The Real Estate Lounge . Chicago

Sometimes saying no is the best response

2008-07-12T15:40:37Z

Jackson stood at the side of the bed this morning with one though on his mind. "Candy," he uttered proudly and with a broad grin.

The way he said it, with a lengthened first syllable that sounded more like a nasally "Ken" followed by the shortest possible "dee" cracked me up. It's a great way to wake up, laughing.

But more than the way he said it was that he said it at all. Witnessing the elemental construction of memory is nothing short of miraculous.

You see last night Nicole and I brought Jackson and Lucas to a kids' play date hosted by my brokerage, @ properties chicago. And aside from the fun and frolicking along with pretzel and pizza nibbling that took place at the bubbles academy in Lincoln Park was a gift bag chock full of more sugar than makes sense for a small nation to consume in a week.

But clearly Jackson remembered the bag and the joy he had in consuming a few choice morsels before Nicole and I allowed him to spiral into a sugar coma. And with the start of a new day he wanted to bring the memory back to life.

Perhaps you might categorize Jackson's memory as selective. That doesn't seem a stretch from the truth. Nor is it a stretch from the truth that the overall Chicago real estate market might be categorized beneath the same "selective memory" umbrella.

Surely there are more than a few sellers whose vision has been clouded by selectively remembering a time not long ago when their homes gained value at a more prodigious clip. And so some of these folks optimistically set their pricing accordingly.

We also have more than a handful of buyers whose actions are steeped in selective memories of internet stories of nameless and faceless buyers somewhere buying in current time a million-dollar home at pennies on the dollar or who drove a hard bargain in buying a place from a desperate seller. Fueled by Larry King interviews of talking heads these buyers seem less interested in fair value of a Chicago home or condo than they are in getting a great deal.

And finally we have the financial industry with its particularly pungent way of exercising selective memory. This group includes lenders, Wall Street, mortgage brokers, and local appraisers.

This passel of those loved primarily by their mothers has exercised selective memory whereby they mouth platitudes of rectifying the errors that led to the mortgage meltdown (perpetuated by these same market know-it-alls) while plunging daggers into the back of any recovery of the housing market by creating an environment in which

a) those who want to buy homes are prevented because of obscure and changing application guidelines - 10 percent down becomes 15 or 20 percent a week before close or new construction projects must be 90% sold before a funder will even consider a loan application

b) appraisals stipulating comps be from within the last three months and a four block radius - and when there aren't suitable comps due to the lack of transacting (because money hasn't been available to qualified candidates who want to buy a home and because of a little checked box indicating that the property is in a DECLINING market), appraisals come back lower than the agreed upon price and threaten to blow up the transaction

c) sizable market speculators bet on the mortgage industry topto "crap out" in the same manner that the unliked fellah at the end of the table in Vegas makes his pariah-type bets for the die roller to do the same. It's simply that the size of the kitty is much greater as this macabre speculation threatens to tip the country into an unforgivable spiral of historic proportions.

With respect to "c" the front page of Friday's New York Times carried word that there was fear of Freddie Mac and Fannie Mae being placed into conservatorship because speculators were betting so intently that these government sponsored enterprises would devalue so profoundly as to no longer be able to function. Observers on the sidelines, including Senator Christopher Dodd, the head of the Senate banking committee, commented that “There is a sort of a panic going on and that’s not what ought to be. The facts don’t warrant that reaction, in my view.”

By the end of the day both GSE's had recovered enough to chase away this unappealing prospect. But here's the real deal - if Fannie Mae and Freddie Mac are buried beneath the sharp spades of these market jackels (who want to speculate personal gains on the losses of the country overall) we will witness a grinding to a halt of the housing industry.

What's the solution? Short of storming the castle where Frankenstein lives with torches and pitchforks I think our national consciousness must be cognizant to the manner in which our economy is predicated on speculation, conjecture, guesses (some incorrect), and shortsightedness (at times).

Ah, shortsightedness. It's reminiscent of selective memory. At the end of the day my hope is that we are able to actualize stewardship of the market akin to good and effective parenting.

There is talk of establishing legislation to forestall a run on Miss Mae and Mr. Mac. Properly done this will make a great deal of sense. And thus, like parents who hug their baby in the morning and steer him away from the bag of candy to the gluten-free waffles, we will have done what is right. At any rate, that's all from Tom McCarey on this sultry Saturday amid the din of showing my listings in the Chicago real estate market. Please continue checking in here at The Real Estate Lounge Chicago for occasional updates.

The Value of Right Pricing in Chicago Market

2008-06-29T17:06:18Z

My two-year-old Jackson was waxing philosophical this morning.

The side lot was strewn with twigs and branches that rained down during what I assume was a heavy downpour last night. Peering out from the back porch over his bowl of fruit and cereal Jackson said, "Market time is like grass in the rain."

Actually his words were a bit more muffled coming as they were from a mouth full of food and said by a toddler. After a second of lexicon recognition I nodded my head and recognized the wisdom of what he was saying.

Grass in the rain (like we have had this year in Chicago) tends to grow long. Meanwhile listings in the current Chicago real estate market themselves grow long in terms of length of time on the market.

From the mouths of babes and all of that I turned to my first-born son and waited for more pearls.

I didn't have to wait long as he then uttered unequivocally "Long grass cut!"

Hmm, I thought to myself, whether deftly or roughly applied, this means price your Chicago home to sell. That's certainly something the team at The Real Estate Lounge Chicago holds to be true.

And this means price it right.

It also means that taking a little off the top (reducing the price) will some times be appropriate and necessary.

At this point I was mesmerized by the sagacity of my son. Three months shy of his third birthday and he was proffering secrets of the trade that seasoned realtors sometimes neither perceive nor understand.

Tempering myself to not be gluttonous nor greedy with the kernels of wisdom dispensed by Jackson I inhaled slowly to maintain my patience. But foremost in my mind was the question - what more will he reveal?

By the same token, though, I mused to myself - what more does he need to reveal? The bottom line in the current market is that right-priced properties sell. The only question is how long it will take to achieve the sale.

As a group of my friends from a different forum like to say (and with applicability here) "sometimes quickly, sometimes slowly."

Which is true in the here and now. Even when we are right-priced at times we need to hold course with fair value pricing until the right buyer arrives.

Comforted by these caveats Jackson and I settled down to enjoy the remainder of Sunday morning, he with his yogurt montage and me with my metropolis coffee.

A Big Truth Regarding Jumbo Loans in Chicago Real Estate Market

2008-06-21T17:30:20Z

As a Chicago real estate professional I would never be so dense as to say I cover the entire city of Chicago or all of the outlying Chicagoland area.

Instead I concentrate on a geographic swath within the city that essentially extends from the Chicago River to Devon Avenue, from Lake Michigan to west of Western Avenue. I go beyond these artificial boundaries to the South Loop and Hyde Park, and I go to those western and North Shore suburbs as my clients express affinity.

But for conversational purposes my "sweet zone" is within the boundary I have indicated.

Ask me about any and all of these areas and I will rattle of statistics that will make you yawn and wish me silent. That is, unless, you are looking to either buy or sell in any of these locations. I mention my knowledge of the market to make the following point - the decision to exclude Chicago from one of the country's 100 "high cost" areas where Freddie Mac and Fannie Mae can purchase mortgages larger than the $417,000 standard limit is absurd and does a disservice to the Chicago real estate market.

Every once in a while I will receive an email or phone call from somebody who wishes to buy a median-priced home. Truth be known, I would like to buy the selfsame home at the same price. But the fact of the matter is that I have never seen a median-priced home in the mid $300s in Chicago. They surely exist - that's how the number is derived in the first place.

