The Chicago 77

The S&P/Case-Shiller Index of prices in 20 U.S. cities dropped 18.5% in 2008, according to Standard & Poor?s, the New York-based ratings agency that compiles the index. Nationally, single-family home prices are at levels not seen since the third quarter of 2003 , says Crain’s Real Estate Daily.?There are very few, if any, pockets of turnaround [...]

Of the thousand’s of buildings in Chicago, I’d like to single out The Montgomery as one of my favorite buildings.  The once corporate headquarters for Montgomery Wards Catalog Company is now a 28-story, 245-unit residential tower in Chicago’s emerging and posh River North neighborhood. An Icon of Modernism Montgomery Wards Company originally built their 26 [...]

The recent stimulus plan that was enacted can help home buyers, but it’s limited to certain situations.  If you are a first time home buyer, or if you have not owned a home in the past three years you could qualify for this credit. The credit cannot be used at closing, however.  This credit is [...]

A week of record high temperatures in early spring cause rapidly melting snow to overflow a stream located in the backyard of a home in Chicago. The exterior drain of the home backs up and allows water to enter the finished basement, resulting in flood damage. The water causes a crack in the foundation and [...]

President Obama has signed into law the economic stimulus bill. That meant its name has now been changed to American Recovery and Reinvestment Act. The $787 billion law has been greatly cheered and resoundingly booed by all sides of the political spectrum. It’s goal is to get the US economy going, and since housing is [...]

Everybody knows there is a huge housing crisis. Foreclosure rates are higher than ever, and property values are plummeting as a result. There?s plenty of blame to go around, from Wall Street, to the banks and lenders, to the individual loan officers, to the home buyers and homeowners. How Did It Start? Wall Street investors [...]

On Tuesday, February 10th at 6:00 pm the paperwork was signed and Sudler Sotheby’s International Realty closed on its acquisition of Century21 Sussex & Reilly. This acquisition effectively doubles the size of Sudler Sotheby’s: it now has approximately 500 agents and 10 offices throughout Chicago. As happens every time there are major acquisition rumors flying, [...]

There seems to be a lot of misunderstanding and many misconceptions around what mortgage insurance (MI for short) actually does. Mortgage insurance is typically required on mortgage loans where the amount borrowed is 80% or more of the appraised value. The other distinguishing characteristic of mortgage insurance is it can be expensive.

Condos in All Shapes and Sizes…But They All Have Associations We all know that the major type of property changing hands and being built in the city of Chicago is Property Type-2.  The formal term is Single Family Attached and what most people call a condominium or townhouse.  With condominiums you will more than likely [...]

In this market of long listing times and high inventory, there are a few ways to make your home stand out and sell quicker. You’ve Got to Start with Price, Price, Price A Clean Well Lit Place Sells The absolute most important item is price.  If your price is not competitive and realistic to what the market will bear, then [...]

Maybe you may have heard all the buzz about Republicans wanting a 4% fixed mortgage rate for mortgages. Let’s take a look at it a little more closely. It’s a HUGE undertaking that will be wildly expensive, and hard to implement, despite what the idea’s proponants are saying. And, you still need Wall Street’s buy-in.

Reaching for 5 Percent Government loan giants Fannie Mae and Freddie Mac, as well as the Federal Housing Authority (FHA), a division of the Dept. of House and Urban Development (HUD), have been slowly, but surely, tightening up guidelines, and making it more difficult for all but the very most qualified borrowers to get the [...]

When people look at apartments, they tend to look at the layout, the size of the bedrooms, the light coming through the windows, and most importantly if it fits their budget. There are a few other questions renters forget to ask. Here are ten (maybe more…) to make sure to either get the answer to or investigate yourself.