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 3733 N. Pine Grove
This week's "hot pick" from MyCityHome is a gorgeous, vintage home in Lakeview that has been modernized. It features 3 Bedrooms, 2 Baths, beautiful crown molding, built-in bookshelves, and a fireplace.
For more information on this home, visit:
http://3733NPine.MyCityHome.com
To schedule a showing, call 312.363.6262
MyCityHome Group
1:48 PM - Mar. 27, 2008 - {0} -
View more entries tagged with: Lakeview, Hot Pick, Vintage
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Win a Home for Only $200 (and a damn good essay)
In this difficult market sellers grow frustrated watching their home sit on the market. They believe their home is priced at market value but unfortunately they are finding few people that can afford to buy. Sellers are turning to more creative avenues to unload their homes.
A couple in Oregon listed their beach home only to watch it sit on the market week after week; even after lowering the list price by $61,000.00, the home still sat. Fed up and feeling helpless the couple decided to go unconventional and use a more creative way to unload their home; an essay contest. The couple thought if they could charge an entry fee for the contest and enough people entered they could earn the market value for the home.
The couple did their research and made sure they did everything legally to ensure when they had a winner they could hand the home over without and problems. The sellers hired and attorney, formed a corporation, recruited independent judges and even started a website (http://www.win-this-home.com). After 5 months and spending $40,000, the contest began.
Any interested entrants have until the end of April to submit an essay, 100 words or less, and to pay $200. The topic of the essay is “why should you win this home”. The couple’s goal was to receive 3,000 entries. If they obtained 3,000 entries at $200 a entry, they would cover the value of the home and all the fees associated with the contest. The money was put into an escrow account and the couple would refund all monies if their goal of 3,000 entries is not met.
After about a month the couple had just over 360 essays. The sellers believe the number of entries will grow as more people see the home and word of the contest spreads.
Having a contest to win one’s home is time consuming and also requires a lot of money up front, but in the end may be worth it if you get enough entries. This method may be more effective if one’s home is more unique rather than one that looks exactly like 10 others on the block.
Jennifer Kopec
Contract Manager
If you've taken a stroll down State Street in the South Loop recently you'll find it hard to believe that this stretch was once called "Satan's Mile". Toward the end of the 19th Century, State Street between Van Buren and 22nd was filled with brothels and seedy dives. My, how times have changed.
Today it's filled with new condos and beautifully landscaped neighborhoods. From Vision on State to Dearborn Park, State Place to Dearborn Village, Estates on State, Dearborn Tower, etc, etc. There is little to no reminder of what this area once was.
Which begs the question: Why have none of the developers paid homage to the South Loop's colorful past? Most have opted for prosaic names containing "State" or "Dearborn" in the title. You might even hear a few complaining about over-development and rough times for new construction sales.
Well, I think I have the perfect solution. How about an historic, albeit seedy, title for one of these new high rises. I present to you: Satan's Mile Condominiums--Sin You Can Live In.
Developers would be crazy to pass this one up. I'm pretty sure we'll be seeing this on the side of a building very soon (or when hell freezes over).
Dan Goebel
Marketing Manager
MyCityHome Group
Alternative Tag Lines: "One Hell of a Great Place to Live"; "It Can't Get Much Worse"; "Heat Included"; "Hell Just Froze Over"
Investors beware of deals that sound too good to be true!
That advice might have come in handy when investing in The Sterling at 345 N LaSalle a few years back. According to Crain’s Chicago Business, the developer offered many incentives for buyers such as paying for property and assessments for up to two years. In addition, the developer would rent out the investors' condos in the building. Then, the incentives ended and the investors saw their monthly payments exceed what they were able to pay. The end result is that The Sterling is now the "Foreclosure Capital of Chicago".
In this 389 unit highrise, 95 suits have been filed by lenders over the past 3 years. Resale prices have dropped 17.4% from 2005 to 2007. In the long term, this building will recover. It has the location, the views, and the amenities people are looking for in the area. Right now it’s a great time to buy here but not a great time to be a home owner at The Sterling!
Erica Matagrano
Buyer Specialist
MyCityHome Group
Lakeside on the Park (1250 S. Indiana) is a building we know well. It's in a terrific South Loop location mixed in among the Museum Park developments. We've sold a number of homes here. For that reason, it was shocking to read about a recent scam taking place in the building.
