Amazing New Sheridan Park Conversion-4529 N. Malden

This property will be hitting the market on Monday but here is a preview of what is to come. Located at 4529 N. Malden, this property has been painstakingly restored to its beautiful splendor by its long term owners over the past several years. Massive single level floor plans offer generous room sizes and walls of windows on all four sides. The units are filled with original, restored woodwork including original oak floors, birch and mahagony details, doors and wainscoting. Plus all new bones including plumbing, electrical, roof  and heat and air conditioning. The kitchens and baths are also new.

If you are looking for something special, you should check these out. Pricing will be $489,000 for the first floor and $525,000 for the second floor which is a bit larger and has an extra room. Both units will include two secured outdoor parking spaces and large decks as well.

For more information or to schedule a showing, call Andy Gersten at 312.368.3280.

Sunday Featured Open Houses for July 25th

If you haven't had a chance to hear dotdotdot you have a chance to get to know a bit more about the band by listening to Chicago’s Q101 on Sunday, August 1st at 9pm to hear Chris Payne on local101 talk about the band and talk with Adam from the band about the land of Dot.

Before that if you are out and about where they played last, (Roscoe Village) there are 2 great open houses this weekend. Both are close to each other (3 blocks or less than a 1/4 mile). The first is 1833 W School St between Ravenswood and Damen - open 11-1pm Sunday ($1.3 million) and the next is 1818 W Henderson one block north as the crow flies ($1.435 million). This is open from 1-3 on Sunday, July 25th. Both are similar - relatively new construction (School is 11 years old and Henderson is brand new.

Both feature big living spaces 4-5 bedrooms. One with a yard and the other with 3 decks including a roof deck. Hardwood, great up-to-date kitchens. It would be great to have you see both and let me know how you think they compare. Is the newer "smart house" worth $135,000 more that the other? Do you prefer a yard or a decks and skyline roof views?

And , since you are so close drive just north to 4325 N. Ravenswood and check out Architectural Artifacts - there is great parking and 4 floors of monument to Chicago's architecture - preserved from wonderful old homes and buildings - stained glass, furniture, architectural exterior and interior details. Here is an exterior artifact from the Chicago Theater.

Chicago street fests offer a great opportunity...and it's not over yet!!!

I have lived in Chicago for almost 25 years and this is the first year I have made it a point to experience as many street fests as possible. I usually hit one or two each summer but this year has proven to be more exciting. It is a fantastic opportunity to try out local eateries, visit area shops and expose yourself to some unbelievable music by small local bands. It is truly a treat and not an all day event.

A few weeks ago I was at the Roscoe Village Burger Fest and although the burgers were as good as a streetfest burger can get, I was introduced to a fantastic local band called Liquid Soul. They are 2000 Grammy Award winners and have been hovering under the radar ever since. You get the jazzy brass sounds of the sax and trumpet with the high-energy rocky, dance beat. Plus unreal vocal percussion of "Boy Elroy" It has to be seen to be believed. They were unique, original and quite entertaining and not terribly crowded. They are not easy to find in the city but if you see them on a fest list, check them out!!! I think Evanston is their next stop before the summer ends.

At the same festival I heard dotdotdot who are also a local favorite who offer a handful of originals plus fun cover music: a rock sound with a dance beat and tons of energy. They are all over the city with gigs practically every weekend, including this coming weekend at the Taste Of Lincoln Avenue (at Fullerton). They are on at 3:45 on Sunday if you want to check them out. They also have a couple of the members from Cat Fight.

Last weekend was another terrific street fair in River North. There I heard another new local band that is my favorite of the summer so far called Mathien and they also offered incredible original music that I would not be surprised gets some radio play in the future. Merging calm, funky soul, rock, and a strong hip-hop aesthetic, singer-songwriter Chris Mathien (MAY-thee-in) conveys the passion of reggae and soul vocal stylings, the free experimentation of Parliament-Funkadelic Rock, while incorporating the unconventional hip-hop attitudes of A Tribe Called Quest and The Roots...

