Did you know that Streeterville is named after a whiskey-selling squatter who was despised by the city fathers. In 1886, Capt. George Streeter ran his steamshop aground on a sandbar off Superior Street and urged builders to dump their junk around his boat to create new land. He declared that his "District of Lake Michigan" was separate from Chicago and Illinois, and he defended hi claim in court and with a shotgun that he wasn't afraid to use. The city fought back by extending Lake Shore Drive south, creating the curve at Oak Street to surround Streeter's ville. It took decades for officials to wrest control from the irascible captain.

Source: Chicago Tribune

There are lots of relatively simple and affordable things you can do to give your home a face lift. Your house will look better and your family will feel happier in it. As a bonus, you will also boost your home's value.

1.) Add the perfect touch with paint. A fresh coat of paint on the interior walls can work wonders.

2.) Focus on the flooring. Good, well-maintained flooring can set a positive tone for the entire interior of your home.

3.) Update the windows. Upgrade old single-pane windows with Energy Star quality windows and you'll save on energy bills plus you may qualify for a federal tax credit.

4.) Weed out bad landscaping. Remove dying plants and prune overgrown shrubs. Planting beds should be weeded, edged and mulched for a clean, crisp look. Finally, weed and fertilize the lawn.

5.) A few final exterior touches. Add color with paint to outdoor features such as window frames, decorative beams and porches. Clean external brickwork or concrete slabs.

Source: Investopedia

Housing starts were up 1.7% for July to a 546,000 annual pace, but this was below expectations and all the gain came from a big boost in multi-family starts. Single family starts were off 4.2%, declining for the third straight month. Looking at the market further out, we saw new building permits down 3.1% for July to a 565,000 annual rate.

There is no denying that these reports reflect a softness in the home building market. But some experts see the data as part of a temporary housing market hangover following the expiration of the tax credits.

Per Steve Harney, speaker at the 2010 IAR convention, home prices in May, 2010 are back to May, 2004 prices. That said, interest rates in May, 2004 were 6.27% versus May, 2010 at 4.50%.

If you purchased a new home in Lincoln Park or Lakeview or any where in the Chicagoland area, you will save big bucks, not only on the price but on your monthly payment...see below...

Purchase Price Downpayment Interest Rate Monthly Payment (P&I)

$300,000 10% 4.42% $1,355

$300,000 10% 6.27% $1,665

Your monthly payment is reduced by $310 due to the low, low interest rate.....give us a call to arrange a showing of your dream home.

Did you know that Billy Caldwell and Sauganash are two names for the same person? A chief of the Potawatomi, he was half-British, half-Native American man who interceded to save white families in the aftermath of the Battle of Fort Dearborn in 1812. Sauganash was held in such esteem that the government granted him 1,600 acres of land on the North Branch of the Chicago River, an area that includes Sauganash,Forest Glen and South Edgebrook.

The trend in firming home prices solidified in the second quarter with more metropolitian areas showing increases from a year ago, aided by a surge in sales driven by the homebuyer tax credit, according to the latest survey by the National Association of Realtors.

The national median existing single-family price was up 1.5 percent from the same period last year. Distressed homes accounted for 32 percent, down from 36 percent a year ago.

Total state existing-home sales, including condos, rose 9.1 percent for the quarter, and were 17.3 percent above the pace in the second quarter of 2009.

Per Chicago Agent, second-quarter sales in the City of Chicago increased roughly 33% to 6,567 compared to 4,945 in the second-quarter of 2009.

My Morning Jacket....August 17th @Charter One Pavilion @ Northerly Island

Black Crowes.....August 21st @Chicago Theatre

Rogers Park Pooch Party.....August 14th @Glenwood Avenue Arts Festival

It's Thursday, Let's Dance...August 19th, 6 pm @Boocoo Culteral Center,Evanston

The Vintage Bazaar....August 22nd, 12pm @Congress Theater

AREA - TYPE - SALES - MARKET TIME - ORIGINAL LIST - AVG
VS PRICE
SALES PRICE

Lincoln Pk - SFH - 45 - 176 - 86% - $1,426,035
Condo - 133 - 162 - 93% - $ 396,238

