Illinois

Top 10 Ways I Convinced My Husband to Move to the Suburbs

I want to take a quick second to apologize for the recent absence of new blog posts here on BurbFeeder.com. I have achieved something monumental in the past couple of weeks that was several years in the making.

To start, let’s go back to February 2nd of 2005. It was a frigid, snowy Chicago Winter night. Too preoccupied to be cold and too rushed to be nervous, I dashed out of a listing appointment and raced to make a first date at a restaurant called Boka in Chicago. We said our “nice to meet you’s,” shared a couple of drinks and started to get to know each other. One year later we were engaged. Two years later we were married. Three years later, here we are. Within the past week, we’ve swapped our city digs for life in suburbia; the result of a major campaign on my part to convince my husband Bill that Barrington might be just as hip and happening as our old hood, Chicago’s Lincoln Square.

The task was far from easy. What could I possibly say to get a downtown dude to consent to leaving the daily city stimulants for life in the burbs? I appealed to his appetite, his pet peeves and his love of sports, of course. Here are the top ten ways I sold him on suburbia:

#10. Bike Paths and Forest Preserves - Lakefront, Shmakefront.
Who needs to dodge the running, biking and rollerblading
masses that swarm the shores of Lake Michigan?
#9. Thank You Express Train – A 45 Minute trip on the Metra will
transport us right back into the heart of the hustle and bustle.
Plus… no more long platform waits and stop-and-go commutes on
the drafty old EL
#8. Showed Him the Door – To the Basement of our New House
He always told me he wanted his own space to watch football,
keep his tools and hang is sports paraphernalia - Honey, Have at it!
#7. Goodbye Davis, Hello Catlow - Another neighborhood movie theater in our new neck of the woods
#6. Found Him a Place to Play Hoops - Signed Him Up at Good Shepherd Health and Fitness Center
#5. Wooed Him at Wool Street Grill - The closest sports bar & frosty
beverage are just a few blocks away
#4. Filled Him With Boloney at Boloney’s Sandwich Shop in
Barrington – He keeps asking me if I’m in the mood for a Sandwich
#3. Mayor Daley Made it Easier – Chicago’s Real Estate Transfer Tax
and Sales Tax are reason enough to say sayonara to the city
#2. Goebbert’s Pumpkin Farm - A great way to get our city friends to
to pile their kids in the car and pay us a Fall visit.
#1.  Hello Baby –  We found out we’re expecting our first child – just in
nick of time. Our baby is due in September and will love
the back yard and space here that would have cost so much more in any
of our favorite Chicago neighborhoods.

I sit, as I write, surrounded by unpacked boxes and giant balls of shriveled shrink wrap. The great irony is that since we’ve moved to the suburbs, business for me has picked up immensely in the city. I’m driving down there almost every day to show properties, connect with clients and check on listings. I’m happy to have so many reasons to go back. Bill is not the only one transitioning. We’re getting used to the new pace and change of scenery; new neighbors, new streets, parking places everywhere and far fewer sirens. Even a trip to good old Jewel feels a little foreign.

I’ve had so many clients who’ve made this move before me. Some who have shared my husband’s sense of major life change and even loss. It helps that we’re still so close to our favorite city and our friends. We’re settling, unpacking and adapting, one Boloney’s bite at a time.

Written by:
Liz Luby – REALTOR
The Luby Group – Coldwell Banker
Phone: 847-691-3150
Fax: 847-512-5466
Website: TheLubyGroup.com
Blog: BurbFeeder.com

Illinois

Landa’s Lowdown – Why Aren’t Interest Rates Any Lower?

“Why aren’t the interest rates any lower?!?” The lament heard by loan officers everywhere. Contrary to the popular belief that when the Fed’s cut the Federal Funds rate that mortgage rates follow in lockstep; mortgage rates are actually about the same as they have been for the last three weeks. Which is, on average, 5.75% for the lowest-fee 30-year conforming loan. If you need confirmation; check out www.freddiemac.com. They provide a weekly survey that is minus any sales pitch or media spin.

It’s tough for hard working loan officers to overcome the media hype that accompanies a “dramatic” Fed move in rates. Is a 1.25% cut in 8 days in the Fed Funds rate “dramatic?” Absolutely. Does it mean that conforming loan rates are 1.25% lower than they were last month? Absolutely NOT.

Mortgages are priced off the 10-year Treasury bond – a wholly different instrument than the Fed Funds rate or the Fed discount rate. Currently, the yield on the 10-year note is hovering at around 3.60%. That yield gives us 30-year mortgage rates under 6%, which is much better that seven or eight months ago.

This move by the Fed will certainly help homeowners who are currently in adjustable rate mortgages. It can even be advantageous to recent home buyers who locked their rates in the 6.5% range last summer. Depending on the size of their loan, a refinance may be in order. And, it’s certainly a GREAT situation for home buyers in the market right now – they can buy more house for the same monthly payment they were looking at last year.