Allegedly, a renter by the name of Jason Booth acted as a completely legitimate owner offering his home for rent via craigslist. He signed leases with at least 3 different parties collecting the first month's rent and security deposit from each. Once the checks cleared, Jason was never heard from again. The CPD has been notified, but nothing has transpired as of this posting.
Not only is this surprising to real estate professionals who work in the world of fully-executed, legitimate contracts everyday, it's surprising how little repercussion there seems to be...at least for now.
Dan Goebel
Marketing Manager
MyCityHome Group
2:08 PM - Mar. 12, 2008 - {62} -
View more entries tagged with: None
No, I am not talking about what your neighbors are video taping in their bedrooms and then posting on utube.com. I am talking about what everyone is calling the "sexy" neighborhoods.
You know the hip neighborhoods to live in: South Loop, West Loop, River North, Fulton River District, and Gold Coast. It's where all the new construction and development is going on...the Sexy Neighborhoods.
As an 8 yr resident of the South Loop and a previous resident of River North, I get it. We all love living in the South Loop. It’s sexy, and sex sells well in the South Loop. Whether you are living in Dearborn Park I or Dearborn Park II, Dearborn Village, Museum Park, Dearborn Tower, Wells Street Tower, Central Station, or any of the other sexy buildings in the South Loop, buyers want to live here and they want to live in the South Loop communities.
So how do you know if your building is sexy?
It’s easy. If it’s hip, if it has a sense of style, if it has a good address, if the entrance is provocative, does your community show some skin, does your association have sophistication, do your neighbors have kick in their walk and a swing in their backside? See now your getting it, other people want to live where you live. That’s the South Loop...that’s Sexy!!
Dave Auffarth
Co-Founder
MyCityHome Group
9:39 AM - Mar. 7, 2008 - {0} -
View more entries tagged with: None
We're constantly viewing and showing homes in the South Loop. We have our finger on the pulse of the market and we know a great deal when we see one.
Therefore, we're starting a new "Hot Pick" to let everyone know about great deals when we find them. Today's pick:
1813 S. Clark Unit 37
This incredible 2 Bedroom home is located in beautiful Dearborn Village. Gorgeous landscaping is right out your front door. It's is impeccably finished and shows like a model.
2 Bedrooms / 1 Bath
1350 Square Feet
Attached Garage
$285,000 list
For more information on this home, or to schedule a showing, please follow this link:
http://1813SClark_37.mycityhome.com
NOTE: this home happens to be listed by MyCityHome Group. However, future posts may or may not be one of our properties.
MyCityHome Group
If you've been thinking about remodeling, rehabbing, or even building from the ground up, check out the Chicago Green Fair. Learn more about what it means to be green, tips on building  green, and green guidelines to follow.
Saturday, March 15th, 2008
10am - 3pm
Chicago Center for Green Technology
445 N. Sacramento Blvd (map it)
Admission is free. Guided tours of the facility will be offered throughout the day. 2 Classes are offered:
Historic Chicago Greystone Initiative
12:00 p.m. – 1:00 p.m.
The Historic Chicago Greystone Initiative® offers a mix of financial, technical, and historic preservation programming. One of the key goals of this program is to help homeowners identify practical and affordable ways to green their historic greystones. Participants will learn to make their homes more energy efficient, address indoor air quality and other health issues, and how to incorporate sustainable building materials into home improvement projects.
Green Home Remodeling Guides - An Overview
2:30 p.m. – 3:30 p.m.
Planning a green home remodeling project this year? Join Meghann Maves as she introduces you to the City of Chicago’s Green Home Remodeling Guides. This series of guides offers information on how to hire green professionals, paint and remodel kitchens, baths & laundry rooms, and how to salvage and reuse materials. This seminar is for the homeowner looking to create an environmentally-friendly remodel.
Dan Goebel
Marketing Manager
MyCityHome Group
When you go to the Jewel, Dominick's, or Whole Foods (all of which you can find conveniently located in the South Loop!), you make a list, right?
I know that if I go out shopping without a list, I always return home to realize that I forgot something. It is usually not the end of the world; it is usually not something that I cannot live without. But even so, I forgot it. I kick myself and I move on. If I had just taken a list, I would have come home with all of the items I set out to buy. (Can't make a salad without the lettuce, can I?)
I would give you, the home buyer, the same advice. Make a list.
In your list include all of have to "haves" i.e. price range, number of bedrooms, parking. Then add the "want to haves", i.e. washer/dryer in the home, outdoor space, close to restaurants and shopping. After that the "nice to haves", i.e. stainless appliances, hardwood floors, granite counters. Of course, your list may be prioritized in a different order, with different items, etc.
