/gas frpl, separate dining rm, incredible kitchen w/ cherry cabinets, granite tops & stainless applncs. Plus central heat & air, extra office space off 2nd bedrm & in-unit w/d. Shows very well.

CABRINI GREEN LED LIGHT SHOW ALMOST FINISHED

2011-04-15T08:02:00.000-07:00

The last of the Cabrini Green high-rises is coming down. In fact, it's about half way there. Maybe you've been watching the buildings come down one by one but this one is the last. One thing you may not know is that there is a light show that displays in the evening when the demo team is gone. You will notice flashing lights in several apartments.

This display was created by students and faculty of the School of the Art Institute to commemorate Cabrini and the experiences of the residents who are now scattered throughout the city. Created by Jan Tichy, a teacher at the Art Institute and Efram Appel, a social worker, the 134 lights are spread throughout the building and flash intermitently in conjunction with the "voices" of student poetry reflecting off the multi-colored walls. As the building comes down, these LED lights and the boxes they are housed in will be retrieved and recylced along with much of the building remains.

If you are driving near Halsted and Division, take a look at this last building. The light show will continue throughout the demolition phase which will likely wrap up by the end of the month.

Real time vide of the building at 1230 N. Burling is available at at http://www.projectcabrinigreen.org/ along with recordings of teenagers poetry that was written in conjunction with the light display. The will also be an exhibition at the Museum of Contemporary Art throught for the duration of the demolition.

A piece of the Chicago landscape is changing, forever....

OPEN HOUSE THIS SUNDAY--5824 N. WASHTENAW

2011-04-15T07:38:00.000-07:00

This extra large bungalow at 5824 N. Washtenaw in Arcadia Terrace will be open this Sunday, April 17th, from 12-2pm.

Listed at $475,000 this four bedroom home is beautifully finished with hardwood floors throughout, two recently redone baths, a separate den or family room on the second floor and a huge workroom in the basement.

Home is bright and in excellent condition with yard and two and a half car garage.

Stop by on Sunday for a walk thru. Or if you can't make the open house, call Andy at 312-368-3280 for a showing.

BRAND NEW TO THE MARKET

2011-04-08T10:01:00.000-07:00

Check out this extremely charming condo at 3316 W. Sunnyside #3. This bright south facing 2 bedroom unit listed for $159,000 is on the top floor and includes roof rights with a staircase already in place from the back porch to the roof for easy access to build your own private deck.

The living room has hardwood floors and connects the the sunroom with three sides of windows..It is a true sunroom.

The master bedroom is spacious and also faces south taking advantage of abundant natural light. Adjacent is the totally cute 2nd bedroom.

The kitchen has room for a table and walks directly out to the porch which is a good size and ideal for a small home container garden.

Home is conveniently located a couple blocks from the brown line as well. For more information, contact Andy at 312.368.3280

Beautiful Extra Large Bungalow in Arcadia Terrace

2011-03-30T09:10:00.000-07:00

BRAND NEW TO THE MARKET in Arcadia Terrace come see this beautifully maintained and improved bungalow is at 5824 N. Washtenaw in Chicago.

The living and dining rooms are wide and bright and have been combined into one large space. The kitchen has been updated with maple cabinets and a breakfast nook.

There are two bedrooms on the first floor with a nicely refinished bathroom while the other two bedrooms, one being the master, are located on the second floor.

The master is quite large with beautiful parquet floors and adjacent to a spacious new full bath with skylight and double vanity sink. Also on the top floor is a separate family room ideal as a den or office.

The lower level is a full, partially finished basement complete with recreation room, full laundry room and massive work room.

The home sits on an extra wide lot allowing for a nice back yard and a 2 1/2 car garage.

Home shows beautifully. For questions or to set up a showing, call Andy at 312-368-3280.

Lenders need to do more...a lot more!

2011-02-21T13:16:00.000-08:00

Many of us in the real estate market have been experiencing increased traffic to our websites and increased showings, but then it stops. Buyers are coming back slowly, but ask a real estate agent and they will have story after story of how lenders are stopping deals. It is increasingly more difficult to secure financing and the interesting thing is that loans made over the past two years have the lowest default rates.

Buyers are more qualified and more cautious than ever. They are giving serious consideration to their home affordability, income to debt ratios and responsible down payments.

According to Lawrence Yun, Chief Economist for the National Association of Realtors, "data from Fannie Mae and Freddie Mac show that 2009 mortgage originations have the lowest default rates in decades, with 1.2 defaults per 100 laons backed by Fannie Mae and 1.1 defaults per 100 backed by Freddi Mac. As recently as 2007 those figures were a staggering 28.7 amd 22.4, respectively."

Given this recent strength of loans, you would think that lenders would be jumping back into the business of mortgage loans...but they are in fact holding back.

According to Yun, lenders have tightened underwriting so much that even households with solid credit backgrounds are simply not making the cut.

"No one would advocate for a return to risky lending," says Yun, "but by simply returning to underwriting standards that are close to what has been historically normal, lenders can do what the federal government is trying to do: spur the economy by getting responsible households back into the housing market."

Waiting for prices to fall...

2011-02-17T08:39:00.000-08:00

Many buyers are waiting on the sidelines not sure if home prices are going to continue to fall or not. But consider the cost of waiting. As interest rates begin to creep up, even if prices do retract slightly, the cost could likely be higher.

An excellent article by the KCM Blog illustrates this using average home prices in the US. With a mere 3/4% increase in rates, a $170,000 home can cost almost $90 more per month on a mortgage. The writer also ads that even if prices fall another 10% this year, the cost of a home will increase if interest rates go up more than 1%. Buyers should not worry where prices are going. They should be concerned where costs will be later in the year.

So maybe waiting isn't such a great idea anymore?

New Penthouse Listing in Lakeview

2011-02-14T08:41:00.000-08:00

Check out this incredible top floor unit at 1640 W. Belmont. This condo is the developers own unit and he has filled it with incredible detail.

The crown molding, wainscotting, inlaid wood floors are just the beginning. At just over 2000 sqft, this gracious three bedroom unit offers soaring 11' ceilings, two private decks, two parking spaces and excusive roof rights to a 2000 sqft roof that is ready to be finished out.

3rd bedroom/office

Master Bath with steam shower and jacuzzi tub

Master Bedroom with hugw walk-in closet, private deck and in-laid hardwood floors

For more information, click on the property link here or call me at 312-368-3280 for a showing.

Two affordable north side listings on the lake-5100 N. Marine Drive #4E and 4250 N. Marine #1704

2011-01-25T07:29:00.000-08:00

I have just listed two well priced condos on the lake front. The first is at 5100 N. Marine Drive just south of Foster. It is unit #4E and is a true one bedroom for $115,000. The bright, south facing unit is in very good condition with hardwood floors, dishwasher and individual heat and air conditioning. The building has an outdoor pool, 24 hour door staff, beautiful redone lobby and is in good financial health. For a complete virtual tour and property details, visit the link at by clicking on 5100 N. Marine Drive #4E.

Also on the market at $115,000 is 4250 N. Marine Drive #1704. This is a high floor junior one bedroom which also faces south with beautiful lake and park views. If you want bright, this is it. The unit could use minor updating but is a great value for the area. The building has all the amenities you could want including 24 hour door staff, on-site management, outdoor pool, exercise room and immediately available on-site garage parking. For a complete virtual tour and property details, visit the link by clicking on 4250 N. Marine Drive #1704.

For showing or questions on either properties, contact me directly at 312-368-3280.

Fannie Mae to add more loan fees

2011-01-11T08:19:00.000-08:00

My good friend Bonnie Vasilion offers some insight into mortgage interest rates and what we might expect in the next several weeks. Many consumers are frustrated with the fees and guidelines lenders and Fannie Mae are imposing in order to avoid any risk at all. The truth is, mortgages are a risk at some point. But to deny strong borrowers is putting real pressure on the housing market.

What happened? Mortgage rates rose; and they rose quickly. (Though rates are still super low, historically speaking!)

Why? Without getting into too many details, it seems that a combination of “fear and panic” on the part of Mortgage Backed Security (bond) traders regarding reaction to “QE2”, concerns about inflation, appearances of an improved economic outlook, etc. all contributed to an increase in rates.

What next? I know some people are hoping that the “fear and panic” subsides and rates come back down. Anything could happen. However, there is a new issue, besides cyclically higher rates, looming on the horizon that could in fact drive the cost of home financing even higher: Proposed increases in Fannie Mae/Freddie Mac “ risk-based pricing overlays”.

In a December 23rd memo to investors, they described changes proposed for the Spring of 2011. We already have “risk based pricing overlays”, for example, lower credit scores = higher rates, “cash out” rates are higher than just refinancing what you owe or making a purchase, lower down payment = higher rates. The overlays are going to get even pricier, and the proposal has even the most ideal borrower paying an overlay just because Fannie/Freddie says ANY loan is a risk these days. (I read ¼ point per loan, just to “get in the door”: that translates to $ 1,000 on a $ 400,000 loan).

Below is an article I found that discusses this. There is not a lot of information available on this yet, but I will share it as it becomes available.

Boston Herald--Fannie Mae to add more loan fees

What’s the point? As you’re heard me say before, If buying or refinancing makes economic sense to you now, it makes sense to act now. Waiting for lower rates to come back seems much less likely than higher rates and financing costs.

