Chicago Mansion for a Single?

I just read this on a $7.9M single family home listing in our MLS system (now called Midwest Real Estate Data). Once in awhile, something catches my eye...

"MAGNIFICENT 12,000 SF MANSION IN THE HEART OF LINCOLN PARK."

In the agent remarks, which the general public can't see, the agent goes on to say:
"COULD WORK FOR SINGLE/COUPLE OR A LARGE FAMILY"

Indeed.

Slow Start in Lincoln Square?

Pictured is Giddings Plaza... have home sales thawed in Lincoln Square?

I was looking at single family homes for my family this weekend and noticed that there are about 52 active homes from $450,000 to $1,500,000 in the Lincoln Square neighborhood code on the MLS. Currently, 6 homes are under contract this early spring season. 3 homes just came on the market this week new, with the lower end homes being priced much more competitively. The high-end at $1,499,000 is a re-tread new construction from last year at about the same price.

I also saw that two single family homes closed in the last 30 days.

Would You Buy a House in Bowmanville?

The house pictured is at 1908 W Farragut and is listed at $885,000. The listing says "fenced yard", but alas... no yard. There is a deck off the family room and a garage roof deck. No yard is a deal killer for me. Beautiful house, tricked out with a terrific layout; a winner if you don't need the yard work.

I enjoy finding single family home values in my immediate area for clients and myself. This weekend, I took a look at a few of the many Sunday Open Houses in Bowmanville. I've only been in my current Ravenswood duplex for a couple years, but with the way things are shaping up for all buyers- and with a second kid on the way-I might jump in on a single family home sooner than expected.

Bowmanville, a North Side Chicago neighborhood, is much overlooked by city couples looking for a long term single family home. Ever hear of it? How about Andersonville, Ravenswood and Lincoln Square? Got you attention now? Bowmanville is adjacent to these three popular neighborhoods but priced at least 10%-20% lower for comparable homes.

Single family home sales in Bowmanville (roughly bordered by West Foster Ave to Rose Hill Cemetery and North Ashland Avenue to North Western Avenue) have remained strong. The area usually sells it's homes close to list price and under average market times for Chicago.

This area offers move-in quality single family homes on standard Chicago lots from about $450,000 to about $1,000,000. A look at the current market shows 8 active homes for sale and 3 under contract this early spring season. With a good contractor or Do-It-Yourself skills, a solid home can be purchased for even less. The lowest priced "move in" home is $499K (on a 30X125 over sized lot) and the the highest priced is $950,000. 3 homes are already under contract this early spring season.

Read more about Bowmanville by clicking the link.

There are a serious amount of amenities within walking distance: The huge and activity filled Winnemac Park, West Andersonville and Andersonville eateries and shops, Lincoln Square retail and restaurants and easy access to two major grocery stores.

A five minute drive or bike ride will drop you at the Ravenswood Metra station or the Damen Brown Line stop.

5 Facts about the $15,000 Home Buyer Tax Credit

Pictured is Main Street in Evanston, Illinois. Main Street USA might get a boost next week.

This was an email sent to me by one my mortgage lenders at RWF Wells Fargo Mortgage. Ken's contact info is below.









On Wednesday the Senate passed an amendment that will include a $15,000 home purchasing tax credit in the American Recovery & Reinvestment Act of 2009 for anyone buying a primary residence within the one year period from the time this bill is passed.
It is important to note that this bill has not passed yet but many potential buyers are asking questions in regards to this tax break. I've included some links that divulge the details of the home buyer tax credit amendment. Here are some of the basics:





1. The tax credit is the lesser of 10% of the home price or $15,000 and can be spread equally over 2 tax years.

2. The housing tax credit can be used for purchases of primary residences only…no investment properties or second homes.

3. The home purchase can be an existing home, a newly constructed home, or a bank foreclosure home…but the purchase must be completed within 1 year of the passage of the American Recovery and Reinvestment Tax Act of 2009.

4. The home buyer does NOT have to be a “first time home buyer” to qualify for this housing tax credit, unlike housing stimulus based tax credits from last year.

5. This 2009 housing tax credit does NOT have to be repaid to the government unlike the $7,500 first time home buyer tax credit from last year UNLESS you cease to make it your primary residence within the first 24 months (i.e.. sell within 2 years).
This is great news for home buyers; if it passes.

