Show of hands... how many would really pick 6 or 7 of the following places to live over Chicago? Pittsburgh, Kiplingers?...Pittsburgh?
(Source: Realtor Magazine)
Where Are the Top 10 Best Places to Live?(May 10, 2006) --
The best cities have affordable housing, low crime, high-quality health care, and lots of cultural amenities. Taking into account these and other factors, Kiplinger Personal Finance magazine created a list of the top cities in the U.S.Kiplinger teamed up with Bert Sperling, co-author of Cities Ranked & Rated (John Wiley & Sons Inc., 2004), to compile a database of potential home towns that meet their criteria for a great place to live.
These are their top 10:
1. Nashville, Tenn. The top pick offers affordable homes, a mild climate, and a phenomenal entertainment scene that goes far beyond country.
2. Minneapolis-St. Paul A great sports town that is hip, progressive, and sensible in the Midwestern sense.
3. Albuquerque, N.M. This laid-back city offers resort-town ambience, a boomtown economy, and cow-town prices.
4. Atlanta Vibrant, beautiful, and genteel.
5. Austin, Tex. A college town that offers a sophisticated salsa of culture, history, and politics.
6. Kansas City This city offers everything from world-class museums to mouth-watering barbecue.
7. Asheville, N.C. World-class cuisine, amazing crafts, live music venues and fine arts make this city tucked into the Blue Ridge mountain range one of a kind.
8. Ithaca, N.Y. An Ivy League outpost with great food, beautiful scenery, and liberal politics.
9. Pittsburgh Distinctive neighborhoods, tree-lined streets, glittering skyscrapers, upscale shops, and a diversified economy make this a great place to live
10. Iowa City, Iowa This wholesome middle-American city is bursting with creative and intellectual energy.
Friday, May 12, 2006
Thursday, May 11, 2006
What the heck do I do? Working with yours truly...
It has become evident to me that many first time buyers avoid working with a Realtor (at first) because they have no idea what to expect from one. I have also had recent clients—someone I have met at an Open House or a referral—that have generally started their search with me. These clients, however, are sometimes equally void of expectations of service and where my consultation comes in handy.
This is a real and fundamental problem. My business is based on the successful consultation of my clients’ real estate purchase or sale. It’s no different than a lawyer who concentrates in personal injury cases or a nurse who maintains care of cancer patients. We must trust these practitioners.
In other terms, think of how long it would take you to replace a leaky roof. The economy of scale and expertise needed make it a prohibited activity for most people. So, they turn to a roofer. While the roofer spends two days for an entire tear-off and replacement, you are off tending to your own career, enjoying leisure time, researching investments, or working on another project you are better equipped for. Try it yourself, and it could be a week or month of fully concentrated effort. A “do- it- your- self” mentality in this case of roof repairs is not cost effective.
It’s serious work that professionals engage in day after day, year after year. I reach out to open house visitors, Internet consumers, and visitors to our office to make this point. Real estate is serious work I engage in day after day, year after year. It just takes a little trust in the practitioner.
Because my focus is in residential real estate, I spend most of my time refining the home purchase process for my clients. So here are a few tips for working with a Realtor. I guarantee if one is open to the following concepts, the home search will offer an education and experience in ownership that is of great benefit.
I plan on refining a lot of the following…putting it in a logical order. But this is a blog however, so I wanted to get some of these observations out there.
The Buy Side:
THE SEARCH: I suppose the most recognizable Realtor service is locating a property that meets a clients needs. Considering there are over 53,654 properties currently in the Multiple Listing Service of Northern Illinois (our shared home listing system) there is a need to pare it down a bit.
It really pays to open up a dialogue about what you are looking for. When I meet people for the first time, I really want to know what they want and expect in a home purchase. Is it neighborhood or more space? Parking or public trans? Sounds basic, but it is surprising how many people end up loving a home that is really different from what they originally told me they wanted.
This is because of two reasons:
First, they truly did not know the local market. Many first time buyers simply have trouble getting their heads around real estate values in Chicago. I can usually help change the perspective of ownership in Chicago. Where some people have gotten discouraged and gave up on ownership because expectations are not met, I’ve helped clients understand the value of Chicago real estate and to adapt to what I call “real” city living.
Secondly, the public search technology for consumers can be deceiving. Although I totally embrace all the information available (it many times makes working with better educated clients easier) it takes years to learn neighborhoods, amenities, quality of life issues, and market value. This can not always be done in a relatively short home search. Consumers dive into the endless world of real estate search engines, products, evaluators, brochures, sales offices, virtual tours, etc… It will get overwhelming quite fast. For example, for each technical skill I learn for my PC and Blackberry, I could spend endless hours learning another and another. When does it stop?
