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

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

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.

Today I am not blogging about Real Estate or a great recipe, I am blogging about the life lesson that I experienced this morning…. 

 I am in a mentoring group through @properties that meets weekly with the intention of  helping you expand your own personal real estate business through a collaborative group of peers.  Ironically, I was asked to give a short lesson on how to blog to the group today as our fearless leader was going to be out of town.  I arrived 10 min. early with my laptop in one hand  and a small plat of baked goodies to share with everyone in the other hand.  I figured that at least if my presentation was just ok everyone could enjoy something good to eat!   I set up , I waited , I waited, and I waited some more, and no one showed up.  It was me and the plate of blueberry coffee cake in the conference room.  At first I will be honest I was pissed as it takes me an hour to get to work in the city.   But, than I took a deep breath, ate a piece of really good blueberry coffee cake, and I thought this is such a good life lesson for myself.  I realized how it does not matter what you do in life or who you are, you must be accountable to yourself and the people around you.  I’m not mad at the fact that no one showed up  and will not for one second act holier than thou and lead you to believe as if I have never wasted someones time in the past, or not fully fulfilled my obligations to a group, or  just was not considerate of others.  All I can say is from this experience I will be more accountable and considerate to myself and to others from now on.  I too know that this is not new information.  Its is just we all know what to do and how to do it, we just don’t always do it!

If I was asked what this difficult economic time has taught me I would say it has made me a more conscious and grateful person.  We all need to look into ourselves and when things go wrong find something to change about ourselves.  Don’t always look to others to change.  I am a better mother, wife, real estate agent and all around person because of what I have experienced in these past two years.

During my short lesson today about blogging I was going tell my fellow group members to play to their strengths and try to reveal something about yourself to your readers.  These are two tips that have helped me become a more consistent blogger with a purpose.  This is why I love blogging…it is interactive and I can be me.

A teacher, teaches lessons first and then takes the exam.  Life takes the exam first, and then teaches a lesson.  Keep Learning! 

                                                                       -Anonymous

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. 

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.

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.

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