The Scovell+Sabatini Chicago Blogfest

WHO IS CRAZY ENOUGH TO BUY NOW?

Scovell+ Sabatini Team (Rubloff) — Fri, 14 Nov 2008 15:36:43 -0600

Provided by Fred Scovell of The Scovell+Sabatini Team at Rubloff Residential Properties www.scovell-sabatini.com

TIMING IS EVERYTHING!

Why Buyers Should Be In The Market Now!!

Sellers that have been on the market for awhile are very motivated to make a deal and do not want to be on the market over the winter months.

It is hard to predict the bottom of the market but the worst may have passed.

The government is actively trying to revive the housing market -at some point they will succeed.

The rising dollar and dropping oil prices could indicate an ending of the current down cycle for housing.

A lower purchase price for the buyer who is waiting for further deterioration in value would be lost to increased mortgage rates.

Fewer buyers in the market make sellers more flexible.

You must be actively "in the market" in order to take advantage of good deals and to be able to spot them.

Looming inflation will bring higher real estate prices.

Buyers have a greater selection of properties with current inventory levels and have to make fewer compromises to get what they want in this environment.

If you are renting, you are losing your homeowners tax break.

Tighter qualifications make a good buyer a precious commodity to would be sellers and - they command a stronger negotiating position.

Many predatory loan products have been eliminated; consumers should have more confidence about not being duped into bad loan scenarios.

Rates are historically lower in the fall than in the spring.

Fed could increase rates to combat inflation.

LOWEST PRICED 2 FLAT IN NORTH CENTER!

Scovell+ Sabatini Team (Rubloff) — Wed, 29 Oct 2008 14:00:34 -0500

DRAMATIC WEST LOOP DUPLEX LOFT!

Scovell+ Sabatini Team (Rubloff) — Wed, 29 Oct 2008 12:58:00 -0500

Museum Park Home-This condo has a yard outside your door!

Scovell+ Sabatini Team (Rubloff) — Wed, 29 Oct 2008 12:52:26 -0500

Top Floor Condo - Sparkling Lake & City Views

Scovell+ Sabatini Team (Rubloff) — Wed, 29 Oct 2008 12:44:07 -0500

DRAMATIC & SPACIOUS CORNER CONDO PERFECT FOR FIRST HOME!

Scovell+ Sabatini Team (Rubloff) — Wed, 29 Oct 2008 12:35:10 -0500

DRAMATIC & SPACIOUS CORNER CONDO PERFECT FOR FIRST HOME!

Scovell+ Sabatini Team (Rubloff) — Wed, 29 Oct 2008 12:34:14 -0500

NICE 2 FLAT ON EXTRA LARGE LOT SIZE-GREAT INVESTMENT OPPORTUNITY

Scovell+ Sabatini Team (Rubloff) — Wed, 29 Oct 2008 12:23:29 -0500

Chic Urbane Luxury Loop Penthouse

Scovell+ Sabatini Team (Rubloff) — Wed, 29 Oct 2008 12:14:58 -0500

Luxury South Loop Condo - Unobstructed lake and city skyline views

Scovell+ Sabatini Team (Rubloff) — Wed, 29 Oct 2008 11:32:43 -0500

The Scovell+Sabatini Team | Rubloff Residential Properties | 312-914-1045

1841 S. Calumet, Chicago, IL

Unobstructed lake and city skyline views are yours from this split 2 bed-2 bath-den luxury South Loop condo!

2BR/2BA Condo

$2,095/month

Bedrooms	2
Bathrooms	2 full, 0 partial
Sq Footage	1,250
Parking	1 dedicated
Pet Policy	Cats, Small dogs (< 25lbs), Dogs (any)
Deposit	$2,270

DESCRIPTION

TRENDY MUSEUM PARK NEIGHBORHOOD. SUNNY SPLIT 2 BR/2 BATH + DEN. LAKE VIEWS THRU FLOOR TO CEILING WINDOWS. CUSTOM PAINT & BLINDS. CROWN MOLDING W/LIGHTS, HARDWOOD FLOORS, RAISED PANEL MAPLE CABINETS, GRANITE COUNTERS, IN-UNIT W/D, BALCONY. 24HR SECURITY, ROOFTOP POOL & SUN DECK, EXERCISE & HOSPITALITY RM, DOG RUN, BIKE RM, STORAGE. CROSS WALK TO SOLDIER FIELD, METRA & LAKE. HEATED PARKING $175 A Month

see additional photos below

RENTAL FEATURES

Air conditioning	Central heat	Walk-in closet
Hardwood floor	Office/Den	Breakfast nook
Dishwasher	Refrigerator	Stove/Oven
Microwave	Granite countertop	Washer
Laundry area - inside	Balcony, Deck, or Patio	Swimming pool
Cable-ready	High-speed internet

