The Chicago Real Estate Local

Mortgage: Introducing HARP 2.0! (Home Affordable Refinance Program)

noreply@blogger.com (Eric Rojas) — Sat, 11 Feb 2012 04:21:00 +0000

How do you take advantage of today's low interest rates if your property has fallen in value? Steve Dunnett introduces the new HARP program.

You may have heard about the different programs available to help with refinancing and thought that it was not for you. Up until now, you were probably right. The newest version of the HARP (Home Affordable Refinance Program) may change that. The first version of HARP allowed borrowers to refinance if their loan to value ratio was at 125%... at least on paper. But many factors led to super high interest rates or lenders not even participating in the program...it was ineffective.

The new version of HARP keeps the risk of the loan with the original loan, so new lenders are more enticed to participate. Also, we may not even have to do an appraisal at all because the limit for loan to value is no longer an issue for the refinance. The idea is that no matter what someone owes, if they have been paying their loan on time they will be less likely to walk away from their house if the payment is even lower. Less homes going into foreclosure is better for the real estate market and lenders.

The updated HARP goes into affect March 17th. Things will be very busy after that because of the backlog of people that could not refinance under the previous program.. I’ve been preparing to work with many people who will qualify for the new HARP. If you think you might be able to benefit from the new HARP, please give me a call or shoot me an email. I’d be happy to go over the program with you and answer any questions you might have. Of course, if you’d like to check out the program as it is now, you can access information about it on the governments HARP program website here: http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx
Let me know if there’s anything more you’d like to know!

Steve

Contact:
Stephen Dunnett, Loan Officer
NMLS ID: 755940
PH: 1-708-289-3408

Home buying tips: CPS School Locator for attendance boundaries

noreply@blogger.com (Eric Rojas) — Sat, 11 Feb 2012 03:06:00 +0000

We often have clients looking to buy in a specific elementary school attendance boundaries. This makes buying a house or condo easier for our clients in one aspect (decision making), but also makes the few homes that come on the market very competitive. One tool we use to verify a school's attendance area is the Chicago Public School's "Geographic Information System" or "School Locator".

The CPS School Locator is a great way to double check addresses to make sure they fall in the attendance boundaries you want. You should always triple check with the school itself if you are going to purchase the home. The Locator site allows you to choose all kinds of information and color keys to display on a map relative to addresses.

Want to move into Coonley school boundaries? We use the CPS School Locator to help set up our property searches.

Often times, listing agents do not provide the name of the public school (or correct school for that matter) that corresponds to their listing. The CPS Locator site is in my favorite bookmarks so we can double check the school when searching for clients or when compiling home sale statistics in a particular school boundary. The school boundary feature on the site also helps us set up our automatic "map searches" for all homes listed for sale in a particular school attendance area.

85 "new" two and three bedroom condos hit the market in Lake View, Lincoln Park

noreply@blogger.com (Eric Rojas) — Fri, 10 Feb 2012 23:18:00 +0000

We are working with a higher percentage of condo buyers (including first time buyers) this season than in a couple years past. Several of our clients are looking in Lincoln Park and Lake View. A quick look of newly listed two and three bedroom condos shows about 85 have been listed as NEW today through the past 7 days in the Lincoln Park and Lake View neighborhoods. I can see where people can get a little overwhelmed when searching condos on brokerage sites and 3rd party real estate sites.

Great locations are still in demand and more affordable...like these Lincoln Park condos at Howe and Armitage.

Obviously, the majority these will not all fit the bill for our buyers. But it's just an example of what you have to sift through in Chicago's more popular neighborhoods to get to what you WANT. The market here is very dynamic...from 900 unit high rises to intimate, two unit luxury condo buildings to town homes organized in a condo association. The listing prices this week for two and three bedrooms attached units range from $95,000 to $1.4 million.

More Lake View posts here!

More Lincoln Park posts here!

Photos: Church construction making big splash on Mag Mile

noreply@blogger.com (Eric Rojas) — Mon, 06 Feb 2012 19:04:00 +0000

A modern new construction building is taking shape at Chestnut and Michigan Avenue along Chicago's Magnificent Mile. The Fourth Presbyterian Church addition muscles in between some prime real estate.

Iconic John Hancock tower looks over the new addition while Ditka's gets a new neighbor to the Magnificent Mile.