But they don't exist in Lakeview or Bucktown, in the Gold Coast or Edgewater, in Wicker Park or Roscoe Village. They don't exist in a range of Chicago neighborhoods because the so-called price of admission is much higher either incrementally or substantially than the $417,000 cap. And though this is the case the overall metropolitan Chicago area was excluded from the Economic Stimulus Act of 2008 which would have enabled Chicagoans easier access to more providers of so-called jumbo loans.

In the Chicago Tribune this week Thad Wong of Chicago's @properties said leaving Chicago off the list was an oversight or mistake. He went on to say, "If the limit were raised, there would be a wider pool of lenders. There would be buyers who could qualify for a lower rate. It would add more people to the market. It would accelerate pricing and reduce the market time."

On behalf of the team at The Real Estate Lounge Chicago I agree wholeheartedly.

But here we are, defined by HUD as not a "high cost" market. As a result, with fewer jumbo loans available and those available being for higher interest rates we pay the price with consumers who wish to participate in the market not being able to do so with the freedom that is prevalent in other areas like Boston or San Francisco.

What seems more sensible to me is making the "high cost" determination based on more local terms such as zip code. Given the very local nature of real estate this approach seems more reasonable.

Efforts are underway to extend the 2008 Stimulus Act beyond this year. Make a call to your congressional representative to push for a more localized definition so the Chicago real estate market will feel some of the love of this stimulus package. Here's some contact information to facilitate you making the call:

Rep. Bobby Rush (D-1st) Chicago: (773) 224-6500

Rep. Jesse Jackson, Jr. (D-2nd) Chicago: (708) 798-6000

Rep. Dan Lipinski (D-3rd) Chicago: (312) 886-0481

Rep. Luiz Gutierrez (D-4th) Chicago: (773) 384-1655

Rep. Rahm Emanuel (D-5th) Chicago: (773) 267-5926

Rep. Peter Roskam (R-6th) Bloomingdale:(630) 893-9670

Rep. Danny Davis (D-7th) Chicago: (773) 533-7520

Rep. Melissa Bean (D-8th) Palatine: (847) 358-9160

Rep. Janice Schakowsky (D-9th) Chicago: (773) 506-7100

Rep. Mark Kirk (R-10th) Deerfield: (847) 940-0202

Rep. Jerry Weller (R-11th) Joliet: (815) 740-2028

Rep. Judy Biggert (R-13th) Clarendon Hills: (630) 655-2052

Tell them Tom McCarey referred you...

By the way, Sunday brings two open house opportunities...

1858 W Race a contemporary masterpiece East Village Single Family Home priced under $1MM - open from noon - 3p

1934 W Thomas a corner condo one minute south of Division Street - open from noon - 2p

Sacred Chicago Real Estate - Wrigley Field Where the Cubs Keep Winning

2008-06-13T00:40:11Z

Wrigley Field on a sunny Summer afternoon...

Few things in life provide such a rare pleasure. And with the Chicago Cubs tearing up the national league with a major league-leading 42 wins, the Friendly Confines have rarely been friendlier real estate to this life-long Cubs fan.

Early on Cubs ace Carlos Zambrano was tagged for a two-run shot to left. But given the offensive firepower surrounding him and with the wind whipping the left field flags like mad, this deficit seemed puny and easy to overcome.

Except it wasn't.

Inning after inning the northside nine put up goose egg after miserable goose egg. In days of old (going back an entire century) Cubs fans would have anticipated the worst. An "L" for loss would be lifted atop the center field score board and that would be that, a simple single pockmark in a season rife with the rough terrain of far too many pockmarks.

But this team has proven to be different. And this day would be proof of this difference.

After several false starts, the Cubs finally gained a little traction in the 7th inning and halved the Atlanta Braves lead to 2-1. Given the fact that the Cubs have been scoring runs in droves, one run should be a gimme.

Turns out the gimme waited until the bottom of the 9th to show up. That's when Jim Edmonds poked a line drive homer to the basket in left to tie the score. Ah, the universe felt as if it was coming back to a charitable disposition. Except that in this instance charity wasn't given - it was taken. And the final collection waited until the 11th inning to bear its lovely toothy smile.

To set the table of the 11th inning picture the bases loaded with Cubs and no outs. Great position for pinch hitter Reed Johnson to be in as he took his place at the plate. He waited for the delivery of the first pitch from the brand new reliever when instead of getting a hit to win the game he was simply hit to win the game.

Kind of anticlimactic, yes, but nonetheless Johnson was hit by the first pitch, forcing in the winning run and the Cubs improved their major's leading victory total to 43.

And we raised our voices as if in unison we 41,000+ faithful on hand to mark this latest entry in what we hope is a storybook season for this team we call our own.

By the way, located at Sheffield and Clark, Wrigley Field is two and a half blocks from a transcendent bit of Chicago real estate listed by Tom McCarey of The Real Estate Lounge Chicago - 726 Addison is a luxury condo on the top floor of a fully rehabbed all brick building. With a flowing extra wide layout, this condo is perfect for any number of Chicago real estate buyers, including first-time buyers or buyers looking for a bit more space in a wonderful Lakeview location, or out of towners looking for an in-town residence.

And another thing...

Another simply gorgeous residence that single home seekers in the Chicago real estate market need to know about is 1858 Race.

Occupying a bright corner in Chicago's very hot East Village, this contemporary four-level luxury single family is the rarely available under $1MM residence. Having represented the buyers when we purchased in 2004 I can speak to the top notch quality of this Chicago single family home from top to bottom - commercial grade kitchen, artistic floating staircase, solid 8-foot doors, hardwood floors throughout, 6-zoned multi-component sound, awesome penthouse suite with walkout deck with beyond-your-imagination Chicago skyline views. Plus there's a deck atop the two-car garage. This home will appeal to luxury home seeker who is either a current Chicago resident or is a corporate relocation to Chicago.

For more information on either of these must see homes, either call me at 773.848.9241 or email me tom@TheRealEstateLoungeChicago.com.

Text messaging google to stay informed (without a surcharge)

2008-06-11T17:44:22Z

The easiest way to find what you are looking for and your don't want to pay a 75 cent surcharge by calling 411?

Send a text message to google.

That's right, send a text message to 4 6 6 4 5 3.

Here's the deal, enter the numbers 4 6 6 4 5 3 and in the body of the text you enter the bare-bones description of what you want.

For instance yesterday up and down the street surrounding our home in Chicago's Edgewater neighborhood our neighbors had the big blue cans as Chicago starts to get real about recycling. And there we were with no monolithic blue bins in front of the Tom McCarey and Nicole Hilario estate.

Boo hoo.

I don't know about you, but I don't have my alderman's number on speed dial. And I didn't feel like calling anybody at The Real Estate Lounge Chicago office so I spun up google and texted.

Moments later I had info in hand and was en route to resolving my lack of big blue cans as I called my locally elected official and explained my predicament.

Of course, dear reader and seeker of info, please don't try to perform this task while operating heavy equipment. If you are driving take a moment and pull over to the side and pose your question via text message.

And within moments you will have your response sans the surcharge of calling 411.

Of course if you have any questions about Chicago real estate, whether condos or single family homes, feel free to call me at 773.848.9241 or shoot me an email at tom@TheRealEstateLoungeChicago.com.

Ain't life grand? Talk with you soon.

Special thanks to my sister-in-law, Monica Mendez for sharing this slice of the information pie.

Opens & Sundays - Part of Landscape in Chicago Real Estate

2008-06-08T14:47:36Z

Rain, Rain, Go Away, Come Again Some Other Day!!

And so goes the lament of this Chicago real estate professional this darned damp Sunday.

Sequestered in one of the nicest condos among the current roster of Lakeview real estate I am left to my own devices. And so I plug away at the keyboard as I sit at the kitchen island at 726 W Addison.

And so it goes.

