Green Chicago Agent

Daylight Savings!

2010-03-23T13:43:00.001-07:00

Daylight Saving Time (DST; also Summer Time in British English-see Terminology) is the practice of advancing clocks so that afternoons have more daylight and mornings have less. Typically clocks are adjusted forward one hour near the start of spring and are adjusted backward in autumn. Modern DST was first proposed in 1895 by George Vernon Hudson, a New Zealand entomologist. Many countries have used it since then; details vary by location and change occasionally.

The practice is controversial. Adding daylight to afternoons benefits retailing, sports, and other activities that exploit sunlight after working hours, but causes problems for farming, evening entertainment and other occupations tied to the sun. Traffic fatalities are reduced when there is extra afternoon daylight; its effect on health and crime is less clear. Although an early goal of DST was to reduce evening usage of incandescent lighting, formerly a primary use of electricity,modern heating and cooling usage patterns differ greatly, and research about how DST currently affects energy use is limited and often contradictory.

DST's occasional clock shifts present other challenges. They complicate timekeeping, and can disrupt meetings, travel, billing, recordkeeping, medical devices, heavy equipment, and sleep patterns. Often, software can adjust computer clocks automatically, but this can be limited and error-prone, particularly when DST rules change.

Margate Park Tour a Success

2010-03-12T13:42:00.000-08:00

Last Sunday I hosted a multi-broker open house in which we had over 50 units open for the public to walk through. Although the weather wasn't the greatest, we had some die-hard real estate fans out to check out the units on the market.

We also had YO CHICAGO out with their camera. If you were not able to make it, check out some of the video that they shot. Click here to see a video of some streets on the neighborhood. Also, click here for a video tour of a $1.5m home on Castlewood Terrace.

Uptown Vintage at it's Finest

2010-03-10T13:38:00.000-08:00

Pristine vintage condo with handsome architectural details and tasteful updates. Large kitchen with adjacent breakfast room. Original and recently installed built-ins. Refinished hardwood floors throughout, freshly painted, updated bathrooms, and custom window treatments. Wired for surround sound throughout. Large laundry room with lots of cabinet storage and side-by-side machines. Front deck, newer furnace, AC & water heater. Extra wide garage parking space. Immaculate! Pics tell story. Click here for the full photo set!

Explore Margate Park

2010-03-01T13:28:00.000-08:00

I've got 2 listings in Margate Park and I want everyone to know how awesome they are. So, I've asked all the Realtors in the neighborhood if they'd like to join me in having a HUGE open house to attract some attention to this cute little section in Uptown.

There will be over 40 condos participating in this open house. Please come out to see what kind of homes are available in this area. From studios to single family homes and pricing between $60,000 to over $1m.

Margate Park borders Lawrence on the South, Foster on the North, Lake Shore Drive on the East and Sheridan Road on the West. Home prices vary within the $100,000 to $1,000,000 range, presenting something for everyone. This well-located lakefront neighborhood features lovely tree-lined streets with a historic feel, as it has many mansions and vintage condominiums that date back to the 1900s. In addition, there are many high-rise buildings facing the lake as well. Located not far from Montrose Harbor and Foster Beach, there are ample opportunities for running, boating, volleyball, fishing, biking and enjoying Lake Michigan.

Margate Block Club member, PC Gooden-Smiley, stated that, "Some of my favorite things about living in Margate Park is that it has given me a canvas to help create a healthy community, grow beautiful gardens, live in a diverse and beautiful neighborhood by the lake."

To see the list of units that are participating, check out the website.

I will be at 922 and 926 West Ainslie so make sure to stop by. Here are the links to the photos of those listings:

922 West Ainslie 3S

926 West Ainslie 2N

Please forward an invitation to anyone you know who might be curious or who is actively looking for a new home. And if you want to make an offer on anything, come to me first! Looking forward to seeing you!

NEW LISTINGS!

2010-02-28T13:33:00.000-08:00

I have two fantastic new listings.

3900 North Lake Shore Drive #7D: Beautiful well cared for unit in great location. Lrg Living areas with hdwd flrs w/south facing lakefront view. All rooms feat crown molding. Retro kitchen in great shape with a ton of cabinet storage. Lrg closets w/California Closets w/addition storage. Lrg flrplan allows flexibility and easy flow between rooms. NO MORE SPECIAL ASSESMENTS. Building in great shape. Rental pkg available for $135 in building. Click here for floorplan and photos. 1 Bed, 1 Bath $159,900

1631 West Fargo 3W: Looking for vintage? You've found it here in this gorgeous top-floor unit with a classic floorplan. Step into the large living room through a fantastic arched entry and move through to the sunroom to view the beautiful treetops. The huge dining room features a stunning built in hutch. Seller's got great taste and has decorated wonderfully. Kitchen has been updated. Super close to public trans and the lake. Click here for floorplan and photos. 3 Bed, 1 Bath $199,950.

744 West Cornelia #3E NOW AVAILABLE

2010-02-26T13:35:00.000-08:00

This beautiful top floor units is now available to show! Listed at $424,900 this top floor 2 bed 2 bath features high ceilings, a beautiful kitchen with backsplash, and fantastic bathrooms. The master bath is very large with dual vanities. This unit also comes with an outdoor parking space. Let me know when you'd like to see it. Ceilings are higher in this unit. For floorplans click here!

Historical Interest Rates

2010-02-07T04:51:00.000-08:00

Our in-house lender, Home Services Mortgage, sent us this graph to give us a perspective on what rates have been doing for the last 20 years. I think the graph speaks for itself. Click to enlarge.

Homepath Mortgage Program

2010-02-05T04:50:00.000-08:00

One of my preferred lenders has just sent me information on a lending program he wanted me to share with you. Sounds like a great one. Here are the details:

· Down payments as little as 3%-non FHA.
· Condos are eligible as are 2-4 unit properties.
· No mortgage insurance required. This would save
· A buyer approximately $300 per month (on a $250,000 Loan)*
· Loan amounts available up to the conforming loan
· Limits for each property type.
· Credit scores down to 620
· Fnma will provide up to 3.5% of purchase price towards closing cost assistance and/or an equivalent amount towards appliances-good until 04-30-2010.*
· Must close by 05-01-10
· Available to both owner occupiers or investors as expected investor loans come with more stringent requirements.*
· No appraisal fees in most situations*
· Gift funds allowed. *

JOE SPISAK
MORTGAGE BANKER/BROKER
CELL: 773.255.5989
jaspisak@sbcglobal.net
www.joespisak.com

1041 Damen FHA Approved

2010-02-02T04:49:00.000-08:00

We just received word that our project at 1041 Damen has just received FHA approval! This is great news as we have just one unit left to sell. This last unit is a 2 bedroom 2 bath duplex with parking included for $375,000. The unit is still a work in progress, but progress is coming quickly. Drywall is done and kitchen cabinets have been ordered. Below are photos of a unit in the building that just closed. There may still be time to pick your finishes, but that window is closing quickly. Call me ASAP if you'd like a showing. www.greenchicagoagent.com/damen

Greening the Redline

2010-01-28T04:48:00.000-08:00

This is something cool that is happening in the 48th ward. The below information is from the Alderman's Office.

Greening the Red Line is a concept to develop a massing of Green Roofs along the CTA Red Line by establishing an economy-of-scale opportunity. This would allow the greatest number of building owners to participate along a corridor with the maximum number of viewers, CTA riders and local high-rise buildings.

Benefits to Building Owners
· Reduces heating/cooling load and saves money
· Reduces noise transmission (important by L line)
· Protects roof from UV, thermal and water damage
· Slows stormwater flow into drainage line
· Creates source of income from food production
· Fire retardation especially from use of perlite

Benefits to Chicago & Environment

· Sensations from a green landscape enhance transit riders' ride experience and state of mind
· Increase in CTA ridership
· Creation of wildlife habitat and refuge
· Production of food, fuel and fiber
· Absorption of carbon dioxide and other pollutants, and generation of oxygen

For more information contact:

Office of Alderman Mary Ann Smith:
Ernie Constantino at ernie@masmith48.org
Repkin Biosystems: Mike Repkin at info@repkinbiosystems.com
Hampton and Avery Architects: Dave Hampton at dave@hampton-avery.com

Green Alley Handbook

2010-01-26T04:47:00.000-08:00

The city has put out a handbook that describes it's program to "Green" the city's alleys as they are replaced and built. "An action guide to create a greener, environmentally sustainable Chicago." As you read through, it has some great information on how homeowners and condo associations can work to lessen the threat of flooding and other environmental factors that have to do with alleyways. It's great reading! To download a copy for free, click here!

Honore Green FHA Approved

2010-01-25T04:46:00.000-08:00

Honore Green is now FHA approved. This means that you can close on a unit there with as little as 3.5% down, even if you don't have the best credit score. We have 2 units left starting at $299,900 for a 2 bed 2 bath unit. For floorplans and pricing please visit the website here!

Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).

Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board's mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important to act now to save big.

Here are a few reasons why:

On April 5th, the cost of required up-front mortgage insurance for loans guaranteed by the FHA will increase from 1.75% to 2.25%. For a borrower purchasing a $200,000 home with a $7,000 down payment, the up-front mortgage insurance will increase by $965. Up-front mortgage insurance is typically financed in the final loan amount so the impact to a monthly payment will be minimal but overall, the increase is still borne by the borrower both upfront and monthly.

Later this spring, the amount of money that a seller can return to the buyer from their sale proceeds will be reduced from 6% to 3%. The reduction in these "seller concessions" can increase the amount of cash a buyer will be required to pay at closing by $6,000 for a home purchase of $200,000.

There is only one way to avoid being affected by all of these costly changes that lie ahead - submit all FHA mortgage applications by the last week of March.

iPhone Apps

2010-01-22T04:45:00.000-08:00

Have you ever been walking through a neighborhood on a beautiful Sunday afternoon and thought to yourself, "I wonder if there are any open houses nearby?" Well, if you have the iPhone, you can easily find out. The Realtor.com app for the iPhone uses the devices GPS chip to locate your position. Once it knows where you are, it goes back to the realtor.com database and tells you exactly where all the open houses are around you. It will also give you a list of homes on the market that you can saved to review when you get home. It's an invaluable tool for the home buyer. However, just make sure that when you go to these open houses you tell the listing agent you are already working with a Realtor. ME!

The other app I use frequently is the Real Estate Mortgage Loan Calculator. It's the best and easiest loan calculator I have found. It is especially handy for you investors out there as it will quickly show you your return for rental properties.

And the last, is Loan-What If? What if you pay an extra $10 on your mortgage payment every month? This app will show you the effect.

So head to iTunes and start searching for these apps to make your search a bit easier.

Top 5 Reasons to Buy

2010-01-21T04:43:00.000-08:00

My friend over at Home Services lending sent out this list of reasons why you should buy now and I couldn't agree more.

1. Housing Affordability Is at Record High Levels

Each month the National Association of Realtors issues its "Housing Affordability Index," which measures the ability of the average family to afford the average home.

In November 2009 the national affordability index was 167.7. This means that if a family with the median income of $60,034 wanted to purchase a median-priced existing single-family home at $171,900 (with a 20% down payment of $34,380), they would have 167.7% of the qualifying income needed to purchase that home.

2. Interest Rates Are at Historic Lows

In the 1990s rates were higher than 10 percent. This look back through time makes it easy to see that today's mortgage rates are relatively low.