With the Super Bowl over, real games begin for buyers and sellers

noreply@blogger.com (Eric Rojas) — Mon, 06 Feb 2012 18:49:00 +0000

Chicago will see a heavy and steady stream of listings hitting the market now that the Super Bowl is over. Traditionally (not necessarily rationally), folks wait until after the Super Bowl to list their homes for sale. With the traditional spring market already in swing (READ: buyers are looking now) combined with decent unit sales numbers from last year, we look for a good number of available units coming on at attractive market prices.

There are more new construction choices in Lake View and Lincoln Park this season

We have already seen several "market setting" sales and contracts this past January- especially in two-flats and single family homes- that will help guide home sale listing prices this year. Our advice for buyers is constant: know what you want and be ready to jump on a good property. With a little education, it becomes a lot easier to feel comfortable about offering on a "value".

For sellers looking to get offers on their homes in a reasonable amount of time, they must be aggressive and price at what we consider market value and a little below. This will make strong offers that will close the deal a more likely outcome. You should be educated on the really true market value so you may look at ALL options available to sellers.

Lincoln Park 2520 deliveries and available units will pace the top of the condo market

It will be a dynamic market for 2012. New construction and new gut rehab options are back. Listing prices are looking better to buyers in all budgets.

Gone renovating: Tile Outlet and Crest Lighting

noreply@blogger.com (Eric Rojas) — Sun, 05 Feb 2012 06:21:00 +0000

I've been through another round of renovations the last couple months at our house. Tile Outlet and Crest Lighting are two of my "go-to" stores in Chicago for home improvements and decor.

I bought this pendant and ceiling light fixture below at Crest Lighting in Lake View for our last bathroom renovation.

Under Contract in 5 days: 1827 N Sheffield Unit B in Lincoln Park

noreply@blogger.com (Eric Rojas) — Sun, 05 Feb 2012 05:57:00 +0000

The combination of great location, great condition and great listing price has resulted in a quick sale for one of our latest listings.

At $449,900 the three bedrooms, three and one-half baths town home with garage parking was attractive to Lincoln Park buyers. Contact us concerning listing your home for sale or to purchase properties in Lincoln Park.

More Lincoln Park posts HERE!

Buyers scooping up investment condos and fixer uppers

noreply@blogger.com (Eric Rojas) — Sat, 04 Feb 2012 16:32:00 +0000

The $200,000-$300,000 livable condo in Lake View and Lincoln Park is back. Last night our client sized up a condo in need of a gut renovation in Southport Corridor. This one was a little "too much" to handle at this time. The large two bedrooms, one bath condo at 1501 W Cornelia is asking $199,000 and is an excellent location...but nothing has been touched since the 1970s and 1980s. It's basically a gut job.

Bath from the past! Decorative paneling in the bathroom with the original cast iron tub.

My guess is investing $40,000-$50,000 wisely in renovations would make this place NEW...drywall, re-finished floors, electrical, bath, kitchen and windows. Getting it at the right price is key for a re-sale or hold and rent.

For someone looking to move-in to this condo as a primary residence it's a great opportunity to add value and live relatively cheap. The margin for error on renovation costs would be larger for the live-in owner. I like this place for an experienced investor looking to re-sell the unit after renovation as well. We've seen many examples of smart condo renovations and quick re-sales back in the North Side market over the past year.

More Southport Corridor market information here!

On the street: North Center multi-units, houses SOLD

noreply@blogger.com (Eric Rojas) — Fri, 03 Feb 2012 05:34:00 +0000

Each desirable property North Center (in our estimation) we've put in front of our clients this year has sold in a matter of days. Today I was told 3857 N Leavitt had a full price offer at $549,900 one day on the market.

Two-flats and single family homes are hot in North Center

The North Center Community Area has picked up this January where it left off in 2011. Several two-four flats have sold quickly with multiple offers and houses are equally in demand...we know as our clients are in tough competition on each deal. The two desirable school districts of Bell and Coonley coupled with strong community amenities are driving the demand.

Under contract and sold:
Six (6) two-four flat buildings have gone under contract since January 1st with a median price over $550,000 and eight (8) have closed for a median price of only $350,000 so far.

Ten (10) single family homes have gone under contract since January 1st with a median price of $650,000 and thirteen (13) have closed for a median price of $785,000.