You want to make sure that you include your needs and wants when you select a home. You may not have it all at once, but you should start with a list. You don't want to kick yourself after you move into your new home.
Make your list, call your buyer's agent, and then Let's Go Shopping!
Anne Rosen
Buyer Specialist
MyCityHome Group
7:52 AM - Feb. 25, 2008 - {0} -
View more entries tagged with: South Loop, Shopping, Home Buying, List
 Have you ever been looking at homes in your favorite Chicago neighborhood, finding one that looks fantastic, call up the broker, and discover it is already under contract? I'm seeing lots of inventory from Printer’s Row to River North, Dearborn Park to the Gold Coast, South Loop to West Loop, but one thing is consistent...all the really nice homes are gone in a flash.
With all the angst being felt by many buyers in the marketplace, there is one definite truth: Homes ARE still selling. Despite the fact that our national media continues to harp on the mortgage meltdown and the unfortunate financial crises of many, in our local market if there is a well-cared for home in a good location, it will sell...and quickly.
I can’t tell you how many times I’ve had a client look at a home they liked but wanted to take time to think about it. After spending that weekend “considering” by Monday we find out that the home has already gone under contract. A word to the wise: if you are looking to buy, and see a home that you like--make a decision, and make it quickly, because it just might go…even in this market.
Aminata Johnson Romero
Buyer Specialist
MyCityHome Group
7:19 AM - Feb. 22, 2008 - {0} -
View more entries tagged with: None
The South Loop offers a great selection of both existing homes and new construction. But which is better to buy? Well, the answer to that is another question, what is important to you?
With new construction you can select the finishes you want, granite colors, types of cabinets, wall color, and flooring too. Many buyers want to be the first person to live in that home and new construction tends to have more amenities such as a door person and work-out rooms. Why are the newer condos more expensive? The answer is the ever increasing cost of construction. It costs more to buy the land, labor costs keep going up, and the cost of materials seem to always be on the rise.
Then there’s existing construction where you are at the whim of the prior owner’s selections. Can you live with those selections or is that something you would replace? Some of the existing homes are outdated so remodeling actually will help bring up the value of the home. At comparable prices, existing condos tend to be larger in square footage than new construction.
So when you go out looking, I suggest looking at both new construction as well as existing construction to help you decide what is important to you.
Just like the old 80/20 rule, only 20% understand the opportunity of this market. This holds true in real estate as well as any other investments. Buyers only seem to buy when everyone else does. In effect creating a sellers market.
 Why is that? Why would anyone in their right mind buy any investment when it is the most expensive?
Well it seems the answer is obvious...most people are lemmings. The speculators that are in the market are just that. Speculators. The real investors and the top 20% are the ones that are prepared to act and buy at every opportunity they see. The real investors have been waiting for this opportunity because they know the lemmings will buy for top dollar when the market turns. I am not just talking real estate. I am also talking about the financial markets as well. The sellers that sell in the up market are way up because they acted in a down market.
The South Loop of Chicago has probably the best opportunity because of all the new construction that has gone in. All the developers are struggling to get buyers to buy any of their properties. So, many are forced to work for the bank. With all the great inventory soon to come on line, there will be undoubtably a huge buying opportunity. Please keep in mind that these folks were speculators who bought years ago at the height of the market (myself included). They waited in line like all the other lemmings to pay top dollar for a condo and here they are trying to sell in a buyers market.
My message to all of you is this: take advantage of this market so that you are in the top 20% instead of the rest of the population. You can choose to learn from the past or continue like the rest of the lemmings. But the question you must ask yourself is "Am I a lemming?"
Manoj Mukkada
Co-Founder
MyCityHome Group
 Chicago Aldermen voted yesterday to increase the City of Chicago real estate transfer tax by 40% in effort to bail out the CTA. The increase is set to take effect on April 1st, 2008.
At present, the tax is $7.50 per $1,000 sale price of a home. That will increase to $10.50 per $1,000. This means that the tax on a $300k home will increase from $2,250 to $3,150.
Consensus says that the vote was not easy for any of the Alderman, but it did pass 44 in favor and 6 opposed. Among the opposition was our very own Bob Fioretti in the 2nd district.
With the local real estate market in a position of uncertainty, buyers aren't going to be thrilled with the increased fee at closing. However, for those taking advantage of lower interest rates and finding great deals, it's probably not going to make a difference between a deal and no deal.
