Thanks Steve!

Thanks for the great lunch meeting. Look forward to 2005!

Bucktown/Wicker Park eats...

Bucktown's best bites

By Chad Schlegel

The Bucktown/Wicker Park area is packed with great restaurants. Though the "restaurantification" of this formerly down-at-the-heels 'hood now extends all the way to Division Street (Innjoy and Fortunato) and Ashland Avenue (Green Dolphin Street), we've chosen to focus on these spots located at the center of the action near the intersection of North, Damen and Milwaukee Avenues.
Blue Fin. We like this newish sushi spot located off the same alley as D'Vine and Cafe Absinthe. The interior is stylish (though a little cramped) and the menu has fancier options if that's what you're after; or just grab a cheap sushi combo to go.

Cafe Absinthe. Definitely a sceney spot, this chic eatery serves upscale contemporary American cuisine with Mediterranean flair.

Club Lucky. Sicilian and other Italian specialties are served in a swank, 1940s-style supper club and cocktail lounge. The bar is known for its killer martinis -- shaken, not stirred, with hand-stuffed olives.

Spring. Chef Shawn McClain snared 4 stars at Trio, his previous gig. His new spot, which features edgy American cuisine with an strong Japanese influence, is already on its way to achieving similar success.

Ezuli. Try the appetizer of crostini spread with peanut butter and topped with a slice of mango, carmelized onions and crumbled blue cheese. Like many of the other dishes here, it sounds strange, but tastes great.

Le Bouchon. Burgundy native Jean Claude Poilevey serves simple and flavorful French country dishes in what Tribune restaurant critic Phil Vettel considers one of the city's best bistros. Unsure of what to order? Ask one of the well-informed servers for suggestions.

Meritage Cafe & Wine Bar. The menu at this contemporary American restaurant/wine bar combines cooking styles and ingredients from the Pacific Northwest and Asia. A covered outdoor seating area is open year-round.

MOD. The vibrant, multi-hued interior, which looks like a set from "Buck Rogers," is a feast for the eyes. But it's not just about appearances here -- when it comes to cuisine, this place is very down to earth, making use of top-notch organic produce and meat and poultry culled from "boutique farms."

Pontiac Cafe & Bar. The menu offers a large selection of salads and sandwiches served on panini. The large outdoor dining area, just south of the intersection, provides a front-row seat for some pretty serious people-watching.

Soju. This chic eatery serves Korean favorites such as calamari tui gim (squid with a spicy bean sauce) and Soju Chicken, boneless, deep-fried chicken covered with a sauce made of hot bean paste and Soju, a rice-based liquor.

Souk. Stylish and exotic, Souk offers Middle Eastern food with an Egyptian emphasis. The ultra-cool interior features leather-topped tables and some of the coolest bathrooms in the city. There's bellydancing on Wednesday nights.

www.GreatChicagoRealEstate.com

2004 school report cards for all state schools

Each year, the State Board of Education releases school report cards for each public school in the state. The 2004 report cards include student scores on the Illinois Standards Achievement and Prairie State Achievement tests, and ACTs, demographic information on students and teachers, and financial information on school districts. The state does not release report cards for private and parochial schools.Visit http://www.suntimes.com/schools/ to access school report cards.

Courtesy Chicago Sun-Times

First-time buyers get fired up in Grayslake

January 9, 2005

BY BILL CUNNIFF Real Estate Reporter

Matt and Christen Bing, both from Lake County, are buying their first home at Village Station, a town-house development in Grayslake. When it was time to move from their apartment in Elmwood Park, they decided to go back to Lake County.

"Village Station really matched our needs," Matt said. "The convenience of having the train just steps away was a major reason for our decision, but certainly not the only one. We have a very busy schedule, and the freedom from exterior maintenance was key." Christen is a teacher in Gurnee, and Matt works, and goes to law school too.

"The exteriors at Village Station have the look of the homes in the Lincoln Park area, and we really liked that," he said. "We wanted a location close to family and friends."

