Yuval Degani

The $8,000 first time home buyer tax credit is set to expire at the end of next month. Anyone who closes on their home after November 30^th will not be eligible for the tax break. That is, unless Congress decides to extend the program - a proposal that is receiving serious consideration according to U.S. House Speaker Nancy Pelosi.

In a news conference Thursday, Pelosi said a measure to prolong the tax credit term and possibly expand it to non-first time home buyers is being mulled over by members of Congress. The National Association of Realtors has pushed for the extension as a way to maintain the momentum of homes sales prompted by the current tax credit. The realtor group estimates as many as 350,000 home purchases were a direct result of the tax incentive (purchases that would not have occurred otherwise).

number of lawmakers are trying to get the program deadline stretched through the end of May. That would make the tax credit available for another six months. As of now, the cutoff is December 1^st. Qualifying buyers must be closed before that date to receive the benefit, which is a tax refund for 10% of the purchase price up to $8,000. It is currently offered to first-time buyers and those who have not owned a primary residence for the three years prior to purchase. Incomes limits also apply.

As the days count down, Chicago home buyers and agents are taking great strides to get in well before the 11^th hour. Real estate professionals caution that the Thanksgiving Holiday will curtail the amount of time people have to tie up details as many offices will be closed or short staffed from the 26^th through the 29^th of November. This includes mortgage brokerages, attorney offices, title companies and other key players in real estate transactions.

It takes anywhere from 45 to 60 days on average to close on a traditional home sale (short sales ironically take much longer). So this is the time to act if you want to secure the $8,000 home buyer tax credit. Talk with an expert Chicago real estate agent today about your personal situation and find out if you qualify.

A Lincoln Park mansion that recently sold for $5.6 million was the highest priced home sale in Chicago yet this year. The 17-room single-family home was purchased in late August in a short sale for $399k below the asking price. It is the most money paid in 2009 for a residential property in the city.

Christine Carr of Dream Town Realty was the selling agent in the $5.6 million deal. The property sold after 56 days on the market in one of Chicago most sought-after luxury neighborhoods. Three of the city’s top four priciest home sales of 2009 were all in Lincoln Park . This grand 12,000-square-foot residence on Howe Street took top dollar. The closest runner up was a $5.1 million house just two blocks away on Orchard that sold in March, followed by an April home sale for $4.4 million on Mohawk.

The Howe Street property is an elegant brick and limestone design that was completed in 2007. It is elevator equipped and has a 4-car attached garage with access from the back alley. The expansive floor plan includes 6 bedrooms, 5.5 bathrooms, 2 laundry rooms, a library, home theater, bar and billiards, huge Great Room, and a sprawling master suite with its own sitting room. This home has everything from a multi-level wine cellar to a rooftop putting green. The large penthouse deck is an extension of the livable space with an exterior kitchen and bar, plus plenty of room to lounge outdoors.

Dream Town is the listing agency for a number of Lincoln Park’s other multimillion-dollar luxury properties. There is an incredibly unique contemporary home at 1251 W. Dickens listed for $3,250,000. It has 8,000 square feet with 5 bedrooms, 4.2 bathrooms, 3-car heated garage, and 2,000 square feet of outdoor decks. On North Kenmore is a custom-built residence up for sale for $2,499,900. Highlights of the property are an all-windows recreation room with 9 skylights, mahogany and walnut wood throughout, his-and-hers master en suite, and a great rooftop deck with summer kitchen. Listed for $2,295,000, the architecturally significant single-family abode at 1852 N. Sedgwick is a creative masterpiece that has been featured in trade publications and real estate TV programs. The design incorporates strong horizontal lines to counterbalance the home’s vertical layout. It also has a terraced backyard with green vegetation and a water element.

To view additional high-end listings in Chicago, click here.