3. Tax Credits Available for a Limited Time

· First-time homebuyers have until April 30, 2010, to take advantage of the federal tax credit of up to $8,000!3

· Repeat Homebuyers: Repeat homebuyers have until April 30, 2010, to take advantage of the federal tax credit up to $6,500!3

· Renovations: Buying a home that needs a new roof, windows, or insulation? Qualified homeowners may receive a tax credit for 30% of renovation costs, up to a maximum of $1,500, for energy-efficient improvements to their current primary residence.4

4. Inventory of foreclosure and short sale properties

Also called real-estate owned or REO, lender-mediated, lender- owned, or non-traditional, these properties may appeal to bargain hunters looking for that hidden gem.

5. Inventory of homes overall is at a 7-month supply nationally.5 It is a buyer's market!

More sellers than buyers in the marketplace can mean more choices and more bargaining power for buyers.

If you have any questions about financing, contact this guy:

Michael Giganti
Home Mortgage Consultant
HomeServices Lending
An Affiliate Of Wells Fargo Home Mortgage
MAC M3123-011
1940 N. Clark St.
Chicago, IL 60614
312-475-4193 Direct
866-798-5016 Facsimile
michael.giganti@homesvclending.com

1. Rates provided by the Federal Reserve Board.

2. A PriorityBuyer® preapproval decision is based on our preliminary review of credit information only and is not a commitment to lend. We will be able to offer a loan commitment upon verification of application information, satisfying all underwriting requirements and conditions, and providing an acceptable property, appraisal, and title report.

3. Eligible for homes with purchase agreements signed by April 30, 2010, and closed by June 30, 2010. Tax credit does not need to be repaid unless the home is sold or not used as the owner's primary residence during the first three years after purchase. Please consult a tax advisor.

4. Eligible improvements must be completed after January 1, 2009 and on or before December 31, 2010. Please consult a tax advisor.

5. Source: National Association of Realtors®, November 2009
All first mortgage products are provided by HomeServices Lending, LLC Series A. HomeServices Lending, LLC Series A may not be available in your area. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. ©2010 HomeServices Lending, LLC Series A. All Rights Reserved. Koenig & Strey is an affiliate of HomeServices Lending. Please speak to your real estate agent for more information on this affiliation.
66011 01/10-04/10

Conventional 30 year Interest Rate

Take the first step toward a home purchase and contact me for a credit-checked PriorityBuyer® preapproval to see exactly how much you can borrow with today's interest rates.

New Listing! 922 West Ainslie

2010-01-20T04:42:00.000-08:00

Beautifully maintained 05 rehab of great Margate Park courtyard building. Top-floor unit with large rooms and great floorplan. Kitchen is large and features great layout with plenty of counter space, 1 ¼" granite, 42" cabinets, Stainless Steel appliances, and a fantastic eating area with custom paint. DO NOT MISS the custom CALFORNIA CLOSET in bedroom. 2 additional closets in unit plus large storage in basement with seperate bike room with 2 bike stalls. In-unit laundry. FHA Spot approval possible. Rental parking in school lot behind the building for evenings and weekends, or full-time garage spot 1 block away on Sheridan for $150 per month. Listed at $224,900.

Back on the Market!

2010-01-20T04:32:00.000-08:00

We now have a 2 bedroom 1 bath unit available at 1041 Damen. Due to the buyer not being able to secure financing, this unit is back on the market, and it's a beautiful one. This top floor unit has fantastic high ceilings that allows a ton of natural light to bounce around. The large open plan living/dinging/kitchen is the perfect space to entertain. To view the floorplans check out my website click here. The unit is priced at $265,000 and there is one parking space available for an $20,000. The photos below are of the 2nd floor unit in the building. Shoot me an email now to schedule a showing!

Your Credit Score

2010-01-16T04:40:00.000-08:00

Ever wonder how having a maxed out credit card effects your credit score? Click here to find out!

Market Watch!

2010-01-15T10:23:00.001-08:00

Newest market watch is posted. Check it out here.

Thinking of Going Green? Chicago Green Homes

2010-01-15T04:38:00.000-08:00

The Chicago Green Homes Program proves to be a great tool for residents who are building or rehabbing their homes and we encourage you to learn more about how this program can offer great savings and healthier interiors for your family. For more information about how to enroll and orientation dates, please contact (312) 743-0182 or email chicagogreenhomes@cityofchicago.org .

Be green. Save green. Take the $800 Savings Challenge at www.chicagoclimateaction.org.

Follow CCGT on Twitter! https://twitter.com/CCGTGreenTech

1608 Winona

2010-01-14T04:37:00.000-08:00

A short while ago I took a client of mine to see this fantastic unit. The unit went under contract and my client has since purchased something else. However, I was just informed by the seller that it is going back on the market due to the buyer not being able to get their financing in order. He asked if I had any other potential buyers for his unit. So - I put the question to you - do I? This is not my listing, but I do have to say it is a gorgeous unit in a great location. Here are the details:

GORGEOUS, SPACIOUS 1 BEDROOM/1 BATH + DEN CONDO IN PERFECT ANDERSONVILLE LOCATION $215,000

· 2004 GUT REHAB, VINTAGE BUILDING
· LOW $191 ASSESSMENT INCLUDES HEAT
· IN-UNIT WASHER/DRYER
· 42" CHERRY CABINETS
· STAINLESS STEEL APPLIANCES
· GRANITE COUNTERTOPS
· CUSTOM BATHROOM TILE/CAST IRON TUB
· CROWN MOLDING/HARDWOOD FLOORS THROUGHOUT
· LARGE STORAGE UNIT & BIKE ROOM
· QUIET RESIDENTIAL STREET & EASY PARKING
· MINUTES TO RED LINE, METRA, AND BUSES
· MOTIVATED SELLER!!!

New Listing! 208 West Washington

2010-01-13T04:35:00.000-08:00

Peace and quiet inside with the world at your door. Fantastic 2-bed 2-bath home in a great building. Soft-loft with high ceilings, beautiful hardwood floors, custom paint, and open floorplan. Well cared for unit in a well-managed building. Management on-site, exercise room, and business center. Rental parking available. CVS, Dry cleaner, and Jimmy John's downstairs. Walk to el, theater district and Randolph restaurant row. For more photos click here!

Recycle Your Tree

2009-12-22T10:20:00.000-08:00

Drop it off at a location listed below from Friday, January 1 -Sunday, January 17

to be chipped and turned into mulch. Free mulch* will be available to residents for pick up beginning Friday,

January 8.

Bessemer Park, 8930 S. Muskegon Ave.
Clark Park, 3400 N. Rockwell St.
Forestry Site, 900 E. 103rd St.
Garfield Park,100 N. Central Park Ave.
Grant Park, 900 S. Columbus Dr.
Humboldt Park Boathouse,1369 N. Sacramento Ave.
Jackson Park, 6300 S. Cornell Ave.
Kennedy Park,11320 S. Western Ave.
Kelvyn Park, 4438 W. Wrightwood Ave.
Lake Meadows Park, 3117 S. Rhodes Ave.
Lincoln Park, Cannon Dr. at Fullerton Ave.(Parking lot east of Cannon Dr.)
Margate Park, 4921 N. Marine Dr.
Marquette Park, 6700 S. Kedzie Ave.
McKinley Park, 2210 W. Pershing Rd.
Mt. Greenwood Park, 3721 W. 111th St.
North Park Village, 5801 N. Pulaski Rd.
Norwood Park, 5801 N. Natoma Ave.
Portage Park, 4100 N. Long Ave.
Riis Park, 6100 W. Fullerton Ave.
Rowan Park, 11546 S. Avenue L
Sheridan Park, 910 S. Aberdeen St.
Warren Park, 6601 N. Western Ave.
Wentworth Park, 5625 S. Mobile Ave.

*Mulch will be available at these locations on a limited basis. Mulch will not be available after January 17.

Please note: We will not be accepting recyclable materials at these locations. For additional information on recycling drop-off locations, please call 311.

Tax Credit Explained

2009-12-18T09:21:00.000-08:00

Lots of talking points have been sent out about the tax credit - Koenig & Strey has created this video to help explain the finer points of the credit. Let me know if you have any questions.

Green Christmas Trees!

2009-12-17T09:36:00.000-08:00

Every year, environmentally-conscious holiday planners are confronted with an age-old dilemma: to cut down a real, live tree or to erect an artificial one.

On the one hand, cutting down a tree seems mighty wasteful. Yet there's tradition in putting up a real one, and it fills your house with a pleasant smell. On the other side of the coin, artificial trees can save you money in the long run, and they're safe for people with certain tree allergies (like me).

Read the rest of the article here.

Green Details Added to MLS

2009-12-11T13:00:00.000-08:00

The MLS has made it easier to search for Green properties. Starting Thursday, December 17th the MLS is adding fields to the database that will indicate if properties has Green designations and if they have certain Green features. This will be extremely helpful in searching for Green properties. Right now we can only search keywords in property description which means if you search for "green", any property along the green CTA line will pop up! This is going to be a great help.

Barry Green now FHA Approved!

2009-12-07T13:29:00.001-08:00

We just got word that our project Barry Green, 1525 Barry, is now FHA approved. At this point we have 2 units left. Please check out my site for floorplans and pricing.

What's it like on the 59th floor?

2009-12-03T13:31:00.000-08:00

Have you ever walked by the Hancock Tower and wondered what it would be like to live there? I have, so I moved there! Back in July I rented out my condo and rented a condo at the Hancock to see what life would be like there, and now I don't plan on leaving. I love it so much that I have started a new blog to share all of the available real estate with anyone who is interested in buying or renting in the building. Check it out at www.livehancock.com.

There are studios (which are very large), 1, 2, 3, and 4 bedroom units are available in the building. One of the reasons I was so intrigued about the building is that everyone I encountered my first few times in the building had lived there for years. Many were even original owners. What this means for buyers is that many units are in original condition or haven't been updated in a long time. On the other hand, there are also a lot of units that have been combined to create much larger units.

Living here isn't as elusive as you may think.

Worried about credit card debt?

2009-12-01T13:32:00.000-08:00

Over the past few weeks I've talked to a few friends that have told me they have to postpone their plans to buy because of their heavy credit card debt. This is especially relevant now that we are into the holiday season.

No one knows more about what it's like to have heavy credit card debt than I do. My first year in real estate I didn't have much income. However, I didn't quit learn I had to change my lifestyle in order to come more in line with that income, so my credit cards got ran up pretty fast. And before I knew it I had $30,000 in credit card debt. Once my income started to generate I started to pay it back, but the balance wasn't going down very quickly because I was paying so much in interest. A friend of mine gave me some advice that changed everything for me.

For the past two years I have been paying down this balance regularly because I've been paying very little interest. What I've been doing is transferring balances. Credit card companies will offer you a program in which you can transfer all of your credit card debt (depending on your limit) to this card and not pay interest for a certain amount of time, usually 6 months to a year. There is always a transfer fee, usually 3% of the amount you are transferring (which is a fraction of the interest you would have paid over the life of the program).

My first card was for a year, and about 2 weeks prior to the offer expiring, I opened a new card and transferred the balance to it and so on. I'm not a finance expert in any way, and I encourage you to speak to an accountant and a financial planner, but my credit score has vastly improved over the time my credit card balances have been going down.

