Sunday, September 14, 2008
Maybe this is the sign... a hurricane forces the Cubs to play at a neutral site (Milwaukee) which is referred to as "Wrigley North" in front of 23,000 Cub fans. If not for the hurricane, they would have faced a red hot Houston team at home where the Cubs have a less than stellar record.
*Wrigleyville prices did not skyrocket... but Cub's tickets for the play-offs just did!
Saturday, September 13, 2008
Thursday, September 11, 2008
I just added Crib Chatter to my side bar under Local Blogs. The writer, Sabrina keeps it consistent and straight forward. She draws information from the MLS and other Internet sources. It's usually good information and I like the questions she ads to posts.... inviting suckers like me to comment!
Great blog name too.
Beware of the anonymous commentators though... commentators information is usually bad unless you know the source. That said, some inside neighborhood people provide documented information and have good reputations on the web... pick and choose and be wary.
Tuesday, September 09, 2008
It's a nice take by two Boston Realtors doing their thing... selling real estate and riding bikes. Cool.
We are a small movement.
It's late tonight, but I promise to list some of the news stories being sent to me. For now, you can search my site with the keywords Realtors on bikes for the links.
Monday, September 08, 2008
I asked one of our in house mortgage guys Brian Cumpton at RWF Mortgage (a joint venture of Rubloff and Wells-Fargo) to explain FHA financing to my readers. Brian can be reached at firstname.lastname@example.org. Since he sits near my office and is bugging me all the time, I figured I'd put him to work for you. Here's his concise description of the FHA loan option:
As the market keeps changing, we are constantly challenged with buyers obtaining financing. FHA (Federal Housing Administrator) is a government insured financing, financed by Local and National Lenders, that allows home buyers to purchase a 2 Flat for little down in today’s market. The financing is not provided by the government, as the Government only insures the Financings. Today, 11% of all Home Financing is secured by FHA Programs.
There are many advantages of FHA Financing over Conventional Financing. Conventional Financing is the financing typically regulated by the Fannie Mae and Freddie Mac Association, while being insured by Private/Public Companies. With FHA, this program is regulated by FHA & HUD and is insured by the Government. Their mission is: To increase homeownership, support community development and increase access to affordable housing free from discrimination. FHA is the oldest program created by Congress back in 1934.
Some of the advantages of FHA Financing over other conventional financing are as follows.
- 3.5% down payment required towards the purchase price or closing cost
- The Down payment can come from a Gift from a relative
- The seller of the property can give up to a 6% credit to the buyer towards closing cost, prepaid items, association dues, or taxes
- A Non Occupying Borrower can be on the Financing to help Qualify (Parents, relatives, etc…)
- Rental Income for additional Unit/Units is used in qualifying the buyer – which will offset the monthly payment
- No minimum Credit Score required
- No past history of credit required – only 1 source of a 12 month payment history
- The Loan is Assumable by a new buyer – therefore they can assume the current terms of the mortgage at the time of assumption.
- No Income restrictions – you can have as much or as little income as long as the buyer qualifies
- Not limited to a 1st Time Home Buyer – you can be a 5th time buyer and use the program
- 2 years from the Discharge on Bankruptcy’s – Conventional financing requires 4 years
- 3 years from the Discharge of a Foreclosure – Conventional Financing requires 4 years.
- There is no Geographic restriction on where you can buy
- Fixed & Adjustable Rate Programs
- Interest Rates are not set by your Credit Score – unlike Conventional Financing, the Interest Rate is the same for everyone regardless of Credit Score.
My associate at Rubloff, Connie Engle also wrote a good post about FHA financing from an agent's perspective at our Rubloff Luxury blog
I know its a plug for our blog http://www.guidemehome2chicagoluxury.com but they are doing a good job, I enjoy reading it and I should have some contributions on the site soon... as soon as I write something professional enough!
I was sent this Crain's Chicago Business story by our Rubloff executives this morning: Fannie-Freddie takeover sparks global stock rally
"The Bush administration announced Sunday it was seizing troubled mortgage giants Fannie Mae and Freddie Mac in a bid to help reverse a prolonged housing and credit crisis."
But here's the number you need to watch...and act on:
"Mark Zandi, chief economist at Moody's Economy.com predicted that 30-year mortgage rates, currently averaging 6.35 percent nationwide, could dip to close to 5.5 percent. That's because investors will be more willing to buy the debt issued by Fannie and Freddie — and at lower rates — since the federal government is now explicitly standing behind that debt."
With stable, and raising median prices, in many Chicago neighborhoods like Ravenswood, Lincoln Square, Lincoln Park, Lake View and North Center you have to buy in these moments where seller's get nervous about the market and interest rates drop.
