Pottery Barn Beauty in W. Lakeview!

Located just off the Southport corridor, this gorgeous 2 bed/2 bath is centrally located to so many of Chicago’s great features!  Nestled between Lakeview and Roscoe Village, at 3432 N. Ashland, it is just a few quick steps off the CTA

Coobah's outdoor dining

Brown line or a hop on the Ashland bus.  Or, if you prefer to drive, it does have a garage spot included in the price, and a second one available through the end of the year!

This fabulous unit, built in 2002 by DeStefano Partners, has fabulous space, and lovely designer details throughout.  With carmel 42 in. cabinets, top of the line stainless steel appliances, wonderful lighting, and a spaceous granite island for entertaining, this kitchen is sure to delight!  The open living room, dining room, and kitchen lends wonderful space, (more so than the average 2 bed/2 bath!) and is ideal for entertaining.  The luxurious spa-like baths, and generous room size complete the package in the must see walk up condo in one of the City’s most happening spots!

You can buzz next door for a workout at XSport Fitness which is open 24 hours, or grab dinner on your way home at Whole Foods.  Or if you prefer a more trendy day out and about, hop on over to one of my personal favorites, M Boutique for some accessory shopping, have lunch at the Southport Grocery (but make sure to have a cupcake!), followed by happy hour at Schoolyard, and a little Latin Flare for dinner at Coobah!

Please see our listing video here for more shots of this gorgeous condo:

 

http://tours5.vht.com/Viewer/VHTTour.aspx?ListingID=1206508&Style=IDX

Call or email us today with questions or to view this beautiful property.  Kjpremier@atproperties.com

6 reasons your house won’t sell~Just take it from the Trib!

These are reasons we tell clients everyday are the reasons that places don’t sell, but don’t take our word for it.  See it in the Chicago Tribune article below..

However, the biggest reason, being it’s not priced well.  The well priced properties are selling, so don’t be a discouraged seller.  Call us today to get the most appropriate pricing for your property.

kjpremier@atproperties.com

 

 

6 reasons your house won’t sell

By Ilyce Glink | Tribune Media Services

August 2, 2009

The spring selling season has quickly faded. Homeowners who want to sell now pin their hopes on the third quarter of 2009.

With a strong buyers’ market in place, many sellers are bound to be disappointed as buyers skip over their homes for others nearby.

Here’s my list of six reasons why your home won’t sell:

1. It looks drab in photos. Since the vast majority of home buyers start their search for a home on the Web, your house had better look fabulous in print. If it doesn’t track well online, no one will take the time to see it in person.

2. It’s overpriced for the neighborhood. If your neighborhood is filled with foreclosures and short sales, you’ll be hard-pressed to get top dollar, even if your home looks better than all the rest. However, if you have just a few foreclosures, you may be able to overcome any objections by pricing your home correctly.

In this case, correct pricing means figuring out at what price point buyers are looking in your neighborhood. If everyone is looking at homes priced at $250,000 or less, that’s the price point you want to be at.

If you can’t afford to sell at that price level, then you should consider removing your property from the market.

3. There’s no “wow” factor inside. Once you get buyers inside the house, you need them to be wowed by what they see. Hiring a professional stager can work wonders, turning a blah interior into one that looks sleek and polished, like the homes featured on HGTV.

If you don’t want or can’t afford to spend the money on a professional stager, consider watching a few staging videos online.

4. No one knows it’s there. Your agent isn’t getting the word out, either because the property isn’t listed properly on the multiple listing service, or because he or she hasn’t posted it on Craigslist, Zillow or other online search engines that don’t feed directly from the MLS posting.

Online marketing should include a Web site that has the address as the URL (you can sell it to the buyer as part of the deal) and as many photos, floor plans and video as possible.

5. Your commission isn’t high enough or the agent isn’t splitting the commission equally. Agents will tell you that they won’t push a buyer to make an offer on a house simply because it has a higher commission. But many agents see no harm in making sure their buyers see as many properties that are in the right price range.