A real estate search, at face value alone, can be a consuming and anxious process without a good consultant to work with. How do you know you have looked at enough? Is there some neighborhood I don’t know about? What the heck is available in my budget and how do I live in that? Maybe I can make better sense of it. Maybe I can help make it happen.
More tomorrow on the process… ONCE YOU FIND A PLACE
This is a real and fundamental problem. My business is based on the successful consultation of my clients’ real estate purchase or sale. It’s no different than a lawyer who concentrates in personal injury cases or a nurse who maintains care of cancer patients. We must trust these practitioners.
In other terms, think of how long it would take you to replace a leaky roof. The economy of scale and expertise needed make it a prohibited activity for most people. So, they turn to a roofer. While the roofer spends two days for an entire tear-off and replacement, you are off tending to your own career, enjoying leisure time, researching investments, or working on another project you are better equipped for. Try it yourself, and it could be a week or month of fully concentrated effort. A “do- it- your- self” mentality in this case of roof repairs is not cost effective.
It’s serious work that professionals engage in day after day, year after year. I reach out to open house visitors, Internet consumers, and visitors to our office to make this point. Real estate is serious work I engage in day after day, year after year. It just takes a little trust in the practitioner.
Because my focus is in residential real estate, I spend most of my time refining the home purchase process for my clients. So here are a few tips for working with a Realtor. I guarantee if one is open to the following concepts, the home search will offer an education and experience in ownership that is of great benefit.
I plan on refining a lot of the following…putting it in a logical order. But this is a blog however, so I wanted to get some of these observations out there.
The Buy Side:
THE SEARCH: I suppose the most recognizable Realtor service is locating a property that meets a clients needs. Considering there are over 53,654 properties currently in the Multiple Listing Service of Northern Illinois (our shared home listing system) there is a need to pare it down a bit.
It really pays to open up a dialogue about what you are looking for. When I meet people for the first time, I really want to know what they want and expect in a home purchase. Is it neighborhood or more space? Parking or public trans? Sounds basic, but it is surprising how many people end up loving a home that is really different from what they originally told me they wanted.
This is because of two reasons:
First, they truly did not know the local market. Many first time buyers simply have trouble getting their heads around real estate values in Chicago. I can usually help change the perspective of ownership in Chicago. Where some people have gotten discouraged and gave up on ownership because expectations are not met, I’ve helped clients understand the value of Chicago real estate and to adapt to what I call “real” city living.
Secondly, the public search technology for consumers can be deceiving. Although I totally embrace all the information available (it many times makes working with better educated clients easier) it takes years to learn neighborhoods, amenities, quality of life issues, and market value. This can not always be done in a relatively short home search. Consumers dive into the endless world of real estate search engines, products, evaluators, brochures, sales offices, virtual tours, etc… It will get overwhelming quite fast. For example, for each technical skill I learn for my PC and Blackberry, I could spend endless hours learning another and another. When does it stop?
A real estate search, at face value alone, can be a consuming and anxious process without a good consultant to work with. How do you know you have looked at enough? Is there some neighborhood I don’t know about? What the heck is available in my budget and how do I live in that? Maybe I can make better sense of it. Maybe I can help make it happen.
More tomorrow on the process… ONCE YOU FIND A PLACE
Mosquito tips and more... heading for the summer
The Chicago Tribune put together the following list on mosquitos and spring/ summer cleaning. There are a couple great links in the story for green living and every home owners pal... Bob Vila. Why this caught my eye, I don't know... I got sucked in however and now it's your turn.
10 ways to deter mosquitoes:
Tribune news and wire services Published May 5, 2006
Scientists predict that mosquitoes, particularly the species that spread the West Nile virus, will attack in record numbers this summer due to an unusually warm winter. This Old House polled the experts and shares some low-cost and simple solutions for a back yard:
1. To discourage insects from swarming, replace outdoor bulbs with yellow bug lights.
2. Eggs are laid in standing water--repair leaky outdoor faucets to avoid creating puddles.
3. Irrigate grass and garden beds early in the morning so excess water evaporates.
4. Change water in birdbaths at least twice a week.
5. Check boat covers and the plastic tarp slung over your firewood for collected rainwater.
6. Stock ponds with goldfish that feed on mosquito larvae.
7. Mow tall grasses and clear weedy patches where bugs linger.
8. Crush marigold leaves and petals and rub the extract on your skin for a mild repellent.
9. Toss rosemary or sage onto the burning coals on your grill to act as a repellent.
10. Mosquitoes love shade and loathe wind.
This Old House landscape contractor Roger Cook recommends keeping trees and shrubs well pruned for a sunny, breezy yard.
