Lincoln Park Dog-friendly Luxury Residence-Chicago, Illinois

Chicago's Featured Luzury Lincoln Park TownhomeFirst time on the market since it was built in 1995, this absolutely spectacular three bedroom, three bath residence end unit townhome that shows and lives like a single-family home. These are the original owners and will be the first time since then this home is available. Take advantage of this opportunity and this wonderful and warm four level home.

Walk down the quiet tree-lined residential Seminary Street heading south one-half block and you are at Adams Park. A few short steps to Armitage and head east one-half a block and you are in the heart of Lincoln Park retail shopping, salons, coffee shops, transportation including the Brown Line el stop, restaurants and more.

A perfect location to coincide with a perfect home. Make this rarely available Lincoln Park Opportunity yours today.

Come see for yourself today or visit www.LuxuryLincolnParkLiving.com

Visit our virtual tour for more photos and a 360 tour of this residence.

Listen to Warren Buffett’s wisdom: “Don’t wait for the robins or spring will be over!”

Call today for your private showing. By appointment ONLY! Email or call Jim today on his cell phone at 773.315.6103

Another residence exclusively marketed by

Jim Gramata
The Gramata Realty Group @properties
www.GramataRealtyGroup.com

Logan Square Condos are at the station...Logan Station 2

Next stop...Logan Station 2 in the Logan Square neighborhood of Chicago. Come see the ready for occupancy, newest and nicest condominium options to hit the market in Logan Square.

We have immediate delivery condos and 60 day "build to suit" homes available in the Logan Station Phase II development just off of Logan Blvd in Logan Square.

A huge improvement over Phase 1 if you've been there. Have you seen the activity and movement of your buyer clients pushing towards Logan Square? Why? More bang for your buck and a great walking neighborhood [Walk Score: 95/100 "Walkers' Paradise"].  If not, come discover the buzz and see for yourself.

We are ready to deliver Jumbo 2bed/2 1/2 bath duplex, 3 bedroom/2 1/2 bath duplex and 3 bedroom + den/3 1/2 bath triplex condo options starting at $359,000 and ranging from 1,400sf to over 2,600sf!  Attached or detached garage and outdoor parking options available too.

Live/work clients? Multi-unit clients? You HAVE to contact me! I've got some amazing and unique options for your clients too!

I encourage you to set up an appointment to see these tastefully done, quality homes just off the boulevard on the quiet residential Willetts Court in Logan Square or for a preview go to www.LoganStation2.com .

Model now open and we are taking appointments. More to come...

For more information contact Jim Gramata, from @properties - Bucktown, the exclusive marketing broker for the developer.

Stimulate this! Now buyers and sellers get tax credits

Congress has extended and expanded the homebuyer tax credit and is just waiting for the presidents signature.

First-time buyers basically get the same deal ($8000) but that now defines first time buyer as anyone not having owned a principal residence for three years prior to their purchase (they can be previous owners just not recently). Also, now current homeowners too can benefit an amount up to $6500 from the date of enactment as long as they sell a home they've lived in the home for five of the past eight years and make a purchase (write a binding contract to purchase effective on or before April 30, 2010. Income limits were extended to $125,000 for single and up to $225,000 for married couples which is awesome in our area.   

Below is a link to the proposal (pdf file: 426kb) and what it can mean for you

www.jimgramata.com/2009-NAR-BUYER-SELLER-Tax-Credit.pdf

The modifications in the column labeled “December 1 – April 30, 2010” become effective when President Obama signs the bill. All changes made to the current credit become effective on that date, as well. Any questions let me know (contact info on pdf).

While many may claim this is a continuation of an artificial stimulation of the economy I would say there is some truth to that however it is also acting as method of getting buyers and now sellers off the fence if they need to move for one reason or another but were waiting for the right time.

Well usually when you know the time is right it is already too late to maximize the returns being seen these days. I am so glad we are extending this credit and expanding it to sellers AND increasing the income limits.

Awesome news! It will have an impact!

Can't wait until April 30th. Contracts will be ready to write....

Wicker Park dog-friendly condo

Welcome to affordable living in Wicker Park !

