Chicago Real Estate

Photos: Setting the stage

2011-09-03T08:58:00.010-05:00

I came across this article from Luxury Insights and wanted to share it with you. I just had a property that would not sell, I convinced the sellers to let me stage the property, and two weeks later, I have it under contract!

We know that good photographs help to sell homes more quickly. More often than not they are the potential buyer's first visual introduction to the property. Whether it is online, in a printed brochure, a magazine, or other publication, photographs often make the first impression and influence what's to follow ("Ewww...next!" or "Oh, look at this. Let's go see this one!").

On a basic level, photographs of a home give us lots of information about the layout, style, size, and condition of a property. Is it an open plan featuring large living areas with high ceilings and lots of light? Or is it a Queen Ann with a gingerbread porch and a small parlor with bay window?

Let's take a look at an example. Here's a photo of a simple room in a home for sale:

A Nice Second Bedroom?

The photo is well exposed, in focus, and the camera wasn't at some odd angle or perspective. (These should all be givens, but look at the photos that accompany some listings, and you really start to wonder...). We see a simple, unfurnished room with wood floors that appear to have been recently refinished, crown moulding, base moulding and a door of a style that suggests an older home. A floor register suggests a forced air HVAC system. Because the room is unfurnished, it's hard to tell which room it might be. Is it a bedroom? What furniture would you put in this room? How would you live in it? Without more information, you probably can't answer these questions. Neither can the potential buyer. That's one of the challenges of selling an empty home.

Let's take another look at the same room, from the same camera angle:

Cozy living room

Staging makes a difference, huh?! Here we see that it's a cozy living room, tastefully decorated with a sofa, love seat, tables and chair. It looks like a nice spot to sit with a drink and visit with friends, or relax and watch some television.

Which image do you find more appealing?

In the second photo, the furnishings immediately tell us the function of the room, give us a better sense of its size, and present a warmer scene in which it is easier to imagine ourselves enjoying the home. Even if it is "just staging," it highlights the potential of the room in a way that a buyer might not otherwise see.

Empty homes present special challenges in showings and in photographs. It can be hard for potential buyers to see past the emptiness and envision how they might furnish and live in the home.

In photographs of empty rooms like the one above, my eye is often drawn to details of contrast like mouldings where surfaces meet and vents in the floor. As a result I think more about the structure, materials and finishes.

On the other hand, in photographs of staged or furnished rooms my attention is pulled away from the little details of the floors, walls and ceiling, and I take in the whole scene. It is much easier to imagine actually living in the space. The stage is set, the only thing missing is the people--and my mind can easily fill in that blank!

If you haven't realized it yet, all of these images were "virtually staged" meaning that the furnishings were added digitally to the original photos of the empty rooms.

In the perfect world, you could elaborately stage every home for showings and photographs. In the real world, circumstance and marketing budgets sometimes make staging homes impractical. This is true for starter homes, like the one above, as well as luxury homes. Virtual staging can be a great, and much more affordable option. When you do use virtual staging, you'll want to be sure to disclose that the images are digital renderings or have been modified. Check with your broker for the appropriate disclosure terminology to use.

Of course the resulting images can be used in the property marketing materials online and in print, but they can also be used in the home during showings. Some agents do large prints and mount them on easels throughout the home. This makes it easy for possible buyers to see past the emptiness and recognize the potential of the rooms, or even to envision alternate uses for furnished rooms--it's an easy way to help the buyer see that the sewing room could become a well-appointed home gym.

Photographs are full of cues which tell us about the tastes and lifestyles of the homeowners. This is important, especially in the luxury market, where lifestyle is one of the key factors driving purchase decisions. Virtual staging gives you great flexibility in speaking to the tastes and lifestyles of your best prospects and positioning the property accordingly.

Done well, it certainly beats an empty room.

Vintage Condo Elegance

2010-10-27T21:49:00.002-05:00

Offered at $225,000, This amazing two bedroom/one—very large—bath, condominium is located on the second floor of a vintage six-unit brick building in the Rogers Park neighborhood of Chicago. This property is located two blocks from the Loyola El stop and just four blocks from Lake Michigan. The large light-filled rooms have over-sized windows, hardwood floors, wonderful moldings, and 9 foot Ceilings. Other highlights include a sun room, sun porch, formal dining room, eat-in kitchen, in-unit washer and dryer, large closets and basement storage area. This property has a beautiful shade garden with a shared patio. Easy street permit parking.

