It’s one of my most favorite things about summer in Chicago. The abundance of delicious, beautiful and fun Farmers’ Markets! There are several held all over the city. I love picking up fresh flowers, vegetables, fruit, homemade baked goods, cheeses, all sorts of wonderful things. It is a great way to support our local farmers. Here is a sample of where and when you can find a Farmers’ Market in the heart of the city:

Federal Plaza-Adams Street & Dearborn Street:
Now until Oct. 27th - Tuesdays 7:00 am-3:00 pm

Daley Plaza-Washington Street & Dearborn Street:
Now until Oct. 27th – Thursdays 7:00 am-3:00 pm

Division Street- Division from State to Clark Street:
Now until Oct. 31st – Saturdays 7:00 am-2:00 pm

Prudential Plaza-Lake and Beaubien Court:
Now until Oct. 27th – Tuesdays 7:00 am-3:00 pm

Museum of Contemporary Art/Streeterville- Chicago Ave & Mies vander Rohe Way:
Now until Oct. 27th – Tuesdays 10:00 am-6:00 pm

Erie Street – 500 W Erie Street:
Now until Oct. 25th – Sundays 7:00 am-2:00 pm

Posted by: Randee Simborg

Monster real estate portal Zillow recently released it’s Q1 confidence survey, with some interesting findings:

• While 60% of us feel our home has lost value in the last year, Zillow analytics show the actual number at 80%.
• 18% of respondents felt their home gained value in the last year and 22% felt it stayed stable.
• 3 out 4 four feel the worst is over and we’ve hit the bottom

So maybe it is time to put that Chicago luxury home on the market, if consumer perception has anything to do with it. People aren’t going to get back into the market until they feel the worst is over, and according to this study, they feel it is!

Posted By: John D’Ambrogio

Rest Estate as an Investment! You bet. What other thing can you lose money on and then have it come back, plus give you a place to live and income to live on in the future.

Never underestimate the beauty of real estate investment and, certainly, don’t in this market.

If you have the ability to buy – whether first time buyer, investment buyer or buying something for your kids or parents – now is the time.

We may never see rates this low again with prices so low at the same time.

Be assured that the American economy will come back and it will come back stronger than ever – it will be different – it will be more directed and more cautious – but it will be back.

Prices and interest rates will be going up, as well. We are already seeing changes in the market and many people – especially foreign investors – are investing in property here and are investing in stocks that are much riskier with high yields.

Don’t let this time pass you by and, say, “Gee, I wish I had gotten on board”. Banks are doing everything they can do assist you in the lending process. They want you to buy a home, be successful and have your future business.

But, remember, it is up to you to get and keep your credit rating up and to make sure you do not “bite off more than you could or should chew”.

This country was built by hard/smart work and good investment and savings patterns. The recent years have not been focused on teaching our children these basic principles of saving & investing. Let’s make sure we do that this time. It is easy to forget and very difficult to cope with the results when we do forget.

Posted By: Bette Kahn

If you don’t know Matthew Ferrara, he is a motivational speaker with a focus on social media and real estate. I’ve heard Matt speak a number of times, and he is fascinating. As the owner/buyer of luxury real estate, his article on “days on market” (DOM) is a must read. The theme of this article is that the DOM metric is very much misunderstood. His demonstration that even the agents hired to help you misunderstand DOM is at the same time soothing and unnerving!

DOM knowledge is very important when BUYING a home, luxury or otherwise, according to Ferrara. Selling a home has less to do with TIME, he argues, than PRODUCING A RESULT (i.e. a sale). Poor pricing, location, inventory, inefficient representation…these are all things that affect DOM as much as “market conditions”

Matt has some fascinating theories on the subject — Click here to read them.

Posted By: John D’Ambrogio

This is a great investment time for condos in the Mag Mile & The Loop areas, as well as most all areas of the city.

With the interest rates low, as well as the purchase prices, now is the best time since the 20’s to buy in the Near North condo market for personal use, 2nd home, a home for your college bound students who are attending schools in the City, etc. – which can be fabulous for sharing with a roommate to cut outgoing expenses.

Living in the convenience of the city makes everything within walking distance - all shopping & marketing. Great bus, subway and train transportation to everywhere at most every corner.

According to Stats from Condos.com, the average appreciation in the Near North (8008), after 1 year is 6%, 3 years is 15%, and 5 years is 26%. This is definitely something to think about.

Even though we are going through rough times with loans right now, we in this area are going through much less loss in value than other parts of the country because we never had the same inflation that they did

Land is one thing that is always here and will always be valuable – we may just have to wait for the value to come back – but it will. When our money is lost on other investments, they do not always come back. As the old saying goes, “they are not building more land”.

Get on the bandwagon while everything is in your favor – the outcome will be incredible in the long run. Looking to move to the Mag Mile or to the downtown Chicago Loop area? Call me at (312) 264-5833 and I will help.

Posted By: Bette Kahn

Are you familiar with “The New East Side” of Chicago (not the one mentioned in the 70s Paper Lace hit single “The Night Chicago Died”)? Is it “East”? Is it “New”? Well, kind of…

Of course at one time it was “New” – but that was over a decade ago. As part of the greater “Streeterville” area, it’s new in that it is a neighborhood built on a landfill, in part filled in by debris from the 1871 Great Chicago Fire. (For info on the famous Mr. Streeter, a colorful character to say the least, click here). But this “newer” area has given developers through the years some lovely blank canvases to draw upon.