More North Center homes, videos and sales HERE

Photos: Gold Coast demolition makes way for Starbuck's flagship

noreply@blogger.com (Eric Rojas) — Thu, 02 Feb 2012 05:16:00 +0000

It's always news when a building is getting knocked down on famous Rush Street. Bob took this shot yesterday as demolition ramped up.

A commercial building at 1003 N Rush goes down.

The highly anticipated new Starbucks demolition and construction is in full swing on Rush Street in the Gold Coast.

The new "greener" Starbucks store could have new twists for the brand. It speaks to the economic power of the Gold Coast as it continues to land and reinvent top chains, boutiques and test concepts.

Home Buying Tips: Clients take pass on two-flat short sale in Roscoe Village

noreply@blogger.com (Eric Rojas) — Tue, 31 Jan 2012 16:21:00 +0000

Last week we rushed our clients over to view this short sale two-flat at 3438 N Claremont after the price dropped to $424,900 for two reasons: (1) At the $424,900 asking price, location and size of the units...this is a nice deal. (2) It's in Audubon School attendance boundaries and the rent numbers will work really great for a live-in owner operator.

A short-sale two-flat in Roscoe Village...and my thumb in the left hand corner.

The caveat? It's a short-sale and it needs a good amount of interior and exterior up-front maintenance. This type of two-flat style (and the fact it's on a standard lot) make it less desirable for a single family home conversion later one. The short sale is not yet "approved" at this asking price. This is a key point buyers need to understand.

However, the basement is renovated into an existing apartment and could bring extra income for an "in-law" or roommate or could be "duplexed down" to create a large apartment. The maintenence for the experienced eye is very doable and can be done to keep the building very profitable as an owner operator situation in this great location.

My clients passed... the maintenance for this type of building is a little out of their comfort zone. My guess is the building has offers on it since the price reduction to $424,900. Existing offers are not readily known to the public...it takes a little more investigation.

Another luxury home on Giddings in Lincoln Square

noreply@blogger.com (Eric Rojas) — Tue, 31 Jan 2012 16:02:00 +0000

I snapped this photo while on my "run" yesterday. Another luxury new construction home rises on West Giddings in Lincoln Square.

Late last summer in August this frame three-flat above was sold at 2157 W Giddings for $489,000 cash. The 37 foot wide lots are coveted all over the North Side of the city. You pretty much know what's coming next. The new construction home on the right has been going up quickly...aided by the mild winter.

I'm guessing this will be a owner custom build as they paid a little bit of a premium for the lot. The same lot and tear down situation was purchased by a professional developer just a block east for $441,000 in August 2011 as well. Primary owners may pay a slight premium as they will live in the house, rather than pure profit motive.

2019 W Giddings below sold for $441,000 also in August and is now marketed as new construction for $1,795,00. Thus far, the 2000 to 2400 block of West Giddings will have another two (2) new construction luxury homes and a new gut rehab conversion of a two-flat all completed by the summer.

2019 W Giddings sold as a foreclosure last August for $441,000 in a week.

2007-2011 Lincoln Park "two bedrooms" condo sales decline (non high-rise)

noreply@blogger.com (Eric Rojas) — Sat, 28 Jan 2012 21:18:00 +0000

The number of two bedrooms condo unit sales declined from 451 in the year 2007 to 193 units sold last year in 2011. Will we see unit sales turn around in 2012?

We wrote in December that we were getting more requests now from condo buyers than in the past few years. Here's a look condo sales classified as "two bedrooms" in Lincoln Park for buildings 36 units or less.

193 "two bedrooms" condos closed on our MLS in Lincoln Park for the entire year of 2011. The median price was about $359,000. 42 of those condos sold for under $300,000.

The highest sale in 2011 was $675,000 for a new construction two beds, two baths with full roof deck at 2041 N Racine #3. The lowest sale was $143,000...a two beds, two baths "cash only" foreclosure offering at 1434 W Fullerton Unit A.

2010: 220 two bedrooms condos sold in 2010, median price of $394,000.
2009: 243 two bedrooms condos sold in 2009, median price of $390,000.
2008: 303 two bedrooms condos sold in 2008, median price of $420,000
2007: 451 two bedrooms condos sold in 2007, median price of $420,000

Lincoln Park 2520 new, large development closings will help the 2012 over-all sales numbers

We helped find some nice condo deals last year. Please contact us for buyer representation...condos, multi-units or houses. All photos and statistical analysis Eric Rojas, Realtor. Sales statistics gathered from MREDLLC.com
More Lincoln Park posts here!

