The Chicago Tribune has a few contributions concerning life in the Loop. Do you live there? If I had to do it all over again, my wife and I would opt for this area rather than the northwest side of Chicago we are in now. Why? Because we'll end up on the northwest side anyway... shoulda, woulda, coulda like author James Janega in his story Life in the South Loop. Wow, editors were sleeping on that title.
The South Loop is really an amazing place to live, as the storys suggests. But not much, if anything is mentioned of the lakefront paths and museum campus. This was a prime reason for recent clients of mine (who are now retired) for choosing the area. Lakefront walks and access to the museums. An attorney client of mine can walk to work from Wabash and Eleventh Street.
Julia Keller leaves me wanting in her "Three Positives and Three Negatives" to living in the Loop... you'll know what I mean. At least the editors were trying on this story's title.
How's your Loop experience... Are You Experienced?
Friday, October 06, 2006
Thursday, October 05, 2006
Chicago Bungalow Rehab Part 1
First in a new series of forever posts
Opportunity... The Chicago Real Estate Local (T-CREL) has created quite a buzz amongst the in-laws, immediate family, friends, extended family...you get the point. Why? Because we are on the verge of a house flip. Gasp!
Seems everyone has an opinion on this. My father-in-law called his beautiful and intelligent daughter from lunch today to ask WTF? I mean, my wife almost had a heart attack when she saw his cell number pop up in the middle of the afternoon. My dad (my dad called?) even mentioned it on the phone the other day. Didn't even bring up the Cubs! Auntie and Uncle Comegys weighed in from Boston too. All that gloom and doom about the housing market... is this a good time to play HGTV?
The anatomy of a deal.
One evening I'm at dinner with friends. A close college friend asks me to come by his late father's home in the North Mayfair neignborhood and tell him what I think of it. My friend is the executor of the estate and the family needs to make some decisions on what to do with the property.
North Mayfair is on the National Register of Historic Places for it's classic Chicago bungalow architecture and role in the development of the North Side of Chicago. The house in question is a wonderfully designed and built home of this era... but needs alot of work and updating. I mean, this thing is huge, on a great block, has some fantastic details and... did I mention huge?
My friend' s family also has some conflicts on how to sell the home, with who (couple family Realtors in the mix) and... well you can imagine this situation. Never a good one.
At this time, my partner and I were looking for an opportunity to rehab a house... hmmm. Luckily, my friend out right asked if we would be interested in the home. He had thought about buying out the family, rehabbing and selling (living?) in the home himself. But, he and his partner decided against it. Too much of a hassle for them at this point in their lives. But not for me.
Did we buy the house? So what do we do first? How do we evaluate the return on investment? What is the place worth now and after the rehab? Is it smart to purchase a "home flip" now? Stay tuned.
Okay, one hint... we are in the process of negotiating the deal. So, if we don't get it, this will be a very short series. Next up, however, I'll discuss the proposal we cooked up.
Opportunity... The Chicago Real Estate Local (T-CREL) has created quite a buzz amongst the in-laws, immediate family, friends, extended family...you get the point. Why? Because we are on the verge of a house flip. Gasp!
Seems everyone has an opinion on this. My father-in-law called his beautiful and intelligent daughter from lunch today to ask WTF? I mean, my wife almost had a heart attack when she saw his cell number pop up in the middle of the afternoon. My dad (my dad called?) even mentioned it on the phone the other day. Didn't even bring up the Cubs! Auntie and Uncle Comegys weighed in from Boston too. All that gloom and doom about the housing market... is this a good time to play HGTV?
The anatomy of a deal.
One evening I'm at dinner with friends. A close college friend asks me to come by his late father's home in the North Mayfair neignborhood and tell him what I think of it. My friend is the executor of the estate and the family needs to make some decisions on what to do with the property.
North Mayfair is on the National Register of Historic Places for it's classic Chicago bungalow architecture and role in the development of the North Side of Chicago. The house in question is a wonderfully designed and built home of this era... but needs alot of work and updating. I mean, this thing is huge, on a great block, has some fantastic details and... did I mention huge?
My friend' s family also has some conflicts on how to sell the home, with who (couple family Realtors in the mix) and... well you can imagine this situation. Never a good one.
At this time, my partner and I were looking for an opportunity to rehab a house... hmmm. Luckily, my friend out right asked if we would be interested in the home. He had thought about buying out the family, rehabbing and selling (living?) in the home himself. But, he and his partner decided against it. Too much of a hassle for them at this point in their lives. But not for me.
Did we buy the house? So what do we do first? How do we evaluate the return on investment? What is the place worth now and after the rehab? Is it smart to purchase a "home flip" now? Stay tuned.
Okay, one hint... we are in the process of negotiating the deal. So, if we don't get it, this will be a very short series. Next up, however, I'll discuss the proposal we cooked up.
Afternoon Round Up
Stories around the Chicago market that effect your real estate...
Great cafe controversy shows why all politics are local... Your Alderman effects your property values!
Why did Haithcock kill jobs? (Chicago Tribune)
Wednesday, October 04, 2006
No to condo hotels, yes to ugly buildings
or... no to Nicky Hilton.