Absolutely stunning newer construction (2001) residence in Chicago’s Wicker Park/East Villiage neighborhood. Retail, restaurants, nightlife, shopping, coffee shops, bars, theaters, expressway and more all nearby. “Walkers' Paradise” Walk Score of 95/100. Visit www.WickerParkChicagoCondos.com

Bright, contemporary and open west facing residence with soaring 10-foot ceilings with floor to ceiling windows. Large functional kitchen with eat-in island and large open two story living area with adjoining dining area and adjoining powder room. In addition, this residence comes with three front facing outdoor terraces so no excuses not to be outside on the deck grilling, people watching and enjoying life. Dog friendly condo in WIcker Park East Village so bring the pooch to check it out too. (An Official Chicago DogPads.net Dog-friendly Home). Garage space included.

Call Jim at 773.252.HOME, send a text or email him at jim@rememberjim.com today to make an appointment. This condo is a DogPads.net dog friendly certified Chicago condominium!

West Loop Dog Friendly Condo with Dog Run!!!

Welcome to affordable living in the West Loop !

Absolutely stunning new construction residence in Chicago’s West Loop neighborhood. Retail at street level and restaurants, nightlife, shopping, coffee shops, bars, theaters, expressway and more all nearby. “Very Walkable” Walk Score of 89/100. Visit www.WestLoopChicagoCondos.com

Bright, contemporary and open west facing residence with soaring 10-foot ceilings and floor to ceiling windows. Large functional kitchen with eat-in island and large open living area with adjoining dining area for guests with adjoining powder room. In addition, this residence comes with an office/den with floor to ceiling windows and full west exposure with storage closet. Large private master retreat with walk-in closet and beautiful limestone tile and large vanity. Private open-air balcony looking out over the beautifully landscaped 4th floor common open air plaza with pavers, community grills, benches and separate dog run area (An Official Chicago DogPads.net Dog-friendly Home). One heated indoor parking is available.

Sky Cub party room on the 10th floor with an indoor/outdoor recreation area including an open air terrace with gas grills and picnic areas, sun deck with lounge furniture and a large party room with a wet bar, rec room, pool table and large screen tv available for private functions.

Call Jim at 773.252.HOME, send a text or email him at jim@rememberjim.com today to make an appointment. This condo is a DogPads.net dog friendly certified Chicago condominium!

City of Chicago Real Estate Transfer Tax Hits Record Shortfalls

The City of Chicago just released the dismal 2010 projections for the revenue projected to be generated from the real estate transfer tax charged to buyers and sellers on any real estate transaction closing within the City.

As I have been projecting real estate sales will continue to decline slightly in 2010 with unprecedented record drop in units sold (and money generated). What I have not reported as a prediction is where the City will look to make up the real estate transfer tax deficit. In my opinion, although illogical and certainly open to appeal, the city of Chicago will increase property valuations and real estate taxes will increase for most neighborhoods and properties within the city limits. Of course, they will highlight as they have done for the recently released Lakeview township tax assessments that four of the areas did see an increase. However in Edgewater for example, my three unit property saw an increase of over 10% in valuation regardless of the fact that median pricing has been down consecutively for multi-unit properties was down 15% in from 2008 to 2009 and an adjusted 5% drop over the past three years.

Here is the transfer tax history over the past seven years and the revenue that was generated from the tax:
Real Estate Transaction Transfer Tax (source: City of Chicago)

Historically -     

2002                             $140 million range                     
2003                              $150 million range                      
2004                              $200 million range
2005                              $230 million range
2006                              $250 million range
2007                              $210 million range
2008                              $120 million range                    
2009                 EST      $55 million range                      
2010                 EST      $53 million range

As you can see this money will need to be made up somewhere and you can rest assured homeowners will not like the consequences of the decision.

Bucktown Dog-friendly Condo For Sale

Bucktown Featured Property

Welcome to affordable living in Bucktown !

Absolutely stunning recently renovated vintage 2BR condo just off of Armitage and west of Damen in Bucktown at 2017 North Leavitt Street (directions). Great Bucktown residence with an unbeatable location at this price. Walkers’ Paradise Walk Score: 91/100.

Spacious, sunny and bright contemporary feel with vintage details. Cherry kitchen cabinets with granite countertops with peninsula with bar stool seating. In-unit laundry and extra storage too. Clean and move-in condition. A true must see. Street parking a breeze or rental parking nearby. Low taxes and assessments are only $201 per month. Click here for more photos.

