May 17th

Nick Patterson's 3rd annual client Party at Kincade's!

Good times for all- Ready for #4 in 2007!

Here are some photos from the event-

Construction of Ultra-Tall Buildings Is Booming!
Source: Associated Press, Matt Surman (05/10/2007)

The market for skyscrapers recovered quickly after the terrorist attacks of Sept. 11, 2001. Fourteen of the 50 highest buildings in the world have been completed since the World Trade Center attacks, the majority in the last two years, according to Hamburg, Germany-based Emporis, a firm that tracks international building."Tall buildings are a matter of ego. Tall buildings are a sign of success," says George Efstathiou, managing partner at Skidmore, Owings and Merrill, the architecture firm behind the new Freedom Tower, the tallest building being built on the World Trade Center site, and the Burj Dubai, soon to be the world's largest "ultratall" building.Building in Europe and America is slower than the frenzy in Dubai and China, where seven of the world's top 10 buildings are located. But Chicago, Miami, Las Vegas and Denver also are enjoying tall construction booms.

Six North Michigan is going Condo-

Built in the late 1800's the new building will consist of one two and three bedrooms for the $300,000. With the over saturation of the area should be interesting to see how these sell in a landmark Chicago building...Click below to learn more.

http://www.chicagoarchitecture.info/Building/1222/6_North_Michigan_Avenue.php

Premiering May 11, LOOPTOPIA will be America’s first dusk-to-dawn cultural and artistic spectacle showcasing the vibrancy and excitement of Chicago’s historic Loop neighborhood through musical and theatrical performances, unique shopping and dining opportunities, indoor programs, outdoor exhibitions, architectural tours, artistic installations and mesmerizing light displays.

http://www.Looptopia.com Check it out!!

http://www.zaio.com/
Zaio.com has set out to photograph every building in every city of the United States. After the photographers finish, Zaio matches the pictures in its database with public records.

What's next?

http://link.brightcove.com/services/link/bcpid770169321/bclid791793216/bctid769453130

Check out this link for a video on the New Chicago Spire!!

200 n. dearborn

Another loop rental building going condo, built in 89 the building was recently bought by American Invesco a giant in the real estate world-

Prices and marketing has yet to begin-

Goodbye YMCA :-(

In May the YMCA on Clybourn and North Ave. will be torn down.

The 10 acre site will then go into construction mode for the next three years.

Hi-rises, Shopping Mall, Restaurants, new parks, etc...

Should create lots of traffic problems but should be fun to watch!

Cool Toys!

www.wirelessimaging.com sneak a peek camera.

I always say this..

but......

Man its been a long time since I've posted anything. I have an excuse haha

Big things are happening in the world of Nick Patterson Real Estate-
More info to come soon but look for a whole new approach to Real Estate with the client coming #1!!
http://www.kalerealty.com shhhhh...

Man! Havnt posted a blog in a while......

The Real Estate market is really picking up- Not just saying that because I sell Real Estate but the buyers are out there for the good properties.

For example, a great townhome was just listed in Lincoln Park right off Armitage and Halsted for a decent price. $614,000 3 bed 2 bath 2000 square feet with attached garage.

The home had 15 showings in one week and was under contract in 8 days.

Now, there is still a lot of junk out there- Just takes time to look though them all and learn the market.

Merry Christmas and Holiday Season!!!!!!!!!!!!!!!

Walmart and American's

68% of American's are opposed to having a Wal Mart in their community. 61% of Americans like the idea of shopping in big-box stores. Haha

Homes: Slow-market savings - the 'buy-down' Private sellers are starting to help buyers pay their mortgages. It's not altruism; it's good business.
By Les Christie, CNNMoney.com staff writer November 13 2006: 4:21 PM EST NEW YORK (CNNMoney.com) --

