Guide Me Home 2 Chicago Luxury Blog

Chicago's Glorious Gold Coast

2009-07-10T16:52:00Z

Chicago’s Gold Coast. There is not a moment when the beauty of Michigan Avenue isn’t evident here.

The incredible Art of our local artists, so beautifully displayed and embraced by the glorious flowers in the flower beds, embellish all of the Gold Coast’s Michigan Avenue.

Walking down Michigan Avenue, looking in the windows of Neiman Marcus, Ralph Lauren, Bloomingdales, Tiffany’s, Van Clef & Arpels, Escada … makes you know there are still dreams to dream and beauty to see.

Chicagoans love their sidewalk cafes – from RL’s famous bar and resta ... Continued on the blog.

WHO IS CONFUSED WITH TAX CREDITS?

2009-07-06T20:46:00Z

As one of the top brokers in the City of Chicago in luxury real estate in all price levels, I find it astonishing that you think that the government cannot make up its mind with the $8000 or $15,000 tax credits. Just when we are all sure the tax credit is $8000 and it has to be taken this year, a news article is released that the credit may be raised to $15,000. Are you confused yet? Are you a first time buyer running around without a broker trying to figure out what to do? Do you think you can save the extra commission that is not paid by or to you anyway?

I saw a SECOND WEEKEND filled with packed buyers BUYING real estate in Chicago. I also met a few people who are waiting to see if the government decides to raise the credit to $15,000. For those of you who are going to wait, you might have missed a few journals. The $15,000 package was shut down months ago for one simple reason, we need the money to keep the economy moving. The banks are so busy they can ... Continued on the blog.

European luxury franchises expand their U.S. footprint

2009-07-06T15:53:00Z

Miami welcomed (maybe that’s the wrong word) 30 year old, German-based, Engel & Volkers recently. With over 500 luxury franchises worldwide, the company only has about 30 franchises in the states after first launching here three years ago. All are currently in Florida.

What does this mean for Chicago Luxury Real Estate? Well, when outsiders are beginning to invest in businesses catering to luxury, it’s a great sign that investors see an opportunity, and perhaps even a light at the end of the tunnel.

The firm has no plans announced for Chicago (or other Midwest) franchises at the moment. According to their website, they combine their highly competent team of associates with their worldwide network under their “master brand” of EV. ... Continued on the blog.

Buckingham Fountain Restoration

2009-07-02T15:13:00Z

Have you ever wondered what it looks like beneath Chicago’s Clarence Buckingham Memorial Fountain? This summer, Parkways Foundation and the Chicago Park District will offer a rare opportunity for the public to learn more about Chicago’s iconic monument through tours that include the pump works. The half-hour long tours are offered every Friday at 12:30 July 10 through September 4, 2009 when the fountain will be closed for the first full restoration in its eighty-two year history. The cost of the tour is $50 and includes a Buckingham Fountain Restoration Project Commemorative poster.

For more information or to make a reservation call 312.742.5368 or RSVP@parkways.org.

All proceeds benefit the Buckingham Fountain Resto ... Continued on the blog.

Chicago's Wonderful Farmers' Markets

2009-07-01T18:04:00Z

It’s one of my most favorite things about summer in Chicago. The abundance of delicious, beautiful and fun Farmers’ Markets! There are several held all over the city. I love picking up fresh flowers, vegetables, fruit, homemade baked goods, cheeses, all sorts of wonderful things. It is a great way to support our local farmers. Here is a sample of where and when you can find a Farmers’ Market in the heart of the city:

Federal Plaza-Adams Street & Dearborn Street:
Now until Oct. 27th - Tuesdays 7:00 am-3:00 pm

Daley Plaza-Washington Street & Dearborn Street:
Now until Oct. 27th – Thursdays 7:00 am-3:00 pm

Division Street- Division from State to Clark Street:
Now until Oct. 31st – Saturdays 7:00 am-2:00 pm

Prudential Plaza-Lake and Beaubien Court:
Now un ... Continued on the blog.

