A beautiful snow-filled view from 336 W. Wellington #905

Check out this amazing snow-filled view of Lincoln Park and lake Michigan taken from unit 905 at 336 W. Wellington. This unit is on the market for $250,000 and is completely redone with updated kitchen and baths. For a virtual tour of this property, go to 336 W. Wellington #905.

For more information, email me at agersten@rubloff.com or call directly at 312-368-3280

Incredible space in Lincoln Park overlooking the park and lake at 2100 N. Lincoln Park West

Check out this 2700 square foot four bedroom, four bath unit at The Pierre. The entire unit runs across the front of the building with lake and park views from almost every room. Located across from the Lincoln Park Zoo, The Pierre is ideally located in the heart of Lincoln Park and is a full service building with 24 hour door staff and convenient on-site parking.

The views will amaze you. These shots were taken from the unit. You can see the lake and the park from almost every room and on occassionally you can even hear the lions roaring from the zoo across the street. There is also one of the best play grounds directly outside the front door of the building.

This unit does need kitchen and bath updating and is a great opportunity to update a space exactly the way you'd like it. Call me at 312-368-3280 for additional questions, floor plans or to schedule a showing.

Prudential Rubloff Properties Lux Collection

Take a look at the new digital version of the Prudential Rubloff Properties Luxe Collection. Just click and explore. It showcases the best of our city, suburban and Harbor Country properties in a digital format. Basically an online magazine.

And should you have any additional interest, feel free to contact me directly at 312-368-3280

OPEN HOUSES SUNDAY, JULY 31---NEW LISTINGS

Check out these incredible new listings and open houses this Sunday, July 31st:

1742 N. Wilmot--OPEN 1-3PM

Stunning 4 bedroom Contemporary Bucktown Home

List PRice: $1,525,000

Experience quality in this stunning contemporary Bucktown home w/ith two story living room, 5" Brazilian cherry floors, custom stair rails and wbfp. Kitchen has stainless steel Viking appls and island with dining and living areas that walks out to an incredible multi level landscaped deck. The 3rd level has three bedrooms with master suite,  marble bth, bubble tub and seperate steam shower. The lower level is a true walk out with family room, 4th bedroom, studio & enclosed walkway to  two car garage. Just steps to all BUcktown has to offer including shopping, dining and the blue line.

3417 N. Bosworth-OPEN 12-2

List Price: $635,000

Extra large duplex in the heart of the Southport Corridor. Built on a 30' lot, this 3br/2.1ba is extra wide with huge rooms, separate family room, patio and deck, two fplcs, 42" cherry cabinets, stainless appliances and granite counters + hardwood floor throughout. Massive master suite with dbl vanity sink, jacuzzi, separate shower and walk-in closet. Garage parking included. Easy walk to everything

606 W. Aldine #2W-OPEN 12-2

List Price: $360,000

Stunning vintage home in the heart of Lakeview w/ garage pkg,back deck off kit & incredible park like yard.Beautifully restored,this home offers custom millwork, hwfls, lacquered doors, lrg bay window in living rm w/gas frpl, separate dining rm, incredible kitchen w/ cherry cabinets, granite tops & stainless applncs. Plus central heat & air, extra office space off 2nd bedrm & in-unit w/d. Shows very well.

CABRINI GREEN LED LIGHT SHOW ALMOST FINISHED

The last of the Cabrini Green high-rises is coming down. In fact, it's about half way there. Maybe you've been watching the buildings come down one by one but this one is the last. One thing you may not know is that there is a light show that displays in the evening when the demo team is gone. You will notice flashing lights in several apartments.

This display was created by students and faculty of the School of the Art Institute to commemorate Cabrini and the experiences of the residents who are now scattered throughout the city. Created by Jan Tichy, a teacher at the Art Institute and Efram Appel, a social worker, the 134 lights are spread throughout the building and flash intermitently in conjunction with the "voices" of student poetry reflecting off the multi-colored walls. As the building comes down, these LED lights and the boxes they are housed in will be retrieved and recylced along with much of the building remains.

If you are driving near Halsted and Division, take a look at this last building. The light show will continue throughout the demolition phase which will likely wrap up by the end of the month.

