Even more hi-rises to go up in the South Loop!
Wow- and you thought the building boom was over- Today developer Frankel & Giles announced new plans for two towers (Modern Glass of course) to be built in the Praorie District of the South Loop- Don't you just love these new places they never give an address. Check out another new project called Lexington Park located on Cermack and Michigan- (2000 south) 1 mile for the "el" train and all the action on Roosevelt.
Tuesday, August 29, 2006
Friday, August 18, 2006
Does Anybody else own a Prius in this City?
If so here is a tip...
After 5000 miles I went to a Jiffy Lube type place and got the oil changed and tires rotated. Problem is these places know how to turn off that little light that says maintence required so here is how its done.
Before pressing the power button, hold down the trip meter button. Continue pressing it while you put your foot on the brake and hit the power button. Once the power is on, the odometer will show five dashes instead of numbers. Continue to press the trip meter until all the dashes go away.
Hope that helps!
If so here is a tip...
After 5000 miles I went to a Jiffy Lube type place and got the oil changed and tires rotated. Problem is these places know how to turn off that little light that says maintence required so here is how its done.
Before pressing the power button, hold down the trip meter button. Continue pressing it while you put your foot on the brake and hit the power button. Once the power is on, the odometer will show five dashes instead of numbers. Continue to press the trip meter until all the dashes go away.
Hope that helps!
Tuesday, August 15, 2006
I just found this article in the Sunday Tribune a couple weeks back and thought it was good-
Top 10 Facts to Know When you Move into your First Condo-
Mark Pearlstein, Chicago Tribune, August 6, 2006
1.. Expect assessments to increase annually; years of no assessment increases will lead to a large special assessment for deferred expenses.
2. Be willing to accept decisions made by others, namely the board of directors, in exchange for the convenience of having someone maintain your common property.
3. The association maintains everything outside your unit. Everything inside the drywall is your responsibility.
4. You are responsible for any damage that arises from your unit, regardless of whether you were negligent.
5. You are buying a system where the rules can be changed by an amendment or board regulation. These changes include leasing and pets.
6. If you live in a multifamily building, do not expect the level of a silence of a single-family home. But consider that you have neighbors in proximity of whom you must think.
7. If you own a pet, control it. You don’t have a backyard.
8. Assessments include a forced savings account called reserves.
9. The board must maintain a building for the benefit of present and future owners. The attitude that, “I will not be here in 5 years, so why should I pay for it,” does not apply.
10. Respect the property manager who must fill the role of engineer, social worker, police officer, and financial manager, while attempting to please the board members and the unit owners.
-
Top 10 Facts to Know When you Move into your First Condo-
Mark Pearlstein, Chicago Tribune, August 6, 2006
1.. Expect assessments to increase annually; years of no assessment increases will lead to a large special assessment for deferred expenses.
2. Be willing to accept decisions made by others, namely the board of directors, in exchange for the convenience of having someone maintain your common property.
3. The association maintains everything outside your unit. Everything inside the drywall is your responsibility.
4. You are responsible for any damage that arises from your unit, regardless of whether you were negligent.
5. You are buying a system where the rules can be changed by an amendment or board regulation. These changes include leasing and pets.
6. If you live in a multifamily building, do not expect the level of a silence of a single-family home. But consider that you have neighbors in proximity of whom you must think.
7. If you own a pet, control it. You don’t have a backyard.
8. Assessments include a forced savings account called reserves.
9. The board must maintain a building for the benefit of present and future owners. The attitude that, “I will not be here in 5 years, so why should I pay for it,” does not apply.
10. Respect the property manager who must fill the role of engineer, social worker, police officer, and financial manager, while attempting to please the board members and the unit owners.
-
Friday, August 11, 2006
Taken from the Real Estate Journal.com- I saw this article today and thought it would be a neat thing to add to my blog- (Hope they RealEstatejournal.com doesn't get mad at me)
The Benefits of Buying a Home
In a Cooling Real-Estate Market
By Amy Hoak
From Marketwatch
Residential real estate, a shining star of the national economy that seemed unflappable over the past couple of
years, has hit a speed bump.