For additional information or to schedule a private showing, contact me at 773.519.1340 or via email at genebiondihomes@aol.com

Brokers Open/Lunch: Tuesday, August 10th 11-1

2010-08-06T23:25:00.010-05:00

This Tuesday, I will be hosting a Broker's Open from 11-1 for the amazing home at 2331 N. Cleveland in Lincoln Park - Chicago. Located in the Lincoln School District, this five bedroom, two-and-one-half bath home is perfect for any family. The home boasts wonderful architectural details including two stunning fireplaces and exquisite wood moldings throughout. The property has a detached two car garage and established gardens which sit on a two-hundred foot long plot of land. Priced at $1,795,000, this property's beauty, elegance and charm are welcoming.

Come and experience this property for yourself. All Brokers are welcome.

For additional information or to schedule a private showing, contact me at 773.519.1340 or via email at genebiondihomes@aol.com

I look forward to working with you!
genebiondi.com

Now Available: 2331 N. Cleveland, in Chicago

2010-08-02T10:06:00.005-05:00

Offered at $1,795,000

This historically significant home—built in 1884—features many of the original architectural details. The property boasts a formal parlor with pocket doors and window shutters as well as a wood-burning fireplace surrounded by a stunning limestone mantle. An elegant formal dining room includes a china closet and a beautiful warming cabinet. The light-filled, eat-in kitchen has ample space for food preparation, entertaining and storage.

A handcrafted wooden staircase graces the foyer and leads to the second level where four bedrooms and the master en-suite are enhanced by light from a stain glass skylight. From the main floor, the staircase houses a unique entrance to the home’s lower level.

Located in the Lincoln School District, this fine estate is situated on a two hundred foot deep parcel of land with a two-car garage and established gardens.

For additional information, or to view this property, contact me at 773.519.1340 or go to genebiondi.com.
I look forward to working with you.

Beautiful Details... inside and out

2010-07-14T06:35:00.010-05:00

It’s all about the details…

Soon to be listed, this prime piece of Chicago Real Estate is tucked away on a quiet side street in Chicago’s Lincoln Park. It is filled with many of the original details from when the home was first built… shortly after the Historic Chicago Fire.

Shown above, the stone façade of this regal structure. Additional images and information on this property will soon be published at BiondiLuxuryHomes.com. Contact me at 773.519.1340 with specific questions.

I look forward to working with you.

655 W. Irving Park Road, Unit 3715

2010-07-13T21:54:00.008-05:00

I have a great new listing on the Chicago Lakefront. Offered at 199,900, this 1 bedroom / 1 bath condominium has amazing views of Belmont Harbor, Navy Pier and the City Skyline. Hardwood floors are found throughout. The open kitchen has a breakfast bar, stainless steel appliances, and ceramic floor. The large living room has an entire wall of windows. The master bedroom features a wall of closets and beautiful lake views. Assessments include heat and air conditioning, cable, parking, 24-hour doorman, pool, business center, and full gym. Deeded indoor self park additional $35,000

For additional images and information on this property, contact me at 773.519.1340 or go to genebiondi.com.
I look forward to working with you.

A Stately Georgian...

2010-06-09T14:19:00.005-05:00

9721 South Leavitt Avenue, Chicago, 60643
Listed at $399,900

This stately, extra-wide Georgian has wonderful space for living and entertaining. The large living room and formal dining room—along with a half bath on main floor—provide all the necessities for the perfect dinner party. New stainless steel appliances, granite countertop and custom maple cabinets are the focus of the eat-in kitchen. The second level features three large bedrooms and a recently updated bathroom. Hardwood floors are featured throughout. Additional assets include a finished lower level, 2-Car garage with side-drive, new electric, windows, plumbing, tuck pointing, furnace and hot water heater. This home—located within the Sutherland school district—is move in ready.

For additional information on this property, contact me at 773.519.1340. I look forward to working with you!

Listed for $309,900 in Chicago's Lakeview Neighborhood

2010-02-10T22:50:00.009-06:00

A wonderful new listing just became available in the Lakeview neighborhood of Chicago!

