I’m sure everyone that has been recently reading real estate news/notes/broadcasts has heard the term “green” come up somewhere down the line. This has been the newest eco-friendly real estate trend used by some of the biggest companies throughout the US. Goldman Sachs, IBM Corp., JPMorgan Chase and Toyota Motor all have made the move into ‘Green” buildings. Even more companies have recently leased “green” office space throughout the country. “An estimated 5% of all new U.S. commercial construction received the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) certification last year,” (Fast Company, 2008).

What does it mean for a building to be “green”?

Building materials typically considered to be “green” include rapidly renewable plant materials like bamboo and straw, lumber from forests certified to be sustainably managed, recycled stone, recycled metal and other products which are non-toxic, reusable, renewable, and/or recyclable. Building materials should be extracted and manufactured locally to the building site to minimize the energy embedded in their transportation.

Green building often emphasizes taking advantage of renewable resources. Examples including using sunlight through passive solar, active solar, and other techniques and using plants and trees through green roofs, rain gardens, and for reduction of rainwater run-off.

How does it benefit me as a home buyer?

The concept of “green” building is not only limited to using less energy. It also can lead to reduced operating costs, improved public health due to improved indoor air quality, and reduced environmental impacts by, lessening storm water runoff and heat island effect.

This trend can and will actually save you money with your monthly bills so once these buildings are completed, I would highly recommend looking into them. On average, “green” buildings will save you around 10% of utility costs each year. Depending on how eco-friendly the buildings are, savings can reach up to 40% compared to what you are spending now.

In the Chicago condo market, these “green” buildings will have a significant impact on the monthly assessments that so many people wag their fingers at. These “green” trends will make downtown condo living more affordable by making monthly bills more affordable. All the while making yourself feel better that you are making your economic footprint a little smaller.

If you would like any further information on green building or what buildings in Chicago are projected or building built “green” please let me know.

James Weber
jweb@reallivinghelios.com
http://www.condomenow.com/
Phone: 312/224-9109

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

A lucrative real estate business requires a talented team. Your business requires a variety of professionals who are experts in their field. You should choose this team carefully, concentrating on qualities that are important to you and your business goals.

First, to build a good team you need a good real estate agent. One who is confident in their own skills and knows how to benefit in any market. This person must be willing to listen to your wants and needs to get your goals met.

Next you need to find a great mortgage lender, often through the same agent. You will need a lender that has a variety of programs that can get the financing job done quickly. A good attorney is essential to minimize any pitfalls.

You will also need a group of residual service providers: appraisers, inspectors, builders, remodelers, property managers, accountants, sign and printing companies. These individuals are vitally important to your business and should be ready on hand when you leave the title company with a new property. They should share your values, mission and business ethic. Be aware of the qualities you need in your team, prior to your search.

Build your team by seeking referrals from other successful investors. It is necessary to really know the source of the referral to ensure you get a positive response when you make contact. If the last interaction between the referral and your contact was not favorable, you won’t be well received when you call them.

Likewise, you should know who you refer to one of your own team members. You do not want to refer an unfavorable contact to one of your members and create a negative relationship between you and that link on your team. For example, you wouldn’t refer someone to your banker that you know has filed bankruptcy and has an adverse payment history.

Once your team is created, you will close deals more smoothly because everyone is compatible, trustworthy and loyal. Everyone will be playing for the same team. They keep you in business and you keep them in business. Loyalty is an important factor.

If you see a home for sale that you want to inquire about you would not call the listing agent on the sign and close the deal. You would cut your agent team member out. Instead, you would call your agent and allow them to secure the home on your behalf. They can negotiate a better deal for you anyway because they know already what you are looking for. They will also remember you first when they come across a home that needs a quick close.

Your team will work together with you to be sure that you are the one to get the “good buy” that they come across instead of someone else. Keep these principles in mind and you will build an awesome team to accompany you on the road to success.

Antoinette 'Toi' Rayburn
aray@reallivinghelios.com
www.ToiRayburn.com
http://www.chicagoagentblog.com/
ph: 312-224-9090

When I was sick on the sofa a few weeks ago, my best friend was the T.V. remote. Flipping from channel to channel, somehow thinking seeing the right TV program just might make me feel better. Amongst the numerous infomercials on real esate, were the “you can buy a foreclosure for very little money” ads. The time to act was “now”! Take the class, pay the money, and you are on your way to foreclosure riches!

These ads were the best humor I had with my week long stay on the sofa. Wasn’t a huge part of this current mortgage mess was the ease of credit and the very little money that had to be put down? These people were making big profits in their part time foray into real estate. I could not believe the amount of time they saw as little time investment, and the payoffs.

A good Realtor® will be able to help you to be able to make a wise property investment, what ever type of property that you decide to live in or invest, foreclosure or otherwise. I had a client call me with a list of foreclosures, on a list that he was about to purchase. Not only did the list have every property that I had more information on at my finger tips, but a quick market analysis showed some of the property asking prices were at current or above market rate for that building or area. I suspect the person who was going to do the negotiation of the purchase was a savvy lender and not a real estate agent who would check to see that the foreclosed property would be an actual value than what the list might portend.

If you have a strategy in mind to make money in real estate foreclosures, you might want to and hire a full-time agent to work with you to help you to achieve your goal(s). A full time professional will be able to fully evaluate your goals and correlate those to the type of property that you have in mind.

Aaron Taylor
c. 773.983.1676
www.chicagoloftguy.com
http://www.chicagoagentblog.com/
aaron.taylor@reallivinghelios.com