Nationally, home price appreciation is slowing down from the rapid pace experienced by many markets over
the past few years. Mortgage interest rates are on their way up. Is this any time to be thinking about investing
in a home? Of course it is -- if you're buying it for a place to live, not as a speculative investment, and can
afford to take the leap.
"Owning a home is still financially not a bad deal, as long as you have the income to support the cost of
homeownership," said Jim Gaines, research economist for the Real Estate Center at Texas A&M University.
Another caveat: "You better figure on living there five or six years to make any kind of profit on the thing."
Investors who hope to profit quickly on home sales, known as property flippers, for the most part have come
and gone from the market, said Raymond Sierka Jr., vice president and regional sales manager with Harris
Private Bank.
At the height of the real estate boom, people would buy houses before they were built at preconstruction rates
only to sell the homes for a profit a short time later, often before construction was even complete. Speculators
in some markets could often sell the property for a 20% to 30% yield, he said.
A normalized real estate landscape boots out those speculators, said Anthony Hsieh, president of online
lender LendingTree.com. "It's just too risky to speculate now," he said.
People now are "buying for the right reasons," said Diana Bull, a Realtor in Santa Barbara, Calif., and a
regional vice president for the National Association of Realtors. Sellers no longer hold all the cards, she said,
which is creating a more balanced market.
Below are several benefits of home shopping in a cooling real estate market -- the silver lining to news
predicting the residential real estate party is over.
More selection
In a growing number of local markets, buyers have more time to think about a home before they make a
decision on whether to purchase it. Last year, that often wasn't a likely luxury.
"Once you as a potential buyer found a house that met your needs, you had to jump on it right away," said
Frank Nothaft, chief economist for Freddie Mac. "One thing that we're seeing nowadays -- compared to six or
12 months ago -- is many markets where homes are staying on the market longer."
Home sales are expected to decline in 2006, yet the year should finish as the third strongest on record,
according to a midyear report given by Nothaft earlier this month. With fewer sales, more housing inventory is
sitting on the market.
It's a change of pace for agents who not long ago didn't have many properties to show their clients, said David
Drinkwater a Realtor in Scituate, Mass., and regional vice president for the National Association of Realtors.
"Two or three years ago, there was a great deal of reacting in the marketplace because we had a smaller
inventory pool to work with," Drinkwater said. That's not to say that a well-priced property won't move quickly in
this environment, he said, but buyers need to educate themselves so they can recognize a housing gem when
they see it.
More room to negotiate
Current conditions in many markets also afford consumers a better opportunity to negotiate.
"This market is forcing everybody to slow down and take their time," Bull said. In that time, buyers have more
of a say at the bargaining table.
In fact, getting a fair deal is even more of a priority for homeowners who can no longer bank on high
appreciation rates to save them if they pay too much, Drinkwater said. If you slightly overpaid in a bidding war
at the height of the real estate boom, high appreciation rates helped correct the error, he said. In many
markets there is now no such safety net.
Average home value appreciation nationwide should be around 7% for the year, and is predicted to slow even
further to 6.2% in 2007, according to Freddie Mac. Local markets vary, however, and even as some markets
are cooling, others are still on an upward climb.
Even if you, as a buyer, have the benefit of being more of a haggler than you could have been last year, still
remember to look for a place that meets your needs and your budget, Nothaft said. Do the calculations and lay
the groundwork before your house hunt ever begins.
Interest rates are still relatively low
It's easy to get caught up in the upward scooting of mortgage interest rates. But take the northward movement
with a grain of salt.
Some people act like "Chicken Little" and feel as if the sky is falling when interest rates go up a quarter of a
point, said Gaines of the Real Estate Center in Texas. Instead, keep it in perspective.
Interest rates are still way below what they were five or six years ago, Gaines said. Even if the 30-year hits 7%
by the end of the year, investors should keep in mind the double-digit rates of yesteryear.
The annual average for a 30-year fixed-rate mortgage was 16.63% in 1981, and worked its way down to 9.25%
in 1991, according to Freddie Mac records. Homeowners may not get rates quite as low as what they could
secure in 2004, when the annual average for the 30-year fixed was 5.84%. But relatively speaking, it's still a
deal.
A home is still a good investment
If you're in it for the long haul -- that is, buying a home with the intention to live in it for years -- a home is still a
decent investment.