To find cards to apply to, go to App-o-rama to find the latest offers. Any questions, let me know! If you don't know your score, I use Equifax to keep track of my credit.

It's Time for a Plan

2009-11-13T13:09:00.000-08:00

Since my last email I've gotten a lot of questions about the new tax credit. The great thing about this new tax credit is that you've got some time. You have until the end of April to be under contract on your new home and you have until the end of June to close. So that gives us plenty of time to sit down and put together a plan.

If you are at all unsure of wether or not you can take advantage of this credit, promise me you will do this: call a mortgage broker. I understand that calling someone to speak to them about your finances seems like a step you make after you decide you are going to buy, but that really isn't the case.

When you are putting together your plan, you need an expert to go over all of the financing options. This will help immensely when you are putting together a personal budget. They can help you figure out monthly payments to budget for and even help you figure out how much money you need to save for your downpayment. So don't look at it as wasting anyone's time if you find out that you can't buy now because there will come a time when you are ready and we will all be here ready to help you.

If you don't know a mortgage broker, here is a list of them that I routinely work with and trust.

Michael Giganti
Wells Fargo Home Mortgage
773-360-3014
Michael.F.Giganti@wellsfargo.com

Chris Depaepe
A & N Mortgage
773-305-5626
chrisd@aandnmortgage.com

Joseph Spisak
American Foundations Mortgage Bank
773-255-5989
jaspisak@sbcglobal.net

FAQ's About New Tax Credit

2009-11-09T13:06:00.000-08:00

Existing homeowner credit: Must the new house cost more than the old house?

No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.

I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?

Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

I am a first-time homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?

Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you're within the phaseout range).

I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?

No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?

Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility.

I am an eligible first-time homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?

You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.

Extended and Expanded Tax Credit!

2009-11-05T13:06:00.000-08:00

Great news! We are very close to having the homebuyer tax credit extended and expanded.

The U.S. Senate voted Wednesday to extend and expand the popular first-time homebuyer tax credit. The measure cleared the chamber with a vote of 98 to 0.

It now goes to the House of Representatives for approval. According to a statement from House Majority Leader Steny H. Hoyer (D-Maryland), it will be brought "to the House floor for a vote as early as tomorrow [Thursday]."

The bill is widely expected to pass the House as well, and then needs only President Obama's signature.

The $8,000 tax break for first-time buyers, which was set to expire at the end of this month, would continue until April 30, by which buyers would have to have signed a contractual purchase agreement, but not closed on the sale. Another 60-day cushion beyond the end of April would be allowed to complete the closing.

The measure removes the first-time-only stipulation, though, opening the benefit up to existing homeowners who've lived in their current residence for at least five years but want to relocate to a new primary residence. The incentive amount for those buyers is $6,500.

The income limits for both first-time buyers and existing homeowners would be $125,000 for individuals and $225,000 for couples - up significantly from the current first-time buyer thresholds of $75,000 per individual and $150,000 per couple.

The tax break would only be offered on homes priced at $800,000 or less, and beneficiaries who sell the home or stop using it as their primary residence within three years would be required to repay the credit.

I will let you know when it's official! So, if you are looking to buy, call me. If you've been in your home for at least 5 years and are looking to sell and find something new? Call me!

$8,000 Buyer Credit Coming to an End

2009-10-28T13:05:00.000-07:00

I've talked about the $8,000 tax credit for first time buyers before. The deadline to close to receive this credit is November 30th of this year. Who doesn't want $8,000 right? However, it's not a reason to move into home ownership if you aren't ready. On the other hand, who doesn't want $8,000 right? Even if you aren't ready to purchase now, I want you to be able to take advantage of this credit.

This week the U.S. Senate will be voting on two amendments that would extend the first-time homebuyer tax credit. Of the amendments that will be proposed, NAR is only supporting the Dodd-Lieberman-Isakson amendment. Our reasoning for supporting the Dodd-Lieberman-Isakson amendment is because it is more generous than the other amendment and will:

* Provide the $8,000 tax credit to any buyer (not just first time).
* Set income limits at $150,000/300,00 for buyers.
* Have the credit available until June 30, 2010.

I am asking you to call your Senators and ask that they support the Dodd-Lieberman-Isakson amendment. When you call, here are a few things you can mention:

* Extend the tax credit to June 30, 2010.
* Expand the credit by removing the first-time homebuyer requirement.
* Raise the income limits to $150,000 ($300,000 for joint returns).
* For purchases made in 2010, taxpayers are able to claim the credit on their 2009 income tax return.
* Maintains that homebuyers do not have to repay the credit, provided the home remains their main residence for 36 months after the purchase date.
* The 36-month recapture provision is waived for a member of the Armed Forces on active duty who has to move because of a military order.

And here is why:

As a buyer, this credit can make the transaction more affordable and as a seller it brings more buyers to the table! Click here to contact your Senators and ask them to back this legislation!

A New Hybrid Car from Toyota

2009-10-21T07:46:00.000-07:00

I want this car! How about you?

TOKYO – Toyota Motor Corp. has unveiled a more expensive and bigger hybrid-only model than its hit Prius, underlining the Japanese automaker's ambitions to make green technology more widespread. The "Sai" sedan is Toyota's second hybrid-only model after the Prius. Toyota offers hybrid versions of other car models.

To read the rest click here.

Pricing announced for Claremont Green!

2009-10-20T13:49:00.001-07:00

Check it out here - floorplans to come shortly.

Honore Green Reviewed by the Green Bean!

2009-10-20T12:32:00.000-07:00

Architect Jessie McGrath and developer Sylvan Shank, like many others in their field, have gotten into the spirit of Chicago’s green movement, beginning restoration of a project located on 1927 N. Honore. The building, constructed in 1907, was developed during the Chicago’s Garden Movement (c1900-1941), and is located on a street with many three and four story homes of various architectural styles. Many are divided as apartments and condominiums, while all combine to make a dense, interesting urban fabric. Developed into eight units on this one site, the structure is also close to the Clybourn Metra station and the CTA blue line and buses, giving it a high score for its urban siting and density.

To read the rest, click here.

Energy Star Appliances May Not All Be Efficient, Audit Finds

2009-10-19T08:41:00.000-07:00

The Energy Department has concluded in an internal audit that it does not properly track whether manufacturers that give their appliances an Energy Star label have met the required specifications for energy efficiency.

Read the rest of the article here.

October Market Watch

2009-10-12T11:09:00.000-07:00

Download the newest Koenig & Strey market watch here!

Apple's Major Green Effort

2009-10-05T09:23:00.000-07:00

In recent years, Apple (AAPL) has been hammered by several environmental groups. Greenpeace singled it out for its use of toxic chemicals in 2007, and it has done poorly in rankings of the greenest corporations. The criticism is jarring for a company with a cool, progressive image and Mr. Inconvenient Truth, Al Gore, on its board.

Now, Apple is set to launch its most aggressive effort yet to counter green critics. On Sept. 24, the company will release more of the details environmental groups have been clamoring for, on its Web site and elsewhere. Apple, for example, will reveal its annual corporate carbon emissions for the first time. Lack of disclosure of that figure has hurt the company in several rankings, especially because rivals such as Hewlett-Packard (HPQ) and Dell (DELL) have given it out.

Read the rest of the article here.

New Cars for IGO

2009-10-01T08:43:00.000-07:00

Check out the new locations here!

New Koenig & Strey Market Watch

2009-09-17T08:39:00.000-07:00

Download the new Market Watch report here!

New Development! 1041 North Damen

2009-09-11T08:55:00.000-07:00

This beautiful 6-flat has been completely gutted and turned into 6 beautiful homes. This building features 2 one-bathroom units, 2 two-bedroom units, and 2 three-bedroom duplex units with parking included! Each unit has a fireplace and exposed brick in the living room. The kitchens feature stainless appliances, granite counters, and custom backsplashes. The floorplans are great as well. One-bedroom units start at $200,000 and two-bedroom units start at $250,000, and three-bedroom units start at $375,000. Please stop by Sunday, September 13th between 12pm and 2pm to see!

Warren Buffet's HomeServices of America Buys Koenig & Strey

2009-09-10T08:52:00.000-07:00

Effective September 1, 2009, Koenig & Strey became part of the HomeServices of America, Inc. ™ family of companies. HomeServices, a Berkshire Hathaway affiliate, is the second largest, full service independent residential real estate brokerage firm in the United States and the largest provider of integrated real estate services, with over 15,000 agents in 20 markets across the country.

What this means for you is the best of all worlds: the same great service from the local company you trust now backed by the strong ownership of HomeServices.

We are excited about being part of the HomeServices family of companies. We believe that together, Koenig & Strey and HomeServices are creating a real estate powerhouse in the Chicagoland area with unprecedented strength and breadth to serve you.

Please rest assured that this affiliation with HomeServices will only enhance our relationship and my service to you will continue without interruptions or delays.

Important! First Time Buyer Info

2009-09-09T08:57:00.000-07:00

Below is an email I got from one of my trusted Lenders Chris DePaepe:

The first time buyer tax credit of $8,000 is scheduled to end effective December 1st, 2009, the transaction must close by November 30th, 2009.

IMPORTANT, NOVEMBER 30TH IS A MONDAY, THIS IS RIGHT AFTER THE THANKSGIVING WEEKEND WHEN TYPICALLY BANKS AND TITLE COMPAMIES HAVE REDUCED STAFF AND EARLY CLOSING TIMES. This will absolutely have an effect on the dates that realtors should have their buyers go into contract. For your clients that are in the first time buyer category here are a few important tips!

November 25th, most banks and title companies will be at a reduced staff and may also close early.
November 26th, Thanksgiving everything closed
November 27th, many banks and title companies will have reduced staff, and may be closed
November 28th, Saturday - ½ day or closed
November 29th, Sunday - closed
November 30th, Monday - Last Day for first time buyers to close (can you imagine the chaos at title companies?)

In fact if you think about it many people take the week of Thanksgiving off and this will have a major impact at the lenders. The volume is currently picking up on refinances which will also have an effect on underwriting times. To be safe encourage your buyers to go into contract no later than October 15th, producing the timetable above should help the first time buyer to understand the issues. Make sure your clients are pre approved, even if the property address is To Be Determined if your buyer is approved that can save up to 10 business days. FHA loans typically take longer to complete.

The sooner your first time buyer goes into contract, the less stress on everyone! I wrote this e-mail as a direct result of my client who is a first time buyer explaining to me that she anticipated going into contract the 1st week of November and closing before the deadline. This got me to thinking, is that a good strategy for my client? After discussing the above she quickly realized securing a property by Mid October would be the best scenario.

Christine DePaepe
Senior Mortgage Consultant
A and N Mortgage Services, Inc.
1945 N. Elston Ave.
Chicago, IL 60642
P: 773.305.LOAN (5626) ex. 135
D: 773.305.7016
C: 773.848.4144
F: 773.751.5256
E: chrisd@aandnmortgage.com
www.aandnmortgage.com

5% Down at Wells Fargo

2009-09-07T08:59:00.000-07:00

Great news! Wells Fargo now has 5% down on condos again! This is a very good sign about the Chicago market. It indicates that the housing market is stabilizing and lenders are now willing to take a little more risk by expanding their guidelines.

NOTE... This program is only available for Cook county and the surrounding collar counties (basically all of Chicagoland).

