Do you go to the Zoo?

A Zoo in general is always a pleasure to young and old alike. From the cotton candy to the snakes behind glass zoological organizations go well beyond international borders. 

When planning on a visit to the West Chicago Burbs one must think of Brookfield, Illinois. A quiet mostly residential town which happens to be the home of the nationally acclaimed Brookfield Zoo. When ever I have relatives or friends coming to visit, the zoo is naturally on the list for things to do.

Thanks in part to Edith Rockefeller McCormick ( yes, daughter of THE John D Rockefeller) who donated the first 83 acres to the Forest Preserve District of Cook County in the early years of the turn of the century. I doubt back then she knew exactly how wonderful her dream of a modern Zoo would be. She did not live to see the opening of the Brookfield Zoo in the summer of 1934.

The zoo was soon recognized for the innovation and unique way of displaying the wild animals using moots and cage-less arenas. All eyes were on the Brookfield Zoo when they opened the First in the U.S. exhibit of the Giant Pandas, an interesting and lovable creature that has captured our hearts ever since.  Throughout the years leading up to today, the zoo has a serious side as well; becoming a force in the genetics, behavioural and nutritional advances and studies.

On a lighter note the Brookfield Zoo, from it's opening in 1934, continues to be home to Cookie the Cockatoo who is tauted as being 74 years young and still enjoys watching all the people go by. So the next time your company is thinking of a place to hold their national business meeting, or annual award ceremonies or even the employee of the month bash, think about having it at the Brookfield Zoo.  I understand they have even had a wedding or two.

Myths about Real Estate Agents

I thought this was amusing..... 

There are some myths about real estate agents, many of which are not so flattering. But when it comes down to it, real estate agents are not too out there, and there is a logical explanation to each misconception. Let's straighten out a couple myths and facts.

Myth #1: They have big hair.

Fact: Though occasionally real estate agents do have big hair, most are regular people who get up in the morning just like you do, and go to work just like you do. Many real estate agents, in fact, are going bald due to stress related hair loss. Same with the fancy dagger-shaped manicures; in actuality, many real estate agents have bitten their nails down to nubs.

Myth #2: Real Estate Agents drive luxury cars while talking on their cell phones.

Fact: It's true that real estate agents are often trying to do too many things at once, but they like to be careful about it. And though real estate agents would like to make a good impression on you, more often than not they drive Hondas and Toyotas and hope that their hard work will sell you, not their Lexus.

Myth #3: Real Estate Agents know your area.

Fact: Just like normal people, real estate agents can't know everything. Though they do spend a lot of time driving around town, they can't be in all places at once, and they themselves probably have preferences for one nieghborhood versus another. Make it clear to your realtor what kind of area you want to live in, and they can help you look within that section of town.

Myth #4: Real Estate Agents live outside of time.

Fact: Real estate agents have lives too, and those lives happen to take place in the same physical realm as yours does. While it might seem like they spend a strangely disproportionate chunk of time speaking with you, they are actually trying to be as time-conscious as possible, so that you can move more quickly into your home and they can move more quickly to helping their next client.

Myth #5: Real Estate Agents just want your money.

Fact: What real estate agents actually want is an better life, just like you do. They want to help you find a home you love, and they want to make their (often small) bit of commission off of it (and that's off the sale, not out of your pocket). They do not want your soul or your firstborn, just some patience, consideration, and a positive home buying experience for all.

What's New in River Forest?

River Forest, Illinois is another fine suburb just west of Chicago. I found some interesting events happening in River Forest and thought I would share with you some of the cultural best in River Forest.

FYI - Since the inception of the Forest Park Historic Preservation Commission in 2007, the group has helped hundreds of homeowners research their properties origins. The HPC has joined forces with the School of Art Institute in Chicago to form a program on historic preservation.  If you are a home owner in the Village you may see a student or two snapping photos in the neighborhood for his or her assignment this month. If you are in need of some assistance or need more information about YOUR home's historic value, you can call 708.366.8500.

Performances - The Dominican University in Forest Park will have a performance by Petry Dance Company of a collection of theatrical dance works called "Raw Bones & Other Stories" April 25th and 26th. Contact www.dom.edu for tickets and times.

