"Old Florida" Home and Community, VERO BEACH FLORIDA, Waterfront with Pool

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Chicago Neighborhood News - November 20, 2009

Good Evening from Chicago, folks!

In this week's edition of Chicago Neighborhood News, our Team Member Cathy Mallers covers the Chicago Neighborhoods of Lincoln Park, Lakeview, Old Town, and The West Loop, as well as the Chicago Suburb of Naperville IL.

Any special holiday plans, parties, or events you would like Dean's Team to help you publicize?  Let us know - we'll gladly help spread the word.  Our Team offers the Number One Related Active Rain Blog in the City of Chicago.

LINCOLN PARK

You know, breakfast really is the most important meal of the day.  Why not enjoy it with the best accoutrement, bacon.

Tomorrow morning, bright and early, a new "breakfast/lunch/brunch temple" opens at 3210 N. Lincoln Ave.  The name of this soon to be nefarious locale, Bakin' & Eggs.  And this place is all about the bacon.  They have a bacon flight, so you can sample applewood-smoked, cured and jalapeño bacon in one fell swoop.

LAKEVIEW

Southport Corridor continues to be one of the places to shop and dine in the Lakeview neighborhood.  Festivities run from 5-8 pm.

This Thursday store front Holiday lights will be turning on at 6pm.  Come join the festivities sponsored by the Lakeview Chamber of Commerce.  You'll enjoy complimentary drinks and snacks, listen to strolling musicians, discover unique gift ideas for friends and family, and much more!

WEST LOOP

Cook County Hospital is a mainstay in the community in the Southwest Loop area and has been the talk of the town recently.

Jones Lang LaSalle discussed a report with the Cook County board's construction committee to convert the empty location into offices yesterday morning.  While office space may be inexpensive, the least expensive would be converting the building to a dorm.  There's more to the report and discussion here.

OLD TOWN

You've Gotta Get It, Pro Patio, and Garrett Popcorn will be raising money for Child Cause^TM this Thursday, November 19^th.

As the holiday giving season starts to kick off, you can head over to Spoon Bar located at 1240 N. Wells Street from 6-9pm.  Your donation of $25 gets you three hours of domestic beer bottles, well cocktails and wine.

The Child Cause mission is to support kids around the world affected by AIDS, unsafe drinking water and homelessness.

NAPERVILLE

David Carlson was an antique dealer and owner of Nook and Cranny on south Vincennes in Chicago. For years, David's business also occupied booth #63 at the Antiques on Jefferson Mall in Naperville.

When David died last year, his daughter, Emily, moved the contents of the seven storage lockers to her workplace loft at 2010 W. Fulton where she is hosting an Antiques Estate Sale starting this Friday through Sunday from 8am to 3pm each day.  The inventory is vast and varied.

Here's a link to Cathy's Chicago Neighborhood News Blog Archive, as featured on BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

FESTIVAL OF TREES, VERO BEACH FLORIDA, CHILDREN'S RIVERSIDE THEATRE

Can You Understand an Offer?

 

When you receive an Offer to Purchase your home or property, most people are likely to focus on the price alone.  With a full price offer, you might be ecstatic enough that you don’t read the ‘fine print’, the contingencies, and how these can affect the likelihood of a successful sale.

 

As an example, most offers have a mortgage contingency, stating that the buyer will secure financing at a certain rate and for a certain term.  These factors have to be realistic.  A buyer seeking a 30-year loan at 4% with no points may be hedging their bets.  Your real estate agent should know what the current terms are for financing and can advise you.  Unrealistic terms can allow the buyer to back out if they get cold feet or find another property they prefer.

 

Another sticky contingency more common these days is when a buyer states that they must sell their home before they can finalize the purchase of yours.  There has to be a realistic time limit, so the buyer doesn't tie up your listing.

 

It may be wise to respond with a "kick-out" clause that allows you to keep your home on the market while the buyers promote theirs, offering them a 72-hour period to fulfill the contract if you should receive another offer in the interim.

 

Other issues are inspection periods and seller concessions. 

 

These examples are just the tip of the iceberg, so sit and discuss each line of the offer with your agent before making your decision.

 

 

 

Gabe Sanders and Susan Maxwell

Stuart Florida Real Estate 

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Interest rates have only one way to go…

Let me make a statement, and I hope you truly digest what I am about to say:  the interest rates on mortgages here in Brevard County, Florida are about 1/8% off of their lowest levels in history.  That means that if you qualify for a mortgage, you could potentially get a better rate on your loan than just about anyone in history.  With interest rates and home prices as low as they are, and with the first time homebuyer tax credit extended into 2010, people should be lining up to buy homes.  However, these rates have only one way to go, and we are headed there soon.

One of the biggest factors in our low rates right now is not the Fed's decision to keep the overnight rate as low as it is, rather it is from their decision to continue to purchase mortgage backed securities in the many Billions of dollars per week.  When this purchase program ends, the demand for Mortgage Backed Securities will be less, therefore the price will decrease, and the yield (or interest rate) will increase. 

Another factor that is keeping rates low, has been the low threat of inflation.  While inflation is not happening right now, there are many concerns of inflation coming once the economy starts to improve.  We are already seeing signs of inflation as the Core CPI (Consumer Price Index) came in higher than expected, and a little higher than this time last year.   It is inevitable that when you dump as much into the economy as we have, and when the cost of money is as low as it is that we will see inflation.  In inflationary times, bonds are not as attractive because they become devalued. 

So, with Inflation around the corner, and the Fed finishing their Mortgage Backed security purchasing program coming to an end in 2010, interest rates are going to increase.   The increase in interest rates will affect buyer's purchasing power, as well as their cost of money.  I have said it before, and I will say it again: Now is the time to buy!  Rates are low, but rising; home prices are down, but will go up; sellers are generous, but they will be greedy.  Please take advantage of this opportunity, before it goes away.   If you are currently renting, talk to a professional to see if you can buy; if you know someone who is renting, encourage them to see if they can buy. 

BARBARA MARTINO-SLIVA JUST SOLD ANOTHER HOME IN VERO BEACH FLORIDA, THORPE SOTHEBY'S INTERNATIONAL REALTY

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