They can been seen next at the Bash on Wabash (between 13th and 14th). Mathien goes on between 6:00 and  6:30 on Sunday, September 5th. If you are in the south loop area, definitely check them out.

Financing your real estate purchase

So you are looking to purchase property. Maybe you have done it before – so this will be a refresher or maybe this is your first time or possible the first time in the “jumbo” loan category. I thought it might be helpful to cover some basic information and some of the differences between loan type and lender.








Loan Rates:

Rates are wonderfully low right now and this has made home ownership – along with a softer market - incredibly affordable.

Rates will vary depending on the loan type, (e.g. fixed, adjustable…) the demand for that particular type of loan, length or term of loan (e.g. 15 year, 30 year…), your credit worthiness (typically your credit score), loan to value ratio (i.e. what is the % of the loan you are putting as a down payment) and more recently the credit worthiness of the building where your property is located (assuming a condo/co-op).

Type of Loan

A conventional loan is a loan that is less than $417,000. A Jumbo is for any loan amount over $417,000 and it usually comes with a higher rate (bigger value, bigger risk for the lender and therefore they charge more). $417,000 is very low for many pricier areas of Chicagoland and there is an active effort on the part of the real estate community to get this bar raised so that loans above $417,000 can get more reasonable rates of interest.

Let’s do some quick comparisons using the bottom of the range of available rates for each loan in Chicago based on www.bankrate.com/mortgage.aspx

The 15 year costs more monthly but builds equity faster with a lower interest and a quicker repayment of the principle - saves over the long haul

The Jumbo charges more so if you could add to your down payment to get below the $417,000 you could save 10% monthly and over the life of the loan.

Loan choices should be made with the help of a professional lender. Give me a call and I will make some suggestions about folks that can help you find just the right loan for your particular needs.

Loop Living

So you are exploring the loop and tracking down the movie trailers looking for Optimus Prime or even a glimpse of Kevin James (Ron Howard is also filming a new comedy in the city) and you wonder, should I live down here in the loop. Maybe walking to work every day with my Starbucks in hand would be the way to live. Maybe working 14 hour days and having a horrible commute out to wherever is not the best lifestyle for me. People generally don't think of the Loop as residential but there are some great properties that you can take a look at this weekend to see if the high-rise life might be a good choice fort you. So after chasing the film making, take a break and go see my favorite pick for the weekend. 235 W. Van Buren unit 4610 will be open from noon on Sunday until 5pm. This is a new development and the unit is a duplex penthouse - the main floor boasts a premium kitchen, living room/dining room and a small bedroom and upstairs there is a large master suite with a separate large den. The spectacular part of this home is the outside space - 3 individual spaces and one is a 1400 sq ft terrace. Imagine the gala event you could host with spectacular views of the skyline. The property is offered at just over $1 million. Maybe you can see the entire set of Transformers 3 from the terrace.

Transformers on location in Chicago...

In talking about neighborhoods, there are a couple that will be experiencing something a bit unusual over the next couple of weeks. The new Transformers movie will be on location around River North and downtown and they are making quite a scene. Last weekend they had the streets torn up at Jackson and Lasalle and again at Franklin and Washington in the loop. It literally looked like an earthquake hit.

It walking by the sites, they had "transformed" these locations completely. Huge boulders, upturned sidewalks...but if you looked closely, what appeared to be giant stones were merely sets of foam and wood. Unbelievably real...except when two people on the set gracefully lifted one off the ground to relocate it.

If you want to catch a glipse of some real fun action, check out the Chicago Tribune map which outlines where they will be and when and what will be happening.

This weekend will be big explosions, parachuters and a lot more action, mostly taking place around Michigan Avenue and Wacker Drive. On Friday, July 16th beginning at 8pm, Michigan Avenue will be closed between Wacker and Ontario with big effects and stunts mostly taking place on Saturday and Sunday.