Located at 540 W. Cornelia Unit 1S., Chicago, IL 60657, this light filled condo in East Lakeview boosts vintage charm, with a large foyer, crown moldings, hardwood floors, and 9-foot ceilings. The eat-in kitchen will please any cooking enthusiast with 42" maple cabinets, granite counter tops, ceramic tile floors and stainless steel appliances. The large bath features marble tile, a soaker tub, and brushed nickel fixtures. The formal dining room is perfect for entertaining and opens to the large and bright living room with bay windows.

There is an in-unit washer & dryer and a large 10 x12-foot storage room. The heat is included in the monthly assessments, which are $364. Rental Parking is easily available and ranges in price from $170 to $240 per month. Annual taxes are $3663.

The property is located one-half block from Lake Michigan, parks, grocery stores and the variety of area restaurants, coffee houses, and specialty stores that Lakeview has to offer.

For additional information contact me at 773.519.1340. I look forward to working with you.

Open House... Sunday

2010-01-23T22:58:00.012-06:00

I will be holding an Open House at 3253 N. Damen [in Chicago] on Sunday, January 24th from 11-1. This beautifully maintained condo is one of only three units in the building. This two-bedroom, one-bath gem is full of vintage charm. Come by and take a look. I will be happy to show you around. The property is offered at $319,900. You can find this—and other available properties on the web at: genebiondi.com

For additional information contact me at 773.519.1340. I look forward to working with you.

Vintage Charm in the Heart of Roscoe Village

2010-01-15T17:39:00.010-06:00

The real estate market has been great! By the end of last year, all but one of my listings had been sold. …So it's wonderful to begin the new year with a promising new property listing.

Vintage charm in the heart of Roscoe Village [Chicago]… This spacious two-bedroom, one-bath, five-room condo has hardwood floors and high ceilings, with crown moldings throughout. The unit has a large updated sunlit kitchen and the bathroom has a beautiful whirlpool tub. The unit includes wonderful outdoor space with a large private deck and shared garden. A large storage area and private laundry in the lower level are also included. Easy street parking and short walk to all that Roscoe Village has to offer. Offered at: 319,900.

You can find additional images of this property at genebiondi.com

First Time Home Buyer Tax Credit

2009-10-31T08:47:00.006-05:00

This week, the First Time Home Buyer, Tax Credit seems to have been extended. The new extension deadline to receive the $8,000 tax credit is April 2010. On Thursday, U.S. News and World Report published the following...

"An extension of the $8,000 first-time home buyer tax credit appears all but certain after the Obama administration called on Congress to give house hunters more time to claim the popular tax perk. The move comes shortly after Senate lawmakers stuck an agreement to not only push back the measure's looming deadline but expand it to allow current homeowners and more affluent buyers to claim the credit."

The article goes on to define five things you need to know about this development. You can find this very informative article at: U.S. News.com For additional information contact me at 773.519.1340. I look forward to working with you.

An Amazing Property in the Lincoln School District

2009-10-30T23:58:00.013-05:00

I currently have a truly amazing four bedroom, four-and-a-half bath, Single Family Home on the market. Located in the Lincoln School District of Chicago, this beautiful home—offered at $1,695,000—inspired me to create a new web site: BiondiLuxuryHomes.com. The site presents an overview of the property including numerous images and room descriptions. Take a moment to review the site ...and this amazing property!

For additional information contact me at 773.519.1340. I look forward to working with you.

For Bungalow Lovers...

2009-10-14T23:27:00.004-05:00

This weekend, The Historic Chicago Bungalow and Green Home Expo 2009 is in town. The Expo offers advice and resources for bungalow owners and other Chicago homeowners as well as homebuyers. With more than 100 home restoration and energy-efficiency experts, tradespeople, companies and organizations, the expo promises something for everyone. This year's event will take place Saturday, October 17th from 10-4 at Chicago's Merchandise Mart. Additional information can be found at the Historic Chicago Bungalow Initiative web site.

Enjoy your weekend!

An Amazing Home in Lincoln Park

2009-09-15T18:36:00.008-05:00

449 W. Fullerton, Chicago, Illinois

This Amazing four bedroom, four-and-a-half bath, Single Family Home—located in the Lincoln School District—was built in 1871. The integrity of the property has been maintained. Arched double doors open into the formal living room. A wood-burning fireplace, large arched windows and dark stained floors add to the elegance of this estate. The main floor family room is complete with LCD television and built-ins for audio equipment. A large custom kitchen features a Sub-Zero Refrigerator, cooling drawers, two Miele Dishwashers, professional Dacor Range and warming drawer.