Lincoln Park Open House: Huge FEE SIMPLE townhouse, small price $449,900

noreply@blogger.com (Eric Rojas) — Fri, 27 Jan 2012 17:13:00 +0000

1827 N Sheffield Unit B asking $449,900

Open House Sunday, January 29th

1PM to 3PM

3 beds, 3.5 baths, garage, patio, family room, laundry room, storage room, ready for roof deck, new kitchen and master bath, low taxes, no assessment!

Call Eric 773-510-1597

Watch the Video!

Chicago Local: A city that bikes!

noreply@blogger.com (Eric Rojas) — Fri, 27 Jan 2012 16:46:00 +0000

Do what you gotta do.

Update: A North Center "foreclosure flip" sells

noreply@blogger.com (Eric Rojas) — Thu, 26 Jan 2012 21:35:00 +0000

2035 W Hutchinson in North Center, Chicago

Last August we viewed this home at 2035 West Hutchinson in North Center, a luxury new construction home that went into foreclosure and suffered damage. Once listed for sale at over $1.2 million as new construction the price was dropped to $750,000 and quickly bought for $660,000 in the state of disrepair.

The new proud (and professional) owners repaired and finished the home and listed it for sale at $1.3 million... quickly securing an offer in about 30 days. Well done!

View more North Center information HERE!

Photos Eric Rojas, Realtor and Broker

Something unique: Roscoe Village row houses

noreply@blogger.com (Eric Rojas) — Wed, 25 Jan 2012 21:02:00 +0000

We stopped over near Damen and Newport in Roscoe Village last week for a client consultation. Afterwards, I snapped a few shots of the row houses on the 1900 block of West Newport Avenue. This block looks amazing in the summer! These are a great choice for those looking to preserve architecture and own in a distinct community. The homes themselves create community!

We saw the last recorded row house sale on the MLS in the past two years was 1922 W Newport Ave, a high-end remodeled home sold for $680K in 2010. The row homes are located in the very desirable Blue Ribbon winner Audubon School.

Notice the changing roof fascia from home to home

Photos Eric Rojas and Bob DePalma, Real Estate Brokers unless otherwise noted.

Sunny spring in Gold Coast...it sure feels like it!

noreply@blogger.com (Eric Rojas) — Wed, 25 Jan 2012 20:16:00 +0000

Photo: Bob DePalma "out about town".

The mild air this week has made for an early spring atmosphere around the city. Jackets and scarfs were good enough to stay comfortable. Gold Coast has been hopping on these "warm" days as we've shown properties around the neighborhood. Warm is anything over 32 degrees Fahrenheit!

Video! Inside Moss Design live/ work studio in Lake View

noreply@blogger.com (Eric Rojas) — Tue, 24 Jan 2012 21:41:00 +0000

We stopped by to visit Moss Design last week in their super cool live-work studio. Housed in a former City of Chicago industrial space on North Ravenswood Avenue in Lake View, Moss Design spins out residential and commercial renovations, additions, new builds, custom furniture and beyond.

Masters of reclaiming objects to incorporate into their finished projects, they've "re-used" the 1754 W Byron building for a unique live/ work space on the urban mixed use industrial stretch of the "Ravenswood Corridor".

Moss was recognized by the zippy and widely read Curbed Chicago as best renovation for their River North loft masterpiece.

Exterior of 1754 W Byron and Moss Design studio

Garden and deck

View from loft

Kitchen view from loft

Living and work space divider

Love this!

More Lake View posts HERE

Video! A Lincoln Park town house deal near Sheffield and Armitage

noreply@blogger.com (Eric Rojas) — Tue, 24 Jan 2012 16:53:00 +0000

Take a tour of 1827 N Sheffield Unit B in Lincoln Park. The updated town home has just about everything for a low asking price of $449,900, fee simple no assessment and low taxes.

You need to get inside to appreciate the space and finish level for the money at this location. We're excited to represent this property and think a buyer will really enjoy the home.

Click on the video or Lincoln Park tags below for more posts!