Also on Saturday the 17th, skydivers will be in the area so be prepared for street closures several blocks in either direction from the Trump Tower. Hotel 71 is the set for several scenes from the 19th-21st and the old Jewelers' Building will see the cast and crew for several days from the 24th-27th and possibly longer. I also heard that a few cars will be driven off the parking garage at Marina City into the river which would be pretty amazing to see.

So if you are heading to the area for a different reason, be prepared for a show. If you are heading there to catch a glimpse of the filming, be prepared for a long wait...it is the movies you know.

Recovery,recovery, where for art though?

Every Monday we are talking about the economy or housing market with a particular eye on Chicago. There is a great deal of talk on the recovery. A few weeks ago I quoted the Chief Economist from Freddie Mac when he asserted there will be a slow recovery with no double dip. Right now there are all kinds of mix signs. John Tuccillo, President, JTA, LLC (John is an economist, consultant and one of the foremost real estate and housing finance economists in the United States.) said that mixed signs – some still down (jobs) but others showing a turn around (the Dow (every other day )) are an indication of having hit the bottom and starting the hard work of recovery.

Each day I am asked “how is the market in Chicago…which neighborhood will recover first." Of course, no one has a crystal ball and no one can be certain. But today and for the next few Mondays I would like to pose a few thoughts on neighborhood recovery and I WELCOME debate and discussion. And if you have any specific questions you would like to address – post them and I will try to get some answers.

One theory of recovery is it starts with the wealthiest markets (Near North/Gold Coast). The logic behind this is that prices would have dropped enough to draw buyers from surrounding markets.

So the data to support this would be Near North would have dropped in average price, driving growing sales, the beginning of lower inventory and a recovering price and the surrounding area (Lincoln Park) would not be seeing price recovery.

Looking back 2 years and 4 points in time (Dec 08, June 09, Dec 09, June 10) here are the facts:

• The Near North has done a rollercoaster with strong average price in Dec 08 but a build up of inventory to 2 years. Average price dropped then from $648K to $450 (oops) but has rebounded in the last year AND managed to see inventory drop (average sold price is now $529 with a year of inventory. Hard to tell what drove it but to cut inventory in half – even if you allow for expired/cancelled listings – would take a inflow of buyers from other parts of the city

• Lincoln Park on the other hand saw the same drop in average price but hasn’t rebounded at all in price (price down 40% Dec 08 to June 09 but only up 2% since then. Inventory hit low levels (7.6 months in June 09 but has settled back to one year this June.

What do you think? What is your recovery theory? What neighborhood would you like to buy or sell in and would you like some solid information on the market?

Spotlight on North Center

Part of the reason we love Chicago - in the midst of a big city, there are micro neighborhoods and they host festivals/events for one reason or another all throughout the summer. Two fun neighborhood events in North Center are pretty close to each other yet in distinctly different neighborhoods and they might be worth a visit.


The first is Ben Fest.

St. Ben’s parish and school at Irving Park and Bell Avenue host this very family oriented festival featuring rides for the kids and music for all. St Ben’s neighborhood is a small (8 square block area) with the parish at the center. The church was built over 100 years ago by former parishioners of St Mathias (Lincoln Square) who, in horse and buggy days, found the 1 ½ mile ride to church on Sunday too long. The neighborhood now attracts many homeowners because of the architecture, old brick single family homes and two/three flats on tree lined streets, and the school system – both public (Bell Elementary) and private. The festival starts tonight (Friday evening) and runs all day and into the night on Saturday.

Next, just 8 blocks south is the start of the tenth annual 2010 Roscoe Village Garden Walk and it is free!

You can pick up walk guides at 2058 W. Roscoe. Exhibiting gardens will be on public display from 12:00 noon until 6:00 pm on Sunday, July 11. What you will also notice as you walk around Roscoe Village is the variety of home styles and how different this neighborhood is from St Bens just to the north. And yet they are both very livable city neighborhoods. In Roscoe Village, my favorite homes are the clapboard, porched, welcome your neighbor type, single family homes. Just follow the guide to the gardens, look for balloons and notice the homes along the way.