 Also as the Dominican University, Chicago Sinfonietta, Paul Freeman, music director and conductor, performs in the Lund Auditorium at Dominican University, 7900 W. Division, River Forest. Single tickets are $26-$40, with special pricing for students. Call (312) 236-3681. May 11, 2:30 p.m.: An exploration of the blues with special guests John Primer, guitar, and Leon Bates, piano. The program includes David N. Baker's "Shades of Blue," a selection of blues works arranged for guitar and orchestra, and Gershwin's "Rhapsody in Blue."

 Centuries & Sleuths Bookstore in Forest Park. (708) 771-7243.  April 17, 8 p.m.: "Menu Most British: A Tasting of Foods From the Classic Mysteries of the 1920s and 1930s," presented by Eleanor Hanson and Lynda Fitzgerald.

Wine and Cheese Tasting - At River Forest's own House Red this month is hosting the American Wine and Cheese Tasting to include some of America's finest with an option to purchase. Contact for reservations.

 Belly dance? - River Forest Community Center has classes for you! Why not learn something new while gyratting those last few pounds away before summer? For details visit Miss Taj. Miss Taj is a world class choreographer and teaches 8 different types of belly dance.

 Concord University Gym in Forest Park will be host to Arts and Crafts Chicago Show. This year the focus is on mission furniture and accents of the American Arts. 

Looking Out for the Homeowner

While the rest of the country may be waiting for the Federal government to figure out a solution to the housing/foreclosure crisis, the great state of Illinois is, once again, ahead of the pack!

"There have been far too many foreclosures in Illinois," State Treasurer Alexi Giannoulias has said. Foreclosure filings in Illinois jumped 55% in 2006 to 72,455 and are expected to increase through 2008.

Giannoulias drafted a measure to make it easier for homeowners to refinance mortgages by expanding the treasurer's current "Our Own Home" program so that the office can refinance a mortgage before a borrower misses a payment and faces possible foreclosure.

The bill, introduced by House Speaker Michael Madigan (D-Chicago), State Rep. Karen Yarbrough (D-Maywood) and State Sen. Jacqueline Collins (D-Chicago), passed in the Illinois House by a 111 to 2 vote margin, in January. It now awaits vote in the Illinois Senate.

Under the existing Our Own Home program, the Treasurer's Office guarantees 10% of the home-buyer's mortgage to the lender. The program is designed primarily for prospective home-buyers who are unable to secure a conventional mortgage because of less than perfect credit or a high debt-to-income ratio. This guarantee has helped more than 350 Illinois residents buy a home with a conventional mortgage.

The Our Own Home Program also assists people who have already missed at least one mortgage payment due to particular financial hardships, such as a loss of employment or death in the family. However, the program cannot help homeowners who are in danger of losing their home until they have actually missed a payment. Giannoulias' legislation is designed to offer the 10% security to homeowners so they can refinance their mortgages before they miss a payment.

"It is important that we can step in before the homeowner misses a payment, ruining their credit rating or worse, losing their home!" Giannoulias Said.

Any Illinois homeowner whose household income does not exceed $75,000 or whose home value is appraised at or below the median home value for the county in which the home is located is eligible to participate in the Our Own Home Program. In addition, the program is only available to homeowners who cannot secure a conventional mortgage from their lender without the use of the program's 10% guarantee.

Find out more about the Our Own Home Program. 

Oak Park Rehab Loan Programs

Oak Park is one of the loveliest areas in all of Illinois, if not the country, to call home. With good schools, neighborhood pride, cultural and recreation opportunities and an interesting and exciting history, it's the American dream personified.

However, even paradise needs a tune up now and then - and that's where Oak Park's Single-family Rehabilitation Loan Program comes in!

From the Oak Park Community Planning and Development website comes this great news for homeowners who would like to improve their current residences:

Oak Parkers with qualifying incomes who own and live in single family houses are eligible for federally funded rehabilitation home loans. Designed to improve the Village's housing stock, the loans are intended to bring structures into compliance with housing and building codes and to eliminate health and safety hazards. Funds also may be used for weatherization and to provide accessibility for the disabled. Eligibility for the loans is determined by income limits set for the Chicago area by the Department of Housing and Urban Development. The loan programs include the following:

• Village deferred-payment no-interest loans: For low-income owners, loans of up to $25,000 repayable after 20 years.
• Emergency loans: No-interest loans of up to $5,000 repayable after five years; for correction of single emergencies and code violations of an emergency nature such as furnace replacement.