As the housing market slows, big builders and developers are stepping up concessions and incentives to buyers - now small-time individuals are doing it too.
One such incentive is the buy-down, in which sellers pay up-front payments to reduce buyers' mortgage rates. Buy-downs are popular with developers because they enable the builders to offer savings without actually lowering their list prices, which they hate to do because the lowered price becomes the new benchmark.
One such buy-down is called a "3-2-1," because it lowers buyers' mortgage rates by 3 percentage points during the first year; 2 points the next; and 1 point the third. In the fourth year and ever after, home buyers make the full payment themselves.
"People think that the price is what sells," says Earl Niemoth, founder of Real Estate on the Internet, a Web-based broker in Florida. "But reducing the price won't help very much. Terms are what sells."
In Niemoth's buy-down plan, sellers pay down the first two years of interest. Buyers save 28 percent of their payment the first year, and 14 percent the second.
Home Photos: What a million bucks buys He worked out the arithmetic for a client recently. The house cost $224,900. With a 20 percent down payment, the mortgage principal would be $179,920 and the monthly mortgage payment would be $1,049 a month, assuming a 30-year loan fixed at 7 percent.
The buy-down would lower that to $749 the first year and $900 the second year. The incentive cost the seller $5,397.60 at closing. Another form of buy-down provides less of a hit early on but lasts the life of the loan. According to Bob Moulton, a mortgage broker with Americana Mortgage on Long Island, sellers can pay 2 percent of the entire mortgage amount to lower the interest rate by half a percentage point.
It costs the seller, then, $5,000 to bring a mortgage rate down from, says 6.5 percent to 6 percent on a $250,000 mortgage. That saves the buyer $81 a month on a 30-year fixed but buyers realize that same savings every month for as long as they own the home or have a mortgage. Over 30 years that adds up to nearly $30,000.
According to Julie McWorter, an agent with the ERA Davis and Linn brokerage in Jacksonville, the biggest benefit for sellers who offer this kind of deal is the big boost to buyer interest for properties. "It really increases your showings," she says.
First years are the toughest According to Nancy Alperin, a broker with Maxwell Realty in Philadelphia, many buyers prefer the savings in the early years of the mortgage rather than spreading it out over the lifetime of the mortgage. She represents some properties that offer buyers a five-year, buy-down plan: They would have a rate of 3.5 percent the first year, 4.5 percent the second, 5.5 percent the third and 6.5 percent the fourth and fifth.
"Buyers want the savings now," she says. "Everybody buys furniture and redecorates the first few years." Many buyers are also not planning to stay in the house very long. Their jobs may require them to relocate, they hope to trade up to a better house or they plan to downsize in a few years. Getting the savings early on makes much better financial sense for these buyers.
Niemoth says mortgage buy-downs have been around a long time. He first used the technique more than 20 years ago in Chicago, where he was trying, without much success, to market luxury condos.
"They cost $90,000 for a two bed, two bath in an upscale pre-war building, shows you how long ago this was," he says. "Interest rates were 16, 17, 18 percent back then. I put an ad in the paper offering to pay 8 percentage points of the loan for two years. I got 76 calls the first day. I couldn't renovate those condos fast enough."

This is a fantastic website of phone numbers where you can actually REACH a live person! Perhaps other agents would like it too. Feel free to distribute!

http://gethuman.com/us/

Hope it helps!

According to the Sunday Tribune- There is a growing popularity in using Credit Cards to earn airline miles or a rebate when paying a downpayment on your home.
Can you imagine a $50,000 monthly credit card bill! At least that will get you a free ticket to Topeaka!

Nicks Pick For Most Overratted new Project-

Grand Plaza is by far the most overpriced project currently on the market. Don't get me wrong this is an awesome building with a great pool and even a running track/basketball court. The units are in "as is" condition think all White.

The lowest priced unit is just over 600 square feet selling for around $270,000ish plus $250 a month for parking. Recent developer incentives like no assessments and free parking are helping sales but in terms of resale in a couple years the numbers arn't looking good.

Canyon Ranch Living Coming to Chicago-

The world famous spa is turning to 680 N. Rush to create their new project. Adding their name as the 57th hi-rise project in the city. Construction will start late 2007 and move in will be early 2010. It will be easy to guess that prices will be quite high when released

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.

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!

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.

-

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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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!

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

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!

New 22 Story Building planned to go up at the corner of Orleans and Chicago. Starting around low $200,000's to the $700,000's. Its also the second building in the River North area with a swimming pool- the other 600 N. Kingsbury. Should be ready to move in 2008.

New Loft Building planned just a block from the Sears Tower on Quincy Street. Prices start in the $200's to $400's for 1 and 2 bedrooms

What’s the Deal with Hotel/Condo’s Anyway?

The new hybrid housing phenomenon is hitting Chicago hard! Currently with 10 projects going up containing around 2,274 units you will soon be seeing condo/hotels throughout the city. This concept is better known in places like Florida and New York but expanded when developers found obtaining loans for new hotel projects more difficult. So they began selling hotel condos as a means of building equity.

Basically, it’s the same game as owning a hi-rise condo. You have a deed to the property, you pay taxes and monthly assessments. However, when you are not in your residence you can place your home in a rental pool and generate income. At some hotels, limits are placed on the number of nights owners can use their condos and in others, condo owners can stay in their units an unlimited number of night’s per year.

As you can guess, 60% of the buyers of these new hotel condos are empty nesters from the surrounding suburbs using their condos as weekend homes. Another 20% are from out of state while the remaining 20% are business looking for corporate suites or companies that operate vacation clubs. The prices tend to be higher on a per-square foot basis but there is a lot of variety, ranging from a 350 square foot king room for $220,000 upwards to $9 million for the deluxe. Remember, these are already furnished hotel rooms-many come with plasma TV and MP3 hook up stations.

So, is this a good way to make money? Don’t count on it! Due to heavy regulations from the SEC, developers can’t provide formulas or even talk about a units investment potential. Based on the dynamic nature of the hotel industry it makes it almost impossible to guess monthly costs. In some hotels, owners will never see the income in the form of a check, rather in credits that go towards monthly assessments or using hotel amenities, like the spa, restaurant, etc..

Those who us their hotel condo as a vacation home might find that it’s a worthwhile investment when they factor in lifestyle benefits, tax benefits and the likely appreciation of the unit when it comes time to sell.