Looking for Parking...check this out

Are you tired of looking for parking on the street. Are you considering purchasing a condo that does not have parking included? If so, there is a great new web site that is strictly related to parking options in Chicago. 

The website is called Parking Spotter and allows you to select a neighborhood or specific location and it shows you all of the parking options along with the costs and a map. Many of the spaces are monthly rentals but there are also links to garages for event parking. The great thing about this site is that it allows sellers or owners of these parking spaces to post them for free. So if you are considering a property that does not have parking included, don't fret....you may find what you need here.

If you have been considering purchasing a condo in Chicago and don't want to purchase the parking spot, you may want to consider properties that don't have parking included. Often these units are beautiful and spacious in vintage style buildings that were originally built before parking was a true need as it is today.


I have also added Parking Spotter to my resource category on the right side of my blog.

Spotlight on Lincoln Park

Where to begin? Our city architects created the most wonderful feature of the neighborhood by making sure the actual park of Lincoln Park stayed a park. Bike paths, trees, lakefront, and beaches – no other city has such a livable reputation and that is largely due to the lakefront.


Stepping back from the water front though and you discover a neighborhood 3000 blogs could not completely cover. So I will just touch on a few favorites: Food and Music.

My foodie friend just had dinner at Alinea (1723 N Halsted St). In addition to being possibly the most expensive meal she has ever enjoyed ($600 for two) it was, in her words, the most interesting and a true foodie experience. Alinea is all about presentation. There are two tasting menus – a 15 course and a 22 course. They had the 15 course. One course was created as the centerpiece by the diners themselves from a selection of ingredients and then became one of the courses. This course looks like it is looking back at you. And the horizontal ribbon is made from an applesauce gelatin. Each course comes with instructions on how to eat the course – how to mix the flavors just right, how every element of the whole was made. A party of four sitting next to them had flown in from California just for the experience of this restaurant.

Chicago Blues is alive all along Halsted between Fullerton and Diversey. And the music clubs are wonderful. Check out Kingston Mines as a local favorite. But right across the street is my favorite music venue, The Guitar Center. This is no ordinary music store. They encourage you to try, touch and play every instrument. Musicians and wanna be musicians alike can spend hours there. Each room is dedicated to a particular type of instrument – acoustic guitar, electric guitar, percussion, piano/electric keyboards etc. Just three days ago, Robert Plant (of Led Zepplin) strolled in off the street to pick up his guitar from repair, packed it into his backpack and walked out of the store like an average guy not the guitar legend he is. Angus Young of AC/DC was trying out guitars 8 feet from a young boy who was trying an ACDC riff on an electric guitar. Would have been cool to go give the boy a few tips from the master….

Lincoln Park runs from North Ave to Fullerton and from Clybourn East to the Lake. Many micro neighborhoods make up the whole. Many people looking for homes are trying to figure out which neighborhood to jump into and when is the right time to get a great value in this coveted neighborhood. Over the years 2005 to 2009 (the peak of the market to the trough) Lincoln Park actually retained much of its price value but slowed down in unit sales and those sold took longer to sell. There are properties here that you can find that provide value – but most of the reason to jump into Lincoln Park now is not driven by soft prices but by low interest rates. A home at the same price in 2005 and 2009 would cost 19% less in monthly payments at today’s 5% range than 2005 7% range. Said another way an income of 19% less today would qualify you for that home. In fact affordability is the best it has been since 1971. So if you want to check out this desirable neighborhood, contact me.

Short sale confusion?

Short sales have been in the news for quite some time but there is still quite a bit of confusion. There was a great article in the Chicago Tribune on Saturday that attempts to de-mistify this. It really does a good job at giving you both the seller and buyer perspectives. It is clearly not for everyone and requires a good amount of patience.

