In Love with Chicago Again...

Funny what 70-degree weather can do for your mood...

With spirits lifted, I decided to get outside in the sun this past weekend.

Nothing major. I just hit Millennium Park to enjoy some good people-watching, reading, and ice cream-eating. A simple way to spend the day, but a GREAT way to unwind!

My suggestion to you is to make it your business to enjoy this great city while the weather's cooperative. One of the stops on your list should definitely be Millennium Park. They have a full calendar of events for spring and summer.

Maybe I'll see you at one the Thursday jazz events in July or August. Check it out before your summer schedule gets too full!

3rd Ward Gets a New Alderman

The winds of change are a-blowin' through Chicago's 3rd ward, and apparently they've blown long-time alderman Dorothy Tillman out and newcomer Pat Dowell in. Pat defeated Dorothy in Tuesday's run-off election with 53% of the vote.

The 3rd ward includes the Bronzeville neighborhood as well as parts of the South Loop and Back-of-the-Yards. Residents have complained for years that commercial development and the quality of city services have lagged those found in other city neighborhoods.

Congratulations, Pat. I'm looking forward to positive change in the ward...more businesses, less crime, cleaner streets. Change is good.

Full disclosure: I worked for Pat Dowell's campaign in 2003 (the last time she ran...I've since moved out of the ward).

New Homebuying Strategies for a New Market

The real estate market is changing.

With appreciation rates in many areas slowing to a more normal pace, you'll likely find yourself unable to sell for an "automatic" $20,000 profit next year. So don't stumble into a new place. Be deliberate. Think in 3-D...

Dimension #1 - Affordability

Step away from the martini for a sec...

Cuz no matter how clearly you envision living out your 'Sex in the City' fantasy in a pretty, shiny new condo dripping in luxury, you DO NOT want to be in over your head when it comes to your mortgage payment.

Being house-poor is not sexy -- trust me on this.

Set your price range according to what size payment will be comfortable for your overall budget, even if a lender says you're pre-approved for more. And don't let anyone (including the granite countertops that'll be whispering your name) push you to buy outside your financial comfort zone.

Dimension #2 - Re-Sale Dynamics

You might get married ...divorced ...have a baby ...move "down south" ...or transfer to the London office.

And you will need to sell. The question you want to try to ask yourself now is "What will the market for my home be like at that time?"

Waves of new construction in redeveloping areas can be a mixed bag for your home's value. On the one hand, the prospect of having fewer vacant lots or dilapidated structures generally does good things for appreciation. On the other hand, all those newer homes being built may be your toughest competition when you sell.

Ideally, you want to buy a home with the knowledge that you'll need to improve it in ways that make it stand out from the pack during your ownership period. It helps if your floorplan and finishes are not identical to everything else on the market when you buy.

Dimension #3 - Lifestyle Fit

Do your parents visit often?
They may slow all that down if they have to climb three flights of stairs to do so. (which could be a good thing, I suppose...)

Known for your lavish dinner parties?
Make sure the dining area will accomodate the right table size. Will half your guests end up on folding chairs in the living room?

Bottom line: Choose well and your new place will let you live out most of your fantasies -- including the one about you not being broke!

Rosscoe's Chicken & Waffles, Anyone?

There seems to be some debate about whether this Chicago newcomer is related to L.A.'s Roscoe's or Brooklyn's Rosscoe's (or neither). But when I drove by the corner of Oakwood Blvd and King Drive recently, it looked like interior renovations were being finished up.

...Or at least that's my best guess after peering through gaps in the paper covering the windows.

Whenever it opens, it'll be serving up chicken and waffles in a prime retail space in the newly-rehabbed Grand Terrace Condominium development. The 41-unit elevator building houses one- and two-bedroom units priced from $119,000. As you might imagine, units in this prominent structure at the corner of two historic boulevards are selling quickly.

If the well-appointed lobby and elevator weren't enough to win the buyers over, perhaps the thought of having maple syrup & fried chicken downstairs will do the trick.

In from the cold at Bronzeville Coffee House

(Snow and sleet in April??? I have no words...)