COMMUNITY FEATURES

Garage parking	Covered parking	Clubhouse
Laundry on-site	Storage space(s)	Fitness center
Swimming pool(s)	Lake	Secured entry
Elevator	New property (< 5 years)	Wheelchair access

LEASE TERMS

1 year minimum lease

ADDITIONAL PHOTOS

Renter contact info:

The Scovell+Sabatini Team

Rubloff Residential Properties

312-914-1045

Equal Opportunity Housing

Posted: Oct 24, 2008, 2:03pm PDT

Hot South Loop Corner Unit With Lake Views on Michigan Ave.

Scovell+ Sabatini Team (Rubloff) — Wed, 29 Oct 2008 11:27:39 -0500

The Scovell+Sabatini Team | Rubloff Residential Properties | scovell-sabatini@rubloff.com | 312-914-1045

1845 S. Michigan, Chicago, IL

Hot South Loop Corner Unit With Lake Views on Michigan Ave.

2BR/2BA Condo

$1,775/month

Bedrooms	2
Bathrooms	2 full, 0 partial
Sq Footage	1,000
Parking	1 dedicated
Pet Policy	Cats, Small dogs (< 25lbs), Dogs (any)
Deposit	$1,950

DESCRIPTION

STUNNING CONCRETE SOFT LOFT PREMIUM CORNER UNIT, FEATURING HARDWOOD FLOORS, GRANITE COUNTERS, 42"MAPLE CABS, SS APPLIANCES, FLOOR TO CEILING COMMERCIAL CLEAR ANNODIZED WINDOWS,DOUBLE SINK MASTER BATH. HUGE BALCONY.AMAZING EAST-FACING UNIT W/LAKE VIEWS. GARAGE PARKING ADDITIONAL $175.HEAT-AIR-CABLE-INTERNET INCLUDED!

see additional photos below

RENTAL FEATURES

Air conditioning	Central heat	Walk-in closet
Hardwood floor	Living room	Breakfast nook
Dishwasher	Refrigerator	Stove/Oven
Microwave	Granite countertop	Stainless steel appliances
Washer	Dryer	Laundry area - inside
Balcony, Deck, or Patio	Cable-ready	High-speed internet

COMMUNITY FEATURES

Garage parking	Covered parking	Secured entry
Elevator	New property (< 5 years)

LEASE TERMS

1 year minimum lease. Available now.

ADDITIONAL PHOTOS

Renter contact info:

The Scovell+Sabatini Team

Rubloff Residential Properties

scovell-sabatini@rubloff.com

312-914-1045

Equal Opportunity Housing

Posted: Oct 24, 2008, 2:11pm PDT

South Loop Tower Residence with Lake View

Scovell+ Sabatini Team (Rubloff) — Wed, 29 Oct 2008 11:20:44 -0500

The Scovell+Sabatini Team | Rubloff Residential Properties | 312-914-1045

1717 S Prairie Ave, Chicago, IL

TOWER RESIDENCE WITH LAKE VIEW

1BR/1BA Condo

$1,400/month

Bedrooms	1
Bathrooms	1 full, 0 partial
Sq Footage	786
Parking	Unspecified
Pet Policy	No pets
Deposit	$1,400

DESCRIPTION

Live in this 1 Bedroom Tower Residence. Southern Exposure floods the condo with Light! Views from balcony of the Lake and Skyline. Hardwood floors throughout. Kitchen has granite countertops and breakfast bar. In unit washer and dryer! Extra large walk-in closet in bedroom for extra storage. Building boasts, fitness center, doorman, party center, garage parking available for additional $175 monthly.

see additional photos below

RENTAL FEATURES

Air conditioning	Central heat	Walk-in closet
Hardwood floor	Living room	Breakfast nook
Dishwasher	Refrigerator	Stove/Oven
Microwave	Granite countertop	Washer
Dryer	Laundry area - inside	Balcony, Deck, or Patio
Cable-ready

COMMUNITY FEATURES

Garage parking	Fitness center	Lake
Gated property	Secured entry	Elevator
Wheelchair access

LEASE TERMS

One year, $1400 deposit, cats and dogs okay with additional deposit, garage available for $175 per month

ADDITIONAL PHOTOS

Renter contact info:

The Scovell+Sabatini Team

Rubloff Residential Properties

312-914-1045

Equal Opportunity Housing

Posted: Sep 23, 2008, 11:46am PDT

Loop Penthouse

Scovell+ Sabatini Team (Rubloff) — Wed, 29 Oct 2008 11:08:44 -0500

INVESTOR'S WILL WANT TO SEE THIS PROPERTY

Scovell+ Sabatini Team (Rubloff) — Wed, 16 Jul 2008 23:26:17 -0500

The Scovell+Sabatini Team | Rubloff Residential Properties | scovell-sabatini@rubloff.com | 312-914-1045

1414 N. Mohawk, Chicago, IL

Great Old Town 2 Flat With Income

5BR/4BA Multi-Family, 2 units

offered at $770,000

Year Built	1890
Sq Footage	3,400
Bedrooms	5
Bathrooms	4 full, 0 partial
Floors	3
Parking	Unspecified
Lot Size	3,300 sqft
HOA/Maint	$0 per month

DESCRIPTION

VINTAGE BRICK 2 FLAT REHAB - GREAT OLD TOWN LOCATION!

This 2 Flat was rehabbed in 1995 and has a 2400sqft 3beds and 2baths duplex up Owners unit on the second and third floors. The duplex has 10ft ceilings in the great living-dining area and a large eat-in kitchen with a deck. The master suite is the upper floor with 2 bedrooms and 5 skylights. There is a private east facing deck off the master bedroom and the spa bath has a Jacuzzi tub and slate tile.

The first floor unit is 1300sqft with 2beds and 2baths. The kitchen opens to the Living-Dining room area and there is a deck off the master bedroom. Both units have their own utilities, central air and heat and laundry. The back yard is nice and offers a 2 car garage. This block is all residential and mostly new construction! Great investment property or conversion to single family home.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	High/Vaulted ceiling
Walk-in closet	Hardwood floor	Tile floor
Living room	Office/Den	Dining room
Dishwasher	Refrigerator	Stove/Oven
Microwave	Basement	Washer
Dryer	Laundry area - inside	Balcony, Deck, or Patio
Yard	Jacuzzi/Whirlpool

COMMUNITY FEATURES

Garage parking	Laundry on-site	Storage space(s)
Secured entry

ADDITIONAL PHOTOS

Seller contact info:

The Scovell+Sabatini Team

Rubloff Residential Properties

scovell-sabatini@rubloff.com

312-914-1045

For sale by agent/broker

Equal Opportunity Housing

Posted: Jul 16, 2008, 7:09pm PDT

Investing In The South Loop

Scovell+ Sabatini Team (Rubloff) — Wed, 16 Jul 2008 12:33:42 -0500

Question:

Can a one bedroom condo in the Chicago South Loop be a good investment!

Scovell+Sabatini answered:

The South Loop remains one of the hottest real estate markets in the Nation according to the Chicago Magazine. Although inventory has been on the rise with significant new product entering the market in 09' and 10', the highest percentage of sales and pending contracts can be found in the Loop/ South Loop area as compared to the rest of the city.
The South Loop provides amenities such as the Museum Campus, Soldier Field, Grant Park, Northerly Island, and Lake Michigan. It's proximity to the Loop, with its banking, legal and financial service industry coupled with Millennium Park, the Art Institute, Orchestra Hall and numerous cultural sites and extensive public transportation are factors which resulted in one business magazine naming the South Loop the third best location in the Nation to retire. Retail development has exploded as well. Whole Foods, Dominic's, Jewel, Best Buy, Bed Bath and Beyond, Target, Office Depot, DSW Shoes are just a few of the big box retail establishments which are now located on the Roosevelt Road corridor, a retail area which will mimic Clybourn on the North Side . A 12-acre site at Roosevelt and Wells will include 16 movie screens and at least 40 new retail outlets.
DePaul University has purchased a 400,000 approximate square-foot building at State and Jackson that will include university classrooms, and "calls the South Loop the largest "college town" in Illinois."
You can expect consistent and moderate appreciation over the next 5 years and a spike in real estate prices is predicted should Chicago land the Summer Olympics.

Written by Fred Scovell of the Scovell+Sabatini Team of Rubloff Residential Properties

BETWEEN A ROCK AND A HARD PLACE-THE UNDER APPRAISAL

Scovell+ Sabatini Team (Rubloff) — Sat, 12 Jul 2008 00:46:07 -0500

QUESTION:
When a property under appraises what the heck do we do!? The bank insists that the seller will have to reduce their price to the appraisal amount and the seller insists we put more money down!

