The Real Estate of Oz

Vacant houses

2010-02-19T17:11:00.002-06:00

Not surprising that I see a ton of vacant houses these days. Not just foreclosures and short sales, but sellers who have bought something else, relocated for work, or who have just plain skipped out.

I guess if you think about it, any time the homeowner leaves - the house is vacant. Please Rob Me has an interesting take on the vacant house and social media conundrum. MSNBC also weighs in.

On another note, my wife and I love Dwell magazine. Not sure we could live in all the spaces or be that neat and organized, but the photos are pretty amazing. Unhappy Hipsters gives a nice little twist on them.

Movie Real Estate

2010-01-19T18:41:00.007-06:00

In the interest of disclosure, my wife is an actress. We met at a show a few years ago - I think I've touched on this but maybe not.

It's rare that she enjoys hearing about real estate, she being more interested in what Kate Hudson wore at the Globes. This past Sunday was a different story though as the Trib has a piece on famous houses.

We all know the Ferris Bueller house, the Home Alone house, the Christmas Story house (in Ohio people not here). Do you know the house for the Realtor commercial, Qwest Communications, Batman locations, Crate and Barrel catalogue shoot? Kate Levinson does. She's the location scout that finds them. Sounds like a pretty fun job.

My wife, Angela, has been in a few of them. She agrees with the comments that one of the best perks is the food. These sets cater a ton of food. I'm guessing all the houses are nice - but when I get text like "What's a 5 bedroom Single Family in Bucktown go for?" I know it's really nice.

Sunday Open House

2010-01-16T23:53:00.005-06:00

It's the first open house for the year - and the first one for my new listing.

It's a great property - 3 bed 2.1 bath, fenced yard, and only two units in the building.

1-4 pm today. I'll be there. Come casual. No need to dress up.

Duplex Up in Logan Square

2010-01-15T14:31:00.013-06:00

Smart sellers are getting their homes on the market early this spring market. Here are some shots of a great duplex up.

The master bedroom is huge and has all the goods in the master bath.

The kitchen splits the separate dining room and living room. It's some space.

Condo Hunting - Walk to Wrigley

2010-01-09T08:19:00.014-06:00

First and foremost, as an Alabama native let me say Roll Tide. Feels good to be back on top of the football world.

Today, I'm back in the car with clients from the fall. They are looking for a two bed, hopefully two bath condo, with some vintage details, but updated kitchens and baths. We looked in the fall in hopes of taking advantage of the First Time Home Buyer Credit, but frankly, we couldn't get our act together fast enough. The credit was extended, but then the holidays came in and here we are. Six weeks later, we're in a great position to buy as there are several new listings on the market.

My clients do not drive, so they have to be close to the Red Line. They would also love to be able to walk to Wrigley. We've realized that Southport Corridor might be tough for the price, but we might be able to swing the south end of Uptown.

The wife is an actress so we get to talk about the Uptown Theaters. There's a nice little storefront theatre scene in Uptown. National Pastime produces a full season but the most noise comes out of Profiles Theatre. Great season - you've got to be willing to see some challenging work - but well worth it. They're doing one of my favorites soon - Killer Joe. It's one of the early pieces by Steppenwolf's own Tracy Letts - and being from the South - it hits a little close to home. Get your tickets soon as it's a small space and it's good.

Again. Roll Tide. Bet they didn't have this weather in Pasadena.

Welcome Back and Chicago Realtor Update

2010-01-05T08:09:00.006-06:00

Happy New Year to all.

In looking back at the blog its been 13 or so months since I last posted. That's not good.

As an update in the last year both personally and market wise:

I asked a wonderful woman to marry me - she said yes.
She planned a great wedding in less than five months and we had a blast.
We're working on selling our house. Check back soon if you want a Lakeview one bedroom condo with lake and city views.

The First Time Home Buyer tax credit enabled me to work with several first time home buyers. It was extended and expanded to include "Move up buyers."

Foreclosures stuck around. That's not news to people, but they're going to be here in 2010 too. I have no problem working on foreclosures, short sales are a roll of the dice though.

The good news about foreclosures being around is that the market is low. Gold Coast 2 and three beds for 500K. Sounds like a deal.

To sum it up, 2009 was a good year. It takes a lot to keep contracts between buyers and sellers together, but most of the time it works out.

As always, you can Search the MLS here!

No Man's Land in the Chicago Condo Mortgage Market

2008-11-26T11:07:00.002-06:00

Rates dropped today. Got an email from lenders all over the place saying that conforming loans hit 5.5%. That's great news for a down market.

I was dealing with a contractor at my house today when the email hit the phone. We began discussing rates, and he asked what that does for him. I asked if he's conforming and if so then he should call one of the multiple mortgage guys that emailed me today.

He looked at me and asked what conforming means. Now I'm NOT a lender or mortgage broker, but conforming generally means if Fannie and Freddie will buy your loan and that generally means you have to be under the magic 417K number.

Apparently he's not so that ended our discussion. I do have a lot of buyers who need a place over 417K. It is becoming a problem for them to get a loan. Russ Martin, of Perl Mortgage, explains why non-conforming loans have become No Man's Land.

National Historic Registry Home For Sale

2008-11-19T06:03:00.001-06:00

For a down market, it's been a bit busy and not just with foreclosures - although short sales and foreclosures abound.

I recently (as in just got back Sunday) took a family vacation overseas. Africa actually. Great trip and just a great time to get away, although quite a shock to return to cold weather.

Discussion over dinner turned to the house I grew up in. It turns out that it's on the market. I spent ten years in this house. Great to see the owners (not the one's my mom sold it to) have kept it up. I guess it explains my bent towards dark floors and formal dining rooms and Northside vintage condos in general.

I remember when my parents renovated the house and my mom asked for the laundry to be moved from the first floor to the second. The guys thought she was crazy. It's the norm now in new construction single family homes now.

It's a great house, hopefully someone makes it a great home. For 10 years I called pictue 20 my bedroom.

Buyer's Agent? What is it and Can I have one?

2008-07-15T22:51:00.001-05:00

So it's time for you (or you and your wife/girlfriend/boyfriend/husband/partner etc) to buy a house. What do you do? I mean Chicago's huge - 29 miles of Lakefront from Juneway to Calumet - used to be a Chicago Park District lifeguard in college - for some odd reason that was our claim to fame.

You live in Lakeview and your significant other lives in Andersonville. You both go to a few open houses along Clark Street from Diversey to Foster and everything in between. You can't find anything you can afford. Why is it that everything with a 5 as the first digit has an open house but nothing with a 3 as the first digit? How are you going to make sense of it - in either neighborhood - and find anything that you can afford? Where is this Ukrainian Village you hear so much about? How much is it worth? Is it a good neighborhood? Can I find the train? Can I walk to a bar to watch the Cubs game? Can I get a cab late at night? Where would our future kids go to school? How am I going to make sense of all of this? Can anyone help me with this?

Yes. Find a Buyer's Agent.

In a Real Estate transaction, Illinois affords the Buyer an advocate in the process. This advocate is a Realtor, and in this case works for the Buyer - hence Buyer's Agent.

This person works for the Buyer, but is paid by the seller (usually through a co-operative commission). They can tell you all sorts of pertinent information - days on the mare kt, neighborhood information, what the house was bought for initially, or recently sold comparable properties. They also have an opinion on the neighborhood and I'm not really shy about telling you my thoughts (West Bucktown vs Bucktown - East Lakeview vs the North and East sections of East Lakeview).

For more about Buyer's agents and what they can do for you - take a read of Steve McLinden's article on Bankrate.com

Starbucks Effect

2008-06-05T13:23:00.000-05:00

It's interesting when you work with buyers. You plan your day with listings, plan the route, plan the neighborhood tour if your client isn't familiar with the neighborhood. What kind of things do people want to see? The "el," the grocery store, the lake, the parks, and the Starbucks. Seriously - Starbucks - not a coffee shop, not a cafe, a Starbucks. So for the north part of East Lakeview - that would be the Sheridan Stop, the Whole Foods and Jewel, Waveland Ave Underpass, Gill park, and Broadway and Sheridan location.

It's also a selling point from just about every listing agent, "You know the Starbucks is two blocks away?" It's even in some of the marketing materials - oftentimes noted with a coffee cup.

Now don't get me wrong - my office is about a block from a Starbucks. My house is about 500 feet from one, and there's a Starbucks card in my wallet now - but it's seriously become an obsession. It's not a new trend either. Tons of articles have been written on the "Starbucks Effect." Daniel McGinn writes the linked piece for Newsweek. He breaks down retail's effect on real estate values.

What does it cost to Park?

2008-05-08T18:36:00.001-05:00

Well on the heels of the article on Monday regarding the exorbitant parking rates in the city of Chicago, I have clients not interested in buying the space with the unit. I don't quite know what to say to them. I live in Wrigleyville, where this proposed purchase is and I must say that parking is rough, especially on game day, even worse on street cleaning plus game day.

In their defense, the parking is really expensive, but I've listed some expensive parking spaces in the past. My advice was to buy it for rental purposes or to make it more attractive to sell. As a mortgage banker friend of mine points out - just because your mortgage is for 30 years, doesn't mean you'll live in it for 30 year.

