2344 Lincoln Park West #3, Chicago IL 60614
MLS# 08000561

Enchanting Beaux Arts Beauty!

Entire floor in a Beaux Arts beauty! Enchanting six unit elevator building affords privacy in Lincoln Park’s best location on the park.  Lake and park views plus four exposures let in the sunlight and the seasons, and the open, flowing floor plan affords flexible use for contemporary living. 

The expansive 35” foyer fronts the bay windowed double parlor with gas fireplace and carved columns.  Marvelous formal dining room with exquisite ornamental ceiling leads to informal window seated breakfast nook.  The sizeable kitchen was remodeled with Snaidero cabinetry, Thermidor, Subzero and Gaggenau appliances and features a breakfast bar, cooking island, prep sink, planning desk and additional family room storage.   

Two separate bedroom wings house the five bedrooms and four full baths.  The front section contains the master plus two additional bedrooms, all with en suite baths and generous closets.  The rear wing has two bedrooms and a full bath complete with malachite custom tile work and double sink vanity.  

Two car attached, heated garage parking and storage locker are included, and the building features passenger and freight/service elevators, landscaped entry, and a superb Lincoln Park location.

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties

2951 North Lincoln Avenue  

Chicago IL 60657

Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago!  Call us today!

5300 N Ravenswood Ave #1W, Chicago IL 60640
MLS# 07998871

Awesome Andersonville Duplex!

Awesome Andersonville duplex up in quiet, gated, landscaped garden! Unique three bedroom home that lives like a townhouse with a private entrance into the voluminous great room with 18’ ceiling, hardwood floors, and slate gas fireplace. The kitchen features an island breakfast bar, granite countertops, maple 42” cabinets and stainless steel appliances. Two fully enclosed bedrooms plus a full bath complete the first floor. The upper level features an open loft perfect for an office, playroom or exercise space. The master suite has three full closets, and the large, sunlit master bath features a whirlpool tub, separate shower and double sink vanity. Side by side laundry, private patio, separate storage room and assigned parking complete the package. Walk to transportation, and all Andersonville restaurants & shopping. Truly original, truly wonderful!

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue  
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago!  Call us today!

205 Circle Ave Unit 1C, Forest Park, Illinois 60130
MLS# 07993281

I’m big and beautiful and ready for you to move in!  Not a short sale or foreclosure, this lovely and very bright one bedroom condo has deeded parking included in the price.  Open, flowing floor plan features cherry floors in living room, dining room and bedroom.  New stainless steel appliances in the large open kitchen.  Bedroom has a full wall of closets plus hall coat and linen closets.  This is an end unit, and the laundry room is steps away.  Walk to Starbucks, Whole Foods, Trader Joes, movies, shopping, restaurants, all Madison St. shops, food and entertainment.  Low assessments include heat.  FHA approved association, so I’m easy to buy as well. 

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue  
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email
We know Chicago!  Call us today!

Key Components

Building Blocks addresses the foreclosure crisis in the pilot areas in three ways

1. Financing to rehabilitate vacant properties. A new revolving loan fund, with $40 million in Illinois Jobs Now! capital funds and $10 million from Cook County, will facilitate the acquisition and rehabilitation of vacant properties within the targeted areas.

2. Assistance for homebuyers. Significant financial assistance will be made available for purchasing vacant properties as a primary residence in the targeted areas. To qualify, the vacant property does not need to be one of those rehabbed in the program. The State of Illinois will provide: 

• Grants of $10,000 for down payment and closing cost assistance for up to 500 homebuyers purchasing vacant properties
• Affordable first position mortgages to qualified buyers to make the cost of purchasing vacant homes in the communities as affordable as possible
•  A lowered FICO score threshold that will allow a greater number of potential homebuyers to qualify

3. Support for existing homeowners. Foreclosure counseling, loan modification programs and other resources targeted throughout the pilot communities to current homeowners to help families avoid foreclosure and keep their homes. Targeted outreach and events will connect these communities to:

• Qualified, HUD-certified housing counselors, free of charge
• Financial assistance from the Illinois Hardest Hit program, which provides up to $25,000 in mortgage assistance to qualified homeowners having trouble making mortgage payments due to unemployment or under-employment.
• Legal clinics that offer foreclosure prevention services free of charge

Financing the creation and preservation of affordable housing

• Targeted foreclosure mitigation events with one-on-one counseling, and access to loan servicers who can discuss loan modifications and work-out agreements on the spot.
•  Additional information on refinancing options, loan modification options, federal and state resources, including HARP, HAMP and other programs.
•  Advice on how to avoid mortgage fraud, job search opportunities, financial planning and other counseling services.