Some agents take 60 percent. But you need to make sure your agent is splitting the commission equally.

6. Your house won’t pass inspection. If your house looks great, but the faucets leak, the windows don’t lock, the ceilings have water stains and the furnace is on its last legs, buyers may move on to the next house.

Good News for FHA Condo Buyers!

New FHA Condo Approval Process Will Mean More Options For Chicago Condo Buyers 1st July 2009 With an upcoming change, FHA will be able to finance a lot more condominiums here in the Chicago area and throughout the nation. A recent FHA mortgagee letter detailed the new process that will streamline condo project approval and will open up a lot of properties which up until now have not been eligible for FHA financing.

Over the last 2 years condo financing has become increasingly harder with tightening guidelines, restrictive mortgage insurance policies and loan level price adjustments which made condo financing much more expensive for anyone without a big down payment. Over the last 10 years almost all the condos in Chicago were financed with conventional loans and as more and more condo units came on the market through new construction or conversions from rental units, few of these properties applied for FHA project approval. The bright spot for many lower down payment condo buyers was the FHA spot loan. The FHA spot loan approval process allowed home buyers a way to buy units in condo buildings that weren’t FHA approved with the better terms that FHA offered (including competitive rates and a low 3.5% down payment), as long as the building met certain guidelines. This has been a great program, and it has helped a lot of new buyers, but there were a lot of otherwise well managed properties which have been excluded from this program.

With the new changes, set to take place on October 1st, some of the problems in the program will be fixed and more condo units will now be available for FHA financing. The FHA spot approval was a great program, but there were some glitches: Any property which had a “right of first refusal” in its Decs and By-laws was automatically rejected. Because of rules regulating how many units in a project could be FHA funded, the condo project had to have at least 5 units. This meant that all the smaller condo units, including a lot of 2 and 3 unit buildings which were converted over to condos during the housing boom, were not eligible for spot loans. The project had to be 90% sold out, meaning only well established properties were eligible, and more recent conversions or new construction condo would not be able to be approved. The spot loan was for a single unit only. If someone else bought in the same building after a spot loan had been approved, they had to go through the same process again. The new FHA condo approval process changes each of these, meaning more properties will fit the terms and be able to qualify for FHA financing. As of October 1st FHA will do away with the spot approval process and begin the new process. Under the new terms, properties won’t be restricted if they have the first right of refusal in their condo docs as long as they don’t discriminate, buildings with 2 units and up will be eligible, newer properties will work once they are 51% sold. The approval is not for the individual unit but the project itself, so once approved other units will then be eligible for FHA financing up to maximum concentrations (1 FHA financed unit in buildings of 3 units or less, and up to 30% FHA financed in larger buildings). One big change in the guidelines is that going forward the approvals will be handled by only FHA direct endorsement lenders (my company is FHA direct endorsed) with “staff knowledge and expertise in reviewing and approving condominium projects”. This means that the lender will be responsible for collecting all the documentation needed and putting together the full project approval. This means more paperwork and responsibility for the lender (though this is similar to what is needed for many conventional approvals now), but once the approval is complete the project will be added to the FHA approval list and then any FHA lender or broker will be able to do loans in the building. The company I work for is gearing up for this program by hiring a condo specialist who will work with our underwriters and processors to get these approvals out as quickly and smoothly as possible. I think this will be a big help to the market and will give buyers a lot more selection to choose from. Here are some of the particulars of the new process taken directly from the mortgagee letter:

The new rules go into effect on October 1st 2009:

Projects consist of two units or more.

Projects must be covered by hazard and liability insurance and, when applicable, flood insurance.

Right of first refusal is permitted unless it violates discriminatory conduct under the Fair Housing Act regulation in 24 CFR 100.

No more than 25 percent of the property’s total floor area in a project can be used for commercial purposes.

The commercial portion of the project must be of a nature that is homogenous with residential use, which is free of adverse conditions to the occupants of the individual condominium units.

No more than 10 percent of the units may be owned by one investor. This will apply to developers/builders that subsequently rent vacant and unsold units.