Spring-clean those forgotten corners When the sun comes out and dries your rain-soaked patio and garden, everything outside suddenly feels fresh and clean.
And everything inside probably doesn't. For tips on cleaning items around the house that you may not think about, we turned to Real Simple magazine's home director Michael Cannell, and to www.thegreenguide.com,
a Web site promoting eco-friendly living.
Lampshades: Supporting the shade from the inside with your hand, use a lint roller to whisk away dust.
Computer keyboards: Dip a cotton swab in isopropyl alcohol, and clean around the keys for all those times you snacked while surfing the Web.
Marks on walls: Rub away unwanted crayon or pencil marks with a damp sponge sprinkled with baking soda.
Sofa: Use the vacuum's brush attachment to get underneath cushions and behind the sofa. Flip the cushions to even wear and tear.
Blinds: Wipe slats with damp microfiber cloths.
Teak or wicker outdoor furniture: Use a soft scrub brush with a mild, oil-based soap such as Murphy Oil Soap to clean outdoor furniture, then hose it off.
Oven: Sprinkle salt on spills while the oven is still warm. If the spill is dry, wet it lightly, then add salt. Scrape away the spill when the oven is cool, and wash it clean.
Grease clogs: Pour a half-cup each of salt and baking soda down the clogged drain, then six cups of boiling water. Wait several hours before flushing with warm water.
Dishwasher: Run a cup of vinegar through your dishwasher once a month to remove soap buildup.
Install a solar attic fan. Hot, humid days make attic ventilation difficult but you can garner the power of the sun and use it to ventilate your attic with a solar attic fan mounted on the roof. This beat-the-heat fan is passive and runs entirely on free energy, so it's an investment that will pay off for years to come. When mounted at a high point on the roof, you get the most advantage of its power to circulate the air and ventilate attic space.There are several different designs of these fans for different roof profiles. For example, a low-profile design is unobtrusive and ideal for most pitched roof applications. For a house with a flat roof, a pitched raised vent is deigned to improve exposure to the sun. If you live in an area with heavy snowfall or have a tile roof, there's a high-profile design. The fans come with self-flashing kits designed to provide a leak-proof and seamless installation.
Bob Vila gets `On The Level'Real-estate and home-improvement guru Bob Vila has launched a blog --called "On the Level"--offering information on everything from new trends in home renovations to design tips on constructing homes that can withstand storms and hurricanes.The blog, reached via Vila's Web site at www.bobvila.com
also offers reviews of new home products and gadgets. Vila has a comprehensive list of "bulletin board" forums on the Web site, where do-it-yourselfers can seek help from other DIY types.The site also includes bulletin-board forums for specific questions on appliances, architecture, "basements & attics," "bugs & pests," "design & decor," lighting and modular homes. In the "Buy, Trade, or Sell" forum, one person recently posted a message saying he is looking for some 1950s metal kitchen cabinets. He got a reply from a seller who had some--in pink.
10 ways to deter mosquitoes:
Tribune news and wire services Published May 5, 2006
Scientists predict that mosquitoes, particularly the species that spread the West Nile virus, will attack in record numbers this summer due to an unusually warm winter. This Old House polled the experts and shares some low-cost and simple solutions for a back yard:
1. To discourage insects from swarming, replace outdoor bulbs with yellow bug lights.
2. Eggs are laid in standing water--repair leaky outdoor faucets to avoid creating puddles.
3. Irrigate grass and garden beds early in the morning so excess water evaporates.
4. Change water in birdbaths at least twice a week.
5. Check boat covers and the plastic tarp slung over your firewood for collected rainwater.
6. Stock ponds with goldfish that feed on mosquito larvae.
7. Mow tall grasses and clear weedy patches where bugs linger.
8. Crush marigold leaves and petals and rub the extract on your skin for a mild repellent.
9. Toss rosemary or sage onto the burning coals on your grill to act as a repellent.
10. Mosquitoes love shade and loathe wind.
This Old House landscape contractor Roger Cook recommends keeping trees and shrubs well pruned for a sunny, breezy yard.
Spring-clean those forgotten corners When the sun comes out and dries your rain-soaked patio and garden, everything outside suddenly feels fresh and clean.
