Archive for August, 2012

Chicago Condo For Sale: 2344 N Lincoln Park West #3

August 21, 2012

Chicago Condo For Sale:

2344 Lincoln N Park West #3, Chicago IL 60614
MLS# 08141723

Enchanting Beaux Arts Beauty!

2344 lincoln park west

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 35ft. 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. Walk to Lincoln Park Zoo, Lincoln Park Conservatory, Peggy Notebaert Nature Museum, North Pond Nature Conservatory, Lincoln Park Preschool and Kindergarten, Francis Parker School and The Latin School, as well as all shopping, boutiques, entertainment and restaurants.  

 

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!

 

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Using Eminent Domain To Save Underwater Chicago Foreclosures: Is It a Good Idea?

August 7, 2012

Alderman Edward Burke wants to explore fighting Chicago foreclosures with eminent domain. Is this a good idea Chicago?

I think this comes back to the principal reduction issue.  Financial institutions feel (as do many people) that a debt is tied to a promise of repayment, and by reducing the amount of that debt, the value of the promise is compromised.  This is the “moral hazard risk”.  If debt forgiveness becomes acceptable, where does it end?  So although principal reduction may seem like a good solution to our housing crisis by assisting homeowners who are underwater with their mortgages,  the long term ramifications of debt forgiveness may be the greater future threat to the stability of our economy.

Read the whole story and let me know what you think… 

(Crain’s) — Chicago’s City Council is wading into the debate about whether governments should use their eminent domain power to save borrowers from foreclosure.

Under a controversial plan pitched by a San Francisco-based investment firm, municipalities and counties would use their eminent domain authority to buy up mortgages that are “underwater,” or exceed the value of the homes securing them. The governments would then reduce the principal owed on the loans and sell them to private investors.

Officials in Southern California and in New York already are considering the idea. Now, Chicago Ald. Edward Burke (14th) wants a joint committee to convene by mid-August to consider whether the city should pursue such tactics.

“This is something that’s starting to percolate in all major cities around the country,” said Mr. Burke, the powerful chair of the council’s Committee on Finance. “I’d like Chicago to be the first if it’s beneficial.”

Mr. Burke and Ald. Carrie Austin (34th) introduced a resolution at the City Council meeting last week calling for a hearing on the matter. A spokeswoman for Mayor Rahm Emanuel said the mayor’s office is reviewing the resolution.

Finance groups oppose the use of eminent domain powers to seize mortgages, arguing that they don’t pass constitutional muster and will scare off lenders from communities that adopt such tactics.

“I think what the discussion will find is this would be a bad policy outcome for the city of Chicago,” said Thomas Deutsch, executive director of the New York-based American Securitization Forum, a trade group.

Mortgage Resolution Partners LLC, the San Francisco-based firm pushing the idea, has had “conversations with people in the state of Illinois about the potential use of this technique,” said Steven Gluckstern, the company’s chairman. He declined to discuss specifics.

“When you have underwater mortgages, no amount of modification is going to fix that problem,” Mr. Gluckstern said. “The way to fix that problem is principal reduction.”

The firm is targeting underwater loans that have been packaged into mortgage-backed securities but are not guaranteed by the federally backed housing agencies Fannie Mae or Freddie Mac.

More than 503,000 residential properties in Cook County with mortgages were underwater in the first quarter, representing nearly 33 percent of all homes with mortgages, according to a recent report from research firm CoreLogic.

Using eminent domain to seize mortgages “would help refinance some of the most difficult loans that are subject to legal restrictions that make principal reductions difficult or impossible,” said Thomas Feltner, vice president at the Woodstock Institute, a Chicago-based non-profit that focuses on lending issues.

He added that the mere possibility of the city using its eminent domain powers could nudge lenders into making principal reductions.

“It’s a new idea and I think we don’t know a lot about it,” said Cook County Commissioner Bridget Gainer (10th), who has focused on foreclosure-related issues during her time on the county board.

But Ms. Gainer said the debate is worth having.

“You need to be willing to challenge assumptions to get an answer to a problem that has been intractable,” she said.

The Illinois Mortgage Bankers Association, however, is all but certain to oppose a measure that would allow the city to use eminent domain to take over residential mortgages.

“I can’t see anyone on our board supporting this,” said James Trausch, the group’s general counsel. Mortgage lenders won’t underwrite debt if “your mortgage is subject to some outside agency determining what its value is.”

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!

Chicago Condo For Sale: 205 Circle Ave #1C Forest Park IL

August 2, 2012

Chicago Condo For Sale:

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. 

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!