HUGE PRICE REDUCTION AT 3800 N. LAKE SHORE DRIVE #13E---NOW $549,000

2010-12-01T15:54:00.000-08:00

This beautiful unit at 3800 N. Lake Shore Drive in Chicago has just been reduced by $50,000. The unit itself has bright south and north exposures has been completely redone with central air, new windows, new kitchen and baths plus original moldings, hardwood floors and gas fireplace. There is also a butlers pantry and separate dining room for easy entertaining. 3800 N. Lake Shore is a terrific building on Chicago's lakefront with only 95 units and rare on-site parking. Check out the virtual tour for a detailed view of the home.

3800 N. LAKE SHORE DRIVE 13E

NEW SINGLE FAMILY HOME LISTING IN BUCKTOWN--OPEN HOUSE SUNDAY NOVEMBER 7th from 12-2pm.

2010-11-06T11:38:00.000-07:00

If you are looking for a terrific single family home in Bucktown, check out this new listing at 2138 W. Churchill listed for $985,000. It was built in 2001 and has four bedrooms, a spacious separate family room, brand new master bath and a fantatic rear deck. This is a great location just west of Damen and north of Wabansia. You aren't right on top of all of the activity in the neighborhood, but just around the corner. Just two blocks from this home are two parks, a new Chicago Public Library, all of the great shops and restaurants that you love, coffee shops and of course the blue line which takes you to Ohare and the loop. It has an excellent walk score of a 92 out of 100--a walkers paradise.

The finishes are what you would expect in this price range with hardwood floors on the main level, comfy carpet on the lower level and three bedrooms on the top floor. The lower level also has a nice fourth bedroom and adjacent full bath which is ideal for guests.

The kitchen has that great-room like feeling with an area for a table and sofa and chairs. The appliances are all stainless steel with cherry cabinetry and granite counter tops. This room also walks out onto this fantastic cedar deck which is built over the two car garage.

Additionally, this is an all brick home rather than brick in front and frame or split face block on the sides and rear. Yes, all brick!!!

If you have any questions or would like more detail, feel free to call me directly at 312-368-3280..........

...........OR STOP BY THE OPEN HOUSE THIS SUNDAY, NOVEMBER 7th, FROM 12-2PM.

NEW LINCOLN PARK LISTING--2648 N. SEMINARY #2

2010-11-03T09:01:00.000-07:00

If you are looking for something affordable in Lincoln Park, check out this new listing at 2648 N.Seminary #2 for $369,000. It is a second floor home in a brick building that was built in 2000. There are only three units in the building and this is a spacious two bedroom, two bath with hardwood floors, granite and stainless kitchen, fireplace, a deck off the master bedroom and tandem parking for two cars that comes with the unit..yes TWO CARS! (If you are curious, tandem means you park one in front of the other.)

The home is located just two blocks from the brand new Diversey El stop and many of the neighborhood conveniences including the all impotant Starbucks, Potbelly and Penny's Noodles. It has an excellent walk score of 91 out of 100--a walkers paradise. If you have any questions, feel free to call me directly at 312-368-3280 or click here for a link to the listing online and a virtual tour.

910 W. Roscoe-PRICE REDUCTION

2010-10-16T07:58:00.000-07:00

This beautiful 3 bedroom unit located in the heart of Lakeview has recently been reduced to $700,000 and will be open this Sunday, October 17th from 1:00pm to 3:00pm, It is impeccably detailed throughout with two outdoor spaces, a separate family room, a beautiful ensuite guest room and attached garage parking. Stop by and visit Sunday.

NEW 3BR LISTING AT 910 W. ROSCOE--OPEN THIS SUNDAY SEPT. 19th FROM 1-3PM

2010-09-16T07:51:00.000-07:00

I just listed this beautiful duplex down at 910 W. Roscoe for $710,000. Located on a tree-lined street in the heart of Lakeview just blocks from Wrigley Field and the lake, this 5 year new unit has impeccable details with a unique kitchen design not typical to this layout.

Two bedrooms are up and the master is quite large with room for a sitting area and a fully appointed master bath and private back balcony.

The lower level has a large family room with hardwood floors, wet bar complete with a refrigerator and wine cooler and second fireplace. There is also a third bedroom here with its own ensuite bath, ideal for guests. There is a one car attached garage space included.

CHECK OUT THIS PROPERTY AT THE OPEN HOUSE THIS SUNDAY SEPTEMBER 19th FROM 1-3PM.

Amazing New Sheridan Park Conversion-4529 N. Malden

2010-07-29T08:28:00.000-07:00

This property will be hitting the market on Monday but here is a preview of what is to come. Located at 4529 N. Malden, this property has been painstakingly restored to its beautiful splendor by its long term owners over the past several years. Massive single level floor plans offer generous room sizes and walls of windows on all four sides. The units are filled with original, restored woodwork including original oak floors, birch and mahagony details, doors and wainscoting. Plus all new bones including plumbing, electrical, roof and heat and air conditioning. The kitchens and baths are also new.

If you are looking for something special, you should check these out. Pricing will be $489,000 for the first floor and $525,000 for the second floor which is a bit larger and has an extra room. Both units will include two secured outdoor parking spaces and large decks as well.

For more information or to schedule a showing, call Andy Gersten at 312.368.3280.

Sunday Featured Open Houses for July 25th

2010-07-24T15:03:00.000-07:00

If you haven't had a chance to hear dotdotdot you have a chance to get to know a bit more about the band by listening to Chicago’s Q101 on Sunday, August 1st at 9pm to hear Chris Payne on local101 talk about the band and talk with Adam from the band about the land of Dot.

Before that if you are out and about where they played last, (Roscoe Village) there are 2 great open houses this weekend. Both are close to each other (3 blocks or less than a 1/4 mile). The first is 1833 W School St between Ravenswood and Damen - open 11-1pm Sunday ($1.3 million) and the next is 1818 W Henderson one block north as the crow flies ($1.435 million). This is open from 1-3 on Sunday, July 25th. Both are similar - relatively new construction (School is 11 years old and Henderson is brand new.

Both feature big living spaces 4-5 bedrooms. One with a yard and the other with 3 decks including a roof deck. Hardwood, great up-to-date kitchens. It would be great to have you see both and let me know how you think they compare. Is the newer "smart house" worth $135,000 more that the other? Do you prefer a yard or a decks and skyline roof views?

And , since you are so close drive just north to 4325 N. Ravenswood and check out Architectural Artifacts - there is great parking and 4 floors of monument to Chicago's architecture - preserved from wonderful old homes and buildings - stained glass, furniture, architectural exterior and interior details. Here is an exterior artifact from the Chicago Theater.

Chicago street fests offer a great opportunity...and it's not over yet!!!

2010-07-21T11:12:00.000-07:00

I have lived in Chicago for almost 25 years and this is the first year I have made it a point to experience as many street fests as possible. I usually hit one or two each summer but this year has proven to be more exciting. It is a fantastic opportunity to try out local eateries, visit area shops and expose yourself to some unbelievable music by small local bands. It is truly a treat and not an all day event.

A few weeks ago I was at the Roscoe Village Burger Fest and although the burgers were as good as a streetfest burger can get, I was introduced to a fantastic local band called Liquid Soul. They are 2000 Grammy Award winners and have been hovering under the radar ever since. You get the jazzy brass sounds of the sax and trumpet with the high-energy rocky, dance beat. Plus unreal vocal percussion of "Boy Elroy" It has to be seen to be believed. They were unique, original and quite entertaining and not terribly crowded. They are not easy to find in the city but if you see them on a fest list, check them out!!! I think Evanston is their next stop before the summer ends.

At the same festival I heard dotdotdot who are also a local favorite who offer a handful of originals plus fun cover music: a rock sound with a dance beat and tons of energy. They are all over the city with gigs practically every weekend, including this coming weekend at the Taste Of Lincoln Avenue (at Fullerton). They are on at 3:45 on Sunday if you want to check them out. They also have a couple of the members from Cat Fight.

Last weekend was another terrific street fair in River North. There I heard another new local band that is my favorite of the summer so far called Mathien and they also offered incredible original music that I would not be surprised gets some radio play in the future. Merging calm, funky soul, rock, and a strong hip-hop aesthetic, singer-songwriter Chris Mathien (MAY-thee-in) conveys the passion of reggae and soul vocal stylings, the free experimentation of Parliament-Funkadelic Rock, while incorporating the unconventional hip-hop attitudes of A Tribe Called Quest and The Roots...

They can been seen next at the Bash on Wabash (between 13th and 14th). Mathien goes on between 6:00 and 6:30 on Sunday, September 5th. If you are in the south loop area, definitely check them out.

Financing your real estate purchase

2010-07-19T07:54:00.000-07:00

So you are looking to purchase property. Maybe you have done it before – so this will be a refresher or maybe this is your first time or possible the first time in the “jumbo” loan category. I thought it might be helpful to cover some basic information and some of the differences between loan type and lender.

Loan Rates:

Rates are wonderfully low right now and this has made home ownership – along with a softer market - incredibly affordable.

Rates will vary depending on the loan type, (e.g. fixed, adjustable…) the demand for that particular type of loan, length or term of loan (e.g. 15 year, 30 year…), your credit worthiness (typically your credit score), loan to value ratio (i.e. what is the % of the loan you are putting as a down payment) and more recently the credit worthiness of the building where your property is located (assuming a condo/co-op).

Type of Loan

A conventional loan is a loan that is less than $417,000. A Jumbo is for any loan amount over $417,000 and it usually comes with a higher rate (bigger value, bigger risk for the lender and therefore they charge more). $417,000 is very low for many pricier areas of Chicagoland and there is an active effort on the part of the real estate community to get this bar raised so that loans above $417,000 can get more reasonable rates of interest.