Consider this piece of information from the National Association of Realtors: Since record keeping began in
1968, the national median home price has risen every year. In a balanced market, home values typically rise at
the general rate of inflation plus 1.5 percentage points. That's to say nothing of the tax benefits that come with
owning your own home.
A look at the volatility of the stock market also proves the benefits of real estate as an investment, said Sierka,
of Harris. "The downside of real estate is better than the downside on just about anything else," he said.
Email your comments to rjeditor@dowjones.com.
-- July 31, 2006
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The Benefits of Buying a Home
In a Cooling Real-Estate Market
By Amy Hoak
From Marketwatch
Residential real estate, a shining star of the national economy that seemed unflappable over the past couple of
years, has hit a speed bump.
Nationally, home price appreciation is slowing down from the rapid pace experienced by many markets over
the past few years. Mortgage interest rates are on their way up. Is this any time to be thinking about investing
in a home? Of course it is -- if you're buying it for a place to live, not as a speculative investment, and can
afford to take the leap.
"Owning a home is still financially not a bad deal, as long as you have the income to support the cost of
homeownership," said Jim Gaines, research economist for the Real Estate Center at Texas A&M University.
Another caveat: "You better figure on living there five or six years to make any kind of profit on the thing."
Investors who hope to profit quickly on home sales, known as property flippers, for the most part have come
and gone from the market, said Raymond Sierka Jr., vice president and regional sales manager with Harris
Private Bank.
At the height of the real estate boom, people would buy houses before they were built at preconstruction rates
only to sell the homes for a profit a short time later, often before construction was even complete. Speculators
in some markets could often sell the property for a 20% to 30% yield, he said.
A normalized real estate landscape boots out those speculators, said Anthony Hsieh, president of online
lender LendingTree.com. "It's just too risky to speculate now," he said.
People now are "buying for the right reasons," said Diana Bull, a Realtor in Santa Barbara, Calif., and a
regional vice president for the National Association of Realtors. Sellers no longer hold all the cards, she said,
which is creating a more balanced market.
Below are several benefits of home shopping in a cooling real estate market -- the silver lining to news
predicting the residential real estate party is over.
More selection
In a growing number of local markets, buyers have more time to think about a home before they make a
decision on whether to purchase it. Last year, that often wasn't a likely luxury.
"Once you as a potential buyer found a house that met your needs, you had to jump on it right away," said
Frank Nothaft, chief economist for Freddie Mac. "One thing that we're seeing nowadays -- compared to six or
12 months ago -- is many markets where homes are staying on the market longer."
Home sales are expected to decline in 2006, yet the year should finish as the third strongest on record,
according to a midyear report given by Nothaft earlier this month. With fewer sales, more housing inventory is
sitting on the market.
It's a change of pace for agents who not long ago didn't have many properties to show their clients, said David
Drinkwater a Realtor in Scituate, Mass., and regional vice president for the National Association of Realtors.
"Two or three years ago, there was a great deal of reacting in the marketplace because we had a smaller
inventory pool to work with," Drinkwater said. That's not to say that a well-priced property won't move quickly in
this environment, he said, but buyers need to educate themselves so they can recognize a housing gem when
they see it.
More room to negotiate
Current conditions in many markets also afford consumers a better opportunity to negotiate.
"This market is forcing everybody to slow down and take their time," Bull said. In that time, buyers have more
of a say at the bargaining table.
In fact, getting a fair deal is even more of a priority for homeowners who can no longer bank on high
appreciation rates to save them if they pay too much, Drinkwater said. If you slightly overpaid in a bidding war
at the height of the real estate boom, high appreciation rates helped correct the error, he said. In many
markets there is now no such safety net.
Average home value appreciation nationwide should be around 7% for the year, and is predicted to slow even
further to 6.2% in 2007, according to Freddie Mac. Local markets vary, however, and even as some markets
are cooling, others are still on an upward climb.
Even if you, as a buyer, have the benefit of being more of a haggler than you could have been last year, still
remember to look for a place that meets your needs and your budget, Nothaft said. Do the calculations and lay
the groundwork before your house hunt ever begins.
Interest rates are still relatively low
It's easy to get caught up in the upward scooting of mortgage interest rates. But take the northward movement
with a grain of salt.
