Montrose Harbor on the Doorstep of Uptown, Chicago

I had an early morning showing at my Uptown listing at 860 W Lakeside Place and took the opportunity to cycle a bit. With five showings along lakefront neighborhoods I set out on my bike rather than drive.

Montrose Harbour is located at Montrose Ave. and the lake a few minutes from my West Lakeside Place listing.

There is vast park land to the north of the harbour and a dog beach.

I wonder who wrote this sign? Does the dog pay the fine?

Spring in Chicago Real Estate

Ever feel like this?

Spring is rough on a busy Chicago Realtor. Listings, buy-side transactions, deals gone bad, deals gone good, negotiations, weekends, weekdays, weeknights, follow-up, research, photos, Internet marketing, inspections, walk-throughs, staging, financing, appraisals, offers, rejections, acceptance, open houses, and closings... ahhhh, closings.

Makes it almost worth getting up early every day and working late every night.

Almost.

Hey Chicago, Live on Lake Michigan for $200,000

I have a new condo lisitng in a highrise on Marine drive. It 's another good reason to bring attention to this type of lifestyle in Chicago for a modest budget.

When I have clients who want to live in Lakeview or on the lakefront for $200,000, I usually suggest several highrise buildings. I particularly like 3550 N Lake Shore Drive, 3660 N Lake Shore Drive and 4250 N Marine Drive. You can pick up a 900 sq/ft one bedroom condo in these full amenity buildings for $160,000 to $199,000 easily.

I suggest clients buy one of the cheapest in original condition they can find. Hire my contractor with a budget of 20K and you can get a new kitchen, bath, closets paint and air conditioners. A nicely updated, great looking unit can go for $175K on average (I'd rather pay $10-15K less and put in my own stuff). However, this is not for everyone. A finished home creates less worries and hassels.

So, have a budget of $200,000? The lakefront in a full amenity building on lake Michigan is hard to beat. With the lower entry price, you'll be able to afford the assessments of $350-$400 (which includes your heat, cable, fitness room, doorman, pool etc...). Garage parking generally rents for $150 bucks a month.

Mortgage Lending for Chicago Condos Maddening

Today, a major bank denied a mortgage for my client to buy into an established newer construction condo building for two reasons:
1. Over 20 percent of the building's owners were delinquent in assessment payments (12 unit building with an involved association and $7,000 in reserves). So, the late payments couldn't be too bad. Plus, the minutes showed the association had collected on late payments. You like a reserve fund at least $1,000 per unit in a smaller building like this, but the association is only about 3 years old.

2. Percentage of ownership of the commercial units in the building is over 20 percent.

The loan officer of the major bank decided to sit on this info for 10 days after appraisal came back and on the last day of my client's mortgage contingency. They should have at least informed her about the commercial space percentage of ownership from the beginning! Plus, they have been slow getting us the documentation so we may forward this to the seller's attorney. We have to meet the mortgage contingency, ask for an extension or kill the deal. The denial documentation will help us make the case.

This is just one more reason why I like clients (and buyers of my listings) to use a local mortgage broker who knows there stuff and comes referred. The local broker is on the phone with the agent and attorney getting the information real time about the property they are securing a loan for.

Here's a plug for my guy Phil Tully at Guaranteed Rate phil.tully@guaranteedrate.com
People call him all the time, don't like the truth and then go find a bank who makes loan promises they can't keep. Or, forgets details like the ones above until it's too late. No loan, no closing. Geez. You need a lender who will seek out the trouble spots well before your 30 days down the road.

Sunday Open House Scenes: Old Irving Park

Sitting on the deck at 4221 N Keeler #2 on a Sunday in Old Irving Park. The neighbors are all out working on their yards... gorgeous views from every window and the deck. This is probably the nicest day of year... great weather and the leaves and flowers have finally bloomed in force.

Chicago Condo Market Update

Ric over at http://www.chicagocondosonline.com/ sends me monthly updates on the condo market. It's a reminder to read his blog too. He reports that condo unit sales in Chicago are down 24% overall but median prices are up 11%. I have experienced most of my clients profiting on sales this season. However, it's been about 50/50 on those that bought a place and are selling less than two years later.

Here's a complete market overiew

Ride a Bike and Pass on Chicago Gas Prices

I'm a Realtor and sell many millions in real estate for my clients. Although I'm not that image conscious, I do have a responsibility to my clients.
Much of that responsibility and professionalism has to do with making appointments... and that means driving my sweet ride.

However, with Chicago gas prices over $4.00 a gallon and the constant struggle to do more without my car (an oxymoron for a Realtor), I've decided to ride my bike to more of my daily appointments.

I feel it is appropriate that I may ride my bike to showing appointments, photography and floor-plan sessions, dropping off documents etc... all things that do not require driving a client around.

Is this objectionable? I'd like to hear from my clients and readers on this one. This last week I rode from my home in Ravenswood to my new listing in Uptown for a photography shoot. It was a great feeling and probably took a total of about 10 more minutes round trip.

I was an avid cycler in my single days and have been looking for a way back to it... and back to a more healthy lifestyle in general. It seems cycling fits my style of business. I'm casual with clients but hard working and professional when it comes to marketing properties and finding buyers a great home. And the bike gets me to appointments on time (I'm always on time), with less traffic hassles and no parking issues!

If you were my client and we were meeting for one showing appointment....would you mind if I pulled up on a bike?

Sunday Open House: Lakeview and Old Irving Park

I have three, count em', three open houses this Sunday hosted by your's truly or one of my awesome partners:

519 W Melrose in East Lakeview Sunday from 12pm to 4pm

920 W Barry in Lakeview Sunday from 1pm to 3pm

4221 N Keeler in Old Irving Park Sunday from 1pm to 4pm

Call or email the contacts from the right side bar or on the listing information if you have questions.

I Love Lou Pinella and the Chicago Cubs

First of many Cub's posts this season. I might as well start out right.

A Break from Real Estate in Lincoln Park

It was a beautiful day in the neighborhood so my associate Chris and I had lunch at the Aloha Eats on North Clark Street in Lincoln Park. I'm glad he mentioned this place. I love chicken and and a good white rice... and they got that.

We walked down West Deming Place in Lincoln Park on the way back to the office. Deming Place has several mansion type single family homes on huge lots... like this one.

They put fences up to keep people like me out.

The average single family home here on a 30 wide, extra long lot sells for over $2,000,000.