Guidelines/Restrictions:
* Purchase loans only (no refinances)
* Minimum credit score = 700
* Maximum debt-to-income ratio = 41%
* Conventional conforming loans only (max loan of $417,000)

Call or email me if you have any questions.

Michael Giganti
Home Mortgage Consultant
Office: 312-475-4193
Michael.F.Giganti@wellsfargo.com

New Video!

2009-08-30T16:07:00.000-07:00

Take a tour of Honore Green, our 8-unit Energy Star rated gut-rehab developement. For availability and floorplans visit the website at www.greenchicagoagent.com/honore.

Introducing Barry Green

2009-08-25T14:52:00.000-07:00

Barry Green is our newest Energy Star rated development located in the West Lakeview neighborhood. This building features 6 two-bedroom one-bath homes starting at $250,000. FHA approval for the building is in the works. Delivery for these buildings will take place in about 60 days. However, if you want to go FHA it is important that we work fast because the rules are changing and you will need to have a case number with FHA before October 1st. For pictures and floorplans check out www.greenchicagoagent.com/barry.

Last unit available at Rockwell Flats

2009-08-20T14:51:00.000-07:00

As sometimes happens in new developments, one of our contracts has fallen through because of financing. This fantastic one-bedroom plus den is featuring kitchenaide appliances and beautiful stone finishes in the kitchen and bath. Immediate occupancy for cash or conventional financing, FHA is available too! Ask me all about it. For photos and floorplans check out the website at www.greenchicagoagent.com/rockwell. 1934 North Rockwell, Rockwell Flats.

Happy Birthday Uptown Theater

2009-08-18T09:30:00.000-07:00

Today is the Uptown Theater's 84th birthday. Hopefully this gem will have some new life soon! For history look here.

First Time Buyer Credit

2009-08-15T14:49:00.000-07:00

I know there are a lot of first-time buyers out there looking for this $8,000 tax credit. I just want to reiterate that you have to close on your home before the end of November, so if you are looking to take advantage of this you need to be out looking at something now.

This article talks about the possibility of extending the deadline for the credit, making it available to all buyers rather than just first-timers, and nearly doubling the size of the credit. But as this article states, increasing the amount is pretty unlikely.

**

Bills to extend the maximum $8,000 tax credit for first-time home buyers, which expires Nov. 30, are pending in both the U.S. House and the Senate.

Sen. Christopher J. Dodd, a Connecticut Democrat and chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill with Georgia Republican Sen. Johnny Isakson that would raise the credit amount to a maximum of $15,000.

Senate Majority Leader Harry M. Reid of Nevada favors an extension of the current credit. He was quoted by the Las Vegas Sun saying, "It's something we can get done."

Odds are that the credit will be extended and broadened to cover all buyers next year, but the chances of the amount increasing aren't as good, observers say.

Looking for a Green Rental?

2009-08-04T15:33:00.004-07:00

The developer of Newport Green has decided to rent out his units. These are fantastic deals and if you are looking for a Green Rental in Lakeview, here's your new home. Check out pricing and floorplans at www.greenchicagoagent.com/newport.

Have you been Greenwashed?

2009-08-01T15:27:00.000-07:00

When you are starting your search for your new home, do you want to buy Green? If so, please know that not all Green homes are alike. Knowing what your priorities are before you start looking will help you weed out the Greenwashing.

Greenwashing is basically creating an image that something is Green when it is not. Bamboo flooring in a home does not make it Green. The purpose of the green movement was to create homes that are more energy efficient. There are some inexpensive items that a builder can ad to their home that are environmentally friendly, but do nothing to enhance the energy efficiency of the home.

When looking for a Green home or condo, it is relatively simple to find out how energy efficient a home is. Ask the agent what designation the building is seeking. There are several designations available. The two most common are LEED and Energy Star.

You won't find many LEED single-family homes, as that program is relatively new. However you will find several condo buildings in the city that are seeking the LEED certification. Ask to see the paperwork! However, my favorite designation is Energy Star. The reason? PROOF! Energy Star doesn't take the builders word for it. They require that each unit that is seeking this designation be tested before getting the final seal of approval.

Bottom Line is if they claim it - ask for the proof!

Our buildings are gutted down to the exterior brick walls. Then, a layer of insulation board that is rigid and will not deflate over time (like fiberglass does) is installed. Next, the interior studs are put in place. This means that the interior studs do not touch the exterior brick walls so that the sun or the winter wind's energy do not transfer to the interior of the unit. Next the studs are packed with more insulation that is made from recycled newspapers. The drywall then is put on top of that. When looking at homes, ask if you will have this type of insulation.

Market Watch Update!

2009-07-30T15:33:00.000-07:00

Click here to read Koenig & Strey's July Marketwatch!

IRS Warns Taxpayers to Beware of First-Time Homebuyer Credit Fraud

2009-07-29T16:21:00.001-07:00

WASHINGTON — The Internal Revenue Service today announced its first successful prosecution related to fraud involving the first-time homebuyer credit and warned taxpayers to beware of this type of scheme.

On Thursday July 23, 2009, a Jacksonville, Fla.-tax preparer, James Otto Price III, pled guilty to falsely claiming the first-time homebuyer credit on a client’s federal tax return. Price faces the possibility of up to three years in jail, a fine of as much as $250,000, or both.

To date, the IRS has executed seven search warrants and currently has 24 open criminal investigations in pursuit of potential instances of fraud involving the credit. The agency has a number of sophisticated computer screening tools to quickly identify returns that may contain fraudulent claims for the first-time homebuyer credit.

“We will vigorously pursue anyone who falsely tries to claim this or any other tax credit or deduction,” said Eileen Mayer, Chief, IRS Criminal Investigation. “The penalties for tax fraud are steep. Taxpayers should be wary of anyone who promises to get them a big refund.”

Whether a taxpayer prepares his or her own return or uses the services of a paid preparer, it is the taxpayer who is ultimately responsible for the accuracy of the return. Fraudulent returns may result not only in the required payment of back taxes but also in penalties and interest.

First-Time Homebuyer Credit

The First-Time Homebuyer Credit, originally passed in 2008 and modified in 2009, provides up to $8,000 for first-time homebuyers. The purchaser, however, must qualify as a first-time homebuyer, which for purposes of this credit means someone who has not owned a primary residence in the past three years. If the taxpayer is married, this requirement also applies to the taxpayer’s spouse. The home purchase must close before Dec. 1, 2009, to qualify, and the credit may not be claimed on the purchaser’s tax return until after the taxpayer closes and has purchased the home.

Different rules apply for homes bought in 2008.

Full details and instructions are available on the official IRS Web site, IRS.gov .

More Tax Smart!

2009-07-22T08:58:00.001-07:00

Click here to read an article about the TaxSMART program.

TaxSMART Qualifications

2009-07-17T08:54:00.000-07:00

TaxSmart is a Mortgage Credit Certificate (MCC) program that provides a federal income tax credit to qualified homebuyers. This MCC reduces homebuyer's income taxes by the amount equal to 20% of the interest paid on the mortgage. This credit may be claimed every year as long as the homebuyer continues to reside in the home and meets income limits annually.

Guidelines:

First-Time homebuyer or Target Area Purchase-TaxSmart defines a first-time homebuyer as any person who has not owned a principal residence at any time during three years prior to closing a loan under this program.* NON FIRST-TIME HOME BUYERS ARE ALSO ELIGIBLE if they purchase a home in a target area. (Call Christine for more details)

Income & Purchase Price -The TaxSmart program has been created to benefit low-and moderate-income housing; therefore, federal law imposes maximum limits on gross incomes and purchase price. **
Principal Residence -The TaxSmart program defines a principal residence as a home occupied primarily for residential purposes and does not include a home used as an investment property, a recreational home or a home in which 15% or more of its total area is used for trade or business. The homebuyer must occupy the home within a reasonable period of time, typically, may not exceed 60 days after financing is provided.
One-to Four Family Home -The TaxSmart program only finances residences containing 1-4 units. A 2-4 unit building may qualify if one unit is the principal residence of the building owner and was occupied for said purposes at least five years prior to applying for a MCC.
New Mortgage -The TaxSmart credit program only allows new mortgages and is not to be used to replace existing loans (whether or not previously repaid)
Program Area-The TaxSmart program is only eligible for homebuyers located in the City of Chicago Under this program, MCCs will be issued to eligible homebuyers on a first - come, first-serve basis. The MCCs are available with both fixed and adjustable rate mortgages.

*First time homebuyers must receive pre-purchase counseling to be eligible and must provide a Certificate of Completion with their applications.

**Purchase price limits are periodically adjusted and do not apply to MCCs issued with respect to qualified home improvement loans.

Christine DePaepe

Senior Mortgage Consultant

A and N Mortgage Services, Inc.

773.305.LOAN (5626) ex. 135

D: 773.305.7016

C: 773.848.4144

F: 773.751.5256

E: chrisd@aandnmortgage.com

www.aandnmortgage.com

Sears Tower Goes Green

2009-07-02T10:51:00.000-07:00

Nearly 40 years after its construction, Chicago’s Sears Tower -- the world’s third tallest building -- is embarking on what could be its greatest adventure: a $350 million, top-to-bottom environmental retrofit that would add wind turbines, solar panels and roof gardens to its iconic profile and trim its electricity use to a fraction of current consumption.

To read the rest of the story, click here.

New Pictures of 744-6 West Cornelia!

2009-06-30T11:59:00.000-07:00

We now have some pictures to share. Check them out here!

Great Article About Buying a Two-Flat

2009-06-29T11:58:00.000-07:00

Read this if you are on the fence about buying a two-flat!

Some Misc Real Estate Stuff ...

2009-06-28T11:56:00.000-07:00

One Rent-to-Own left at Leland!
830 West Leland

We only have one rent-to-own unit left at Leland on the Park! This unit is a 2 bed 2 bath duplex down with a huge living/great room. The kitchen features dark cabinets, granite counters, island with overhang, and stainless steel appliances. There is plenty of room for a full dining room as well as a large living space and a deck. The only thing on the lower level is the private master suite with walk-in closet and bath. Rent is $1,800 per month with the developer giving back 60% of the rent for the first six months if purchased. Parking is available. Click here for floorplan.

Investment Units in Lincoln Park
625 Wrightwood

We are at the tail end of a great development in the heart of Lincoln Park. If you have some cash burning a hole in your pocket and want a turn-key investment, check this out. We have 5 studios left. 4 of which are fully rented at $950 a month. Assessments are $210 per month, which includes heat and basic cable. Taxes have not been assessed yet. The numbers work at 20% down. This building is located in a great neighborhood and you will never want for renters.

What is a Short Sale?

2009-06-26T11:53:00.000-07:00

I get asked about short sales all the time. A short sale is when a bank agrees to let a homeowner sell the home for less that what is owed on it. Some of the time the bank will forgive the difference, the home is considered closed, and everyone moves on with life with their credit still in tact.

What a short sale means for a buyer is the opportunity to buy something and get a good deal. And everyone wants a good deal right? There are some deals out there to be had, but please keep your expectations reasonable. Short-sales take time and patience. Banks are large institutions and do not move swiftly at all. You would think that they would want these assets off their books as fast as they can, but this process for the most part is counter-intuitive.