The Bings selected the 1,619-square-foot Berkshire design. It features a living room with a fireplace/entertainment center. In fact, that was a non-negotiable item -- a must-have -- on their wish-list.

"That had been decided: Our home would have a fireplace and entertainment center," Matt said.

The Berkshire also has a separate dining room. The breakfast nook opens to the deck.

Upstairs, the master bedroom hosts a walk-in closet, a private bath and an optional box bay window. The lower level includes a bonus room, suitable for a fitness room, an office or a theater room.

The Bings moved into their new home in August. "The staff continually informed us about the progress of our home and the other details of our transaction," he said.

"We're very pleased. We feel that our first home has some great luxuries," he said. "Village Station is proving to be a great place to live, with many professional couples like ourselves," he said.

Residential Homes of America, the builder plans about 140 units; about half have been sold already. Prices start in the $180,000s. Units have 2 bedrooms, 2-1/2 baths and 2-car attached garages. Sizes range from 1,471 to 1,944 square feet.

Some plans have lofts. One plan features dual master bedrooms.

Four decorated models are open.

Central air conditioning and decks are standard.

Village Station, on Lake Street, one-half mile south of Illinois 120 (Belvidere Road), Grayslake. Residential Homes of America, (847) 231-5200.

WEST CHICAGO. Two models are open at Prestonfield, a development of single-family homes in West Chicago.

Lennar Chicago, the builder, plans 75 houses. Base prices range from $414,900 to $482,100. Sizes range from 2,700 to 3,177 square feet.

Houses have 4 bedrooms, 2-1/2 or 3 baths and 3-car attached garages.

A dual-access staircase, a two-story foyer and a first-floor den are highlights of the Rousseau model. The dining room features a decorative ceiling and a bay window. The kitchen hosts an island and a walk-in pantry. The breakfast nook opens to the family room.

The master-bedroom suite is highlighted by a sitting room and his and hers walk-in closets. The 2,974-square-foot Rousseau is priced from $446,900.

A two-story family room with a fireplace anchors the Matisse model. The 3,177-square-foot Matisse -- with 5 bedrooms and 3 baths -- is priced from $461,900. One of the bedrooms, with a full bath, is on the first floor. The master-bedroom suite -- with his and hers walk-in closets -- is set off from the other bedrooms by a bridge overlooking the family room and two-story foyer.

Both models feature second-floor laundry rooms.

Prestonfield, southwest of the intersection of Illinois 59 and Illinois 64, West Chicago. Lennar Chicago, (630) 876-9047.

SHOREWOOD. About 150 single-family homes are planned in the first building phase at Edgewater, a development in Shorewood.

Sales are scheduled to commence in February. Prices will start in the high $200,000s. Eleven floor plans are sized from 1,806 to 3,635 square feet.

Altogether, 325 homes are planned.

The 3,052-square-foot Bristol floor plan has 4 bedrooms, 2-1/2 baths and a 2- or 3-car attached garage. A fifth bedroom is optional instead of a loft. Highlights include a two-story foyer, a formal living room, a dining room, a family room and a breakfast nook. Upstairs, the master bedroom has his and hers walk-in closets.

Edgewater, Shorewood. Kimball Hill Homes, (800) 544-0290.

MONTGOMERY. Models are open at Fieldstone Place, a town-house development in Montgomery.

Grand Pointe Homes, the developer, plans 110 units. Prices begin at $173,900. Sizes range from 1,566 to 1,613 square feet. Units have 2 or 3 bedrooms, 1 to 3 baths and 2-car garages.

In one option, buyers can opt for two master-bedroom suites (both with walk-in closets) on the second floor.

Fieldstone Place, Montgomery. Grand Pointe Homes, (630) 859-2800.