Maybe prospective open house attendees are huddled over iced lattes talking about Big Brown's failure to shop up at the Belmont yesterday. Or they are viewing you tube clips of Carlos Zambrano going ballistic in the dugout after his dismal performance against the Dodgers yesterday. Or they are prepping for tonight's game between the Lakers and Celtics.

Or maybe they were daunted by the prospect of getting doused by bucket-loads of rain that spilled from the sky at a more prodigious rate than from my sons' eyes when admonished to not throw solid objects inside of the house.

Whatever the case may be here I am and here you are not.

And until you get here that will be the simple fact of the matter.

Maybe next time. Or, if upon viewing this much nicer than average manifestation of Chicago real estate you decide that you want to see it in person, you decide to call me at 773.848.9241 to schedule an appointment of your own.

And remember, if you have a friend looking, do him or her a favor by forwarding this piece to them so they can see it for themselves.

You'll be a hero! You'll be a winner! You will be a true friend!

And I, Tom McCarey of The Real Estate Lounge Chicago, will be a happy participant in another Chicago real estate transaction where all parties are more than happy.

Connecting the Dots to Find Out More About Chicago Real Estate Projects

2008-06-07T16:56:10Z

As a kid I was a voracious reader. Starting with comic books at the dinner table and moving on to reading newspapers cover to cover to learning to love reading books under the tutelage of my third grade teacher Miss Bruch.

As I read today's Chicago Tribune I mused about an old-school journalist I used to love to read - Sydney J. Harris. One of the hallmarks of his well written columns was a section he called "Things I learned en route to looking up other things."

The unspooling of an informational ribbon, especially as I rapidly connect the dots using google, never ceases to amaze me.

The one thing that stuck in my mind from today's Tribune was a reference to the anticipated use of the Esquire Theater on Chicago's Oak Street. Hmm, I thought to myself, the decision by the developer to not seek a boutique hotel on the site but instead to create a two to three story luxury mall with the likes of Jimmy Choo, Prada, Barneys, Harry Winston and Hermes might interest my well-groomed and better mannered readers.

So I tapped in instructions to my wonderfully versatile laptop to tell me about Oak Street, learning that after the Chicago fire in 1871 this brief stretch of Chicago real estate was favored by the favored class who brought in European trained architects to reach three or four stories to the clouds and create monied mansions.

Of course, not so many of these homesteads still stand, leaving instead shops, boutiques and salons that cater to those who have arrived (and perhaps those who wish to).

More information I sought (a la Sydney J.) was whether this stretch at 1000 north fell within the geography of Chicago's Gold Coast. Alas, one set of rules indicate that this lovely quadrant commences two blocks north at Division (and falls between Lake Michigan on the east and LaSalle on the west).

For my money, though, Oak Street belongs more to the Gold Coast than it does to Rush Street or Streeterville. Maybe I am swayed by the street's affluent businesses intermingling this with the fact that the Gold Coast is considered Chicago's wealthiest area (falling only only behind Manhattan's Upper East Side). As I continued my occasional sleuthing later in the day (bear in mind that in the morning I met with clients to see two single family homes in Hinsdale, making an offer on one, next showed a listing in Chicago's East Village at 1934 Thomas, proceeded to pick up our newest family member, Lulu, from my wife in Lincoln Park, then went to show my Lakeview listing at 726 Addison (leaving Lulu in the running car with a/c), and now sit in Chicago's Edgewater neighborhood at my favorite coffee purveyor, Metropolis, telling you of this next interesting nugget).

Anyway, if you've heard this one, stop me...

For riders of Chicago's el, the big empty space between Montrose and Wilson just east of the train and along Broadway is something of a mystery.

Well, wonder no more (if Crain's Chicago Business has its sources correct). Retail giant Target says further word of their talks to place a store on the site will be released later this month. If things work out Target's ubiquitous red and white sign will grace Chicago's Uptown neighborhood, sharing the site with a 382-car parking garage and 178 units of affordable housing.

Also possibly coming to this northside neighborhood that would love to reclaim some of its past glory could be a nine- or 10-screen movie theater, a 500-car parking garage and 85,000 square feet of retail space. Also in the works and awaiting approval is a possible 21-story condominium tower at 4738-50 N. Winthrop Ave., just south of the proposed retail/parking building. The condo tower would have 131 condominiums, four levels of parking and a swimming pool.

At any rate, having unearthed all of these possibilities leaves me feeling pretty good about myself. And has me paying a bit of homage to a man I never met in an era long before computers (let alone wireless laptops). Hats off to Sydney J. Harris whose regular article and its "Things I learned en route to looking up other things" has been something of a mantra my entire life.

By the way, if you are out and about (or if you know of somebody looking for a home in Chicago) come by my open house Sunday from noon-3p at 726 W Addison. I won't be providing anything buy air conditioned air and the prospect of finding a top notch condo with an attractive price tag.

Until the next time!

Mercury Dips - Chicago's Real Weather Patterns

2008-06-05T08:14:44Z

If the rhyme were true then April's showers would be a thing of the past by now leaving us in June to luxuriate in the perpetuated scent of May's flowers.

But here in Chicago where the weather can stop on a dime nothing of the sort was present just two days past.

And so Tuesday morning I selected my sons' very stylish clothing for the day based on the previous day's "ain't life grand" foray into the 80s (degrees, not decade). Unfortunately the day veered drastically from its most immediate predecessor and we were greeted by a day straight from London - chilly, wet, and unforgiving.

So as we made our first stop at Nookie's on Wells for breakfast it was a mad sprint from our parking space a block away to the comfortable climes of a Chicago landmark. Making the tumbling raindrops even more grating as I balanced Jackson in one arm and buried my free hand in my pocket was the fact that each quarter I nabbed would purchase only 15 minutes at the meter.

And so it goes.

As a full-time realtor in Chicago and gratefully among the industry's top performers, I work every weekend, both Saturdays and Sundays. Pick up the phone and call top producing Chicago realtor Tom McCarey at 773.848.9241 and you will reach him. To offset this hectic schedule and to spend time with the reason that I work so hard (my family) I spend the bulk of Mondays and Tuesdays with my wife and my two boys. On this particular Tuesday we were on the trail to find a playset/tree house that would nestle in our side yard for the next decade for Jackson and Lucas.

On a previous excursion perusing car lots on the North Shore Nicole had spotted several suitable purveyors. With this remembrance of things past we nosed the 4 Runner north through the steadily increasing rain to take a look.

Time passed and we continued north through Chicago and traced our path up the Edens Expressway, passing Old Orchard in Skokie and nosing to where the highway ends in Deerfield. Just north of this juncture where 94 joins the tollway we stumbled into the candidates (for our kids' playsets, not the presidency).

By this time, though, the rain was of the bucketload variety and our June day felt more like we were on the verge of winter's chill rather than summer's warmth. Getting out of the car was not only not an option, it was just a plain bad idea.

So nestled in our shell we continued our northward trek. Looking back at Jackson and Lucas, donning clothing more geared for the 80s, not the 50s, I settled upon the idea to go where no man (me) had gone before, the outlet stores in Pleasant Prairie, Wisconsin. There we could amend my earlier poor choice-making and get a few more layers of clothing for those better reflections of myself, my sons.

Long story short we walked briskly, my wife and I, each carrying one of our sons as we shared our body temperatures with our offspring until Baby Gap and Old Navy and Converse afforded us sweat pants here, hooded sweatshirts there, hightop gym shoes as well.

At the end of the process there we were, full circle from where we started -Stylishly adorned boys now ready to face the day, chilled though it turned out to be.

And as I tickle the keys in this latest entry the mercury is already pushing past 70 with a thickly humid sensibility rooted in a night of heavy storms. Welcome to Tropical Chicago.

Did I say something about Chicago weather stopping on a dime. Now the dime is slick with the thick air more akin with the tropics.