The rate cut seems to be having the immediate sought-after effect – a shot in the arm for the ever popular “Spring” housing market. Now is a great time to buy – there is lots of inventory out there to pick from and great financing options.

Written By:
Terri Landa
Mortgage Advisor
Coldwell Banker Home Loans
Office: 847-382-3780
Cell: 847-921-6817
Email: terri.landa@mortgagefamily.com
TerriLanda.ColdwellBankerHomeLoans.com

Tags: 60010, Barrington, Barrington Real Estate, Illinois, Mortgage, Interest Rates, Fed Rate Cut, Home Buyers, Refinance, FreddieMac, Home Financing

Illinois

How to Survive The Real Estate Apocalypse – Challenging the Media

Before we consider the latest economic forecasts, let’s start by separating Fact from Fiction. Here are some of the FICTIONS born from the buzz about today’s Real Estate Market:

• It is impossible to sell a home today and make a profit.
• Property values have stopped increasing and started decreasing throughout the Chicago Suburbs.
• Your home won’t sell unless it’s under-priced.

Here are some of the FACTS we’re facing in today’s Real Estate Market.

• Specific areas in the Chicago Suburbs are still seeing property values steadily rise, though not as rapidly as in recent years. 
• The most competitively priced properties are selling first – at a faster pace and with more appreciation in Chicagoland compared to many cities throughout the country.
• Today’s buyers are passing up on properties that are not in pristine condition or are priced for yesterday’s market.
• Market times are rising. The number of detached single-family homes listed for sale in October was enough to last 10½ months at the current sales rate. (National Association of REALTORS.)
• Existing home sales are nearing 5.67 Million for 2007, the 5th highest on record. That’s down from 6.48 Million in 2006, 7.08 Million in 2005, 6.78 Million in 2004, 6.18 Million in 2003 and about on par with the 5.63 Million sold in 2004. (National Association of REALTORS.)
• Home prices in 10 major metropolitan areas in October were down 6.7% from a year earlier – the biggest year-to-year decline since April of 1991. However, the same study shows that home prices in Chicago (as a whole) are only down 3.2%. (S&P/Case-Shiller home-price indexes.)

In the Standard & Poor’s Home Prices report that was just released, researchers looked at recent home sale prices in 20 cities. They included statistics from the Chicago real estate market in their analysis. The GOOD NEWS is that Chicago (which saw a -3.2% change from 2006 to 2007) did NOT top the list of cities where property values have dropped the most. That unfortunate distinction goes to cities like Miami (-12.4%), Tampa (-11.8%), Detroit (-11.2%), San Diego (11.1%), Las Vegas (-10.7%) and Phoenix (-10.6%). The BAD NEWS comes in the form of a quote, which is attached to the report. Yale economist and creator of the home price indexes, Robert J. Shiller says, “No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim.” The chart below shows how Chicago compares and illustrates an interesting and important point.

Single Family Home Appreciation Comparison by City
(Source: Standard & Poor’s Data Through October, 2007)

Do you see Chicago? It’s the green line kind of close to the middle that doesn’t spike very high or very low. Since 2000, Chicago’s line increases steadily, with a relatively mild turn in 2007. The Chicago line mirrors that of our nice and stable Midwestern region, as a whole, which has been spared the extremes seen in the real estate markets that led the housing boom, like California, Florida and Arizona. And what about the cities that are in the best shape, according to this study, like Charlotte (+4.3%), Seattle (+2.2%) and Portland (+1.9%)? Home prices are still up from a year ago in these cities, but we don’t hear much about the places where the real estate market is steady and strong.

Having spent ten years as a journalist, I understand all too well what’s happening here. It has more to do with what reporters choose to highlight and what the media chooses to focus on. Speaking from experience, the worst or saddest news of the day is typically the lead story, especially when people are suffering.

We understand that these times are difficult for home owners who can’t afford their adjusting mortgages and are losing their homes due to foreclosure. We have clients whose homes are taking much longer than “normal” to sell and, like you, we’re taking a concerned look at how all of this impacts our own personal homes and investments. The tides are turning and the market is in the thick of a necessary and overdue correction. But we believe the media’s “one-size-fits-all” mode of reporting has contributed a great deal to the problem.