Let’s do some quick comparisons using the bottom of the range of available rates for each loan in Chicago based on www.bankrate.com/mortgage.aspx

The 15 year costs more monthly but builds equity faster with a lower interest and a quicker repayment of the principle - saves over the long haul

The Jumbo charges more so if you could add to your down payment to get below the $417,000 you could save 10% monthly and over the life of the loan.

Loan choices should be made with the help of a professional lender. Give me a call and I will make some suggestions about folks that can help you find just the right loan for your particular needs.

Loop Living

2010-07-17T09:12:00.000-07:00

So you are exploring the loop and tracking down the movie trailers looking for Optimus Prime or even a glimpse of Kevin James (Ron Howard is also filming a new comedy in the city) and you wonder, should I live down here in the loop. Maybe walking to work every day with my Starbucks in hand would be the way to live. Maybe working 14 hour days and having a horrible commute out to wherever is not the best lifestyle for me. People generally don't think of the Loop as residential but there are some great properties that you can take a look at this weekend to see if the high-rise life might be a good choice fort you. So after chasing the film making, take a break and go see my favorite pick for the weekend. 235 W. Van Buren unit 4610 will be open from noon on Sunday until 5pm. This is a new development and the unit is a duplex penthouse - the main floor boasts a premium kitchen, living room/dining room and a small bedroom and upstairs there is a large master suite with a separate large den. The spectacular part of this home is the outside space - 3 individual spaces and one is a 1400 sq ft terrace. Imagine the gala event you could host with spectacular views of the skyline. The property is offered at just over $1 million. Maybe you can see the entire set of Transformers 3 from the terrace.

Transformers on location in Chicago...

2010-07-14T08:36:00.000-07:00

In talking about neighborhoods, there are a couple that will be experiencing something a bit unusual over the next couple of weeks. The new Transformers movie will be on location around River North and downtown and they are making quite a scene. Last weekend they had the streets torn up at Jackson and Lasalle and again at Franklin and Washington in the loop. It literally looked like an earthquake hit.

It walking by the sites, they had "transformed" these locations completely. Huge boulders, upturned sidewalks...but if you looked closely, what appeared to be giant stones were merely sets of foam and wood. Unbelievably real...except when two people on the set gracefully lifted one off the ground to relocate it.

If you want to catch a glipse of some real fun action, check out the Chicago Tribune map which outlines where they will be and when and what will be happening.

This weekend will be big explosions, parachuters and a lot more action, mostly taking place around Michigan Avenue and Wacker Drive. On Friday, July 16th beginning at 8pm, Michigan Avenue will be closed between Wacker and Ontario with big effects and stunts mostly taking place on Saturday and Sunday.

Also on Saturday the 17th, skydivers will be in the area so be prepared for street closures several blocks in either direction from the Trump Tower. Hotel 71 is the set for several scenes from the 19th-21st and the old Jewelers' Building will see the cast and crew for several days from the 24th-27th and possibly longer. I also heard that a few cars will be driven off the parking garage at Marina City into the river which would be pretty amazing to see.

So if you are heading to the area for a different reason, be prepared for a show. If you are heading there to catch a glimpse of the filming, be prepared for a long wait...it is the movies you know.

Recovery,recovery, where for art though?

2010-07-12T20:02:00.000-07:00

Every Monday we are talking about the economy or housing market with a particular eye on Chicago. There is a great deal of talk on the recovery. A few weeks ago I quoted the Chief Economist from Freddie Mac when he asserted there will be a slow recovery with no double dip. Right now there are all kinds of mix signs. John Tuccillo, President, JTA, LLC (John is an economist, consultant and one of the foremost real estate and housing finance economists in the United States.) said that mixed signs – some still down (jobs) but others showing a turn around (the Dow (every other day )) are an indication of having hit the bottom and starting the hard work of recovery.

Each day I am asked “how is the market in Chicago…which neighborhood will recover first." Of course, no one has a crystal ball and no one can be certain. But today and for the next few Mondays I would like to pose a few thoughts on neighborhood recovery and I WELCOME debate and discussion. And if you have any specific questions you would like to address – post them and I will try to get some answers.

One theory of recovery is it starts with the wealthiest markets (Near North/Gold Coast). The logic behind this is that prices would have dropped enough to draw buyers from surrounding markets.

So the data to support this would be Near North would have dropped in average price, driving growing sales, the beginning of lower inventory and a recovering price and the surrounding area (Lincoln Park) would not be seeing price recovery.

Looking back 2 years and 4 points in time (Dec 08, June 09, Dec 09, June 10) here are the facts:

• The Near North has done a rollercoaster with strong average price in Dec 08 but a build up of inventory to 2 years. Average price dropped then from $648K to $450 (oops) but has rebounded in the last year AND managed to see inventory drop (average sold price is now $529 with a year of inventory. Hard to tell what drove it but to cut inventory in half – even if you allow for expired/cancelled listings – would take a inflow of buyers from other parts of the city

• Lincoln Park on the other hand saw the same drop in average price but hasn’t rebounded at all in price (price down 40% Dec 08 to June 09 but only up 2% since then. Inventory hit low levels (7.6 months in June 09 but has settled back to one year this June.

What do you think? What is your recovery theory? What neighborhood would you like to buy or sell in and would you like some solid information on the market?

Spotlight on North Center

2010-07-10T06:55:00.000-07:00

Part of the reason we love Chicago - in the midst of a big city, there are micro neighborhoods and they host festivals/events for one reason or another all throughout the summer. Two fun neighborhood events in North Center are pretty close to each other yet in distinctly different neighborhoods and they might be worth a visit.

The first is Ben Fest.

St. Ben’s parish and school at Irving Park and Bell Avenue host this very family oriented festival featuring rides for the kids and music for all. St Ben’s neighborhood is a small (8 square block area) with the parish at the center. The church was built over 100 years ago by former parishioners of St Mathias (Lincoln Square) who, in horse and buggy days, found the 1 ½ mile ride to church on Sunday too long. The neighborhood now attracts many homeowners because of the architecture, old brick single family homes and two/three flats on tree lined streets, and the school system – both public (Bell Elementary) and private. The festival starts tonight (Friday evening) and runs all day and into the night on Saturday.

Next, just 8 blocks south is the start of the tenth annual 2010 Roscoe Village Garden Walk and it is free!

You can pick up walk guides at 2058 W. Roscoe. Exhibiting gardens will be on public display from 12:00 noon until 6:00 pm on Sunday, July 11. What you will also notice as you walk around Roscoe Village is the variety of home styles and how different this neighborhood is from St Bens just to the north. And yet they are both very livable city neighborhoods. In Roscoe Village, my favorite homes are the clapboard, porched, welcome your neighbor type, single family homes. Just follow the guide to the gardens, look for balloons and notice the homes along the way.

Looking for Parking...check this out

2010-07-07T11:00:00.000-07:00

Are you tired of looking for parking on the street. Are you considering purchasing a condo that does not have parking included? If so, there is a great new web site that is strictly related to parking options in Chicago.

The website is called Parking Spotter and allows you to select a neighborhood or specific location and it shows you all of the parking options along with the costs and a map. Many of the spaces are monthly rentals but there are also links to garages for event parking. The great thing about this site is that it allows sellers or owners of these parking spaces to post them for free. So if you are considering a property that does not have parking included, don't fret....you may find what you need here.

If you have been considering purchasing a condo in Chicago and don't want to purchase the parking spot, you may want to consider properties that don't have parking included. Often these units are beautiful and spacious in vintage style buildings that were originally built before parking was a true need as it is today.

I have also added Parking Spotter to my resource category on the right side of my blog.

Spotlight on Lincoln Park

2010-07-01T09:22:00.000-07:00

Where to begin? Our city architects created the most wonderful feature of the neighborhood by making sure the actual park of Lincoln Park stayed a park. Bike paths, trees, lakefront, and beaches – no other city has such a livable reputation and that is largely due to the lakefront.

Stepping back from the water front though and you discover a neighborhood 3000 blogs could not completely cover. So I will just touch on a few favorites: Food and Music.

My foodie friend just had dinner at Alinea (1723 N Halsted St). In addition to being possibly the most expensive meal she has ever enjoyed ($600 for two) it was, in her words, the most interesting and a true foodie experience. Alinea is all about presentation. There are two tasting menus – a 15 course and a 22 course. They had the 15 course. One course was created as the centerpiece by the diners themselves from a selection of ingredients and then became one of the courses. This course looks like it is looking back at you. And the horizontal ribbon is made from an applesauce gelatin. Each course comes with instructions on how to eat the course – how to mix the flavors just right, how every element of the whole was made. A party of four sitting next to them had flown in from California just for the experience of this restaurant.

Chicago Blues is alive all along Halsted between Fullerton and Diversey. And the music clubs are wonderful. Check out Kingston Mines as a local favorite. But right across the street is my favorite music venue, The Guitar Center. This is no ordinary music store. They encourage you to try, touch and play every instrument. Musicians and wanna be musicians alike can spend hours there. Each room is dedicated to a particular type of instrument – acoustic guitar, electric guitar, percussion, piano/electric keyboards etc. Just three days ago, Robert Plant (of Led Zepplin) strolled in off the street to pick up his guitar from repair, packed it into his backpack and walked out of the store like an average guy not the guitar legend he is. Angus Young of AC/DC was trying out guitars 8 feet from a young boy who was trying an ACDC riff on an electric guitar. Would have been cool to go give the boy a few tips from the master….