Real time vide of the building at 1230 N. Burling is available at at http://www.projectcabrinigreen.org/ along with recordings of teenagers poetry that was written in conjunction with the light display. The will also be an exhibition at the Museum of Contemporary Art throught for the duration of the demolition.

A piece of the Chicago landscape is changing, forever....

OPEN HOUSE THIS SUNDAY--5824 N. WASHTENAW

This extra large bungalow at 5824 N. Washtenaw in Arcadia Terrace will be open this Sunday, April 17th, from 12-2pm.

Listed at $475,000 this four bedroom home is beautifully finished with hardwood floors throughout, two recently redone baths, a separate den or family room on the second floor and a huge workroom in the basement.

Home is bright and in excellent condition with yard and two and a half car garage.

Stop by on Sunday for a walk thru. Or if you can't make the open house, call Andy at 312-368-3280 for a showing.

BRAND NEW TO THE MARKET

Check out this extremely charming condo at 3316 W. Sunnyside #3. This bright south facing 2 bedroom unit listed for $159,000 is on the top floor and includes roof rights with a staircase already in place from the back porch to the roof for easy access to build your own private deck.

The living room has hardwood floors and connects the the sunroom with three sides of windows..It is a true sunroom.

The master bedroom is spacious and also faces south taking advantage of abundant natural light. Adjacent is the totally cute 2nd bedroom.

The  kitchen has room for a table and walks directly out to the porch which is a good size and ideal for a small home container garden.






Home is conveniently located a couple blocks from the brown line as well. For more information, contact Andy at 312.368.3280

Beautiful Extra Large Bungalow in Arcadia Terrace

BRAND NEW TO THE MARKET in Arcadia Terrace come see this beautifully maintained and improved bungalow is at 5824 N. Washtenaw in Chicago.

The living and dining rooms are wide and bright and have been combined into one large space. The kitchen has been updated with maple cabinets and a breakfast nook.

There are two bedrooms on the first floor with a nicely refinished bathroom while the other two bedrooms, one being the master, are located on the second floor.

The master is quite large with beautiful parquet floors and adjacent to a spacious new full bath with skylight and double vanity sink. Also on the top floor is a separate family room ideal as a den or office.

The lower level is a full, partially finished basement complete with recreation room, full laundry room and massive work room.

The home sits on an extra wide lot allowing for a nice back yard and a 2 1/2 car garage.

Home shows beautifully. For questions or to set up a showing, call Andy at 312-368-3280.

Lenders need to do more...a lot more!

Many of us in the real estate market have been experiencing increased traffic to our websites and increased showings, but then it stops. Buyers are coming back slowly, but ask a real estate agent and they will have story after story of how lenders are stopping deals. It is increasingly more difficult to secure financing and the interesting thing is that loans made over the past two years have the lowest default rates.

Buyers are more qualified and more cautious than ever. They are giving serious consideration to their home affordability, income to debt ratios and responsible down payments.

According to Lawrence Yun, Chief Economist for the National Association of Realtors, "data from Fannie Mae and Freddie Mac show that 2009 mortgage originations  have the lowest default rates in decades, with 1.2 defaults per 100 laons backed by Fannie Mae and 1.1 defaults per 100 backed by Freddi Mac. As recently as 2007 those figures were a staggering 28.7 amd 22.4, respectively."

Given this recent strength of loans, you would think that lenders would be jumping back into the business of mortgage loans...but they are in fact holding back.

According to Yun, lenders have tightened underwriting so much that even households with solid credit backgrounds are simply not making the cut.

"No one would advocate for a return to risky lending," says Yun, "but by simply returning to underwriting standards that are close to what has been historically normal, lenders can do what the federal government is trying to do: spur the economy by getting responsible households back into the housing market."

Waiting for prices to fall...

Many buyers are waiting on the sidelines not sure if home prices are going to continue to fall or not. But consider the cost of waiting. As interest rates begin to creep up, even if prices do retract slightly, the cost could likely be higher.

An excellent article by the KCM Blog illustrates this using average home prices in the US. With a mere 3/4% increase in rates, a $170,000 home can cost almost $90 more per month on a mortgage.  The writer also ads that even if prices fall another 10% this year, the cost of a home will increase if interest rates go up more than 1%. Buyers should not worry where prices are going. They should be concerned where costs will be later in the year.