Applications currently are not being accepted - please check back in spring 2008

Garage Repair/Replacement Loan Program

The Village offers loans of up to $8,500 to help Oak Parkers repair or replace garages at their owner-occupied residences of one to four units. Eligible work includes repairs necessary to correct building code violations and deficiencies, as well as demolition of the existing structure and its replacement, including the concrete pad. Loan terms, based on income levels, are as follows:

• Deferred payment, no-interest loans: Up to $8,500 for low-income property owners, repayable after 10 years.
  
  
• Low-interest loans: Up to $8,500 for moderate-income owners, 10-year term, 4 percent interest rate.

Applications currently are not being accepted - please check back in spring 2008

Multi- Family Rehabilitation Loan and Grants

The Village provides financial incentives to owners of multi-family property of four or more units.

New guidelines are being developed. Please check back in Spring 2008.

Security Improvement Grants

The Security Improvement Grant program encourages security enhancements in multi-family buildings of two or more units. Improvements such as intercom systems, window and door locks, lighting, fencing, emergency lighting and alarms may be available after a survey and report by the Resident Beat Officer in the area where the building is located. The matching grants are 60/40 - owner pays 60 percent, Village pays 40 percent, up to a maximum of $600 per unit or $18,000 per building.

As the website says, applications are not being accepted right now, but Spring 2008 is just around the corner, so check the website often.

How Much House Can You Really Afford?

As we ponder how to solve the crises in the housing market, maybe this is the best time for the homeowners of the near future to consider the question posed above.

While lenders must assume some responsibility for this problem, so must the homeowners who simply bought more house than they could afford.

So, how do you know how much house you can honestly afford?

It's pretty simple, actually: just calculate your mortgage payments and compare to your monthly gross income.

Most of your payment will go toward loan principal and interest, also called "P+I," but is also likely to include amounts for property taxes and homeowner's insurance. If you plan to make a down payment of less than 20% of the home purchase price, you will also have to add an additional amount for private mortgage insurance ( PMI). Lenders require PMI to insure against the higher risk of default that occurs with loan-to-value (LTV) ratios greater than 80%. ( An LTV of 80% is equal to a down payment of 20%.)

Next, determine your housing ratio. To do this, divide your total monthly payment by your monthly gross income.

The ratio should not be more than 28%. So, if your total monthly payment is $1400, your monthly gross should be at least $5,000.
Next, you'll want to find your debt ratio, which is the sum of your total monthly payment, loans, credit cards, etc., divided by your monthly gross income. This should not be more than 36%, or  $1800 if you gross $5,000 monthly.

These ratios are used by mortgage lenders as guidelines and change over the course of economic cycles.

If possible, you might limit your search to homes that allow you to obtain a conforming loan. For 2008, the conforming loan amount for Fannie-Mae and Freddie Mac-sponsored loans is $417,000. For Alaska and Hawaii, the limit is $625,500. A conforming loan allows you to avoid private mortgage insurance if you make a down payment of at least 20% on the home purchase price.

If your mortgage loan is conforming, you will likely have an easier time finding a lender than if the loan is non-conforming. (A non-conforming loan is called a "jumbo" loan.) Generally, interest rates on conforming loans are lower than on non-conforming loans.

How much house you can afford also depends on the amount of your down payment. If you don't have one saved, consider these alternatives: 

• Obtain private mortgage insurance.
• Federal government mortgage-financing programs.
• Borrow against the value of your investments.
• Borrow from your employer-sponsored retirement plan.
• Withdraw funds from an individual retirement account.
• State government housing programs.

Don't forget to add in closing costs (generally, from 3-6 percent of the purchase price), including fees to process, review and you're your loan; Fees for legal and appraisal services, credit review and title search, insurance and moving expenses.
You will also have moving expenses, but you may be able to write these off (IRS Form 3903).  If you move to another region of the country, you may also face a change in the cost of living. To compare the cost of living between cities, you may wish to visit the ACCRA Cost Of Living Index.

Those are the basics. For advice on your specific needs, consult a mortgage lender or financial adviser.

Gary Mancuso Oak Park Homes  River Forest Illinois

As Housing Goes, So Goes the U.S. Economy

For many who didn't know, recent developments have brought home the fact that a robust housing market is key to the overall health of the United States economy. Soft sales activity, falling home prices and rising foreclosures are creating a challenging situation for real estate professionals and local governments, and scary scenarios for homeowners.