Just consider these headlines, excerpts, quotes and key words from some recent real estate news stories: “War? Disaster? Nuclear ambitions? What could derail the housing market?” “Falling House Prices are the Number 1 Danger to the Economy,” “Few are Optimistic,” “Brace Yourself for Real Estate Aftershock” “Mortgage Meltdown” and “Collateral Damage” top the list. Even economist Robert Shiller has said that “the collapse in home prices might turn out to be the most severe since the Great Depression.” Yet just last week the government reported that consumer spending in November grew at the fastest pace in 3½ years. Maybe we’re just too short sighted to panic about what the media might call the impending Armageddon here. We have definitely seen a change in the pace of appreciation. We can’t ignore the rising market times. We have conversations with frustrated sellers daily. But if our business is any indication, real estate remains a sage and steady investment for Chicago Suburban home buyers and sellers.

Looking back, real estate events in 2007 were, without argument from us, “unprecedented.” Many areas of the country saw declining house prices as buyer demand decreased and housing inventory increased to the highest level nationally in 22 years. Additionally, chaos in the mortgage industry resulted in lower home sales and a rise in foreclosures, compounding the market’s underperformance. It is likely that many of the problems plaguing 2007 will continue into 2008. However, as December draws to a close, we are optimistic that 2008 will be slightly improved with market conditions stabilizing and home sales regaining strength.

According to Lawrence Yun, the National Association of Realtor’s chief economist, “The worst of the credit crunch has already worked its way through the data and the strength of the Midwest market which is affordable and possibly even undervalued, will help raise the national median existing home price slightly in 2008.” Existing home sales for 2007 will most likely total 5.67 million, the 5th highest on record, and rise to 5.70 million in 2008, in contrast to 6.48 million in 2006. The 30-year fixed-rate mortgage is estimated to rise slowly to the 6.4 percent range by the end of 2008, with additional cuts in the Fed funds rate lowering short-term interest rates. Recent forecasts of a recession are tempered by a look at today’s unemployment rates, currently at 4.6 percent for 2007, unchanged from last year. Economists predict the rates will rise, though slightly, to 5.0 percent for 2008. Inflation as measured by the Consumer Price Index will likely be 2.8 percent this year and 2.7 percent in 2008, down from 3.2 percent in 2006. And as more home owners default on their loans, throughout the country, many are going back to renting. The home ownership rate in the third quarter stood at 68.2% of households, down from a peak of 69.2% in 2004. It’s a bitter pill for this group of home owners, but a trend to watch for those in the business of buying investment or rental properties.

Although the economy is fundamentally sound, unemployment relatively low and jobs gaining, our real estate outlook for 2008 is guarded. We agree that buying a home continues to be the single best long-term investment people can make. The fact that housing prices having adjusted downward over the past 18 months and interest rates remain relatively low bode well for a gradual recovery in the home sale activity beginning in 2008.

Written by Suzanne & Liz Luby
Coldwell Banker Residential Brokerage
303 East Main Street Suite 100
Barrington, IL 60010
Suzanne’s Cell: 847-922-7773
Liz’s Cell: 847-691-3150
Website: TheLubyGroup.com

Tags: Chicago Northwest Suburbs, Barrington, Inverness, Illinois, Real Estate, Homes For Sale, Market Trends, Real Estate Forecast for 2008, Appreciation Rates, Home Sale Prices, National Comparison, The Luby Group, Suzanne and Liz Luby, REALTORS

Illinois

SOLD – Luxury Living in Lisle, IL – 60532

2001 Hitchcock – Lisle, IL – 60532

List Price:  $849,900

Gorgeous, immaculate and like-new home on 2/3 acre across from wooded park & minutes to the train and I88. Volume ceilings, gourmet kitchen with maple cabinets, granite counters & stainless steel appliances. First floor study, beautiful built-ins & detailed moldings. Luxurious master suite & 2nd family room upstairs also functions as large home office.  Beautiful finished lower level with rec room, game room, wet bar, full bath & fifth Bedroom or Exercise Room. VERY VERSITILE! Call Suzanne at 847-922-7773 or Liz at 847-691-3150 for more information or to schedule a private showing. For more photos & virtual tours, please visit TheLubyGroup.com.

Directions: Yackley (between Ogden & Maple) to Hitchcock West

Click Here for the List Price and Property Details

Click Here for Virtual Tours and Additional Photos

Proudly Listed by The Luby Group – Suzanne & Liz Luby
Coldwell Banker Residential Brokerage – Licensed in Illinois
Suzanne’s Cell: 847-922-7773 Liz’s Cell: 847-691-3150

Illinois

Barrington Area Market Data: 2005 Through 2007 – Single Family Homes, Townhomes & Condos

In an effort to help home buyers and sellers analyze the real estate market data that impacts their properties, we’re going to regularly post the latest market statistics right here on BurbFeeder.com and on TheLubyGroup.com. We hope you’ll visit us again for updated statistics and to help keep us on our toes. The data will be here!