If you believe your neighbor, the worst is over!

2009-07-01T16:26:00Z

Monster real estate portal Zillow recently released it’s Q1 confidence survey, with some interesting findings:

While 60% of us feel our home has lost value in the last year, Zillow analytics show the actual number at 80%.
18% of respondents felt their home gained value in the last year and 22% felt it stayed stable.
3 out 4 four feel the worst is over and we’ve hit the bottom

So maybe it is time to put that Chicago luxury home on the market, if consumer perception has anything to do with it. People aren’t going to get back into the market until they feel the worst is over, and according to this study, they feel it is!

Posted By: http://www.guidemehome2chicagoluxury.com/assets/2008/6/25/JohnD ... Continued on the blog.

Rest Estate is an Investment

2009-06-30T21:05:00Z

Rest Estate as an Investment! You bet. What other thing can you lose money on and then have it come back, plus give you a place to live and income to live on in the future.

Never underestimate the beauty of real estate investment and, certainly, don’t in this market.

If you have the ability to buy – whether first time buyer, investment buyer or buying something for your kids or parents – now is the time.

We may never see rates this low again with prices so low at the same time.

Be assured that the American economy will come back and it will come back stronger than ever – it will be different – it will be more directed and more cautious – but it will be back.

Prices and interest rates will be going up, as well. We are already seeing changes in the market and many people – especially foreign investors – are investing in property here and are investing in stocks that are much riskier with high yields.

Don’t let this ... Continued on the blog.

Matt Ferrara and “Days on Market”

2009-06-25T11:38:00Z

If you don’t know Matthew Ferrara, he is a motivational speaker with a focus on social media and real estate. I’ve heard Matt speak a number of times, and he is fascinating. As the owner/buyer of luxury real estate, his article on “days on market” (DOM) is a must read. The theme of this article is that the DOM metric is very much misunderstood. His demonstration that even the agents hired to help you misunderstand DOM is at the same time soothing and unnerving!

DOM knowledge is very important when BUYING a home, luxury or otherwise, according to Ferrara. Selling a home has less to do with TIME, he argues, than PRODUCING A RESULT (i.e. a sale). Poor pricing, location, inventory, inefficient representation…these are all things that affect DOM as much as “market conditions”

Matt has some fascinating theories on the subject — _bla ... Continued on the blog.

Condos in the Mag Mile & The Chicago Loop - A Great Investment

2009-06-24T19:51:00Z

This is a great investment time for condos in the Mag Mile & The Loop areas, as well as most all areas of the city.

With the interest rates low, as well as the purchase prices, now is the best time since the 20’s to buy in the Near North condo market for personal use, 2nd home, a home for your college bound students who are attending schools in the City, etc. – which can be fabulous for sharing with a roommate to cut outgoing expenses.

Living in the convenience of the city makes everything within walking distance - all shopping & marketing. Great bus, subway and train transportation to everywhere at most every corner.

According to Stats from Condos.com, the average appreciation in the Near North (8008), after 1 year is 6%, 3 years is 15%, and 5 years is 26%. This is definitely something to think about.

Even though we are going through rough times with loans right now, we in this area are going through much less loss in value t ... Continued on the blog.

New East Side a haven for Chicago Luxury Properties

2009-06-20T17:51:00Z

Are you familiar with “The New East Side” of Chicago (not the one mentioned in the 70s Paper Lace hit single “The Night Chicago Died”)? Is it “East”? Is it “New”? Well, kind of…

Of course at one time it was “New” – but that was over a decade ago. As part of the greater “Streeterville” area, it’s new in that it is a neighborhood built on a landfill, in part filled in by debris from the 1871 Great Chicago Fire. (For info on the famous Mr. Streeter, a colorful character to say the least, click here). But this “newer” area has given developers through the years some lovely blank canvases to draw upon.

T ... Continued on the blog.