Fannie Mae recently announced that they will require those who can make their payments yet still move forward with a short sale or strategic default, wait seven years before they are eligible for a Fannie Mae loan. Shockingly it is estimated that there are 11 million homes across America who are under water. That means the home owner owes more on the mortgage than the current market value of the home. There are even further estimates that we could have up to 21 million households upside down in their house in three years. It seems that Fannie Mae is taking this position so homeowners think twice before going down the short sale road.


A strategic default is when a home owner walks away from their mortgage that they could pay but have decided not to because they owe more than their house is were worth at the current time. Yet there can be a variety of repercussions. One is that the loss follows you as a deficiency judgment until it is paid off down the line.

Fannie Mae has also stated that they will pursue deficiency judgments in states that allow this by law. Fannie Mae will look at each hardship as it crosses it desk. A person with an acceptable hard ship or an approved short sale will only have to wait two years before obtaining a mortgage backed by Fannie Mae. Another option for home owners is to sign over their house in a "deed in lieu of foreclosure" to avoid a lengthy foreclosure process.

Amazingly, statistics show that 7 out of 10 people who were foreclosed on did not seek a real estate professional for assistance. It is a good idea to speak with a real estate agent knowledgable in the short sale process as well as an attorney. Start this process early before you become overwhelmed and feel you have no options. There may be more than you think.

Lakefront Sculpture Exhibit

One of the many things I love about Chicago is the accessibility of works of art to residents and visitors. Of course the most familiar are the downtown outdoor sculpture: Calder at the Federal building, the lions in front of the Art Institute, etc, etc. Many times I have stood at Daley Plaza and watched kids climb all over the Picasso getting and early “feel” of the world of art. The neighborhoods do not fall short in the art department and this is especially true of Lakeview and Lincoln Park. For the last 9 years, Alderman Vi Daley has sponsored this juried outdoor sculpture exhibit in Lincoln Park and over the last few years Alderman Tom Tunney has expanded it to include Lakeview. The installations of the works have happened over the last month and they are now ready to view around the neighborhoods. To get a full tour (and it is definitely worth the walk) pick up the new 2010 brochure at either Alderman’s’ office. It provides an easy to follow map so that you don’t miss a treat.

And since walking is all anyone will be able to do in the parade congested Lakeview this weekend, you can see the parade and two of the newly installed sculptures on the parade route.

The first is at the northwest corner of Roscoe and Broadway. If you can get an outdoor seat at Starbucks you can sit and wonder what the inspiration or meaning is of the “Composition in Aluminum” by John E. Bannon.

Further south on the northwest corner of Barry and Broadway is another delicious sculpture in aluminum entitled “Uplift” by Michael Young. These sculptures will inspire you to hike around the whole Lakeview and Lincoln Park neighborhoods in search of more treasures.

Sunday is the Pride Parade in Lakeview

It is that time of year again for the Pride Parade in Chicago. Originally started in 1970 with an attendance of only 150 people, this has grown to be one of Chicago's largest parade of the season and attendance is expected to exceed 500,000. The parade route is from the corner of Halsted and Belmont and continues north on Halsted to Broadway where it turns and heads south to Diversey ending on Lincoln Park. Quite a long route. Be prepared for a very busy area and traffic is virtually stopped east and west. Instead of driving, consider biking or cabbing then walking. It is also an opportunity to see some of the beautiful homes through east Lakeview. Consider taking a bus down lake shore. East of Halsted is beautiful and is only a couple of blocks from the parade itself. One of my favorite streets is the 500 block of Hawthorne which is filled with only a handful of grand homes. It is unlikely you will find many open houses in that neck of the woods on Sunday. So enjoy the walk and the festivities.

Chief Economist for Freddie Mac speaks in Chicago

I recently had the opportunity to hear an excellent presentation from the Dr. Frank Nothaft, the chief economist for Freddie Mac about the economy and housing in general and the Chicago Market in particular. Here are some highlights from his presentation and his comments from the discussion that followed.