Brown Line at Armitage and Sheffield, Lincoln Park

Photos and video Eric Rojas and Bob DePalma, Real Estate Brokers and www.YoChicago.com

Photos! Inside the new Children's Memorial Hospital in Streeterville

noreply@blogger.com (Eric Rojas) — Mon, 23 Jan 2012 21:51:00 +0000

The new lobby at Ann & Robert H. Lurie Children's Hospital of Chicago

My wife, a director at Children's Memorial Hospital, snapped a few interior photos of the new Ann & Robert H. Lurie Children's Hospital of Chicago. The new Streeterville building is almost complete with modern atrium and sky gardens! Children's will officially move out of Lincoln Park and into the Streeterville facility in June of this year.

More Streeterville and Children's posts!

New Flirty Girl Fitness brings Pole Dance, 50 classes to Lincoln Park

noreply@blogger.com (Eric Rojas) — Mon, 23 Jan 2012 21:10:00 +0000

At least we know what to expect from Zumba!

We passed the new Flirty Girl Fitness location on Halsted Street, Lincoln Park today. The store will be located in one of the more desirable boutique shopping and restaurants districts in the city. It also continues the boom of fitness and lifestyle outlets around the city. With classes labeled as "Pole Dance", "Video Vixen" and "Bikini Boot-camp" we should all look great in no time!

More Lincoln Park posts HERE!

Illinois Veterans and active duty: New mortgage program can help

noreply@blogger.com (Eric Rojas) — Mon, 23 Jan 2012 20:26:00 +0000

Long time associate and mortgage expert Steve Dunnett sent us news of the following mortgage program in Illinois. Before buying or re-financing, we always check with Steve!

Illinois has a great new program for Veterans, Active Military personnel, Reservists and Illinois National Guard members. Qualified buyers receive a $10,000 grant which is forgivable over a two year period and a mortgage rate that is typically below the market average. This can be combined with VA, FHA or Conventional financing.

The $10,000 can be used for closing costs and down payment. Although the program is designed for first time buyers Veterans are exempt and do not need to be first time buyers! There are income and purchase price limitations but they are very generous and change from county to county so call me so we can find out if you qualify.

Contact:
Stephen Dunnett, Loan Officer
NMLS ID: 755940
PH: 1-708-289-3408

For Sale: Spacious, attractive Lincoln Park town house $449,900

noreply@blogger.com (Eric Rojas) — Sun, 22 Jan 2012 23:47:00 +0000

Grand entry foyer and light filled staircase

1827 N Sheffield Unit B is a spacious, attractive three bedrooms town home at a really great price of $449,900. The home has all the must have features, a flexible layout for almost any need and private garage parking. Fee simple, no assessment and it's available for showings and sale now.

Features include:
Three (3) true bedrooms
Three (3) full and one (1)-half baths
Private garage off the walk-out terrace
Spacious top floor master suite with new double vanity bath
New cherry and granite kitchen opens to expansive living/dining room with fireplace
Big, warm separate family room with fireplace and wet bar
Separate laundry room and storage room
Walk-out terrace on main level and several outdoor spaces
Can build roof deck and access easily
Central air conditioning


Large living, dining and kitchen "great room"


Open newer kitchen to living and dining areas

Top floor, huge and bright master suite

Master shower with skylight

Newly renovated double vanity master bath

Large family room, wet bar and fireplace

Large second bedroom with terrace

Fantastic Lincoln Park location between Armitage restaurants and boutiques and the Clybourn/North shopping district. Two blocks to CTA Brown Line and a few blocks to the Apple store!

Call us for showings!

More Lincoln Park information, neighborhood and property tours HERE

Photos YoChicago.com

Great Scott! Recent $3.2 million Gold Coast sale getting spruce up

noreply@blogger.com (Eric Rojas) — Fri, 20 Jan 2012 22:08:00 +0000

55 East Scott in the Gold Coast sits on a great little block - almost hidden - near Lake Shore Drive. The home was renovated in the not-to-distant past and recently sold for $3.2 million in December of 2010.

Walking a client down Eat Scott, noticed a little work being done on the interior and exterior of the unique property since the sale.


Eastern exterior of 55 East Scott

You're in good company on the block. A new, modern luxury masterpiece was built and completed across the street over the last couple years.

All photos Eric Rojas, Realtor and Broker.