I read as much as I can, but not everyone can be an expert on everything. These transactions are difficult and take a special expertise, expertise that I do not have. Does that mean that if you are looking for one you should find another Realtor?

Absolutely not. Here's why:

My job as your realtor is to build a team for you to make buying a home as easy as possible. That includes hooking you up with a fantastic lender, inspector, and attorney. Lastly, that can also include a short-sale specialist.

In a short sale or foreclosure situation, the bank makes the rules. You want someone on your team that has relationships inside the bank. This can help easily navigate the unknown waters. I work as your Realtor and my short-sale specialist works as a moderator between the bank and us. This service is completely free to you!

I hope this has answered some questions - it may have created more. Let me know! Give me a call at 312.602.6422 or shoot me an email at brandon@greenchicagoagent.com.

Are you a Chicago Public School Teacher?

2009-06-22T14:47:00.000-07:00

I've spoken with one of the lenders that I use, Chris Depeape of A&M Mortgage, and she informed me of a program that is aimed directly at Chicago Public School Teachers. If this program is of interest to you, let me know by giving me a call or sending me an email at brandon@greenchicagoagent.com. If you happen to know a teacher that this would be helpful for, please forward on this email.

This program has been designed to assist Chicago Public School teachers by providing them with a $3,000-$7,500* home buying grant to be used to purchase residential properties in the City of Chicago. This interest free grant will be forgiven at the end of the fifth term of the loan, providing each client fulfills the specific program requirements.

Requirements:

Must be CPS teacher for one academic year **

Must be committed to teach an additional five years at CPS

Must be a first-time home buyer in Chicago with homeowner-ship education certificate

*Eligible mortgage-related expenses include: title insurance, credit reports, recording fees, appraisals, points, transfer stamps, third-party property inspection fees, prepaid interest, water certification fees,first-year payment of mortgage insurance, other customary bank related closing charges, and/or down payment.

**Waiver of this requirement may be requested by CPS teachers with less that one year experience.

To Participate:

Schedule a first-time home buyer seminar with the Rogers Park Com-munity Development Corporation (RPCDC) home ownership consultant and receive your education certificate. Call 773.338.7732 x. 28

Make an appointment with Christine DePaepe, from A and N Mortgage Services, one of CPS's Lending Partners, to go over the first-time home buying process.

Find your perfect home with your Realtor (ME!) There are many developer partner incentives listed on www.teacherhousing.cps.k12.il.us

Complete your mortgage application with Christine DePaepe and receive your approval letter.

Make sure your application with RPCDC is completed at least ten days before closing.

Go to the closing and receive your CPS Teacher Home Buyer Assistance

Christine DePaepe
Senior Mortgage Consultant
A and N Mortgage Services, Inc.
p: 773.305.7016
f: 773.751.5256
e: chris@aandnmortgage.com
www.christinedepaepe.com

What do do with your old TV?

2009-06-18T15:00:00.000-07:00

On June 12, 2009, all television stations will broadcast their signal digitally. There's no need to throw out your analog television set, you may simply need a converter box to receive the signal. Instead, obtain a government-issued coupon to offset the cost of the converter box for your analog televisions by: (1) Applying online at www.dtv.gov (2) Calling 1-888-DTV-2009.

If you choose to replace your television set, please do not put your old set in your trash can or in the alley. They will be sent to a landfill. Likewise, the Household Chemicals and Computer Recycling Facility does not accept television sets.

Or take your old television set to a location* below.

If you buy a new TV, beware of those with rock-bottom prices, make sure they can receive a digital signal.

Area locations accepting televisions*:

Accepts all TVs, no Fees

ABT Electronics1200 N. Milwaukee, Glenview….all TVs, no fee

Accepts all TVs with a Fee or Restrictions

2301 Howard St, Evanston, IL 60202 , (847) 570-0450 … all TVs but fee or restriction

4100a N Harlem Ave, Norridge, IL 60706 , (708) 583-1839 … all TVs but fee or restriction

8 3262 W Belmont Ave, Chicago, IL 60618 , (773) 279-3799 … all TVs but fee or restriction

Best Buy 2650 N Clark St. (773) 388-2920 … all TVs but fee or restriction

2100 N Elston Ave, Chicago, IL 60614, (773) 486-0142 … all TVs but fee or restriction

1000 W North Ave, Chicago, IL 60622, (312) 988-4067 … all TVs but fee or restriction

Office Depot 352 W. Grand Ave. (312) 670-8200 … all TVs but fee or restriction

Best Buy 555 W Roosevelt Rd. (312) 733-6635 … all TVs but fee or restriction

Best Buy2358 S. Harlem, North Riverside (708) 447-2757 … all TVs but fee or restriction

Great Lakes Electronics5950 W. 66th St. (888) 392-7831 … all TVs but fee or restriction

Best Buy7600 S. Cicero, Burbank (708) 226-0065 … all TVs but fee or restriction

Salvation Army 9000 S. Harlem, Bridgeview (708) 598-2376 … all TVs but fee or restriction

8900 S. Lafayette Ave, Chicago, IL 60620 , (773) 723-5458 … all TVs but fee or restriction

Everlights9901 S. Torrence Ave.(773) 734-9873 … all TVs but fee or restriction

Intercon Solutions1001-59 Washington, Chicago Heights … all TVs but fee or restriction

Waste Management6801 W. 15th St., Gary (219) 977-8095 … all TVs but fee or restriction

Accepts ONLY Working TVs, no fees

Salvation Army 2151 W. Devon Ave.(773) 764-0343 ….. only working TVs

Salvation Army 3301 W. Montrose Ave.(773) 588-7343 ….. only working TVs

Salvation Army 4315 N. Broadway(773) 348-1401 ….. only working TVs

Salvation Army 2941 N. Central Ave.(773) 283-1315 ….. only working TVs

Salvation Army 3837 W. Fullerton Ave.(773) 276-1955 ….. only working TVs

Salvation Army 2270 N. Clybourn Ave.(773) 477-1771 ….. only working TVs

Salvation Army 4141 W. North Ave.(773) 342-2068 ….. only working TVs

Salvation Army 5713 W. Chicago Ave.(773) 287-9774 ….. only working TVs

Salvation Army 509 N. Union St.(773) 738-4360 ….. only working TVs

Salvation Army 2024 S. Western Ave.(773) 254-1127 ….. only working TVs

Salvation Army 5112 S. Ashland Ave.(773) 737-3335 ….. only working TVs

Salvation Army 6434 W. 63rd St.(773) 586-0178 ….. only working TVs

Salvation Army 3055 W. 63rd St.(773) 476-8718 ….. only working TVs

Salvation Army8732-34 S. Cicero, Oak Lawn(708) 425-6064 ….. only working TVs

*The City of Chicago does not endorse nor support the above programs. Residents should check with the store to find the most current policy before traveling to dispose of television sets. Televisions are not accepted at the Household Chemicals and Computer Recycling Facility and should not be left in alleys.

May 2009 Market Watch

2009-06-17T06:59:00.000-07:00

The newest edition of Koenig & Strey's Market Watch is up. Download it here!

Koenig and Strey doing great!

2009-06-11T13:10:00.001-07:00

Hey all,

Just wanted to toot our own horn. To check out our place among the top brokers in the city, click here!

A Message from Joe Spisak

2009-06-10T11:44:00.000-07:00

Why Should I Rush to Buy?

While you may have heard discussions in the media about the decline of property values in many markets, the rate of decline appears to be stabilizing.

That being said, it would not be unreasonable for buyers to want to hold out for an additional decline of 10%, hoping to capture the best possible price. However, as property values have declined in many areas to 2003 levels or lower, waiting longer to pull the trigger could be a mistake. Many markets are reporting that lower property values have been bringing out investors and the result has been multiple offers on many properties. Properties priced correctly are not declining and, in fact, are creating a lot of interest.

Interest Rate Complacency

The problem is that many home buyers have been lulled into a sense of complacency because of extremely low interest rates. Since the Federal Reserve initiated its program of buying mortgage-backed securities, which control the rates people pay for their home loans, rates had been range bound, bouncing between 4.50% to 5.00% for a 30-year fixed-rate loan.

But buyers shouldn't be confused by this. These rates are artificially low! Historically, interest rates have been above 6.00%.

And any rate obtained below this number is a great deal, especially on homes with price tags from 2003!

Markets are Unforgiving

The last two weeks of May showed just how unforgiving the markets can be for people who choose to procrastinate. In just five days, interest rates from many lenders increased anywhere from .50% to 1.00% as fixed-income investors demanded more for their money.

For anyone who was waiting for prices to drop even more, a 1.00% increase in interest rate would bring a higher monthly principal and interest payment on a home, even if the price of that same home had fallen an additional 10% in value.

If your clients are waiting for prices to fall even lower, be aware that while holding out for a lower price may help them win the battle, they could lose the war in terms of monthly payments and overall affordability. With the Federal Reserve scheduled to end its buying of mortgage-backed securities this year, rates only stand to go higher for those that wait. In fact, interest rates are already on the rise and could go higher from here.

Clock is Ticking on Free Money

If you have clients who are planning on purchasing their first home this year, be sure to let them know that they need to take possession before 12/01/2009 to be eligible for a tax credit of up to $8,000. In a survey conducted in March by Move.com, nearly 50% of home buyers are currently unaware that this free money exists in the marketplace. And since over 50% of all buyers are first-timers in today's market, this could impact a lot of your clients.

If you have questions about this update, give us a call. I can show you how waiting for the lowest price could really cost you more in the long run.

Kind regards,

Joseph A. Spisak
Mortgage Banker & Broker
American Foundations MortgageBanc
www.joespisak.com
Cell: 773-255-5989
Efax: 312-268-5315

Rent-to-own in Uptown and Rockwell Flats FHA Approved!

2009-06-05T13:13:00.000-07:00

Get 60% of your rent back when you buy!
Leland on the Park

Ever wish, when you were ready to buy, that you could get some of that rent back? Well now you can. The developer of the building is willing to give you 30% of what you pay over the course of the first six-months of your lease. Basically, you get a chance to try out your new home before you purchase and this still leaves you available to take advantage of the $8,000 first time home buyer tax credit if you qualify. For more details click here.

For pictures and floorplans please visit www.thelelandonthepark.com.

One Bedroom One Bath Top Floor: $1,100 per month. That's $3,960 back!

Two Bedroom One Bath: $1,300 per month. That's $4,680 back!

Two Bedroom Two Bath Duplex: $1,800 per month. That's $6,480 back!

If your lease is up soon and are looking for something else, stop by and check out our units on Sunday from 11am - 1pm. 830 West Leland.

Rockwell Flats FHA Approved!
1934 North Rockwell

It's been a long battle and a lot of paperwork, but this development is finally FHA Approved and are very close to our pre-sale requirement of 51%.

What this means is that you as a buyer only need to put down 3.5%. For photos and floorplans check out the website: www.rockwellflats.com.

Also visit me on Sunday from 2pm - 4pm.

All I can say is that I can't believe it's June 5th already. Please contact me with any questions you have about the market or purchasing your next home. And please, if you have any friends or family looking, tell them to call me.

Sincerely,

Brandon Vejseli
The Collazo Group of Koenig & Strey
1940 North Clark
Chicago, IL 60614

P 312.602.6422
F 866.432.8655
E brandon@greenchicagoagent.com

AIM bvejseli
GCHAT bvejseli

www.greenchicagoagent.com

IM ME!

