Gary's Blog

$8,000 Tax Credit Extended for First Time Home Buyers

Gary Mancuso (Oak Park Real Estate) — Fri, 13 Nov 2009 12:02:33 -0600

After the Senate gave final approval Nov. 5th without a dissenting vote, the House of Representatives voted overwhelmingly on Nov. 6th to pass legislation containing an extension and expansion of the homebuyer tax credit, completing Congressional action and sending the tax credit which was promptly signed by President Obama.

The $8,000 homebuyer tax credit for first-time buyers, due to expire in 25 days, will be extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law.

For the first time, the new legislation makes buyers who already own a home eligible for a credit. A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less.

The legislation takes effect December 1 and is not retroactive. Both credits are available only for primary residences, not second homes or investment properties.

In the House debate, Speaker Nancy Pelosi (D-Calif.) took the floor to say the homebuyer tax credit was helping a new generation of Americans live out their dream of homeownership and financial independence. Debate on the homebuyer credit was overwhelmingly positive and the legislation passed 403 to 12.

MAGIC TREE BOOKSTORE, CONGRADULATIONS ON 25 YEARS OF SERVICE!

Gary Mancuso (Oak Park Real Estate) — Sun, 12 Jul 2009 13:24:31 -0500

The Magic Tree Bookstore is truly an icon in the Oak Park community. This independent bookstore specializes in children's books and is celebrating its 25^th year anniversary and I say to them congratulation and thank you for your great commitment to the entire Oak Park area.

In addition to selling children storybooks, the Magic Tree also hosts many events throughout the year. Most notable has been the Harry Potter book release party. The 5^th book release party drew so many children and parents that Oak Park Avenue was closed to accommodate the crowds. I am not kidding, but this event drew thousands of people. I could barely believe my eyes!

Throughout the year Magic Tree will be hosting a variety of children's authors and illustrators. To find out more visit their website at http://www.magictreebooks.com .

If you are new to the Oak Park area or just visiting be sure to stop in and explore this fascinating place called the Magic Tree Bookstore.

Here's Some Added Benefits To Moving To The Oak Park Area

Gary Mancuso (Oak Park Real Estate) — Thu, 08 Jan 2009 18:22:48 -0600

If you are a Buyer considering moving to the Oak Park, River Forest, Forest Park area I am pretty certain you are aware of all the major benefits our communities have to offer. Benefits such as the great schools, historic architecture, culture and diversity, and the convenient proximity to downtown Chicago and both airports to name a few.

However, I would like to fill you in on some additional benefits you will enjoy when you make your move here. They are as follows:

· Great breakfasts at Grandma Sally's and Al's Grill

· Baked French onion soup at Golden Steer

· Encrusted rack of Lamb at Marion Street Grille

· Stuffed artichoke at Mancini's

· Soft shell crabs & sidewalk café at Poor Phils

· Ice cream at Brown Cow & Peterson's

· Pizza at Geppetto's

· Homemade soups at George's

· Pizza strudel at Pompei

· Reuben sandwich on rooftop deck at the Avenue Ale House

· Mousaka at Papaspiro's

· BBQ ribs at Mickey's

· Tomato pepper steak at #1 Chop Suey

· Coffee at Blue Max & Nola's Cup

· Chicken Vesuvio at Jimmy's Place

· Gnocchi at LaPiazza

· Lamb Shank Osso Buco at Café De Luca

· Sunday brunch at Café Winberie

· Pasta Verdure at Francesca Fiore

· Tandori chicken at Khyber Pass

· Pastas at Cucina Paradisio

· Cheeseburgers at Goldy's

· Shepards Pie at Molly Malone's

· And great homemade take home meals from The Perfect Dinner

This list could go on and on but space does not allow it. Have a great day!

“ CONDO ASSOCIATIONS:MORE ABOUT THIS OUTDATED BYLAW

Gary Mancuso (Oak Park Real Estate) — Wed, 30 Jul 2008 14:36:44 -0500

In last month's column I wrote about a very outdated Bylaw that is contained in most condo Association‘s Declarations. This Bylaw, "the right of first refusal" is preventing the majority of qualified buyers from purchasing condos that are currently on the market.

With the current real estate market being in the state it is in today most qualified condo buyers need to come up with at least 10 % down for a conventional loan. These buyers are good buyers with great jobs but simply do not have the ability to come up with a 10% down payment.

However, they most likely can come up with at least 3% down and the only loan product that exists for them is the FHA loan. Well, according to FHA guidelines, condo Associations cannot in any way have this "right of first refusal" contained in the Declarations. It is looked upon as potentially discriminating. I also mentioned that in my entire career as a Realtor, I along with my colleagues I spoke with, have never seen "the right of first refusal" exercised.