Because the housing market is a vital contributor to economic activity, the current housing market contraction has negatively impacted the broader economy. Existing and new home sales fell 12.8% and 26.5%, respectively, in 2007 following sales declines in 2006. Jobs in the residential construction sector have fallen by 291,000 from peak conditions in 2005. As a result the U.S. economy expanded at a sub-par rate of only 2% in 2007. A further weakening in the housing market has the potential to tip the economy into a recession in 2008.

Interestingly, despite the slowdown, the housing sector still contributed nearly $2.1 trillion to the national economy in 2007, accounting for 15 percent of overall economic activity. In addition, commercial real estate, which expanded solidly in 2007, contributed an additional $483 billion to the nation's economy

Despite the decline in the national median home price (it fell 2% last year; the first nationwide decline since the Great Depression), homeownership is still one of, if not the, best investments for accruing personal wealth and assets. A typical homeowner would have accumulated nearly $53,000 in housing equity just over the past five years.

Surprisingly, housing markets in 2/3 of the country continue to show positive gains, and consumer spending has remained resilient, even with high oil prices and uneven consumer confidence.

Of course, the rising delinquency and foreclosure rates have been the lead story on the evening news, and the topic of conversation in every town.

The Mortgage Bankers Association reported that at least 1.3 million home mortgage loans were either seriously delinquent or in foreclosure at the end of the July-September quarter. Private economists are forecasting that the number of foreclosures could soar to 1 million this year and next, about double the 2007 rate.

In response to this crisis, the government and participating banks have joined together in a program they call "Project Lifeline," which was unveiled on February 12, 2008.

The plan, or "bailout" as some refer to it, allows those homeowners who are seriously delinquent in paying their mortgages a 30 day grace period to attempt to work out a payment options with a lender. 

Under the guidelines, homeowners would not qualify for the moratorium if they are already in bankruptcy or if they have a foreclosure sales date less than 30 days away or if the home had been purchased as an investment property or was not occupied at the current time.

The six participating banks are Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., J.P. Morgan Chase and Co., Washington Mutual Inc. and Wells Fargo & Co. They account for 50 percent of the mortgage servicing market.

They are all members of the Hope Now Alliance, an industry group that is trying to coordinate a response to the mortgage crisis. Officials urged homeowners to call the group's toll free hot line number at 1-888-995-HOPE for assistance.

One good bit of news for those ready and able to purchase a home is that both conforming and government-backed FHA and VA mortgages are widely available at historically low interest rates. With the risky subprime lending out of the picture, FHA will become an ever more important factor in helping to revive the housing market. Measurable gains in FHA market share are anticipated in 2008.

Real estate clearly is America's greatest tangible asset, touching millions of people in countless ways. Serving as the pillar of our nation's economy, a recovery in the real estate market will be critical. And, as in the past, the economy will inevitably follow in the direction of the housing market.

Visit there website for further information on Project Lifeline

Gary Mancuso

Oak Park Homes

River Forest Illinois

America's Most Lucrative Neighborhoods!

There are a wide range of reasons for neighborhoods to explode in value. Sometimes it's as simple as catching the overflow from the city's larger real estate boom. Other times, it can come from a dramatic reduction in crime, the resolution of a local financial crisis or government rezoning and infrastructure development. In order to find such markets, Forbes.com compiled post-1990 price appreciation data from NeighborhoodScout.com, a Rhode Island-based real estate research firm that tracks these numbers by aggregating repeat home sales and price data from the U.S. Census Bureau, as well as quarterly mortgage data from Fannie Mae and Freddie Mac.
Here, then, are the five most lucrative neighborhoods in America:

Miami

Most Lucrative Neighborhood:
Miami Beach (City Center)
2006 Median Home Sale Price: $1.64 million
Price Growth Since 1990: 1532%
Views of both the interior waterway and the Atlantic Ocean, plus scads of mega-mansions, built with docks to take advantage of the protected inlet, have helped make price appreciation in this section of Miami Beach among the fastest in the nation.

Los Angeles

Most Lucrative Neighborhood:
Ohio And Westgate Avenues
2006 Median Home Sale Price: $2.47 million
Price Growth Since 1990: 3081 percent
Twenty years ago, few desired this beachside neighborhood, not far from what were then rougher parts of Venice. But areas close to California's beaches have since become more sought-after.

Washington, D.C.

Most Lucrative Neighborhood:
Rosslyn/Highlands
2006 Median Home Sale Price: $1.41 million
Price Growth Since 1990: 566 percent
Rising home prices in this area, across the Potomac River from Washington, D.C., are the result of local economic growth and an influx of buyers priced out of Georgetown and the Palisades.