The question I get the most is- “What happens to my stuff when I want to rent out my condo” Well, the hotel has a staff that comes in and stores it all in lockers and will return all the belongings to their original positions, when you come back. But don’t forget, this is still a hotel so everything costs extra!!
Hope this helps increase dinner conversation!!

Nick

PS- If you know anyone looking to buy or sell please feel free to pass along my contact info!

Chicago Named #1 for Corporate Relocations and Expansions. With $6.5 Billion of corporate capital invested in 389 projects
More Info. www.rismedia.com

New Mid-rise planned for Randolph and Des Plaines in the West Loop. 14 stories of modern glass prices start in the low $200,000's- Sales center to open in May 2006

It offical, American Invsco has just gotten the permits to build there long awaited tower in the vacant land in front of 3660 Lake Shore Drive. 212 unit- 28 story tower and 16 townhomes will soon rise on the site.

No prices have been released and sales are set to begin at the end of the year.

Contact me to learn more

Brand new mid-rise planned for Lincoln Park. Located just off Halsted and the Weed street area.
1 Bedrooms starting at $274,900 and 2 bedrooms starting at $439,000. To be ready in mid 2008, More info soon....

In 2004 the average price of a home in Chicago was $259,000 in 2005 a 14% increase to $296,000

Other markets that had huge increases between '04-'05
Cincinnati- 28%
Indianapolis- 31%
Los Angeles- 19%- $539,000 average price
Milwaukee- 24%- $251,000 ave.
Phoenix- 41%!!
San Fran- 19%- $679,000 ave.
Washington DC- 20% $479,000 ave.

Taken from the March 5th Sunday Trib

"Sellers Who Skip Brokers may be losing their Edge"

This is the case of the missing 10%. Its a tale of lost millions, and it stars a cast of thousands-the thousands of owners who sell their houses without professional help.

It seems that in their desire to save the 5-7% fee that agents charge for their services, FSBOs-as in for sale by owners get 16% less than owners of comparable houses who put the transaction into the hands of an experienced agnet, according to a survery by the national association of realtors.

Chicago Planning for Citywide Wi-Fi!



I found this story on CNN.com today and I thought it would be a fun thing to share!

CHICAGO, Illinois (AP) -- The nationwide rush to go wireless appears poised to extend to its biggest city yet.
Chicago is launching an effort to offer wireless broadband, city officials said Friday, jumping on the Wi-Fi bandwagon as similar initiatives proceed in Philadelphia, San Francisco and smaller cities.
Hoping to extend that wireless blanket to all 228 square miles, the city plans to ask technology companies this spring to submit proposals for the project.
While it's too soon to say how the system would operate, the goal is to make Internet access "broad and affordable" for residents and heighten Chicago's appeal for businesses and tourists alike, according to Chris O'Brien, the city's chief information officer.
The city did not specify goals for how much the system would charge for access. In Philadelphia, EarthLink Inc. is building a citywide network that will charge a wholesale rate of $9 a month to Internet service providers that would then resell access to the public at an undetermined price.
"We think it's important for residents of the city and tourists and businesses to have lots of different ways to connect," O'Brien said. "For a city as big as Chicago, with the vibrant business community and diverse citizen base that we have, you want to make sure all kinds of technology are available to them as they work and enjoy entertainment options."
Continued on the back….



If all goes smoothly, the system could be running as soon as 2007, O'Brien said. That would all but certainly leave the city behind Philadelphia, which hopes to have its entire system in place late this year or early next year. But the size of a Chicago network would dwarf Philadelphia's planned 135-square-mile network or anything now in place.
Currently, the biggest municipal Wi-Fi network is the all-free MetroFi in the south San Francisco Bay area at 35 square miles, according to Wi-Fi expert Glenn Fleishman. By spring, that title will be passed to one covering nearly 110 square miles in the neighboring Phoenix suburbs of Tempe and Chandler, Arizona, he said.
Cities' race to get into municipal broadband is being increasingly embraced by Internet service providers, since most cities are enlisting private companies to help build the wireless systems rather than doing it on their own. EarthLink created a division last year to solicit deals similar to Philadelphia's with the 50 largest cities.
Chicago's main phone company, AT&T, says it similarly would not be opposed to a city-initiated effort.
"AT&T always has believed that the best approach is to stimulate investment in broadband," spokesman Rick Fox said. "As long as you're working with the private sector, that's a good thing."
The idea of a citywide Wi-Fi network got a big thumbs-up from several Chicagoans who were sitting in cafes with their laptops Friday. "I'm always searching for Internet hotspots," said Beibei Que, a law student getting in some work at a coffee shop. "I like to have the Net at my fingertips wherever I go."
Chicago officials haven't yet committed to specific goals for the project, but they don't want to spend city funds. They have been closely watching Philadelphia's project, including its priority on low user costs and its intent to ensure that more computers and training programs are available for low-income residents.
Copyright 2006 The Associated Press.