It's also ironic for me as I have two other clients that we're trying to find places with parking. I'm still trying to figure out how to get one of my clients to rent from the other.

Condo Associations: To Sue or Not to Sue

2008-04-04T14:57:00.000-05:00

Keep in Mind that I'm not a Lawyer! So this isn't legal advice.

New construction and New conversion properties are appealing. In fact, I bought into a new conversion building myself a few years ago. It's been three years this May for me and that's a good thing. I'm not in a position to move although I'd like to. I have house lust. It's chronic and it hits hard but that's another story.

Like all new condo Associations, we've had our bumps and bruises - Developer issues, turnover, management companies, the City etc. All of these we could handle, the biggest concern has been our Developer punch list. We've got a list of things that we'd like to have done. Essentially, we, as an Association feel that the Developer hasn't finished the building: Some of it major - boiler and elevators - some minor -trim work and moulding. Everyone of my clients experiences this on some sort of scale.

It's been three years and the Developer wants to move on and we do as well as an Association. The proposal was raised to file a lawsuit for specific performance. We looked into it. The deciding factor for us: Mortgage banks won't touch an association that's involved in a lawsuit.

Open House - Ukranian Village

2008-03-16T08:46:00.000-05:00

New to the Market

2 bedroom 2.1 bath

Duplex up in Ukrainian Village.

Garage Parking included.

Natural Stone Baths

Granite and Stainless Kitchen

Hardwood floors in the lower level

Come by at 1137 N. Wood, Chicago IL 60622

Today - 1 to 4 pm.

Printer's Row Condos and Lofts

2008-03-14T15:29:00.000-05:00

Don't know what it is about the Printer's Row neighborhood but I'm here all the time and I love it more and more.

Printer's Row used to be the heart of the cities printer's and binding industry, which means that it's one of the oldest neighborhoods in the city. It has a great little park that, this morning in particular was covered in people walking their dogs. No sun bathers yet - but it is a work day.

The buildings are great - many with bookstores on the first level and all the historic charm you'd expect from one of the oldest neighborhoods in the city.

There are some great price points here as well. Studios for 150K, lofts for 350K, and new construction abounds. On our site, you can Search for All Printer's Row Properties for Free.

ChicagoTraveler.com has all the info on the Printer's Row Book Fair.

UkrainianVillage Open House

2008-03-09T08:59:00.001-05:00

OPEN HOUSE TODAY 1-4pm

Ukrainian Village

2 bed 2.1 bath

1525 Square Feet

Granite and Stainless in Kitchen

Natural Stone Baths

Garage Parking included

Gas Fireplace

14 Ft ceilings

Intimate Elevator Building - 16 units, but there's an elevator

Well Maintained Building - newly remodeled common hallways

Steps from Division = Great restaurants, bars, and access to the CTA.

1137 N. Wood unit 1A.

Open House Today - 1-4pm

UPDATE: Blogger cannot upload pictures today for some reason - so hit the side bar for the flickr tour.

Lakeview Vintage Condo

2008-03-07T15:55:00.000-06:00

Chicago is old. Really old - Incorporated in 1837 - or so the city seal says on the bus stops.

That being said it has several historically significant buildings. Much of East Lakeview has been landmarked and the facades cannot be altered. If you're a fan of vintage condos, tall ceilings, landmarked buildings, working fireplaces, and woodwork, then check back as I'll have pictures of a new listing that I'm marketing in the Brewester. 2 bedroom 1 bath.

Should be on the market in a week or two.

Lakeview Open House

2008-03-02T11:04:00.000-06:00

Getting back from vacation in Mexico is tough. Really tough. No other way than to hit the ground running.

OPEN HOUSE TODAY 1-4.

New to the market 2 bed 2 bath Duplex Up.

Built in 2004

Roof top deck.

Over 1900 square feet.

Under 500K.

Open House today - 1-4 at 1712 W. Diversey unit 3.

Also has two car parking.

Go to www.1712wdiversey.com for more information.

Bucktown Open House

2008-01-27T08:20:00.000-06:00

It's open house time again. This is a HUGE 3 bed 2.1 bath Duplex Down in the thick of it all. Very walkable to restaurants, boutiques, CTA, and bars.

It's also highly upgraded: Dacor, Fisher Pykel, Thick Granite, Custom Woodwork, Stone Bath - all of this on an deep lot. Don't forget the it has TWO CAR PARKING, heated floors, and three decks.

OPEN HOUSE 11 to 2 Sunday the 27th.

Timber Lofts

2008-01-26T08:04:00.000-06:00

It's time for lofts. I've got two new clients, single guys, who are going with lofts. They've decided that timer lofts in the West Loop or Printers Row are the best fit for them.

The locations can't be beat - both work in the Loop and both need to get to the 'burbs as well.

It's the Timber Lofts that get me - don't get me wrong, concrete lofts are huge and open, but the Timber Lofts are unique - the high ceilings, and the exposed brick are just really co0l to me.

The pictures are of a great little lofts space that's currently an office - taken by the author.

Condos - Walk Up or High Rise?

2008-01-11T11:05:00.000-06:00

As the Spring season gets started, many first time home buyers have a neighborhood picked out, but they're not sure about the type of building. The biggest question for most is High Rise or Walk Up?

They're both attractive, but which one is best for you?

Walk ups are great - smaller buildings (read less neighbors and neighbors you know), no elevators, smaller assessments, and many have parking. Walk ups are, generally, a more intimate building -usually under 20 units.

Walk ups, mean that you hit the steps every time you leave or come home - so factor in groceries, PETS, moving furniture, and having people over. Also if you are the type who throws the annual raucous Holiday party - then it might be best to go walk up as you can invite your other neighbors. No one is left out - or annoyed by the noise.

The drawbacks: Self managed and small buildings. Those attractive low assessments mean that you might be taking turns shoveling snow and mowing the lawn. You'll also probably serve on your condo board in one way or another. You'll know everyone in your building - so if you don't pitch in at the meetings or help with the landscaping - then it will be known.

The biggest advantage for many is the ease with the pets - no elevators for the dogs.

High rises offer some great things too. In addition to the views, many have door staff, valet parking, gyms, grocery stores, dry cleaners, 24 hour maintenance staff, and yes - elevators.

The down side: higher assessments, big condo boards, and management companies. These are huge properties - many with over 400 units, and they have some rules that need to be followed.

High rise living has some advantages though. Many of the buildings include heat, a/c, and or cable. The building might be more secure too - especially if there is door staff signing for packages, and signing people in. In some buildings - there's an engineer - meaning if you're sink leaks or is clogged - make a phone call and it can probably be addressed quickly.

These are just some of the factors to the Walk Up lifestyle versus the High Rise lifestyle.

picture is actually a hybrid - a Walk up Condo - with an Elevator

How far to the Train?

2008-01-08T15:34:00.000-06:00

We're hunting for condos right? We are going to find you the best condo for the money. It might take some time - but it's out there - somewhere. You log onto the site all the time at work, we talk to each other so much your mom is starting to wonder about us, and we go out three times a week. Not only is this a relationship - but it's also tarting to feel like a second job - which reminds you of your "first" job. How are you going to get there?

We're looking west of Damen - that's not the end of the earth is it? The CTA has elevated trains there right? You're not going to have to take the bus to the train?

Rest assured - the CTA has trains west of Damen - they're just not elevated.

The above is the Rockwell stop.

Photo by the author - aren't camera phones better these days?

Foreclosures Everywhere

2007-12-12T22:24:00.000-06:00

Aside from the words "Crash" "Slow-down" "Bubble" and "Burst," - you probably hear the word "Foreclosure" the most.

Well they are everywhere. Some estimates, (and I have no figures to back this up at all, just hearsay around the water cooler) even say 1 in 10 houses on the market is undergoing the foreclosure process.

They literally are everywhere. Where? Well take a look at a zip code map. Russ Martin, of Perl Mortgage links to it on his Blog.

As I'm working on three foreclosure contracts right now - drop me a line and I'll answer your questions. You'd be suprised what you can find about the property with some research.

Also for Mortgages - can't say enough good things about Dan Fogel and Russ at Perl Mortgage.

How much to park?

2007-11-08T17:37:00.000-06:00

Good news and bad news. In this market - you take both. Had a great little vintage listing in East Lakeview with parking. Great neighborhood - lake, CTA, restaurants, bars, in the words of my Broker - "If it were Monopoly, we're on Boardwalk or Park Place." That is of course - for the 1 bed 1 bath type - the board changes if our needs change.

The good news - the listing sold (soon at least). Don't want to jinx it- but we're in Attorney Review. The bad news - they buyer doesn't own a car - so now I got a parking space. For Sale - for $47,500. That's right - they go for that much. It will sell, as there's a limited number of garage spaces - and a higher number of people that need to park.

The only dilemma I have is how exactly do you show it. I've fielded many calls about it - yes it's covered, close to the door, normal spot, etc. But I do have to go show it this evening. The space can only be sold to someone in the building - so they all have keys to the garage, I'm confused as to why I have to be there.

Am I supposed to point out some novel features? "Yes, Prospective Buyer, you can indeed back into the spot. I'll look into getting the oil spots removed. Yes, that's right you get from the yellow line on the left ALL THE WAY to the one on the right."