Three of the bedrooms are located on the second floor, each with its own bath. The large master en-suite includes a beautiful stone-surface, steam shower. The lower level Nanny Suite has a private entrance. Established perennial gardens wrap around the building and conclude with a beautiful bluestone patio. A side drive, one car garage and two deeded garage spaces are included. This property—which sits on a 37 x 121 foot lot—is filled with an abundance of charm and character.

For additional information contact me at 773.519.1340. I look forward to working with you.

A Beautiful Home in Central Beverly

2009-08-30T09:26:00.007-05:00

A beautiful contemporary brick home, just came on the market. Listed at $424,900, 9717 S. Leavitt Avenue—in Chicago—is a three bedroom, two and a half bath home located in the Beverly community. Built in 1937, It has a large formal living room that features a wood burning fireplace with an onyx surround, and a proper dining room leads to a chef's kitchen. The kitchen has wonderful maple cabinets, stainless steel appliances, with granite counters and back splash. The main floor has both a family room as well as a four-season light-filled breakfast room. The lower level highlights en-suite with full bath. The second floor Master Bedroom has a private sun deck and a stunning Master Bath with double sink. This property has beautiful custom details throughout.

For additional information contact me at 773.519.1340 or take a moment to review my web site at: genebiondi.com. I look forward to working with you!

Truly... A Hidden Gem

2009-08-06T23:53:00.004-05:00

I just acquired a new listing at 4326 Kedvale Avenue. It's a true hidden gem in the Old Irving Park neighborhood of Chicago. This 1,600 square foot, three bedroom/2 bath fee simple townhouse has no assessments. The home features walnut stained hardwood floors, large spacious rooms, tons of storage and includes outdoor space. This unit has an eat-in kitchen with maple cabinets, stainless steel appliances, ceramic floors and a marble back splash. The master bath has granite floors and new fixtures. The unit also includes a half bath on main floor. This amazing space also includes a finished lower level family room which could easily be used as or 4th bedroom. This unit is close to public transportation and has relatively easy access to the highway. The asking price is $249,900.

For additional information contact me at 773.519.1340 or take a moment to review my web site at: genebiondi.com. I look forward to working with you!

Amenities...

2009-07-11T00:21:00.006-05:00

As you know from recent posts, I have a wonderful listing ... a one bedroom / one bath unit on the 27th floor of Park Place Towers. The building is located at 655 Irving Park Road, in the Lakeview neighborhood of Chicago. Last night—while showing the listing—the potential buyers and I had the opportunity to experience a wonderful sunset from the unit. Clearly, this is just one more amenity to high-rise living.

For additional information contact me at 773.519.1340 or take a moment to review my web site at: genebiondi.com. I look forward to working with you!

Open House this Sunday at 5224 Monitor in Chicago

2009-07-10T21:11:00.009-05:00

I will be holding an open house this Sunday, July 10th from 1-3pm, at this home located at 5224 Monitor in Chicago. I've written about this wonderful Chicago bungalow in past posts, and Sunday will be an opportunity to drop in to see it for yourself. Also, take note that the list price has just been reduced to $299,900.

This amazing three-bedroom, two bath home has the original hard wood floors with beautiful crown moldings. The sitting room still has the original stained glass windows, ornate light fixtures and regal artificial fireplace. The kitchen has been updated with maple cabinets and includes an eating area. A heated light-filled sun room extends past the kitchen. The full, unfinished basement has high ceilings and could easily add living space if needed. This wonderful home is close to the expressway and public transportation. The large backyard has room for a two-car garage with space left over for a maintainable garden. Come by and take a look!

For additional information contact me at 773.519.1340 or take a moment to review my web site at: genebiondi.com. I look forward to working with you!

First Impressions...

2009-07-10T07:00:00.013-05:00

First impressions are important and the visual presence of this structure is significant. As you approach this dynamic building located at 655 Irving Park Road, you're greeted by a wonderful entryway, a twenty-four hour doorman, and the comforts of hotel living. With full amenities, this beautiful building houses an amazing outdoor area with olympic-size pool, wadding pool and grills for seasonal cookouts. Also available—to the building's residents—are a full gym, business center, and a private theater. It's an amazing space just steps away from Lincoln Park and the beaches of Lake Michigan.