On Employment

The recovery will be slow but he doesn’t believe there will be a double dip. It will be slow because over the last 2 years the US lost 8.4 million jobs and at the GDP growth rate expected we should earn back about 2 million jobs per year. At the current rate of 10% unemployment, this will mean a 2 point improvement each year. – good – but not enough to suggest a steep and quick recovery. So employment will keep the recovery pace slow it will be a recovery.

On Fiscal Policy

As you may recall, in 2009 the government approved a massive stimulus to invest in the recovery...however, there is still half remaining to be spent. So we are seeing a recovery AND have some additional investment available to create jobs and provide credit.


On Monetary policy

Interest rates – people say – can’t get much lower but, according to Dr Nothaft we haven’t fully felt the effect of the decrease in rates. He believes that it takes 12 months for the effect of a 0 percent discount rate to be fully felt in the mortgage and other lending rates. So, even if the fed started to tick up the discount rate we have some time at these great mortgage rates. He stated that the interest rate should stay BETWEEN 4.75% and 5.25% for the next 12 months.

On Housing prices

Inflation is predicted to be low at about 2 ½ % per year and this means that while we have probably seen the bottom, we will continue to see low housing prices or at least very slow growth in housing prices.

This leads to the good news.

Housing affordability is the highest since 1971. This index look at mortgage rates, housing prices and income to determine if the median income family can afford a median priced home. Housing affordability is the highest since 1971

OPEN HOUSE OF THE WEEK-19 N. Aberdeen

Situated in the heart of the West Loop CA23  is a new project by The Brixton Group. It has been under construction for awhile but units have been delivering and it is a well built and sleekly designed property. Known as , the development at 19 N. Aberdeen will eventually consist of two buildings with 48 new construction 2-4 bedroom units boasting ceiling heights between 11 and 18 feet and ranging from approximately 1900 square feet to 4000 square feet. The inspired, modern architectural atmoshpere makes this a unique and exceptional opportunity for today's purchaser seeking dynamic space, high quality design and top of the line finishes. Private elevator access to each unit, materials such as steel, glass and limestone combine for a brilliant facade, garage parking and large private landscaped yards for selected units create a unique and special development.


If you are going to stop by the Taste of Randolph Street fest this weekend, check out these places. They will be open on Sunday, June 20th, from 12-3pm.

While you're out and about, there is an amazing new property to the market at 850 W. Adams. This is one of my favorite loft buildings in the area if you are looking for large, sprawling space. It is two units combined into one leaving lots of open living space and quiet separate sleeping space The dining and living room, family room, office/den and eat in kitchen are combined into one giant living and entertaining space. Features include stainless and glass accents, high ceilings and all windows with southern and eastern exposure. There is also a terrace along the east to watch the sunrise.

Poured concrete, exposed duct work in the main living space and soft loft curves and finishes in the bedroom spaces plus a separate office with murphy bed.

This is presently owned by Annie and Lou originally of Annie Properties who were leaders in building and developing the west loop area.


If you are interested in seeing either property or if you have questions, give me a call.

Spotlight on the West Loop

This neighborhood has truly blossomed over the past 2 decades to become one of the most livable and entertaining neighborhoods. Once filled with artists, design and photography studios it is now home to all that plus the folks that realized walking to work in the loop was a great way to start the day.

The neighborhood is bounded by restaurants – Greek along Halsted, a wonderful assortment of restaurants near the northern boundary on Randolph and a wealth of choices in between. A few favorites are a great new breakfast place at Jackson and Halsted called Miele. Be prepared to wait on weekends for brunch.

Another great weekend brunch location is Inas (the breakfast queen as she is more commonly called) at 1235 W. Randolph. You can get pretty much anything you can imagine and there is always a great twist on most breakfast ideas on the weekend. In the summer there is outdoor seating along Randolph which is a bit quieter where she is located at the western end of the boulevard.