Lincoln Park runs from North Ave to Fullerton and from Clybourn East to the Lake. Many micro neighborhoods make up the whole. Many people looking for homes are trying to figure out which neighborhood to jump into and when is the right time to get a great value in this coveted neighborhood. Over the years 2005 to 2009 (the peak of the market to the trough) Lincoln Park actually retained much of its price value but slowed down in unit sales and those sold took longer to sell. There are properties here that you can find that provide value – but most of the reason to jump into Lincoln Park now is not driven by soft prices but by low interest rates. A home at the same price in 2005 and 2009 would cost 19% less in monthly payments at today’s 5% range than 2005 7% range. Said another way an income of 19% less today would qualify you for that home. In fact affordability is the best it has been since 1971. So if you want to check out this desirable neighborhood, contact me.

Short sale confusion?

2010-06-28T13:07:00.000-07:00

Short sales have been in the news for quite some time but there is still quite a bit of confusion. There was a great article in the Chicago Tribune on Saturday that attempts to de-mistify this. It really does a good job at giving you both the seller and buyer perspectives. It is clearly not for everyone and requires a good amount of patience.

Fannie Mae recently announced that they will require those who can make their payments yet still move forward with a short sale or strategic default, wait seven years before they are eligible for a Fannie Mae loan. Shockingly it is estimated that there are 11 million homes across America who are under water. That means the home owner owes more on the mortgage than the current market value of the home. There are even further estimates that we could have up to 21 million households upside down in their house in three years. It seems that Fannie Mae is taking this position so homeowners think twice before going down the short sale road.

A strategic default is when a home owner walks away from their mortgage that they could pay but have decided not to because they owe more than their house is were worth at the current time. Yet there can be a variety of repercussions. One is that the loss follows you as a deficiency judgment until it is paid off down the line.

Fannie Mae has also stated that they will pursue deficiency judgments in states that allow this by law. Fannie Mae will look at each hardship as it crosses it desk. A person with an acceptable hard ship or an approved short sale will only have to wait two years before obtaining a mortgage backed by Fannie Mae. Another option for home owners is to sign over their house in a "deed in lieu of foreclosure" to avoid a lengthy foreclosure process.

Amazingly, statistics show that 7 out of 10 people who were foreclosed on did not seek a real estate professional for assistance. It is a good idea to speak with a real estate agent knowledgable in the short sale process as well as an attorney. Start this process early before you become overwhelmed and feel you have no options. There may be more than you think.

Lakefront Sculpture Exhibit

2010-06-26T12:55:00.000-07:00

One of the many things I love about Chicago is the accessibility of works of art to residents and visitors. Of course the most familiar are the downtown outdoor sculpture: Calder at the Federal building, the lions in front of the Art Institute, etc, etc. Many times I have stood at Daley Plaza and watched kids climb all over the Picasso getting and early “feel” of the world of art. The neighborhoods do not fall short in the art department and this is especially true of Lakeview and Lincoln Park. For the last 9 years, Alderman Vi Daley has sponsored this juried outdoor sculpture exhibit in Lincoln Park and over the last few years Alderman Tom Tunney has expanded it to include Lakeview. The installations of the works have happened over the last month and they are now ready to view around the neighborhoods. To get a full tour (and it is definitely worth the walk) pick up the new 2010 brochure at either Alderman’s’ office. It provides an easy to follow map so that you don’t miss a treat.

And since walking is all anyone will be able to do in the parade congested Lakeview this weekend, you can see the parade and two of the newly installed sculptures on the parade route.

The first is at the northwest corner of Roscoe and Broadway. If you can get an outdoor seat at Starbucks you can sit and wonder what the inspiration or meaning is of the “Composition in Aluminum” by John E. Bannon.

Further south on the northwest corner of Barry and Broadway is another delicious sculpture in aluminum entitled “Uplift” by Michael Young. These sculptures will inspire you to hike around the whole Lakeview and Lincoln Park neighborhoods in search of more treasures.

Sunday is the Pride Parade in Lakeview

2010-06-23T08:26:00.000-07:00

It is that time of year again for the Pride Parade in Chicago. Originally started in 1970 with an attendance of only 150 people, this has grown to be one of Chicago's largest parade of the season and attendance is expected to exceed 500,000. The parade route is from the corner of Halsted and Belmont and continues north on Halsted to Broadway where it turns and heads south to Diversey ending on Lincoln Park. Quite a long route. Be prepared for a very busy area and traffic is virtually stopped east and west. Instead of driving, consider biking or cabbing then walking. It is also an opportunity to see some of the beautiful homes through east Lakeview. Consider taking a bus down lake shore. East of Halsted is beautiful and is only a couple of blocks from the parade itself. One of my favorite streets is the 500 block of Hawthorne which is filled with only a handful of grand homes. It is unlikely you will find many open houses in that neck of the woods on Sunday. So enjoy the walk and the festivities.

Chief Economist for Freddie Mac speaks in Chicago

2010-06-22T06:24:00.000-07:00

I recently had the opportunity to hear an excellent presentation from the Dr. Frank Nothaft, the chief economist for Freddie Mac about the economy and housing in general and the Chicago Market in particular. Here are some highlights from his presentation and his comments from the discussion that followed.

On Employment

The recovery will be slow but he doesn’t believe there will be a double dip. It will be slow because over the last 2 years the US lost 8.4 million jobs and at the GDP growth rate expected we should earn back about 2 million jobs per year. At the current rate of 10% unemployment, this will mean a 2 point improvement each year. – good – but not enough to suggest a steep and quick recovery. So employment will keep the recovery pace slow it will be a recovery.

On Fiscal Policy

As you may recall, in 2009 the government approved a massive stimulus to invest in the recovery...however, there is still half remaining to be spent. So we are seeing a recovery AND have some additional investment available to create jobs and provide credit.

On Monetary policy

Interest rates – people say – can’t get much lower but, according to Dr Nothaft we haven’t fully felt the effect of the decrease in rates. He believes that it takes 12 months for the effect of a 0 percent discount rate to be fully felt in the mortgage and other lending rates. So, even if the fed started to tick up the discount rate we have some time at these great mortgage rates. He stated that the interest rate should stay BETWEEN 4.75% and 5.25% for the next 12 months.

On Housing prices

Inflation is predicted to be low at about 2 ½ % per year and this means that while we have probably seen the bottom, we will continue to see low housing prices or at least very slow growth in housing prices.

This leads to the good news.

Housing affordability is the highest since 1971. This index look at mortgage rates, housing prices and income to determine if the median income family can afford a median priced home. Housing affordability is the highest since 1971

OPEN HOUSE OF THE WEEK-19 N. Aberdeen

2010-06-19T07:06:00.000-07:00

Situated in the heart of the West Loop CA23 is a new project by The Brixton Group. It has been under construction for awhile but units have been delivering and it is a well built and sleekly designed property. Known as , the development at 19 N. Aberdeen will eventually consist of two buildings with 48 new construction 2-4 bedroom units boasting ceiling heights between 11 and 18 feet and ranging from approximately 1900 square feet to 4000 square feet. The inspired, modern architectural atmoshpere makes this a unique and exceptional opportunity for today's purchaser seeking dynamic space, high quality design and top of the line finishes. Private elevator access to each unit, materials such as steel, glass and limestone combine for a brilliant facade, garage parking and large private landscaped yards for selected units create a unique and special development.

If you are going to stop by the Taste of Randolph Street fest this weekend, check out these places. They will be open on Sunday, June 20th, from 12-3pm.

While you're out and about, there is an amazing new property to the market at 850 W. Adams. This is one of my favorite loft buildings in the area if you are looking for large, sprawling space. It is two units combined into one leaving lots of open living space and quiet separate sleeping space The dining and living room, family room, office/den and eat in kitchen are combined into one giant living and entertaining space. Features include stainless and glass accents, high ceilings and all windows with southern and eastern exposure. There is also a terrace along the east to watch the sunrise.

Poured concrete, exposed duct work in the main living space and soft loft curves and finishes in the bedroom spaces plus a separate office with murphy bed.

This is presently owned by Annie and Lou originally of Annie Properties who were leaders in building and developing the west loop area.

If you are interested in seeing either property or if you have questions, give me a call.

Spotlight on the West Loop

2010-06-17T07:32:00.000-07:00

This neighborhood has truly blossomed over the past 2 decades to become one of the most livable and entertaining neighborhoods. Once filled with artists, design and photography studios it is now home to all that plus the folks that realized walking to work in the loop was a great way to start the day.

The neighborhood is bounded by restaurants – Greek along Halsted, a wonderful assortment of restaurants near the northern boundary on Randolph and a wealth of choices in between. A few favorites are a great new breakfast place at Jackson and Halsted called Miele. Be prepared to wait on weekends for brunch.

Another great weekend brunch location is Inas (the breakfast queen as she is more commonly called) at 1235 W. Randolph. You can get pretty much anything you can imagine and there is always a great twist on most breakfast ideas on the weekend. In the summer there is outdoor seating along Randolph which is a bit quieter where she is located at the western end of the boulevard.

If your in the mood for a little spice, hit Wishbone which is around the corner from Harpo Studios where The Oprah Winifrey Show is taped. They do an excellent, speedy and affordable weekend brunch as well with that southern twist. There is an abundance of outdoor seating here.

One of my favorite more casual and elegant spots is Sepia at 123 N. Jefferson. The interior is terrific and the menu fantastic. A great date night place.

If you still can't decide, then just park and walk down Randolph where you will have dozens of excellent dining alternatives.

And you can get a real taste of the area this weekend at Taste of Randolph Street - Friday evening the 18th through Sunday night the 20th. The entrance is at 900 W Randolph and features the galleries, restaurants from the area and great entertainment from all over the world.