Gold Coast/
River North/
Old Town SFH - 3 - 235 - 90% - $1,310,167
Condo - 336 - 154 - 94% - $ 440,208

Lakeview SFH - 37 - 132 - 88% - $ 875,419
Condo - 229 - 153 - 94% - $ 361,185

Wicker Prk/
Bucktown/ SFH - 59 - 190 - 88% - $ 762,663
Ukrainian V/ Condo - 191 - 145 - 94% - $ 353,115
East Village

Uptown SFH - 10 - 77 - 89% - $ 703,705
Condo - 101 - 166 - 93% - $ 265,909

Lincoln Sq. SFH - 25 - 106 - 92% - $ 523,340
Condo - 43 - 116 - 94% - $ 306,570

North Ctr/ SFH - 51 - 123 - 91% - $ 623,805
St. Ben's/ Condo - 56 - 139 - 95% - $ 357,098
Roscoe V

Edgewater/ SFH - 21 - 136 - 91% - $ 501,975
Andersonville Condo - 103 - 167 - 93% - $ 242,000

South Loop SFH - 4 - 111 - 89% - $ 861,500
Condo - 138 - 365 - 101% - $ 412,218

West Loop SFH - 0 - 0 - 0% - $ -0-
Condo - 118 - 139 - 96% - $ 353,624

Rogers Park SFH - 12 - 169 - 88% - $ 357,466
Condo - 61 - 226 - 90% - $ 181,364

* all SFH based on 3-4 bedrooms
**all condos are based on 2 bedrooms/2 baths
Source: MLSNI custom reports

The housing crash has left at least 11 million people in the unenviable position of owing more on their homes than they are worth—and many more millions with properties worth far less than they paid for them.

But some might not be as trapped as they think.

Record-low mortgage rates and a new slump in home prices are presenting unusual opportunities in the housing market these days—even for so-called underwater borrowers.

Larry and Mary Schuck paid about $29,000 to refinance into a 15-year mortgage at a rate of just 4.5%. That's like an investment return of about 10% a year over five years. They also reduced their total interest payment by more than $95,000.
Some intrepid homeowners are intentionally taking a loss on their current house—and writing a big check to retire their old mortgage—in order to buy twice the home for not much more money. Others, eschewing conventional personal-finance advice, are even opting for "cash-in" refinancings, paying thousands of dollars out of pocket to settle old loans—and then taking out new mortgages with lower payments, shorter durations or both.

The attractive terms are spurring people like Scott Ayler, 35 years old, into action. He and his wife, Jaclyn, 33, recently decided to trade up to a larger home in their native Denver, despite taking a loss on their current house. In 2004, they paid $234,000 for a three-bedroom, 2½-bath house built that same year in Green Valley Ranch, a subdivision that has among the highest foreclosure rates in the city and lacks upscale amenities. They are in contract to sell the home for about $204,000.

Their new home, built this year, cost about $323,000, comes with four bedrooms and three baths, and sits on a corner lot overlooking a reservoir. The house, which was initially listed at $379,000, is in Denver's desirable Cherry Creek area, known for excellent schools, plentiful amenities and few foreclosures.

With $195,000 remaining on their original 6.625%, 30-year fixed-rate loan, the Aylers estimate their total paper loss will be around $45,000. They are putting down only $11,500 on the new house. But because the new FHA loan carries a 4.5% rate, their monthly payment will rise by only $290 a month.

They say they expect better price appreciation in their new home. And with a young daughter and plans for another child, they need more space anyway.

"We don't want to wait for the market to come back," says Mr. Ayler, general counsel for an energy company. "We wanted a better quality of life now."

In the first six months of the year, Chicago condo sales have dramatically increased compared to the first half of 2009.

The dollar volume was up 42% and the units closed were up 46%. Also, the average market time decreased to 148 days. Down 6%.

In my Lincoln Park office, which mainly serves Lincoln Park, Lakeview, River North, Streeterville and the Gold Coast, sales have also increased significantly.

Existing-homes were up 22% verses the same period last year. The median price was up 2.2%. The increases were attributed to the tax credit and short sales/foreclosures.