And everything inside probably doesn't. For tips on cleaning items around the house that you may not think about, we turned to Real Simple magazine's home director Michael Cannell, and to www.thegreenguide.com,
a Web site promoting eco-friendly living.
Lampshades: Supporting the shade from the inside with your hand, use a lint roller to whisk away dust.
Computer keyboards: Dip a cotton swab in isopropyl alcohol, and clean around the keys for all those times you snacked while surfing the Web.
Marks on walls: Rub away unwanted crayon or pencil marks with a damp sponge sprinkled with baking soda.
Sofa: Use the vacuum's brush attachment to get underneath cushions and behind the sofa. Flip the cushions to even wear and tear.
Blinds: Wipe slats with damp microfiber cloths.
Teak or wicker outdoor furniture: Use a soft scrub brush with a mild, oil-based soap such as Murphy Oil Soap to clean outdoor furniture, then hose it off.
Oven: Sprinkle salt on spills while the oven is still warm. If the spill is dry, wet it lightly, then add salt. Scrape away the spill when the oven is cool, and wash it clean.
Grease clogs: Pour a half-cup each of salt and baking soda down the clogged drain, then six cups of boiling water. Wait several hours before flushing with warm water.
Dishwasher: Run a cup of vinegar through your dishwasher once a month to remove soap buildup.
Install a solar attic fan. Hot, humid days make attic ventilation difficult but you can garner the power of the sun and use it to ventilate your attic with a solar attic fan mounted on the roof. This beat-the-heat fan is passive and runs entirely on free energy, so it's an investment that will pay off for years to come. When mounted at a high point on the roof, you get the most advantage of its power to circulate the air and ventilate attic space.There are several different designs of these fans for different roof profiles. For example, a low-profile design is unobtrusive and ideal for most pitched roof applications. For a house with a flat roof, a pitched raised vent is deigned to improve exposure to the sun. If you live in an area with heavy snowfall or have a tile roof, there's a high-profile design. The fans come with self-flashing kits designed to provide a leak-proof and seamless installation.
Bob Vila gets `On The Level'Real-estate and home-improvement guru Bob Vila has launched a blog --called "On the Level"--offering information on everything from new trends in home renovations to design tips on constructing homes that can withstand storms and hurricanes.The blog, reached via Vila's Web site at www.bobvila.com
also offers reviews of new home products and gadgets. Vila has a comprehensive list of "bulletin board" forums on the Web site, where do-it-yourselfers can seek help from other DIY types.The site also includes bulletin-board forums for specific questions on appliances, architecture, "basements & attics," "bugs & pests," "design & decor," lighting and modular homes. In the "Buy, Trade, or Sell" forum, one person recently posted a message saying he is looking for some 1950s metal kitchen cabinets. He got a reply from a seller who had some--in pink.
Thursday, May 04, 2006
Managing New Construction Transactions
New construction and recently converted condos pose certain problems that a re-sale unit may not. For instance, we (a real estate attorney) almost killed a deal for my clients when we felt there was a misrepresentation in the marketing. However, many new projects and conversion purchase contracts contain clauses suggesting the builder may make “changes” or “changes may occur”.
What is acceptable and what is not?
The key is to have an agent and attorney that explain the many facets of purchasing new and new conversion projects. Do-it-your-selfers may get stuck in a deal even though a builder makes “necessary” changes that are unarguable. We work to make sure our clients know when they can get out… and when they are in for the long hall.
Ultimately, the decision is up to the buyer. If the market suggests that the location, size, amenities, and rehab of the condo merit a certain price, then it is up to the buyer’s values if the place is right for him or her. But I’m able to foresee certain issues that may arise and clear them up before all documents are signed, all “Ts” are crossed and all “I”s are dotted! These issues are formerly added to contracts in the correct manner and in the allotted time period.
From a simple attorney review period to transaction negotiations that have major alterations, I’m communicating with all parties involved. The ability to suggest solutions can mitigate problems before a client even knows there was one. Wouldn’t you rather worry about your job and not the full time job of processing a home transaction?
I really enjoy the war stories surrounding home purchases. There is always stress involved. But the idea is to go into the battlefield with your eyes wide open and with a solid contract. I can help that happen and we do it every day.
What is acceptable and what is not?
The key is to have an agent and attorney that explain the many facets of purchasing new and new conversion projects. Do-it-your-selfers may get stuck in a deal even though a builder makes “necessary” changes that are unarguable. We work to make sure our clients know when they can get out… and when they are in for the long hall.