Once a meat packing and industrial district, it may be the place in Chicago where lofts were invented or at least perfected. Wonderful industrial space turned into lofted living space and then the wave of building throughout the 90’s and early 2000’s brought soft lofts and new construction

The housing market in this neighborhood tends toward attached single family (townhome, duplex, condo) with average prices holding pretty steady. Over the last 2 years the price has dropped only slightly (4.1%) in what has been a generally tough housing market. However, they have seen a longer market time (193 days this June versus 123 days on market 2 years ago). Patience is required.

Appraisal Challenges...

2010-06-14T07:29:00.000-07:00

Many people have been experiencing issues with appraisals over the past several months. The problem has been that there is little and sometimes no historic data for appraisers to use so they have to dig. And we as agents have to dig too and in some cases provide information that isn't so easy to find such as properties that sold off market. Fortunately, we have been bouncing off the bottom for some time now and we have seen transactions in most areas and buildings which is moving the process along again. But many appraisers still consider much of Chicago in a declining market which does not bode well for sellers trying to sell to buyers trying to secure financing.

My issue is that if buyers, who have certainly done their homework, are willing to pay in this market, and sellers are willing to sell, how can the appraiser, who many times is from a completely different market and often a different city, have such power to squelch the deal.

Our contributing lender, Bonnie Vasilion of 1st Advantage Mortgage, has a few tips. She also has what is called "Exempt Broker Status" which means in some cases she can select the appraiser to use who is familiar with where the property is located.

It seems all the talk about real estate transactions these days is centered upon APPRAISAL ISSUES! Everyone has stories to share.

Due to the “Home Valuation Code of Conduct Law” (“HVCC”), lenders are no long able to discuss value with appraisers, nor can lenders speak with appraisers or even choose who will be appraising your home.

However, there are some things that can be done to work toward receipt of an appraisal with the most realistic assessment of value:

1. When meeting the appraiser on a purchase transaction, have the listing agent provide the appraiser with relevant recent comparable sales and any information about improvements made to a property. Include the value of improvements made.

2. Provide a floor plan and survey.

3. For borrowers refinancing, do what is suggested for listing agents: let the appraiser know of sales in your neighborhood of homes you feel are similar—many times properties sell “off market” and don’t show up on the records used by appraisers. Also, provide the list and value of improvements, as well as a copy of floor plan and survey if you have that available.

Don’t wait until the report comes out; once those reports are issued, it is nearly impossible to refute an appraisal.

One important note: I have “Broker Exempt Status” on a very competitive Jumbo financing program, meaning I am authorized to select the appraiser. Though I cannot discuss value, I can choose appraisers who are knowledgeable about our local markets, so keep that in mind: it can be a deal saver!

Finally, it is true that a lender cannot “toss a bad appraisal” and simply order a new one. If your appraisal doesn’t work out with one lender, you might need to go to another lender and start the process over.

Appraising a property is not scientific; there are variations. Be prepared; give the appraiser as much information up front as you can, then let them do their report and hope the value supports your transaction. As always, feel free to call me at 847-869-7100 ext 3322 or 312-502-0136 with any questions you might have.

OPEN HOUSE OF THE WEEK-1728 N. Cleveland

2010-06-12T06:47:00.000-07:00

If you are not completely exhausted from your great art hunt at the Old Town Arts Festival, then you might wander into an open house a few blocks away at 1728 N Cleveland on Sunday, June 13th. It is open from 2-4 and presents luxurious living - some of the convenience of the suburbs (attached garage) with all the elegance that only a well designed single family home in the city can provide. Offered at just under $3.6 million, this is 6500 sf of custom everything.

You will be struck first by the crisp carved limestone façade as you enter. The home has everything you would expect in a high end home. The tile work in each of the 5 ½ bathroom is striking. The kitchen is spacious and well appointed. The large detailed molding provides a finishing touch in every room. There are two decks – one over the garage for company entertaining and one off the top floor guest room. This was my favorite space. The current owners turned two rooms on the west side of the top floor into an office, sitting area and private balcony. What a joy it would be to commute upstairs to this private work space. It even features a kitchenette for coffee, beverages and other snacks. Another favorite part of the home is the large (300 bottle) wine cellar. Maybe you could negotiate for a choice bottle at the closing. I will leave the rest for you to discover.

The next home will not be open to the public but, should you be interested in a high-end contemporary home, 1916 N Burling can surely be scheduled to view. You can picture warm family nights in the open kitchen/family room at the back of the home looking over the courtyard and 2 level deck. When entertaining, the architect has created an open living room at the front and overlooking the living room is an open space that now features a baby grand piano. Music could softly poor over the rails for your special guests. Every touch, every stair rail, every light fixture will appeal to those of you that adore the clean lines of a contemporary home. This home is offered at just under $3 million Both of these homes are on quiet tree lined streets and have excellent schools, restaurants and entertainments within walking distance. . If you would like to view either of these homes, it would be my pleasure to arrange.

Spotlight on Old Town

2010-06-09T06:51:00.000-07:00

Well it is that time of the year again. The first big art fair of the season is this weekend...The Old Town Art Fair and the Wells Street Art Festival. Old Town is a wonderful, historic community tucked into Chicago's Lincoln Park neighborhood. The center point is North and Wells and the historic area of the Old Town triangle runs north to Wisconsin and West to Larrabee. The neighborhood does cross over North Avenue to the south for several bocks as well with many hidden treasures tucked in everywhere. The Old Town Art Fair is a great opportunity to have first dibs on pieces from some terrific artists before the season of art shows kicks into gear. And becuase this unique art fair takes place right in the center of the neighborhood it is a chance to see the area up close and even walk through some beauftiful gardens.

What makes the historic neighborhood so interesting is that no building within the triangle can be torn down. There are also restrictions on what you can do to the facade when doing a restoration. As a result, density levels in Old Town remains low and the neighborhood wonderfully quaint and intimate.

Two of may favorite shops are on Wells:

The Spice House and Old Town Oil. If you enjoy cooking and eating, these places will change your life.

The Spice House is located at 1512 N. Wells and is a small shop dedicated to the freshest, highest quality spices. It is ideal if you need to restock the pantry or for great ideas with a huge array of fresh and already themed packages.

Just next door the most exquisite oils and vinegars can be found at Old Town Oil which offers hand blended oils and vinegars from around the world. If you liked that unique grassy cold pressed oil you tasted in Tuscany, you can find that along with tasty, syrupy aged balsamic vinegars

The market in Old Town has experienced the same roller coaster ride as many of Chicago's other areas. Much of the upper bracket homes are tucked away here and have been quite sluggish over the past several months. Since the first of the year, only 6 single family homes have sold with an average sale price of $1.2M. Apparently many agents had to adjust to the market as this was almost 67% off original list prices. Once the prices were adjusted properly, closed values were at a respectable 94% of list with an average market time of 226 days. This represented only 15% of the inventory at the time. Presently there are 23 homes on the market with an average list price of $1.7M and an average of 261 days on the market topping out at $4.3M.

In the condo and town home market for the area, 21% of this inventory has sold since the first of the year totaling 64 units with an average sale price of $440,000 which was 95% of the adjusted list prices averaging 116 days on the market. Presently there are 116 units for sale with an average price of $447,000 topping out at $1.3M.

Economic Update-inventories are shrinking

2010-06-07T11:52:00.000-07:00

There is a great deal of media coverage on the results driven by the tax credit for first time home buyers. The Chicago Tribune reports that purchase contracts rose 6% in April as compared to March and both March and February were up compared to their respective previous months. If you compare year over year you see significant growth in both contracts and sales (closed purchases) for Chicago in April. Nationally, we are seeing a similar tax credit effect.

The number I watch as a signal to a recovery is inventory. Nationally we remain solidly in a “buyer’s market” with 10 months of inventory (6 months is a balanced market). This number, though, is way down from almost 16 months in February. In Chicago the picture is healthier. We have gone from 10 months inventory in February to 7.1 months in March and – this just in – 5 ½ months in April. April shows us solidly in a balanced market – not a sellers market but balanced.

This does not mean that sellers should rush out and raise prices – but certainly confirm with your agent that your home is priced right for the market conditions in your specific neighborhood and home type. This does not mean buyers will be lining up to see homes and in a weak negotiating position but there will be a balance. We have seen the bottom and should expect a gradual improvement in the housing market as the economy and the outlook on jobs improves.

What next?

May and June numbers should show us what happens now that the incentive is past. We will see a high number of closings as we reach the June 30th incentive closing deadline. Will purchase contracts slow down? Will all the folks who sold to first time buyers be on the hunt for a step up home? My prediction is that we will see an increase in the average price of a home. The units may slow as some of the folks selling to first time buyers will relocate out of the market but the value of the purchased properties will increase due to trading up. Check back in to see if my predictions are accurate

OPEN HOUSE OF THE WEEK-443 W. Aldine in Chicago--OPEN Sunday, June 6th 11am-3pm

2010-06-04T08:32:00.000-07:00

I am starting a new segment highlighting my favorite open house for the week. This weekend a new development that is a wonderful addition to Lakeview in Chicago is 443 W. Aldine. This is a grand four unit building that has been painstakingly refinished by Brad Lippitz who is also marketing the property. The attention to detail and the preservation of the original vintage charm is something Brad cares deeply about which comes through in this property...not to mention the amount of time it has taken to get this project to market. It was worth the wait.

Ranging from $479,000 for the ground floor unit to $1,475,000 for floors 2 and 3, these sprawling units are true single floor homes. The building has an elevator and abundant parking and just steps to the lake, park, transportation and all Lakeview has to offer.