We'll see.

CAPS - Hotel Chateau - Administrative Hearings

2007-10-27T09:34:00.000-05:00

Lakeview is where I call home - well it's Lakeview north. South of Irving Park and East of Broadway. So not really uptown - but enough that people in the office call it "almost uptown."

Well word on the street is that there is going to be an Administrative hearing on the Hotel Chateau on Monday at 9am. If any residents of the neighborhood (me included) would like to voice their concerns about a reputed drug and prostitution house - Monday at 9am at 400 W. Superior room 115.

Wrigleyville Open House

2007-10-20T08:52:00.000-05:00

3 bedroom 2 bath Penthouse with 4 outdoor spaces.

Even though the Cubs are out - it's still a great place.

Open today 1 to 4pm.

Chicago Open House - Old Town

2007-10-14T08:13:00.001-05:00

Old Town 2 bed 2 bath Open House!

Garage parking - Over 1700 SF

Open Today - Sunday - 1-4

Chicago Open House - Ukrainian Village

2007-10-13T09:11:00.000-05:00

Open House Today - 1137 N. Wood. 2 bed 2.1 bath Duplex loft. 1525 Square feet of space - garage parking included.

Open Satruday 1 to 4pm.

Going Green

2007-10-12T16:21:00.000-05:00

It's everywhere these days - Going green. It's important as we only have one planet and I'd like to leave it as good or better than I found it. (As a side note - there are a at least three buildings in the South Loop that advertise being the Only Green Building in the City).

The Real Estate industry is horrible about going green. Realtors drive everywhere and many of us, me included, drive SUVs. (I'm passively shopping for a car so I'm taking suggestions about cars that will be better). At showings, every light in the house is on. Even if its a sunny day, if it's got a light, it's on. The AC is cranked up in the summer and the heat blasts in the winter - all in an effort to make it more homey.

The biggest for me, is the listing sheets. If I'm taking around clients - a couple - and we're seeing six houses. That's 18 sheets of paper for the three of us. 18 sheets plus what the listing agent gives us all in an effort to have as much information on the property as possible. I understand the quest for information, but most of these sheets of paper end up on the floorboards of the car. I use them for scratch paper, but it's impossible to save it all.

There's just got to be a better way that's maybe a bit greener.

Old Town Open House

2007-10-06T08:29:00.000-05:00

Open House today!

2 bed 2 bath with garage parking.

Open today Saturday 1-4.

Chicago Open House- Ukrainian Village/ Wicker Park

2007-09-30T08:31:00.000-05:00

Open House today - Great 2 bed 2.1 bath Duplex-Up. Open House today 1-4.

Great unit - granite and stainless, natural stone baths, fireplace, huge deck, over 1500 square feet of space, laundry in unit.

All this and parking included for $444,900!

Walk to all the Division hot spots- Macs, and Moonshine.

Is Lakeview Safe? Crime Wave

2007-09-25T18:04:00.000-05:00

"So seriously, is Lakeview Safe?" One of the best questions you can ask a Realtor. Mainly to watch them squirm. Goes on the list with, "What kind of people live here?" There are ways to answer the question - and really, there are ways to ask the question - but that's another story.

But is Lakeview safe? I used to think so. You see, I'm a home owner myself, about 2 and a half years into it (actually it's for sale now too if you know anyone who wants a 1 bedroom in Lakeview). I chose Lakeview for the area - Cubs, Lake, CTA. Yep, I'm a Lakeview guy - not quite a Chad, but working on it - maybe. Another big factor - was the safety. Close to the train, easy to get a cab, street lights, lots of people around all of this made me feel safe. I even live in a mid-rise. -Doors monitored by TV, security cameras, Medco Keys and I live on 8th floor - so it's going to take some serious effort to rob me.

Apparently all my safety is for naught. Last night I came home after an evening of showings. Not too late - 7ish maybe. All was as it should be - nothing appeared to be out of place. I wiped my feet, walked in, flicked on the lights, threw the briefcase on a chair, checked to make sure that PTI recorded on the TiVo - turned that on, and went about reading the mail (bills) and answered some emails. As PTI wound down, I changed clothes to go for a quick run. Grabbed the iPhone, headphones, and keys and walked outside to discover that I'D BEEN ROBBED.

It took me a bit of time to realize it and at first, I was shocked. Horrified even. Then I just became angry. Then just violated. Someone or some persons had stolen my welcome mat. While I was home.

I scoured the building - looked at each mat in front of every door. None are like mine - different color stripes and WELCOME on the front. I remember when my roommate and I got it. Alas, it's not in my building - or maybe it's inside one of my neighbors units. Either way, it's not in front of my door anymore.

I talked to a cop friend of mine - he says I have seven days to file a report, but I probably won't be contacted about the theft as it's not a "Major Case."

I don't know what I'm going to do tonight when I get home. I'd leave my shoes outside - but apparently it's not as safe as I thought.

What are your Faves?

2007-09-22T08:30:00.001-05:00

The Chicago Reader runs its 40 favorite things - a nice little list of some off beat things goings on. They also have some staples - Music Box and SUPERDAWG.

It's a great little list and they encourage you to add your own.

Old Town Open House

2007-09-22T08:25:00.000-05:00

1359 N. Mohawk 2 bed 2 bath in Extra Wide (36 ft lot) Simplex.

Open House 1-4 TODAY Saturday!

Open House - Wrigleyville 3 bed 2 bath...

2007-09-08T21:23:00.000-05:00

AND 4 OUTDOOR SPACES! Garage Parking included.

Sounds like the best place to watch the playoffs.

Open House - Wicker Park - Ukrainian Village

2007-09-07T12:55:00.000-05:00

Open House Saturday the 8th from 1-4pm.

1137 N. Wood - Just East of Damen Ave. 2 bed 2.1 bath Duplex Loft.

More info!

Virtual Tour!

Home Gym or Gym near the Home?

2007-09-06T16:31:00.000-05:00

Got me thinking this morning when I heard that Cheetah Gym closed all locations. (I'd link to the Gym site - but what's the point when you can't join or go there?) The gym was nice from what I heard, never went as there's not one in my neighborhood.

Got me thinking though - the gym is an important thing for many buyers. It makes sense. People work in a cube all day would like to have some sort of exercise - great gyms , the lake front path, beach volleyball, 16 inch softball, or flag football. All of these scream Lincoln Park, Lakeview and Bucktown - alright - some are beer leagues - but exercise nonetheless.

I love the lakefront path - it factored into the decision when I went looking in Lakeview. I schedule in time to go running every day - it just doesn't work out that way (like the last two weeks).

That being said, some need the gym in the home and love the full amenity building.

It's really a choice though I guess.

Like Outdoor Space?

2007-08-30T19:40:00.000-05:00

If so than a new listing is for you. 1000 square feet of deck space makes this your city oasis.

Hot tubs and BBQs for all.

Living above Retail

2007-08-30T19:31:00.001-05:00

Where are people going to continue to live if almost every lot is being built on?

There's always above a commercial space. Think about it - commercial spaces are big (the zoning is actually different as they can use the entire lot lines of the building) so the condos or lofts above them have to be huge right? Well true. But what kind of commercial space do you want to live above?

Most people want to live NEAR it all - not ABOVE it all. Although the stumbling distance from your local watering hole might be reduced if you just had to walk up the stairs. But is there something better to live above? I usually tell clients to avoid restaurants, bars, and coffee shops. Why? Well - mostly due to trash. Doctors' offices and banks are usually safe (QUIET) bets.

Lakeview is undergoing a debate regarding this. I'm glad to see the theatres are sticking around in the new condo boom. Frankly I'm torn though- I like the small independent retailers/bars - but can they really afford the rents like the Big Boys? Tough call.

Lakeview 1 bed 1 bath Update - Old is New

2007-08-28T21:26:00.000-05:00

East Lakeview is one of the best areas of the city - the lake's right there, you can throw something and hit five different restaurants - Bobtail is there and the Soupbox - great bars (although my favorite just closed). The down side is parking is tough.

Check out 559 Surf.

Great location, GARAGE PARKING, Cool building - if you like that Capone lived here and the sister building. Nice vintage detail as well.

It's classic vintage with an updated bathroom - doorman, elevator and storage complete the package.

Lakeview, The Cubs, and 7 Second Delays

2007-08-28T21:13:00.000-05:00

Big, Big series(s) this week for the Cubs and the Lakeview neighborhood as well. You either love it or hate it - all the people and the traffic in the neighborhood 81 (hopefully 81 +) games a year.
I love it. I think its great - I also get a sick glee by giving Cardinals fans the wrong directions to the train.

Now nothing can beat going to the game - but if you live in Lakeview, you can work the seven second delay on TV and get a jump on the game.

I'm working right now, and can hear the crowd. It's nice to know the Cubs got a hit before the pitcher has even thrown. For those of us that are impatient, it helps a bit in tie games.

Wanna Bet?

2007-08-26T09:32:00.000-05:00

Buyers these days are a funny lot mostly due to mortgage rates and news that lenders are going out of business. In fact, I asked a mortgage friend of mine the other day, "What happens if my lender goes under? Do I just own my house free and clear?" The short answer was that no - I have a 30 year fixed (which I hated at the time) but that I'm about as boring as it gets mortgage wise and my loan will be bought by someone else before the company goes under and I'll just pay a new lender - even if it's some guy named Steve. So if things keep going like they are - I hope Steve is a good guy.