And so it goes.

By the way mark your calendars to join me this Sunday as The Real Estate Lounge Chicago with @properties presents a gem of a home in Chicago's Lakeview community - 726 W Addison will be open from noon-3. This gorgeous fully rehabbed residence walks straight out of a Pottery Barn catalogue and features a flowing, spacious layout along with a parking space.

Video Visit to 1934 Thomas in Chicago's East Village Neighborhood

2008-05-26T16:24:13Z

Much has been made about the Chicago real estate market, as if a city of this size can be morphed into one sensible equation. Again and again I offer my experiences which underscore the fact that things are selling here in specific locations. And again and again I offer my experiences of buyer after buyer coming in with unrealistic offers that seemed rooted not so much in reality as they are predicated in what I perceive to be either a buyer's desire to "take advantage" of a desperate seller or a buyer's desire to not pay too much. Whatever the case may be, let me briefly tell you of my last week in the Chicago real estate market:

Lincoln Square single family home listed at $1.349MM went under contract (I represent listing)
Bucktown 3/3 luxury duplex condo listed at $699k went under contract (I represent listing)
Lakeview 2/1 newly rehabbed condo listed at $315k went under contract (I represent buyer)
Roscoe Village 2/2 new construction condo listed at $450k (I represent buyer)

But fear not, there are many other beautiful Chicago properties available, including 1934 Thomas, a one-year-old contemporary condo at the corner of Winchester and Thomas in Chicago's East Village neighborhood. Click the link below to tour this spacious and light home with floor-to-ceiling windows and spy what possibly may be your new Chicago luxury condo with two bedrooms/two baths, upgraded kitchen and master bath, hardwood flooring throughout, ideal corner location adjacent to Chicago's hot Division Street. Plus you have the ever-difficult to find garage space and second parking space. 1934 W Thomas Luxury Condo Listed by Tom McCarey of The Real Estate Lounge Chicago with @properties

Taking a Video Tour to Find your Dream Home at 726 Addison in Chicago

2008-05-20T22:18:56Z

A few months back I received a phone call from Ann. She had received my contact info from friends who suggested I would do a good job for her and her husband listing their condo in Chicago's Lakeview neighborhood.

Ann and I spoke and I emailed her one of those top-heavy real estate emails with tons of hyperlinks that spelled out where and how and how often I would market her place online. My assertive use of places like craigslist, oodle, edgeio, vast, Realtor.com, Tribune.com, and other great and secret places seemed impressive. We met after this email correspondence and Ann and her husband Mike decided to list with me.

After taking the listing I hit the ground running and kept a sprinter's pace since, relentlessly advertising their place, touting it to consumers and agents, aggressively marketing it, hosting open houses, showing the condo, and, as of today, bringing this stunning rehabbed condo to the world of Chicago home searchers in the form of a video.

I invite you to take a look. And even if this entirely delightful Chicago home doesn't work for you, bear in mind some lucky soul you know for whom it might work. And then do them a favor and forward this piece in The Real Estate Lounge Chicago to them. Maybe it will work for them.

And if it does imagine what a hero you will look like to your friends.

Wow, wow, and wow!

And feel free to call me with any and all questions at 773.848.9241.

A Saturday Night Meal Leaves Something to be Desired

2008-05-18T14:04:31Z

We cleared the 5.30 threshold Saturday night and somehow we figured we were ahead of the game.

The diaper bag was packed.

The boys were strapped into their seats.

Westward ho went the four of us, tracking down a barbecue joint new to us but universally acclaimed by those many who preceded us to its doorstep.

Saturday night wasn't such a great worry as we had pushed forward our timeline and scurried out the door sooner than the masses.

Or so we thought.

In such haste had we left our Edgewater abode that we didn't even have the restaurant's exact address. Fortunately the Blackberry was able to sift through our misspelling and pointed us to Smoque near Grace and Pulaski in Chicago's Old Irving neighborhood.

Unfortunately our well-intended plans hit snag number one as the threshold of this well-received (and tiny) eatery was packed with would-be diners whose mere presence meant a hefty wait.

No can do with Jackson and Lucas and their need to eat timely and satisfying meals.

So we punched the gas and cruised south to Diversey and Western to check out Fat Willy's in Logan Square. With more seats than Smoque we were hopeful that Fat Willy's would be able to accommodate us. Unfortunately when we rolled up there were even more people milling about the outside of this joint waiting for tables that were some 40-60 minutes away from being available.

Crestfallen with forehead to steering wheel forlornness was creeping into my emotional vocabulary.

Time now was definitely not our ally as any place to eat worth its salt would have a wait. And waiting we couldn't afford to do with two hungry lads whose primary means of communication is guttural utterances and heart-wrenching cries when they don't get their due.

We eased onto Western, southbound, with no destination in mind when Nicole suggested Calvin's near Western and Armitage in Palmer Square.

Twice before we had eaten here. Both times were satisfactory. At this point rave reviews would give way to simple satisfaction.

I suppose at the end of the day that is exactly what we encountered at Calvin's. Simple satisfaction.

It was satisfactory. No one got food poisoning. No one broke out in hives. And though the restaurant no longer buys ice (thus no iced tea which is nearly sacrilege at a rib joint), our beverages were cool enough to comfortably drink.

But come to think about it a Saturday night meal is meant to be more than satisfactory. I don't expect a marching band to high step by with each chewed morsel or every sip of a milk shake to catapult me into remembrances of pony rides as a child.

But in the front and back of my mind I expect our Saturday night dining experience to surpass merely satisfactory. But the pulled pork lacked punch, the meat refused to fall gingerly from the ribs, the turkey tasted processed, and the sweet potato fries looked like something alien and tasted as bad as they looked.

But we didn't face a line out the door to sit down and dine. Looks like there's a reason for that.

But all was not lost as we detoured to Chicago's Southport Corridor on the way home and hit the Dairy Queen at Grace and Southport. And as raindrops fell we settled in to enjoy a dipped cone and a perfectly delectable Heath Bar blizzard.

As my aged and frail mom would say, the DQ experience was a "wow, wow, wow."

Triple wow and two sugar coated babies. The perfect way to end a Saturday night.

Newly Listed (& videotaped) Luxury Single Family in Chicago's East Village

2008-05-13T17:41:30Z

The Chicago real estate market is a challenging place to find a great home for under $1,000,000. Some folks may shake their heads when reading this, but those folks who are engaged in a strategic and dynamic search of properties trying to find a home for under a million bucks are well versed in just how hard this search is. Good news, though, has arrived in the form of 1858 W Race! Located at the corner of Wolcott and Race in the hot and bustling East Village neighborhood in Chicago's West Town area, this four bed, three full and two half bath home spread through four levels with four outdoor areas and two car garage is listed at $979,900 with Tom McCarey and The Real Estate Lounge Chicago Team. Still photos of this luxury single family home are viewable at www.1858Race.com. By all means visit this site, but also stroll your mouse over the tipped over arrow below and go on a cruise control video visit to the property. This gorgeous Chicago property will be open this Sunday from 2p-4p with yours truly doing the hosting honors. If you're on the lookout for a very special single family new to the Chicago market, don't hesitate to visit me. Or to expedite your visit to feast your eyes on the glorious manifestation of contemporary residential expression call me at 773.848.9241 to arrange a private showing.

