ChitownLiving | Chicago Real Estate + Life

The proposed 19 unit residential development on the Crouch Walker site located in Lincoln Park at 1307 W. Wrightwood is causing some controversy in the neighborhood.

Site Plan

Northern Elevation

Despite the green focus of the developer, the major issue seems to be that the building is too high and too dense for the surrounding neighborhood. We will wait and see if the plan continues to change. One thing is for sure, regardless of whether the development is built, nothing will interfere with my dinner at Rose Angelis, located right across the street.

Sweeping housing legislation was recently passed. The legislation is designed to offer assistance to troubled homeowners at risk of foreclosure and provide government assistance to bolster Fannie and Freddie with a temporary rescue plan.

A few of the key provisions that will most directly impact the consumer include…

• A permanent increase of conforming loan limits to $625,500 from the current $417,000 in high-cost areas.
• A first time home buyer credit of 10% of purchase price but not to exceed $7,500. Important to recognize that this is really an interest free loan to be paid back over 15 years.
• A grant to states to purchase and restore foreclosed properties.

And one other provision that may interest you…

Buried deep within the legislation (page 690) is a change in the capital gains tax exemption rule. Prior to the new legislation, if a homeowner lived in the home as their primary residence for 2 of the past 5 years they could claim an exemption on capital gains of up to $250,000 if filing singly or $500,000 if filing jointly. Under the new legislation, the exemption is based on a ratio of occupancy as primary residance over the total ownership of the property. The Mortgage Reports discusses the calculation and the impact on home sellers.

NAR Chief Economist, Lawrence Yun, addresses some tough questions over at 4realz. A great interview if you can sit through the entire show.

Yesterday, I received the email below from a developer/development in the River North neighborhood of Chicago.

I love the cartoon. But more importantly, of all the incentives offered, think the best is that the developer will “negotiate to make the deal” happen.

Great post from The Mortgage Reports on what the Fannie Mae and Freddie Mac situation means to the consumer, the everyday homeowner, buyer and seller.

I came home late this afternoon as a light summer shower began to roll through the area. I looked out my back door and saw not one, but two rainbows arching over the city. My young daughter, who is very into princesses and enchanted lands, and I ran up to our roof-top deck to get a better look and snap the photo above. Look closely and you can see that the lower rainbow ends at the antennas atop the John Hancock building.

YoChicago provides a solution to searching the fragmented new construction market. Check out New Home Notebook for a “single venue for all new construction, from large developments to small rehabs.”

Our new team website is now live. Our high-level requirements were for a very simple, clean, crisp, contemporary, easily changeable site dominated by local content.

We have a lot of tweaking to do but are very pleased with version 1.0 of the site.

Just posted Chicago market statistics for April 2008. Check out detached median and average sold prices.

Apologies for not posting more often. My attention has been diverted for two reasons…

First, I have been extremly busy assisting clients in the purchase and sale of real estate in Chicago. This is my primary duty and job.

Second, my business partner and I have been working on the launch of our new team website. Having had several convoluted agent template websites my goal was to produce a simple website … simplicity. Sometimes simple takes longer than expected. I look forward to introducing you to the new site.

The 2008 Chicago summer events schedule is available.

And a Chicago Run and Bike flyer as well.

Always popular items for the front, or side (stainless steel owners), of the fridge.

Check out the @report.

Real estate is a local business. I am glad my brokerage supports and invests in this concept.

More of the same. See for yourself.

Open House: Sunday, April 20 from 12:00PM to 2:00PM

The team just began marketing a stunning condo located at 1001 W. Madison, one of the West Loop’s premier buildings. Located at Morgan and Madison, the building is in the middle of all the action steps to shops, and dining.

We have updated our Chicago Home Search. In addition to being built on the latest technology, the new search provides a more seamless integration between interactive map, property results list, and property details. Try it here.

Update: As I experiment with the new home search, one of the best features is the incorporation of Google Street View. Check out the feature on my listing at 2430 N. Southport. Scroll down and click on the Maps tab to see Street View in action.

The Chicago Tribune had a nice article today on the distinction between Chicago’s 77 community areas and up to 228 neighborhoods depending on who you ask.

True to the article title, when in Chicago, you can be in two places at once. As an example, Lincoln Park is not a neighborhood but rather a community area (8007). It contains a number of neighborhoods within it’s boundaries including Lathrop Homes, Wrightwood Neighbors, Park West, West De Paul, RANCH Triangle, Sheffield Neighbors, and Old Town Triangle.

When working with buyer and seller clients, I often find myself in a discussion of neighborhood vs. community area in order to more fully understand their requirements.

TimeOut Chicago profiles Chicago’s Edgewater neighborhood as hot and boasting “major housing steals.” An excerpt from the article…

Close to the El, the beach and Broadway Armory Park (the Chicago Park District’s largest indoor recreational facility and home to year-round city-sponsored sporting events), this Far-North neighborhood attracts families looking for a child-friendly area that’s close to restaurants and bars. Thanks to upscale boutiques and cool coffeehouses (including home-decor shop Marrakech Treasures and Metropolis Coffee) and gay-friendly nightlife in nearby Andersonville, the area also lures hip young buyers.

Steal is a bit strong but value for sure. As an example check out my fantastic listing at 5637 N. Kenmore, just north of the Bryn Mawr Historic District and within steps of the ‘L’, shops, bars, cafes, and restaurants.

Chicago February market stats now available. Check out median and average condo (attached) and single family (detached) sold prices. I detect an upward trend … or maybe the desk my computer is sitting on is tilted.

When first proposed, Chicago home buyers were to bear the full transfer tax increase, but now it looks like sellers will pay the Chicago real estate transfer tax increase.

Flip side of the same coin in my opinion. A real estate tax increase on either buyer or seller seems to be ill timed.

Cook County residents, find your civic footprint. What is a civic footprint? According to the site…

Whether or not you vote or can name your state senator, you have a civic footprint—an imprint of your unique place in the civic world. Knowing your Footprint is a key part of being able to get involved in your community. Yet it’s never been easy to find this information … until now.

Click the banner below to find your civic footprint.