“Torture numbers, and they’ll confess to anything.”
~Gregg Easterbrook

The chart below goes back three years to show a more recent comparison of properties that sold per month in Barrington. You’ll see the number of Units Sold, the Median Sold Price, Minimum Sold Price, Maximum Sold Price and Total Volume per month in 2005, 2006 and 2007. We have access to a wealth of real estate sales data for specific suburbs and neighborhoods. If you would like us to provide a statistical analysis of home sales in your community, please fill the details of your request in the contact form below. We’ll follow up right away. Thanks, Liz Luby

Tags: Barrington, Real Estate, Market Data, Statistics, Sold Properties, Median Sold Price, Median Sale Price, Minimum Sold Price, Maximum Sold Price, Total Volume

Illinois

We are Proud to Introduce – STATS CHICK

Finding real estate statistics for recent homes sales in your neighborhood or suburb has never been easier. Visit The Luby Group’s StatsChick page or StatsChick.com for analysis of the most recent market activity near your home.  You can hear Stats Chick’s explanation of The Luby Group’s Market Data Service by clicking on the triangular “Play” button below her.  For a more specific review of your area or for our interpretation of the statistics, please contact Suzanne & Liz Luby at 847-922-7773. Thanks for your time and please let us know your thoughts about Stats Chick. 

Illinois

SOLD – Immaculate and Like-New Property For Sale in Grand Pointe Meadows – West Dundee, IL – 60118

Grande Pointe Meadows Subdivision: Stunning 4 bedroom, 2-and-a-half bath property with hardwood floors, gourmet cherry and granite kitchen with octagonal eating area & soaring ceilings. Luxury master suite includes sitting area, walk-in closet & luxury bath. Double sliders from walkout lower level open to an extensive paver patio with custom barbeque & firepit. Call Suzanne at 847-922-7773 for more information or to schedule a showing. For more photos & virtual tours, please visit TheLubyGroup.com.
Directions: 72 West of 31 to Sleepy Hollow North to Oak West to 3rd Street on Right

Click Here for the List Price & Property Details

Click Here for Virtual Tours & Additional Photos

Proudly Listed by The Luby Group – Suzanne & Liz Luby
Coldwell Banker Residential Brokerage – Licensed in Illinois
Suzanne’s Cell: 847-922-7773 Liz’s Cell: 847-691-3150

Illinois

SOLD – Nearly Two Acres in Cheviot Hills – Inverness, IL – 60010

This Updated home is situated on a sprawling 1.75 Acre corner lot in desirable Inverness neighborhood, Cheviot Hills. The well-designed and inviting floor plan includes four bedrooms, a bonus room and a large finished lower level with a rec room for family fun. Enjoy a sunny enclosed porch, the warmth of three fireplaces, an updated kitchen w/granite and much more. Close to many conveniences including: O’Hare, train, tollways, Schools & shopping.
Directions: Ela North of Palatine Road to Bradwell West to Abbotsford to home

Click Here for the List Price & Property Details

Click Here for Virtual Tours & Additional Photos

Proudly Listed by The Luby Group – Suzanne & Liz Luby
Coldwell Banker Residential Brokerage – Licensed in Illinois
Suzanne’s Cell: 847-922-7773 Liz’s Cell: 847-691-3150

Illinois

SOLD – Best Pick in Kenilwicke – Palatine, Illinois – 60067

Plenty of room inside and out in this spacious home on an interior lot with mature trees * Total remodel includes maple kitchen with granite, luxury master bath with jacuzzi and separate shower, family room with stone fireplace and stone bar, hardwood floors, skylights, fenced yard * You won’t be disappointed.
Directions: Hicks South of Dundee to Juniper, East to home on North side

Click Here for the List Price & Property Details

Click Here for Virtual Tours & Additional Photos

Proudly Listed by The Luby Group – Suzanne & Liz Luby
Coldwell Banker Residential Brokerage – Licensed in Illinois
Suzanne’s Cell: 847-922-7773 Liz’s Cell: 847-691-3150

Illinois

FOR SALE – Waterfront and Maintenance Free – Lake Zurich, Illinois – 60047

Super-sized end unit with over 3800 square feet of beautifully appointed living space. True gourmet Kitchen with stainless steel appliances, double oven, cooktop, granite, 42” Maple cabinets. Vaulted ceilings, dormer skylights, full finished lookout Lower Level. Countless upgrades. Premium waterfront lot with private courtyard, large deck overlooking pond and wooded views. Walk to Lake Zurich, beaches, parks and redeveloping Lake Zurich. A rare find!
Directions: Route 12 to North Old Rand Road East to Lakebreeze

Click Here for the List Price & Property Details

Click Here for Virtual Tours & Additional Photos

Proudly Listed by The Luby Group – Suzanne & Liz Luby
Coldwell Banker Residential Brokerage – Licensed in Illinois
Suzanne’s Cell: 847-922-7773 Liz’s Cell: 847-691-3150

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