According to Brad, you can Move right into this exquisitely finished and beautifully designed glorious full-floor expansive residence with light from 4 exposures in a conversion of a stately vintage elevator bldg on serene street.

And I must say that they are truly grand and gracious rooms complete with large eat-in chef's kitchen with great room area, gorgeous master with stunning bath, central heat and air, terrace, washer and dryer hook-up, low assessments,1-car gar+1 outdr space.Spectacular!

Visit the property Sunday June 6th from 11-3pm. Let them know Andy Gersten sent you!! Or you can visit the property online: 443 W. Aldine, Chicago

Spotlight on Lakeview

2010-06-02T13:45:00.000-07:00

I am beginning a new series of posts that will highlight different neighborhoods each week (or that is my hope anyway). This week I am looking at Lakeview with just a few hotspots and area statistics.

If you missed the WOOGMS (Wellington, Oakdale, Old Glory, Marching Society) parade on Monday no worries there is another parade to celebrate Labor Day and plenty to do in Lakeview throughout the summer. The WOOGMS parade started over 40 years ago and has grow to be over a thousand people, mostly neighborhood kids.

Lakeview is bordered by Diversey to the south, Irving park to the North the Chicago River to the west and the Lake to the east. With those boundaries there are distinct neighborhoods, each with a personality, style and amenities all its own. South East Lakeview, Belmont Harbor, Southport corridor, Wrigleyville, Roscoe Village, St Bens and West Lakeview. It is characterized by tree lined neighborhood streets, a diverse population and an abundance of places to shop, eat and hang out.

Some of the best:

Wildes Restaurant – Pub food at its finest with bookshelf lined walls, a fireplace, a great bar. I recommend the Sheppard’s Pie, but my friends tell me the fish and chips and the chicken pot pie are works of art.

After dinner, stop at Bobtail for ice cream – named after the name for the classic soda fountain glass (a “bobtail”)

Lakeview is bordered by miles of lakefront biking, jogging, and walking trails in Lincoln Park. It even boast a lakefront driving range and a decent public golf course that borders the lake. Tee off heading north and end your round with the Chicago Skyline as a back drop.

The housing marketing in Lakview:

In the last quarter (Q1) units sales were up (24%) and average price was down an equal amount (-25%). The price decline in Lakeview may have been a mix toward first time home ownership. With tax credits as a powerful incentive, interest rates at historical lows and prices reflecting good value, it was a very tempting time for new buyers to jump in. Houses that are selling are selling a bit faster (199 days versus 238days last year) but it is all driven by knowledge of the market, and the market value of the home you are selling or looking to buy. We are still seeing more listings coming on the market than units being sold. With this build of inventory it will continue to be a buyers market.

5% down financing is back...and it is working...talk to Bonnie

2010-06-01T12:01:00.000-07:00

Meet Bonnie Vasilion with 1st Advantage Mortgage . Located on the north side of Chicago, Bonnie has been working in mortgage lending long enough to know that thinking outside of the box these days is crucial. Now that the government stimulus has lapsed for most buyers, there are still low down payment options available with excellent rates. 5% isn't just for FHA buyers anymore.

According to Bonnie, "People can buy NON FHA-Approved condos now with only 5% down! This opens up opportunities for many buyers AND sellers with units in non-FHA approved condominium projects. I can offer conventional financing with PMI (“private mortgage insurance”). This is also a much more affordable way to purchase rather than obtaining FHA financing."

With lending guidelines changing by the week, it is important you have a lender who is familiar with current trends. Make sure you have an open relationship with your lender so you can talk about the good and the bad so you can get into the right product and know you can get to the closing table without the headaches you hear so much about.

Feel free to contact Bonnie directly at her office: 847-869-7100 x 3322.

Jumbo Loans Are Coming Back

2010-05-13T15:16:00.000-07:00

I know it's been awhile since my last post. It was a very busy first quarter and frankly there is no excuse. However, we always like good news so I thought I'd add something new.

There has been so much talk about how difficult Jumbo loans are to secure...that is any loan amount over $417,000.

Wells Fargo has been doing them. It wasn't that long ago where all you heard was "jumbo loans are impossible", well jumbo lending is back. According to Ken Dickerson with RWF Mortgage, several positive changes have occurred that make jumbo loans attractive again and should help provide more financing options for some and bring others back into the market.

The rates have crept down. As of today the 30 year fixed rate is 5.5%. Down payments are also beginning to relax with 20% down required for single family and town homes and 25% down for condo's. Additionally, credit score requirement have relaxed to 700 or better. Most importantly, closing liquidity required has also reduced to 10% of the loan amount down from as high as 40% not too long ago. This is good on loans up to $1,500,000.

If you have any questions or this, please contact Ken Dickerson at RWF Mortgage.

Home Buyer Tax Credit Expanded

2009-11-05T16:01:00.000-08:00

This afternoon Congress passed an expanded home buyer tax credit. It has already passed the Senate. Details are starting to come out. Obama could sign into law as early as tomorrow.

The following is expected:
1. $ 8,000 first time homebuyer credit extended through contracts written by 4/30/2010; closing by 6/30/2010
2. $ 6,500 credit for people buying a new home who previously owned a home for 5 years
3. Income limit expanded to $ 125,000 for individual; $ 250,000 for couples
4. Maximum property value of $ 800,000

This is all preliminary, and as always, please check with your tax advisor regarding any of these tax related issues.

Here is an article I just found; very general information.

https://webmail.rubloff.com/owa/redir.aspx?C=4c02dac69d8a47daa0d28b9f97ee5755&URL=http%3a%2f%2fwww.google.com%2fhostednews%2fap%2farticle%2fALeqM5hJJraNRE6DjWj2orF7SYJ12PADEAD9BPISHG0

Home Buyer Credit Seems To Be Making Progress

2009-10-28T21:16:00.000-07:00

The home buyer tax credit has made a an impact on the housing market. Many agents are working with clients who have recenlty purchased using the incentive of the $8000 tax credit currenlty due to expire on November 30th and a primary motivator.

According to the Wall Street Journal, it appears that Senate negotiators have reached a tentative deal to extend the tax-credit for first time buyer, but whether it will pass is uncertain. CALL YOUR SENATORS!!!!

The agreement would extend the existing credit for first-time home buyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners. Additionally, the income limits would increase from $75,000 to $125,000 for singles and $150,000 to $250,000 for married couples. The expiration date of December 1st, 2009 would extend to contracts being entered into by April 30, 2010 and that they are closed by July 1, 2010.

Home Sales Seem To Be Improving....a bit

2009-10-28T20:48:00.000-07:00

Eventhough it may not seem like it to many, home sales in Chicago are improving, and better than many metro cities. According to Crian's Chicago Business, Chicago’s 1.7% month-over-month gain was the fourth-largest increase among the 20 cities, after Minneapolis, at 3.2%, San Francisco, 2.8%, and Detroit, 1.9%. The Standard & Poor's/Case-Schiller home price index has shown a wide spread turn around in 17 major U.S. cities month over month since june.

Full Article

A key element that has contributed to this growth has been the $8000 tax credit stimulus package that is due to expire on November 30th of this year. There is support in Congress to extend it and have it phase out over the coming year.

Senate Majority Leader Harry Reid, a Nevada Democrat, is supporting a four-month extension of the home buyer tax credit. Two other proposals in the Senate would, respectively, extend the credit through June and, most generously, increase the deduction to $15,000 and open it up to all home buyers and those with higher incomes. One or more of these proposals is likely to come up for a vote in the next week attached to a measure that would extend unemployment benefits for 20 weeks.

I know you may not think so, but calls to your senator will make a difference. Lets not lose the momentum.

Price reduction at 3800 N. Lake Shore Dr. #13E

2009-10-26T22:14:00.000-07:00

3800 N. Lake Shore Dr. #13E

Offering Price: $619,000

Three bedroom/Two bath

On site valet parking

This beautiful and completely redone home on Lake Shore Drive has just reduced its price to $619,000. If you are looking for a tasteful top to bottom restoration of a 2100 square foot home in a 1920's vintage buiding, you will not be disappointed. With original hardwood floors and molding throughout, this three bedroom unit has a tasteful new kitchen and master bath. To top it off, this building has one of the best parking arrangements for a vintage building on lake shore with onsite valet parking.

For a complete virtual tour visit 3800 N. Lake Shore Drive #13E

New Listing in River North at 715 N. Franklin

2009-10-19T08:34:00.000-07:00

715 N. Franklin

I just listed this unique free-standing brick building in the heart of the gallery district of River North.

Home of the former Adams Fine Art Gallery, the building located at 715 N. Franklin is about 2200 square feet on three levels and is ideal for an art gallery, design studio, retail store or offices. And it is just steps from the Chicago Ave. el stop.

Building is in good condition and is listed for $475,000. Call me at 312.368.3280 for more information or go to http://www.andygersten.com/property/6248312 for details and a full virtual tour.

YTD sales improve for the 5th consecutive month

2009-10-13T14:56:00.001-07:00

A fantatic source for sales figures in the Chicago condo market, chicagocondosonline.com uses reional multiple listing service data and compiles statistic to help you better understand the market as a whole. The primary data summary is below along with links for more details and prior reports. The data is quite mixed but one quite positive trend is the decrease in the reduction of sales to the prior month.

Year-to-date sales of Chicago condos for the first nine months of 2009 are

* Down 44% in total dollar volume, to $2.2 billion
* Down 33% in units closed, to 7,073
* Down 13% in median sales price, to $276,000
* Up 16% in average market time, to 151 days.