As for the ugly ugly architecture trend, Chicagoist points out the call to arms of Chicago Journal. Snap a pick of the building you love to hate and send it in.
Some of us actually do care for the look and feel for the city. Even as a Realtor, it pains me to see these cinder block monsters go up. Tisk tisk... how about a little thought. Sigh.
I see more and more of my clients opting for converted units of old greystones, brownstones, and the true brick beauties (with sun rooms jutting from the front!) of Lakeview, Margate Park, Andersonville and the like.
UGLY photo by Tim InklebargerAfternoon Round Up
Today's Chicago real estate and transit stories of interest:
CTA's airport connection dream (Chicago Tribune including graphic)
Here's a great forum on public transit in general below. Nice links from Chicagoist!
Faster trains? We'll believe it when we see it (Chicagoist.com)
Building collapse due to bad roof
You may have caught this story about a building collapse in Albany Park. It was on my block!
Rumors were flying that a leaking or broken gas line caused an explosion. Latest reports suggest a bad and leaking roof caused the collapse.
In any event, reporting faulty conditions is a must. If you smell gas, call 911. If you rent and the building has major defects, tell the landlord you'll take action if issues are not repaired.
Luckily, no one was seriously hurt in the above accident. Presently, the building seriously looks like it was hit by a rocket... nothing but rubble. The above picture doesn't show the real mess.
Photo from cbs2chicago.com
Bike map for the rest of us
Google offers an alternative to the City's bike path map... via Gapers Block.
Any advice on how a Realtor may commute more with his bike?
Any advice on how a Realtor may commute more with his bike?
Tuesday, October 03, 2006
Blue light special okay with me
As reported by many outlets, and here by the Chicago Sun Times, the City will spend about $1M on new police surveillance cameras for high crime areas.
This time, hold the "blue light special". They will be more stealth, sleek and super cheap without the blue flashing light.
Photo source The Chicago Sun Times
Hiz Honor held court and answered a few questions today... and among many awesome sound bites on Denny Hastert, Congress, and other wise proclamations, he was really pumped about continuing the trend towards these cameras.
I Love this quote:
"Calling surveillance cameras the “next best thing” to a police officer on every corner, the mayor said he won’t stop installing cameras “until people feel very safe on every block. That’s all they want. They want to feel safe — in the alley, in front of their home.”
Simple.
I like this idea. Ever take a client to an up-and- coming area, and hear, "What's that blue light for?". Gulp...
And I like the cameras in general. One London suburb even has guys at the other end of the camera who politely admonishes you, on the spot, through a loud speaker when you litter, ride your bike on the side walk, etc... And the numbskulls freak when they here the voice of "robo-dude" just as they are about to vandalize, steal or create a problem. Awesome.
Anyone who has lived across any Chicago Public School would kill for one of these... "You! Get out of that flower bed and pick up that pop can!"
Monday, October 02, 2006
Weekend Round Up
A few stories I read over the weekend. Open houses were busy, but not too busy...
Get a CLUE-and other documentation_from the past (Chicago Tribune)
Landscaping for Bungalows (Sun Times)
First Wal-Mart not likely to be the last (Illinois Real Estate Journal)
Pending home sales index rises (Realtor.org)
Get a CLUE-and other documentation_from the past (Chicago Tribune)
Landscaping for Bungalows (Sun Times)
First Wal-Mart not likely to be the last (Illinois Real Estate Journal)
Pending home sales index rises (Realtor.org)
Mortgage rates lower in Illinois... again
In a continuing series of mortage rate watching... this is seriously a sport. The facts are the facts... mortgage rates are pretty low any way you shake it out. I love watching all the factors involved in mortgage rates and overall economic movements. Don't you?
Mortgage rates tumble back towards 6%
Here's a little quote from the story...
"So here's our best snapshot of what's going on in the housing market right now:
Sellers could demand higher and higher prices for their homes, and buyers could afford to pay them, when the cost of borrowing money was at or near record lows.
As borrowing became more expensive, buyers couldn't afford to pay as much as they did last year, or just a few months ago. As a result prices are leveling off in most, although not all, cities.
But these are mortgage rates we can definitely live with. If buyers and sellers temper their expectations just a bit, life can go on very nicely".
Sound familiar... buy low sell high. Rates are low, inventory is high... game on. The only way to do this is take a legitimate shot at a property you like. I'm waiting by the phone... no really, I am.
Mortgage rates tumble back towards 6%
Here's a little quote from the story...
"So here's our best snapshot of what's going on in the housing market right now:
Sellers could demand higher and higher prices for their homes, and buyers could afford to pay them, when the cost of borrowing money was at or near record lows.
As borrowing became more expensive, buyers couldn't afford to pay as much as they did last year, or just a few months ago. As a result prices are leveling off in most, although not all, cities.
But these are mortgage rates we can definitely live with. If buyers and sellers temper their expectations just a bit, life can go on very nicely".
Sound familiar... buy low sell high. Rates are low, inventory is high... game on. The only way to do this is take a legitimate shot at a property you like. I'm waiting by the phone... no really, I am.
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