Fast paced weekend for buyers and sellers

My partner Bob and I have been penning deals this past week in Lincoln Park, Lakeview and Wicker Park. We negotiated another couple accepted contracts this past weekend. It's been non-stop.

But nothings easy. We've had multiple offer situations on buy-sides and as the listing agents for our clients' properties. We've had both fast paced deals and long negotiations falling apart over closing dates and $4,000! We've also had client's frustrated at the lack of quality inventory in their budgets (thus, the multiple offers of great homes that make sense to own). If you are not clear on what's going on in your market, please give a ring...we are on call this entire month.

Open House Hell this weekend? 522 W Oakdale in East Lakeview

522 W Oakdale #2W in East Lakeview, Chicago: Asking $369,900

Open Sunday April 11th from 1PM to 3PM

The Realtors are coming, the Realtors are coming!

I'm not into big sales gimmicks... and I do hold open houses regularly. But this weekend happens to be a National Open House Weekend and many Realtor associations are participating.
So, if you don't have a balloon phobia or if you like answering from a dozen agents how long you've been looking, where do you live, do you own a place, need a parking spot etc.. it could be a good weekend to look at condos and single family homes.

My scheduled open house is at 522 W Oakdale, a two beds, two baths renovated conversion condo with parking and storage included. It gets a lot of showings each week and weekend so I'm doing the open house to give agents and consumers flexibility to view. See you there!

Banner year for Wrigleyville sales?

While Ryne and I were on work errands this morning in Wrigleyville, we were surprised by these awesome player banners on Wrigley Field. They look great! I had to stop for a photo. I don't know how they will help Lakeview home sales but I do feel better about the the Cub's season opener.

Then of course, I got scammed into buying hotcakes and sausage for the boy since we were standing in the McDonald's parking lot.

Buyer's gobble up Lakeview condos in first quarter 2010

In first quarter 2009, 150 attached homes closed (condo, town homes).

Looking at data from MREDLLC.com (the multiple listing service of which I'm a member) I see 203 units closed in first quarter 2010.

The highest priced closing of an attached unit was a whopping $1,165,000 for 3400 N Lake Shore Drive Unit 2EF.

The lowest priced unit was $102,000 at 655 W Irving Park #3309, a bank owned studio in a high rise.

Double take! Lincoln Park 2010 first quarter condo unit sales DOUBLE 2009

In first quarter 2009 only 62 attached units closed (condo/town home).

The MREDLLC.com (of which I'm a member) data for January through March show 154 attached closed units for first quarter 2010.

The highest priced closed attached unit was 2020 N Lincoln Park West Unit 38DEF for $932,000.

The lowest priced closed attached unit was 2625 N Clark Unit 1902 at $90,000 (a foreclosure on bedroom).

Still confused about the first-time homebuyer tax credit?

We've been contacted by several consumers and clients with questions about the federal first time homebuyer credit even this week. The most confusion surrounds the April 30th deadline. Understand the deadline requirement and you will understand there is still time to take advantage of the credit.

1. Eligible first time buyers must sign a purchase agreement by April 30th. This is not a "closing". You're not necessarily locked into the deal as you will still have attorney approval, mortgage contingency, inspection contingency, approval of minutes, budget, by-laws (if a condo) etc... But, you will be eligible for the credit should you make it to the closing. If you don't know this process, call us!

2. You must "close" the transaction by June 30th. This means you must own the home by this date. There will be many closings the last week of June and it may be a good idea to try to close your purchase prior to the last week of June for several reasons.

If you have been casually or seriously looking at property and want to take advantage of the credit, we can help you make educated decisions now. You may also want to revisit several of the basic facts about the first time homebuyer credit HERE.

Charm is at a premium in East Lakeview

Walking the streets of East Lakeview, I find little post WWII architecture worth stopping for.

They don't build 'em like these anymore. I imagine these brick two flats were built between 1910 and 1920.

There are very few boom era multi-unit buildings built in the last 15 years worth looking at from the outside. It's shocking that you have to go back over 75 years really to find attractive architecture in East Lakeview.

I can't say I've put a ton of thought into this critique. It is, however, my gut feeling that outside of a handful of well built masonry new construction that I respect for quality and strength, there has been next to nothing in multi-units built in East Lakeview after 1940 worth preserving.

Chicago buyers wanted!

Exhausted in your home search? Tired of the drama?

Think it's too late to take advantage of the first time buyer's credit? Need sound advice and service now?




If you are looking to buy a property and need help now due to the first time buyers' or move-up buyers' tax credit deadlines, we're your guys. Unpretentious, aggressive, and experienced home buyers and sellers. Chicago Association of Realtors Top Producer three years running.

Contact Eric and Bob, your "No Drama" Realtors at 773-687-4646 or email erojas@rubloff.com

Vodka included!

We were checking out this two bedroom Buena Park condo for $269,900 near the lake last week. If you don't think people open your cabinets and refrigerator when viewing your home, think again.

Fortunately, the "vodka only" freezer was a plus for my client. Okay, in the renter's defense there were three boxes of Lean Cuisine.

Vintage is back baby!

The better values in the $250,000 to $350,000 price range have been in vintage condo units. By vintage, I mean properties that have kept a good portion of their original layouts, woodwork, detail and flooring despite becoming a condo building. Many of these buildings were condo associations prior to the "conversion craze" of the 2000s. Or, at lease the developer was mindful of keeping classic features and materials that were in great shape.

These properties tend to be bigger and have layouts that make sense. The rooms are highly usable and you tend to get a bonus sun room, covered porch and basement storage. In this price point, the homes tend to have true dining rooms; a huge plus for a well rounded, sophisticated home life.

On the flip side, these buildings can have higher maintenance costs. This can be off-set by more reasonable prices per square foot compared to gut renovations and new construction. Another complaint to vintage homes is they have small closets. However, in many homes I've been in, larger closets can be built (or already have been built) in the units to compensate.

Vintage units, in my opinion, did not see the price run-up to the extent that the new, shiny gut renovations did. This makes them more available now at lower, more "saleable" prices. New construction and gut renovations commanded a much higher price despite lack of quality work and finishes. Today, these factors above make vintage my choice for a better lifestyle and value when buying a home.