Former Illinois Association of Realtors President, Robert Zoretich addressed the pending proposal by legislation to fund the Chicago Transit Authority's pension fund in the Chicago Tribune.  Their plan, to increase the property transfer tax on all real estate transactions.  

What does this mean?  It means homebuyers and sellers are about to get raped.  For those unaware, the real estate transfer tax is a non-negotiable, large portion of closing costs that burdens buyers and sellers.  Currently, taxes to the city, county and state equal $9 for every $1,000 in value of the property.  Legislation wants to raise it to $11 per $1,000. 

I can tell you this, most sellers, and especially buyers, are speechless when reviewing the closing statement and they see that transfer tax (it's divided between buyer and seller). Attorneys jokingly tell their homebuyer clients, this is your very expensive "welcome home mat" from the city.  It is without a doubt, a heavier burden to the already difficulties associated with buying or selling a home.  It will only prove to be a greater obstacle to those looking to buy a home, and for those needing to sell in a stagnant market.

Chicago's aspiring homeowner's and seller's should not be the honey pot to bail the city from its budgeting plight. 

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.