About Chicago's Lincoln Park/ Depaul/ Old Town

Chicago's Weekend Roundup for July 30th and 31st, 2011:

Taste of Lincoln Avenue this Saturday and Sunday, July 30th and 31st is located at North Lincoln Avenue between Fullerton and Wrigleyville Avenues. The beneficiary is Wrightwood Neighbors Association.

Randolph Street Market located at Plumbers Hall and 1350 W. Block of Randolph is an European-style outdoor market in Chicago's Historic West Loop location that features high quality items with a good value.

Paddle into the Past Kayak Tour located at 1501 N. Magnolia. This is an interesting tour where you kayak along the architectural canyons of the Chicago River and learn about Chicago's architectural background.

Summer on Southport - Located at 3700 N. Southport - Another neighborhood community event with music, food, entertainment and awesome fun.

Don't Miss the fun this Weekend in Chicago!

Five Things Investors Should Consider For Their Rentals

Location to Public Transportation

Many people who live in Chicago are not immune the financial mess going on throughout the country. As such, people are looking to save and gas is one of the first places tenants look at. Chicago residents of Logan Square, Lincoln Park, and Wicker Park use the EL to get to work and back, so having this close must always be promoted. Many tenants have a 4 block threshold for walking when it comes to the L, if that!

Stuff Included

In a down economy, it is all about adding value to your product and apartments are no exception. Does your building offer laundry? How about free laundry? By placing a washer/dryer even a dishwasher in a unit, more people will reply to your ads because of it. Also, think about incentives such as Cubs tickets, one month free, and gift cards. This will not only get your apartments noticed more, tenants will have a positive experience and tell others. People love free, so find something you can provide and try it out!

Hardwood Floors

If your apartment is advertised as having hardwood floors, please shine them! By keeping the floors up to date and shining during a showing, renters will take notice! If the floor has miss-matched patterns or significant evidence of wear and tear, it is no longer a selling point.

A Sense of Community

Is there constant communication with the tenants who live in your building? Is there a monthly newsletter welcoming the new tenants and showcasing their talents? Imagine if you could help tenants connect to one another and promote a sense of community? Nobody, I mean nobody does this! As an investor, you not only invest in the building but also the people in it because without them, there’s no point.

Along with the sense of community, tapping local pubs, gyms, and stores for discounts and incentives will encourage the owners of those locals to cross promote your units as well. If you can offer a gym discount to your tenants for example,

No Security-Deposit

Yep, that’s right! No security deposit. The alternative to this is to have a non-refundable move-in fee, paid when the tenant picks up their keys before moving in. This small detail can bring your ads online much more attention if you promote this as an incentive. If you have a $700 move-in fee for a three bedroom apartment that is renting for $2,300 your tenants will feel as if you’ve saved them $1,600.

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I’ve always boasted to outsiders that Chicago is a world-class city. One of the reasons for this is that the city has a history of attracting some of the country’s top retailers to its business strips. Whatever you need to buy, the odds are great that you’ll be able to find it in Chicago.

The city recently nabbed its latest big-name retailer: computer and electronics giant Apple.

Apple recently announced that it will open a nearly 15,000-square-foot Apple Store along the Clybourn Corridor on the North Side of Chicago. A story in Crain’s Chicago Business says that Apple will pay a top rent of about $700,000 just for the land on which its new store will sit.

This will mark the second Apple store in the Chicago area. The company in 2003 opened a 25,000-square-foot outlet at 679 N. Michigan Ave.

It’s little surprise that Apple chose this location. Bounded by North and Clybourn avenues and Halsted Street, the Clybourn Corridor shopping district has become a go-to strip for shoppers from Lincoln Park, Roscoe Village, North Center, Lakeview and much of the North Side. Apple, apparently, is so confident in this area that it chose it over the greatly hyped Block 37 development along downtown State Street.

The Apple Store will be just one more retailer adding to the wealth of shopping options for the residents of Chicago’s top North Side neighborhoods. This mix of retailers is just one reason why I still point to housing in neighborhoods such as those listed above as good investments.

Yes, the housing market in Chicago is still slumping. And, yes, housing prices are still falling. But these neighborhoods are strong. And once the slump does end, housing prices here should recover nicely.

Buyers want to live in these neighborhoods. As more businesses move into them, they only add to the strength of these already popular neighborhoods. So if you’re thinking of purchasing a residence in one of these top areas – whether you’re considering a condominium or single-family home – meet with your REALTOR® to go over exactly what you want in a residence.

This is a great time to buy. And the neighborhoods noted above - among others - are great places to invest in residential real estate.

PLEASE CLICK HERE TO VIEW PROPERTIES NOT YET ON THE MARKET.

I WAS WATCHING TELEVISION TODAY AND THEY WERE TALKING ABOUT FORECLOSURES. IF YOU NEED TO BUY TIME TO STAY IN YOUR HOME ASK THE MORTGAGE COMPANY TO SHOW YOU THE NOTE. This will buy some time and maybe get back on your feet. GOOD LUCK !

BAIRD & WARNER SALES AGENT-PHYLLIS BLOODWORTH

1-630-226-6601

With the instability of the stock market and the economy as a whole, many people are asking themselves the following questions. Should we buy our first home? Can we live with this house we've outgrown? Do I qualify for a mortgage, or should we just stay put?

When you answer to those questions, factor in that now is a good time to buy. Rates are good and real estate is a still a good investment that offers the benefit of a place to live. Historically Chicago has been a stable market. Our growth has been steady and measured. If you have owned your home since 2005, you probably are going to enjoy an appreciation in the value of your home.

According the Chicago Association of Realtors sales data, the average sale price for single family homes in the Lincoln Park, Lakeview and Bucktown has trended up since 2005, although the Gold Coast and Wicker Park hit a peak in 2007 and come have come down slightly.

2005 was one of the most robust years for condominium sales with record breaking appreciation. Since then average sale prices did level off a bit, but in 2008 the average sale price is now above the 2005 values for the Gold Coast, Lincoln Park, Lakeview, Bucktown and Wicker Park.

So, what about now. The indications are that the market will remain steady with not much growth over the next 6 to 8 months, and we won't likely see any major dips in Chicago. Waiting by the sidelines will not help you buy more house, or sell your house for more. Further, the reality is that your real estate is more than an investment, it is where you live. The constant in life is change, which may mean a move. Do what you need to do. Investigate your lending options. If you need to sell, contact me to determine the value of your home.

Let me know your thoughts!