I hope this increases dinner conversation-

Sincerely-


Nick

PS- If you know anybody looking to buy or sell in the future please feel free to pass along my info!

The Bloomingdales Building is Going Condo
http://wibiti.com/HomePageView.aspx?v=v&c=0&HpID=%c2%bdZZ%e2%80%a1
Prices start around $1.5 Million up to $5 Million plus

Remodeling's PayoffThe annual report compares construction costs with resale values in 58 markets.The “Cost vs. Value Report,” published each year in conjunction with Remodeling magazine, gives you a city-by-city guide on what various home projects will pay back at resale. This year’s report features data for five more markets than last year* and a new project—a mid-range home office remodel. On a somber yet optimistic note, we included New Orleans’ results, compiled before Hurricane Katrina, with the firm belief that in time the Big Easy’s real estate market will once again be thriving. Where we get the dataCost data for the report come from HomeTech Information Systems, a remodeling estimating software company in Bethesda, Md. HomeTech collects current cost information quarterly from a nationwide network of remodeling contractors and employs an adjustment factor to account for regional pricing variations. Construction cost figures include labor, material, sub-trades, and contractor overhead and profit. Resale values (“cost recouped” in the tables) are aggregated from estimates provided by National Association of REALTORS® members. E-mail surveys containing construction costs and median home price data for each city were sent to more than 20,000 appraisers, brokers, and salespeople, yielding data from more than 1,600 respondents (an 8 percent response rate). Specpan, an Indianapolis-based market research company, hosted the Web-based survey and collected and compiled the data. Farnsworth Group, a sister company to Specpan, analyzed survey data and provided pre- and post-survey consulting.What do the numbers mean?If some remodeling job cost figures appear too high or too low, one cause is the leveling effect of averaging. The demand for—and cost of—remodeling services can vary greatly within a given metro area.Averaging also affects the value side of the equation. The amount recouped for an actual remodeling project depends on the condition of the rest of the house, as well as the value of similar homes nearby, the availability of new homes, and the rate at which property values are changing. Location in an urban, suburban, or rural setting will also affect a home’s value. In some cases, the value of the remodeling project at resale is more than 100 percent of its original cost. This usually happens in markets where property values are rising very rapidly, but it can also occur when buyers regard certain types of remodeling projects as “standard.” For example, in a neighborhood where most homes have an updated kitchen, remodeling a kitchen may well increase the resale value of the home beyond the cost of construction. In some cases, in fact, not redoing the kitchen could cause the home to sit on the market for much longer than normal and to eventually sell for less than similar homes in the area. Keeping up with the Joneses can be a savvy investment move. But ultimately, the best reason for a remodel is to enjoy it.—Sal Alfano, editorial director of Remodeling magazine, and Christina Hoffmann Spira, managing editor of REALTOR® MagazineConfidence is high National figures have a confidence level of 99 percent (+/– 4 percent), according to Farnsworth Group. Dividing the results into regions effectively reduces the number of responses and likewise the confidence level. Data for cities are the least reliable because of the smaller number of responses.
Survey confidence levels
National:
99% (+/– 4%)
East
95% (+/– 7%)
Midwest
95% (+/– 7%)
South
95% (+/– 4%)
West
95% (+/– 5%)
Note: The confidence level is a measure of statistical accuracy. The national level of 99 percent (+/– 4 percent) means that 99 percent of the time, national results for this survey will fall within 4 percent to either side of the national numbers published here.
Since 2002 four projects, reported each year since 2002, have shown the greatest return at resale on a national basis. Two of the projects, siding and windows, reflect the importance consumers place on curb appeal and insulation; the others, a kitchen and a bath project, are consistently high performers in most markets.
Remodeling magazine, published by Hanley-Wood LLC, has been producing this report annually for 19 years. We’d like to thank the editors and designers of Remodeling, as well as the REALTORS® who contributed to bringing you this report. Remodeling magazine’s “Cost vs. Value Report.” ©2005 by Hanley-Wood LLC. Republication of the report is expressly prohibited without written permission of Hanley-Wood LLC.

New 16 unit loft building accounced today at the corner of Ashland and Belmont to be completed in 2006. Price ranges from low $200's for 1 bedroom to mid $300's for two bedrooms

I was called in October by KGO in San Francisco to show them around 3 homes in the Chicago area because they where doing a piece on what the same price could buy you in different areas of the country.

So I took a camera crew on a tour of three homes priced at $250,000, $500,000 and $1 million.

I was very excited about my first TV appearance until I saw the clip and read the story
http://abclocal.go.com/kgo/story?section=7on_your_side&id=3679371.

They totally left me out! With 3 hours of footage they only took three cuts from a condo I showed them in Old Town at 1749 N. Wells

Hollywood is a tough bussiness!!