I have a new listing in this building... a one bedroom, one bath, corner unit on the 27th floor. The property is listed at $224,500.

For additional information contact me at 773.519.1340 or take a moment to review my web site at: genebiondi.com. I look forward to working with you!

The Benefits of High-Rise Living...

2009-07-09T19:44:00.010-05:00

I have a wonderful new listing at 655 Irving Park Road. Unit 2716 is a fully upgraded light-filled corner unit with beautiful views of Montrose Harbor and North & West views of the city. This one bedroom, one bath unit has wonderful hardwood floor. The kitchen has stainless steal appliances, black granite counters, under-mount sink, and maple cabinets. The fully tiled bath also has a cherry vanity. The unit has custom lighting thru-out. Deeded valet parking is sold separately for $37,500. This is a full amenity building with an outdoor pool, grills, 24 hour doorman, full gym, and business center. This unit is on the market for $224,500.

Contact me at 773.519.1340, for additional information. Additional listings can be seen at genebiondi.com

Beautiful Glass...

2009-07-06T21:12:00.006-05:00

Many Chicago bungalows often included stained glass or leaded glass windows, wonderful masonry work, natural woodwork, as well as other Craftsman details. In this case, The above image highlights a beautiful leaded glass window, which is found at the kitchen entry of this amazing property.

This three bedroom, two bath Chicago bungalow—located at 5224 Monitor—has an asking price of $324,900.

For additional information or to view this property, call me at 773.519.1340 or go to my web site, genebiondi.com

It's the details...

2009-06-24T08:03:00.019-05:00

Many west-side real estate buyers are drawn to the interior and exterior details found in the design of Chicago Bungalows. These decorative elements—including lighting fixtures, wood trim and masonry accents—add architectural interest and make the design of each home unique. Joseph Bigott's "From Cottage to Bungalow" has some wonderful information on the topic. If Chicago Bungalows are of interest to you, it's a "must read".

The images shown here are samples of the wonderful details found in my current listing at 5224 N. Monitor. For additional information or to view other available properties, call me at 773.519.1340 or go to my web site, genebiondi.com

Masonry detail from the entry of my current listing at 5224 N. Monitor, in Chicago.

The Historic Chicago Bungalow Association

2009-06-23T06:39:00.008-05:00

While exploring the web, I found a wonderful resource for bungalow lovers... The Historic Chicago Bungalow Initiative. The initiative was created by Mayor Daley [M] back in 2000. As defined by the site's home page,

"...the Historic Chicago Bungalow Initiative is designed to foster an appreciation of the Chicago Bungalow as a distinctive housing type, encourage sympathetic rehabilitation of Chicago bungalows, and assist bungalow owners with adapting their homes to current needs, which in turn helps to strengthen Chicago bungalow neighborhoods."

The site offers information on Loans, Grants, and the simple Certification process of registering your bungalow or a bungalow you may be interested in purchasing.

Above Image: The front windows of my listing at 5224 N. Monitor. See genebiondi.com or contact me at 773.519.1340, for additional information.

Welcome Summer... and New Listings!

2009-06-22T10:17:00.006-05:00

I recently acquired a new listing—a beautiful Chicago Bungalow at 5224 N. Monitor. This amazing three-bedroom, two bath home has the original hard wood floors with beautiful crown moldings. The sitting room still has the original stained glass windows, ornate light fixtures and regal artificial fireplace. The kitchen has been updated with maple cabinets and includes an eating area. A heated light-filled sun room extends past the kitchen. The full, unfinished basement has high ceilings and could easily add living space if needed. This wonderful home is close to the expressway and public transportation. The large backyard has room for a two-car garage with space left over for a maintainable garden. This home is listed for $324,900.

See genebiondi.com for a complete list of my available properties.

Gene Biondi
773.519.1340

Large Light-Filled Rooms ...With a View!

2009-03-22T23:32:00.015-05:00

Wonderful two bedroom/two bath condo on the park has light filled rooms and a wonderful view of the park. Located at 2970 Lake Shore Drive, this 3rd floor, condo has large rooms with new hardwood floors... carpet in the master. Enter the unit through a formal foyer which opens up to the dining room and living area. The unit has wonderful windows running the length of the space! It's on the market for $272,500.