Illinois homes sales and median price up in April.

The April housing report released by the Illinois Association of Realtors this morning bought encouraging market news: statewide total home sales jumped 34.4 percent in April while the satewide median price increased 5 percent to $157,450.

The first quarter condo sales soared compared to the same quarter last year. In the firsgt quarter of this year, powered by foreclosures, short sales and government subsidies, condo sales have dramatically increased compared to the first quarter of 2009.

Units closed were up 51% and unit volume increased to $650 million up 41%. The average market time also decreased.

Two single family homes closed this week in Lakeview and Lincoln Park. A five bedroom / four and a half bath home located at 1722 W. Wolfram closed for $1,088,000 and a five bedroom / four bath with two half baths, located at 2615 N. Paulina closed for $1,825,000.

In the last few days, three more condos closed in Lincoln Park. A one bedroom/ one bath unit closed for $295,000 located at 2700 N. Halsted. A three bedroom/ two and a half bath unit located at 2644 N. Ashland closed for $520,000 and a four bedroom/ three and a half bath unit located at 633 W. Belden closed for $1,370,000.

Three more condos closed yesterday in Lincoln Park. A two bedroom/ two bath unit located at 2530 N. Lincoln closed for $332,500. Another two bedroom/ two bath unit located at 2020 N. Dayton closed for $400,000.
A three bedroom/ three bath condo located at 270 N. Racine closed for $510,000.

Three more condos closed yesterday in Lincoln Park. A two bedroom/two bath unit closed for $438,000 located at 510 W. Grant. A three bedroom/two bath unit located at 1926 N. Lincoln Park West for $536,000 and a three bedroom/two and a half bath unit located at 1437 W. Diversey closed for $665,000.

Four condos closed yesterday in Lakeview. Two condos closed at 330 W. Diversey. A two bedroom/two bath unit closed for $220,000 and a three bedroom/three bath unit closed for $462,500. Also a two bedroom/one bath condo closed for $246,000 located at 3805 N. Ravenswood and a two bedroom/two bath duplex at 1518 W. School closed for $425,000.

Three more condos closed yesterday in Lincoln Park. A two bedroom/two bath unit located at 2500 N. Lakeview closed for $560,000. Also, a four bedroom/three bath townhome located at 2515 N. Seminary closed for $662,000 and a duplex with three bedrooms/three baths located at 2027 N. Howe closed for $752,500.

Two properties closed yesterday in Lincoln Park. A two bedroom/two bath condo at 2650 N. Lakeview with listed for $419,900.00 closing at $377,500.00 and a three level town home located at 2611 N. Greenview that listed at $699,000.00 and closed for $677,500.00.

For more information on the new tax credit please call us for all the details at (312) 504-6381.

We are offering a $500.00 award for every buyer who you introduce us to. Of course they have to close on a purchase but there is no limitation on how much you could receive. Introduce us to 10 buyers that use our expertise and close on a property and we will award you $5,000.00.

We didn't forget sellers awards either. For every seller you introduce us to that closes, you'll receive a $250.00 award.

Time is running out for first time home buyers to receive up to $8,000 in tax credits. The deadline for a "closed" purchase is November 31st of this year. The credit is also available to a buyer who has not owned a home/condo in the last 3 years. If you know of anyone who we can assist, please have them give us a call.

For the third consecutive month home sales picked up. Locally, the numbers are solid. Pricing for condos in some areas of the city have increased in the same period. For example, prices on a two bed, two bath condo in Lakeview have increased 3.5%.

Mortgage rates have also come in a bit after rising as high as 6%. As of this morning, rates on a 30 year mortgage are 5 1/4%.

There are plenty of great deals still to be had. We just had a closing where our buyer bought a 3 bed, 2 bath duplex for $163,000. Give us a call to find the "10 Best Buys" in your area. Of course, your under no obligation to buy.

If you listen to Wall Street, the majority of the economists are calling for higher inflation. Higher inflation usually equals higher mortgage rates. We just had a client lock into a thirty year mortgage at 4 3/4%. The purchase price was $560,000. The loan amount with 20% down is $448,000. If mortgage rates jump back to where they were in October of last year (6 3/4), the monthly mortgage payment would increase $570.