New Projects in the Gold Coast Area


1 E. Erie, Ontario Place
$240s-$1.1M

2 E. Erie
$190s-$410s

15 E. Huron, Fordham Spire
$550s-$3M

20 W. Kinzie, Amalfi Condo Hotel
From $200s

21 E. Huron, Pinnacle
$570s-$5M

25 E. Superior, Fordham
$330s-$4M

30 W. Erie
$1.1M-$1.6M

30 E. Huron
From $270s

30 W. Oak
$630s-$3M

50 E. Chestnut
$2.3M-$3.1M

55 E. Erie
$2.19M

65 E. Goethe
$2.7M-$6M

66 E. Oak, Ambassador
$1.4M-$4.73M

150 W. Superior, Superior at LaSalle
$400s-$1.2M

156 W. Superior
$370s-$1.5M

159 E. Walton, Palmolive Building
$630s-$10.6M

160 E. Grand, Avenue East
$330s-$2M

200 W. Grand, Grand on Grand
$350s-$1.9M

201 E. Ohio, 550 N. St. Clair
$200s-$1.6M

225 W. Huron, Huron Street Lofts
From $190s

230 W. Division, Venetian
$310s-$500s

240 E. Illinois, Fairbanks CityFront Plaza
$370s-$1.1M

303 W. Ohio, Silver Tower
From $200s

318 W. Grand, Grand Orleans
180s-$630s

400 N. LaSalle
$180s-$590s

400 N. Orleans
From $440s

401 N. Wabash, Trump Tower
$500s-$28M

425 W. Superior
$2.9M-$3.1M

425 E. Illinois, ParkView
$420s-$2.7M

441 E. North Water, RiverView
$870s-$1.2M

451 W. Huron
$240s-$430s

460 W. Superior, City Club
$900s-$1.4M

474 N. Lake Shore
$210s-$970s

500 W. Superior, Montgomery
$260s-$2M

545 N. Dearborn, Grand Plaza
$250s-$1.2M

550 W. Huron, River Place on Park
$220s-$380s

600 N. Fairbanks, 600 N. Fairbanks Court
$320s-$2.1M

600 N. Lake Shore
$370s-$1.73M

605 N. Michigan, Elysian
$620s-$8M

630 N. Franklin
$250s-$470s

744 N. Clark, Royalle
360s-$490s

836 N. Franklin, Parc Chestnut
$380s-$700s

840 N. Lake Shore
$2.8M-$7.5M

840 N. Larrabee, River Village Pointe
From $200s

865 N. Larrabee, Larrabee
From $210s

1049 N. Dearborn, Maple Tower
From $980s

1140 N. Lasalle, Flats on Lasalle
From $90s

1151 N. Dearborn, Elm Tower
$700s-$1.55M

1233 N. Sedgwick, Old Town Village
From $660s

1233 N. Sedgwick, Old Town Village
From $270s

1233 N. Sedgwick, Old Town Village
From $790s

1250 N. LaSalle, Gallery 1250
160s-$270s

1275 N. Clybourn
$430s-$510s

1400 N. Lake Shore
$120s-$480s

1406 N. Cleveland
$1.4M

1445 N. Wells
$560s-$1.2M

1512 N. Sedgewick
$420s-$570s

All The New Projects-"Taken from NewHomes1.com"


Aristocrat Tower2039 S Prairie AveChicago, IL 60616
11/14/05
Prairie Station building on the blues
If you’re not familiar with Chicago blues, the new More info

The Ambassador1300 N State ParkwayChicago, IL 60610
11/14/05
The Ambassador gets a new lease on life
S...
More info

The Clare55 E Pearson StChicago, IL 60611
11/07/05
The Clare offers Gold Coast seniors housing
It's not just young singles and empty nesters who are moving back to the city. More info

Lakeside Tower1600 S Indiana AveCentral StationChicago, IL 60616
11/14/05
Skyline, lake views from South Loop
Lakeside Tower was designed to maximize views of the lake to the east and the skyline to ...
More info

One Museum Park1215 S Prairie AveCentral StationChicago, IL 60616
11/14/05
Enterprise unveils showboat design at Museum Park
The Enterprise Companies has turned away from the style, or lack of style, displ...
More info

Prairie Pointe1600 S Prairie AveCentral StationChicago, IL 60616
11/14/05
Gammonley Group takes over tower
The Gammonley Group, builder of 1111 Wabash, bought out the More info

Jefferson Tower200 N Jefferson StFulton River DistrictChicago, IL 60661
11/16/05
Highrise focused on upscale 1-bedrooms
Jameson Development adjusted plans for this highrise after the ini...
More info

Trio650 W Wayman StFulton River DistrictChicago, IL 60661
11/07/05
Contemporary tower part of Fulton River Dist. complex
Trio, a contemporary 209-unit condo complex, at 650 W Wayman, in...
More info

River Bend333 N Canal Fulton River DistrictChicago, IL 60606
11/07/05
A graceful curve along the river
If views are your thing, you could do a lot worse than to live in a hallway at River Bend<... More info

Maple Tower1035 N Dearborn StGold CoastChicago, IL 60610
11/14/05
Luxury highrise Maple Tower selling strong after rocky start
Maple Tower
More info

10 East Delaware10 East DelawareGold CoastChicago, IL 60611
11/11/05
Developer says his Gold Coast condos are "affordable"
While increasingly luxurious high-end condos crowd the Gold Coast, a new project featuring a big name architect...
More info

