Chitownproperty

Sales of previously owned homes fell for the second month in a row in November. What does this mean for you? As the market slows, homes will typically stay on the market longer and buyers will find themselves in a much better bargaining position. Sellers may not be able to reach for the stars anymore with their asking prices, but the market is cooling at a reasonable pace because mortgage rates have been rising moderately–not the crash many have predicted, especially in Chicago where prices were never artificially inflated in the first place.

The New York Times has a new real estate blog called The Walk Through. It’s been up and running for about a month now, but looks like it’s getting updated a good 5-6 times a day. It’s worth a read, a good source of more national real estate news.

Were those predictions about massive winter heating bills premature? This winter has been on the warm side, but gas prices are so much higher this year, you should still budget for a hefty increase.

This year’s Cook County tax scavenger sale was held on Wednesday. The biennial event featured 20,000 land parcels with over two years of delinquent taxes for sale. Buyers can bid as little as $250 on the land, then the owner has between six months to two and half years to redeem the taxes. Otherwise the buyer can petition for a deed to the land. If the owner does redeem the taxes, the buyer can collect anywhere from 12 to 51 percent interest.

A state law intended to curb predatory lending practices is set to go in effect Jan. 1, but some of its restrictions are causing confusion among lenders. The law seeks to lower the foreclosure rate in Cook County by tracking loans made in neighborhoods with high rates of defaulted loans. As it stands, the law is rather ambiguous about which loans in what neighborhoods are subject to the new rules, so some lenders are afraid to make any loans in Cook County after the new year until the state clarifies the rule. The state promises to introduce emergency rules to clarify the situation soon.

Broker Agent News’s Mark Nash gives his opinion of what’s in and what’s out for homes in 2006. Among other things, he says smaller homes that are ready for high-tech touches like flat screen TVs, built in stereos, and high speed internet are in demand, while dark finishes and lack of natural light are out.

The most simple solution to keeping your heating bills down this winter is to turn the thermostat down. You may not like keeping the house a little chilly while you’re home, but at least turn it down a few degrees when you aren’t. A high-tech way to do this is to install a programmable thermostat that can change the temperature on a schedule. Such units go for anywhere from $35 to $350.

Parking garage operator Interpark, a division of General Electric, has filed a zoning application with the city to build a 44-story, 335 unit residential tower at 215 W. Washington, the former site of one of the city’s oldest parking garages. The company hasn’t said whether the units will be sold or rented, but expects construction to begin in 2006.

The National Association of Realtors has just published their 2005 Field Guide to Remodeling. It includes a plethora of links, articles, and reports with information on everything you need to know before starting a remodeling project.

One of the highlights is the Cost vs. Value Report, a detailed assessment of the return value on remodeling costs for different parts of your home. Here is a sample of the average nationwide return on investment for various projects:

• Deck addition – 90.3%
• Major kitchen remodel – 84.8%
• Bathroom remodel – 102.2%
• New roof – 84.7%
• Family room addition – 83%
• Master suite addition – 82.4%

The South Loop is quickly becoming known for its nightlife, proximity to downtown and the Museum Campus, and of course, its luxury high rises featuring spectacular views. The Sun-Times highlights some of the South Loop’s signature buildings and new developments in this feature.

Synthetic building materials are gaining popularity because they look almost identical to the real thing, cost less to maintain, last longer, and are often easier to install. Man-made materials like fiberglass doors, cement siding, laminate floors, and brick veneer may cost slightly more than their authentic wood, stone, and metal counterparts, but the cost is recouped over their lifetime with less upkeep. However, while these components do a good impersonation of traditional materials, discerning eyes can still tell they aren’t the real thing. You have to decide if the cost benefit is worth the aesthetic tradeoff.

The state of Illinois requires both mortgage brokerages and its individual employees to be licensed and registered with the state to prevent predatory lending. The state has also enacted strict laws prohibiting abusive lending practices. You can check the registration status of your mortgage broker by checking a web site run by the Illinois Department of Financial and Professional Regulation at www.obrelookupclear.state.il.us.

Chicago condo buildings come in two flavors: eight-floor loft or vintage low-rises with large rooms and plenty of architectural details, or towering full-service high-rises with luxury amenitites and a view. The type of building you like says a lot about your lifestyle.

Rogers Park Manor on the North Side has been added to the bungalow districts listed on the National Register of Historic Places, making it the fourth such neighborhood in Chicago. Homeowners in the neighborhood benefit from added prestige, and can also now apply for an 8-year property tax freeze if they are completing major home renovations. You can find out more about historic bungalow neighborhoods at the Historic Chicago Bungalow Association.

From the Sun-Times:

Some of the best houses in a new development might be the ones sold last. Savvy builders have learned that when the final units are being completed there had better be a variety of sizes in good locations or they might be on the market for a while.

The last buyers often can pick up price discounts, free upgrades and options and all the bells and whistles that the builder might have put into his model homes, such as professional decorating and fancy fixtures.