Dan Goebel
Marketing Manager
MyCityHome Group
Everyday the Fed announces a new rate cut (or so it seems). For homeowners out there wondering if now is the right time to refinance, here's a very quick and simple rule to follow called the Break Even Point:
1. Determine the amount you'll save per month by refinancing (talk to your mortgage lender or find an online calculator for an estimate)
2. Divide the amount you'd pay to refinance by your monthly savings (from step 1).
3. This is the number of months you'll need to stay in your home to "break even".
Here it is in real world terms:
$125 -- Saving per month by refinancing
$3,000 -- Cost to refinance
$3,000 divided by $125 = 24 Months
In the above scenario, you'd have to stay in your home at least 2 years for the refinancing to make sense.
This simple rule, of course, applies to fixed rates and does not consider the complexity of adjustable rate mortgages.
Dan Goebel
Marketing Manager
MyCityHome Group
8:44 AM - Jan. 30, 2008 - {0} -
View more entries tagged with: Mortgage, Rates, Fed, Interest, Refinance
 Anyone who has ever visited or lived in a big city knows that parking comes at a premium. There are just too many cars and not enough space to accommodate them all. Try coming home to a neighborhood like Lincoln Park at 7:00 pm and see if you can find any place to put your car that won’t require a $200 fee to release it from impound.
So when it comes to purchasing a condo why is it that someone would even consider buying a place WITHOUT parking?? We know – the asking price for most garage parking is between 30 – 40K over the list price of the home. Yes, you live in the South Loop and can walk to work , and just take a cab if you want to go out. Well, right now, it is fairly easy to get parking on the street...
For one – good luck trying to re-sell your place. If you don’t own a spot or at least have rental access to a secured lot you are severely limiting your pool of prospective buyers. How many people do you know want to walk 10 city blocks to work in lovely 7-degree Chicago winter weather?
Second – it’s convenient!! Call me crazy, but I like being able to park immediately when I get home and not have to circle the neighborhood for half an hour praying for someone to move.
Last, but not least – security. You still live in the big city. I am painfully reminded of that fact when I woke up this morning. My family has two cars; and only one deeded garage spot (for me). My husband found his truck outside minus its catalytic converter. Two other times we found it broken into with various items stolen. And fuss over paying for one spot? I wish we had two!
Aminata Johnson Romero
Buyer Representative
MyCityHome Group
7:00 AM - Jan. 23, 2008 - {0} -
View more entries tagged with: Parking, Chicago, South Loop, Tow, Garage
The location of a home, whether you are in the city or suburbs, is still most important characteristic when choosing a home. One must remember, especially in city living that location is local to areas, subdivisions and even certain streets. When looking at location in the city, living on one block can be entirely different than living on the next. Choosing the right location for you and your family can make or break the value and attractiveness of your home.
Due to the fact that everyone’s preferences are different, your way of life will determine the place best suited for you to live. The Northside of a city may be vastly different than the Southside of a city. You must determine what part of the city suits you best - a fast-paced neighborhood or one more quiet. Prior to deciding on an area be sure to speak with people who live in the area. Also walk-thru local businesses and recreation areas. Be sure to visit the neighborhood during the day as well as in the evening; neighborhoods can be vastly different from day to night.
When you hone in on an area be sure to look at the property taxes, schools, accessibility to transportation and major highways. There are many factors that go into finding a new home but choosing the right location for YOU should be first on your list.
Jenny Kopec
Contract Coordinator
MyCityHome Group
1:57 PM - Jan. 20, 2008 - {0} -
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 Radon is probably a new word for many buyers and sellers in the Chicago area. In the South Loop, we never had to be concerned about it before, but, starting in January 2008, the Illinois Radon Awareness Act will bring the meaning of Radon to anyone involved in Illinois residential real property transactions. Residential real property is defined under the Act as follows: "any estate or interest in a manufactured housing lot or a parcel of real property improved with not less than one nor more than 4 residential dwelling units."
First off, what is radon? Radon is an odorless, colorless, radioactive gas that is the byproduct of radium decay in the ground. Radon gas has been linked to cases of lung cancer, so it is a concern for public health. The highest risk areas in a home are the basement level or any near ground level space with poor ventilation.