For two and three unit condominium projects, no single entity may own more than one unit within the project; all units, common elements, and facilities within the project must be 100 percent complete; and only one unit can be conveyed to non-owner occupants.

No more than 15 percent of the total units can be in arrears (more than 30 days past due) of their condominium association fee payment.

At least 50 percent of the total units must be sold prior to endorsement of any mortgage on a unit. Valid presales include an executed sales agreement and evidence that a lender is willing to make the loan.

[1] At least 50 percent of the units of a project must be owner-occupied or sold to owners who intend to occupy the units.

[2] For proposed, under construction or projects still in their initial marketing phase, FHA will allow a minimum owner occupancy amount equal to 50 percent of the number of presold units (the minimum presales requirement of 50 percent still applies). Legal Phasing is permitted for condominium processing. It is recommended that developers submit all known phases for initial project approval. For purposes of calculating the owner-occupancy percentage: a. On multi-phased projects the owner-occupancy percentage is calculated on the first declared phase and cumulatively on subsequent phases if the ownership of the condominium project b. remains the same; c. If multi-phasing includes separate ownership per phase, each phase is calculated individually; or d. Single-phase condominium project approval requests must meet the owner-occupancy percentage requirement.

· FHA Concentration a. Projects consisting of three or less units will have no more than one unit encumbered with FHA insurance. b. Projects consisting of four or more units will have no more than 30 percent of the total units encumbered with FHA insurance.

· Reserve Study – a current reserve study must be performed to assure that adequate funds are available for the funding of capital expenditures and maintenance. A current reserve study must be no more than 12 months old – if recent events or market conditions have affected the finished condition of the property that information must be included. When reviewing the reserve study, consideration must be given to items that have been replaced after the time that the reserve study was completed.

Information courtesy of:
Peter Thompson

Illinois Mortgage Broker

 

For more information about this our how to get started finding your dream home, contact us today at kjpremier@atproperties.com.

 

Do you have a C.L.U.E!

Lead- paint, mold, and asbestos raise red flags to agents and their buyers but, do you know what a CLUE Report is?

CLUE — an acronym for Comprehensive Loss Underwriting Exchange — is a national insurance industry database with more than 40 million personal property claims. A CLUE report is the equivalent of a credit report for a house, which examines all claims reported to the insurance company for a given property over a five-year period, including water damage, fires, and mold. Reports show the date of loss, type of loss, and amounts paid out.

You can order a report online through ChoiceTrust,a unit of Alpharetta, Ga.-based data provider ChoicePoint Asset Co.  Under the Fair and Accurate Credit Transactions Act of 2003, property owners can order one free report every year. 

The Clue report can be used to warn buyers of a home’s potential pit falls but, it can also be a wonderful selling point if the CLUE report is clean.   Let KJ Premier help you get a CLUE when it comes to buying or selling your home.  Contact us at kjpremier@atproperties.com

 

 

 

Make your yard an oasis

 Economic uncertainty has many families skipping expensive vacations and opting for so-called “staycations” in their own backyards. They’re cooking, camping and enjoying outdoor activities right at home, making their lawns the perfect spot for an oasis of fun and relaxation.

Because people are spending more time around their homes, there is a renewed emphasis on the health, maintenance and vitality of grass, trees, flowers, shrubs and other plants and natural areas in the yard. Rising sales at garden centers for items like shrubbery, decorative accessories, fertilizers and pesticides show that consumers are creating inviting, usable lawn and landscape environments.

The benefits of healthy lawns and landscapes are numerous. Trees, shrubbery and plants can create a private and tranquil personal retreat. Well-maintained green spaces have been proven to lower blood pressure, reduce muscle tension related to stress, and reduce feelings of fear, anger and aggression. Lush lawns act as a soft cushion for play areas, remove dust, dirt and allergens from the air, and can significantly decrease carbon dioxide levels. Lawns also act as a filter to help improve water quality by reducing erosion and absorbing runoff so it doesn’t find its way into the gutter and eventually into public drinking water and other sources.