So I found this interesting - what are the rates that you'll go into foreclosure?

Bankrate.com weighs in with the odds that you'll foreclose - click the title.

Wrigleyville 3 bed 2 Bath Open House

2007-08-26T08:37:00.000-05:00

If you need to be able to walk to the First Place Cubs - Playoffs anyone? - then this is the penthouse for you.

Open House 1141 W. Patterson - One block South of Addison, just East of Racine. 1-4.

Want Vintage

2007-08-08T16:02:00.001-05:00

Old is New again right?

1 bed 1 bath vintage in East Lakeview

Oh yeah - GARAGE PARKING IS INCLUDED.

Thou Shalt Close at the End of the Month

2007-08-08T15:50:00.001-05:00

Why? Well for most - it's cheaper. If your a first time home buyer juggling a lease as well, ideally you can close the day before your lease ends and just move once. Ahh those are perfect situations. They happen but rarely. Like marrying the person you meet at the bar.

Ardell and the RSC (like the holy books for bloggers) weighs in on other reasons why. With the fall season coming up - it's required reading.

Inspections and Walk Aways

2007-08-07T11:54:00.000-05:00

Lew Sichelman had a nice little piece in the Tribune the other day regarding Home Inspections.

Most offers, especially that two year old resale in East Lakeview that you love, are contingent upon the home passing an independent inspection. The buyers and sellers (attorneys and agents too) then come to terms over what is and what isn't going to be fixed. Like every agent out there, I've had people walk away at this time because of some major problems - i.e. foundation work. Those you can understand - it's the ones that maybe are going to cost a seller under ten dollars - repair a GFCI outlet - that are the hardest to take. Everyone is at a loss there.

Tourning and Shopping In Lincoln Park

2007-08-02T13:18:00.000-05:00

This from the Trib today - a walking and shopping tour in Lincoln Park. Not a big shopper myself, but kind of a cool concept. Intersting as many clients ask to be walking distance to all the cool shops too.

Can you live in a Parking Spot?

2007-07-19T15:30:00.000-05:00

People ask all the time - how much is parking worth? The quick answer is it depends. South Loop? Wrigleyville? Lincoln Park? Hyde Park? Covered? Un-covered? Garage?

It's a good question as some listings have parking included and others are sold separately. As an example, we'll take my listings at 550 Harrison - two bed two bath Timber Loft for 349K -PARKING INCLUDED. People ask on showings - "what's parking worth?" Well look at another unit in the building also 2 bed 2 bath that has parking separate and do the math - 325K plus 24,900 for Parking and there you go.

There isn't a hard and fast rule about parking and sometimes, it doesn't work out as easily, but it could be like NYC. How does 225K for secured parking sound?

The Wager

2007-07-05T14:26:00.000-05:00

Selling real estate is a people business - yes it's a numbers game, a blowhard sport - whatever you want to call it. But if you're a buyers agent - it's a people business. Consequently, I keep up with many of my clients - in fact, I see many buyers at the Home Depot, at the local bar, or out for a jog ( I see the occasional seller as well). It's really nice and doesn't hurt in the Bar-B-Que season either.

One client ended up with a great top floor little place in Southport Corridor. Really nice new-conversion. Best layout, - split two bedroom two bath - deck, bells/whistles, top floor and parking. In Southport Corridor. The issue is the parking. She was extremely lucky to get a parking spot as one is reserved for the largest unit, and there are only three parking places total - so she's lucky to have one. Someone dumped out of a contract just before her and we got lucky - by about ten minutes. Now her spot is a bit tight. Borderd by a fence on one side, the neighbor's car on the other and the dumpster on the other. So very little room for error. But it's a parking spot in Wrigleyville - beggars can't be choosers.

The problem is that she emails/text messages that her spot is awful. I get messages that read something like this: Ben - the spot you sold me is awful/sucks/doesn't work. I hit/rammed/dinged/backed into my neighbors car/fence/gate/ dumpster. That's for selling me such a wonderful spot!

My response to her each and every time as been a simple line of: The spot is fine. It's user error. Learn to Drive.

Now we are both kidding - her spot is a bit tight and she is happy that she has a parking space. But I did run into her the other day, and we now have a friendly Wager. We're going to park my car in her neighbor's spot. I will then have to park my client's car in said spot without hitting my car or the fence or the dumpster. The winner gets a fish (both of us want a pet but neither is home enough to get a cat or dog so a fish it is).

No firm date has been set - but I will have glorious details of my triumph and maybe pictures of the fish.

Waiting and Losing

2007-06-15T11:48:00.000-05:00

Nope it's not about the Cubs.

So we find the perfect house- it's got everything you want - or everything you can live with. Maybe the deck isn't exactly the size you want - maybe it could use a few more windows - but hey you can live with it and live with it happily.

It's really the price now isn't it. So it's a buyers market right? We done the numbers and they're high so in lieu of coming in low and just having an ugly negotiation we decide to wait.

What can happen?

Well here's my story.

I found the perfect little loft for me. Nice - huge - great area (if you're into Lincoln Park) parking about a foot away from the back door. But it was pricey. So I waited. I won for a bit - price cut here, separate parking, then another price cut. I've seen this place each time. Beautiful and the price is falling and everything looks great.

Then what happens this morning? SOLD. Not even under contract - PENDING - gone. Called the agent just to see, not even going to show it (at least not to me).

So you can wait and win, and we can wait and lose as well.

Let's Buy it Together

2007-06-09T09:48:00.000-05:00

It sounds like a great idea. You want a house and you can afford something, but not a great something. Your friend/partner wants a house and is in the same boat. Why not combine the funds and get something awesome? Why not buy that something awesome together?

Well it's a great idea if you go the extra steps. Unfortunately, going the extra steps involves having some ugly conversations - pretty cool if it's your college roommate - but not so cool if it's your longtime partner.

Going the extra steps anticipates the end of the relationship (the characters in The Breakup didn't have this conversation). What happens to the house if one of needs out for any reason? Breakup, job transfer, financial reason etc. If you enter a tenant in common agreement you can avoid a great deal of hassle if the relationship does indeed end. Above all else, consult your Real Estate Attorney to discuss these issues.

Tenant in common agreements can spell out all the ugly things first. What happens when one party puts up the money. What if one dies? What if one has to sell to pay off a debt (what happens to the other party?) What happens if you get married? Buying a house is tough enough, but go ahead and have these conversations as well. It can save a lot of headaches.

For more on this check out the RCG (they're great).

South Loop Loft

2007-06-07T15:45:00.000-05:00

Blatant sales Pitch to follow, but it's a really killer loft in the South Loop.

2 beds, 2 baths, 2 balconies, 1 indoor (heated) garage spot.

A couple of places for pictures.

Craigslist

Virtual Tour

Waiting Game

2007-06-05T14:26:00.000-05:00

We've all heard the news: market's dead! Wait it out and you can get the deal of a life time! Never buy the house in the first week and if you do make an offer - go in 20% low.

That pretty much sounds like a great way to lose the house that you love. I Recently had a client who wanted to go in really low. I disagreed. He found an agent to write the offer 25% under asking price. The house is still on the market.

It's not just happening here - it's all over the country.

This is Gonna Be Fun

2007-05-11T11:50:00.000-05:00

I can only imagine the open houses next week. Thanks to the San Diego Home Blog for this news item. (Great Blog and Great People by the way).

Worst Client Ever

2007-05-04T14:37:00.000-05:00

Usually I don't discuss my clients here (and even if I do the names/houses are changed to protect the innocent) but my newest is just a mess.

First off he's bought before and he doesn't know what he wants to do with his house. It's a one bedroom in Lakeview. 8th floor of a midrise with lake and city (partial) view from the balcony, laundry in unit, new kitchen and floors. He rents parking and the lease can be carried over. He doesn't know where he wants to price it (it's not a perfect place). The building is a conversion, so taxes aren't out yet and there hasn't been a one bedroom sale yet in the building so it's a little tough to find the comps. There's no market guidelines for his place.

Then he's not sure what it is that he wants. He searches properties constantly online. He can't find a neighborhood - not sure if it's further south for less space, or take a chance in a not as nice area but get a lot of space. He doesn't need the space - he's single. He wants the big three though, a dog, and no high rise. Also this guy's schedule is awful - works a lot so he'll give me about an hours notice to make appointments and we can only see things for about an hour.

A bit of an example, last week we looked at large 1 bedroom lofts in Lincoln Park - right behind DePaul. Great area, he's young enough to live there and not worry about the college kids. He liked them, but he made me throw in a monstrosity in Old Town on the same day and he walked right out of it. He knew he was going to hate the Old Town one - but it's in the price point so let's take a look right?

After the showings (he loved one by the way) he gets back online and starts looking at different neighborhoods. Not sure if the property he likes is a good value, kind of a busy street, not really the best outdoor space, he doesn't really have to move, not sure he wants to put his place on the market, etc, etc. He doesn't have the need yet.