A Baby's First Sequence of Steps (and the Chicago Real Estate Market Continues Moving Forward)

2008-05-10T18:57:19Z

See the orginal expression of this post at TheRealEstateLoungeChicago.com Cinco de Mayo Makes me smile It's it's the day when my baby Lucas Walked with style... And like a battle-weary boxer reeling at the end of the fight, he staggered and jostled toward multiples of steps in a row. Congratulations on another feather in your cap! By the way, I noticed earlier in the day at Trulia, where consumers have the opportunity to ask questions of real estate professionals this inquiry. Here's the thing - despite proclamations regarding the demise of the market, the market has not met its demise. I repeat, the market has not met its demise. In the neighborhood alluded to by the questioner activity has not capriciously declined. In fact, depending on what you are looking, for it is among the steadiest of Chicago's residential neighborhoods. In fact, the neighborhoods where I transact with my buying and selling clients most often on Chicago's north and northwest sides the market is doing just fine. These areas include the Gold Coast, Old Town, Lincoln Park, Lakeview, Wrigleyville, Roscoe Village, Uptown, Andersonville, Edgewater, Lincoln Square, Bucktown, East Village, Wicker Park and North Center. To substantiate my belief are the facts of the market. See for yourself by clicking here to see a comprehensive neighborhood-by-neighborhood report done by my brokerage, Chicago's @properties. I think I understand where the Trulia questioner is coming from - over and over the drum beat of the sour real estate market is sounded in media outlets. But whereas the Tribune or Time Magazine are reporting of specific locations, what is going on in Miami or Vegas IS NOT what is going on in Chicago. I wouldn't say the Chicago market is robust. But I also think it's entirely incorrect to paint our market with the same paintbrush that is coating the canvas of tanked markets like Miami, Vegas or elsewhere. If nothing else I hope the comprehensive report I have provided here serves to offset some of the misperceptions and misconceptions of the current market. By the end of the process we, like Lucas, will find our feet steadily below us as we continue moving forward.

A Jittery Video of Bucktown Luxury Duplex Condo

2008-05-09T01:43:31Z

More and more lately I carry my video camera with me. It sits in my briefcase, bulging an unsightly bulge that oddly bumps into me when I heave the leather satchel upon my shoulder. I suppose what this camera represents to me is what the notion of a diet is to someone with a few pounds too many. It's a good idea. And there's always an intent to proceed. But the intent is commonly dragged down by a lack of will and an absence of action. And so the Sony collects dust and lint as it jostles for space with my laptop, power cord, my preferred Canon digital camera and my trusty Moses figurine. Today, however, the moment was right and the Sony veritably leapt into my hands and forced me to march back in to my new luxury condo listing in Chicago's Bucktown neighborhood. I had just finished having the property shot by a professional photographer for the condo's virtual tour (which I hope to upload tomorrow) when will and action converged and I re-entered my listing and humbled myself as a jittery amateur videographer. The results are below. Before viewing please recognize that I have no disclaimers save that the home appears narrower than it truly is. Situated on a 30 foot wide lot with side lot variances, this home features a good six or so feet more of interior space than the vast majority of Chicago homes. It also features a commercial grade kitchen, a spa like master bath and an equally nice lower level bath with perfect stone choices, a steam shower, and a whirlpool tub. A wonderful resonance emanates from this Bucktown dwelling with Brazilian cherry floors, brushed metal railings, a two-story wall of windows, fireplaces on the upper and lower levels. Plus, this home offers what many duplex seekers seek - two bedrooms on the upper level. To top it off the $699,900 list price includes an attached garage space. To take a peek click the video below. Later on Friday the gorgeous pix snapped by David Byrd at VHT will appear at the property's website, www.BigNiceHome.com. I suppose you know what's going to happen next. Now that I have stumbled out of the gate I am going to turn more and more to the Sony to lend a flowing video narrative the Tom McCarey view of Chicago and its real estate. But don't worry, I won't forget the Canon. Oh, by the way, call me at 773.848.9241 or email me at tom.mccarey@atproperties.com to arrange a showing of this beautiful home. Or do the same if you want me to apply the same "brushstrokes" to market your property.

726 W Addison - Mapping Your Way to Your New Chicago Condominium Home

2008-05-07T13:46:07Z

Remember the Dave Matthew's song "Satellite"? Spinning high above us all they weave their paths, beaming back beams that stitch together electronic tapestries overlaid with human tidbits like the location of restaurants, grocery stores, coffee shops and the like. So I turn to google and invite you to spy from above the fabulous location of my listing at 726 W Addison in Chicago's Lakeview neighborhood. Centrally located and attractively priced at $424,900, this top floor residence is spacious and offers a flowing floorplan. Gut rehabbed beautifully in 2002 your purchase price includes parking. A Handful of Lakeview Restaurants
View Larger Map And to further apprise you of the geographical wonders of this gorgeous home, consider the map below that edifies you of other edibles in the form of local grocery stores in area of Chicago's Lakeview neighborhood, including what some consider to be Chicago's finest Whole Foods at Halsted and Waveland. Lakeview Grocery Stores
View Larger Map At the end of the day, though, what's likely to move you as you search Chicago real estate for your new home is the feel and appearance of the dwelling at 726 W Addison. As such, feast your eyes on these snapshots! 726 W Addison Through the Lens of a Camera

Yikes! Call me, Tom McCarey of @properties, directly at 773.848.9241 to arrange a private showing. I will be happy to introduce you to your new home!

Sitting Pretty on a Sunny Sunday in Chicago - The Convenience of Referrals

2008-04-20T11:34:45Z

As I selected the outfits my sons would don today I mused back to the tail-end of my childhood when "Garanimals" were introduced.

Garanimals, for those not in the know, was and is a children's clothing line providing tops and bottoms each emblazoned with animal tags designed to make matching little one's outfits a bit easier. What a brilliant idea, especially early in the morning either before the coffee kicks in or before you've had a chance to even get the coffee going. The decision essentially makes itself as you simply match the giraffe to the giraffe and set your beloved forth to greet the day with a cohesive outfit.

When you think about it, though, most of us have a hankering for this degree of convenience. Whether it's turning to a yenta to help find a spouse or hiring an interior decorator to make your home "the" home most of us in some way or another have some version of "garanimals" in our lives.

Today for instance as Chicago embraces a certain type of warmth that might be an harbinger of spring to come my good man Benny Mendez and his crew are elevating my yard to a level that surely will be the envy of my Edgewater neighbors. Armed with rakes and blowers and edgers and spades these fine gentlemen are "greening" my green space and though they are doing what my wife and I can and have in the past done ourselves, Benny and his guys will be done with the task by mid-afternoon instead of sometime in mid-May which might be the case if I was running back and forth to Home Depot for mulch or some missing tool.

By the same token at times convenience is having a professional come in to do what we simply cannot.

Such is the case in our second floor apartment where my friend Tomas Acosta and his crew are upgrading the electric. If ever you have a need for the full gamut of services, whether electric or plumbing or painting or what-have-you, I can't vouch for Tomas enough.

That's what it boils down to, some times, having the word of somebody you trust to help you make a decision. Benny came to me through a colleague and Tomas was referred by my close friend Mike Plumb (who does all of my brick work).

In many instances my clients turn to me as a yenta of sorts. Whether it's referring Benny or Tomas or Mike or, as with my client Matthew, John the tile guy to get his East Village condo ready to list, my clients know that the referrals that I make are not only reliable, but they provide the same level of service that I do.

In turn, that's why my clients refer me. Having worked with me and coming to know me and my approach they trust me and invite their friends, family, and colleagues to also trust me, Tom McCarey, to assist with their real estate transactions in Chicago. Having joined @properties enables even greater latitude in providing top shelf service.

That's also why my past clients are my current clients. We don't disconnect because they know I am good to my word. In a very important way I help take the guess work out of what could be and often is a stressful part of life, whether it's making a referral for landscaping or electric or masonry, or whether it's buying or selling a home in Chicago.

I never thought about it before, but maybe I am a "garanimal" of sorts. Hmm, I'll get back to you on which one I want to be.

I also will get back to you if you want a referral from my list of professional resources. Just call me at 773.848.9241 or email me at tom.mccarey@atproperties.com.