‘When healthy and functioning at their best, lawns and natural areas provide a limitless array of benefits for individuals, communities and the environment,’ says Allen James, president of RISE (Responsible Industry for a Sound Environment) — a national organization representing the manufacturers, formulators and distributors of pesticide and fertilizer products. ‘To reach their full potential and keep them free from harmful pests, many lawns and landscapes require the judicious and responsible use of fertilizer and pesticide products. Especially as people are spending more time in their yards, using these products as directed to grow healthy plants and protect against potential pest threats is increasingly important.’

While this is the time of year when people can enjoy their lawns and other outdoor settings with pets, family and friends, it is also important to remember that encounters with certain common pests are more frequent during warmer weather. Tick activity and the prevalence of Lyme disease, as reported by the Centers for Disease Control and Prevention (CDC), is especially high during summer months. According to information from the CDC Web site, approximately 75 percent of all reported cases are acquired from ticks picked up during activities in back yards and around home. Lyme disease is an increasingly common problem, now documented in 49 states as well as parts of Canada, Europe and Asia, and the number of positive cases here in the United States is on the rise. In the 15 year span from 1992 to 2007, CDC reports of Lyme disease across the nation have steadily increased from approximately 10,000 cases per year to more than 27,000 cases nationally.

Though Lyme disease and similar pest-related health risks are a problem, paying attention and taking a few simple, preventative steps can help homeowners and their families reduce the risk of these pest dangers that affect millions of Americans each year.

‘Human health conditions like Lyme disease, West Nile virus and others are spread and transmitted through the bites of ticks, mosquitoes and other pests we encounter in our backyards almost every day,’ James says. ‘Taking the time to eliminate high grass, standing water and other potential pest habitats is a very simple, very effective measure for reducing the prevalence of these unwelcome and unhealthy annoyances.

‘Also, insecticide sprays can be applied to turf, plantings and natural areas,’ he adds. ‘As for personal protection, applying insect repellents and inspecting ourselves and our children regularly and thoroughly after having been outside are some simple precautions that go a long way toward preventing many of these common, but serious health risks.’

By taking the proper precautions and a few easy steps to maintain a healthy, vibrant and pest-free yard, it is easy to create an enjoyable, usable backyard oasis for outdoor fun all year long.

Any questions regarding your house and making it a home, or to prepare it to put on the market, please contact us today- kjpremier@atproperties.com.

Experts Predict that Low Mortgage Rates Won’t Last Forever!

We’ve been hearing about historic low mortgage rates for months now, but they could be going away if buyers don’t act quickly enough. CBS 2’s Vince Gerasole explains why some analysts say those sitting on the fence may want to hurry.

Those low rates have encouraged many buyers who were hesitating to jump into the housing market, especially first time buyers. But just as more are deciding they might take the plunge, rates are heading back up. Market watchers say if buyers wait too much longer, it may cost them.

At 25, Alex Filin is buying his first place and he’s hunting down the perfect condo.

“It’s a little headache, but the adrenaline rush, the excitement is getting me going,” Filin said.

An $8,000 tax credit for first time buyers, sellers lowering their asking prices and historically low interest rates are pushing people like Filin into the mark in numbers real estate agent Paul Fortman with @properties hasn’t seen in two years.

“Just within the last four weeks I have accepted seven contracts, and I have five closings in the month of June,” Fortman said.

But buyers like Filin who have decided to jump into the market may want to act fast. Mortgage interest rates in the past week have jumped at least half a percentage point, from an almost unheard of low of 4.75 percent to a still impressive 5.25 percent. But critics caution they may not drop again.

Analysts blame rising government debts from the bailout of the auto industry, for example, that push up all sorts of long term loans including mortgages that have looked so appealing in recent months.

Keep in mind with first time home buyers every dollar in mortgage payment can make a difference in whether they can afford the house or not. For example, for a house selling for roughly $250,000, with 20 percent down, the difference between last week’s interest rate and this week’s is roughly $60 more each month in mortgage payment.