We're looking at new places and new neighborhoods tomorrow. Hopefully it's not a waste of time. Oh yeah, here's my guy.

Bucktown Open House

2007-04-28T12:17:00.001-05:00

New construction Duplex up and Duplex Down Open House Today and Tomorrow 1-4pm

How to Accrue Market Time

2007-04-26T13:04:00.000-05:00

A great article from the Chicago Tribune this morning on how not to get your house sold. Particular favorites of mine include the toys cast about the living room, the smoke, and the mysterious third bedroom. Just because a room can fit a bed doesn't mean that it's a bedroom.

Buy side vs. List side

2007-04-16T17:28:00.000-05:00

Last week I had a holiday lunch with my neighbors. They have pitty on me since my family lives far away they take me in on the holidays. My neighbor is contemplating a career change from foreign market trading, to Real Estate sales. He'd done the research on the market, the process, the tests - all of it. He'd be really good at actually. His business plan was simple - get as many listings as possible, put them on lock boxes and wait.

Sounds like a plan - except I disagree completely. He's missing the fun part - the buy side. It's a buyer's market - or so everyone says - which means that there are more properties to see with more buyers. Sure the old school agents hate this but the new school is learning to embrace it.

Being a Buyer's advocate is a great process: Meet the client - open house, Internet lead, referral, bump into them on the street - whatever - find out what they need in a house - type, price, dream, - find the house and then get the house at the best price possible.

Beats the list side: get the listing, wait by the phone for buyers to call, show the property (repeat several times,) hope someone comes back for another look, then wait some more for an offer.

Buyer's agents (Illinois Law provided the consumer with an advocate in the process - a buyer's agent- who represents you in the transaction - by the way - it's for free too) work with multiple buyer's, across multiple price points, multiple neighborhoods, and multiple property types. So it would make sense that buyers agents are able to switch neighborhoods quickly, as in "Huh, if we can't find anything for you in Wicker Park - let's take a quick look in Ukrainian Village - there are some great houses for you there." Buyer's agents are up on a variety of neighborhoods - aldermen, zoning, train stops, train construction, grocery stores, Starbucks. Buy side agents can listen to the clients list of needs and find the house that fits them - within reason. Some things I cannot do - say a 2 bed 2 bath condo that is within one block of the Red line train stop that is also within one block of North Avenue Beach. The train stop doesn't exist - so neither does the condo. Sorry.

Most agents are hybrids- some blend of buy side and list side - some of us just prefer to do more buy sides.

Observations on the last couple of weeks

2007-04-06T12:44:00.000-05:00

It's been quite a while since the last posts, and not to make excuses - I mean Rojas has a kid as an excuse - spring is here for me. In the past couple of weeks the education process for me and my clients has been incredible. These are things that I've always told clients, but when they finally experience them themselves, it's hard to swallow.

Choose a good Lender: Your lender is part of your team. They are a big, big player in the house buying game - unless you're paying cash. In which case - that closing would be great if you showed up with a gym bag full of cash. In Illinois, we are a table close state, meaning that the house is bought that day, not in an escrow period. There is nothing worse than sitting at a closing and not having the money there.

Never waive your right to inspection: We've found you the perfect house in East Lakeview, vintage facade, but with the new kitchen, the spa bath, the kitchen island, and the deck. Here's the problem. The reason it looks like this is that it's been rehabbed - great news right? Well who did the rehab is the question. The homeowner/weekend warrior? A contractor? A developer? The homeowner's unemployed brother? All of these people bring in a different level of craftsmanship and all of which you're buying - good or bad. Get the inspection, it's under $500 - piece of mind is worth it.

We can walk: Cannot be stressed enough, at your inspection, we can walk away if we find out that the place is infested with termites, has bad electrical, or we find out that your neighbors have a garage band that practices at 4pm every day.

Other than that, things should be a bit more regular around here now.

It takes a Village

2007-03-24T09:19:00.000-05:00

It's the buying season - or so we're all told - busy open houses, multiple sets of clients each day, lots of emails, all of it. But why? Well one reason is that people (first time buyers especially) are coming out of the leases. That's right - rental season effects buying season - and probably the other way around as well.

June 1st is D-Day for many first time buyers - and that's great. Many of them will spend their first night in something that they own. It's a great feeling. But let's remember one thing - buying a house/condo/loft whatever - is not like buying new shoes. You can't wear them out of the store. You can't take it on the spot. An example:

So we find you the perfect house. Top floor - Southport Corridor - parking, you love it. We write the contract. After some time and negotiation we get it accepted. Give yourself a hand.

We go to the attorney period - we've talked about this in previous posts. They sign off on it.

That's a big process right there. Good job - almost done.

The key issue is still to come - your mortgage (unless you're paying cash, in which case our biggest decision is which gym bag do we use to bring the money). Your lender is key. If we've been smart - and we have - you're lender already knows your name, knows the price of the property, knows me, know your attorney, and should be ready to send this to underwriting. Hopefully your lender has done mortgages in Illinois before. Every state is different when it comes to closing procedures, we're a table close state not and an escrow state. The last thing we want to happen is to show up to closing with no funds because the lender is two hours behind and thinks we close in escrow.

It does indeed take a village to buy a house.

Wicker Park/Bucktown Open House

2007-03-24T09:17:00.000-05:00

New construction Duplexes! They're really nice, although with the fog today you'll have to trust me that the city views are nice. 1-4 today and tomorrow.

Realtor Comedy

2007-03-22T22:22:00.000-05:00

It's been a while since we discussed theatre in Chicago - but here's something for the Realtors who happen to like plays - of which there are some.

Royal George Theatre is currently running a show about a realtor who cracks up at an open house. In a cooler market, got to wonder what prompted this play.

The Two Year Itch

2007-03-05T20:40:00.000-06:00

So I have the Itch. It started just before the holidays but then I got too busy to notice they symptoms. It got worse when we still had the warm weather. Then the snow came and I just ignored it. Now it's almost spring and I have a full blown case. I have the two year itch.

The Two Year itch is something every home owner suffers from at some point. Here's my story: I bought my house, a one bedroom in Lakeview with a balcony. It was the best that I could afford at the time and I had to do some work to it over the years - new kitchen, floors, appliances and countless paint colors. It's fine and I like it. The problem: my two year anniversary is only months away and I might want out. Two years is the time in which a homeowner can sell their house and not pay capital gains tax.

The problem is that if I sell - where do I go? You'd think as an agent I'd already have a house picked out and be ready to move come my anniversary date. That's not the case. According to my real estate colleuge: I'm having trouble because there are too many pretty girls in school. I can't make up my mind.

I've always found Lofts attractive. The exposed brick, the duct work, the huge timber or concrete ceilings, the space. Really what's not to like when you can really do anything to these places. Some you can even Loft your Loft - duplex it if you will. I've always liked the West Loop neighborhood too. I'd get to experience a different feel than Lakeview - The Randolph Street restaurants, the old warehouses. It's a very sexy option. A bonus is the quick expressway access and a killer views of downtown. Plus I've always wanted to hang with Oprah.

What if I joined the new construction boom in the South Loop? Something really nice about being able to select everything from cabinets, to floors, to granite, to fixtures, to doorknobs - even better when someone else does the work and calls me when it's ready. The South Loop is booming, plus I'd be near the Harold Washington Library, Soldier field, Shedd Aquarium, and Millennium Park. All things I never experience unless guests are in town or I have clients there. An even better thing is the city view from the south.

Then I could be a part of the view. Loop High Rise anyone? There is something very attractive of throwing out an intersection for your address - "State and ______," Has a nice ring to it. So does, "_____ and Michigan Ave." Everyone in the world knows these streets. These buildings also tend to be full amenity - late night ice cream is a plus, and they'll do the dry cleaning.

Bucktown/Wicker Park both are hot too, but I honestly don't think I'm cool enough to live there. My clients are, but I'm not.

Maybe I go north and ride the gentrification wave in Uptown. I can still be by the lake, still dip my toes in the old haunts but new enough to have to branch out. Part of me wishes I'd bought up there before as property values have increased. The new Borders and Starbucks have helped anchor the area. The Green Mill and the Annoyance theatre - old guard and new school are up there as well.

Ravenswood and Andersonville are options too. Lots of families are there - it's in the city, but not in the city - it's a neighborhood, with trees, and parks, and schools. There's also the Clark Street Bar district right around Foster Avenue home to the Hopleaf, Simon's and Neo-Futurists

Then again, maybe it's time to embrace my inner Chad and move to Lincoln Park. I'd be near the Lake - something you can't beat in the summer - Bike path and Diversey harbor. Victory Gardens calls LP home, can't go wrong there - they have a Tony. Talk about real estate envy, I'd get to call the McMansions and the Greystones my neighbors - distant neighbors, but neighbors nonetheless.

There are just too many options at the moment and the itch is getting worse the more I think about it. I'll probably just never talk to the pretty girl - but I can have a crush.

photo by Gaz954 at flickr.com

Real Estate Auction

2007-03-02T18:16:00.000-06:00

What if you could name your own price for a condo in East Rogers Park?

Well you might be able to if you win the auction that is taking place soon for properties located just on the other side of Sheridan Road on Lunt Avenue. You'll just have to out bid everyone else.