By the way, weekend activities include...

open house Sunday from 11a-1p at 726 W Addison, a Lakeview top floor condo with parking
open house Sunday from 2p-4p at 2214 W Cullom, a Lincoln Square luxury new construction sfh

Sitting Pretty on a Sunny Sunday in Chicago - The Convenience of Referrals

2008-04-20T11:30:15Z

As I selected the outfits my sons would don today I mused back to the tail-end of my childhood when "Garanimals" were introduced.

By the same token at times convenience is having a professional come in to do what we simply cannot.

I never thought about it before, but maybe I am a "garanimal" of sorts. Hmm, I'll get back to you on which one I want to be.

I also will get back to you if you want a referral from my list of professional resources. Just call me at 773.848.9241 or email me at tom.mccarey@atproperties.com.

By the way, weekend activities include...

open house Sunday from 11a-1p at 726 W Addison, a Lakeview top floor condo with parking
open house Sunday from 2p-4p at 2214 W Cullom, a Lincoln Square luxury new construction sfh

Change Becomes Me - Joining Chicago's @properties Real Estate Brokerage

2008-04-06T23:38:09Z

Change.

It comes in a pile of coins.

Or it's expressed on the calendar four times a year with the shifting of the seasons.

Or it happens at odd, possibly unexpected times in one's professional life.

Kind of like an old school coffee percolator, the idea of a change was brewing for me a bit before the change came to be. I had been with Sussex & Reilly for three years, being recognized each year as one of the firm's top producers. And while nothing was wrong, per se, as time passed I sensed that something was missing.

And though in 2007 I was the brokerage's number two individual producer and in the top 10 of all Century 21 agents in the greater Chicagoland area I was yearning for something new and different. I also deeply desired a brokerage behind me that would enable me to continue to perform at the highest possible level with my buying and selling clients in the Chicago real estate market.

It came to me in the form of @properties.

I had received a phone call from Thad Wong, one of @'s owners a few weeks earlier. After sitting down with him for nearly two hours, talking about the state of the Chicago market, the upcoming presidential election, the viability of Chicago's bid to host the Olympics, and how @properties has ascended to become one of the strongest brokerages in Chicago and among the most recognized independent real estate brokerages in the United States I was content that I had found a new home.

Fast forward a few weeks and I, Tom McCarey, am now the newest of agents at @properties.

Fortunately for me and my clients my newness is established on a firm foundation of years of experience as one of Chicago's top realtors selling single family homes, condos, and multi-unit buildings. What's really exciting is combining my me-ness with the state-of-the-art, tech savvy systems in place at @properties.

I have the feeling that I and my buying and selling clients are on the cusp of a wonderful new beginning.

By the way, if things are changing for you or someone you know in terms of buying or selling a home in Chicago, I invite you to call me at 773.848.9241 or email me at tom.mccarey@atproperties.com to participate in this wonderful new beginning. I promise you won't be disappointed.

Meeting Moses at an East Village Coffee Shop (When He Gets an Emailed Offer)

2008-03-29T23:30:42Z

Moses tooled up to an East Village coffee shop earlier today on his new sleek silver Vespa.

It had been a while since I had seen the old guy, but I'm never surprised by what he does or how he does it. Today being a slight slice of Spring on what this year has been an ever-elongating wintry landscape he opted to go, as he referred to it, as "topless." So there he was in front of the Mercury coffee shop on Chicago Avenue just east of Ashland beaming like a goofy sophomore who was taking the prom queen to the dance.

We in Chicago tend to get a bit short of breath with each whisper of spring and mi amigoMoses, possibly as a testament to his youthful spirit, is no different as he showed off his new ultra-efficient two-wheeler before temperatures headed south again. You see though April is a slight stone's throw from where we stand there's still snow on the ground on the north side of my Edgewater home and we can see our breath when we exhale.

"Wow," I said and simultaneously wondered to myself whether Moses, a Chicago real estate pro like myself, would go to showings on the bike. No sooner had I mused this than he broke out his technological toolbox and I knew that this toga donning nutsicle didn't need the shell of a car or or the trappings of a truck to sell real estate.

From the newest Blackberry (with 10 email capacity and "tethering" ability to enable full wireless internet performance in addition to serving as a mobile phone), Bluetooth (for handsfree conversing), digital camera, an unabiding knowledge of the market and an undeniable "can do" attitude, Moses cut quite the 21st Century figure on the Chicago real estate landscape. Had I not known him so well or been so severely self-confident myself I might have been intimidated.

Instead I was impressed.

So we sat down to a mid-sized latte to talk the Chicago real estate market and what's going on with buyers, sellers, and fence sitters. Then the conversation took a turn.

That's when his phone nibbled the air with its gentle timbling.

Trying not to eavesdrop but straining to hear what I could I detected a muffled tone seeping past Moses' Bluetooth that an offer had been sent via pdf. Having been the recipient of several and various offers of late I simply hoped that the paper on which the offer had been written had not been used in vain.

Moses, ever the picture of cool conducted himself as if the caller was right there in front of him, nodding his head and squinting his eyes when needed. He purred his voice back to the caller that he would get back to him if the offer was sufficient.

Having hung up the call he winked at me over the hood of his 17 inch HP lap top. "Give me a second so I might discern if my friend and I sip from the same cup of tea."

Moments after firing up this generation's version of the teletype machine I witnessed a momentary flaring of temper as my good friend lifted his arms skyward as if to ask for divine intervention to offset what his eyes beheld.

No sooner than it appeared had the anger dissipated and he regained his game face. He nodded at me and chuckled, "It appears that the caller's tea cup is dangling in a different plane of reality."

Not being all-too-versed in Heidegger I allowed the silence between us to exist until he wished to puncture it.

And so each of us quietly returned to our delicious caffeinated beverages until he allowed that the offer orbited at 85% of asking price.

He went on to say that the roughly 85% offer was made on a listing price that he, his client, and the overall East Village market deemed to be a fair value price.

He didn't seemed insulted. Nor did he appear perturbed. Instead, if I was to characterize his demeanor, it would be that he was stoically fatigued.

Now I don't mean to say that Moses seemed ready to take a John McCain-type middle of the day nap - but as he spider-mirrored his finger tips together he chewed out the words that he couldn't wait for good sense and reason to reappear in the Chicago real estate market.

"What's next?," I asked him.

"It's up to my client - but in all likelihood we'll meet their salaciousness with silence. That or a take it or leave it number well beyond their starting point."

We sat again in silence, possibly the same silence that would serve as his client's response to this exquisitely low offer, and I wondered what was behind the buyer's starting point.

Did he think that he'd buy the place with such a scathingly low offer?
Did he think by starting so low that he'd be able to buy the middle?
Was he thinking at all?

A few more minutes passed, the level of caffeine lowered while our degrees of personal caffeination increased when the phone rang again. This time it was my 10 email capable wireless internet tethering Blackberry that I had patched into my own laptop.

"Hi, Tom McCarey," I crooned into the phone. It was an agent I didn't know wanting to schedule a showing of one of my condo listings at the last minute. Knowing that my clients were out of town and that they kept the place ready to show at a moment's notice I told her I would meet her in front of the property.

I wanted to grill her - how long has your client been looking, how many places have you seen, how many places have you seen today, what's the timeline, the motivation, is your client thinking there's a "deal" or is your client reasonable.

Sure, it could be the same thing Moses and I had spent the last half hour mulling over. But then again, you never know who you might meet.

By the way, Sunday's opens include:

856 N Paulina from 11a-1p (East Village condo) and 2214 W Cullom from 2p-4p (Lincoln Square new construction single family home).

Assigning value - it's all subjective

2008-03-23T18:16:45Z

Half a dozen of one, six of the other.

