As most of you know, I'm working as co-manager on 9 w Erie.  This green building is slated to begin delivery from April to July of 2009.

Our new developer incentive is for the 2 bed plus den units.  The 06 tier has a great floorplan which is approximately 1500 sqft.  For the next four units under contract in the 06 tier, the buyer receives free garage parking. 

A summary of the new development:

• Modern architecture meets modern responsibility.
  9 West Erie, an eco-friendly building pursuing LEED Certification, will implement earth-friendly design and construction, recycled materials, as well as energy efficient appliances and building systems
• Live. Work. Dine. Play. Shop. Explore.
  9 West Erie places you squarely in the middle of downtown Chicago with easy access to the Loop, Magnificent Mile, Streeterville, the Gold Coast and major transportation options. River North is a hip, desirable neighborhood that's alive with possibility.
• Green roof
  . Design of the roof, with maintenance-free plantings, minimizes heat island effects, while greatly insulating the building and reducing storm water runoff

• Energy efficiency
  . Energy Star™ Appliances are standard in all homes
  . Ultra energy efficient building exterior envelope includes double pane insulated windows with screens
  . High efficiency central HVAC system with gas-fired hot water heating system and air conditioning for reduced monthly energy bills
  . Low energy lighting used throughout building
  . 100 amp electrical with individually metered circuit-breaker panels so owners can manage electricity usage
  . Reduced carbon footprint compared to conventionally built condo buildings

• Water conservation
  . Reduced water usage is achieved through water conserving plumbing fixtures
  . Dual flush toilets
  . Front loading washers (available upgrade)

• Recycling
  . Recycling room is on the first floor with trash chutes conveniently located on each floor
  . Over 75% of all debris created during construction will be recycled
  . Building structure, enclosure and finishes shall consist of 50% recycled materials, helping preserve natural resources

• Transportation
  . Bicycle storage room to encourage pedal power
  . Building is located in an area with multiple mass transit options to reduce reliance on automobiles

Lynn Reidl
lrei@reallivinghelios.com
http://www.lynnreidl.com/
Phone: 773/343-8879

So for those of you not in the industry, the various Broker's opens are held on Tuesdays in Chicago. Tuesdays are the day during the week that real estate agents get out to view properties and keep a pulse on the market. Most agents view 2 or 3 properties in the course of a 2-3 hour period.

I thought I'd start a series, writing a monthly summary of the broker's opens I attended. Today's blog will let you know a little more about a new Lakeview conversion, 2930 N Sheridan and the Goldcoast single family located at 29 E Division.

Before I begin, I will ask you the question: What condo building, investment property, or single family are you intersted?  Send me an email about the property you are interested in knowing more about and the next broker's open I will attend and report back :)

Properties: The new Lakeview conversion, 2930 N Sheridan, was originally sold to the developer by a friend of mine (Amber Toledo) who works in the commerical division at Hansen Realty.   Sheridan Tower condo conversion will meet the expectations set its previous projects done by this developer. Kroupa Development has been in the Chicago development scene for the past 5-10 years. This company does a great job rehabbing existing buildings and Lakeview is usually the spot to find their projects.

Why Lakeview? Well numerous reasons, among them; access to parks and the lake, plenty of entertainment possibilities and very good transportation system. The average time that residents spend to commute per day is about 30 minutes. Residents here are just minutes from the expressways, CTA and Metra trains.

This building has 12 units per floor. One, one plus den, and two bedrooms units are available. There are three types of finishes the buyer can choose from; non-enhanced, restoration, full rehab. From my opinion, the floorplans were spacious. The full rehabbed units were quite nice but at a cost of about 25,000. The project is moving along in construction and sales. There are 118 units sold of 252 units. Limited units with lake, city, and downtown views. One bedroom prices range from 219,900 & 2 BR/2 BA FROM $269,900. The fully rehabbed units include finishes like; 42" CABS, granite, SS appliances, kitchen islands, stone baths, Brizo & Toto fixtures, hardwood floors, new electric, in-unit w/d hook-up. Check out the pics and let me know of any further questions or interest.

My second location visited was a single family in the Goldcoast, 29 E Division. This historic 5 bedroom 5.1 bath Potter Palmer Home has a Chicago grey-stone exterior and many original features that were enhanced to create a beautiful collage of past and present. The rowhome was originally built in 1891, measures 4,020 sq ft on a 1,783 sq ft (0.04 acre) lot. It has a spacious new kitchen with wenge cabinets, granite, Sub-Zero & Viking appliances, opens to family room & outdoor living space. The master suite w/ marble bath and seperate dressing room. Beautifully restored mill work, pocket doors, wood paneled walls & 7 fireplaces. Roof top access & 2 car attached garage make this the perfect home. For the gold coast enthusiast and market watcher, this home has recent sale history and comparable sales information available.

Lynn Reidl
lrei@reallivinghelios.com
http://www.lynnreidl.com/
Phone: 773/343-8879

Greetings everyone!

As previously discussed, the tax increase was recently passed in Chicago.

The Chicago transfer tax is a tax that pays the City of Chicago to transfer title from the seller's name to the buyers name (sometimes referred as transfer stamps). 

Until a recent decision to increase the tax to 10.50 per $100, the amount paid by the buyer was $7.50 per 100. 

The large increase is to help with funding needed to enhance and support the CTA system.   

Just one week ago, the city placed the new $3.50 increase responsibility on the seller.

See details in the Suntimes article:  note that the new $3 per $1000 tax increase will be borne by the seller.  The buyer will continue to pay the existing tax of $7.50 per $1000. 

http://www.suntimes.com/news/metro/834645,tax031008.article

When a buyer and seller reach agreement on a home sale, the buyer typically puts a small amount of money into a trust account. 

This up-front deposit is more commonly known as "earnest money".

A sales contract's earnest money requirement will vary from contract to contract.  It can be as high as 10 percent of the purchase price and could be as low as $500; earnest money is a negotiable item between buyers and sellers.

Some factors that can influence earnest money amounts include:

• Market conditions: Stronger markets often call for more earnest money
• Buyer economics: First-time buyers often give less earnest money
• Seller psychology: Skeptical sellers often ask for more earnest money

No matter how large or how small, however, earnest money is supposed to give the seller a sign of good faith that the buyer wants to purchase the home. 

To this end, earnest money can be forfeited if the buyer later "backs out" of the deal, or breaches the terms of the purchase agreement. Breaching, however, is infrequent. 

This is because most purchase contracts are written with buyer-focused "outs" called "contingencies". 

A typical contingency is that the seller must provide a clean title policy to the buyer, or that the buyer must secure financing prior to given date, or that the home must pass a satisfactory inspection.

If any of these contingencies cannot be met, the purchase agreement is voided and earnest money returned to the buyer.

When contingencies are met, however, earnest money becomes a deposit and is applied directly to the buyer's bottom line at settlement.  If the buyer is expected to have $50,0000 for the closing, for example, the true bottom line is $50,000 minus the earnest money deposit.

Earnest money customs vary from state to state, city to city, and even locale to locale.  Be sure to ask your real estate agent and/or real estate attorney for professional counsel before signing purchase contracts. 

The earnest money you save may be your own.