YoChicago - always the front runner on things like this reports on the whole scope of this.

So we like it - now what?

2007-02-24T11:28:00.000-06:00

Well we've had the tough conversation: "If we were to lose this house would you be upset?" We've had that conversation and the answer is yes - you would be upset - now what?

Well it's time to put something on paper. That's right is has to be on paper. We can't just call up the other agent and say - we like it - how about the following for a price? The other agent will do two things - one, laugh and two tell me to put it in writing.

That's either done on a builder's contract (new constructions and new conversions,) or it's done on a standard contract from the Illinois Association of Realtors (resales). Both of these contracts lay out the terms that we're going to use to buy this dream house of yours. The resale contract is very fair to both sides, and the builder's contract - we'll just call it favoring the seller. With the builder's contract we try to protect you and your earnest money as much as possible.

We'll make sure you understand all the terms, and whens and whys of the contract then we submit the offer.

Then we wait for a response - that's the tough part. We wait and wait and wait.

Photo by Joopy

Tough Questions and Tears

2007-02-21T17:31:00.000-06:00

With warm weather comes serious home interest. No one really like looking at homes when it's below freezing. Think about it. Do you really want to trudge through the snow - hat, scarf, gloves, snow boots, coffee cup, and listing sheets in hand? Yeah well neither do most buyers. Some agents aren't happy to do it either - had one cancel on me due to snow. The only thing I dislike about showing in snow - the shoes - taking off the shoes is killer - and I'm from Alabama.

Well things are warming up and that means that more people are looking. With more people looking comes more offers. So the question is - what if we find THE house on the first night? What are we going to do? Are you sure this is the best game in town?

Well it's time to ask the tough question: "If you lost it - meaning someone else writes an offer - would you be upset?" If the answer is no then well it's not THE house - or we can keep looking. If you start tearing up as the question is asked - then this is it.

Buyers are very smart these days - they have access to tons of information and most of them know exactly where they want to live. Most say, "I have X amount to spend and I need to be near Y. I also can't deal with the following. . . and I can't live without. . . " So if you have a list that is that specific, we'll probably see it on the first day or maybe the second. Then it's the tough question time.

Picture from HighlightsKids.com

Bucktown/Wicker Park Open House

2007-02-17T09:48:00.000-06:00

Despite the snow and cold the spring market really is upon us. Some come out and see these great Duplexes.

But can I re-sell it?

2007-02-14T16:47:00.000-06:00

That's my favorite question from buyers. "Can I re-sell it quickly if I have to - say I got relocated to San Diego and had to get out?"

It's a smart question from smart buyers. They know a couple of things - life happens and they're probably not going to live in this place for 30 years - despite what their mortgage says.

The last thing most buyers - who will eventually become sellers- want to be is one of ten identical houses on the market. What do you have to do to sell against that kind of competition? Be the cheapest or the nicest. Fine if you're getting relocated, but what if you're trying to step up? Not so good then.

The best way to avoid this is to buy something different. What makes the unit unique? Drive around any neighborhood and see how many of the same buildings there are on a given block. Most of the buildings look the same inside - at least the layouts/floorplans do. The finishes might be nicer in one or the deck might be bigger in the other, but for the most part - they're the same.

The answer I give most of my clients is that if its unique, they should be able to sell it (provided we price it well). One thing I encourage new conversion buyers to do is to buy it as is. That way they can do what they want with it.

Chicago Open House

2007-02-10T08:23:00.000-06:00

These Duplexes really are stunning. Only two left with a quick delivery time.

It's cold outside so come on in.

Check out the penthouse, and the duplex down.

CyberShopping

2007-02-05T15:16:00.000-06:00

How powerful is the internet when working with Buyers?

The question was asked in one of our Monday Meetings ( a common occurance at our brokerage - puts us in a good frame of mind to start the week). This opened up a whole discussion on old school versus new school and old business model versus new business model. It was interesting stuff - and it's where the Hybrid Realtor phrase came into being. I didn't coin the phrase, but I do ascribe to the philosophy - as do most in our brokerage.

That might be easier for me since I'm of a generation that has always had computers and has had the internet almost half my life. My generation ( X or echo depending on who you ask) does everything online - pays bills, buys stuff, files taxes, dates, attends reunions, and generally kills time at their office job. It's a way of life for us. But how about buying a house? Yep, I'd say most of us do that online too. Sure my parents wouldn't have done it, but I guarantee that most of my clients do. An article in the Trib points out that 80% of buyers start their home search online. That's huge.

It's an interesting process this CyberShopping for homes. After meeting clinets at an open house, most serious buyers register on the website. After a few quick keystrokes they have access to the entire MLS. Then a great dialogue ensues - they search, find a couple of things they like, and ask questions. I get to find out what they like - sometimes it's really what they don't like - and respond with more specifc searches and properties that fit the bill. It really makes the whole process smoother and quicker. We can eliminate all properties that we know they hate without even seeing them. Now we still have to see the good properties, I've yet to hear of anyone actually buying a place sight unseen. Let's be honest, some of those pictures aren't really accurate or of the best quality and who knew that the master bedroom overlooks the trashcans? So we still show the property, but a lot can be gained from CyberShopping.

And hey, if 80% of people are doing it it has to be good right?

Clam Before the Storm

2007-02-03T07:30:00.000-06:00

Attention sellers: Serious Buyers are out there - and they're buying. So if you're thinking about listing - clean it up and get it on the market.

This past week has been hectic - buyers were out with me every day of the week except one. Some even had second showings of some places - which they lost out on when the place went under contract.

Buyers are using technology to find listings from everywhere. Calls come in from craigslist, signs, the website, open houses and the occasional office drop in. People want to buy condos and houses - so Sellers throw yours into the mix.

A quick note to buyers - after the Super Bowl - expect the inventory to increase. So start your engines and enjoy the last quiet Saturday.

Warranties on New Construction

2007-01-31T17:35:00.000-06:00

New construction homes are popular and most buyers are drawn to them. Just look at the South Loop, Bucktown and just west of Western Ave. New construction everywhere.

One of the most attractive things about new construction is that it's new. There's no need to rehab or get new counters. Very few people have the time to get the quote, wait for the company to get there, and wait for the install. Actually, that's even if the workman shows up that day. Think waiting for the cable company but worse. One of my clients recently purchased new construction because she travels for her job. Four days a week she's out of town. That's an impossible schedule to try to do some home repair.

The other great thing about new construction is the warranty. The builder provides a warranty of materials, labor, and appliances. Hopefully we're buying from a reputable builder whose warranty is worth something. If not then it's just a bunch of paper. It's really important to find out what the warranty covers - it's even more important to find out the warranty doesn't cover.

For more on warranties, we go to ClosingOnRealEstate. He's a real estate lawyer - so he knows a thing or two about builder warranties.

Marketing your Home for Sale

2007-01-29T18:28:00.000-06:00

It never fails, whenever clients start looking at homes they begin to realize that sometimes the descriptions aren't always what they should be. It's actually one of my favorite parts of being a buyer's agent and one of the hardest part of being a listing agent. The Property Description. Obviously it needs to sell the best parts of the home - but can you oversell? Can it be just plain wrong sometimes? Yes, and somtimes the descriptions aren't even close.

Oftentimes, we go to see a place that has "stunning treetop views." Look out the window and realize that the "trees" are actually bushes and this is a garden unit listed as a high first floor. "Jaw dropping city views," not when they're looking straight west. Nothing quite like the slow crawl to the suburbs.

Then again it's always in the eye of the beholder. Lots of people prefer west views because they work nights and find early morning sun offensive. Some have to have a garden unit as they love their dogs and enjoy the convenience of being able to let them out easily.

Inman Blog reports on the curious and now famous English realtor who really tells it like it is on his listing sheets. Some of his descriptions are a bit perverse, but I would be willing to bet that his listings get showings. That's really what it's all about right?

One half of the Picture

2007-01-23T15:21:00.000-06:00

So you're getting married. First of all, Congratulations!

Now that you're going to be a happy couple, you don't want to rent. You're also smart - you're looking now at the beginning of the spring market. Which means, if all goes well, you won't be moving back into your apartment with your roommate that was so messy that your fiancee never came over. You'll move into a house after that Honeymoon.

That's the first thing.

Now it's mortgage time and what happens at the pre-approval? One of you has horrible credit - or no credit.

The bad credit happens: car loan, Internet shopping sprees, student loans, ID theft.
No credit - surely you jest. Nope it happens too. Bartenders, servers, actors - they all work pretty much for cash and with cash comes no REAL income. They look great in a shoebox full of cash - but on paper - they don't exist.

But you can still buy a house - it just depends on how and who goes on the mortgage. You can both go on the deed - but the note might be another story.

For a more official side we go to Doctor Don of Bankrate.com

Urban Pioneers

2007-01-18T12:48:00.000-06:00

It's really funny when you come across them in the MLS. The descriptions make you laugh out loud. It always happens at open houses: someone asks about the hot new property in "West Bucktown," or "North Wrigleyville."

It's only funny because the neighborhoods also have other names: Humboldt Park and Uptown.
There is absolutely nothing wrong with these areas and a lot of the properties are actually STUNNING - and HUGE (2400sf) and CHEAP. They are great to show and live in, and if and when the area "pops" the sellers will make a nice little return on their property. It's a gamble that even I've taken, I live in the prestigious, North Wrigley area myself.

