Two Bedroom in Southport Corridor for Rent

Apartment...
For Rent or Sublet 3716 N Wayne #1

FOR RENT/Sublet

2 Bedroom – 1 Bathroom Apt for rent
3716 N Wayne #1
Available 12/6/08 – 4/30/08 w/ option to renew

New Kitchen, Newer Bathroom, New built in bar, New Windows, Hardwood Floors, Central AC/Heat, Ceiling Fans, Front and Back Porches, Great Fenced in Yard, Laundry in Bldg.
$1650 / mo.
Pets Considered – Garage Parking Avail $150 / month

Call Eric H. @ 773.528.2996

"Green" Not Enough to Sell Single Family Homes in Ravenswood

These new construction sustainable design single family homes at 4610 and 4612 N Wolcott in Ravenswood have been marketed on our MLS since January. It's been a tough road... starting at over $1.5M each and now at $1,475,000. The home's are marketed with a tilt toward Green building and as energy efficient... and a glimpse of the solar panels is one hint they've taken that seriously.

However, this block of Wolcott has been a tough sell for high end homes this year. One million plus re-sale single family homes have not fared much better. One new construction luxury home that sold in 2006 for $1,287,500 is now offered for sale two years later as a short sale at $999,999. Nice even number....

The developer's custom pimped out home right next door (I've been in it) was also up for sale for $1,359,000 at one point... that's been taken off the market.

In 2006 and 2007, similar new construction homes (without the emphasis on green technology) on similar lots did sell handily from $1.1M to $1.5M. However, by the time 4610-4612N Wolcott were hitting the market, things, well, you know... slowed down.

Even so, luxury new construction homes in this Ravenswood area, and especially a little west of Damen, have been catching big numbers even this year. One masonry new construction home on the 2100 Block of West Giddings sold in about 30 days for over $1.4M.

But this block shown here has some disadvantages with multi-unit buildings on each side of the pictured homes and this across the street...

The speculation on the four new constructions homes for both the buyers of houses in 2006 and the developers of the new construction this year may not have taken into account the affect the train can have on home values.

Elevators on the CTA Brown Line OK with Me

After a visit to the eye doctor Jillian, Ryne and I went out to lunch at Pane on Sheffield.

Jill then left for an appointment and the guys headed for the CTA Brown Line at Diversey in Lakeview/Lincoln Park.

It was my first time using the new elevators. And boy, it beats the pants off having to carry the stroller and the boy up stairs like in the old days.

We got off at Montrose in the Ravenswood neighborhood... the Damen CTA Brown Line station is not quite finished yet, but scheduled to open in November.

The CTA Brown Line renovation can be tracked HERE

Cook County Property Taxes Due Monday, November 3rd

Our property taxes are due Monday November 3rd and may be paid online at the Cook County Treasurer's site, at Chase Banks or by mail.

Might as well listen to a classic while getting shaken down.

I'll be appealing my assessed valuation as an individual condo unit. After some conversations with industry experts, I may have a better chance appealing as a single unit, rather than as part of the entire condo building (6 units in my case).

You may simply fill out an appeal form. Or, you may make a case with several pieces of information.
Below are the instructions for both filing a Joint Appeal for a building and filing as an Individual Unit. The information was copied from the Cook County Assessors Site.

Filing a Condominium Valuation Appeal

Joint Appeal: A joint appeal filed by the Association or Board on behalf of all condominium owners is the most effective way to appeal the valuation of any condominium building(s). There are three advantages to filing a joint appeal: (1) market forces that affect the value of an individual condominium unit will have a similar affect on the other units as well; (2) the percentage of ownership assigned to each unit is a major valuation factor; and (3) the Association or Board is most likely to have access to relevant sales information.

The following information must accompany each joint condominium valuation appeal:

(a) A copy of the original declaration of condominium ownership with all subsequent amendments;

(b) A list of all unit numbers, and the corresponding permanent index numbers, which are subject to the terms of the declaration. Include all property owned by the Association or Board, including recreational, parking, or other facilities, whether adjacent or not;

(c) A description of the size of each unit, the unit blend of the building(s) and the percentage of ownership of each unit;

(d) Interior and exterior photographs of the building(s);

(e) The closing statements for all units which have been sold within the last five years;

(f) Actual construction or renovation cost information if the building(s) has been constructed, converted or renovated within the last three years; and

(g) Three years of financial statements if the building(s) has been constructed, converted, or renovated within the last three years.

