Is this cool with the by-laws?

Rooftop views from West Chicago Avenue in Ukranian Village.
Newer contruction close to downtown for less? UK Village. Downtown looks closer and much more stunning than this when on th actual roof top deck.

As predicted on these pages, sale activity was up from the second quarter of 2009. 83 units were sold in second quarter 2009 and 91 units sold in third quarter 2009. Much of this due to stabilizing employment situations, low mortgage interest rates and the looming deadline for the first $8,000 first time buyer’s credit.

Units sales prices lagged again year to year in Lincoln Square. The area covers condos in much of the Ravenswood and Bowmanville neighborhoods that have seen pretty stable pricing. However, locations in Lincoln Square heading northwest along Lincoln Avenue have suffered higher decreases in sales price due to under preforming newer construction re-sales and short sales.

This drives me nuts… I should have just went ahead and offered on a house in Wilmette we looked at two weeks ago (pictured here). Mint condition, a huge master suite addition and a terrific yard. Turns out we are not “ready” for that just yet. And trying to sell our place with the kids right now is more than we can take!

The rates and lower home prices in good locations are making it hard for me to just settle down in my current home. I can’t help myself.

From the Chicago Tribune:

Average rates for 30-year home loans stayed below 5 percent for the second consecutive week, kick-starting refinancing activity, Freddie Mac said.

The average rate on a 30-year fixed mortgage was 4.87 percent, down from 4.94 percent last week, the mortgage financing giant said. The last time rates for 30-year home loans were lower was the week ending May 21, when they averaged 4.82 percent.

This week’s average rate remained slightly above the lowest level on record, 4.78 percent established in the spring. Last year at this time, the 30-year fixed-rate mortgage averaged 5.94 percent.

Meanwhile, refinance applications climbed 18 percent from last week, the Mortgage Bankers Association said.

The classic red door is a nice touch on this ancient row house.

This poor girl has remained gutted and vacant (over two years I believe) near the corner of West Oakdale and North Broadway. This is a vibrant location and shameful it’s sat unfinished and empty.

The street.

I mean, look at it!

I found a fun blog about its 40th Anniversary and the building in general HERE

Recently, several one bedroom units with about 1100 square feet and killer views have come on well under $400,000. When looking at recent one bedroom sales in full amenity, luxury buildings nearby, it’s hard to compete with a home at this address from $350,000-$450,000. Why not go all the way to the point? I love the floor-plans of the one bedrooms and the building amenities such as the fitness club have been updated. All amenities, pool, fitness club, private park… are included in the assessments.

The building is vibrant with older and newer “who’s who” residents creating an atmosphere that exudes fully the city life. Average Joes like me and you are welcome too.

Oh, but I am.

Here’s Wikipedia’s definition:

An earnest payment (sometimes called earnest money or simply earnest, or alternatively a good-faith deposit) is a deposit towards the purchase of real estate or publicly tendered government contract made by a buyer or registered contractor to demonstrate that he/she is serious (earnest) about wanting to complete the purchase. When a buyer makes an offer to buy residential real estate, he/she generally signs a contract and pays a sum acceptable to the seller by way of earnest money. The amount varies enormously, depending upon local custom and the state of the local market at the time of contract negotiations.

I’ve been working with a long term client regarding sale of real estate over the last months. And won’t go in to many details here but there was a shocker regarding a recent offer and contract (where eventually the buyer’s backed-out of the deal) where the listing real estate agent didn’t require nor take any earnest money from these buyers when they made their offer and subsequently backed-out.

UNBELIEVABLE!

And in the end the result may have been the same but it sure would have been nice if the potential buyer’s had a little skin the game…ya know, I think it’s called leverage.

I might disagree with your “waiting game”. There is no guarantee the right deal will be there for you later. I personally have offered on a foreclosure (lost in a multiple offer) and have won a multiple offer short sale for my clients on another place this month.
Meaning, many preceived the prices as agood deal and jumped. This is still very rare, even in our worst months here after Red October.

You did acknowledge people could jump if it’s a steal. But finding the combo of good location, good building, good price is still tough… especially if you don’t write and offer.

I know of sales happening now that are $50K less (give or take) than previous sales on units for sale simply because the buyer wrote an offer (did not have to wait and compete when the price finally would be lowered).

Anyway, I’m biased here, but also put my own money where my mouth is. Making an arbitray decison when it’s better to buy based on the current market is like trying to time any market. I think if a home is what you want and you have a good understanding of the location… and you can afford it… take a shot.

If you were in the market today (say renting and needed a place for your growing family) you’d wait another 6 months even though a great house becomes availble?

And then there’s the Cook County Treasurer’s Office…

We represent the Estate of a gentleman who died within the last 6 months or so who owned a home in Cook County. There’s upwards of $800,000 in this Estate working it’s way through probate court and no surprise the home has yet to sell. And we need to pay the 2007 Second Installment tax bill. But for whatever reason my client, the executor of the Estate, who has had the decedent’s mail forwarded to his house hasn’t gotten the tax bill.

Well, the Treasurer will not let us pay the bill unless we have an original tax bill coupon included with the check. They don’t want our money! A check with a PIN and address and for the specific amount listed as due on the Website isn’t enough…they want their coupons!

So I’ll be stopping by the Treasurer’s Office tomorrow as part of my Daley Center morning and ordering a duplicate tax bill copy at the County Administration Building.

Why is the coupon so important? Isn’t it the tax revenue they’re after?