Since last months column ran I have been approached by many people applauding the fact we need condo associations to amend the Bylaws. These people are Realtors, local lenders, mortgage brokers, real estate attorneys, Title companies and yes, the general public.

Please understand by amending your associations Bylaws to strike out "the right of first refusal" you will be doing a multiple of good. You will get condo units in your building exposed to a much greater pool of very qualified buyers, you will help in getting these units sold faster, you will be preserving and most likely increasing the value of you entire building's units and finally helping a fellow neighbor who may be in dire straits to sell his or her unit. Please view this as an absolute win for everyone involved.

There are many condo associations in our 3 villages of Oak Park, River Forest and Forest Park. Most likely there are more than 100 condo associations and very few of them are FHA approved. It is important to note that the condo buildings that do not have this bylaw are the recent condo conversions and new construction developments. Why is this? It is because these developers get it. They want to attract the greatest number of buyers and if you visit these buildings you could never tell the difference between a conventional owner or a FHA owner. It is simply the different type of financing a buyer wishes to use.

There is another wrench in this whole mess and that is the VA loan. These are loans especially designed for our service men and women. VA guidelines also do not allow the "right of first refusal" to be contained in a condo's bylaws. How sad it is that these great Americans, some coming back from the war can't qualify to purchase a condo using a VA loan.

I understand that most condo associations probably don't realize the possible implication of this bylaw with never thinking for a moment that they would ever exercise this option. I too live in a great condo building that is run by a very qualified and diverse group of people. I could never think they would ever kick out a qualified buyer and buy the unit using association monies.

I encourage our local governments to support in some way a resolution to assist and encourage condo associations to drop this archaic, useless, and potentially discriminating Bylaw. We need this done now and I would me more than happy to help. However, ultimately this is the condo association's decision and I respect that decision whatever it may be.

Gary Mancuso is the current president of the Oak Park Area Association of Realtors and is a Realtor with Re/Max In The Village, Realtors.

Condo Associations: Time to Rethink This Outdated Bylaw

Gary Mancuso (Oak Park Real Estate) — Mon, 28 Jul 2008 13:38:34 -0500

At the time of this writing, June 2008 there are about 600 condos and townhouses for sale in Oak Park, River Forest and Forest Park

As you know all condominium associations have what is called condo "Documents and Bylaws" that for the most part outline the rules and regulations that govern that association. Over the years many of those bylaws were assembled by using what's called "boiler plate" or a predetermined master document that contains the basic guidelines. As an association becomes established these bylaws are amended to the wishes of that Association.

One of the "boiler plate" bylaws contained in these documents gives the condo association the ability of what is called the "right of first refusal." What this means simply is that if a condo unit in a building that is about to be sold, the association has the right of first refusal. That is, if the association wishes to purchase that unit for whatever reason, they have the right by way of this Bylaw to kick out the potential buyer and purchase the unit themselves.

And here is where the problem lies. As we all know, in years past acquiring a loan to purchase a home or condo was a lot simpler than it is today. Folks could qualify for a loan with little or no money down. Those days are gone forever (thank goodness) and today's buyers must come up with a very significant down payment. Well, many and perhaps even most potential buyers don't have this significant down payment. However, there is a loan product that allows just 3% down and is backed and guaranteed by the federal government. This loan type we all know as the FHA loan. This product is making a big come back in this current real estate market and most likely will continue to be a major player in loan products for many years to come.

If you happen to be a condo buyer, this FHA loan, will for the most part not be available to you. The fact is that FHA guidelines do not allow condo associations to have contained in their bylaws the "right of first refusal" and this is for obvious reasons. In all the years I have been selling real estate I never once seen a condo association exercise that "right of first refusal." Never once have I witnessed a condo association kick out a potential buyer and in turn that association buys the condo unit.

My advice to condo associations is simple. Strike this outdated, useless, potentially discriminating restriction from your bylaws, open up your condo units to be offered to the entire real estate buyer community. This will allow more buyers seeing your units and we all know that the more buyers viewing the property will promote more offers which will lead, in turn, to potentially higher prices for that building and the stabilization of a market flooded by condo units.

Shed that stigmatism you may have towards FHA loans and embrace the comeback of the FHA loan that will help restore the American dream of home ownership.

Gary Mancuso is the current president of the Oak Park Area Association Of Realtors and is a Realtor with RE/MAX In The Village. 708-386-1400

Higher Gas Prices, Silver Lining?