 The Illinois Building Blocks Pilot Program will also leverage existing efforts already underway in many of these communities, particularly federally-funded Neighborhood Stabilization Program (NSP) development. Under Governor Quinn, Illinois has committed $58 million in NSP funding to restore nearly 450 foreclosed or vacant housing units in Illinois, creating an estimated 580 jobs.

In addition to federal NSP development, Building Blocks leverages local efforts, ongoing Cook County funding, and regional strategic planning in a comprehensive coordinated approach.

• 200 jobs
• $13.2 million in local business income and wages
• $1.4 million in local taxes
• $8.3 million in income for local businesses generated from real estate-related industries, including construction
• $2.6 million in additional local expenditures to boost local businesses, such as purchase of furniture, appliances and other home items

Information is courtesy of the Illinois Housing Development Authority.

Made for Chicago. An alarm app for Chicago winter forecasts. It will get you up with enough time to get to your morning appointments, deadlines or start time depending on weather (sic) there’s frost or snow. There’s a snow day option as well. Hope we don’t get to try this one out too many times in 2012!

http://ping.fm/GRWX1

This year I will only focus on good news; what’s good about 2012?  Here are two items that caught my eye.

Forbes.com cites Chicago as having one of the nation’s best downtowns!  

“As for a downtown among the country’s biggest cities, none come close to Chicago for its range of offerings and combination of stunning architectural monuments, waterside views, shopping options and recreational opportunities. Stare up at the austere exactitude of Mies van der Rohe’s buildings (such as the black tower of the IBM Plaza), wander through the packed halls of the Chicago Institute of Art to view its impressive collection or catch a speedboat off Navy Pier to tour the Lake Michigan waterfront. Endless things to do and places to eat, all in a walk-friendly area, make it one of the best downtowns in the United States.”

Well, we knew that but it’s nice to see in print that others are recognizing our exceptional city!

Speaking of Chicago,  Studio Chris has created a line of posters and greeting cards that focus on Chicago’s neighborhoods.  It’s interesting both from a graphics and editorial standpoint.  His visuals are arresting, and I love his choices of landmarks that make each neighborhood instantly recognizable.  

http://studiochris.com/

I lived beneath the shadow of that clock in Ravenswood for 8 years, and feel that it definitely captures the essence of that neighborhood!  I’m looking forward to future selections of other neighborhoods.  It would be interesting to know what you think captures the essence of a neighborhood.  

Send me your thoughts and I will award two dining gift certificates from restaurants in the winning neighborhoods.

Enjoy January in Chicago.  And happy 2012!

Happy New Year!  I never get tired of sending this good wish to all.  I guess it stems from my natural optimism about the promise of a new year, and new beginnings.  

It would seem to many that home affordability should be at an all time high.  With most markets, including the Chicago real estate market, experiencing a 30% drop in value from the highs of 2007, one would think that affordability would be a factor that was showing improvement.  Recent statistics seem to bear this out.  November pending sales rose 7.3% to an index of just over 100 based on the National Association of Realtors Pending Home Sales Index.  This index  which tracks pending (under contract) sales figures, does not reflect closed sales.  It was established in 2001 at 100.  During the “bubble years” the index rose way above that point, but in recent years, has only exceeded 100 in April 2010 when it rose to 111 as a result of the termination of the homebuyer tax credit.  The ascent of the index to over 100 in November is encouraging news since there was no artificial stimulus, such as the homebuyer tax credit, and the new level is just a reflection of a better, more confident economy.  

One side note is that the cancellation rate, which usually hovers at about 10%, rose to 30%.  My feeling is that this is due to short sale and foreclosure fall out, and not a reflection of traditional sales cancellations.  Distressed properties bring their own set of challenges to both the investor and owner occupant, and the deal that is too good to be true, usually is.  Chicago real estate investors need to examine their holding and rehab costs, and owner occupants need to have both time and capital to bring the property up to their standards.  There are many little known expenses, such a local ordinances which may require a new owner to pay back assessments, and fees.  If you are interested in perusing distressed property, be sure you are working with an expert in the field.  Both Louis and I have both classroom and practical experience in successfully purchasing both short sales and foreclosures.  We would be happy to discuss your real estate aspirations.  