Call Jim at 773.252.HOME, send a text or email him at rememberjim@kw.com today to make appointment or for more details on this great Bucktown opportunity. Visit www.bucktownchicagocondos.com for more information about this featured Chicago property

Property Features include:

* Renovated residence in 2003
* 2 Bedrooms (split layout)
* 1 Full Bathroom with linen closet
* South-facing into courtyard
* Granite countertops & Cherry cabinets
* Central heat & air conditioning
* Rear deck/stairs off kitchen
* In-unit washer and dryer
* HD CATV included in assessment
* Ample street parking or rental options
* Private Storage and bike room
* Western Blue line “L” stop
* Convenient to shops & restaurants
* Walk Score: 91/100 Walkers Paradise!
* DogPads.net Dog-friendly Condo

A Registered DogPads.net Dog Friendly Condo

Lakeview Featured Condo For Sale

Welcome to affordable living in Lakeview ! 3440 N Lake Shore Drive for only $219,000

Absolutely stunning 1BR condo overlooking Belmont Harbor, Lake Michigan and Lincoln Park. Enjoy the sites of the city from your own private balcony. Updated home with hardwood flooring throughout with a new kitchen (2009).

Assessments include your Heat, Air conditioning, Cable, Fitness room, 24/7 doorman, 3 shift maintenance staff and more. Commercial grade laundry in basement. On site management company and a friendly, courteous door staff to greet you and accept packages. Valet parking available for $140/month. Treasure Island and Broadway street retail and restaurants just west and our most treasured commodity, Lake Michigan and Lincoln Park to the east. Call Jim today for more details.

Sorry, not a DogPads.net Dog Friendly Building.

Welcome home.

Chicago May Have Hit Bottom

Forbes top ten cities most likely to have not hit bottom on pricing declines. Florida takes 4 out of the top 5 and only New York in the east. Others in South and West.

Orlando
Miami
Jacksonville, Fla.
Tampa
Los Angeles
Phoenix
Las Vegas
Oakland, Calif.
San Diego
New York

As Warren Buffet has been quoted as saying, "If you wait for the robins, Spring will be over". Yet another sign you may want to consider buying in this awesome opportunity we have in Chicago

Chicago Residential Real Estate Market News and Reports

A sign of recovery? If you have to ask ‘have we recovered yet’ chances are we have not. However, by the time we know we have recovered we will have been recovered for some time. Remember we didn’t diagnose the recession until three quarters later.

Warren Buffet says, “If you wait for the robins, Spring will be over”. In my opinion, the best opportunities come at the bottom of the market cycle when depression and worry are at their peak. I’d say we are pretty close to that now.

The market is correcting itself in a healthy way. When prices inflate beyond a normal appreciation (~5% annually) the market requires corrections and that is what is happening now. Correction means opportunity. Look at the graph below and it spotlights the need for this correction (figures are national).

Once local indicator of housing pricing and recovery is to measure the absorption rate. In a healthy balanced market we could expect five to six months supply of units on the market (if no new inventory came on the market that is how long it would take to sell the current housing stock). In most areas we are well into double digit absorption rates. In many areas we are into years to absorb the current supply!

That’s the Chicago buzz for now.

Visit www.ChicagoHomeBuzz.com for the latest market buzz!

My first mobile blog post from my phone. I am hoping to post more street level observances as related to real estate.

Featured Lakeview Chicago Condo

Welcome to affordable living in East Lakeview Chicago and Our Featured Lakeview Chicago Condo !

Absolutely stunning recently renovated 2BR condo just off of Broadway in East Lakeview at 634 W Roscoe 3S. LOCATION LOCATION LOCATION, CONDITION CONDITION CONDITION, PRICE PRICE PRICE. It's got it all. Great starter residence with an unbeatable location at this price. A Walkers’ Paradise Walk Score of 95/100. Renovated in 2001 with newer kitchen with granite countertops and a outdoor deck for summer fun. In-unit laundry and extra storage too. Clean and move-in condition. A true must see. Permit street parking a breeze or I have a rental garage option within 50 yards of this home. Low taxes and assessments are only $153 per month. DogPads.net Chicago Dog-friendly featured condo.