It's really something to consider if you can't quite afford the Bucktown prices the heart of Lakeview.

Click the title to check today's article in the Trib about the Urban Pioneer.

PMI in 2007

2007-01-15T12:06:00.000-06:00

It's rare these days to see people purchase houses like our parents did - 30 year fixed rate with 20% down. It's not unheard of - but it's rare. As we all know, different mortgage lenders have different rates, and different types of loans. Think 80-15-5s, 1,3,5 ARMs, Interest only, so forth and so on.

But what happens if you can't - like most people put down 20%? Then your lender will probably require you to pay PMI. It basically ensures the top 20% of the loan - that's right you pay for their insurance. Sounds pretty bad - but think - without it, we wouldn't be looking at houses.

Mary Umberger, of the Chicago Tribune, sums up the new tax policies of the IRS and PMI. It's good news for those that have to pay it.

New Construction Condos

2007-01-12T10:24:00.000-06:00

This from the national press today on New Construction Condos. It's a brief overview of the new construction process with some good tips - including Google the developer. Not a bad idea. The best advice is that it's possible that not everything is perfect for the move in. That's called a punchlist - and those items get fixed at a later date.

Now for a first hand rant on new construction in NYC - we go to Curbed.

Buying Parking Spaces

2007-01-11T15:57:00.000-06:00

Clients always ask about parking - it's understandable - many people drive cars and they need some place to park them - preferably steps from their house as opposed to blocks.

Parking is one of the Big Three when it comes to condo resales. If we're lucky when we're looking at houses for you, we find heated garage parking included in the price and assessment. That's the goal. Maybe you can argue that two heated garage spots are included, but let's not push our luck.

What does it all cost? The short, and not very helpful, answer is that it depends on the area, but 15K to 35K isn't unusual. The truth comes out soon though on Old Town Parking spots. That's right - a developers auction for Old Town Parking spots is slated for late February according to YoChicago.

I doubt there will be a shortage of buyers.

Going Green - Is it worth it?

2007-01-08T16:07:00.000-06:00

"Green is the new Black," or so the saying goes in the ultra-Eco-friendly house craze.

Green houses are designed to be super efficient and really easy on the environment - but it comes at a cost and is it worth it? Yes, it's worth it on a purely social conscious level. But for real dollars?

Sarah Marx of the Money Magazine weighs in.

Real Estate tips in '07 - Post Correction

2007-01-07T09:11:00.000-06:00

Good things in the Trib Real Estate section. I'll let Rojas take the lead on the condo turnover question - 60 days after 75% are sold.

The best piece is from Kenneth R. Harney, who discusses tips for buyers and sellers in the current market. It's great, he refers to it as the "post-correction" market. He acknowledges that the market is picking back up, "Primarily markets with moderate prices and solid employment." That's us.

But just because the market is picking up as a whole, does that mean we go back to 2005 numbers? Nope - not at all says Harney. He's very fair - he has some good words to both buyers and sellers.

For sellers: Be Real on Pricing. "In most places, buyers still have the upper hand," he says. Inventory is high, buyers see a lot of properties, and many don't have to move. If you list your house at the highest of highs in 2005 - it's going to sit.

For buyers: Be serious. "Smart shoppers should recognize that the game is changing," he declares. The market is picking up and more buyers are out there, so going in at the lowest price possible might not be the best strategy. Your offer can take a week or more to get to price that is agreeable to all parties - in that time, another offer can come in and it's in multiple offers.

His best advice is that all parties need to be informed. He says the best way to do that is ask a realtor, after all, "(We) make our living, in up or down cycles, by listing, selling, and knowing what's happening in their target areas."

For the entire article - click here.

Bucktown Open House

2007-01-06T08:18:00.000-06:00

It's Spring Market Time and that means back to open houses.

I'll be at 1623 W. LeMoyne today and tomorrow - two great Duplexes with all the amenities.

Chicago Improv - Sketchfest is here!

2007-01-05T21:17:00.000-06:00

If you're looking for a great time in Lakeview this evening or anywhere in the city - It's Sketchfest time.

Shows at all times on weekend nights. Check it out.

You'll laugh until you cry.

Warning - it's not for the feint of heart - it can get a bit out of hand.

Condo Inspections

2007-01-05T16:15:00.000-06:00

It's the home buying season and it's heating up and we've been getting a lot of questions here at the brokerage. So many in fact that we set up an "Ask a Realtor" forum. Check it out.

An interesting one today from a client of mine - "Should I get my new construction place inspected?"

Good question - I mean it's under warranty right? In a nutshell - yes it is under warranty - but let's read that warranty carefully before we waive the inspection. What does it cover? What doesn't it cover? How long do they have to fix it? All of these are questions.

I was with an inspector today - went well no major problems - so I asked him. He's with Household Inspection Team and I asked him. His answer was great: "I've never done an inspection on new construction that I haven't found something major done wrong." He went on with some good logic. If a home inspection is less than $500 and the property costs 400K, isn't piece of mind worth that?

So there you go from the horses mouth so to speak. Think about it though, they just built an entire building, maybe they might have crossed one wire in an electrical socket, and maybe they installed the vent motor upside down so it blows in. These are small issues and easily fixable - but what if it's not?

So if you get the right, get it inspected.

ARMs and Interest Only Loans

2007-01-04T12:24:00.000-06:00

So we've been looking for condos that you fall in love with. We're not finding the right thing at your price point. If you only had 50K more you'd be happy.

How do you get 50K more without earning 50K more? Maybe you talk to a different lender in order to get a different mortgage? How about an ARM or an Interest Only loan? It's possible.

But just because it's possible does it mean it's advisable? Depends on who you talk to. Noah at Urbandigs weighs in and I tend to agree with him. It's a big risk and Federal Reserve has put out a handbook to warn the consumer. If you're considering an ARM to purchase out of your price range, take the time to read.

Chicago Housing Predictions in 2007

2007-01-02T20:55:00.000-06:00

The question persists - what's up with housing in '07. Every client I have has asked it in one form or another.

It's a very valid question as purchasing a home is the biggest purchase any of us will make in our entire lives. Buyers don't want to feel that they over paid and sellers want to make a profit in order to move up, or even live off. But what happens when there is a stalemate?

That's what Mary Umberger, of the Chicago Tribune, thinks. She and I agree - the market is'nt bad, or going down the tubes - it just needs a bit of a kick. Sellers are holding out and so are buyers. Eventually the need is going to kick in and people are going to make the purchase.

The Spring Market started two days ago - and let me tell you that there is an upswing. A HUGE upswing.

Condo Upgrades - Remodel Wisely

2006-12-29T18:45:00.000-06:00

Today's Chicago Tribune brought us some interesting things in the Your Place section. First it's moving to Thursday. I guess that's to give us a jump on the home projects. Sounds like a good idea - even if your weekend is Wednesdays.

Second they give us three things to resolve to do this year around the house. One is to actually clean it. This is something I struggle with as well - I live alone so it's only my mess, but it can still be a mess. The interesting thing: it says a lot about your psyche. The more control you have over your house the more control you have over your life. Who knew?

The second: Go Green - make your home more energy efficient. Remember in college when you put the plastic wrap over the windows to keep in the heat. Guess what - they make better windows. Yeah, it's an investment, but if it can pay for itself quickly - it's probably worth it.

The last point - the one the paper doesn't allow you to link to - is great for all homeowners who are thinking about selling. Upgrade wisely is this article's mantra.

How much money are you going to get back if you remodel the bathroom? For the kitchen? How about that home office? Apparently, the numbers aren't as good as last year. The authors, Jeffrey Steele and Diane Wedner, say the numbers prove it: "The return on a mid-range kitchen remodel in 2006 was 80.4%." Not bad - but one year earlier it was 91 percent.

The same is true for the bathroom - 85% recoup in 2006 - down from 102.2 percent in '05. Even worse if you've pinned you home sale on that mahogany inlaid executive home office - national average says you'll only recoup 63% of your cost.

So what does this teach home sellers? You know you have to up-grade your home. If you don't it will probably sit on the market and you might end up crediting the cost of the repairs anyway. It teaches us to upgrade wisely. The high-school football adage of "Go Big or Go Home" doesn't apply to home renovation - at least not when you're trying to sell. Stay within in your means to help get your home sold.

Happy New Year! And fasten your seat belts for the spring season!

Tips for Getting a Mortgage

2006-12-27T12:09:00.000-06:00

It's the new year and you've decided that it's time to buy a house or condo. Maybe you have a slogan even - Housing Heaven in '07? Who knows. But you're ready. Good for you. Have you thought about a mortgage? Holden Lewis ,of Bankrate.com , offers up some good advice for home buyers - and those who already own a home.

Take stock of your current mortgage: This is something everyone with a mortgage should look at. Does it fit your needs now? Maybe it's time to find a better rate?

Reset: What is this exactly? It's when the adjustable part of "Adjustable Rate Mortgage" comes into play. It seemed so far off when you signed it right?

What to Pay: Do you have a minimum payment option? Could you end up owing more on your house than it's worth?