30 W Oak30 W Oak StGold CoastChicago, IL 60610
11/07/05
Horizontal emphasis, curved façade mark Booth Hansen's modern design
Developer William Smith, of Smithfield Properties, is a fan of contemporary architecture, a...
More info

The Chandler501 E Waterside DrLakeshore EastChicago, IL 60601
11/07/05
Chandler's Shore Club hosts big amenities
The developers of Lakeshore East opened sales for the Chandler – the fifth hi...
More info

The Lancaster201 N Westshore DrLakeshore EastChicago, IL 60601
11/07/05
More highrises...
More info

The Regatta420 E Waterside DrLakeshore EastChicago, IL 60601
11/07/05
Lakeshore East tower has sail-like elements
In July 2005, with first occupancy more than a year away, developers More info

The Legacy at Millennium Park60 E Monroe StLoopChicago, IL 60603
11/14/05
Continuing the legacy of Millennium building
The Heritage at Millennium Park was a stunnin...
More info

Vetro601 South Wells StreetLoopChicago, IL 60607
11/14/05
Vetro promises to stand out in the South Loop
Vetro. The name of one of the South Loop’s newest highrises is Italian for glass, the domi...
More info

Modern Momentum8 E Randolph StLoopChicago, IL 60601
11/07/05
Dramatic 4-story cutout is centerpiece at MoMo
The name Modern Momentum (MoMo for short) implies both contemporary architecture and, with...
More info

Waterview Tower111 W Wacker DrLoopChicago, IL 60601
11/07/05
Riverfront giant adds hotel
Waterview Tower will be one of the tallest residential buildings in Chicago, which is im...
More info

The Residences at 900900 N Michigan AveMagnificent MileChicago, IL 60611
11/14/05
JMB converts office space into high-end condos at Bloomingdale's
Not all adaptive reuse projects are old or in an affordable price range or in second-tier locations. Devel...
More info

The Venetian230 W Division StOld TownChicago, IL 60610
11/07/05
RDM continues Italian theme in Old Town towers
The Venetian, More info

Printers Corner171 W Polk StPrinters RowChicago, IL 60605
11/14/05
Printers Row tower has all corner units
Winthrop Properties plans to cut a lot of corners in building its new Printers Row condo tower – one for each unit, to be precise. “Not only is the bu...
More info

The ParkView505 N McClurg CtRiver EastChicago, IL 60611
11/11/05
Green space, protected views at MCL’s ParkView

More info

RiverView II415 E North Water StRiver EastChicago, IL 60611
11/07/05
MCL's 2nd riverfront tower in River East
More highrises
More info

Amalfi Condo Hotel20 W KinzieRiver NorthChicago, IL 60610
11/09/05
Developer says hotel condos are affordably priced
As Chicagoans experiment with the idea of buying hotel-condos, the More info

30 W Erie30 W Erie StRiver NorthChicago, IL 60610
11/07/05
Brick and stone Boutique in River North has just 2 units per floor
The nicest thing that can be said about many of More info

50 East Chestnut50 E Chestnut StRiver NorthChicago, IL 60611
11/07/05
River North tower designed with full-floor units
Many buildings claim “boutique” status, but the label is hard to argue at Jameson Development’...
More info

The Grand on Grand200 W Grand AveRiver NorthChicago, IL 60610
11/07/05
River North tower has clear views on 4 sides
As construction reached a frenzied pace in River North, a number of buildings had their views ruined – including new developments just starting constr...
More info

The Grand Orleans330 W Grand AveRiver NorthChicago, IL 60610
11/07/05
Construction well underway at River N. tower
Robin Construction did not break ground on the More info

The Pinnacle21 E Huron StRiver NorthChicago, IL 60611
11/07/05
Fordham focuses on high-end again
Developer Christopher Carley, of the Fordham Company, thinks big, as the name of his 48-story hi...
More info

Trump International Hotel & Tower401 N Wabash AveRiver NorthChicago, IL 60611
11/07/05
Prominent tower includes hotel, high-end condos
Real estate magnate Donald Trump’s original plans for Trump International Hotel & ...
More info

Silver Tower303 W Ohio StRiver NorthChicago, IL 60610
11/07/05
Silver Tower to rise in River North
September 13, 2005
Silver Tower, a 38-story glass highrise planned for 303 W O...
More info

Vision on State1255 S State StSouth LoopChicago, IL 60605
11/14/05
South Loop project focused on 1st-timers
Park Development Group, Renaissant Development Group and Construction Consulting Group, the joint venture partners building the 254-unit More info

State Place1101 S State StSouth LoopChicago, IL 60605
11/14/05
Full-block development is half gardens, open space
In spring of 2005, the first residents began moving into State Place a mixed-use deve...
More info

1111 Wabash1111 S Wabash AveSouth LoopChicago, IL 60605
11/14/05
Highrise started wave of South Loop towers
The Gammonley Group was considered a pioneer when it began sales for More info