Contact me for additional information. You can see more images of this property as well as some of my other listings, via genebiondi.com. I can be reached via cell at: 773.519.1340.
I look forward to working with you.

Top 10 fashion colors for Fall provide clues to what's new in home decor

2009-03-03T09:51:00.005-06:00

New York's "Fashion Week" has just come to a close and the hot new women's fashions for Fall 2009 will soon be in the retail stores. While it's always interesting to see what the designers' models are wearing, what's of more (or at least equal) interest to real estate professionals is what's ahead in home fashion and decor.

Fashion week provides a sneak preview of the colors which be will hot in both clothing and in home interiors. The hues you see on the runway models are predictors of the colors which will soon be seen in wall paints, furnishings, and other home fashions from placemats to towels. So, if you want to know the colors which top builders and interior decorators will be working with later this year, see the Top 10 hues in the "Pantone Fashion Color Report, Fall 2009".

Take a peek at the report, which shows the "10 most directional colors." This is valuable information to share with your builder clients and to use when you are talking to home-sellers who need to update properties. Accessorizing your listings with the hot new colors will give homes a fresh, current look. You can also purchase complete color palettes and trend reports for 2009/2010 on their site.

For 2009, the Pantone color of the year is Mimosa (PANTONE® color number 14-0848), a warm, engaging yellow. According to Pantone, in this time of economic uncertainty and political change, optimism is paramount and no other color expresses hope and reassurance more than yellow.

Luxury Home Certification

2009-02-26T09:33:00.006-06:00

I was recently asked what Luxury Home Certification means... Well, the certification is recognized as the mark of accomplishment in luxury markets around the world. The Certified Luxury Home Marketing Specialist (CLHMS) designation assures affluent buyers and sellers that the agents who have earned this credential, have the knowledge, experience, competence, and confidence they require. Members of The Institute, who hold the CLHMS designation, have documented performance in the top 10% of their markets, and have successfully demonstrated their expertise in the luxury home and estate market. I am a Certified Luxury Home Marketing Specialist. I would be happy to help you with your next real estate deal.

What a Country we live in...

2009-02-24T22:13:00.012-06:00

With the President's address to Congress fresh on my mind, and a smile on my face, a glimmer of hope and a strong back step to my younger years of JFK, I will be happy to publish what the stimulus plan has done for the Real Estate market.

The American Recovery and Reinvestment Act of 2009 was signed on February 17, 2009. The Act includes a few revisions for the First-Time Homebuyers Tax Credit. The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.

The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

This is great news for not only first time buyers, but also for sellers, they have just reduced their asking price by $8,000. This has already made a huge difference in inquires for properties I have listed and I have now moved 3 clients to the actively looking stage.

In Conclusion: "Yes" we can... Thank You President Obama!

Sunday, March 1st ...Open House

2009-02-20T19:48:00.014-06:00

The perfect piece of Real Estate for you or someone you love...

Walking distance from the lake, I have a great property available in the East Rogers Park neighborhood. This two bedroom, two bath, townhome is a showcase property! It's truly an amazing space with all the amenities... The kitchen has granite countertops, maple cabinets, and stainless steel appliances. The third level master suite has a full bath including a two-person whirlpool tub and separate shower. The main level has a bonus room which can be used as a second master... it has a private entry with another full bath, complete with whirlpool soaking tub. Some other extras... a gated yard, large deck off the dining room and a two-car attached garage!

This light filled space is amazing. Come by and take a look during the Open House on Sunday, March 1st. I'd also be happy to set up an individual showing at you convenience. This home is located at 1306 W. Pratt, Chicago, IL 60626... on the market for $375,000

See additional information on this as well as my other listings at genebiondi.com.

I can be reached by cell at: 773.519.1340

A Great Place on the Park...

2009-02-20T18:13:00.013-06:00

Location, location, location...

Located at 2970 Lake Shore Drive, this 3rd floor, light filled condo has wonderful park views. It's a two bedroom, two bath unit which has large rooms with new hardwood floors... carpet in the master. You enter the unit through a formal foyer which opens up to the dining room and living area. The unit has wonderful windows running the length of the space! It's on the market for $272,500.

Feel free to contact me for additional information. You can see more images of this property as well as some of my other listings, via genebiondi.com. I can be reached via cell at: 773.519.1340.

I look forward to talking with you.

Just a Thought...