Ultimately, the decision is up to the buyer. If the market suggests that the location, size, amenities, and rehab of the condo merit a certain price, then it is up to the buyer’s values if the place is right for him or her. But I’m able to foresee certain issues that may arise and clear them up before all documents are signed, all “Ts” are crossed and all “I”s are dotted! These issues are formerly added to contracts in the correct manner and in the allotted time period.
From a simple attorney review period to transaction negotiations that have major alterations, I’m communicating with all parties involved. The ability to suggest solutions can mitigate problems before a client even knows there was one. Wouldn’t you rather worry about your job and not the full time job of processing a home transaction?
I really enjoy the war stories surrounding home purchases. There is always stress involved. But the idea is to go into the battlefield with your eyes wide open and with a solid contract. I can help that happen and we do it every day.
Wednesday, April 26, 2006
New Home Sales Report Show Increase
Sales are up and prices are stabilizing. Good sign for home buyers, and, even sellers. Buying a home should be based on a few factors...
First, buy on the principle of paying yourself first. You have to live somewhere, so why not spend the money on yourself and not a landlord.
Secondly, try to find a location you really can live with... if this means going smaller, then do it. Chances are someone else will really want that location down the line when you sell. Being a pioneer in a new neighborhood just to get more space is not for everyone.
And third, the tax benefits and social value. A home lowers your tax exposure, ultimately lowering the cost of ownership... that's tangible. And ownership FEELS different. It really changes the way you live and decisions you make. It's great for the neighborhood and your growth as a person.
So don't base ownership on national media reports about the housing market. Just take a good look at your position in life and you'll decide that ownership may be the next positive step.
However, good national news is helpful!
New home sales soar March gain of 13.8% the biggest in 13 years, showing surprising strength in housing market, but that was partly driven by builders cutting prices.
By Chris Isidore, CNNMoney.com senior writer
April 26, 2006: 2:06 PM EDT
NEW YORK (CNNMoney.com) - New home sales posted the biggest jump in 13 years in March, but sales got a boost as builders cut prices to cope with higher mortgage rates and a growing backlog of houses on the market.
The government reported new homes sold at an annual rate of 1.21 million homes in March, up 13.8 percent from a revised 1.07 million pace in February. That easily topped forecasts for a 1.1 million pace from economists surveyed by Briefing.com.
The jump, the biggest since a 16 percent rise in April 1993, came even as mortgage rates hit an average 6.32 percent last month for 30-year fixed-rate loans, according to Freddie Mac, up from 6.25 percent in February.
The mortgage rate was the second-highest for any month since 2002. Rates have risen further since, climbing to 6.53 percent in the most recent weekly survey.
With rising mortgage rates driving up the cost of financing home purchases, most economists have been looking for the real estate market to cool off in 2006 after several years of record sales.
But economist Bob Brusca said last month's drop in new home prices is a sign that the market for new homes isn't nearly as strong as the jump in sales would suggest.
He noted that the report showed an unusual drop in prices from both February and a year earlier, which could be a sign that home builders are cutting prices to move a large supply of new homes now on the market.
"New homes sales sprang back to life like a zombie in a cheap horror flick," Brusca said. "And like that zombie, housing really is dead. Don't let all that twitching fool you."
He said that many of the new homes sold in March were probably built in a stronger real estate market.
And unlike existing homes, where sellers can live until they get an acceptable price, "builders can't live in these houses unless they have a lot of family," he said. "By and large they must finance them at rising interest costs."
In fact, about one builder in five has reported a jump in cancellations of new home orders, according to a recent industry survey. And Wednesday's report showed that there were 553,000 new homes for sale in March, up 25 percent from a year earlier.
Meanwhile, average prices fell 7.1 percent from February to $279,100, after topping $300,000 for the first time in the February revised figures. The median price, which reflects the point at which half the homes sell for more and half sell for less, also fell 6.5 percent to $224,200.
And while month-to-month declines in home prices are not unusual, more significantly, prices also fell from a year earlier: a 2.2 percent decline in median prices and a 3.6 percent fall in average prices over that time.
Still, Wednesday's big jump in sales came after existing home sales also showed an unexpected increase last month in a report from the National Association of Realtors Tuesday.
New home sales, while a fraction of the overall real estate market, are more closely watched since they're more of a leading indicator of conditions in the housing market.
Existing home sales are recorded at closing, typically a month or two after a purchase agreement, while new home sales are tracked based on when contracts are signed.
First, buy on the principle of paying yourself first. You have to live somewhere, so why not spend the money on yourself and not a landlord.
Secondly, try to find a location you really can live with... if this means going smaller, then do it. Chances are someone else will really want that location down the line when you sell. Being a pioneer in a new neighborhood just to get more space is not for everyone.