The Columbian1160 S Michigan AveSouth LoopChicago, IL 60605
11/14/05
New brick-clad highrise replacing Avenue Motel
The old Avenue Motel was an eyesore at the prominent corner of Roosevelt Rd and Michigan Ave, so Neighborhood Rejuvenation Partners, the firm of po...
More info

Michigan Avenue Tower1250 S Michigan AveSouth LoopChicago, IL 60605
11/14/05
Michigan Avenue's 1st condo tower in 10 years
Two years after construction began at 1250 S Michigan Ave, the first new condominium highrise to be built on Michigan Avenue in more than a decade,...
More info

The Marquee1454 S Michigan AveSouth LoopChicago, IL 60605
11/14/05
Marquee aims for vintage look in S. Loop
The Marquee, a 25-story tower planned by More info

Astoria Tower8 E 9th StSouth LoopChicago, IL 60605
11/14/05
Deco design marks Astoria Tower
Some architecture buffs equate contemporary design with innovation, but that’s a mistake, according to Pat FitzGerald, associate president of More info

Library Tower518 S State StSouth LoopChicago, IL 60605
11/14/05
Library Tower focuses on first-timers in S Loop
We're not sure if Concord Homes has had many librarian...
More info

Burnham Pointe720 South Clark StSouth LoopChicago, IL 60605
11/14/05
Developer promises affordable highrise living in the South Loop
Buyers looking for a top location that is still in an affordable price range should take a close look at Burnham Pointe in the h...
More info

Pearson on the Park222 E PearsonStreetervilleChicago, IL 60611
11/16/05
Streeterville residents and tenants of this highrise at 222 E Pearson have waited a long time for the rental building, c...
More info

The Elysian Hotel and Private Residences11 E Walton StStreetervilleChicago, IL 60611
11/15/05
Slim vintage-looking tower planned as flagship for five-star hotel brand
More info

The Fairbanks at Cityfront Plaza240 E Illinois StStreetervilleChicago, IL 60611
11/14/05
Fairbanks kicks off Cityfront Plaza on former Grand Pier site
The Fairbanks at CityFront Plaza is the first phase of a mixed-use project set t...
More info

840 North Lake Shore Drive840 N Lake Shore DrStreetervilleChicago, IL 60611
11/11/05
Prominent Lake Shore Drive highrise has vintage French look
If you were new to Chicago, you might think that the 26-story highrise at <... More info

550 St. Clair550 St. Clair StStreetervilleChicago, IL 60611
11/07/05
Streeterville tower touts modern look
It wasn't long ago that real estate agents and developers were insisting that modern design would not sell when it came to Chicago real estate. Tod...
More info

Avenue East160 E Illinois StStreetervilleChicago, IL 60611
11/07/05
Glass facade, 3-level green roof mark Streeterville tower
Avenue East, a 27-story new-construction condominium tower, is planned for development at 160 E Illinois St, a few steps east of Michigan Avenue’s Mag...
More info

600 North Fairbanks600 N Fairbanks CtStreetervilleChicago, IL 60611
11/07/05
Bold Helmut Jahn design comes to Streeterville
Helmut Jahn, whose cutting-edge work seems to be appreciated everywhere but Chicago, is back...
More info

600 North Lake Shore Drive600 N Lake Shore DrStreetervilleChicago, IL 60611
11/07/05
Belgravia builds pair of towers on prime Lake Shore Drive parcel
Of the more than 40 new residential highrise developments active downtown in July 2005, only one had a Lake Shore Drive address.
One reason t...
More info

740 Fulton740 W Fulton StWest LoopChicago, IL 60661
11/07/05
Thrush building loft-style units in West Loop tower
When NewHomes1.com ran its comprehensive loft living feature in February 2005, we didn’t include the More info

The Edge210 S Desplaines StWest LoopChicago, IL 60661
11/07/05
Edge combines new tower, old lofts
Conversion Marketing and Management, Inc. took an unusual approach with its unusually named project, More info

Skybridge1 N Halsted StWest LoopChicago, IL 60661
11/07/05
Award-winning Ralph Johnson design at 1 N Halsted St
The unusual design for Skybridge, by More info

New Report from the Nataion Association of Realtors about the Chicago Housing Bubble-
http://www.realtor.org/Research.nsf/files/Chicago.pdf/$FILE/Chicago.pdf

Its looking good!!