2009-06-01T07:57:00.001-07:00

Ever been sitting at your desk and have a question about real estate? Ad me to your buddy list. When not on appointments with client, I spend my normal business hours in my office at my desk. Send me an IM when something comes up:

AIM: bvejseli
GCHAT: bvejseli

Looking forward to hearing from you!

How's the Market?

2009-05-29T07:54:00.001-07:00

So whenever I tell anyone that I'm a Realtor, the first thing out of their mouth, "How's the market?" When I tell people how busy I am, they are always shocked. I wanted to show everyone why I'm so busy. What I'd like to start doing on a regular basis is give you some numbers that will show you exactly what is going on in the neighborhoods that I work in.

Here is the key to the numbers below: new units are units that have entered the market in the last 7 days, price changes are units that have had their price lowered, contingent units are units that have gone under contract and are therefore newly off the market, pending units are now out of the attorney review period and are solid contracts, closed and cancelled are self-explanatory.

The numbers to play against each other are new units vs. contingent and cancelled units. This will show you how many units are hitting the market as opposed to how many units are coming off the market.

If there is a neighborhood that you'd like to see email me and let me know! brandon@greenchicagoagent.com.

The Loop
New Units: 20
Price Change: 35
Contingent: 6
Pending: 10
Closed: 8
Cancelled: 17

Near North Side
New Units: 74
Price Change: 96
Contingent: 28
Pending: 29
Closed: 43
Cancelled: 49

Lincoln Park
New Units: 33
Price Change: 36
Contingent: 21
Pending: 17
Closed: 15
Cancelled: 21

Lakeview
New Units: 68
Price Change: 67
Contingent: 38
Pending: 28
Closed: 19
Cancelled: 15

Uptown
New Units: 25
Price Change: 33
Contingent: 10
Pending: 15
Closed: 11
Cancelled: 21

Edgewater
New Units: 18
Price Change: 25
Contingent: 11
Pending: 9
Closed: 19
Cancelled: 11

Market Update from Mark Johnson of USBank

2009-05-28T12:30:00.000-07:00

Stocks enjoyed a good day yesterday on the heels of a better than expected Consumer Confidence Report, and in turn this was obviously not Bond friendly. So far today, Stocks are treading water, hampered by talk of General Motors headed for bankruptcy, as deals to restructure the company look to be falling through.

Existing Home Sales were reported at 4.68M, which was actually higher than expectations of 4.65M. Inventory of unsold home rose to a 10.2 month level from April's reading of 9.6, but well below the 11 month reading seen in November. Of interest, is the huge supply of homes above $750,000, which now stands at a 40-month supply. It's a shame that this area of the market has not received any attention by helping to improve the costs and availability of jumbo loans. The market didn't react much to this news.

Some good news on the economic front, as The National Association for Business Economics (NABE) said that the end of the recession is in sight. A spokesman from NABE said, "While the overall tone remains soft, there are emerging signs that the economy is stabilizing." It went on to say that a modest second-half rebound in real GDP is still expected. An improvement in the economy will likely push interest rates higher over time - yet another reason to get your clients lined up to take action during this opportunity of low interest rates.

The Summer driving season is upon us, and Crude Oil continues to push higher hitting nearly $63 a barrel in trading, a 6 month high buoyed by a rising stock market and economic optimism. This has pushed gas prices to $2.42 a gallon for regular and has increased 18.4% in the last 28 days.

At 1:00pm ET there will be a $35B auction of 5-year Notes and while yesterday's 2-year auction results were good, it will be more interesting to see how the market absorbs the longer maturities set to be auctioned today and tomorrow. Longer-term maturities come with interest rate risk and if investors feel rates are moving higher they may not have an appetite to buy aggressively at these auctions.

QUESTIONS REGARDING FINANCING

Mark Johnson
O | 312.325.2028
M | 708.710-8530
E | mark.johnson7@usbank.com

HUD: Homebuyer Tax Credit Loans Still on Track

2009-05-24T08:22:00.000-07:00

News reports that the federal government is backing away from its plan to permit eligible borrowers to monetize the first-time homebuyer tax credit are off the mark, a spokesperson for the U.S. Department of Housing and Urban Development says.

"The technical details are still being finalized and will soon be published in a mortgagee letter and posted on our Web site," Lemar Wooley, a HUD spokesperson, told REALTOR® magazine Wednesday afternoon.

Under the guidance that's under development, state agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their downpayment. The loans would be repaid with the proceeds from the households' federal tax credit.

The loans were announced on the opening day of NAR's 2009 Midyear Legislative Meetings in Washington, D.C., last week. In his announcement, HUD Secretary Shaun Donovan said guidance would be issued shortly.

When the guidance is released, it is expected to cover eligible lenders and set parameters for loan terms and repayment.

Source: REALTOR® Magazine Online

Daily Real Estate News

Do You Dream of a Single Family Home?

2009-05-23T05:12:00.001-07:00

Dear Brandon,

For many of us the goal is this: a single-family home with a basement, backyard, and a garage. The 2-bedroom 2-bath condo is just a layover before heading to the final destination. What if I told you there was something else out there that might be a better layover for you and help you reach your goals even sooner?

The problem with the condo is you work to pay the bills but it doesn't return the favor. You put your sweat equity into it hoping that it appreciates in value over the 3-5 years you plan on staying there, but it doesn't put a check in your hand every month and you still have to deal with close neighbors and condo boards. What if there was something better?

That something that will get you closer to your goal, that something better are multi-unit buildings. As the owner of a multi-unit building you still have common living like you do in condos, but you are the boss of them! You don't have condo boards to answer to, you don't pay assessments every month, in fact your neighbors hand YOU a check every month. You still deduct the taxes and interest for your home as you would in a condo, but now you also have more income to claim. There are always pro's and cons to each situation, but both sides of this scale are worth reviewing.

A few of the neighborhoods where multi-unit homes have become very affordable are Irving Park and Albany Park on the Northwest side of the city along the Blue Line. The median price of 2-4 unit homes in these areas in April of 2007 was $474,000. It has dropped to $210,000 in April of 2009. Take a look below where I give compare what you get in Lakeview vs what you get in Irving Park.

What can I get for $350,000 in Lakeview?
2 Bedroom 2 Bath Condo

There are currently 28 condos listed in Lakeview priced between $345,000 and $355,000. There are high-rises, mid-rises, courtyard buildings, and 3-flats. Some in original condition and some rehabbed. Some have parking and outdoor space, some don't. There is something for everyone.

As an example, I have chosen 652 West Aldine unit 2 which is listed at $350,000 with Sudler Sotheby's. This is a beautiful unit in a rehabbed courtyard building. It features 2 bedrooms, 1 bathroom, wood-burning fireplace, laundry in unit, and one parking space is included. There is also a small porch off the rear of the unit. Taxes for the 2007 year were $2,989 and the monthly assessments are $156 which includes the basics, water, common insurance and the basic upkeep of the building. Heat/Gas is up to the owner.

What can I get for $350,000 in Irving Park?
4 unit multi-unit building

In the Irving Park and Albany Park neighborhoods combined, there are 11 active multi-unit homes on the market priced between $345,000 and $355,000. There are many different styles of buildings from frame to brick.

I have chosen 4116 North Keeler as an example. The list price is $350,000 and is listed with Baird & Warner. This building has 4 units and sits on a 50x156 lot! The unit breakdown is this: 2 two-bedroom one-bath units, 1 three-bedroom one-bath unit, and one studio. The interior likely needs some work, but seems as if it's been well cared for. This home sits on two city lots. The yard is just huge! Plus there is parking for 6 cars!

The biggest thing to be aware of when purchasing a multi-unit building of the monthly expenses. The biggest expense? Gas. Most buildings provide heat to their tenants. The expenses will vary from building-to-building. Taxes for this building in 2007 were $6,375. Much higher than the condo and this is likely due to the large lot.

Each unit is currently rented on a month-to-month basis with a total income of $2,600 a month. If the owner were to take the 3 bedroom unit, that leaves a monthly income of $1,700 to help cover mortgage and expenses.

How do I finance a multi-unit home?
Answer: FHA!

Financing this purchase is simple, GO FHA! With an FHA loan, your down payment needs to be 3.5% of the purchase price which must be below $410,000. In the case of 4116 Keeler, you would need to come prepared with a $12,250 down payment plus closing costs, depending on the terms that are negotiated. With a home that is 3 units or more, FHA requires that the total market rate rent for the building cover the mortgage, taxes, and insurance for the building. This can include the unit that you are living in. And what if the unit needs work? There are still lenders out there who will do a construction loan if need be.

But lets not get ahead of ourselves here. I want to be clear on the process:

1. Get Pre-Approved for a mortgage and loan amount.

2. Get in the car and look at the available listings.

3. Decide on a building to make an offer on.

4. Get a complete and accurate list of all expenses on a 12-month basis.

5. Get a complete description of each lease and what expenses each tenant is responsible for.

6. Determine monthly expenses along with the mortgage to determine an offer.

7. Make the offer!

8. Upon acceptance, perform a building inspection to determine the condition of the building.

9. Review the inspection and determine if going forward is the right thing to do.

10. Secure financing and close!

Word from Michael Giganti

When I started looking for a place to live in 2005 I wanted two things: a suburban feel in the city and a yard. I started looking at Single Family Homes but the price points where too high with what I was comfortable spending each month. My agent suggested multi-unit buildings, and what a great idea it was. I could live in the property and use the rents from the other units to offset my monthly payments. I found a place in Irving Park that I love. It is a great area with a suburban feel and I have a yard.

As an owner of multi-unit building and my experience as a Mortgage Broker I am a great resource to ask questions about financing and about being a landlord. I can offer great rates and insight into the advantages of owning a multi-unit building.

Michael Giganti
Home Mortgage Consultant
Wells Fargo Home Mortgage

773-360-3014 Direct
866-798-5016 Facsimile
michael.f.giganti@wellsfargo.com

In either case, there are advantages and disadvantages to weigh. Not only financial, but life-style wise. There are also many neighborhoods in the city that have great multi-unit buildings available at many different price points. Investors, there are also great opportunities for you! If you have any questions at all please don't hesitate to contact myself or Michael Giganti. The both of us are here to work as a team to get you the home of your dreams.

Sincerely,

Reporting Graffitti to 311

2009-05-22T08:30:00.000-07:00

Thought this might be helpful:

What is the address or closest address? (Very Important!)
Where on the building or structure is the graffiti located? (Very Important!)
What type of surface it is on (such as painted brick or unpainted brick)?
What is the color and approximate size of the graffiti?
How high up is the graffiti? If higher than one story, they will need to bring a special truck.
If you know, is the graffiti gang-related?.... this type gets higher priority

Note you may report graffiti on public property as well such as street light poles, signs and mailboxes.

If you have any questions about whether graffiti might be gang in nature, please contact Bess Sagartz in our office at the email address cc'd above or at 773-293-8414.

Model Ready at Honore Green

2009-05-18T16:25:00.000-07:00

Hello everyone! I'm so glad to report that our model at Honore Green is complete! Click here to check out the photos. I'm so happy with the way it turned out. Look out for a video in the next few weeks that will include an interview with the developer!

For floorplans and pricing click here!

Street Fest Time!

