Epain Homes

Let’s buy two!

I was watching CNN from my home office (kitchen) and they have reported this afternoon on a Senate “tentative agreement” to extend and even expand the first time home buyer’s credit through June/July of 2010.

Read the Wall Street Journal report here

The $8,000 will remain for “first time buyers” and we may even see $6,500 for “second time buyers” (I’m still out).

Congress will have to vote of course, but I can’t see them denying something tangible to their constituents. The credit has been given “credit” for moving housing, which is important to John Q. Public.

The lowest closing price was about $625,000 for a three bedroom, one and one-half bath (ouch) renovated four square on a 25×120 lot. The highest price closing was… well, if you have to ask you can’t afford it, if you know what I mean.

Jillian and I spend a lot of time with the family in Lincoln Square. Tonight was one of those special warm fall evenings with our kids and neighbor friends.

My wife and I almost made the mistake of passing on our current duplex condo because it did not have exterior storage on site. We loved everything else, but with kids on the way we were sure a storage room would be necessary.

Instead, we came to our senses- bought the place- and rented a 10×10 storage unit two blocks away for seasonal items, tools, kids clothes and toys etc… We also routinely purge any “stuff” collected. If we really can’t part with it but we don’t need it this minute (or week), it goes to storage.

Not too long ago, we made the mistake of sacrificing location to get a condo with “everything” on our needs list. We learned from our mistake that your condo need not solve all your issues. You can outsource things like storage and parking. You can get rid of stuff. But you can’t outsource your location… which is the ultimate want and need in city living.

It’s a busy time at Winnemac Manor on the 5100 block of North Damen in Ravenswood. Six of the twenty-one townhomes are currently for sale ranging in price from $499,000 to an eye opening $599,000. There are few differences that meet the naked eye of five of the homes; three bedrooms plus den, two and one-half baths, two car attached garage, same outdoor space and range from $499K to $529K.

If choosing between these homes, there are a couple details that stand out. The unit I like the best has gorgeous built-ins for storage and the best views facing south. It is priced well among the other five homes and worth a little bit of a premium due to the finish work. The biggest obsatcle in my opinion to most of these townhomes is the outdoor space. The terrace views are not that attractive and there is little or no space for a table etc… These places are all about the huge master baths, large closets, two car garage and ease of living. They are great for those looking for a home office.

The standout is the 4 bedrooms, three and one-half baths unit that also features a huge roof level terrace (asking $599K). This is a place I could call home. In fact, I LOVED the nearly identical unit next door that sold earlier in the year for considerably less. The home was impeccable and showed wonderfully. The new owner got themselves a great deal.