Another way to look at it is from a buying power standpoint. Lower mortgage rates afforded this buyer a more expensive home. If rates jump back to 6 3/4%, the same buyer with 20% down payment would only be looking at a purchase price of $450,000.

Every buyer is looking at "price" in this market. Not the cost of money. Real estate prices in some areas of the city have stabilized and even increased in the last three months. If you think prices are going to come down 20%, don't hold your breath. The cost of money just gave you a 20% discount on the market.

There are great properties out there at great prices. Be smart! Buy NOW!

Hi Everyone. The spring market is heating up even though the weather hasn't. We have three closings this month and one scheduled for April. We also wrote three buyer contracts this month. Showings on our listings have also picked up and we've already had a record number of hits to our web site.

Mortgage rates are still at historic lows for buyers and pricing is still king for sellers.

The Economic Stimulus Bill has been reconciled by the House and Senate. The details of the legislation has been finalized.

Homebuyer Tax Credit- a $8,000 tax credit that will available for qualified purchase of a principal residence by a first time home buyer between January 1, 2009 and December 1, 2009. The credit does not require repayment.

It appears that condo sellers geared up for the spring market in January. From Lincoln Park heading North along the lakefront into Evanston, there were 156 new listings. In the same period, there were only 107 closed condos. The neighborhoods included were Lakeview, Uptown, Edgewater, East Roger Park, Evanston and Lincoln Park.

433 W. Briar Place
2 Bed/2.1 Bath $539,000

3037 N. Kenmore
3 Bed/2 Bath $590,000

1550 W. Cornelia
3 Bed/2.1 Bath $605,000

3312 N. Kenmore
2 Bed/2 Bath $610,000

2623 N. Wilton
2 Bed/2 Bath $558,000

1872 N. Clybourn
2 Bed/2 Bath $570,000

1703 N. Sheffield
2 Bed/2 Bath $$575,000

329 W. Belden
3 Bed/3Bath $900,000

Existing-home sales rose unexpectedly while inventory declined. This is typically a good sign. Here in the Midwest sales increased 4.0% in December.

Mortgage interest rates are at historical lows, sellers are flexible and there is plenty of inventory to choose from.

If your a first time home buyer, you may want to consider an FHA loan, with offers down payments of 3.5% on a safe 30 year fixed-rate mortgage.

If you have patience, there are a large number of short sale and foreclosures on the market. If you'd like a list of them in your area, contact us along with your price point. We will gladly send you a list weekly.

Hi Everyone,

We wanted to let everyone know that we have moved to a different Coldwell Banker office. We're now located at the Lincoln Park- Halsted Office. The address is 1959 N. Halsted, Chicago, Illinois....Halsted and Armitage.

We still have all of the advantages of the Coldwell Banker name, just a busier location.

We also want to thank all of our clients for their business. We truly appreciate it!!!

If you know of anyone who you would feel comfortable introducing to us who could use our help, just give us a call.

Sincerely,

George and Karen

In what is typically a slow month, December condo sales were strong. From Lincoln Park heading North along the lakefront to Evanston, there were 156 "closed" condominiums. In the same period, there were 35 new listings. The neighborhoods included were Lakeview, Edgewater, Uptown, East Rogers Park, Lincoln Park and Evanston.

A closely watched index shows home prices dropped by the sharpest annual rate on record in October, but Chicago-area prices didn't fall as much.

The Standard & Poor's/Case-Shiller 20-city housing index released Tuesday fell by a record 18 percent from October last year, the largest drop since its inception in 2000. The 10-city index tumbled 19.1 percent, its biggest decline in its 21 year history.

Chicago-area prices fell 10.8 percent in October compared with October 2007, according to S&P Case/Shiller numbers.

We're excited to bring you our newest feature that's sure to keep you up to date on all the latest that's going on in the real estate business. Check back often because we'll be posting frequently. And don't forget to subscribe to our RSS feed by clicking the "subscribe" button at the top.

Take care