It bears noting that sales of the lower price points properties are surging.  Nationally, the upper bracket appears to be languishing and perhaps still declining.  The good news is that here in Chicago, the upper bracket is definitely improving.  For example, in Lincoln Park (60614), there were 64 detached single family homes that closed between January 1, 2011 and June 30, 2011.  The average sale price was $1,504,504 and the median sale price was $1,299,500. Three of these sales were foreclosures and three were short sales.  For the same area, there were 79 detached single family closed sales between July 1, 2011 and December 31, 2011.  The average sale price was $1,543,562 and the median  sale price was $1,425,000.  Of these, three were foreclosures and seven were short sales.  This shows an increase of just over 2.5% on average sale price.

In Streeterville (60611 zip code) for the same time periods, there were 99 closed sales of condominiums with at least three bedrooms and at least 2 ½ baths between January 1, 2011 and June 30, 2011.  The average sale price was $1,530,409 and the median sale price was $1,225,000.  Four of these sales were foreclosures and one was a short sale.  There were 91 closed condo sales of at least 3 bedrooms and 2 ½ baths in the same area between July 1, 2011 and December 31, 2011.  The average sale price was $1,689,040 and the median sale price was $1,200,000.  Of these sales, four were foreclosures and one was a short sale.  This shows a whopping increase of over 10%!  These are certainly statistics that we will continue to monitor. 

It is also interesting to note that 2011 wound up with sales in the last quarters which were much stronger than usual in Chicago real estate.  Over the last 23 years, I have seen the sales pattern to be one of early strength (February through August), and find the last third of the year to be very weak in terms of numbers of sales.  2011  proved to start slowly, but picked up steam throughout the fall.  This a contrary to the sales patterns we have seen in years past, and continues to portend a upward swing in both volume and sales price. 

On a personal note, we are celebrating another new beginning.  Our daughter, Ashleigh will be married later this month.  We are thrilled at the happiness that Ashleigh and Dean are sharing.  Some of you may remember that Ashleigh worked with us for a time, and for those of you who have been our clients for many years, you may remember her as my little red headed helper when she was younger.  

Wishing you all a year of joy and good health.    

When we first met in my condo, you were friendly and outgoing.  After we carefully discussed my situation, you suggested a short sale.  You came very well prepared with information on the recent sales, time on the market, and asking/actual sold price differences for not only condos in my building but for those in the surrounding neighborhoods.  You took the time to explain everything to me thoroughly and answered all my questions, making sure I understood completely about short sales, foreclosures, renting possibilities, and what exactly was happening in the real estate market, so I could make the best decision for my situation.

There were a lot of ups and downs pertaining to the sale of my condo because of the bad market; so much paperwork from the mortgage company, the lawyer, and the banks, but through it all you remained calm and confident, which in turn kept me calm, and for me, being halfway across the country, that meant a lot!  You really did get me through this ordeal.  This Chicago condo was my first real estate purchase and first real estate sale and you walked with me through it every step of the way, constantly explaining everything that was happening and truthfully answering all of my questions.

I truly cannot thank you enough. I believe the sale of my condo NEVER would have happened without YOU!!!!  I have told family and friends how wonderful you are and how you really know your business when it comes to “all things real estate”. It is obvious you have been in this business for a long time, you are up-to-date on current issues/processes regarding real estate information. You are honest and open about everything and you truly care about your clients!  I am so happy and grateful to have met you and was able to work with you. I would call you again in a heartbeat!! 

Again, thank you for selling my condo and thank you for everything!

Deidre Hogan

4250 N Marine Dr #426, Chicago IL 60613

MLS# 07947504

Affordable, secure and ultra quiet!  Lowest priced full size one bedroom in Imperial Towers!  Not a short sale or foreclosure! This desirable low floor unit has a backyard view, new carpet and paint.  Closets, closets, closets! Retro kitchen and ceramic tile bath.  Ultra amenity building with pool, 24 hour door staff,  exercise room, party room, valet, receiving, commissary, library, lounge, bike room, storage, coin laundry, on site management and engineer.  No rental restrictions.  Great for investor or live-in owner!

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