This mixed use area holds not only “Illinois Center” and “Lakeview East” but the Fairmont Hotel and the Navy Pier developments. Bound on the east and west by Michigan Ave. and Lake Shore Drive, the north/south boundaries are bit more malleable but are considered from Grant Park to some point north of the Chicago River.

Landmark residential buildings like North Harbor Tower, Columbus Plaza, Lake Point Tower and The Parkshore are some of the anchors.

A great place for a stroll as the summer months arrive, check out the fantastic real estate values of The New East Side.

Posted By: John D’Ambrogio

There is a part in all of us that wants to boast “I told you so” and today is mine. I gave you all a deadline of June 9th to see the bottom of the Luxury Real Estate Market and the real estate market in Chicago. We are there. Yes I will go on record. I have been sending countless postcards, ads and blogs about the bottom. I call this the soft landing. The best thing and worst event that could happen now is we have some “Big Bad News” and let the markets dive so we can dive in.

Every article being written in the last couple of weeks is promising. I made my predictions six months ago and I told people to jump into the stock market last November. I was in the exact same market in the 70s and 80s and I am still learning to fade the public. This is not brain surgery but it is also not for the “masters of the universe.” I believe some of them are overextended but that is another buyers’ good luck.

The low balls and the 50% below market offers are soo last year. Interest rates have started to go up. If you have a relationship with your bank and good credit go tell them that you demand a loan or you will pull your money. My 86 year old mother was smart enough to do it so why not you.

I am from a “Blue Book” family. If you don’t know what the blue book is, please don’t ask. Luxury real estate use to be controlled by “blue bookers” but they are just about extinct. They went the way of the Big Three.

Buy a starter house, fix it up, put on some shutters, add a green roof, get your city hands dirty but do something. The banks have your money and you are in control. Americans know luxury and it comes in many forms so go out and buy yours. Go to AUrsini.com and blog me. My blogs are becoming newsletters and I don’t Tweet.

I have SOLD 75% of my listings in the last few months. I have sold listings that I had for a year in the past week. If you would like to list with me, please email me your luxury condo or coop or home. I turned down a seller last night because he offered me a ridiculous commission. I asked him why he wasn’t using his own discount brokerage house. He didn’t answer. Funny his luxury condo in a great building has been sitting on the market for over a year. I think he needs some help. We are all in this together and the experienced brokers can guide you through the trenches.

Posted By: Anton Ursini

As if the Chicago property tax system isn’t confusing enough, the Cook County Assessors Office is about to undertake the 2009 City of Chicago Triennial Reassessment. Another quaint custom we practice in Chicago. What is a Triennial Reassessment you ask? Generally, every parcel of real estate in Cook County is reassessed every three years. Some properties are reassessed more often depending upon the circumstances. Factors such as new construction, physical modifications, vacancy, a tax division or consolidation of a parcel, recent sale, etc. may cause the Assessor to reassess a real estate parcel more frequently.

Chicago, which is part of Cook County, has a unique way of paying property taxes. First of all, our property taxes are paid in arrears. This is very confusing to people who have never experienced the method. It becomes especially confusing during a real estate transaction. At a closing, determining the amount of property taxes to be paid by each party to the deal can be a real sticking point. It is clear that the seller should pay the property taxes for the days he owned the property up to the closing date. The buyer should take over the responsibility from that day forward. However, because we pay taxes in arrears, the taxes the seller is currently paying are for a previous year. In other words, they have not yet been assessed for number of days in the year that the sale is taking place. So how much money will the seller owe the buyer for property taxes up to the day of the closing? It can be a mystery number. But is generally based on the previous bill plus an agreed upon percentage above that number to cover the possible tax increase on the property. To understand the timing of tax bills look at the last couple of years billing dates.

2007 Second Installment was due 11/3/08
2008 First Installment was due 3/3/09
2008 Second Installment will be due Fall 2009

Now, if you are a current homeowner in the City of Chicago you will be receiving a “Notice of Proposed Reassessment”. This means that your property will be reassessed to determine tax bills for the next three years. The market conditions in some areas have caused property values to decline. One would assume that the reassessed values will reflect lower home values. The Cook County Assessor announced on May 11, 2009, that they will be adjusting market values of single family houses on a township by township basis, to reflect the economic downturn. If for any reason you feel your assessment is not fair, taxpayers have 30 days to review the information and file an assessment appeal.

Since the last City reassessment, The Cook County Assessor’s Office has taken additional measures to ensure that information is available and easily understandable for homeowners undergoing a triennial reassessment.

If you believe that you should appeal, you can file now, on-line, at the newly designed website: www.cookcountyassessor.com. Also, in order to provide additional clarity to the assessment process, the Cook County board has granted to change assessment levels for homeowners to 10% of true market value, which will be reflected in all proposed assessment values. Confusing, isn’t it? You’re not alone. For more information call 312-443-7550.

Posted by:Randee Simborg