ANSWER:
You should consult with your attorney immediately! Your contract to purchase should have a mortgage contingency clause with a time limitation. You must properly notify the seller that you have taken reasonable efforts to obtain financing within the parameters of the contract but have been unable to qualify. You should demand the return of your earnest money at this time and declare the contract terminated. Review the contract mortgage contingency clause to determine whether you have given the seller the right to obtain financing for you as an alternative.

Contact Fred Scovell of the Scovell+Sabatini Team at Rubloff Residential Properties for additional advice on this and other real estate issues.

South Loop Real Estate Question Of The Day!

Scovell+ Sabatini Team (Rubloff) — Wed, 09 Jul 2008 14:38:50 -0500

Question:

I am in the middle of purchasing a 2 bed/2 bath condo here in the South Loop of Chicago, I won't be able to move over until next Feb - what rental should I expect to get in this area and how is the rental market?

Answer:

Depending upon the square footage and building amenities, rental rates range form a low of $1,700 to a high of $2,800 a month. Short term rentals appeal to corporate employees with a preference for furnished units and can command a higher rental price. Beware, however, of the provisions contained in the Condominium Declaration,Rules and By-laws of the building you are purchasing in! Many properties do not permit rentals and most do not permit leases less than for a 1 year period.

Written by Fred Scovell of the Scovell+Sabatini Team

On A Clear Day You Can See Forever...

Scovell+ Sabatini Team (Rubloff) — Sat, 05 Jul 2008 18:02:52 -0500

This is a true story....

The view was so important to him. He had searched and searched for a home in Nevada that, when looking out from his living room window, would provide him with the perfect view of the mountain range in the distant desert. Better yet, if it also captured those magical lights from the Vegas strip-that would indeed be perfection.

And he found it! The home had a great expansive unobstructed view of purple mountains majesty and on those clear desert nights the 10,000 lights of the Luxor,Flamingo,Paris,Mirage,Frontier,Bellagio and their sister casinos danced in front of his living room.

Three years later it happened-the unspeakable disaster that his realtor promised would never occur. He remembered with absolute clarity the words she spoke to him-

"This home will provide you with the perfect view you been looking for and it will remain permanently unobstructed!"

It had been announced that a retirement community was going to be built in an area between his home and his perfect view. Hundreds of homes were going to fill up that great expanse of desert in front of him. All was not lost he had told himself-the sight line really would not be compromised-after all ,the house tops were not high enough. So he thought,so he hoped.

Three more years passed. He had been right.The house tops didn't affect his perfect view.

WRONG!!!! The trees planted in and around the retirement community homes grew and grew and grew. Those damn trees did compromise his perfect view. Finally, one day ,his view had all but disappeared.

Then a miracle happened. His view,little by little, seemed to get better. Within another year it was as if he had never lost his perfect view. It had come,however at the expense and great consternation of the retirement community. Something seemed to be eating away at the tree tops. They were disappearing-all of the tree tops in a two mile wide swath. Aborists were called in to fight this uspeakable blight. Nothing could be found.

Well-almost nothing could be found. One night, the police caught our GOOD NEIGHBOR,the man with the perfect view, with saw in hand admist the remaining tree tops. His perfect view will now be three concrete walls and dull black cell bars.

Now what about those perfect permanent unobstructed views your realtor
promised you between the Chicago high rise canyons? Have any building tops disappeared recently?

Written by Fred Scovell/Scovell+Sabatini Team Rubloff Residential Properties

If housing prices are down, how much less should I offer than the lising price?

Scovell+ Sabatini Team (Rubloff) — Wed, 02 Jul 2008 15:38:58 -0500

It is a buyer's market! Properties are not appreciating at the same rate as they were from 2002 to 2006. Additionally, the pool of buyers has shrunk and at the same time more properties have been added to the market inventory resulting in longer market times for properties to close. Sellers are experiencing greater frustration as the absorption rate increases ( the number of months properties remain on the market to sell as the inventory increases at the same time).Your offer, however, should be based upon the sales price of similar units over the last 3 to 6 months in the building you are considering and possibly within a 2 block square area. Condition of the property as well as the seller's motivation need to be ascertained as well. Properties that are priced at or below the most recent sales prices sell first and those are properties that involve motivated sellers! You should work with a real estate agent to conduct this comparative property analysis. Remember,if you are financing the purchase, the property must also receive an appraisal price equal to the purchase price, otherwise you run the risk of being required to place more $ down to make up the difference .We have some excellent written materials on the process of making an offer on properties on our web site located at http:// www.scovell-sabatini.com