I Told You So

2009-06-19T23:22:00Z

There is a part in all of us that wants to boast “I told you so” and today is mine. I gave you all a deadline of June 9th to see the bottom of the Luxury Real Estate Market and the real estate market in Chicago. We are there. Yes I will go on record. I have been sending countless postcards, ads and blogs about the bottom. I call this the soft landing. The best thing and worst event that could happen now is we have some “Big Bad News” and let the markets dive so we can dive in.

Every article being written in the last couple of weeks is promising. I made my predictions six months ago and I told people to jump into the stock market last November. I was in the exact same market in the 70s and 80s and I am still learning to fade the public. This is not brain surgery but it is also not for the “masters of the universe.” I believe some of them are overextended but that is another buyers’ good luck.

The low balls and the 50% b ... Continued on the blog.

Triennial Property Tax Time In Chicago - Three years Go By So Quickly!

2009-06-15T20:28:00Z

As if the Chicago property tax system isn’t confusing enough, the Cook County Assessors Office is about to undertake the 2009 City of Chicago Triennial Reassessment. Another quaint custom we practice in Chicago. What is a Triennial Reassessment you ask? Generally, every parcel of real estate in Cook County is reassessed every three years. Some properties are reassessed more often depending upon the circumstances. Factors such as new construction, physical modifications, vacancy, a tax division or consolidation of a parcel, recent sale, etc. may cause the Assessor to reassess a real estate parcel more frequently.

Chicago, which is part of Cook County, has a unique way of paying property taxes. First of all, our property taxes are paid in arrears. This is very confusing to people who have never experienced the method. It becomes especially confusing during a real estate transaction. At a closing, determining the amount of property taxes to be paid by each party ... Continued on the blog.

Should you use social media to market luxury properties?

2009-06-15T16:10:00Z

I often hear, as a manager, agents being reticent about promoting their listings via social media, i.e. Facebook and Twitter, or even listing them on portals like Craig’s List. Perhaps some of these agents have not engaged in social media (and hence won’t be reading this, and therefore won’t be offended) and haven’t noticed their massive penetration in the world.

I post all my blogs onto the “big three” of social media – Facebook, Linked In and Twitter (yes, even lowly twitter). I do not post and repost 20 times - that’s “spamming” your listings and I understand how that affects your reputation and may not be good for your clients. But having an agent do a little “chest beating” on their luxury inventory is pe ... Continued on the blog.

Chicago Luxury Homes You Should Consider

2009-06-13T13:54:00Z

If you’re in the market for a luxury home always remember that location, style, lot size and personal style all matter, in addition to floor plans, entertainment, special features and a multiple car garage. These elements truly make a home luxurious. With such a long list of criteria, finding that perfect abode may seem impossible. But don’t worry. Below is a list of available luxury Chicago homes that are sure to impress. And who knows, one of them just might be your dream home.

3124 N. Leavitt St. – Roscoe Village
Lot: 33 x 125
Bedrooms: 6
Master Bedroom: 20 x 16
Highlights – This mod home resides on an oversized corner lot, an amenity in Chicago. With an exercise room, theater room, hot tub and sauna, you’ll certainly be in the lap of luxury here.
1206 W. Wellington Ave. – Lake View
Lot: 37.5 x 125
Bedrooms: 6
Master ... Continued on the blog.

The True Definition of Luxury: The Elements that Define a Luxury Chicago Home

2009-06-12T17:49:00Z

The word “luxury” is often used to describe anything that is even remotely upscale these days; however, true luxury is more difficult to label, particularly when it comes to luxury real estate. That said, there are some Chicago homes that are the very definition of luxury, and there are a few elements they have in common.

Prestigious Location - Location, location, location this is a term that is used constantly in the real estate industry, and for good reason. When you are searching for a Chicago luxury home, it is important that you consider your location carefully – you want to be surrounded by other beautiful homes on a prominent street such as Bellevue in the Gold Coast or Burling, Fremont and Orchard in Lincoln Park. These streets are known for their exclusive, high-end single family Chicago homes, and ... Continued on the blog.