If your in the mood for a little spice, hit Wishbone which is around the corner from Harpo Studios where The Oprah Winifrey Show is taped. They do an excellent, speedy and affordable weekend brunch as well with that southern twist. There is an abundance of outdoor seating here.

One of my favorite more casual and elegant spots is Sepia at 123 N. Jefferson. The interior is terrific and the menu fantastic. A great date night place.

If  you still can't decide, then just park and walk down Randolph where you will have dozens of excellent dining alternatives.

And you can get a real taste of the area this weekend at Taste of Randolph Street - Friday evening the 18th through Sunday night the 20th. The entrance is at 900 W Randolph and features the galleries, restaurants from the area and great entertainment from all over the world.

Once a meat packing and industrial district, it may be the place in Chicago where lofts were invented or at least perfected. Wonderful industrial space turned into lofted living space and then the wave of building throughout the 90’s and early 2000’s brought soft lofts and new construction

The housing market in this neighborhood tends toward attached single family (townhome, duplex, condo) with average prices holding pretty steady. Over the last 2 years the price has dropped only slightly (4.1%) in what has been a generally tough housing market. However, they have seen a longer market time (193 days this June versus 123 days on market 2 years ago). Patience is required.

Appraisal Challenges...

Many people have been experiencing issues with appraisals over the past several months. The problem has been that there is little and sometimes no historic data for appraisers to use so they have to dig. And we as agents have to dig too and in some cases provide information that isn't so easy to find such as properties that sold off market.  Fortunately, we have been bouncing off the bottom for some time now and we have seen transactions in most areas and buildings which is moving the process along again. But many appraisers still consider much of Chicago in a declining market which does not bode well for sellers trying to sell to buyers trying to secure financing.  

My issue is that if buyers, who have certainly done their homework, are willing to pay in this market, and sellers are willing to sell, how can the appraiser, who many times is from a completely different market and often a different city, have such power to squelch the deal.

Our contributing lender, Bonnie Vasilion of 1st Advantage Mortgage, has a few tips. She also has what is called "Exempt Broker Status" which means in some cases she can select the appraiser to use who is familiar with where the property is located.

It seems all the talk about real estate transactions these days is centered upon APPRAISAL ISSUES! Everyone has stories to share.


Due to the “Home Valuation Code of Conduct Law” (“HVCC”), lenders are no long able to discuss value with appraisers, nor can lenders speak with appraisers or even choose who will be appraising your home.

However, there are some things that can be done to work toward receipt of an appraisal with the most realistic assessment of value:

1. When meeting the appraiser on a purchase transaction, have the listing agent provide the appraiser with relevant recent comparable sales and any information about improvements made to a property. Include the value of improvements made.

2. Provide a floor plan and survey.

3. For borrowers refinancing, do what is suggested for listing agents: let the appraiser know of sales in your neighborhood of homes you feel are similar—many times properties sell “off market” and don’t show up on the records used by appraisers. Also, provide the list and value of improvements, as well as a copy of floor plan and survey if you have that available.

Don’t wait until the report comes out; once those reports are issued, it is nearly impossible to refute an appraisal.

One important note: I have “Broker Exempt Status” on a very competitive Jumbo financing program, meaning I am authorized to select the appraiser. Though I cannot discuss value, I can choose appraisers who are knowledgeable about our local markets, so keep that in mind: it can be a deal saver!

Finally, it is true that a lender cannot “toss a bad appraisal” and simply order a new one. If your appraisal doesn’t work out with one lender, you might need to go to another lender and start the process over.

Appraising a property is not scientific; there are variations. Be prepared; give the appraiser as much information up front as you can, then let them do their report and hope the value supports your transaction. As always, feel free to call me at 847-869-7100 ext 3322 or 312-502-0136 with any questions you might have.