Don’t wait for your opportunity to own a home to pass you by….email us at kjpremier@atproperties.com today to find your dream home in either the suburbs or the city.

Top 10 Summer Travel Hotspots

10 Top Summer Hotspots

Travelocity’s most recent summer travel data reveals some domestic destinations have increased in popularity despite many travelers reducing their vacation budgets. In Travelocity’s most recent poll, one-third of respondents reported a reduced summer vacation budget as compared to last year. These summer hotspots will benefit from an increase in popularity, despite a troubled economy.

 

In an analysis of the top 25 destinations for summer travel, Travelocity editors identified the 10 domestic summer hotspots with the largest share increases when compared to 2008. What makes them so popular now? These destinations have some of the steepest drops in airfare in the country and vacation deals are plentiful.

 

With hotel rates down in most places–in some cases as much as 30 percent–travelers will have no trouble finding deals in these destinations for their summer vacations. Airfare also continues to drop with an average domestic summer fare of $299, 17% less than last year.

 

“With travelers expected to take more domestic trips this summer these cities and their tourism businesses will benefit from a surge in popularity,” said Amy Ziff, Travelocity editor-at-large.

 

Top 10 Summer Hotspots Include:

 

Destination		Share Increase
Minneapolis / St. Paul		13%
Salt Lake City		13%
San Francisco		12%
Las Vegas		11%
Seattle		11%
Chicago		10%
Washington, D.C.		10%
Portland (OR)		9%
San Diego		8%
Boston		7%

 

Where are these destinations luring visitors away from? Some of the country’s closest neighbors have lost visitor share this summer: Canada (down 8%), Mexico (down 19%) and the Caribbean (down 21%).

Be sure to check out some of the local real estate while travelling this summer.  If you need a referral to see some local real estate while you are in a great place, give us a call and we can help, or a member of our extended team may be able to help!

Get out and enjoy your summer and be sure to contact us for all your real estate needs  kjpremier@atproperties.com.

 

HUD: Tax Credit Can Be Used on Closing Costs

FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.

The loans can’t be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.

Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.

There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.

In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.

The first-time homebuyer tax credit was enacted last year–and improved upon earlier this year–to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven’t owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

Learn more about the credit, including how to apply for it this year even if you’ve already filed your taxes, at REALTOR.org.

Source: Robert Freedman, REALTOR® Magazine Online

First-Time Homebuyer Credit: Scenarios

Many of our loyal readers have had questions about the first-time homebuyer credit.  Here are some scenarios that might help clear up your questions.                                                                            

Scenarios:

S1. If a single person (Taxpayer A) qualifies as a first-time homebuyer at the time he/she purchases a home with someone (Taxpayer B) that is not a first-time homebuyer and then later that year they marry each other, is the credit still allowed?

A. Eligibility for the first-time homebuyer credit is determined on the date of purchase. If Taxpayer A, a first-time homebuyer, buys a house and then later that year marries Taxpayer B, not a first-time homebuyer, the credit is allowable to Taxpayer A. Taxpayer A may take the maximum credit.

S2. Taxpayer A is a single first-time home buyer. Taxpayer B (parent) cosigns for A and does not qualify. Both names are on the mortgage. Can Taxpayer A claim the credit and, if so, how much?

A. Yes. Taxpayer B is not a first-time homebuyer and cannot claim any portion of the credit, but A may claim the entire credit ($7,500 for purchase in 2008; $8,000 for purchase in 2009), if the home was purchased as Taxpayer A’s primary residence.

S3. A taxpayer owned her principal residence. Several years ago, she decided to relocate to a rented apartment, but did not sell the former residence. Instead, she rented it out to tenants. Now the taxpayer plans to buy another house and make it her new principal residence. Does she qualify for the first-time homebuyer credit?

A. A taxpayer who owned rental property within the past three years is still eligible for the credit. The taxpayer cannot have owned and used a home as his or her principal residence within the last three years.