Some people act like "Chicken Little" and feel as if the sky is falling when interest rates go up a quarter of a
point, said Gaines of the Real Estate Center in Texas. Instead, keep it in perspective.
Interest rates are still way below what they were five or six years ago, Gaines said. Even if the 30-year hits 7%
by the end of the year, investors should keep in mind the double-digit rates of yesteryear.
The annual average for a 30-year fixed-rate mortgage was 16.63% in 1981, and worked its way down to 9.25%
in 1991, according to Freddie Mac records. Homeowners may not get rates quite as low as what they could
secure in 2004, when the annual average for the 30-year fixed was 5.84%. But relatively speaking, it's still a
deal.
A home is still a good investment
If you're in it for the long haul -- that is, buying a home with the intention to live in it for years -- a home is still a
decent investment.
Consider this piece of information from the National Association of Realtors: Since record keeping began in
1968, the national median home price has risen every year. In a balanced market, home values typically rise at
the general rate of inflation plus 1.5 percentage points. That's to say nothing of the tax benefits that come with
owning your own home.
A look at the volatility of the stock market also proves the benefits of real estate as an investment, said Sierka,
of Harris. "The downside of real estate is better than the downside on just about anything else," he said.
Email your comments to rjeditor@dowjones.com.
-- July 31, 2006
Page RealEstateJournal Print-Friendly e 2 of 2
http://www.realestatejournal.com/forms/printContent.asp?url=http%3A//www.realestatejour... 8/8/2006
Nick Patterson is now a certified relocation specialist!!! So what does that mean? Basically it means I was able to sit though a 6 hour lecture without falling asleep. (But the turkey sandwish I had at lunch was great) So.....if your company is helping you sell or buy in the Chicagoland area I am here to help!
Tuesday, August 08, 2006
Estimated Costs Associated with the Purchase of Your Home
As the buyer, you may be responsible for the following costs:
Attorney’s fees $400-$700
Property Inspection $250-$400
Lead Paint Inspection $200-$350 (optional)
City of Chicago transfer Tax (stamps) $7.50 per $1000 of purchase price
Homeowner’s Insurance Varies
Settlement of Escrow Closing Fess $175 up to $100K, plus 50 cents for every adtl $1K
(paid to title company to handle closing)
Costs Associated with Lender
Loan Application (& Appraisal) $250-$400
Closing Points or Loan Origination Fee 1-3% of loan (optional)
Private Mortgage Insurance (PMI) Required if loan amount is less than 80% of purchase price
Underwriting Fee $250-$500
Document Preparation or Recording Fee $100-$150
Flood Certification Fee $20-$40
Lender’s Title Insurance Policy $150-$400
Tax Service Fee (if taxes held in escrow) $50-$100
Reserve Fund for Tax escrow 2-7 months prepaid real estate taxes
(may be received as credit from seller)Prepaid Interest Interest on loan from closing
As the buyer, you may be responsible for the following costs:
Attorney’s fees $400-$700
Property Inspection $250-$400
Lead Paint Inspection $200-$350 (optional)
City of Chicago transfer Tax (stamps) $7.50 per $1000 of purchase price
Homeowner’s Insurance Varies
Settlement of Escrow Closing Fess $175 up to $100K, plus 50 cents for every adtl $1K
(paid to title company to handle closing)
Costs Associated with Lender
Loan Application (& Appraisal) $250-$400
Closing Points or Loan Origination Fee 1-3% of loan (optional)
Private Mortgage Insurance (PMI) Required if loan amount is less than 80% of purchase price
Underwriting Fee $250-$500
Document Preparation or Recording Fee $100-$150
Flood Certification Fee $20-$40
Lender’s Title Insurance Policy $150-$400
Tax Service Fee (if taxes held in escrow) $50-$100
Reserve Fund for Tax escrow 2-7 months prepaid real estate taxes
(may be received as credit from seller)Prepaid Interest Interest on loan from closing
Tuesday, August 01, 2006
Just found a great website!!
Check it out- www.chicagoloopalliance.com Here you can download for free audio tours of the downtown area! Great fun!
Check it out- www.chicagoloopalliance.com Here you can download for free audio tours of the downtown area! Great fun!
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