OPEN HOUSE OF THE WEEK-1728 N. Cleveland

If you are not completely exhausted from your great art hunt at the Old Town Arts Festival, then you might wander into an open house a few blocks away at 1728 N Cleveland on Sunday, June 13th. It is open from 2-4 and presents luxurious living - some of the convenience of the suburbs (attached garage) with all the elegance that only a well designed single family home in the city can provide. Offered at just under $3.6 million, this is 6500 sf of custom everything.

You will be struck first by the crisp carved limestone façade as you enter. The home has everything you would expect in a high end home. The tile work in each of the 5 ½ bathroom is striking. The kitchen is spacious and well appointed. The large detailed molding provides a finishing touch in every room. There are two decks – one over the garage for company entertaining and one off the top floor guest room. This was my favorite space. The current owners turned two rooms on the west side of the top floor into an office, sitting area and private balcony. What a joy it would be to commute upstairs to this private work space. It even features a kitchenette for coffee, beverages and other snacks. Another favorite part of the home is the large (300 bottle) wine cellar. Maybe you could negotiate for a choice bottle at the closing. I will leave the rest for you to discover.

The next home will not be open to the public but, should you be interested in a high-end contemporary home, 1916 N Burling can surely be scheduled to view. You can picture warm family nights in the open kitchen/family room at the back of the home looking over the courtyard and 2 level deck. When entertaining, the architect has created an open living room at the front and overlooking the living room is an open space that now features a baby grand piano. Music could softly poor over the rails for your special guests. Every touch, every stair rail, every light fixture will appeal to those of you that adore the clean lines of a contemporary home. This home is offered at just under $3 million Both of these homes are on quiet tree lined streets and have excellent schools, restaurants and entertainments within walking distance. . If you would like to view either of these homes, it would be my pleasure to arrange.

Spotlight on Old Town

Well it is that time of the year again. The first big art fair of the season is this weekend...The Old Town Art Fair and the Wells Street Art Festival. Old Town is a wonderful, historic community tucked into Chicago's Lincoln Park neighborhood. The center point is North and Wells and the historic area of the Old Town triangle runs north to Wisconsin and West to Larrabee. The neighborhood does cross over North Avenue to the south for several bocks as well with many hidden treasures tucked in everywhere. The Old Town Art Fair is a great opportunity to have first dibs on pieces from some terrific artists before the season of art shows kicks into gear. And becuase this unique art fair takes place right in the center of the neighborhood it is a chance to see the area up close and even walk through some beauftiful gardens.

What makes the historic neighborhood so interesting is that no building within the triangle can be torn down. There are also restrictions on what you can do to the facade when doing a restoration. As a result, density levels in Old Town remains low and the neighborhood wonderfully quaint and intimate.

Two of may favorite shops are on Wells:

The Spice House and Old Town Oil. If you enjoy cooking and eating, these places will change your life.

The Spice House is located at 1512 N. Wells and is a small shop dedicated to the freshest, highest quality spices. It is ideal if you need to restock the pantry or for great ideas with a huge array of fresh and already themed packages.

Just next door the most exquisite oils and vinegars can be found at Old Town Oil which offers hand blended oils and vinegars from around the world. If you liked that unique grassy cold pressed oil you tasted in Tuscany, you can find that along with tasty, syrupy aged balsamic vinegars


The market in Old Town has experienced the same roller coaster ride as many of Chicago's other areas. Much of the upper bracket homes are tucked away here and have been quite sluggish over the past several months. Since the first of the year, only 6 single family homes have sold with an average sale price of $1.2M. Apparently many agents had to adjust to the market as this was almost 67% off original list prices. Once the prices were adjusted properly, closed values were at a respectable 94% of list with an average market time of 226 days. This represented only 15% of the inventory at the time. Presently there are 23 homes on the market with an average list price of $1.7M and an average of 261 days on the market topping out at $4.3M.


In the condo and town home market for the area, 21% of this inventory has sold since the first of the year totaling 64 units with an average sale price of $440,000 which was 95% of the adjusted list prices averaging 116 days on the market. Presently there are 116 units for sale with an average price of $447,000 topping out at $1.3M.