This shows an improving year-to-date market in both dollars and units for five consecutive months:

End of April: Dollars down 59%, units down 51%
End of May: Dollars down 57%, units down 48%
End of June: Dollars down 53%, units down 44%
End of July: Dollars down 49%, units down 39%
End of August: Dollars down 47%, units down 36%
End of September: Dollars down 44%, units down 33%

Comparing September sales to August:

* Units closed were down 6%, from 1,030 to 973 closings
* Dollar volume was down 10%, from $317 million to $285 million
* Median sales price was up 1%, from $263,900 to $266,500
* Average market time was down 1%, from 149 days to 148 days

For details on month-over-month and year-over-year: click here.

For the full story: click here.

Easy Condo Credit?

2009-10-07T20:23:00.000-07:00

Today's Crain's Chicago ran a video story about MB Financial and the "easy credit" market for condos. Some banks including Wells Fargo are once again offering 95% financing. MB Financial is offering up to one whole percentage point less to buyers than competing lenders for some projects it has underwritten. With the stimlus potentially expiring November 30th, accommodating financing at still attractive rates, and home values at their lowest levels in years, it is a great time to buy...now we just need more buyers.

Signs of a Housing Recovery seem to be here...

2009-06-03T11:27:00.001-07:00

This recent article in The Wall Street Journal is giving sellers renewed hope and confirming what many agents seem to be experiencing. The market is definitely picking up and contracts are coming in once again although pricing is still unknown at the moment as it seems we may have a little more retraction yet to go before values stabilize.

JUNE 3, 2009
Index Suggests Home Sales Are Set to Increase
By JUSTIN LAHART

In another sign that the housing market may have begun to recover, the number of people who signed contracts to purchase homes increased for the third month in a row.
Associated Press

A sign indicates the pending sale of a home in Little Rock, Ark.

WSJ's Nick Timiraos says that there is more good news for housing as the pending home sales index has risen for the third straight month, but may not entirely be out of the woods yet.
The National Association of Realtors said its index of pending-home sales rose 6.7% in April to 90.3 from 84.6 in March. Increases in contract signings typically lead to more sales a month or two later.

The relationship between the two has been less steady since the fall, as more would-be home buyers have struggled to get financing. But the increase in signings is large enough to augur more home purchases, said Joshua Shapiro, an economist with MFR. "Clearly, within the next couple of months there's going to be a decent increase in actual home sales," he said.
Much of the April increase came from the Northeast, where contract signings rose 32.6%. Signings rose 9.8% in the Midwest and 1.8% in the West; they slipped 0.2% in the South.
Year over year, the index was up 3.2%. The 6.7% monthly increase was much larger than the 0.5% gain analysts had projected.

Last week, the Realtors said sales of previously owned homes rose in April, with sales of foreclosed and other distressed properties accounting for nearly half of the total. The Commerce Department said sales of new homes also edged higher in April.

—Jeff Bater contributed to this article.

Write to Justin Lahart at https://webmail.rubloff.com/owa/redir.aspx?C=22a7e0d379a14e06b3772ea4b7d798bf&URL=mailto%3ajustin.lahart%40wsj.com

Tax Credit CAN be used as a down payment

2009-05-12T13:30:00.000-07:00

The Secretary of the U.S. Department of Housing and Urban Development told REALTORS® gathered in Washington, D.C., that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the first-time buyer $8,000 tax credit as a down payment, a move promoted by NAR.

1771 W. Ainslie $729,000

2009-05-11T20:52:00.001-07:00

Come see this beautiful north Ravenswood four bedroom single family home. New to the market, this bright and spacious home was redone in 2001 with an open floor plan and sunroom over looking the yard. Plus, four bedrooms on the 2nd and third floors with an additional sitting room and private 3rd floor master bedroom. A quick five minute walk to the Lawrence Metra stop.

View a virtual tour or read property details.

Open Sunday, May 17th 12pm-3pm

Explaining the First Time Home Buyer Tax Credit

2009-05-08T07:26:00.000-07:00

I still am getting questions on the first time home buyer tax credit. It is fairly easy to understand and to help, I have included a video from Rob Dietz, Ph.D., director of tax issues for the National Association of Home Builders. For those of you whoe are on the fence, this is a great opportunity to help you get into your first home. The key pieces of this legislation are related to your personal income and the amount of the purchase. Hopefully this video will clear things up.

New Fannie Mae Rules Making It Tougher...

2009-05-06T07:56:00.000-07:00

Fannie Mae, the government-sponsored group that makes adequate funds available to mortgage lenders, has implemented new guidelines as of March 1st that unit owners and associations should be aware of. These changes have impeded many sales lately. Some of the primary issues concern clarifications of owner-occupancy ratios, association insurance, lawsuits and new guidelines for new construction and newly converted projects. It has been my experience that buildings which has once passed with flying colors, now don't qualify and as a result, lenders are rejecting these loans. This is trouble for both buyers and sellers.

A recent article in the Chicago Tribune outlines some of the most relevant changes.

Oh Happy Day....that's what consumer indexes are saying

2009-04-30T12:24:00.000-07:00

In a recent AP article, the New York-based Conference Board stated that the Consumer Confidence Index rose more than 12 points to 39.2 up from a revised 26.9 in March. This exceeds ecomonmists' expectations of only 29.5 and is the highest since last November's reading of 44.7. The survey showed a significant improvement of consumer's short-term expectations of the economy. The most encouraging news came from the retail and housing sectors and may suggest that the housing market is finally bottoming out.

Housing Statistics...Traditional vs. Foreclosures

2009-03-27T08:24:00.000-07:00

The Chicago Association of Realtors recently posted very interesting data comparing traditional sales to forecosed and short sale transactions. It is a mixed bag of information. In the single family home category, traditional transactions were markedly stronger while in the condo and multi-unit categories, foreclosures and short sales seemed to stand out. This trend is not quite as prevelant in the the higher priced areas of the city.

Maybe, Just Maybe...

2009-03-04T14:51:00.000-08:00

There has been much conversation over home values and when will we hit the bottom. Three years ago, just before the housing bubble began its rapid delfation, income to home value ratios were at a staggering 4.5. Current data shows that median selling prices for new and existing homes combined now equal 2.9 times median household incomes, nationwide. According to historical data, this is exactly the ratio that prevailed during the booming 1980's.

Although nerves over the economy could keep many potential homebuyers on the sidelines, this latest housing data suggest that home prices may actually be stabilizing.

A recent article by chief economist Irwin Kellner of Marketwatch, suggests that home prices are closer to stabilizing than any time in the past nine years. Combining that with attractive interest rates, unlike in the 80's (if you recall), maybe, just maybe, this is a GREAT time to consider a home purchase.

New FHA Loan Limits

2009-03-04T10:02:00.000-08:00

It appears something is happening. As of today, March 4th, FHA is increasing its loan limits to hopefully stimulate the housing market...well, we can hope. The new stimulus bill that was signed on Feb 17th - called the American Recovery and Reinvestment Act of 2009 - allows for higher loan limits on FHA transactions. These are temporary loan limits starting March 4th until the end of the year, December 31st, 2009. Transactions must close by the 31st in order to access the higher loan limit, with no exceptions.

Below are the temporary loan limits:

1 unit $417,000

2 units $533,850

3 units $645,300

4 units $801,950

This is great news and will allow access to additional transactions that we would have not been able to do before. Remember the advantages of the FHA program:

3.5% down payment (1-2 Unit)

10% down payment (3-4 units)

The down payment can be a 100% gift from a relative

No minimum credit score (unlike conventional programs)

No reserves required (unlike conventional programs)

2 years from a Bankruptcy discharge date (4 years for conventional)

3 years from a Foreclosure discharge date (4 years for conventional)

85% of rental income is added to borrower's income (75% for conventional)

No owner occupied borrowers (Kiddie Condo - parents, etc...)

Renovation Loans allowed

Rubloff Wells Fargo, also known as RWF Mortgage, has been successful securing these loans. For more information, contact Brian Cumpton at www.chicagolender.com. Tell him Andy Gersten sent you. Remember these new guidelines are only in effect through December 31, 2009.

2009 will be a good time to buy

2009-02-19T08:24:00.000-08:00

Many consumers are wondering when will the real estate market hit the bottom and when should I consider purchasing...well I think we are about there. Many agents are actually experiencing an increase in showing activity and contracts since the beginning of the year. A recent forecast from Moody's Economy.com suggested that the Chicago region will be hit less than other markets. They have estimated that the three year drop for single family homes which should begin recovering in 2010, should hit 17.1% before recovery begins. The average decrease in rthe area has been 13.3% since mid-2008 compared to a national decline of 21.3%. Check out a recent article from Crain's that includes a nice graph comparing major metro areas.

So we may be getting close afterall.

New Sales Data...Sales down but Median Prices Up

2009-02-18T15:56:00.000-08:00

It's a mixed bag of news: Statistics for 2008 show a slowdown in the Chicago area market compared with the same data in 2007. Sales volumes are down and market times have increased. The good news is that the median price for condos has once again gone up.

According to 2008 city condo sales data from Midwest Real Estate Data (MRED) the dollar volume of condo sales in the city of Chicago decreased in 2008, by 27% from $6.4 billion to $4.7 billion.The number of units sold in the city dropped by 30%, from 18,061 to 12,596. The average market time increased by 22%, from 117 days on the market to 143 days. Unlike in many other cities in the nation, the median sales price of city condos continued to rise, by 5%, from $295,400 to $310,032.