2009-02-11T06:42:00.008-06:00

I have posted facts on this blog, supplying information about articles that pertain to the Chicago housing market, now I feel it is time to touch on the personal side of this market.

For us that own property, a dwelling is a place that we find a sense of calm, peace and security, a building that we create a family in, whether it be our children, friends or neighbors. This structure becomes our biggest expense, our largest responsibility and our most important asset, second to the "family" that we shelter in this building.

After listening to every news cast, reading anything and everything I could possibly reach, I took some time this morning—as I heard the rain hitting the sky lite, and the sun not yet lighting the day—and I felt a sense of peace. I am so saturated with opinions of what is happening with the economy, what to do with bad assets the banks have on their books, where we are headed and this thought keeps coming across my mind... "What about the families that live in these bad assets, the people that wanted a place to start their Family, the people that knew what they were working for, turned to so called "professionals" to help them better their lives, and received bad information, lost their income, or became ill."

What we receive in this life is temporary, it is always changing, the only thing that remains true is what comes from the heart, the dwelling that keeps our deepest love, our greatest fears and our greatest memories... "I Have a MANSION"

FHA & First Right of Refusal

2009-02-10T08:25:00.004-06:00

Refuse or Not to Refuse (FHA and Right of First Refusal)

In our marketplace, especially within the condo market, FHA has not been utilized to all of its potential. It is not for lack of trying. It is based solely on the phrase: “Right of First Refusal."
This little phrase has been the consternation of many REALTORS, lenders and our clients/customers. How can four words cause so much ill will? They are merely words. But when inserted and recorded into a Condominium Declaration and by-laws, the result is that FHA financing cannot be used when purchasing a condominium.

How is this possible you ask? Well, HUD sees this as an interference with disposition of property. HUD wants the owner to be able to sell their unit without the association having the right to first review and approve, or review and refuse. This is sticky when taking fair housing laws into consideration, with regards to source of income, which is a protected class in Chicago.

How the buyer is impacted is they now have go from a 3% to 5% down payment to potentially a 10% to 15% down payment. If the unit is in need of repair, FHA may also not be an option. Also, product is limited.

Don't get depressed or disheartened. Here's the good news: Department of Housing is working to enact some changes in this policy. The legislation will make it easier to purchase a condominium or cooperative with FHA insurance. The bill moves condos and co-ops into the 203b single-family fund at FHA. This will allow FHA to remove many of the burdensome requirements these loans have carried in the past. Site reviews will no longer be required, and FHA approved lenders will be able to approve and process condo loans without further review. The one-year waiting period for conversions will be eliminated, and right of first refusal projects will be permitted. We also expect FHA to slightly lower the owner/occupancy ratio requirements.
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London Prices, Falling...

2009-02-08T08:34:00.003-06:00

In his Raising the Roof Blog, International Herald Tribune writer Kevin Brass writes today:
Bad news continues for London’s luxury market. The latest Knight Frank Prime Central London Index found prices dropped 3.7 percent in January...On the upside, Knight Frank reports signs of increased viewing activity—up 65 percent from January of 2008—a trend also reported by Rightmove. Knight Frank also has seen more activity from foreign buyers, in particular from the Middle East and Europe... international interest in the London market:
The drop in prices has attracted more potential buyers. The fall in the pound against the dollar and the euro is prompting international buyers to look at London properties. Viewing levels last month were 65 percent higher than a year earlier, while the number of international buyers registering with a broker in January was 35 percent more than the year before.
It's not just London. We're seeing this in many markets, and often these international buyers are looking for good buys on best-of-class (in a given area/price point) or trophy properties.

Affluent still spending... but on what?

2009-02-06T21:53:00.003-06:00

The previous post highlighted the notion that the uber-rich are still spending and on the most expensive and exclusive luxury goods. While this might be true, it might also be a bit deceptive, since it is only a small segment of the affluent in America that is actually making these purchases. The larger segments of affluent individuals in America are continuing to spend, but not on such extravagant luxury goods.

First, the affluent market is composed primarily of people with middle class backgrounds who continue to pursue a somewhat middle class lifestyle with middle class values. About 90% of the affluent, or 10 million households, are not conspicuous or ostentatious consumers. They spend conservatively and save carefully. America's current credit and economic problems might have been avoided if these affluent people, with their conservative spending and saving habits, had been recognized as role models. They have demonstrated the importance and value of living within your means.