Gary Mancuso (Oak Park Real Estate) — Tue, 15 Jul 2008 09:55:56 -0500

Believe it or not, due to higher gas prices, there just may be a silver lining down the road for the Oak Park area in regards to home sales. Don't get me wrong, these high gas prices are affecting our entire country in an adverse way. However, our three villages of Oak Park, River Forest and Forest Park are positioned very well to take advantage of this situation.

We all know the reasons why people move to the Oak Park area, great schools, culture, architecture, diversity and of course location. This last reason, location is becoming more and more important to people. I have talked to many Realtors and they all agree with me that our area has become even more appealing as gas prices continue to soar. For me personally, I am currently working with buyers from as faraway as Vermont and as close as Lombard, all wanting to move here because they simply cannot afford the commute by car. They are attracted by the 3 train lines that run through our villages, especially the 17 minute commute on the Metra to downtown Chicago. Even if driving by car, our location is far more convenient and economical than any of the further out suburbs.

With the real estate market in its current condition I would like to recommend the following:

Why not let the powers that be from Oak Park, River Forest and Forest Park along with the Chambers of Commerce and along with the Oak Park Area Association of Realtors pool some of their resources in a collective manner and develop an advertising campaign to promote the advantages of relocating to our fine communities. A campaign similar to the very successful radio ad spots Forest Park conducted a year ago. Advertising such as this could help spur the sale of residential properties, stabilize home prices, and supoort and encourage economic development. This to me would appear to be a no-brainer. Let's take advantage of this situation, I personally would offer my assistance if asked.

Gary Mancuso is the current President of the Oak Park Area Association of Realtors and is a Realtor with RE/MAX in the Village, Realtors.

Oak Park Real Estate | Forest Park | River Forest

Park It in Oak Park Illinois!

Gary Mancuso (Oak Park Real Estate) — Mon, 14 Jul 2008 11:52:51 -0500

Were you thinking Oak Park Illinois was just homes, local commerce and schools? Did you think it was only famous for the Ernest Hemingway‘s childhood home or Frank Lloyd Wright residence? Well it has much more to offer its residence! Try spending some time with your children, grandchildren or just yourself at one of the 24 amazing parks in Oak Park.

From North Avenue to Roosevelt Road the city of Oak Park maintains parks and recreation for your family.

Just to keep you in the loop, here is a list of some of the major over halls happening to the Oak Park Parks! You can visit the parks and recreation website for more details on the terrific job the city is doing renovating the parks here. They also provide some great pictures so you can get a feel of what is happening and where.

Fox Park has some major improvements happening this summer involving the Whale Water area, new swings and a wheelchair friendly ramp for the restrooms.

Longfellow Park major work begins in August, 2008 and the city of Oak Park is going all out. Besides the new synthetic slip-resistant surfaces the park will have a water play area which will relocate the Seal Spray to a more accessible part of the park. Creative play areas for pre-kindergarten children and equally creative area for older kids will include drums to bang, bells to clang and even a sign language panel. With all this good stuff you need to know the park will be closed from August, 2008 to November, 2008, but you can walk by to see the progress anytime.

Austin Gardens is a unique park. It is home to an ice rink and Oak Park Festival Theatre. The month of July, 2008 has the Shakespearian play "Much Ado About Nothing" scheduled Thursday, Friday and Saturday starting at 8PM. Entrance to Austin Gardens on the eastside will bring you directly to the theatre. August shows can be found on the calendar of events at the Oak Park Festival Theatre website.

You will be able to find more information about all 24 parks on my website later this month. Come by and visit anytime.

Oak Park Real Estate | River Forest Illinois | About Gary Mancuso

Summer is here Be sure the kids are equipped with manners!

Gary Mancuso (Oak Park Real Estate) — Mon, 02 Jun 2008 13:48:03 -0500

Manners are more important than simply not repulsing the person next to you when you eat. They are a part of a larger picture. Simply put: Manners keep the world civilized.

If we stop teaching our children manners, our society will be in a heap of trouble! Practicing manners leads to caring about others which in turns makes this world a better place to live. Teaching manners is the front line of kindness.

Have you ever had a stranger pick up something you dropped? They were taught manners which led them to be kind to you. Holding the door for the next person, giving up your seat in the waiting area of the restaurant for an elderly person, helping your neighbors search for their lost pet, pitching in when your coworker is having a bad day, donating to a worthy cause, supporting our troops regardless of your position on the war, serving at a food line for the homeless and hungry, forgiving even when we can't forget, these are acts of kindness beyond resting the napkin on your lap while you eat.

