Award-winning Townhomes hit 50% SOLD!

The Award-winning Somerset Townhomes at The Residences of Downtown Lake Zurich are here, and we are over 50% sold!

It’s happening. Lake Zurich is rediscovering its heritage as a quaint, charming and welcoming town. A place where friendly people share a strong sense of togetherness. Lake Zurich will soon have a fresh new look and the Somerset townhomes play a large part in that new image. Carefully designed to have their own unique charm and character the Somerset townhomes are indeed, setting the standard for quality and convenience.

We currently have 9 units which are move-in ready and another 20 that are available for sale at pre-construction prices.

Our sales center is open Tuesday through Sunday from 11am to 5pm or by appointment. Call 847-550-6705 or visit our website at www.AtoLakeZ.com for more information.

See our video here....

Do Your Property Transfer Taxes Stink?

Here in Chicago there is a big stink over raising the property transfer taxes to pay for the ailing transit system.

Currently here in Chicago, buyers pay $7.50/1000 and sellers pay $1.50/1000 (some of which is state, county and city).

A recent proposal was to raise the buyers fee by $3/1000 to $10.50/1000 which in my argument would create a disincentive (if that's a word) towards buyers ESPECIALLY in this market where we need all the stimulation we can get (economic and otherwise).

Anyways, it just passed yesterday that the transfer increase burden would indeed be placed on the sellers so our new structure is as follows with this example:

$7.50/1000 for buyers
$4.50/1000 for sellers
On a $300,000 property purchase that would mean
$2250 for buyers
$1350 for sellers

How does it play out in YOUR neck of the woods?

New FHA Loan Increases: The Sky is Not the Limit

Many of my clients have been excited to hear that the government has increase the Federally insured lending limits to over $700,000 without the loan being considered a jumbo (ie higher interest rate) loan.

Great news , right?

Hold it. That news is based on the average sales price of a home. Areas like California and New York City will reap the higher rewards, but here is what Cook County Residents can expect from the increase. Basically, if you are buying a multi-unit family building your conforming loan limits improved but standard single-unit condos or homes are at the same limits as before (for Cook County and the collar counties). See how your area is impacted here:

NEW FHA LOAN LIMITS
	Effective 03/06/2008
MSA Name	County Name	County	State	One-Family	Two-Family	Three-Family	Four-Family
		Code
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISION	COOK	31	IL	$410,000	$524,850	$634,450	$788,450
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISIO	DUPAGE	43	IL	$410,000	$524,850	$634,450	$788,450
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISIO	KANE	89	IL	$410,000	$524,850	$634,450	$788,450
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISION	KENDALL	93	IL	$410,000	$524,850	$634,450	$788,450
LAKE COUNTY-KENOSHA COUNTY, IL-WI METROPOLITAN DIV	LAKE	97	IL	$410,000	$524,850	$634,450	$788,450
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISION	WILL	197	IL	$410,000	$524,850	$634,450	$788,450
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISION	MCHENRY	111	IL	$410,000	$524,850	$634,450	$788,450
SPRINGFIELD, IL (MSA)	SANGAMON	167	IL	$271,050	$347,000	$419,400	$521,250

Chicago Transfer Taxes May Move Burden to Sellers

Chicago Transfer Taxes May Move Burden to Sellers

Well it seems the City Council is getting the message that by increasing the transfer tax on buyers by 40% will act as a disincentive to make home purchases in the city (not to mention the increased sales tax, but thats another topic).

In a blog post earlier (several actually), I complained and vented that this move would place an unfair burden in buyers and that the sellers would be better suited in most cases to absorb the tax since most end up with equity from the sale which can be used to pay the tax (as opposed to having to save for it).

Well Finance Committee leader Patrick O'Connor has asked that the sellers absorb that tax much to the chagrin of lobbyists from the Home Builders Association of Greater Chicago--most of their associates are builders who would be required to absorb the cost as a part of doing business, so they are obviously against it).

Sellers are currently paying only $1.50/1000 of sale price and buyers are paying $7,50/1000. If this new proposal is accepted, sellers would pay $4.50/1000 and buyers would still be paying the $7.50/1000.

Glad to hear someone was reading this blog :) Actually this makes fiscal sense and should not prohibit buyers (especially first time buyers who are saving every penny to buy a home) from making their home purchase and getting this economy (micro and macro) back on its feet.

Appeal your 2006 Cook County Taxes Again!

Appeal your 2006 Cook County Taxes Again!

The City of Chicago and the Cook County Assessors office announced today that all property owners in the City can appeal their 2006 taxes between March 17 and march 31.

The last time this was allowed was NEVER!

Take advantage of this 'limited time offer' and get those appeals in to the assessors office asap. If you feel your property value as decreased recently this is your chance to appeal those taxes.

Let me know if you need help with this 'burden of proof' as I am about to write an appeal letter and include in it my Chicago Home Buzz quarterly market report which shows neighborhood by neighborhood the 4th quarter market valuations and their volume reductions.

Consult with your attorney or tax specialist but what do you have to lose? Good luck!

For more information contact the Cook County Board of Review at 312-603-5542 or visit their site:

www.cookcountyboardofreview.com