Second, only about 10% of the wealthy, or the 1 million households that account for less than 1% of US households, might be considered conspicuous consumers. With the exception of this relatively small niche segment, the affluent market does not appear to be very knowledgeable about the pricing and brands of products that are generally recognized by marketers as being in the higher price points associated with the luxury category. This seems to create an opportunity to substantially increase the market for high end luxury products if the affluent market can be educated about why they should consider buying them and the brands that offer them.

False View of Luxury Market Created by Anecdotal Research Provided to the MediaNone of this is new news or indicative of a new trend. The conventional wisdom is that the US has witnessed increasingly conspicuous and ostentatious consumption by an increasingly affluent market for a period of about 30 years, which has been interrupted by brief interludes of retrenchment during the occasional recession and the 9-11 tragedy. This popular perception of the luxury market and the wealthy has resulted from anecdotal "research" provided to the media that used examples such as a young Wall Street attorney spending $50,000 of a year-end bonus for a new watch or a secretary spending $1,000 for a new hand bag.

Other examples of conspicuous consumption among the wealthiest 1% have created the impression that there were many hundreds of thousands of people making a million dollars a year or more among the ranks of the entertainers, professional athletes, Wall Street bankers and attorneys, Fortune 500 executives, real estate developers, and entrepreneurs who have taken their company public. In fact the latest IRS data shows less than 400,000 US households in this income bracket.

With only about 10% of the US affluent engaged in conspicuous consumption, together with the purchases of luxury goods by international visitors leveraging the weak value of the dollar, a distorted view of the size and nature of the true luxury market in the US has been created.

The actual size and spending patterns of the affluent market are well documented by the data from the Internal Revenue Service and The Federal Reserve Board and the research of the affluent by former Georgia State University Professor Thomas J. Stanley that began in the 1970s and led to "The Millionaire Next Door" and a series of related books beginning in 1996. Dr. Stanley's research produced similar conclusions regarding the lifestyle, values, spending, and savings profile of the affluent as that suggested by the AARC research. In fact, since AARC's inception in 2002, the results of its research have been consistent with Dr. Stanley's research.

No Long Term Changes in Spending Evident Among the AffluentContrary to assertions by some luxury market consultants that the current economic problems are creating longer term changes in their lifestyles and reductions in spending on luxury and conspicuous consumption by America's wealthy, most of the affluent are behaving like their normal, rational, and frugal selves. Their careful spending is not a new trend.

While the concepts of "stealth wealth" and "luxury shame" are now being advanced by the retail and luxury consultants and futurists through anecdotal research about cut backs in the spending on ostentatious luxury, the sale of luxury goods and services, as defined by the majority of America's affluent, is not subject to much change in 2009, just as it has not shown much change over the past 30 years.

We don’t see any evidence that the majority of the affluent are showing major long term trend changes in their spending patterns and attitudes. They have never been ostentatious or conspicuous consumers. They have always been careful shoppers and savers who look for quality and value in their purchases, the brands they buy, and the stores where they shop.

The affluent market in the US is cutting back and deferring expenditures, according to AARC research in early 2008, due to current economic conditions, especially given the reduced values of their homes and stock portfolios. However, these expenditure changes should not materially affect the sales of the high end products and brands normally associated with ostentatious "luxury" because most of the people in this market have not represented a substantial source of the sales of such products. "They will not suddenly be switching from Manolo Blahnik to Stuart Weitzman shoes, from Prada to Coach purses, or from Four Seasons hotels to Marriott, because they were not supporting those brands previously.

The sales of the high end "luxury" products appear to be derived primarily from international "new rich" consumers and by the small segment of the wealthiest 1% in the US, as previously noted. A portion of the sales have apparently also been derived from those stretching their resources (especially their credit) to achieve a taste of luxury.

A segment of the small niche market of conspicuous American consumers will have to change their spending and saving behavior. The Wall Street investment bankers, attorneys, and others in related activities are experiencing large reductions in income and net worth. Many of the younger people in this group don't have substantial net worth to fall back on, as they were spending what they were making (and perhaps even more). Changes in the spending of these people, as well as among the wealthy "new rich" citizens of the countries now experiencing recessions and declines in oil and commodity prices, will contribute to the decline in sales of the ostentatious "luxury" brands.