Pictures here


Directions here

OPEN HOUSE SATURDAY 4-25 from 11am to 1pm. Join us!

Visit www.lakeviewchicagocondos.com for more information about this featured Chicago property

Call Jim at 773.252.HOME or send him a text or email today to make appointment or for more details on this great Bucktown opportunity.

Property features:

•2 Bedrooms
• 1 Full Bathroom
• Renovated residence in 2001
• Sunny top floor unit
• Granite countertops
• Updated kitchen w/ cherry cabinets
• Central heat & air conditioning
• Rear deck
• In-unit washer and dryer
• Garage rental or permit street parking
• Private storage and bike area
• Belmont Brown or Addison Red “El”
• Convenient to shops & restaurants
•$156/month low assessment!
•2007 taxes $2,609.81
•Walk Score; 95/100 Walkers’ Paradise!
•Official DogPads.net Dog-friendly Condo

Educated First Time Buyers Entering the Market

First time buyers are the primary road to recovery in this residential real estate market. 40% of market activity comes from first-time buyers and then the trickle occurs. They traditionally purchase starter homes or lower priced homes allowing those sellers to move on to buy the other home on the market freeing them up to buy another home etc etc.

The trickle effect is incredible.

And now the effect the stimulus grant of $8000 is being seen in my local real estate circle.

Buyers are seasonally of course coming out but I am seeing many new first time buyers coming into the game and loaded with knowledge and wisdom more than I've ever seen.

I am so glad this is happening in our local markets and I look forward to reaching the point in this correction where more than just first time buyers become more educated about their options and enter in the best investment one can make...real estate.

My 401K is down over 50% and my real estate investments (my primary investments) are slightly down, flat and up in this down market. I am confident in my original purchases (except one which I recently sold) and feel good about where we are heading.

1.5% Buyer Penalty to Help the Economy

What kind of incentive are Fannie and Freddie offering to help build buyer confidence and stimulate the economy? How about a 3/4% penalty charge for buyers with good credit that don't have 25% down payments! If your credit is under 700 try a 1.5% penalty. While I realize they are trying to cover their tail from future property value tailspins, it seems to me there needs a solution which will not prevent buyers from buying especially good credit candidates. The risk could be underwritten with perhaps a lesser penalty charged to these buyers. Some lenders are fighting this ridiculous amended clause, but unless more people are aware of this there will not be any change.

This article was posted on the NAHB e-letter I receive and I wanted to share the absurdity with my bloggers.

There are alternatives such as FHA but those come with great limitations. It is getting a little crazy out there and you need to be aware.

As of April 1, Fannie Mae and Freddie Mac are increasing the delivery fees they charge lenders based on FICO scores, downpayment amounts and other loan characteristics. Most major lenders already are pricing in these higher fees, effectively raising costs to borrowers immediately. Lenders can pass these fees on to the consumer in the form of higher interest rates rather than as an upfront charge. Under the new guidelines, even applicants who assumed that their FICO credit scores would get them favorable rates will be charged more unless they can come up with downpayments of 30% or more.

For example, a buyer with a 699 FICO score who brings a sizable downpayment of about 25% to the table will be hit with a 1.5% delivery fee at closing under the new guidelines. A buyer with a FICO score between 700 and 720 will pay an extra three-quarters of a point. Even someone with a 739 FICO — once considered a platinum guarantee of the best rates available — will get dinged with a quarter-point add-on. Condominium buyers who cannot come up with a 25% downpayment will be hit with a three-quarter point add-on penalty, no matter how high their credit score — simply because they are not purchasing a traditional detached, stand-alone house. Without congressional intervention or new marching orders from the companies’ regulator, the add-on fees are here to stay. But there’s an alternative available for just about anyone who wants to avoid the fees: Federal Housing Administration mortgages, where downpayments go as low as 3.5% and credit scores are not an issue for most applicants. (www.washingtonpost.com)
Washington Post (2/14/09); Kenneth R. Harney

Featured Lakeview Multi-Unit Residence For Sale

This two-unit property Lakeview two-flat sits on a full size lot (24x125) in an RS3 zoning district on Chicago’s north side. The property is located at 3119 North Southport in the Lakeview neighborhood between Belmont Avenue (3200N) and Wellington (3000N) just south of Chicago’s popular destination Southport Corridor.