A List of All the New Projects Going up in the Loop

$290s-$540s9 W. Washington, Modern Momentum
$320s-$530s18 S. Michigan, Heritage
$310s-$2.8M104 S. Michigan, Boulevard
$300s-$1.7M115 S. Western, Avenue West $360s-$370s121 W. Wacker, Waterview Tower
$610s-$6.3M123 N. Sangamon From $200s125 S. State, Metropolis
$200s-$470s130 S. Ashland, Paramount Lofts
$210s-$370s140 N. Wood, Westhaven Park
From $140s171 W. Polk, Printers Corner
$220s-$430s210 S. Desplaines, Edge
$180s-$380s217 N. Jefferson, Jefferson Tower
$240s-$380s222 N. Columbus, Park Millennium
$190s-$920s225 S. Sangamon, Zen
From $250s300 S. Western, Jackson Square W. End
From $220s310 S. Michigan, Metropolitan Tower
From $300s321 S. Sangamon, Lofthaus
$200s-$390s333 N. Canal, River Bend
$1.2M-$2.3M336 S. Morgan, Morgan
$200s-$290s340 E. Randolph, 340 on Park
$380s-$4M375 E. Wacker, Chandler
$200s-$1.7M375 E. Wacker, Regatta
$270s-$1.2M375 E. Wacker, Lancaster
From $250s500 S. State, Library Tower
From $230s520 N. Halsted, Montrevelle
From $230s601 S. Wells, Vetro
$160s-$600s650 W. Wayman, Trio
From $180s657 W. Fulton, Fulton Place
$290s-$340s700 S. Federal, Printers Square
From $100s720 S. Clark, Burnham Pointe
From $250s737 W. Washington, Skybridge
$300s-$850s740 W. Fulton
$270s-$870s775 W. Jackson, Odyssey Lofts
$240s-$530s800 S. Wells, River City
$170s-$830s900 S. State, Astoria Tower
$160s-$890s901 W. Madison
From $210s918 W. Washington, 909 Washington
$260s-$420s950 W. Monroe
From $280s1000 W. 15th, University Commons
From $200s1040 W. Adams, No. Ten Lofts
$230s-$540s1100 W. Washington, Brixton Lofts
From $320s1101 S. State, State Place
$240s-$1.1M1111 S. Wabash
$250s-$1.6M1160 S. Michigan, Columbian
$250s-$1.5M1200 W. Roosevelt, Roosevelt Square I
From $280s1200 W. Roosevelt, Roosevelt Square I
From $480s1212 W. Madison, Monroe Place
From $430s1212 W. Madison, Monroe Place
From $390s1218 S. Indiana, Lakeside Tower
$240s-$460s1224 W. Van Buren, VB 1224
$230s-$600s1255 S. State, Vision on State
$180s-$280s1259 S. Indiana, 1400 Museum Park
$250s-$530s1259 S. Indiana, Museum Park Lofts
200s-$450s1259 S. Indiana, Museum Park Place
$380s-$590s1259 S. Indiana, Museum Pointe
$280s-$1.7M1259 S. Indiana, Museum Tower
$440s-$1.3M1259 S. Indiana, One Museum Park
$600s-$4.5M1400 S. Michigan, Michigan Ave. Tower
$310s-$1.5M1440 S. Halsted, University Village
$210s-$590s1440 S. Halsted, University Village
$580s-$760s1440 S. Halsted, University Village
$1.1M-$1.3M1442 S. Michigan, Michigan XIV
From $390s1454 S. Michigan, Marquee
$200s-$790s1500 S. Blue Island, University Station
$150s-$250s1515 S. Prairie, Prairie House
$390s-$950s1549 S. Indiana, Prairie Pointe
$280s-$910s1575 S. Michigan, Lakeside Lofts
$200s-$400s1610 S. Halsted, University Crossing Lfts.
$220s-$320s1620 S. Michigan
From $260s1736 S. Michigan, Lofts on Michigan
$310s-$720s1845 S. Michigan
From $290s1900 S. State, Pointe 1900
$210s-$360s1922 S. Wabash, Wabash Station
$350s-$440s2000 S. Michigan, Locomobile Lofts

"Taken from the Sunday Tribune"

As Mortgage Rates Rise, "Points" make a comeback

Rising interest rates may soon revive the practice of paying points to lower monthly mortgage payments. Last week a 15% drop was recorded in demand from a year ago for loans to buy homes and mortgage erfinancing. Points are typically a fee equal to 1% of the mortgage loan. By paying this fee upfront, home buyers lower mortgage rates and monthly payments.

328 New Untis to be built in the burgeoning Streeterville area. The address is at the corner of Grand and St. Clair right across the street from another new project at 550 St. Clair. Construction on both builings is set to begin in early 2006.

Brand New Hi-Rise Project just announced in River North at 303 W. Ohio.
"The Silver Tower" will be ready in 2007 with prices starting in the low $200,000's.

Taken from Realty Times:

Lake View is in a "healthy market"
I don't really believe we have a bubble. The Lake View market has only had a 37 percent increase in the last five years. That's just under an 8 percent increase a year, which is a fairly sustainable rate in the condo sub-market. Rogers Park has seen 138 percent and Logan Square has seen 100 percent increases over the same five-year period. The citywide average has been growing at $15,732 a year, so not only is Lake View not in a bubble environment but it represents a fairly stong comparable value.

There is a lot of inventory and more is starting to come on the market. Property left over from the summer selling season are being forced to lower their price to compete with new fresh listings. Buyers are taking more time to choose and are being more selective in what they decide to put an offer on. Buyers are looking for everything they want in a home and are taking the time to look for it and not feeling pressured to buy right away, Interest rates are still staying steady for the buyer.