Please let me know if you or your clients have any questions.
http://www.usnews.com/blogs/the-home-front/2009/02/06/the-15000-home-buying-tax-credit-6-things-to-know.html

Take care,


Kenneth B. Dickerson
Mortgage Consultant
RWF Mortgage, LLC An Affiliate Of Wells Fargo Home Mortgage MAC M3241-011
2663 N Halsted Street Chicago, IL 60614
Tel 773-572-6590
Fax 312-882-1866
kenneth.b.dickerson@rwfmortgage.com

Lincoln Square New Construction on YoChicago.com

Visit YoChicago.com for my latest post on Lincoln Square's Fountain View new construction development.

I will TRY to write more new construction "reviews" for their site in 2009. Tomorrow, I may be able to visit a town home development Belmont and Western. Stay tuned.

CLTV's HomesPlus for Chicagoland Real Estate Fun

I'm always happy to find local real estate shows and coverage. CLTVs HomesPlus offers enough local information to peel your eyes away from HGTV's dizzy array of real estate buying, selling and renovating shows. Because CLTV is a legitimate news outlet, the show is based in reality and offers a look at neighborhoods and local vendors that make sense to Chicagoans.

Pending Home Sales up in the Midwest, December

I called the end of last year the "quarter of doom". However, national pending homes sales were up in December according the NAR and Realtor.org stories here.
"Midwest: jumped 12.8 percent to 83.7 but remains 1.2 percent below December 2007.

$15,000 Tax Credit for All Home Buyers?

Earlier today, a client of mine who happens to be a commercial real estate attorney, sent me this update. It's from a group called Fix Housing First

"Isakson Amendment Passed!!Thanks to all of you who weighed in, the Isakson amendment - which provides a tax credit of up to 15,000 to all home buyers - passed by voice vote in the Senate last night with bi-partisan support; it will now be part of the final Senate bill. Truly your voice made a difference.
This is an important victory but our work is not done. Other amendments are expected to be offered today which embody parts of the Fix Housing First plan and we need to support those as well. The plan is to have a bill on the President's desk by February 13, so our efforts this week will be concentrated on the Senate and next week on the conference committee process.

Today Senator Ensign (R-NV) will offer what he is calling the "Fix Housing First Act" (amendment #353) which is much broader than our agenda but does include a mortgage rate buy down program which could lower mortgage rates to as low as 4%. While the plan is not exactly what we have been advocating for, it is another step in the right direction. So please urge your Senators to support the amendment - particularly its rate buy down provisions."

This is a huge jump from the existing $7,500 tax "credit" that applied to first time buyers (and those who have not owned for the past three years). The credit was actually paid back in $500.00 increments each tax year.

Ask your Chicago Lender how this credit would help your ability to purchase a home.

Is Your Condo FHA Approved?

FHA loans are really popular right now. The qualifications are very attractive in this changing mortgage lending market. The rates are good and meeting the terms as a buyer are pretty clear cut.

I just received an offer contingent on an FHA loan being approved.

However, is your condo building FHA approved so these elusive buyers use the loan? Can an FHA loan product be used to buy your condo? As a condo association and individual owner, you can find this out.
With a potential listing coming on in my own building this spring, we want to know if the unit will qualify for an FHA loan. I also like to find this out when listing other units... it's a great way to market the property.

Read more about FHA loans here:

I suggest working with your lender to determine if your condo unit is FHA approved. If you need an expert, feel free to visit www.ChicagoLender.com to speak with Brian Cumpton.

Double Lot! Single Family Home for Sale in Portage Park $419,900

Dream of a huge yard? Got dogs? Got kids?

Not on the MLS... off market property. 6334 W Newport asking $419,900. Beat the rush to this DOUBLE LOT PROPERTY.

I'll have a Portage Park/ Dunning neighborhood single family home coming on the market on a rare double lot...50x125. The renovated frame and cedar shingle farm house sits atop a hill.... outstanding curb appeal.

The move-in and updated home features three good sized bedrooms upstairs. On the main floor you will find a double parlor living room (two large and square rooms with open pass through) and a galley kitchen that opens into a large dining/family room area. A recent huge deck addition is adjacent to the spacious kitchen.

This is a dream to entertain in your large common areas while spilling out onto your over sized back deck and double lot yard! The tidy landscaped back yard can be transformed into an endless outdoor oasis by your green thumb.

Photos of the backyard... come see the home before it hits market with full photo spread.