More Incentive To Buy...

As part of the housing bill that just passed, first time buyers have an additional incentive to buy. Here's the dealio - if you have not owned a home in the last three years—or are considering buying your first home—and you can close before July 2009, you may be eligible for up to a $7,500 credit against your federal taxes for 2008 or 2009 ($3,750 for single filers)

You can learn more about the details of the tax credit here.

From gritty roots to urban chic

This was the weekend headline from the Chicago Tribune regarding the River North neighborhood.

"25,000 new residents" ...have moved into... "some of the 10,000 new housing units built in the neighborhood since 2000. Along with them have come offices, hotels, eateries, clubs, art galleries and shops. The central location makes whatever isn't there an easy walk or cab ride away. Meanwhile, the Chicago River that borders it on two sides offers a respite from the frantic city pace."

You can read the entire article here.

7th Annual River North Summerfest

River North Summerfest is coming right up - mark your calendars for Sunday, June 22, from 11 am - 7 pm. This year there will be food, drinks, a farmers' market and tons of activites for adults, kids and dogs! Summerfest is held in and around Erie Park.
* Suggested donation is just $5.00 per guest
* Proceeds support the RNRA & RNA
* Tickets for food, beverages & attractions are just $1.00 each
* Winners of hourly “Door” prize drawings will be posted at the info booth (Winners need not be present).
* Grand prize winners will be drawn at 6:00 pm
* Grand prizes include:
* A new adult’s & a new kid’s Kozy bike!
* 2 nights-on-the town!

See you tomorrow!

Summertime

Now that it's starting to feel like SUMMER has finally arrived in Chicago, everyone wants to be outside. Myself included. I've heard it said that in many other parts of the country, people enjoy spending time outdoors in the summer but in Chicago, people revel in it. So true.

I've been thinking lately about how to turn an outdoor space into an outdoor room, to take full advantage of the warm weather. Domino magazine is one of my favorite resources for ideas; they have a great gallery of photos online to inspire.

Summer also means it's time to plant the wire baskets that line my porch. Last year I got some beautiful flowers at Grand Street Gardens over in West Town. They have their own organic potting soil and tons of plants, flowers and grasses to choose from, not to mention some cool garden containers and knicknacks. Much bigger and more exciting selection than plain old Lowe's or Home Depot.

the Palmolive

My real estate obsession began when I first saw a unit under construction at the Palmolive Building at 919 N. Michigan Ave. This art deco masterpiece was built in 1929 as headquarters and office space for, you guessed it, the Palmolive soap company. Later on it became the home to Playboy (!); today, it's a much desired residential address, close to Mag Mile shopping (Louis Vuitton anchors the building) and only a few blocks from Oak Street Beach.

One of the units that I orignially saw when it was unfinished is now up for resale, and it's absolutely gorgeous - you can view a narrated tour here. If you'd like to buy it, it'll cost you a mere $2,495,000. If you'd like even more detail on this over-the-top pied-a-terre, Chicago magazine featured it in the latest edition of their Deal Estate blog.

Brown Line River North Construction Update

The Brown Line reconstruction of the River North Franklin stop at the Chicago/Franklin intersection is scheduled for completion late June/ early July. Improvements to the stop include adding elevators, new stairwells, improved sidewalks, painting on the street, and a new store/vending area. The new entrance to the stop is on Superior Street.

Another new CTA feature can be found online - Google Transit, which lets CTA riders access public transit data through Google. Riders can type in their starting and destination points, and step-by-step written directions will appear with fare information included. A map of the route represented by icons pops up; clicking the icon will display an estimated schedule for the departure of the next train or bus. Chicago is one of 39 U.S. cities to be featured on Google Transit and the second largest public transportation system represented. It's also available for some cities in Canada, Asia, Australia, and Europe, so keep it in mind next time your travels take you abroad!

TomKat loves River North

River North celebrity sighting! TomKat alert...

These photos are from Lake Point Tower by Navy Pier, which apparently hosted Tom Cruise, Katie, Suri and Oprah last night. They were all in town to film the second half of Oprah's interview with Tom. Wonder what other hot spots they hit?

Market Update

Stats from the Chicago Association of Realtors, for the week of April 18-24th.

Chicago condo sales (closings):
2006 units/median price
450/$293,875
2007 units/median price
445/$297,000
2008 units/median price
265/$322,000

Chicago condo sales (listings):
2006 units/median price
1080/$284,900
2007 units/median price
1367/$300,000
2008 units/median price
974/$299,900

So closings are way down from the same week last year. The good news is that the number of listings is down as well; we need to burn through some of this inventory so that our market can really kick back into full gear!

Erie Park Farmer's Market

A Farmer’s Market is coming to Erie Park!!