So maybe waiting isn't such a great idea anymore?

New Penthouse Listing in Lakeview

 Check out this incredible top floor unit at 1640 W. Belmont. This condo is the developers own unit and he has filled it with incredible detail.

 The crown molding, wainscotting, inlaid wood floors are just the beginning. At just over 2000 sqft, this gracious three bedroom unit offers soaring 11' ceilings, two private decks, two parking spaces and excusive roof rights to a 2000 sqft roof that is ready to be finished out.

3rd bedroom/office

Master Bath with steam shower and jacuzzi tub



Master Bedroom with hugw walk-in closet, private deck and in-laid hardwood floors

For more information, click on the property link here or call me at 312-368-3280 for a showing.

Two affordable north side listings on the lake-5100 N. Marine Drive #4E and 4250 N. Marine #1704

I have just listed two well priced condos on the lake front. The first is at 5100 N. Marine Drive just south of Foster. It is unit #4E and is a true one bedroom for $115,000. The bright, south facing unit is in very good condition with hardwood floors, dishwasher and individual heat and air conditioning. The building has an outdoor pool, 24 hour door staff, beautiful redone lobby and is in good financial health. For a complete virtual tour and property details, visit the link at  by clicking on 5100 N. Marine Drive #4E.

Also on the market at $115,000 is 4250 N. Marine Drive #1704. This is a high floor junior one bedroom which also faces south with beautiful lake and park views. If you want bright, this is it. The unit could use minor updating but is a great value for the area. The building has all the amenities you could want including 24 hour door staff, on-site management, outdoor pool, exercise room and immediately available on-site garage parking. For a complete virtual tour and property details, visit the link by clicking on 4250 N. Marine Drive #1704.

For showing or questions on either properties, contact me directly at 312-368-3280.

Fannie Mae to add more loan fees

My good friend Bonnie Vasilion offers some insight into mortgage interest rates and what we might expect in the next several weeks. Many consumers are frustrated with the fees and guidelines lenders and Fannie Mae are imposing in order to avoid any risk at all. The truth is, mortgages are a risk at some point. But to deny strong borrowers is putting real pressure on the housing market.

What happened? Mortgage rates rose; and they rose quickly. (Though rates are still super low, historically speaking!)


Why? Without getting into too many details, it seems that a combination of “fear and panic” on the part of Mortgage Backed Security (bond) traders regarding reaction to “QE2”, concerns about inflation, appearances of an improved economic outlook, etc. all contributed to an increase in rates.


What next? I know some people are hoping that the “fear and panic” subsides and rates come back down. Anything could happen. However, there is a new issue, besides cyclically higher rates, looming on the horizon that could in fact drive the cost of home financing even higher: Proposed increases in Fannie Mae/Freddie Mac “ risk-based pricing overlays”.


In a December 23rd memo to investors, they described changes proposed for the Spring of 2011. We already have “risk based pricing overlays”, for example, lower credit scores = higher rates, “cash out” rates are higher than just refinancing what you owe or making a purchase, lower down payment = higher rates. The overlays are going to get even pricier, and the proposal has even the most ideal borrower paying an overlay just because Fannie/Freddie says ANY loan is a risk these days. (I read ¼ point per loan, just to “get in the door”: that translates to $ 1,000 on a $ 400,000 loan).


Below is an article I found that discusses this. There is not a lot of information available on this yet, but I will share it as it becomes available.


Boston Herald--Fannie Mae to add more loan fees

What’s the point? As you’re heard me say before, If buying or refinancing makes economic sense to you now, it makes sense to act now. Waiting for lower rates to come back seems much less likely than higher rates and financing costs.

HUGE PRICE REDUCTION AT 3800 N. LAKE SHORE DRIVE #13E---NOW $549,000

This beautiful unit at 3800 N. Lake Shore Drive in Chicago has just been reduced by $50,000. The unit itself has bright south and north exposures has been completely redone with central air, new windows, new kitchen and baths plus original moldings, hardwood floors and gas fireplace. There is also a butlers pantry and separate dining room for easy entertaining. 3800 N. Lake Shore is a terrific building on Chicago's lakefront with only 95 units and rare on-site parking. Check out the virtual tour for a detailed view of the home.

3800 N. LAKE SHORE DRIVE 13E