That might be the subtitle for the merging together of half of a box of a dozen frozen fish sticks found by an Ohio woman last week.

But instead of tossing the x-shaped trio on the frying pan, Victoria Landis tossed them on ebay where their Easter week appearance and Calvary Hill resemblance garnered a winning bid of just shy of $79.

When I first heard the report on Chicago's Newsradio 780 I thought to myself that how we place value on things is nearly mysterious.

Somebody somewhere some time Saturday received a styrofoam box chock full of dry ice surrounding three pairs of frozen fish sticks that very possibly reminds them of the holiest day of the Christian calendar. And to get it they plunked down $78.77 at a time when consumers are spending less and less in grocery stores and big box stores, department stores and retail stores.

I thought of the fish sticks again Saturday as I showed a new East Village condo listing to a young man and his father. More and more lately idle chit chat during showings has been replaced by what seems to be a gnawing sense of entitlement by prospective buyers as they ask one of two questions -

How long has this been on the market?
How motivated is the seller?

On Saturday the buyer's dad went a step further when he replaced "motivated" with "desperate."

"Desperation," I replied, "doesn't accurately describe this client or any of my clients."

One of the glorious misperceptions of the current real estate market is the sentiment by buyers that sellers not only will take any offer presented but that they will be obsequiously grateful to receive it. The underpinnings of this sentiment smack a bit too much like the philosophy of the Marquis de Sade for my tastes.

The reality of the current market (as I see it from the listing side) mixes the following factors -

properly priced properties sell
even with proper pricing we can expect lengthier market times
even with proper pricing we can expect low, possibly unrealistic, offers
be patient to sell properly priced properties

Not to unfairly saddle Saturday's dad as guilty of making an intemperate remark - there are desperate souls trying to sell their homes. But the common traits of these unfortunate folks include that they perhaps bought too high, that their adjustable rate adjusted (and multiplied their monthly payment), perhaps they took out a home equity line and now their home is not worth as much (leaving them to make an inflated monthly payment), perhaps they have lost work as the Bush economic plan continues to bear fruit.

And while a front page Sunday article in the New York Times recounted how people are taking bartering into the realm of big box stores I paid my full tab at Charlie's Ale House on Clark Street in Andersonville Saturday afternoon and for a couple of cigars later in the day at Up Down Tobacco on Wells Street in Old Town and for Easter brunch with my family on Michigan Avenue in the Gold Coast.

But I digress. Sure it's no secret that there is desperation on the listing side. But across the board my resale clients - whether in Lakeview, the Ukrainian Village, the East Village, West Town, or Wrigleyville - are selling their current homes simply to enable them to move toward their next home purchase.

In each instance we listed the home after establishing its fair market value and recognizing that we could expect increased marketing time.

I guess what it boils down to is the fact that each of my clients would like to sell but none of them NEEDS to sell. Conversely, I suspect that each of the showings I have conducted at each of my listings has presented prospective buyers who would like to buy but perhaps DO NOT NEED to buy.

What I remember from Econ 101 is that this then is the market. All we need now is for reason to prevail between the two sides. If the past is any indication, we have grounds for optimism.

After all a woman in Ohio just sold three frozen pairs of fish sticks for nearly $80. You don't even want to know how that is per square foot.

Hope Defines Me - Meeting Barack on a Sunday Afternoon

2008-03-19T00:12:33Z

Lucas turned one last week. And the change is colossal.

He always was a bright child - but now I will wake in the morning to find him transliterating speeches of the aspiring presidential candidates into both Latin and Greek. Nonplussed by criticism of some naysayers that these so-called "dead" languages are pointless, Lucas laughs and utters truisms in Mandarin that silence his critics.

If only it were so easy to quiet all critics.

I thought of this several days ago when I met an appraiser at one of my listings that recently went under contract. He mentioned that he was having difficulty coming up with comps to justify the sales price of the property.

"Really," I responded. "And what are your guidelines?"

"Basically," he said, "lenders are demanding closed transactions within the last six months within a five and no more than an eight block radius." In and of itself this is not unusual.

Until you consider that the transaction pipeline just about dried up in Chicago last May. And because not much has sold for about ten months (and in some locales for nearly twice as long) it becomes problematic to glean comps for homes that are selling now. And without comps funders won't be willing to fund.

Now my point is not to say that the underwriter considering the loan package concerning my listing is a critic that I seek to ssh. But what I do seek to give the big librarian-style glare to is the entire lending industry that is applying unrealistic standards to what most analysts refer to as a crisis.

Let me put it to you this way - who knows the market better, the couple under contract for my East Village single family listing who scoured the entire northside market since last September or a pencil-pusher in a fluorescent-lit cube far-removed from the great Chicago landscape that we call home?

My money is on the locals. But the funding decision sits with the man in the cube.

As with all things my sincerest hope is that reason will prevail. This goes for the real estate market, for the economy, and for the presidential election.

Actually, this is one of those "fill in the blank" things. I hope for reason to prevail in all things. And to make it even more concise, the crux of my life philosophy is that I hope.

That's why I was so thrilled Sunday as my family and I made our way to the parking garage at Bloomie's and we ran into another stalwart advocate of hope, Barack Obama.

And while I don't know if he transliterates Greek or Latin like my boy Lucas what I do know without reservation is that I trust in his hands the well-being of my sons and my family.

The Red Phone Rings - The Answer(er) Is

2008-03-13T00:18:39Z

"Jackson," I said to my two-and-a-half year old son, "Who do you want to answer the phone at 3 am?"

"Daddy," he squealed enthusiastically.

Whether it was me he would like to answer the phone in the middle of the night (or morning for that matter), or whether he was simply responding to my presence as daddy I can't tell you.

I then turned to my son Lucas and asked him the same question.

Having just turned one-year-old I figured he'd be a reasonable resource. "Lucas, who should answer the phone at 3 in the morning."He went the direction I figured he might when he lifted his hand to his ear and uttered his first and favorite word, "Hola."

So perhaps he was suggesting that he should answer the phone.

Maybe not such a bad option given the impish nature of the ad that has brought the red phone to the forefront of the American political consciousness.

It was just a few weeks back when an ominous stentorian voice crooned something to the effect that the safety of our children rested on the right person picking up the ringing red phone at the White House at three in the morning.

I thought to myself on the first viewing what a creepy ad.

My second thought was why would Hillary would be up and fully dressed in her Bea Arthur best at 3 am.

Still lacking a viable answer to this plausible question and wondering how she developed her sense of style I am sadly left to ponder why such a sophomoric ad apparently resonated with voters.

My b+llsh+t meter starts to go off anytime somebody starts preaching to me about how wise or smart or experienced they are. We see it in politics. And we see it in real estate where some purveyors seem rooted in the idea that style trumps substance.

Whatever the case may be I can only tend my own garden. And so when my phone rings, I answer it. When I get an email, I respond to it. When I chart a course of action with my buying or selling clients I pursue it zealously and professionally until we achieve the goal we set out to achieve.

I understand why some folks feel the need to lift the megaphone to their lips and loudly pronounce their presence and superiority. Heck, I'd like to take this opportunity to tell you about my extremely high IQ and my top performer status in the Chicago real estate market. But I feel even more strongly that what I do, how I do it and what my past clients say about me tells the more accurate story.

On the other hand, I'm not in the least reticent about telling you just how amazing my boys are...

A Five Hour Home Inspection and How a "Promiscuous" Home Buyer Made a Comittment

2008-03-09T23:48:18Z

Thursday evening at 6.30 I headed home from one of my recently sold listings. I had just turned over five hours of my life to the longest home inspection I have ever endured.

If you haven't participated in a home inspection lately (or ever), the point of this enterprise is to provide the home buyer with a deeper understanding of what he or she is buying and to ensure that the home is not a moldering piece of fly-attracting excrement.