New York

Most Lucrative Neighborhood:
Riverside Drive And 149th Street
2006 Median Home Sale Price: $774,708
Price Growth Since 1990: 4,391 percent
Back in 1990, there were very few New Yorkers who would have paid six figures for a property as far uptown as 149th Street -- not so today.

San Francisco

Most Lucrative Neighborhood:
Grove And Webster Streets
2006 Median Home Sale Price: $1.38 million
Price Growth Since 1990: 522 percent
Prices in the City by the Bay are high, and are among the fastest-growing in the country

Interestingly, in data compiled by Fortune Magazine, a list was created of the American neighborhoods most likely to experience a drastic decline over the next five years.

And, on that list? Both Miami and East Bay, Calif.; numbers 1 and 5 respectively on the Forbes list.

No wonder American homebuyers are feeling hopelessly confused!

Just over a year and a half ago, they were astounded to see the Colonial their neighbors bought for $600,000 in 2000 sell for $1.5 million - after multiple bids.

Now, they're just as bewildered to watch the same model across the street sit idle for months at the asking price of $1.1 million.

In these confusing times, it's important to have the experience and knowledge of a professional REALTOR to help buyers and sellers traverse the sometimes murky waters of today's homebuying market.

A Little Green Can Mean A Lot of Gold

If you're getting ready to sell your older home, you've no doubt run through the laundry list of most popular improvements: wood floors versus carpeting, granite counters, stainless steel appliances, crown molding, larger bathrooms, etc., etc., etc.
But, one category you may have overlooked is energy conservation.

Whether it's the current buzz about global warming, rising gasoline prices or escalating utilities bills, highlighting your home's "green" features can be a very appealing marketing tool.
And, surprisingly, some of the most money saving ideas can be incorporated on the exterior of your home.
Go Native! If your lawn is less than golf-course-green and your planter boxes are full of mangled old growth and last seasons attempt at pansies, you already know your home's curb appeal isn't going to entice any potential buyers.
"Enviroscaping" takes into consideration your local climate and native vegetation in designing an outdoor palette that is both pleasing to the eye and to the wallet.
Desert climates, like southern California, benefit from "xeriscaping," incorporating low-maintenance, drought tolerant native plants and vegetation. Local conservation groups usually offer native plants for free or nominal cost, and some cities and counties allow residents to take clippings of native vegetation from specified areas, for free. This can save the average homeowner hundreds of dollars in water bills - and sellers the costly prospect of upgrading a dilapidated sprinkler system.
Planting the correct types of trees can provide an even bigger savings.
Shading and evapotranspiration (the process by which a plant actively moves and releases water vapor) from trees can reduce surrounding air temperatures as much as 9 degrees F.
Because cool air settles near the ground, air temperatures directly under trees can be as much as 25 degrees cooler than air temperatures above patios and decks. A well-planned landscape can reduce an unshaded home's summer air-conditioning costs by 15% to 50%.
If heating bills in winter are a bigger concern than cooling bills in summer, trees can also make a substantial impact. A study found that windbreaks to the north, west, and east of houses cut fuel consumption by an average of 40%. Houses with windbreaks placed only on the windward side (the side from which the wind is coming) averaged 25% less fuel consumption than similar but unprotected homes. If you live in a windy climate, your well-planned landscape can reduce your winter heating bills by approximately one-third

Lighten up!
 While you're outside, take a look at the lighting.
True, most potential buyers will view your house during daylight hours, but they'll still be impressed if a well-designed exterior lighting plan exists - especially one that incorporates solar power.
Styles for exterior solar lighting have come a long way from the familiar "mushroom." Full-size lampposts, colorful tiles, attached-to-house - pretty much any style available in wired lighting fixtures is now available in solar powered ones. (And, you'll never have to worry about setting a timer to turn them on, or forgetting to turn them off!)

Pool your resources!
If you need to replace your in-ground pool, consider changing to a "fun pool."
These pools have a depth of 4-feet from end to end, allowing for enough buoyancy for swimming. Heating costs are cut as much as 75%; 100% in very hot climates. And, "fun pools" offer another hidden benefit - increased safety. (Of course, you'll have to practice your Olympic diving someplace else).
The trending indicates that energy efficient upgrades are becoming more and more important to homeowners.

Make sure your Realtor knows about any upgrades you've made and promotes them enthusiastically. To learn more about the homes in Oak Park and River Forest, contact Gary Mancuso Today!