And third, the tax benefits and social value. A home lowers your tax exposure, ultimately lowering the cost of ownership... that's tangible. And ownership FEELS different. It really changes the way you live and decisions you make. It's great for the neighborhood and your growth as a person.
So don't base ownership on national media reports about the housing market. Just take a good look at your position in life and you'll decide that ownership may be the next positive step.
However, good national news is helpful!
New home sales soar March gain of 13.8% the biggest in 13 years, showing surprising strength in housing market, but that was partly driven by builders cutting prices.
By Chris Isidore, CNNMoney.com senior writer
April 26, 2006: 2:06 PM EDT
NEW YORK (CNNMoney.com) - New home sales posted the biggest jump in 13 years in March, but sales got a boost as builders cut prices to cope with higher mortgage rates and a growing backlog of houses on the market.
The government reported new homes sold at an annual rate of 1.21 million homes in March, up 13.8 percent from a revised 1.07 million pace in February. That easily topped forecasts for a 1.1 million pace from economists surveyed by Briefing.com.
The jump, the biggest since a 16 percent rise in April 1993, came even as mortgage rates hit an average 6.32 percent last month for 30-year fixed-rate loans, according to Freddie Mac, up from 6.25 percent in February.
The mortgage rate was the second-highest for any month since 2002. Rates have risen further since, climbing to 6.53 percent in the most recent weekly survey.
With rising mortgage rates driving up the cost of financing home purchases, most economists have been looking for the real estate market to cool off in 2006 after several years of record sales.
But economist Bob Brusca said last month's drop in new home prices is a sign that the market for new homes isn't nearly as strong as the jump in sales would suggest.
He noted that the report showed an unusual drop in prices from both February and a year earlier, which could be a sign that home builders are cutting prices to move a large supply of new homes now on the market.
"New homes sales sprang back to life like a zombie in a cheap horror flick," Brusca said. "And like that zombie, housing really is dead. Don't let all that twitching fool you."
He said that many of the new homes sold in March were probably built in a stronger real estate market.
And unlike existing homes, where sellers can live until they get an acceptable price, "builders can't live in these houses unless they have a lot of family," he said. "By and large they must finance them at rising interest costs."
In fact, about one builder in five has reported a jump in cancellations of new home orders, according to a recent industry survey. And Wednesday's report showed that there were 553,000 new homes for sale in March, up 25 percent from a year earlier.
Meanwhile, average prices fell 7.1 percent from February to $279,100, after topping $300,000 for the first time in the February revised figures. The median price, which reflects the point at which half the homes sell for more and half sell for less, also fell 6.5 percent to $224,200.
And while month-to-month declines in home prices are not unusual, more significantly, prices also fell from a year earlier: a 2.2 percent decline in median prices and a 3.6 percent fall in average prices over that time.
Still, Wednesday's big jump in sales came after existing home sales also showed an unexpected increase last month in a report from the National Association of Realtors Tuesday.
New home sales, while a fraction of the overall real estate market, are more closely watched since they're more of a leading indicator of conditions in the housing market.
Existing home sales are recorded at closing, typically a month or two after a purchase agreement, while new home sales are tracked based on when contracts are signed.
Sunday, April 23, 2006
City living in the face of gas hikes
You will never hear me complain about the cost of a gallon of gas. Surprising considering I'm a Realtor who basically lives out of his car. Okay, maybe I'll complain about the cost of the actual gallon of gasoline, but not oil prices. Let me explain.
Crude oil prices are subject to a free market. Crude oil is a very special market commodity affected by the widest range of global issues, trends, and conflict. It is also a market commodity that, effectively, can and will change the daily course of our lives. The countries that produce oil will enter into agreements with the countries that want it. Then... we buy it.
Gasoline in the states is also highly taxed... not as high as Europe... so the cost is highly subjective to governments. Something very worthy of complaining about if you feel tax money is being squandered.
So when gas prices go up I feel it as much as anyone (due both to my dependence on my car and my indignation towards the use of tax money), but complain less. This is because I live in Chicago and have a choice to drive less. Even as a Realtor, I can take public transportation on certain days when I predominately work in the office.
Because of the centralization of jobs and industry downtown, a nice little condo by public transportation is a much more valuable commodity than oil. So I don't complain... because the higher gas prices get, the more it makes sense to live near work and take public transportation. And the Chicago housing market thrives.
Remember, the market can change the cost of goods and services on a dime. The location you choose to live will help you weather those fluctuations and dampen their effects.