2009-05-15T11:45:00.000-07:00

If you are anything like me, there is nothing better than spending a beautiful day walking up and down a street festvial. Click below for the schedule. My favorites are the Andersonville Midsommer Fest, Venetian Night, and Market Days!

Click here

Price Reductions and Open Houses

2009-05-14T15:16:00.000-07:00

This week has been a busy one! Below I outline some of the changes that we've made on our long list of developments. Take a look:

Price Reductions at Wellington Green!
$20,000 reduction!

Wellington Green is such a fantastic development. In order to get more people through our doors to check it out, we've lowered the prices on two of the units in the building. Our one-bedroom unit has been lowered $20,000 to $249,900! Our two-bedroom unit has been lowered $10,000 to $319,900. For floorplans check out the website: www.greenchicagoagent.com/wellington

More Price Reductions at Rockwell Flats
$15,000 reduction on our two bed, two bath unit.

You won't find better finishes that here at the Rockwell Flats. Six units in the building with a mix of one-bedroom plus den units starting at $199,900 and two bedroom units starting at $239,900. This developer is motivated and wants offers! Please come to visit me at my open house on Sunday March 17th between 2pm and 4pm. For floorplans www.greenchicagoagent.com/rockwell

Great Prices at Leland on the Park
Two bedroom homes starting at $239,900 steps from the lake!

If lakefront living is for you, then we've got the condos! One bedroom homes with private decks at $199,900 and two bedroom homes starting at $239,900 with duplexes in the low to mid $300's. Parking is available as well! This quiet cul-de-sac street is steps to the lake as well as a short walk to the Lawrence/Broadway entertainment district. Stop by my open house 11am-1pm on Sunday May 17th. For floorplans visit www.thelelandonthepark.com.

This has been a busy week. Thank you as always for taking the time to read what I have to write. I hope to see you on Sunday at one of my open houses.

Gov. Pat Quinn plugs I-GO’s plug-ins

2009-05-12T08:25:00.000-07:00

Declaring “The future is green,” Illinois Governor Pat Quinn—a longtime supporter and friend of I-GO—threw his support behind I-GO’s and ComEd’s joint effort to give I-GO members a rare, early introduction to plug-in electric vehicle technology.

Quinn was speaking at an April 21 press conference at the James R. Thompson Center, where the new cars—two Toyota Priuses converted to plug-in hybrids—were also parked for the gathered news media and the governor (pictured below, left) to inspect up-close. On a full charge, and given a conservative driving pattern, I-GO’s plug-ins are capable of up to 100mph fuel-efficiency within a 30-mile electric range.

“I-GO is part of a movement toward car sharing, flex-fuel vehicles, plug-in electric cars, and charging stations that are linked to a smart energy grid and convenient to motorists,” Quinn added. “We have to see the future. We can do this. This is the challenge of our lifetime.”

Quinn’s backing of green industry initiatives also includes signing an executive order to reduce the environmental impact of state government operations and an agreement to purchase 100 percent wind power for all Springfield state buildings managed by the Illinois Department of Central Management Services.

Car sharing could play a significant role in helping state, federal, and municipal governments reduce their dependence on fossil fuels, as well as transportation costs, by making fleet vehicles available to car-sharing consumers during hours when they’re not in use.

* From IGO Newletter *

First Time Home Buyer Credit - The DETAILS

2009-05-11T13:31:00.000-07:00

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

The Big Stress Test

2009-05-10T12:08:00.000-07:00

You've probably heard that our nations largest banks were subject to a stress test. From what I understand, it was a test to show how well capitalized each bank was. See the results by clicking here.

Want to setup a booth at the Green Festival?

2009-05-06T03:55:00.000-07:00

Looking for a GREEN event to attend? See below:

On behalf of Green America and Global Exchange, we invite you to exhibit at the Green Festivals, the world’s largest consumer events dedicated to organics, sustainability, and social justice. Last year, over 35,000 Chicago attendees from the region came to this forward-thinking event to buy green products and services, to learn from world-renowned speakers, and network to enrich their lives and restore the planet.

This May 16th & 17th, 2009 will be the third annual Chicago Green Festival. We are excited to once again be at the Navy Pier. Mayor Richard M. Daley personally invited the Festival to come to the Windy City as part of his plan to make Chicago the “greenest city in the USA”. Again, he is personally having the city government sponsor the event. Come join us for one of the largest sustainability events in the world, and help us get closer to an economy that works for everyone.

We feel it important to say, even in the midst of the economic downturn, Green Festival businesses reported record sales at the November Washington DC and San Francisco events - making them the most successful Festivals to date. As a green 'economic stimulus package', we are extending our 20% discount for all booths in all cities and with payment options for your convenience.

Please visit www.GreenFestivals.com for current information, press releases, exhibiting and speaker details. Schedule information will be updated as it becomes available. Please feel free to contact me should you have any questions or need additional information.

Thank you for your interest in the Festival. We look forward to speaking with you about exhibiting at one of our events this year, and hope you are having a green day!

Obama Speaks About Renewable Energy and the Economey

2009-04-28T13:23:00.000-07:00

March Market Watch

2009-04-20T13:17:00.000-07:00

Happy Monday to you! What better way to start off the week with the latest Market Watch from Koenig & Strey? Click here to take a look.

Joe Spesiak Has Some Info For You:

2009-04-19T13:07:00.000-07:00

Whether you have questionable or excellent credit, 3.5% or 20% down, a small loan or a loan in the Jumbo realm, (above $417,000 on single family residences), I can offer solid financing to support your short and/or long-term goals.

Yes, loans are available for borrowers with less than 20% down and a less than stellar credit score. The housing market has been rebounding even though other financial sectors continue to have trouble.

Why?

With the federal government backing loans and shoring up the credit market, there is no longer a huge shortage of money. Those first time mortgage borrowers or homeowners wishing to refinance to a better rate can do so.

Sure, credit standards have tightened a bit, but many people can still put only 3.5% down to purchase a home with an FHA-insured mortgage.

Contrary to current popular belief, you do not need a stellar credit rating in order to qualify for good rates and low down payments. The FHA has forgiving standards for credit, because the goal of the FHA is to help those with less-than-perfect credit realize the dream of homeownership. One can expect reasonable rates and fees with scores in the upper 600s - not bad!

Now, if you planning to use a conventional loan to buy a home, there are some loans that can allow you to purchase with only 5% down payment, yes, these come with PMI (private mortgage insurance), and it may be a little bit more expensive than it was in the past, but this is better than having to put 20% down payment.

Overall, mortgage rates are still very low by historical standards.

Also, because of all the foreclosures and short sales, homes are now priced closer to what they were in 2003 and 2004. With that type of pricing in place, buyers are beginning to come in off the sidelines to purchase.

So are you ready for home ownership? Contact me and let's find out.

I keep you informed. So please keep me in mind for your referrals!

As you have seen over the years, I am dedicated and keep you consistently in touch with the latest market trends and mortgage options. I have also made sure you are provided with the best options and rates as this is my commitment to you.

All I ask for in return is that you pass my name and contact information on to your friends, family and fellow associates for their lending needs & questions.

Give me a call today at 773-255-5989, to learn more about the best loan options available now.

New pricing at Leland on the Park & New Mortgage Programs

2009-04-14T12:53:00.000-07:00

This week I met with Mark Johnson of USBank to get two of our new developments approved for their American Dream program.

If you haven't heard of this program, click here to download the flier. In short, you only needs 3% down and there is NO PMI! If you have a 600 credit score or better with a debt ration of 41% or better you are in the running! We can close the next contract with these programs as we have met the pre-sale requirements.

So if you are looking to buy a new home, but have been told you must do FHA, this program may work for you as well. Check out the buildings that have already been approved for this program:

Leland on the Park - NEW PRICING - 830 West Leland

If you are looking for a gut-rehabbed vintage building in Uptown check out Leland on the Park, 830 West Leland. *NEW PRICING* 1 Bedrooms at $199,900, 2 Bedrooms from $239,900, and 2 Bedroom Duplex units from $334,900.

Rockwell Flats - 1934 North Rockwell

For buyers looking in West Bucktown, check out the Rockwell Flats. 1 Bedroom + Den units starting at $199,900 and two bedroom units starting at $254,900 and a top floor 3 bedroom unit at $279,900. The finishes are fantastic with Kitchen Aid appliances!

The Bellevue - NEW PRICING - 3754 North Bernard

If you are looking in Irving Park, we have 6 remaining units in a vintage gut-rehab at 3754 North Bernard. We have one Jr. One Bedroom at $99,000! One Bedroom units start at $159,900 and two bedrooms start at $174,900.

The American Dream program can be used in many buildings around the city. If you are interested in this program or any of these buildings, please call me to setup a showing at 312.602.6422. Thank you for your time, and as always if you have any other questions let me know and I always have time to talk to your friends.

IGO Gets a Plug-In Hybrid!

2009-04-13T13:05:00.000-07:00

Ever wonder what it’d be like to drive a car that gets 100 miles to the gallon?

You don’t have to wait until 2015, the deadline President Barack Obama set in his New Energy For America plan to put one million plug-in hybrid electric vehicles (PHEVs) on the road. Thanks to generous support from ComEd, I-GO just added two plug-in hybrids to its fleet.

The cars—converted 2009 Toyota Priuses—are located in the Millennium Park north garage at 201 E. Randolph Dr., and at 900 S. Clark St. in the AMLI 900 residential tower’s garage. (Another big thanks to AMLI Residential for providing the charging station installation at their property.)

On a fully charged battery, these cars are capable of achieving fuel economy in excess of 100 mpg and reducing CO2 emissions by up to two-thirds over the standard Prius.

But don’t take it from us. Try them out for yourselves. After logging in on our website, I-GO members can select “Toyota Prius Plug-In Hybrid” on the Vehicles drop-down menu in the reservation section. Or enter the vehicle ID numbers in the space below the menu: #4405 for 900 S. Clark St., #4403 for Millennium Park, 201 E. Randolph St.

More tips and guidelines for using the vehicles can be found on our website.

Operating the plug-in hybrid is similar to that of a normal Prius (and if you need tips on that, check out the Toyota Prius Quick Guide in the I-GO Member Manual). The difference, of course, is that, before you can start the car you’ll need to unplug the extension cord from the back of the car and retract it on the spool located next to the garage wall. Then, after you return the car and swipe out with your smart card, just remember to plug it back in!

Land and Investment Buildings

2009-04-07T12:16:00.000-07:00

For those investors out there, click on the link below to see a few of my investment listings. Any questions, let me know!

My Listings

First Time Buyers!

2009-04-03T12:01:00.000-07:00

On the bus every morning I watch the news on my IPhone. Sometimes I think it's not the best way to start the day. Doom. Gloom. That's all I'm hearing and it's getting old REAL fast. No one understands the uncertainty of the world right now more than your friendly neighborhood realtor.

I can understand waiting to buy a home if your line of work is in jepordy, but if you've got a solid job WHAT ARE YOU WAITING FOR!?! Especially you first timers. Don't renew that lease! Keep in mind three things:

1. $8,000 take credit for first time buyers. If you haven't filed your taxes yet, you can file an exention and claim the credit THIS YEAR!

2. Incredible rates! If you want more information on rates let me know and I'll put you in touch with great lenders.

3. Great prices - people are negotiating like never before.

So put all of these things together, shake, stir, then call me.