As a Realtor, I'm always on the watch to take advantage of good prices and good interest rates to get my "move-up" house or to refinance.
If you are looking for your "move-up" house in Chicago, or may want to refinance your current loan please call me. Sometimes, you can time the market... historically fall and winter will average attractive asking prices and we could see a dip in mortgage interest rates. But you have to be educated, know what you want to buy and be ready to lock your rate.
I may looking to re-finance if the 5.5% becomes a reality and will have my mortgage guy at the ready to call me the second it does.
Sunday, September 07, 2008
I took this photo at Cloud Gate in Millennium Park over the Labor Day Weekend. It’s about 10:00AM and I managed to only get one person in the photo. I congratulate myself for this alone.
I’m standing to the north and a bit east of the artwork. The reflection, however, is of buildings to the west along Michigan Avenue and then stretches around to the Smurfit- Stone building behind me to the north of the Cloud Gate.
I've been heard that Cloud Gate and Marina Towers are the most photographed spots in Chicago... I think.
Friday, September 05, 2008
I'm helping with a progressive Sunday open house event in the North Center neighborhood this weekend.
My assignment is a well located four bedroom single family home at 1750 W Grace. It's priced at $598,500 making it a rare move-in condition house under $600,000 in North Center. I know the house market very well in North Center. Re-sale homes in the area have sold very well this year, especially in the $750,000 to one million range. However, this has slipped under the radar below $600,000, yet it only needs some material updates.
If you can't stand the thought of living in a condo again, this is your chance to buy a move-in house in a true walking neighborhood. This North Center location has restaurants such as Sola, Cafe 28, Ms. Murphy's Irish Bistro and Brownstone steps away. The Renovated Irving Park Brown Line CTA stop is a 5 minute walk.
I toured the home today and liked several aspects. First, it's located steps from the Trader Joe's and CB2 at Lincoln and Grace. I KNOW... I could stop right there. There are true, defined spaces to set up the home for your needs.
But my favorite part actually inside the home is a main floor family room located in the back off the kitchen.
It creates that indoor/outdoor room with a walk-out awesome deck. This is a must in a house for me. I was picturing my family in the house, you know, placing my furniture in the rooms... we'd be in the rear family room most of the time... and on the deck... and in the yard.
Please contact me for more photos and details.
Sunday September 7th
From 12pm -3pm
An Open House Extravaganza!
Three New Construction single family homes and one re-sale home in North Center will be open for your viewing!
1750 W. Grace-Great four bedroom home in a prime location
4154 N. Bell - New Construction Single Family home for
4242 N. Leavitt-All Brick New Construction single family home $1,349,900
4208 N. Oakley-Massive 5500sq/ft all brick New Construction single family home $1,950,000
Thursday, September 04, 2008
I listed this two-flat in the Ravenswood Manor, Albany Park area this week for $499,900K. It's steps from the CTA Brown Line train at Francisco. It's located at 4735 N Whipple (between Lelnad and Lawrence).
Choosing to purchase a two flat provides many options for the owner. First, you can live in the top floor three bedroom unit and rent the bottom floor. Your monthly payment will be similar to that of owning a two bedroom, two bath condo with parking in the area. In this case though, you will get a back yard, basement and 2.5 garage.
When you want to expand, you can convert the building slowly to a single family dwelling. This can be done by removing the kitchen on either the top or bottom floor and coverting that space into a master bath. The adjacent dining room would be converted to a master suite.
Or, you may decide to move again and rent out both units. Maybe you'd like to live in the building and have an in-law move in... to help with the kids?
A two-flat offers many options and is more affordable than you think.
Wednesday, September 03, 2008
I have dozens of shots from the tour and will post over the next month. I liked this one particularly as the Sears Tower is reflected in this building along the Chicago River. My uncle, the world travelor from Boston, never really got the "Chicago Tour", and was really impressed by the real estate on the river. It's outstanding when you really try to get your head around it.
Tuesday, September 02, 2008
I was interviewed earlier last week by Whitney Malkin of the Associated Press concerning Realtors working on their bicycles. The story appeared in the Chicago Tribune's Chicago Homes section and MSNBC.com business section... among other publications and web sites.
Of course, the quotes are a little out of context... but the basic point for me riding my bike is it's an alternative for certain personalities. It is also a fun and efficient way to get to showing appointments. The writer missed a main reason of my quote; My clients "don't care that I ride my bike", because my marketing is very good and I do last minute showings for them when Realtors and buyers call with little notice.
They "don't care" how I do it, just as long as I sell their place!