Shop: It sounds simple right? You aren't going to know if you are getting the best rate if you don't shop around right? Find a person to talk to - not just a computer- to actually answer your questions. Ask me, if I don't know I'll point you in the right direction.

Extras: Use the calculators out there to find out what a difference it makes to make an extra payment or pay a bit over your required amount. It can really shorten your term. (This is a resolution for me as well.)

PMI vs Piggyback: This is where it might be best to talk to a person - not a computer. A good mortgage broker can give you hard evidence as to which is better.

Buyer Beware: Remember the Brady Bunch episode when Greg buys the bad car, then sells it, then feels bad, but Mike makes it all better? If it sounds to good - it probably is.

Hopefully with these tips in mind you'll be all set mortgage-wise in '07

Back in Action

2006-12-27T12:06:00.000-06:00

Well the holidays are over. I had a great Christmas with the family in Alabama. I haven't been home in quite a while so it was great to go home. I also don't get to see my sister that often so it was great to see her and my brother in law.

The downside? We have horrible Internet access in Alabama. It's between two mountains so wireless is really horrible. So needless to say it was slow blogging.

But I'm back in the city and ready to blog.

Real Estate Bubble Response

2006-12-24T10:30:00.000-06:00

The Inman Blog reports that a Florida Real Estate firm is sticking it to the national media on the subject of the real estate bubble. Apparently, with some B-movie inspired graphics, Realtors and home builders are striking back at the nay-sayers in the national media.

The shirts are all benefiting Habitat for Humanity.

Perfect stocking stuffer for the realtor in the family.

Lakeview Theatre

2006-12-22T09:40:00.000-06:00

For those of you who are looking for things to do in Lakeview - why not go see a play or improv show? You have a lot of options for both.

Up north there is always something good playing Strawdog theatre. Currently they have Ugly Baby playing late night on the weekends.

If you go a bit west to Clark Street - just south of Wrigley Field is the IO (formerly Improv Olympic.) If you're looking for true improv - this is the place to go. Bassprov is one of the best.

Keep going south and you'll hit the Theatre Building. This place has four stages and runs an incredible amount of shows - an early round and then a round of late night shows as well.

Lastly, if you haven't seen it there's always Blue Man Group - always a safe bet for some fun.

Piggybacks and PMI

2006-12-21T09:16:00.000-06:00

Piggybacks? PMI? ARM? Tax Deduction? 80-15-5? What is all this stuff?

It's tough - all these decisions when buying a house. All you wanted to do was get in the car, look at some places, fall in love with one, make an offer, and move in. No one told you your head would spin with so much jargon.

But all the above questions are something you should consider when shopping for a loan. If you're one of the lucky ones - the ones who can put down 20% and finance 80% - and make the same payment for 30 years - these questions aren't going to mean a lot to you. But if you're like most - the ones who can afford the payment but not the upfront cost - then settle in and get familiar with all the options before you decide on your loan. It's an ever changing field as well, since the President signed a new tax law.

Blog Chains - Meme

2006-12-19T12:46:00.000-06:00

Well, like many others - including Geno, and Eric, I got memed as well yesterday. I don't know how I feel about this - am I being invited to play with the big kids? I don't know. But here goes.

Five thing you may not know about me:

1) I eat grits three times a week for breakfast - I grew up in Alabama.

2) I am very close to my big sister, Liza, and I run most of my big decisions about my life by her.

3) My parents got divorced when I was 15 and I know that affects every personal relationship that I've had - and maybe ever will have.

4) If I could play any role in American theatre it would be Biff in Death of a Salesman. It won't happen though - not the right type and too busy.

5) I have a crush on an NBC 5 anchor - and the whole office makes fun of me for it.

Whew - that wasn't as painful as I thought it would be.

Condo Associations - There can be Problems

2006-12-19T11:35:00.000-06:00

Thanks to Peter of Closing Real Estate in Chicago for the words of advice on condo associations and their reserve shortfalls. He discusses an article in the Chicago Sun Times regarding problems with new condo associations - as well as some older associations with financial issues.

All of this stresses the importance of the attorney approval period and that this allows the lawyer and client to inspect the condo declarations and budget. This is written into most contracts - if it's not - insist that it is.

Despite Peter's opinion - and he has valid points - I try not to steer clients away from new conversions. We just have to be careful and have a good lawyer and inspector. If it's a building that has been "window dressed," as the article references, then we get the best inspector possible to hopefully expose this. We also get a great lawyer to take a serious look at the declarations and warranty. Then we research the builder's track record to see if this warranty is worth anything more than the paper it's on.

All of this is well and fine if the condo turnover goes smoothly. This is the trying time when the developer leaves and the condo association takes over. Then it's a serious time to take a look at the budget and reserves.

I can't stress enough that buyer's should use a real estate lawyer to protect themselves on the biggest purchase of their life.

Condos, Zillow, and Mortgages

2006-12-18T09:18:00.000-06:00

That sounds like the big three of need to know real estate news. It's all the Tribune's front page of the Real Estate section this Sunday.

Mary Umberger's piece on Zillow's Make Me Move section recapped the websites moves in the last week. She profiles an Uptown residence with an online listing. She gets a dig in on the site's accuracy as well.

David Streitfeld has a great piece on payment option mortgages. He explains one man's plight and the consequences of making the minimum payment on his monthly mortgage. The options aren't pretty.

The main article on the first page is something I plan on handing out to all my new construction clients and it's something I face now. What happens when the developer leaves? It's something every condo buyer - especially the new constructions should read (I'll link it as soon as it goes online.) Honestly condo turnover can be kind of scary but there are services out there that can help. Janice Rosenberg, a frequent contributor to the Trib, lays out the basic steps from electing a board to lawsuits.

Chicago Open House - Bucktown

2006-12-15T13:29:00.000-06:00

I'll be at 1623 W. Le Moyne this weekend. It's two great new construction duplexes with great outdoor spaces.

Check out the craigslist ads for the up and the down or the website listing.

Chicago Theatre

2006-12-15T13:21:00.000-06:00

One of the best productions of the year is opening this weekend. For the fans of Tennessee Williams, go see Cat on a Hot Tin Roof produced by the hypocrites. It's great - I saw it last night and really can't stop thinking about it. It's in previews until Sunday night - so that means it's cheap.

Buying a Home for the First time

2006-12-14T14:36:00.000-06:00

Welcome back first time home buyers. That's right - on the news that the Fed kept the interest rates steady, and the National Association of Realtors saying that the median home price has fallen, we are now entering a great time for the first time home buyers.

First time home buyers are great for the housing market - an influx of them means a market upturn is on the horizon.

Let's get ready for a busy spring.

Mortgage Process

2006-12-13T16:33:00.000-06:00

Buying a home is the biggest purchase that many people make in their life - so big in fact that most people have to get a substantial loan to help with the purchase. Rarely is this a cash deal - they happen - but not a lot of them. House loans are most commonly called mortgages, and there are a lot of different types. It's best to have some knowledge about mortgages before you talk to a lender.

This is remedial for most home buyers but you'd be suprised at the questions out there. Leave it to Lew Sichelman, to answer some qustions about the mortgage process. He comes up with a shocker: Sometimes your credit is wrong. Getting your credit in order is probably the first step in purchasing a house.

Spring Real Estate Market

2006-12-12T14:43:00.000-06:00

Well it looks like the National Association of Realtors, among other sources, are touting an uptick in home sales for the spring. They say that the housing market has been undergoing a correction - a nice way of saying that prices have been falling. They attribute this correction to bringing more buyers in the market. While new construction volume will be down, they anticipate an upswing in total volume for the coming year. Despite prices being down, sellers are still yielding a nice return.

For more on the anticipated upswing, check out the Real Estate Journal, T-CREL, and Inside Chicago Real Estate.

Shopping for a loan

2006-12-11T13:17:00.000-06:00

Suppose you're house hunting. You're also mortgage hunting as well right? Just as there are several houses out there for you, there are several morgages out there for you. We're going to find you the house that is best for you - how are you going to get the mortgage that is best for you?
Mortgages aren't like houses are they? You can't see it. With a house we can see it as many times as we need to, we can go in the morning, at night, drive around the neighborhood, whatever. We can narrow it down to a couple of places and really compare them.

With a mortgage how can you do that? Most of my clients get mortgages over the phone or online. Many home buyers only talk to one lender. They never get a bottomline monthly payment along with closing cost. This leaves them a lot of anxiety and sometime some serious suprises.

Lew Sichelman's article in the Chicago Tribune previews a new website that allows the buyer to compare mortgages "apples to apples." The site, mortgagegrader.com, generates anomyous quotes on a mortgage. That's right, the buyer fills out a mortgage form and the site generates an anomoyous PIN. They then receive several quotes that they can compare. These quotes are complete with rate, points, everything. The buyer then chooses one, and then the lender gets the buyer's information. The loan is already done when the buyer contacts the lender.

Check out the site. Now it is new, and they do plan to go national soon but it's certainly something to consider when loan shopping.

Tired of Holiday Shopping...

2006-12-10T11:30:00.000-06:00

Then stop by an open house. It's the weekend which means that I'll be at 1623 W. Le Moyne in Bucktown. What's not to like about these two gorgeous duplexes?