Understanding Dual Agency, Mortgage Pre-Approval

Common real estate practices before shopping for home loan
By Robert J. Bruss
Copyright 2004 Robert Bruss
Inman News
Courtesy Top Producer

The first step to buying real estate is to get a mortgage pre-approved in writing; unless you are buying real estate for all cash, you will most likely need a loan. For simplicity, let's presume you are buying a primary residence single-family house, condo or a small income property where you will be the owner-occupant of one unit. These are the easiest properties to finance. They also are usually the most profitable if they are sound, well located and in an appreciating area with rising values.
Before looking for a property, it is best to get pre-approved in writing by an actual lender. Don't worry about shopping for the best mortgage terms yet. You can do that later after you've tied up a home purchase with a firm contract. The important thing is to get pre-approved in writing so you can shop with confidence as a very strong buyer.
Don't get suckered into "mortgage pre-qualification," a term that means absolutely nothing! Pre-qualification is just a preliminary statement by a mortgage broker or actual lender that means, "We think you can get a mortgage, but we really haven't checked your application closely and we aren't willing to give you a firm written mortgage commitment. In other words, a mortgage pre-qualification is worthless and a waste of time.
Smart home buyers need a mortgage lender's pre-approval letter before starting the home purchase quest. It will probably include a few reasonable contingencies, such as (a) satisfactory appraisal of the property being purchased, and (b) re-verification of the borrower's employment and credit report. The actual lender's pre-approval letter is often valid for 45 or 60 days, and it can usually be renewed or extended.
Don't give up if you can't get a lender's pre-approval letter or certificate. Today, there is a way for virtually every person with a reliable income to buy a house or condo (even if you have horrible credit!). There are many alternative home finance methods, such as a lease-option to tie up a home while you clean up your credit report over the next year or two; seller financing; buying "subject to" an existing mortgage; and assuming an existing mortgage (lenders are often far more liberal about allowing a mortgage assumption than when making a new loan).
THE SECOND STEP – FIND A HOME YOU WANT TO OWN AND UNDERSTAND WHO REPRESENTS WHOM. With an actual lender's mortgage pre-approval letter in your hands, now it's time to shop for a house or condo. This might take a week or two. But some home buyers take six months or longer. A savvy buyer's agent can speed your home search if that buyer's agent is knowledgeable about the local home sales marketplace.
With your pre-approval letter, you're a strong buyer. Buyer's agents covet you! But it's usually best to work only with one agent at a time. If that agent doesn't treat you right, however, such as by phoning you several times a week about new listings and price reductions, drop that agent and find a better buyer's agent.
Unless a buyer's agent comes very highly recommended by a trusted friend or business associate who has actually bought a property through that agent, I suggest not signing a buyer's agency contract with that agent. If you do sign such a buyer's agency contract, I recommend it be for not longer than 30 days (just in case the buyer's agent turns out to be a dunce!).
That leads us to the ultra-important topic of who represents whom in the transaction. If the house, condo or other property is listed for sale with a "listing agent," that agent obviously represents the property seller. But who represents the buyer? Without getting into a long boring discussion of real estate agency (entire books have been written on this topic!), there are several possibilities:
1 – Listing agent also represents the home buyer. This is called a "dual agency." A dual agency can arise quite innocently without much thought, such as when a buyer meets a nice listing agent at a Sunday afternoon Realtor's open house. Obviously, it is an inherent conflict of interest for one licensed real estate agent to represent both the buyer and seller in the same transaction. However, dual agency is legal in all states (that's because the Realtors want it that way so one agent can "double end" the transaction and not have to share the sales commission with an agent from another brokerage).
Or, suppose one licensed agent shows you a listing of another agent who works at the same real estate brokerage. This is also a dual agency because both agents work for the same real estate broker. In some states, the agent who obtains a buyer is called a "transaction agent" to avoid the dual agency problem.
2 – Buyer's agent represents the buyer only. Sometimes called a "buyer's broker," this situation is usually best for the home buyer or investor. The reason is a buyer's agent can be brutally honest with the buyer whereas a dual agent, or a transaction agent, is limited as to what information can be shared with the buyer.
THE THIRD STEP – UNDERSTAND WHAT SHOULD BE IN A WELL-WRITTEN PURCHASE CONTRACT. Finally, we get to the "meat and potatoes" of our topic. If you are working with a sharp buyer's agent, he or she should have given you a copy of the printed purchase contract that agent recommends. It might be published by the local Realtor group. Or it could be from an independent forms company. I hope it's not one of those dreadful stationery store forms!
Please be aware if you are the buyer you have the right to present your purchase offer on the form you want. Don't be intimidated by a seller's listing agent who says purchase offers must be made on a specific form. If the listing agent refuses to present your purchase offer on the form you or your realty agent prefers, just say, "Well, I guess I'll have to file a complaint about this with the state real estate commissioner for your failure to present all offers to your principal." Smart listings agents soon become very cooperative when they hear that.
If you have any doubt about the ability or the enthusiasm of your buyer's agent to present your purchase offer fairly to the property seller, be sure to include a phrase such as, "This purchase offer to be presented to property seller only in the presence of the buyer." That means you, the buyer, then get to go with your buyer's agent when your offer is delivered to the seller. But I suggest you do not use this phrase unless absolutely necessary because buyer's agents are usually much better negotiators when the buyer is not present. Remember, your buyer's agent and the listing agent are usually highly motivated to negotiate a successful transaction to enable them to earn their commissions.