S4. If husband and wife wanted to sell the home that the wife owned when they got married, and the husband had not owned a home within the past three years, could he qualify as a first-time homebuyer for the credit even though the wife would not qualify?

A. No. The purchase date determines whether a taxpayer is a first-time homebuyer. Since the wife had ownership interest in a principal residence within the prior three years, neither taxpayer may take the first-time homebuyer credit. Section 36(c)(1) of the Internal Revenue Code requires that the taxpayer and the taxpayer’s spouse not have an ownership interest in a principal residence within the prior three years from the date of purchase. The husband may not take the credit even if he filed on a separate return.

S5. Taxpayer purchased a home on April 24, 2008, while she was separated from her husband. Later in the year, they reconciled and were living together at the end of 2008. She has not owned a home since 2004 but he owned sold his home in 2006. They remained married the entire time. Is the taxpayer eligible for the first-time homebuyer credit?

A. No. The purchase date determines whether a taxpayer is a first-time homebuyer. Since the husband had ownership interest in a principal residence within the prior three years, and the taxpayers were legally married, neither taxpayer may take the first-time homebuyer credit. Section 36(c)(1) requires that the taxpayer and the taxpayer’s spouse not have an ownership interest in a principal residence within the prior three years from the date of purchase. While individuals do not have to be married to get the credit, marriage (and legal separation) imputes ownership of a previous home upon the other spouse. The wife may not take the credit even if she filed on a separate return.

S6. have been estranged from my spouse for over three years and file married filing separate. I don’t know if my spouse has owned a main home in the last three years, but I have not. If I buy a house in 2009 that otherwise qualifies for the first-time homebuyer credit, can I claim the credit?

A. Section 36(c)(1) requires that the taxpayer and the taxpayer’s spouse not have an ownership interest in a principal residence within the three years prior to the date of purchase. While individuals do not have to be married to get the credit, marriage (and legal separation) imputes ownership of a previous home upon the other spouse. If your spouse has not owned a main home in the last three years, then you may claim the credit.

S7. I am separated from my spouse and considered unmarried, and qualify for the unmarried head of household filing status. My spouse has owned a main home in the last three years, but I have not. If I buy a home on May 1, 2009, that otherwise qualifies, can I claim the first-time homebuyer credit?

A. No. Section 36(c)(1) requires that the taxpayer and the taxpayer’s spouse not have an ownership interest in a principal residence within the three years prior to the date of purchase. While individuals do not have to be married to get the credit, marriage (and legal separation) imputes ownership of a previous home upon the other spouse. The taxpayer may not take the credit even if filed on a separate return.

S8. A qualifying taxpayer bought a home in August 2008 that needed a lot of work before occupying. They finished the renovations and moved in the home in January 2009. Can they claim the $8,000, since they did not occupy the home until 2009?

A. No. Taxpayers who purchase an existing home and renovate the property before moving in are eligible for the first-time homebuyer credit based on the date of purchase, not the date of occupancy.

For more info go to:
http://www.irs.gov/newsroom/article/0,,id=206294,00.html
or contact us at kjpremier@atproperties.com.

New Fingerprinting Law in Cook Co. in effect as of June 1, 2009

In an attempt to fight mortgage fraud, all purchasers of real property in Cook county will now be required to give a fingerprint, to be kept on file to complete the transaction.

Public Act 095-0988 amends the Illinois Notary Public Act by describing the manner in which a notary must sign each certificate at the time of notarization.The law requires that a paper or electronic form must be completed and retained, for a period of seven years, for each notarial act relating to real property in Cook County.

As part of the process, the new law will require the notary to have the individual to whom the property is being conveyed, as well as an agent acting on behalf of a principal under a duly executed power of attorney, to place his/her thumbprint on the transaction documents.

This is a currently a pilot program, and the new law is set to be in act July 1, 2013.  If you have questions about the Real Estate process or need assistance with buying or selling in this ever changing market.  Please contact us today at kjpremier@atproperties.com.