Crude oil prices are subject to a free market. Crude oil is a very special market commodity affected by the widest range of global issues, trends, and conflict. It is also a market commodity that, effectively, can and will change the daily course of our lives. The countries that produce oil will enter into agreements with the countries that want it. Then... we buy it.
Gasoline in the states is also highly taxed... not as high as Europe... so the cost is highly subjective to governments. Something very worthy of complaining about if you feel tax money is being squandered.
So when gas prices go up I feel it as much as anyone (due both to my dependence on my car and my indignation towards the use of tax money), but complain less. This is because I live in Chicago and have a choice to drive less. Even as a Realtor, I can take public transportation on certain days when I predominately work in the office.
Because of the centralization of jobs and industry downtown, a nice little condo by public transportation is a much more valuable commodity than oil. So I don't complain... because the higher gas prices get, the more it makes sense to live near work and take public transportation. And the Chicago housing market thrives.
Remember, the market can change the cost of goods and services on a dime. The location you choose to live will help you weather those fluctuations and dampen their effects.
Sunday, April 16, 2006
Location and Transportation Vs Size = No Brainer
Size doesn’t matter… at lease not with Chicago condos. Let me explain.
I’m currently working with a very cool couple from Michigan. They are first time buyers this spring, but have rented in the city for two years. They have a pretty big place now-and pay a hefty rent. So, finding themselves established in Chicago, buying makes sense for them considering what they shell out each month for a vintage rental.
However, home shopping has been a little bit of a shock. To meet their transportation, social and price needs they found the available condos a bit small. How would they fit all of their stuff? Would they feel cramped? Could they possibly have their first kid here or there?
Ahhh… the constant conundrum for many of my “suburban young couple turned urban professional” clients.
In these cases I usually suggest we could be in Tokyo or New York City. If that doesn’t do it, I move on to the many values that make living in Chicago great and the need for smaller dwellings necessary. It is a real gut check for young people who have grown up in sizable homes.
I first remind clients how great it is to walk a couple blocks to the Red Line or Brown Line and zip to work. You don’t even have to remember where your car is (if you have one). Secondly, how great is it to walk to the lake, the coffee shop, even the grocery store. This is truly a lifestyle thing… a gift the City gives us. For instance, it is a fact that urban populations are thinner and healthier than their cohorts in the suburbs.
Third, finding a great little condo with majestic mature trees on the block, a terrific outdoor space, and modern amenities will trump giving some landlord all your money for a large vintage dump. A small space is also a chance for a new beginning, free of clutter and unnecessary possessions. Besides, the reason to be in the city is to develop your career, try new things, enjoy the culture, university and social outlets, and re-prioritize your values. Your own home is a comfortable, customized pit stop during your busy week.
So, by staying light, freeing up clutter, choosing a flat that’s close to transportation and offers out- door space, and allowing yourself to enjoy the lifestyle and urban beauty at its best… you won’t sweat the square footage.
Oh, and the Michigan couple… we found a great brand new conversion, two bedroom condo with a large deck and front terrace, near the lake and Red Line for under $225K… oh and it’s a top floor too.
I’m currently working with a very cool couple from Michigan. They are first time buyers this spring, but have rented in the city for two years. They have a pretty big place now-and pay a hefty rent. So, finding themselves established in Chicago, buying makes sense for them considering what they shell out each month for a vintage rental.
However, home shopping has been a little bit of a shock. To meet their transportation, social and price needs they found the available condos a bit small. How would they fit all of their stuff? Would they feel cramped? Could they possibly have their first kid here or there?
Ahhh… the constant conundrum for many of my “suburban young couple turned urban professional” clients.
In these cases I usually suggest we could be in Tokyo or New York City. If that doesn’t do it, I move on to the many values that make living in Chicago great and the need for smaller dwellings necessary. It is a real gut check for young people who have grown up in sizable homes.
I first remind clients how great it is to walk a couple blocks to the Red Line or Brown Line and zip to work. You don’t even have to remember where your car is (if you have one). Secondly, how great is it to walk to the lake, the coffee shop, even the grocery store. This is truly a lifestyle thing… a gift the City gives us. For instance, it is a fact that urban populations are thinner and healthier than their cohorts in the suburbs.
Third, finding a great little condo with majestic mature trees on the block, a terrific outdoor space, and modern amenities will trump giving some landlord all your money for a large vintage dump. A small space is also a chance for a new beginning, free of clutter and unnecessary possessions. Besides, the reason to be in the city is to develop your career, try new things, enjoy the culture, university and social outlets, and re-prioritize your values. Your own home is a comfortable, customized pit stop during your busy week.