Local experts, including Dave Hanna, president of the Chicago Association of Realtors (CAR), attribute the increase in median sales price to the hundreds of new-construction units that we sold (contracted for) in the three years before the market declined, but that closed in 2008.
By comparison, MRED data released by CAR show that all single-family attached (Type 2) housing, a broader category that includes condos, decreased by 29% in unit sales, and median sales price was up by 8%.

In the city, 2008 condo sales made up 53% of all residential transactions (including multi-unit), compared to 58% in 2007. Based on the database maintained by ChicagoCondosOnline.com, there are an estimated 260,000 condo units in more than 12,000 buildings in the city, with several thousand units added annually. Based on the 260,000-unit estimate and 2008 sales of 12,600 units, the turnover of units in 2008 was 4.8%.

According to MRED figures, the citywide median sales price of condos sold in 2008 was $312,032, or $284 per square foot.

For more details on Chicago's condo market, visit Market Overview on ChicagoCondosOnline.com.

Revised Tax Credits For First Time Homebuyers

2009-02-17T13:26:00.000-08:00

It looks as if the stimulus package has finally been signed. So what does it mean to home buyers now?

There have been many revisions on this issue and the end result is very close to the homebuyer tax credit that is in place now. Click here for a side by side comparison chart.

The final bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

The bill also reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. For the few areas where the 2009 limits were higher, the higher limits will apply. In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any “sub-area”, i.e.an area smaller than a county. The Secretary's discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009.

The inclusion of these loan limit provisions in the final bill is a victory for homeowners, buyers and Realtors. While these new limits were included in version of the original stimulus bill approved by the House, the bill first approved by the Senate did not. NAR's Call for Action to both the House and the Senate prior to the final vote advocated strongly for the provisions which were then included in the final bill approved by both Chambers.

Parking Meters Rate Increase In Effect

2009-02-16T07:33:00.000-08:00

Be prepared with quarters...and a lot more of them.

Beginning this weekend, rates have already gone up in the loop and the near north, near west and near south sides. According to the Chicago Tribune, the loop is now up to $3.50 an hour beginning Friday, February 13 and the near north, west and south sides go up to $2.00 an hour beginning February 16th.

The rest of the city is as follows:

Lincoln Park to $1.00 an hour February 16-18
North Side to $1.00 an hour February 20-28
West Side to $1.00 an hour March 1-2
South Side to $1.00 an hour March 5-9

Although the meter rates in many parts of the city have gone unchanged for years, the city has decided to sell of its vaulable income streams for over $1 billion dollars. Revenues are near $20 million per year but the lump sum injection will help pay for much needed public works projects now and put some money in the coffers for short falls in the coming years. But then what? That can only last so long and a $200 million annual budget shortfall can only be sustained for so long.

Stimulus Package Getting Closer

2009-02-11T07:26:00.000-08:00

The stimulus bill has made it out of the senate and is in the house. Hopefully it will be on President Obama's desk to sign on President's Day. The real estate conncection is mostly the increase in the $15,000 tax credit that would go into effect once the bill is signed. This could be great news for people under contract now. “The enhanced $15,000 tax credit offers a powerful incentive for home buyers to get off the sidelines and represents the best opportunity for economic recovery,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla.

Even better, the tax credit would b e available to all buyers of their principle residence and won't have to be repaid. NAHB estimates that the $15,000 tax credit would boost home sales by almost 500,000, create more than 255,000 jobs, generate $12.3 billion in wages and salaries and increase federal, state and local tax revenue by $8.7 billion.

Good news in the new stimulus package

2009-02-09T10:56:00.000-08:00

There has been much talk about the stimulus package and some recent changes have caught the eyes of people in the real estate industry as well as home buyers and sellers. On Wednesday the Senate passed an amendment that will include a $15,000 home purchasing tax credit in the American Recovery & Reinvestment Act of 2009 for anyone buying a primary residence within the one year period from the time this bill is passed. US News and World Report outline the details.

It is important to note that this bill has not passed yet but many potential buyers are asking questions in regards to this tax break. Ken Dickerson of RWF Mortgage in Chicago summarizes the important details:

The tax credit is the lesser of 10% of the home price or $15,000 and can be spread equally over 2 tax years.

The housing tax credit can be used for purchases of primary residences only…no investment properties or second homes.

The home purchase can be an existing home, a newly constructed home, or a bank foreclosure home…but the purchase must be completed within 1 year of the passage of the American Recovery and Reinvestment Tax Act of 2009.

The home buyer does NOT have to be a “first time home buyer” to qualify for this housing tax credit, unlike housing stimulus based tax credits from last year.

This 2009 housing tax credit does NOT have to be repaid to the government unlike the $7,500 first time home buyer tax credit from last year UNLESS you cease to make it your primary residence within the first 24 months (i.e.. sell within 2 years).

This is great news for home buyers, if it passes, and can go a long way towards stimulating demand for new home purchases.

Unique Open House Opportunity at one of Chicago's premier coops

2009-02-06T08:03:00.000-08:00

3500 N. Lake Shore Drive #8D

$600,000

Several units will be open Sunday, February 8th, from 2:00-4:00pm. Sign in with the doorman and enjoy this opportunity to view some of Chicago's premier coop units. Most are spacious and are in a variety of conditions depending on price and location. Many have stunning views of lake Michigan, Belmont Harbor, Lincoln Park and the city.

My unit featured here is on the 8th floor facing east and is 2400 sqft for $600,000. The unit is three bedrooms, two and one half baths includes hardwood floors, working fireplace and beautiful east views of the harbor, lake and park.

Hope to see you Sunday!

Pending Home Sales Show Healthy Gain

2009-02-05T11:48:00.000-08:00

Yes, it's true. The National Association of Realtors has reported that the Pending Home Sales Index, a forward-looking indicator based on contracts signed, reported modest gains in December with an increase of 6.3% to 87.7. Additionally, NAR's housing affordability index (HAI), which shows the relationship between home prices, mortgage interest rates, and family income, rose 10.9% in December to 158.8 which is the most favorable number since 1970.

According to Lawrence Yun, NAR chief economist, “The monthly gain in pending home sales, spurred by buyers responding to lower home prices and mortgage interest rates, more than offset an index decline in the previous month.” He continues, however, that "significant uncertainty still clouds the housing market despite improved affordability conditions. For a sustainable housing market recovery and, hence, sustainable economic recovery, we need a significant housing stimulus and mortgage availability for qualified borrowers."

Several projects adjacent to Michigan Ave offer status details

2009-02-04T08:28:00.000-08:00

There is concern that your view may be blocked, questions whether the place you bought will ever be built and what is happening with that half built building. Well, three projects have offered updates. A recent article in the New York Times discusses what the developers of both the Spire and Waterview Tower have been dealing with. As the economy has shifted and slowed, both projects are on hold. The questions is what are they planning moving forward. Additionally, there was a lot of talk of a building going up behind The Fourth Presbyterian Church of Chicago on Michigan Avenue. This morning, Crian's Chicago wrote that the church has scrapped controversial plans with a developer in the works for almost six years.

Fannie Mae does it again

2009-02-03T08:36:00.000-08:00

Apparently FannieMae is grumpy these days...

...as if it weren't tough enough, FannieMae has changed its lending guidleines on condos. These new guidelines will mostly impact loans on new construction projects. The ammended rules will require a much higher percentage of sold units in order for the loan to qualify under the new guidelines. The percentage is jumping from a reasonable 51% to an extraordinary 70%. Either lenders are going to have to figure out how this will impact buyers and come up with creative loan programs or FannieMae is going to have to re-evaluate.

Read the attached article for details as well as additional changes such as maximum allowed retail and percentages allowed by a single owner.

Let me know your thoughts on this.

Chicago area home prices and most affordable level in years!

2009-02-02T07:07:00.000-08:00

A recent article in Crains Chicago reported that area home prices have not fallen as much as other markets and many communities are experience affordability levels equivalent to prices in 1993. With prices retracting and interest rates at record low levels, with inflation, home prices are affordable....believe it or not. You may have noticed that house down the street or that condo down the hall seems much more affordable than before. Well, buyers seem to be agreeing and showing activity has increased markedly over the past few months.

Some markets are predicted to experience further price adjustments downward of an additional 10-15% before inventory levels and price balance out. If interest rates remain low however, then pricing may level off sooner.

Chicago's Historic Districts In Jeapordy?

2009-01-30T15:39:00.000-08:00

It appears that Chicago may be putting the age and historic significance to the way side. According to Crain's Chicago, an Illinois appellate court recently struck down Chicago's Landmark ordinance claiming it is "unconstitutionally vague" which may put at risk 50 of Chicago's historic districts and up to 250 buildings. Although not in effect yet, it may be the start of some major changes. Let's not let these great pieces of history disappear!!

How low can they go?

2009-01-29T12:51:00.000-08:00

So it seems we are nearing the bottom, at least that what it feels like.

A recent article in the Chicago Tribune suggests that sellers are getting it and prices have been adjusting to levels that are finally attractive to buyers who have been sitting on the sidelines waiting. The real question is how low can we go? Many analysts believe that our inventory levels are too high for the present number of working Americans and that we may have a 5%-10% further adjustment before we level out. No matter what you feel, it is a great time to buy.

Welcome to my Chicago Real Estate News Update

2009-01-28T07:51:00.000-08:00

Welcome to my blog where I will offer timely news and updates on Chicago Real Estate. Feel free to offer feedback to articles I post or comments and suggestions on what you would like to learn about. You will begin to find relative links and favorites as well. The real estate industry has been impacting everyone from homeowners to business owners. There is likely to be more rough roads ahead but the ship is beginning to right itself and there is a lot of opptimistic news daily that has been getting buried.

Stay tuned!!!