Home Builders Show!

The New American Home 2005 unveiled this week at the International Builders' Show in Orlando will feature a distinctive design that unites luxury with evolving lifestyle needs.

Builder Goehring and Morgan Construction collaborated with architects Bloodgood Sharp Buster Architects and Planners and interior designer Saxon-Clark to craft an elegant Mediterranean-style home with family-friendly amenities that works in harmony with the outdoor environment.

"We believe we've designed a home that is not only integrated with the natural environment, but that supports a lifestyle that allows families to grow and age in comfort," said Kim Goehring, president of Goehring and Morgan Construction.

"We achieved that by constructing a home that embraces, but is not overpowered by, new technology and automation," added architect Ed Binkley, a partner with Bloodgood Sharp Buster.

The handicapped-accessible, 9,036-square-foot house incorporates home automation, new technology, energy efficiency and healthy home construction techniques. The home will use 47 percent less energy for heating and cooling, and 64 percent less energy for water heating, than a traditionally constructed house of a similar size in the same climate.

Other high-tech features include technology that will link a dozen televisions positioned throughout the house with telephones, computers, lights, and security and audio systems, which easily can be controlled via touch-screen keypads and remotes, coupled with LCD (liquid-crystal display) monitors that allow computers and televisions to be used interchangeably. Further, homeowners will be able to program lights, control shades, monitor the front door, activate the sprinkler system, turn on the central vacuum and chlorinate the swimming pool from anywhere in the house.

The home includes a master suite, four bedrooms, library, game room, private courtyard with a pool and a spacious three-car garage.

The National Council of the Housing Industry, the National Association of Home Builders' organization of building product manufacturers and suppliers, annually sponsors The New American Home with Builder magazine.

The New American Home 2005 is located at 4397 New Broad in Orlando, about 10 miles from the Orange County Convention, in Baldwin Park, an upscale, mixed-use development with architecture reminiscent of the pre-1940s Central Florida era.

Registered attendees at the 2005 International Builders' Show can tour The New American Home during exhibit hours through Sunday, Jan. 16.

***

Home Ownership Improves Your Health

Fannie Mae studies relationship between wealth, health
Courtesy Top Producer
Inman News
Home ownership builds wealth and that creates health was one conclusion reached in a new study in the Housing Policy Debate, an esoteric research publication produced by secondary mortgage market giant Fannie Mae's Foundation.
The research article, "Does Housing Mobility Policy Improve Health," examined a litany of studies that attempted to show that better housing conditions improve public health. Home ownership is at the apex of the housing ladder and seems to result in the healthiest people. The research showed:
• One study found that home ownership helps prevent long-term illness.
• Another showed that children living in houses owned by their parents experienced lower rates of behavioral, emotional and cognitive problems.
• Home ownership may confer psychological benefits, according to one study conducted by the U. S. Department of Housing and Urban Development.
Home ownership also carries some risk to health. For example, a British study showed that "when homeowners experienced problems paying their mortgages or fell into arrears, their well-being declined."
"Thus, the fear of losing one's home results in worse health," the researchers concluded.
Beyond home ownership, the Fannie Mae study looked at the range of federal housing policies that could help promote better health, including fair housing laws and rental assistance.
The report said the research found mixed results.
"Although housing has long been hypothesized to affect health, documenting this relationship has been challenging," wrote the authors of the study, who all work at either the Harvard Medical School or Harvard School of Public Health.
Copyright 2004 Inman News