Property improvements include a two and one-half story frame two-unit residence with 2 car garage. The first floor unit includes a 2 bedroom plus office and one bathroom. The sunny bright unit includes in-unit washer and dryer and is currently leased until October, 2009 with a monthly rent of $1,745 including a garage parking space.

The second floor owner’s duplex unit includes a recently rehabbed 2 bedroom 2 bath unit with a bonus family room/office on the second level off the master bedroom. This sunny unit also includes an in-unit washer and dryer as well as an updated kitchen, hardwood flooring and pantry. There is a large deck off the eat-in kitchen which leads down to the fenced yard and two-car garage.

Great for live-in owner or solid rents for investor purchase. Review Walk Score on this property and all the features right outside the door including restaurants, shops and Belmont El stop

Visit www.lakeviewhomeschicago.com for more information today

Logan Square Featured Condo For Sale

Welcome to our featured condo for sale just a block off of Logan Square!

Absolutely stunning recently renovated vintage 2BR plus flex room condo in Logan Square ‘on the boulevard’ at 2443 N Kedzie Blvd. Large front living room, sitting area and ‘flex room’ with piano (pics) with extra wide entry foyer. New granite countertops with large deck for summer fun. Large bedrooms and ample closet storage.

Clean and move-in condition. A true must see. Secure parking space included in this price. Low taxes and assessments are only $225 per month.

Visit www.logansquarechicagocondos.com for more information, pictures and to schedule your showing today.

Bucktown Featured Property for Sale

Welcome to affordable living in Bucktown !

Absolutely stunning recently renovated vintage 2BR condo just off of Armitage and west of Damen in Bucktown at 2013 N Leavitt. Great starter residence with an unbeatable location at this price. A Walkers’ Paradise Walk Score of 92/100. Eat-in kitchen with granite countertops and a outdoor deck for summer fun. In-unit laundry and extra storage too. Clean and move-in condition. A true must see. Street parking a breeze. Low taxes and assessments are only $181 per month.

Visit www.bucktownchicagocondos.com for more information about this featured Chicago property

Call Jim at 773.252.HOME or send him a text or email today to make appointment or for more details on this great Bucktown opportunity.

Lakeview (Chicago) Condos & Townhomes Chicago Home Buzz

Total condos and townhomes units sold in Chicago's Lakeview neighborhood were down 37% with 245 units sold in the fourth quarter, 2008 compared with 391 units sold in the fourth quarter, 2007. The median sales prices were down 9% to $315.000 from $347,000 in 2007 4Q and the average condo and townhome prices were down 36% in 2008 to $241,592 compared with $376,131 in 2007. Average market time was up 9% to 104 days.

Listen to the local professionals and look at the real numbers when trying to make sense of today's real estate market and your local micro-real estate economy. Even these numbers cannot be read on face value. Drill downs are required!


For more information and a Chicago Home Buzz market report visitwww.ChicagoHomeBuzz.com where this data will be available soon.

Jim

Chicago's Lincoln Park Condo & Townhome Buzz

Total condos and townhomes units sold in Chicago's Lincoln Park neighborhood were down 41% with 128 units sold in the fourth quarter compared with 218 units sold in 2007 (4Q). The median sales prices were slightly down 1% to $427,100 (from $432,500 in 2007 4Q) and the average condo and townhome prices were down 7% in 2008 to $443,146 compared with $478,738 in 2007. Average market time was up 10% to 115 days.

Listen to the local professionals and look at the real numbers when trying to make sense and have an understanding of your local real estate economy. Even these numbers cannot be read on face value. Drill downs are required!



For more information and a Chicago Home Buzz market report visitwww.ChicagoHomeBuzz.com where this data will be available soon.


Jim

Lakeview (Chicago) Market Ups and Downs

While total single-family homes sold in Chicago's Lakeview (60657) neighborhood were down to 12 from 25 ( a 52% drop) the median sales price was up 32% to $1,627,500 (from $1,230,000) and market time was down 4% to 193 days.

Listen to the local professionals and look at the real numbers when trying to make sense and have an understanding of your local real estate economy. Even these numbers cannot be read on face value. Drill downs are required!

Make it a great buying and selling season

Jim