So what does this new law require? Now, sellers will have to provide the IEMA (Illinois Emergency Management Agency) pamphlet entitled "Radon Testing Guidelines for Real Estate Transactions" and the "Illinois Disclosure of Information on Radon Hazards". The disclosure states that the property may present the potential for exposure to radon. If there are known radon levels above the threshold, the seller must disclose it to the buyer and provide all available records documenting the radon levels of the property. These two documents must be delivered to the buyer and signed before the buyer is obligated, under contract, to purchase residential real property. However, sellers are not required to perform a radon test prior to selling a property and there is no requirement for remediation if the property tests high for radon. On the other side, buyers can have the home tested for radon during the home inspection. If elevated radon levels are found, this becomes a negotiating point between the buyer and seller. Negotiations may result in remediation services, a credit to the buyer at closing or cancellation of the contract.
Above, you may have noticed the definition of real property above where it states, "not less than one nor more than 4 residential dwelling units", and you may wonder how this new law affects high rise buildings. Well, the wording does not exempt a seller in a high rise because the condo owner is selling one unit in a 100 unit building. Since it is only one unit out of 100, the law still applies. If in doubt whether the law applies to your particular transaction, speak with your realtor and contact your attorney or play it safe and provide the proper disclosures.
Chuck Gullett
Buyer Representative
MyCityHome Group
Spiky-topped long-eared owls were recently spotted in Mary Richardson Jones Park in Dearborn Park II. These 14-inch tall birds are usually found in rural areas and forest preserves during the  winter months. Needless to say, this is quite a rare occurrence in downtown Chicago.
A slew of ornithologists and card carrying Autobahn members are converging on the small park to catch a view of the owls. However, before you grab your camera head over for a peak, the Chicago Park District has asked potential voyeurs to practice restraint to avoid upsetting our new neighbors.
It's unknown how long the owls will stay. Following their migratory pattern, they will head north as the temperature rises in the spring--if they're not scared off before hand.
MyCityHome Group
7:08 AM - Jan. 11, 2008 - {0} -
View more entries tagged with: South Loop, Dearborn Park, Owls
For many, a second home offers a second life. For some, a secret life. More and more people are using vacation and second homes as an outlet for other interests.
The traditional idea of a second home for Chicagoans is a quaint cabin tucked away in the bucolic splendors of Michigan or Wisconsin. But here in the South Loop, we're seeing something quite different. There are a growing number of people choosing a downtown condo as their getaway from the normal pace of suburban life.
With the Field Museum, Shed Aquarium, Chicago Symphony, Art Institute, Grant Park, etc., steps away, the South Loop is seeing more empty nesters and affluent suburbanites. So many world-class attractions offer owners something they just can't get in Downers Grove.
No matter if you're looking for a place of your own to crash on the weekends or a space to decorate with your ultra-modernist aesthetic, the South Loop is the place go. Hey, we just might be able to help you out with that.
Dan Goebel
Marketing Manager
MyCityHome.com
 A few weeks ago an envelope from the City of Chicago appeared in my mailbox. With bright red highlights on the top and back I thought the city might be sending me a special Holiday "thank you" for all the funds I had sent them in 2007. How nice. Needless to say, this was not the case.
In fact, the city was serving me a traffic violation to the tune of $90. How could this be? All my parking tickets had been paid. What gives?
It turns out that we (both my wife and I have agreed to neither accept full guilt nor innocence in the matter) had run a red light several weeks prior. The date coincided with a day of frantic Christmas shopping. What a coincidence. Along with the notice was a URL where I could view a video of the violation. I wasted no time in logging on watching as we (again, not pointing fingers) ran the red light at Western and Foster. As that Honda sped through and the flashes went off, I could clearly see that it was us. Busted.
We've since become much more aware of when lights are changing and started thinking of the color of money being amber as opposed to green. Also, we looked up where all these Red Light Camera intersections are located. You can view them here. I collected some bullet points from the City of Chicago's website on how the system works. Read up below and in the meantime, be safe, drive carefully, and watch out for those Red Light districts.
Dan Goebel
Marketing Manager
MyCityHome Group
Digital cameras are tied into the traffic signal system and sensors beneath the pavement. When the light turns red, the system is ready.
When triggered by a vehicle passing over the sensors above a minimum speed, the cameras take still and video pictures of the rear of a vehicle, including the license plate.
The images are sent to the company for initial review.
The images are then forwarded to Dept. of Revenue for review. Revenue then processes the citation.
The citations are sent to the registered owner of the vehicle shown in the pictures.
The entire process, from alleged violation to violation issuance, will take an average of a few days.
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