Barb Van Stensel, Realtor - Chicago, Illinois

This photo was taken tonight outside my office here in Chicago in the Lincoln Square neighborhood. This is a rare suset at this time of year and so, I just had to capture it and share it with you. I'm not a novice at this but must admit, God makes some pretty good sunsets!

Have a safe and Happy Halloween tomorrow!

This is the best time of the year and Keller Williams Lincoln Square will be participating in "Kids Safe Trick or Treating Day" her in Lincoln Square from 11:00 a.m. to 4:00 p.m. on Saturday, Halloween Day, October 31st, 2009.

We hope to see you here all dressed up and ready for some really great treats.

We are at the corner of Lincoln and Montrose Avenues.

I hope to see you here!

Have a safe and Happy Halloween!

Hey Chicago and Cook County, if you are one of those who is going to get slapped with a new and improved real estate tax bill, listen up:

I had a neighbor that just came into our office to get a valuation of his property. His tax appeal attorney said that he needed a CMA. A CMA only works if your home is dated, you have metal kitchen cabinets, cast iron sinks with the wing for drying. If you are improved, the CMA won't help you much as the values are based on a "curve" generalistic type of basis.

That being said, this is what was missed on this man's appeal:

A. Square Footage was wrong on his building

B. It was a two-flat. I asked him if he had income coming in for the building and did he have any vacancies this past year. You know what he said? "My second floor has been vacant since my Mom died a couple years ago!" You have loss of income on the building.

C. He served in the Army (never reported)

D. He is retired and on a fixed income! Not noted.

E. He has the metal kitchen cabinets with fuses.

F. Never filed a seniors exemption or the senior freeze!

Before you go off and get upset about your bill, review your information online at the Cook County Assessor's Office and see if the information is correct!

Have some questions, give me a call.

Hey Chicago, the data is out for the condominiums in Lincoln Square and there are some values to be picked up when looking at Distressed Home Sales in the Lincoln Square Neighborhood Condominium Market.

Currently thre are approximately 10 Condominium Properties that are for sale in the $$5K - $100K price range.

Seventy Condominiums are located in the $100K to $200K price range. A good portion of these units are either short sales or foreclosures.

Where the heaviest closed units as well as the most active price range for condominiums in Lincoln Square falls between the $200K to $300K price range. Out of the total of 261 units that closed so far this year, 110 of those units fell in teh $200K to $300K price range.

There are 62 in the $300K to $400K price range with some in upper bracket but most activity is flourishing in the $200K to $300K area.

Overall, we have seen a .05% increase in price over the last month compared to the 180 days previous years month in value. Lincoln Square adjusted in a downward trend of 9.5% with a median showing at $262,500 for the last 365 days. The previous year (2008) had a median of $290,000.

What I am seeing is a strong trend of sales in the $200K to $300K in activity for the last 180 days which is showing a surge in closed sales.

Overall, I'd say, Lincoln Square is the place to be because of it's diverse home styles, the blend of properties, the quality restaurants. We are seeing some new satellite shops opening in the Square from the Lincoln Park neighborhood.

Thinking about buying or selling, give me a shout.

Chicago's Lincoln Square 2-4 Unit Market is seeing some positive signs for the month of September 2009.

In the Previous 180 days, there have been 17 two to four units that have sold compared to the previous year's 180 days of only 11 units. This reflects a 54.5% increase in sold 2-4 units.

Currently there are 43 2-4 units on the market with a strong concentration in the $300K to $550K asking price.

We have adjusted, I believe in the 2-4 Unit area within Lincoln Square. This is based upon the Previous 365 days (2008) Median Price of $538K for 2-4 units compared to this past 365 days wiht a median of $355K.

Now before you all get hot and bothered about such a massive price adjustment, here's why the market adjusted so drastically.

YOUR RENTS. The Income Operating Statement that supports your propertys overall value. Bottom. No yanking on this one at all.

I don't know how properties appraised out on a $600K property with $2,400 in income. That doesn't cover the mortgage, taxes, insurance, the maintenance, the vacancy rate (which, btw is alot higher then the 4-6% that most appraiser's in the past have estimated for qualifying the subject property's value). That is what the bank should have been using but instead I believe they were banking on Lincoln Square's great steady appreciation. But appreciation doesn't pay the mortgage!

Thus said, the primary sales right now are in the $300K to $500K range in Lincoln Square. There are some sales that drop down to $200K to $300K and those are short sales or REO properties. Those properties need approximately a minimum of 10% of the selling price in work just to get the building up and in working condition. This doesn't cover areas of painting, but covers replacement of piping because the lines were split, ruptured, or how about this one .... "removed"! Then there is the electrical which is always a nice surprise especially on the top floor of most flat top buildings. Why? Well, if you have a tar roof, the heat from the tar just transcends and radiates that heat into the rafters and that old electrical cloth wiring is baked. When old cloth electrical wiring and some newer wiring, I have seen melt over the cloth wiring, Yes, it gets that hot. That is the biggest reason why one should remove the entire tar roof and put new insulation down and a rubber membrane with the silver reflective coating to defer the heat during the warm months and to keep the heat inside during the cold months. These are just some of the areas that you need to consider and evaluate before you go in and purchase a short sale/foreclosure.

The higher priced 2-4 units, as a whole, reflect electrical upgrades, new or newer rubber roofs, better copper piping, etc.

Which masonry building sells and is desireable the most?

1. Graystones

2. Brick with Bay windows in the front and in the dining room area.

3. Brick with Bay windows

4. Brick with front Sun Rooms

5. Brick

Which Frame Buildings sell and is the most desireable?

1. Stone base with Cedar or Clapboard Siding

2. Stone base with Quality Vinyl Siding and Bay front

3. Cedar, Clapboard, or Quality Vinyl Siding with BAy front

4. Cheap Vinyl Siding and no Bay

That's it for this warm Sunday here in Chicago's Lincoln Square Neighborhood. Enjoy the day. If you have any question, you know where I am ... our new location at Lincoln and Montrose.