I had never met Thursday's inspector so I had no preconceived notion of his modus operandi. And though he spent five sweeps of the big hand past the top of the hour in this three-level home, his pain-staking exploration found nothing of particular consequence. Certainly nothing to provoke the buyers to flee the deal screaming.

So we invested five hours (plus the hour-and-a-half more he spent before everyone else arrived on the roof and checking out the exterior) and I found out these three things:

the house is in good shape
the inspector was extremely exacting
the buyers are funny and interesting people

My personal philosophy at home inspections is to lay low and stay out of the inspector's way. He's there to do a job and my job is to let him do his job with little to no interference. One of the most enervating things I've encountered when transacting a piece of property is a yipping listing agent who feels the need to argue with the inspector about everything.

So anyway, hour one, hour two, hour three, etcetera, are wending their way into the history books and I chit chat with the various participants in the transaction. Somewhere in the second hour after several brief conversational flurries I fire up the Blackberry and name trace the buyers and find out that he is a well-respected digital photographer and she is a prominent doctor who studies sleep patterns and disorders.

It must have been the third hour when I asked how she and her husband came to work with Rafael. "Well," she responded, "we had been rather promiscuous." A funny way to put it, but the terminology resonated with me.

It turns out they had called on a property when they reached Rafael. As is the case at just about every brokerage, Rafael was responding to an inquiry that did not involve his listing. But his demeanor was comfortable and professional. Time passed and they wound up calling him with questions about other places.

Pretty soon the occasional phone calls turned into something more... they evolved into a full-fledged commitment.

When you think about it, finding a realtor resembles courtship. It's not about the romance, it's about the trust. Who said it, I don't know, but someone with a book on a shelf in a Barnes & Noble has undoubtedly written that relationships are about finding the someone that complements you, that fills that gap that exists in you. Since people buying homes don't always have a full breadth of experience undertaking this stressful and expensive activity they turn to a realtor to "fill that gap" and help them do it well and do it right.

After the search bears fruit and a home is found, the next step for the realtor is to help the buyers make a fully informed decision regarding the property through a home inspection. And while I am not a fan of such L O N G inspections as last Thursday, I recognize them for what they are - an important part in the home-buying process, a critical part that helps to "fill that gap."

At any rate, a few minor details remain to be ironed out but it looks like it's all systems go for an end-of-the-month closing.

In the meantime I hope you will join me in wishing my son Lucas a happy first birthday.

Born March 10, 2007, Lucas Storm Hilario McCarey has been a gracious source of uninhibited joy in our lives. With intense blue eyes that gaze in a thoughtful fashion from early in the morning through the latter portion of the evening, Lucas possesses an old soul that is here on this earth to do things of consequence. And silly things like morning or afternoon naps are minor irritants that he doesn't abide by. Witness the flight back from Rome the day before New Year's Eve when he opted to nap for all of 20 minutes on the 11 hour flight.

Happy birthday beautiful!

The Rumored Demise - Another Home Sells In Chicago

2008-03-03T09:37:44Z

The Chicago real estate market today? I can't help but think of Mark Twain's quote, "Rumors of my death have been greatly exaggerated."

Yesterday my clients finalized negotiations of an offer for their home in West Town. Listed in the upper six figures, this residence attracted the prospective buyers back for three showings before they made a strong initial offer that needed minimal back and forth to satisfy both parties. And so we proceed.

The next step in this process is for the buyers to have the home inspected during the five-day review period while they set about getting underwriting for their 80% loan. I am not sure whether or not media coverage of the mortgage meltdown inspired these buyers to cross their t's and dot their i's before setting off on their search but they had their paperwork in order before making their offer with a substantiated pre-approval relative to the agreed upon purchase price.

So while nobody in their right mind would claim that things are robust in Chicago, the truth of the matter is that single family homes and condominiums are selling. Time on the market has increased which I ascribe to several factors

buyers with homes to sell are waiting until they sell to buy
the general state of the economy has resulted in increased consumer trepidation
the state of the mortgage market has tightened lending standards
there is a tremendous amount of inventory available, and
some consumers are taking the idea of a "buyer's market" to extremes with unreasonably low offers

In certain respects the real estate market resembles the physical health of Chicagoans like myself who belong to a health club. And though I don't work out every day, I work out enough to be in good shape (just like I perceive the market). I tout enough weights, do enough cardio and apply the general principles of yoga enough to be in reasonably good shape. And like the real estate market, I too have a longer market time than I used to.

To gain physical proof today that "rumors of my death have been greatly exaggerated" I invite you to join me at the two open houses I am hosting:

2043 West Fletcher
11.30-1.30
Roscoe Village New Construction Extra Wide SFH
$1.599MM

2706 North Mildred
2p-4p
Lincoln Park Masterpiece SFH
$2.895MM

And my listing in Lakeview will be open this afternoon as well with Cindy Clarke

726 West Addison, #3
Noon-2p
Lakeview Fully Rehabbed Penthouse Condo
$439,900

The Tossing of Nader's Hat - Things Relevant & Irrelevant in Chicago

2008-02-26T01:57:17Z

Ralph Nader Sunday left the wintry hole that I think he shares with Puxatawny Phil somewhere in the Pennsylvanian hinterland. Upon emerging he saw his shadow and evidently that proved to be the deciding factor as he declared his intention to throw his hat into the presidential ring. All 157 of his supporters across the nation cheered madly. Other saner people shook their heads as they collectively tried to remember the last time that Ralph did anything relevant.

Upon hearing the news my nearly one-year-old son Lucas sat speechless. Just shy of his first birthday Lucas puzzled over why a 74-year-0ld curmudgeon would feel compelled to lead the free world. Then, after a few minutes, his face broke into a grin as he figured we were pulling his leg.

But his brother Jackson popped the brief balloon of amusement as as he tearfully uttered, "No."

Not quite two-and-a-half, and conversant with three to five word sentences interspersed with language that only the angels and his younger brother can understand, Jackson relied on words, gibberish, heartfelt howls, and a few knocks to the noggin to explain to Lucas that Nader was indeed running.

And while he granted that once Nader had honor as he donned wrinkled shirts and poly-blend suits from Sears to battle corporate ne'er-do-wells that were driven by the bottom line more than the higher value, he concluded that Nader's honor was being tarnished by his quadrennial hot flashes to shine the spotlight more on himself than any malefactor in a fancy suit and an overly generous expense account.

Inspired by his brother's rant Lucas raised his hands as if to ward off the taint of Nader. At the same time he wondered how anybody could possibly vote for a guy who didn't look capable of sharpening his own pencil.

But Jackson pointed out that Nader's presence on the ballot in 2000 enabled another fellah accused of wielding dull number 2's to be gifted with the presidency by a bunch of judges in dark robes.

I understand that it's old Ralph's right to run for president just as it's the right of roaming bands of misanthropes to support him. But I emphatically believe that the rights provided by this beautiful experiment called democracy comes with RESPONSIBILITIES. And I, like my two-year-old and nearly-one-year-old sons, think the self-congratulating Nader is willfully ignorant of these responsibilities.

My sincere hope is that as little attention as possible will be paid to Nader and that he will climb back into whatever hole he climbed out of and take with him his Sears' suits and shirts speckled with gravy stains from the 70's.

In the meantime we are getting ready to greet Lucas' first year here with a fiesta. Today we journeyed to The T-Shirt Deli in Chicago's Bucktown neighborhood to print up a festive t-shirt that the baby boy will don as we snap a photo for the card we will share with friends and family. As we did when Jackson turned one, we emblazoned the back with a big number one and Lucas' name.

By the way, two blocks from this shop in Bucktown on Wood Street we closed a new construction single family. Listed at $1.6MM we received a cash offer with a three week close and sold the home for $1.52MM.