So, by staying light, freeing up clutter, choosing a flat that’s close to transportation and offers out- door space, and allowing yourself to enjoy the lifestyle and urban beauty at its best… you won’t sweat the square footage.
Oh, and the Michigan couple… we found a great brand new conversion, two bedroom condo with a large deck and front terrace, near the lake and Red Line for under $225K… oh and it’s a top floor too.
Thursday, April 13, 2006
When deals go bad
Recently, I represented clients of mine in what appeared to be a simple condo purchase. We looked for a couple months and found a great place that met their needs. I helped them present a strong offer, providing suggestions that would increse their chance of an accepted contract.
Oh, by the way, it was a multiple offer situation too.
My clients did present a strong offer and their contract was accepted. But of course, this is not the end of the story. Turns out a few things came up in the home inspection I arranged. More so, the condo association had scheduled major work to the building that would directly affect my clients potential unit. We caught many unknowns in the attorney review period.
When these issues arise, what do you do? Does it instantly mean the deal is over? Can you change the offer price? Can you get out of the deal if you do not like the terms?
Did the deal happen? If yes, why? If no, how come? What did our attorney and myself suggest to my clients?
Call me or email me sometime and you might be surprised by the answers.
Oh, by the way, it was a multiple offer situation too.
My clients did present a strong offer and their contract was accepted. But of course, this is not the end of the story. Turns out a few things came up in the home inspection I arranged. More so, the condo association had scheduled major work to the building that would directly affect my clients potential unit. We caught many unknowns in the attorney review period.
When these issues arise, what do you do? Does it instantly mean the deal is over? Can you change the offer price? Can you get out of the deal if you do not like the terms?
Did the deal happen? If yes, why? If no, how come? What did our attorney and myself suggest to my clients?
Call me or email me sometime and you might be surprised by the answers.
Sunday, April 09, 2006
Great Open House
This weekend's open house was really terrific at 4518 N Ashland. Open both Saturday and Sunday, over a dozen groups came through. The majority were sent by Realtors or viewed one of our many advertisements. With showings previously in the week, and now two Monday night, I expect an offer this week.
Pricing was a very important aspect of this listing. It is difficult to find a 2 bed 2 bath with the same space, low assessments and location of this unit. It shows great and I market to all my contacts. As well our exposure is diverse. We feature properties on the most used web sites and continue to utilize Google and yahoo campaigns to reach condo buyers. We even have a full color print ad.
Sometimes it is difficult taking a listing that just doesn't look good. Sometimes clients demand to price the listing too high. This time, however, it's hard to deny the price is excellent and the showings are a pleasure.
Pricing was a very important aspect of this listing. It is difficult to find a 2 bed 2 bath with the same space, low assessments and location of this unit. It shows great and I market to all my contacts. As well our exposure is diverse. We feature properties on the most used web sites and continue to utilize Google and yahoo campaigns to reach condo buyers. We even have a full color print ad.
Sometimes it is difficult taking a listing that just doesn't look good. Sometimes clients demand to price the listing too high. This time, however, it's hard to deny the price is excellent and the showings are a pleasure.
Thursday, April 06, 2006
NEW LISTING: 4518 N Ashland
I just listed a 2 bed 2 bath condo at Ashland and Wilson. Great split floor plan with all the modern finishes. Granite, maple, marble, exposed brick, wood burning fire place... you name it.
The best thing about this place is the open kitchen/great room combo. It makes for a great sized room. Plus, there is a formal entry way and living room. You can actually have the family over for the holidays with this lay out (that is, if you want to).
The condo goes for $319K. Its great space and location. Walk to the Brown Line, Starbucks and boutique BYOBs!
As a Realtor, I don't always get the most ideal properties to show... This one however, is a terrific looking place in a great location... shows well and is at a price point many can afford.
Call anytime for a showing and look at pictures on our web site. Just click the link for our listings below or call 773-510-1597.
The best thing about this place is the open kitchen/great room combo. It makes for a great sized room. Plus, there is a formal entry way and living room. You can actually have the family over for the holidays with this lay out (that is, if you want to).
The condo goes for $319K. Its great space and location. Walk to the Brown Line, Starbucks and boutique BYOBs!
As a Realtor, I don't always get the most ideal properties to show... This one however, is a terrific looking place in a great location... shows well and is at a price point many can afford.
Call anytime for a showing and look at pictures on our web site. Just click the link for our listings below or call 773-510-1597.
Subscribe to:
Posts (Atom)