The market will start sometime in mid-June, and will be held on Sundays from 7AM to 2 PM. This will be the only Sunday market in the city. This is very exciting for our neighborhood so please plan to go and support the vendors!

And if you'd like even more motivation to support the market, read The Omnivoire's Dilemma by Michael Pollan; I am reading it right now and can't put it down. You'll never think about food the same way again...

Market Update

Stats from the Chicago Association of Realtors, for the week of April 4-10.
Chicago condo sales (closings):
2006
units/median price
366/$277,500

2007
units/median price
335/$285,500

2008
units/median price
206/$335,700

That's a drop 44% drop in closings from this week in 2008 from the same week in 2006. What does this mean? A lot less is selling. Buyers have a lot more to choose from and market times are very high (in River North, the recent average was 118 days).

So, bottom line, if you're thinking of selling, your place needs to be priced right and in perfect showing condition. Find some great staging tips here.

Chopping Block

Last Saturday we took a cooking class at the Chopping Block in the Merchandise Mart. The theme was "Food and Wine of Argentina" and while we didn't actually get our hands dirty (it was a demonstration class), we learned a lot! On the menu:. Ensalada Completa; Grilled Steak with Chimichurri Sauce; Humita (Fresh Corn Pudding); Flan con Dulce de Leche.

Even better, we got to taste some excellent wines. Who knew that this place sold so many great wines, including a couple of excellent selections from Mendoza in Argentina? The Ben Marco Malbec was especially luscious.

Look for upcoming classes at the Chopping Block here.

Happy St. Patrick's Day

Happy St. Patrick's Day! Over the weekend the city pulled their annual prank of pouring buckets of dye into the Chicago River to turn it Emerald City green. Every year I tell myself that I'm going to go to the parade, and then every year it's just a little bit too cold for me to stand it. But, nonetheless, I did have a chance to toast my Irish heritage with a Guinness or two over the weekend - Cheers & Happy St. Patrick's Day to all!

Chic & Sleek - 758 N. Larrabee #401

This is a beautiful new listing at One River Place, 758 N. Larrabee. It's a 2 bed/2 bath unit with 1800 sq. ft. of living space and a balcony on the Chicago River.

One River Place is a unique building in that it used to be one of the Montgomery Ward buildings back in the day; it was converted to condos in 2002. Because it's an older building, it's made of concrete and has many of the orginal details, such as concrete pillars and ceilings. This also makes for a very quiet building; you'd never know that you had neighbors here.

Unit #401 is new on the market for $654,000 which includes a deeded garage parking spot. For more photos, shoot me an email.

300 W Grand Ave.

This morning I am out with clients despite the snowstorm - we're going to check out 10 different properties, one of them at the River North condo building pictured at the left - 300 N. Grand. There's a 2 bed/2 bath that's listed at $386,500 with parking, which isn't bad for this neighborhood. Lots of exposed brick and character in this building; these units usually go under contract fairly quickly. This particular one has been on the market for 101 days, a sign of the current state of the market, or maybe this particular unit is right by the el tracks. We shall see!

River North foreclosures?

These days I get quite a few questions about foreclosures. More specifically, clients who say they're interested in possibly purchasing a foreclosure. Thing is, in River North, there aren't that many to be had; foreclosures are the most prominent in many of the zipcodes on Chicago's South Side. Crain's did a story on this a few months back and has an interactive map where you can type in the zip code you're interested in and see recent foreclosure data.

The few foreclosures I've come across around this neighborhood aren't the "deals" that people are dreaming of - they're often still fairly pricey and much of the time they went into foreclosure for good reason (for example, they couldn't sell b/c they were right next to the El). If you're interested in learning more, send me an email at henry.annie@gmail.com.

701 N. Kingsbury - $3,995,000

Looking for your very own palace in the heart of River North? Look no further. Up for sale is 701 N. Kingsbury St., a 5 bedroom, 8 bath home with a 3 car heated garage. Only 4 years old, this brick & stone mansion features over 9000 sq ft of gorgeous living space, four outdoor terraces & a rooftop deck w/magnifcent views. Situated on a prime corner lot at the corner of Kingsbury and Huron, this lavish residence is over 50 feet tall. Get ready to pay some serious property tax if you choose to purchase this lovely; 2006 taxes were listed as a mere $59,500. Pocket change to live in this chic hood of hot River North!

Sepia

This is Sepia, my new favorite restaurant in Chicago. Everything about it is fabulous - especially the smoky glass-encased chandeliers. The design of the place is rustic-chic; I would say the food is too. Make sure to try the potatoes in duck fat (yumm) or the flatbreads to start. Sepia used to be a print shop back in the 1800s and they've kept some of the vintage details throughout. Don't miss it!