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Chicago RE with Julie

Chicago, Illinois

A consumer-centric real estate blog with articles, tips, and tools geared for buyers, sellers and the curious.

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Chicago RE with Julie

Bronzeville on the Rise

Aug. 25, 2007
Categorized in: Market and Trends

Some of our southern communities in Chicago have remained forgotten relics of the past.  Bronzeville, was one of them.  Until now. 

Bronzeville's history may have lacked glamour, but it certainly did not lack culture.  "It's name came from James J. Gentry, a theatre editor for Anthony Overton, the Cosmetic King and publisher of the Chicago Bee, who suggested using the coined word "Bronzeville" to identify the community since it more accurately described the skin tone of most of its inhabitants", according to the Encyclopedia of Chicago.  Not exactly the kind legacy one would expect. 

But despite its title, Bronzeville was home to some of the most significant African American contributors of our wonderful city.  Black intellectuals, politicians, sports figures, artists, and writers called this neighborhood home and made it the cultural mecca of it's time, most famously known for the REGAL THEATER(source Encycolpedia of Chicago).

Now, it has become the centerpiece for one of the largest, most expansive developments in Chicago.  Once home to the infamous Robert Taylor homes which was the nation's largest public housing project, is nothing more than a memory.  In it's stead, is the dream of Legends South.

Michaels Development Co. and Brinshore Development have joined together to build over 2400 homes.  All of which will be mixed-use and mixed income.  Homeownership is promoted with some of the most affordable units which range in $200-250 per square foot.  One can find condos, single family homes as well as two flats.  The area's relationship to downtown, affordable housing prices and pending retail is a clear indication this neighborhood is heading upward. 

Staging Under Fire

Aug. 21, 2007
Categorized in: Staging
Tagged with: buying, selling, staging

Currently under circulation in the real estate media is the alleged deception of staging.  Exculsive Buyer's Agents are attacking the ethics of staging a home and are warning Buyers the dangers of it.  Yeah, okay.  Apparently, there is a need to use scare tactics in order to plug their services.

Let's begin by pointing out the obvious.  If a seller, with or without the aid of their agent, wishes to deceive a buyer by hiding defects in the home, that can be done without staging.  In fact, I would venture to say that if a seller is cheap and lazy enough to not want to fix up their home before putting it on the market, they sure in heck's are not going to spend the money to stage it.   Seriously enough, you cannot blame the art of staging behind the failure to mention the hole in the floor that has been there for years, hidden by the large dresser.  Staging has never been or will ever be the excuse to disguise latent or material defects.  In fact, I think that action could be in some cases, ground for a lawsuit!  I won't even point out that there is the inspection period where a buyer can do a thourghout examination of the house, or even the fact that if we are going to attack staging, well, Developers will just have to ban using Model homes because that IS staging!  Oops, I guess I just did.

In addition,  I am an Accredited Buyer's Representative who has for years serviced and advised buyers (many of them first-timers) with purchasing a home.  I have dedicated myself to my clients and offered many of my insights to the surface marketing of homes from a seller's and seller's agent's perspective.  I am also, for the record, an Accredited Staging Professional. 

Now as I stated, I work extensively with Buyers, but I also list and stage properties.  I have yet to meet a buyer or a seller who is made "dumb" because of staging.  In fact, quite the opposite happens.  For the sellers whom I have staged and sold their home find it fun shopping for the new one and notice how others have been staged.  It's almost a game if you will.  Their appreciation for presentation is solidified.  The messy homes we enter, the first thing my client will say is, "That needs staging!". 

As for buyers new to the market, well, having a background in staging helps me discuss possibilities with them.  Concerns about their furniture, etc. are always part of our dialogue when we view homes.  If an agent is not helping their clients to visualize and even at times, play the devil's advocate, then I feel they are doing a dis-service.  Ultimately, the buyers decide, good or bad, which home they want. 

Lastly, to say that staging blinds a buyer is a crock!  Anyone who has a working knowledge of staging knows that it is never to replace condition.  If the property needs repair, it needs repair.  We are ethically upheld to advise clients to the limitations of staging; just check out www.StagedHomes.com and see the checklists given to sellers discussing repairs. 

In conclusion, I would imagine there are plenty of other agents like myself whose biggest challenge does not lie in Buyers making offers with rose colored glasses on, but getting them past the small, insignificant items that they manage to turn into mountains out of fear.  Which by the way, is a much larger emotion behind buying decisions (or the lack of) than bliss.  I think these agents should be supportive of staging given their buyers will perceive value in the purchase than of a home that looks like a dump with a lofty price tag.

Secrets to Simultaneous Real Estate Closings

Jan. 28, 2007
Categorized in: Selling Real Estate

Are you one of the many who will need to strategically sell your home while buying your next?  Click on the link below from Bankrate.com for tips.

Secrets to Simultaneous Real Estate Closings - It's a normal situation: close on both a home sale and a purchase the same day. But it's fraught with peril.

What is in Store for 2007?

Jan. 26, 2007
Categorized in: Market and Trends
Discussions at a recent sales meeting at my brokerage firm confirmed for me the predicted outcome for 2007 will be another year of reality.  While 2006 was the year of coming off the high of quick sales and escalating prices, we as professionals were again faced with the facts that buyers and sellers were not on the same page.  Many sellers, still believing their home was subject to a market shift, or better yet, not accepting there was one going on, and buyers refusing to jump the guns with offers for fear of being too haste. 
 
What has always been the burden of real estate professionals is that the actual consumer market still lags considerably with market changes.  You would think with the information age, this would not be the case.  Sadly, it still is.  I find many of our helpful, consumer advocated websites (so they claim) perpetuate the problem with a revolutionary attitude and less about unity. 
 
2007 will continue to be a year of correction.  Every market has one.  This is ours.  Thankfully, we are not experiencing severe overall losses other that false expectations.  Where we cannot compromise as an industry, is setting a standard to bridge the gap between buyers and sellers.  Sellers need to be educated with pricing and presentation, and buyers need to be educated with deciphering choices and realistic approaches to offers.   What we cannot allow ourselves to do is coddle or enable crippling consumers.  Do not take over-priced listings.  If you can't make them see reason in the first place, you will not be able to later.  You will only add another stone of mistrust and disgust for our profession.  Sellers rarely see themselves as being at fault for the lack of success.  Do not work with buyers that want to behave like jackals.  If their primary goal is to "clean up", you are participating in what will most likely be a sour experience (if it actually makes it to close) for everyone involved.  Fair and reasonable behavior will be respected by all.
 
Let's challenge ourselves as professionals to hold the higher ground and not only demand the best from ourselves, but from our clients and partners as well.  May prosperity be a part of your 2007!