Individual Appeal: If you elect to file as an individual unit owner, the following information should accompany your appeal:

(a) The closing statement if the unit has been sold within the last five years;

(b) A copy of the local municipality’s occupancy permit if the unit is newly constructed or converted;

(c) The percentage of ownership of the individual unit, and if presented, the percentage of ownership of comparables.

As your Realtor, I can help you determine if assessed values are higher for comparable properties.

Investors: Gutted Three Flat for Sale in Ravenswood

I wrote about this project a few times. The building has been gutted, work has stopped awhile ago and the grounds are now an eyesore to long time neighbors. However, you the investor, can come along and save the day. I can get in touch with these guys if you have interest.

I don't know the extent of the framing, electrical, plumbing etc.. but they have dug out the basement and replaced many of the windows. It's a gorgeous building and I hope it can be finished in the near term. The street is wonderful. A cash buyer could do something special here.

Ravenswood Loft Condos for Cool Aesthetic

These lofts are located at North Ravenswood and West Winnemac in the Ravenswood neighborhood. I tried to get this shot when the sun hit the turning leaves... missed it. However, you still get the idea here... really cool looking building and vines. The lofts tend to have long time owners... not many re-sales in the past few years in this 16 unit building.

Is Your Job Recession Proof? Buying Chicago Real Estate this Fall

A buyer received a good deal on this listing of mine when my client's decided to move out of town.

Are you a nurse or teacher? Is your industry flexible, adaptable and in demand? are you recession proof? People are worried about the real estate market compounded by the financial markets. However, people are also losing sight that many folks are financially sound, are saving money and.... paying rent.

I live in Chicago and deal with people living, working and buying in Chicago. If you do not want to be a renter anymore and feel you have sound finances, this season, just like many in the past, is a good season to purchase for several reasons.

Real estate consumer advocates like Bob Bruss have written through the years that fall and winter can be a good time to buy. They cite the sellers' and buyers' tax benefits and the sellers' level of motivation. The saying goes if they are on the market during the holiday season, they are probably serious about selling. Additionally, I am seeing sellers with equity in their homes listing on the market with truly good prices. There are still plenty of sales happening under 30 days on the market now in Ravenswood, Lakeview, Lincoln Square, Lincoln Park, Gold Coast... These are places people want to live and they come on the market priced well.

Normally, there are fewer "good" homes to choose from in the winter months... but they can be out there. Once in awhile, a new great listing will come on or I'll know about something "off-market". Many people make job and career switches in the later part of the year. They need to sell their home and move on to the next life.

And finally, right now, Interest rates can be low on any given day. And lenders like Wells Fargo offer terrific loan programs and watch the rates for you. First time buyers are at an advantage due to special programs and no need to sell a property.

All I'm saying is, I bought my new primary home last year "in a terrible market" because it was a terrific fit for my family, affordable and in a neighborhood we wanted to be in. If you go into a purchase with this in mind, you'll do fine. And now, homes in these good neighborhoods can be more affordable than they were a couple years ago.

Chicago Sellers; Do You Know How to Screen a Buyer?

I do not like to discourage showings. And with my Internet advertising, mailings and open houses... let's just say I get a lot of showings for my listings. However, any person seriously engaged in selling their home in Chicago knows what a pain it is to have the condo, house or two-flat ready for a showing. Owners usually have to leave the property during the showing as well. I recommend you leave. Mr. and Mrs. owner...Please leave during the showing. Thanks.

My point here is, I usually ask a few questions of the agent or potential buyer when they request a showing before I confirm an appointment. "Are you familiar with the area"?. "Is this an investor or will the buyer move into the property?". "Are you working with a mortgage broker?". "Do they need a big backyard or is a deck okay?".

If the buyer or agent is offended by a couple questions then they may not be serious or may not know what they are doing. In fact, they should ask those questions before making an appointment to show the property to clients.

If you were my client and I was selling your place... would you like me to ask a few serious questions before confirming the showing? Or, would you like to clean up, pack up and get out of your two-flat for someone who asks... "Oh, this is not a three flat?", when it is in fact a two flat. Says so on the listing.

Views from the Gold Coast: 1250 N Dearborn

My clients and I viewed a couple condos at 1250 N Dearborn. Renovated two bedroom units have been selling well here from $350,000 to $400,000. The views from the rooftop deck help.

Condos at 1601 W School: 60657 Lofts

This is a great looking staircase at the 1601 W School Lofts in the West Lakeview neighborhood. Sometimes, it's the little things in a condo building that makes it a comfortable place to live.
I like to take the stairs rather than an elevator.

I hosted an open house in this building last weekend. The energy at this location is really terrific. People everywhere... eating, shopping, running...