For urban pioneers living in neighborhoods like Bronzeville, with a ton of recent residential development, commercial development remains a hot topic.

And since my office is right at the crossroads of Bronzeville and North Kenwood, I've been paying particular attention to recent small business up-starts in this still-underserved area. I, for one, am elated that I now have lunch and coffee options other than McDonald's. But you know what they say... if you want great businesses to stay in the neighborhood, you must support 'em.

So I'm sipping a mocha (and typing) at Bronzeville Coffee House on 43rd Street. I like this place because the coffee's good, and I like getting out of the office into cooler surroundings to meet folks in the area and clear my head from time to time.

If you haven't stopped by yet, I'd encourage you to do it soon. Ask about the poetry and comedy nights. I'll be checking out other spots in the area, so stay tuned.

The Pitfalls of Buying Without an Agent

You've got a high speed Internet connection, your own car, and a brain right? So why bother with real estate agents? Nobody's really interested in a "hard sell" these days...

...Including me, the Realtor.

Still, you should know what you're in for when you casually stroll into an open house or sales center without your own agent. You're utterly unrepresented, and here's what that can mean:

1) You're vulnerable to the upper hand of an agent who's representing the seller. If you start talking about how much you love the place and your need to move in the next 30 days, the seller's agent will definitely "have your number." These are not inherently bad or unethical people, but they are professionals who know their mission -- to sell the seller's or developer's units for the highest price possible.

2) You may make it impossible for another agent (who'd be working on your behalf) to negotiate for you if you decide on making an offer later. Many open houses and sales centers have strict policies about any buyer's agent being disclosed and registered in writing on the buyer's FIRST visit. This is to prevent a scenario where the seller's agent does all the work, only to have another agent come in at the last minute and collect 1/2 the commission. So if you fail to let the seller's agent know that you're represented, you may be locked into working with him or her exclusively on that property since they often will not pay your agent's commission.

3) You may end up paying more for the place you love. This is particularly true if you're interested in a new development. Pricing, incentives, and upgrades are often negotiable, but the sales center staff isn't likely to point this out to you. Even if you try to negotiate some extras for yourself, you likely won't have the benefit of perspective. Active real estate agents know what's going on in the market. Your agent may know, for example, that a certain developer will offer certain perks if you ask. Without that representation, you'll never know what kind of deal you may have gotten.

4) You could blindly buy into the "newer is better" mentality. New construction sales centers are intoxicating places with great lighting and pieces of expensive stone and imported wood hanging around. They're like new car showrooms as far as the "ooh and ahh factor" is concerned. But shiny appliances and immaculate floors aside, buying new construction is not without its share of risks...like being unable to compete with "Phase II" when you get ready to sell in a couple of years. You'd be wise to consider all this before signing on the dotted line. Get a pro who's on your side to help you think it through.

You may want to check in with your own buyer's agent before you start even an "informal" search in earnest. He or she can give you tips that'll help you protect yourself.

Bronzeville Beauty: 4812 S. Prairie, 2S

4812 S. Prairie, Unit 2S - $269,000

This 2,000+ 3-bedroom, 2-bathroom rehab in a gorgeous historic building is only steps from the Green Line 'L', Harold Washington Cultural Center and restaurants. The condo shows like a model with hardwood floors throughout & two large entertaining spaces on one level! You'll love the unit's custom colors and intimate 6-unit building. Here's what I love about it...

Two Great Entertaining Spaces:

-Living room is large and sunny with oak hardwood floors and large windows. Thick crown molding and baseboards. Ideal for more formal entertaining away from the kitchen.

-Great Room is open to the eat-in kitchen. Perfect for family time & conversations while you're putting the finishing touches on dinner.

Room for Relaxation:

-Master bedroom is huge with two closets and a master bath. Marble, jacuzzi, and double-bowl vanity for lots of storage. This room has space for a sitting area or large entertainment center!

Other Features for Great Living:

-Second full bath with custom tile work.

-Eat-in kitchen with granite counter tops, stainless steel appliances, and adjacent deck

-Secured parking included and on site

Financials:

-Taxes to be determined

-Assessment is $200 and includes water, common insurance, snow removal, maintenance and janitorial/scavenger