FHA loan limits jump to $275,200 in Chicago area

WASHINGTON -- The limit on federally insured mortgages in nine Chicago-area counties is now $275,200.

The increase, from $239,875, took effect Jan. 1, when the ceiling on loans that can be purchased by mortgage giants Fannie Mae and Freddie Mac rose to $359,650.

The Federal Housing Administration insures lenders against default on low-down-payment mortgages made to borrowers whose credit profiles don't measure up to the standards set by Fannie and Freddie, the two secondary-market institutions created by Congress to bring liquidity to housing finance.

Lenders consider FHA loans to be somewhat riskier than so-called conventional ones, a fact borne out by the most recent delinquency statistics published by the Mortgage Bankers Association.

In the third quarter, the association said, 12.2 percent of FHA borrowers were at least one month behind on their payments while just 2.3 percent of conventional borrowers were late.

Also, while the year-over-year foreclosure rate declined for conventional loans in the third quarter, it was up for FHA loans.

Because of the greater risk, lenders charge slightly more for FHA-insured loans than conventional low-down-payment mortgages backed by private insurers. According to HSH Associates, a financial publisher in Pompton Plains, N.J., the current difference is about 0.10 percentage point.

However, fees on FHA loans also are somewhat higher, including insurance premiums, which must be paid at closing rather than on a monthly basis, as private insurers allow.

HUD sets the FHA limit based on the National Housing Act, which says the maximum should be 95 percent of the median house price for a given area. However, the law also says the FHA loan limit cannot exceed 87 percent of the Freddie Mac ceiling, or $312,895, nor can it be lower than 48 percent of the Freddie maximum, or $172,632.

The Chicago area falls between the low and high, so the FHA loan limit here is 95 percent of the median price of a house.

The new Chicago-area maximum of $275,200 covers Cook, DeKalb, DuPage, Grundy, Kane, Kendall, McHenry, Will and Lake Counties.

The new FHA limits cover not only the government's basic one- to four-family loan program but also several other key initiatives, including mortgages for disaster victims, rehabilitation loans, loans on properties in declining areas, condominium mortgages and home-equity conversion mortgages.

www.GreatChicagoRealEstate.com

Lots of closet space ranks No. 1 with home seekers

My favorite things in my 5-year-old house in Mundelein are things most people wouldn't even look at twice -- closets. We have a small closet off our family room in the hall leading to the bathroom. We store the kids' toys, books, photo albums and blankets there. We also have a full closet in our first-floor den, a double-door coat closet in the foyer and a small closet in my laundry room. There's a linen closet in my master bathroom and, of course, a linen closet near the kids' bedrooms.

I would always insist on a linen closet in the master bath. Who wants to bend over under the sink to get all those personal things and cleaning products? Plus our towels and sheets are much more organized on the closet shelves.

The laundry room closet and big coat closet are great, especially with Chicago's changeable weather. You never know which coat you'll need. And there's extra space for guest coats, too.

Kristine Asmussen, Mundelein

Thaddeus Wong, co-founder of the real estate brokerage firm, @properties, says closets can make or break a real estate deal.

For high-end buyers, "luxury closet space is at the top of the list." Some have spent upwards of $20,000, $30,000 or even $50,000 finishing the closet interiors, he said.

In the middle range, closets play a big role in a purchase, differentiating one unit from another. When it comes to entry-level new construction and condo renovations, there is very little closet space to worry about, a result of trying to create affordable units, Wong said. "Then what becomes important is storage space elsewhere in the building."

www.GreatChicagoRealEstate.com