First Time Buyer Credit

2009-03-17T13:12:00.001-07:00

Thinking about buying your first home? Good news — now may be a great time to make your move! For a limited time, qualified first-time homebuyers may receive a tax credit up to $8,000 as part of the American Recovery and Reinvestment Act of 2009.

If you plan to live in the home as your primary residence and have not owned a home during the past three years, you may qualify for the tax credit. As long as the home remains your primary residence for at least three years, you will not have to repay this tax credit.

Get Started Now
Take your first step by talking to your tax advisor for more information and then talking to me for a PriorityBuyer® preapproval1. You may be able to buy your first home sooner than you thought possible.

• Available to first-time homebuyers
• Credit amount up to $8,000
• Eligible for homes purchased on or after January 1, 2009 and before December 1, 2009
• Available on single-family detached homes, townhomes and condominiums — newly constructed or pre-existing homes
• The tax credit does not need to be

Leland on the Park

2009-02-27T12:11:00.000-08:00

Introducing Leland on the Park: Check out the video:

Price Reductions at Newport Green!

2009-02-25T10:34:00.000-08:00

Lower prices at Newport Green! There are 6 two bedroom two-bath units at this development, and they have come down roughly $15,000 from where they are started. We now also have a fully furnished model unit to show you! Check it out here. If you haven't taken a spin through these units, you really should. Give me a call to schedule a time!

Wondering where to recycle your cell phone?

2009-02-22T09:33:00.000-08:00

The EPA has a website that will tell you exactly where to go. Check it out here!

Chicago Market Watch

2009-02-19T08:12:00.000-08:00

Koenig & Strey has put out their "Market Watch" for January. Download it here!

Uptown Theater

2009-02-18T10:38:00.000-08:00

Anyone that knows me knows that I'm kind of obsessed with the Uptown Theater. If I ever win millions in the lotto, I know where it's going.

Check out these phots: click here.

What the Stimulas Bill Has In Store for You

2009-02-17T09:30:00.000-08:00

Christine Depaepe of A&N Mortgage broke it down for me:

1. Purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as “first time” buyer.

2. Buyer must live in the house for 3 years, or they will be obligated to pay back the credit

3. NOTE: INCOME RESTRICTIONS – To qualify buyers must make less than $75,000 for singles or $150,000 for couples. (There may be a partial credit for higher-income buyers, $95,000 (??) for singles and $170,000 (??) for couples but again I can’t seem to locate this amount in the verbiage yet)

4. This can be taken on your 2008 tax return even if you have filed, you can do an amended return for 2008 to claim the credit

NAR's Take on the Stimulus Package

2009-02-15T10:35:00.000-08:00

Here's our take on the Stimulis Bill and Treasury announcements made this week. We look at the Stimulis package AND the Treasury's package holistically, in compliment with each other - mostly because that's how the Obama team is looking at it. Your representatives, the NAR Board of Directors, asked us in November to do 4 things (with an unspoken but clearly understood mandate to PRESERVE what we already have). Here they are: 1) get loan limits raised for high cost areas, 2) make the $7,500 tax credit NOT a loan, 3) try to find ways to push interest rates down (which are higher than they should be due to systemic risk right now) by 200 basis points, and 4) help provide solutions to the foreclosure/short sale problem.

So here's what we have achieved: 1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000 with NO payback [a true credit], 3) interest rates have come down 125-150 basis points, and 4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.

In addition, we preserved what we have - which some tend to forget is always on the table when these negotiations start up again - mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for their pet projects).

We did make a run at the $15,000 credit -- and we would have loved to have gotten that or the Homebuilders $22,000 credit idea as well as their 5 year loss carryback deal, but they were considered too rich for this program. What it did do though is totally take the debate off of whether a tax credit should be reinstated at all (it expired last year) and whether it was a true credit or a repayable loan, and kept the conversation on how much it should be. It also kept the debate off of 'what we are willing to give up to get a $15,000 tax credit' and kept the debate again, on how much it should be. It's pretty hard to complain when they give you what you ask for and you lose something you never had.

While we study the Treasury specifics on their major role in providing the rest of the housing solution -- there is much more to come and we are working diligently with the Administration to help 'unclog the pipeline' and get capital flowing into housing again.

Sincerely,

Charles McMillan, CIPS, GRI
2009 NAR President

Great Financing Programs!

2009-02-13T07:37:00.001-08:00

From Mike McNamara of Wells Fargo:

This is huge.... Wells Fargo negotiated an agreement with a PMI company to allow us (Wells Fargo only) to finance homes up to 95% LTV with PMI. NO CONDOS (yet... we're working on it!). This will help broaden the pool of first time buyers once again. Time to start selling some "starter homes" (single family only)!!!

This is restricted to first time buyers only. See attached for particulars. They define a first time buyer as someone who has not owned within the past three years.

Hooray!!!

Mike McNamara

Loan Officer

Office: 773-360-3011

Looking to make some changes at home?

2009-02-11T07:20:00.000-08:00

You are invited to A and N's FREE Rehab Seminar!

Do you want to increase your sales?

Take advantage of this FREE educational seminar provided by A and N Mortgage Services, Inc.

Time and Location:

Wednesday, February 18th at 12:00pm - 1:30pm
A and N Mortgage Services, Inc.
1945 N. Elston Ave. Chicago, IL 60642
Please RSVP to Jamie Franz at jfranz@aandnmortgage.com
773.305.LOAN (5626) ex. 120
A light lunch with beverages will be served
FREE PARKING
LOCATED DIRECTLY OFF 90/94-ARMITAGE EXIT AND ONE BLOCK AWAY FROM THE METRA CLYBOURN STATION AT THE CORNER OF ELSTON & ASHLAND

Hope to see you there!

Introducing Leland on the Park

2009-02-06T16:25:00.000-08:00

Hey All,

Sorry for the silence. It's been a very busy week preparing for the launch of my new project, Leland on the Park. This fantastic development has it all! 1, and 2 bedroom units! The finishes are unique and warm. Come check it out!

830 West Leland, Sunday 12-2.

Donate Your Old Phones to Chicago House

2009-02-04T07:16:00.000-08:00

Put your old cell phones to good use!

Chicago House is partnering with "Cell 4 Dough" to recycle cell phones, PDAs, MP3 players, and even laptops into CASH for Chicago House!!!!

Even if your phone doesn't work, Cell 4 Dough will recycle the useable components and dispose of the rest in an environmentally responsible way. Phones will be cleared of any data.

Since 1985, Chicago House has provided permanent housing and supportive services to men, women, and children living with HIV and AIDS. Our programs have since expanded to include community case management, substance abuse counseling, HIV prevention, medical adherence, and the Midwest's first employment training and placement program specific to people with HIV. Chicago House now also offers free, anonymous rapid HIV testing.

Check out these GREEN organizations!

2009-02-03T07:12:00.000-08:00

Colori is a unique eco-paint boutique and color lab. Carrying high performance low-VOC paints, Colori specializes in customized colors, color matching, and color consultations.

www.colorichicago.com
Contact: Michelle Quaranta
(773) 252-4923

Green Dream Group

Green Dream Group is a Chicago-based energy efficiency and eco-consulting firm whose RESNET-certified professionals offer Energy Audits/Ratings, Third-Party Verification, and Weatherization services.

www.GreenDreamGroup.com
Contact: Corbett Lunsford
(773) 398-5288

Green Home Experts

We're One! Celebrate Green Home Experts' 1st anniversary with us. Green Home Experts specializes in eco-friendly building and home supplies.

*Good for in-stock items up to $100. Does not include special order items.

www.GHExperts.com
Contact: Maria Onesto Moran
(708) 937-5403

Green Tree Painting Design

GreenTree Painting Design is a commercial and residential painting contractor that uses no-VOC or 100% natural paints and stains. The main goal of GreenTree Painting is to minimize the impact that painting will have on the environment.

www.greentreepaintingdesign.com
Contact: Ryan Cohler
(773) 573-0583

myEarth 360

From the eco-practical to the eco-chic, everything you buy counts for the earth. A portion of all sales are donated to the National Environmental Education Foundation and support the "I Count for myEARTH" campaign.

*For orders $50 or more; shipping promo code: CSBAFS.

www.myEarth360.com
Contact: Lynn Hasselberger
(773) 573-0583

Salon Echo

My Valentine: $100
Deep tissue massage, scalp treatment w/ blow dry.

My Sweetheart: $150
Organic chocolate/strawberry facial, manicure and pedicure.

Romance Me: $150
Hot stone massage, organic chocolate/strawberry manicure
and pedicure.

Yours Forever: $200
Hot stone massage, organic chocolate/strawberry facial, manicure and pedicure.

www.SalonEcho.com
Contact: Maria Sigman
(773) 989-2358

Simplicity Works Organizing

Getting organized means re-imagining your space, your time, your year. We'll help you take control of your home or office so you can live better with less stuff and more creative and efficient systems.

www.SimplicityWorksOrganizing.com

Contact: Molly Boren

(773) 915-3537

Skiba Consulting, Ltd.

Skiba Consulting helps small and medium-sized businesses define their vision for the future and develop a roadmap for achieving success. We specialize in working with companies that want to incorporate a sustainable mindset into their strategic business and environmental planning.

www.skibaconsulting.com
Contact: Zbig Skiba
(847) 242-9156

Uncommon Ground

2009-02-02T07:11:00.000-08:00

uncommon ground presents...

the GREEN ROOM SESSIONS
a FREE monthly "eco-mixer"

uncommon ground
1401 West Devon Avenue Chicago
February 12th, 2009 6-8 pm

uncommon ground and the "Tree-Tini" are proud to sponsor the Green Room Sessions; a FREE monthly eco-awareness series featuring local environmental organizations along with live music and FREE appetizers featuring the product of a local farmer or producer prepared by uncommon ground's Executive Chef Brian Millman.

Our theme for the February green room session is
environmental building, planning & development

our featured guest participants include:

Edgewater Development Corp.

Andersonville Green Business Certification Program

Terralocke

Greene & Proppe Design

Environmental Law & Policy Center

Greenwerks Contractors

Manske, Dieckman & Thompson Architecture & Interiors

Green Home Chicago Design Center

Zen Plus Architecture

City of Chicago Department of Planning & Development

Intrinsic Landscaping

eat
Executive Chef Brian Millman will be preparing FREE appetizers utilizing product from Chicago's own Green City Market.

drink
$5 TreeTinis - a year-round offering that changes seasonally featuring only the finest organic ingredients, Veev Acai spirit & organically produced Rain Vodka. For every TreeTini ordered, a tree is committed to be planted. Over 5,400 trees to date. A representative from Veev will be tasting product.

look
Featured environmental building and development participants
will include Edgewater Development Corp., Andersonville Green
Business Certification Program, Terralocke, Greene & Proppe Design,
Environmental Law & Policy Center, Greenwerks Contractors, Manske,
Dieckman & Thompson Architecture & Interiors, Green Home Chicago Design Center, Zen Plus Architecture, the city of Chicago Department of Planning & Development and Intrinsic Landscaping.

Our participants represent sustainable architecture, development and
design and work towards doing so with an eco-conscious approach.

listen
Performance by "Loyola Music Night" featuring Anthony Molinaro (jazz)
immediately following the green room sessions at 9pm

Please join uncommon ground for a very special evening of great food, amazing cocktails, live music, and amidst it all, support some great causes...