Practicing manners is exhibiting kindness. If we gradually become a world of people who have not been taught to care about how their actions can make others feel, as a society, we slide down a slope that will be most unpleasant when we hit bottom. Manners are very much a part of our world. It is the gift of compassion that we can generously share, regardless of wealth. Manners are the heart and soul of the human race.

What is the best way to teach manners?

By example! Of course with young children, words are required but more often than not, children will use their eyes much more often than their minds. Show them how good it feels to 'do unto others as you would have other do unto you.'

There is not much difference between random acts of kindness and manners. They are entwined into the core of humanity. Strengthen the ties that connect us and teach manners by both words and actions. Add to the glory of the human race.

Kids are gearing up for summer fun and Parent are just plain gearing up…
summer Stuff Below I have listed a few summer camps I have located in our area. There are still openings so hurry before all those juveniles run amok!

Village Players Performing Arts Center Summer Camp

ID Technology Camp – Includes camps for film making, 3D gaming, and game and web design. Classes are day, extended day or overnight. Camps for kids 7 – 17.

School Daze, Presented by Oak Park District 97. The offer all kinds of craft classes, academic and band camps.

Places to Visit or Volunteer for the summer

Oak Park Parks - Park District Facilities - Wonder Works has loads of summer classes - Ernest Hemingway Museum – Frank Lloyd Wright Foundation -

Volunteer Center of Oak Park and River Forest offers volunteer opportunities for both children and adults.

***

Chris Lowrey Author and Editor of Family Time Charm A truly unique family magazine. Family Time Charm is designed for the entire family. For more parenting articles, fun games for kids and educational activities for all,

visit Family Time Charm

What to ask About when Relocating

Gary Mancuso (Oak Park Real Estate) — Thu, 15 May 2008 12:28:05 -0500

As you begin your house hunting process, you will probably already have a good idea of what type of home you are looking for. For example, you might know the size and style of the home you want to purchase and you might have a general idea of the city or town in which you want to live. Of course, it is important for you to share this information with your Realtor so you can be certain to find the home of your dreams. At the same time, there is plenty of information that your Realtor can provide to you that will also help you in your decision making process. Therefore, you should be certain to ask plenty of questions and to utilize your Realtor's knowledge to the fullest extent possible.

Finding Out About Schools

If you have a family or plan to start a family in the foreseeable future, schooling will likely be quite important to you. Therefore, you might want to ask your Realtor to help you acquire information about the school district you would like to live in. Many Realtors will not guarantee that you will be in a specific school district because these district boundaries can change. Nonetheless, he or she should be willing to help you find out what the current district boundaries are. In addition, the Realtor should be able to help you look up information about the school district, such as the scores the school has received on standardized testing and what the current teacher/student ratio is a the school.

Learning About Utilities

In addition to helping you find school information, your Realtor should also be able to help you learn more about utilities for the home you are considering purchasing. For example, the Realtor can help you find out whether or not the property is served by city water and sanitation. You will also be able to find out who supplies the electricity and gas to the home as well as whether or not cable is available on the property.

Zoning Information

You can also ask your Realtor to provide you with zoning information. If you think you might like to start a business in the home at some point, for example, you might want to look for property that is commercially and residentially zoned. The zoning may also have an impact on the resale value of the home, so it is worth your while to look into this information before making a purchase.

Remember, your main purpose is to find a home where you can enjoy living for the next several years and where you can feel comfortable with raising a family if you so desire. Similarly, you want to make a good investment, so take advantage of the knowledge the Realtor possesses so you can get the best of both worlds.

Gary Mancuso Oak Park Homes River Forest Illinois

Do you go to the Zoo?

Gary Mancuso (Oak Park Real Estate) — Fri, 02 May 2008 09:39:13 -0500

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

Gary Mancuso (Oak Park Real Estate) — Wed, 23 Apr 2008 16:59:50 -0500

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?

Gary Mancuso (Oak Park Real Estate) — Sat, 19 Apr 2008 10:17:10 -0500

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

Gary Mancuso (Oak Park Real Estate) — Wed, 09 Apr 2008 08:28:30 -0500

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

Gary Mancuso (Oak Park Real Estate) — Thu, 06 Mar 2008 14:00:23 -0600

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?

Gary Mancuso (Oak Park Real Estate) — Mon, 25 Feb 2008 11:23:07 -0600

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

Gary Mancuso (Oak Park Real Estate) — Wed, 13 Feb 2008 17:51:02 -0600

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!

Gary Mancuso (Oak Park Real Estate) — Wed, 30 Jan 2008 14:50:41 -0600

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

Gary Mancuso (Oak Park Real Estate) — Wed, 09 Jan 2008 08:46:16 -0600

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!