Astor Street Historic District – Chicago Real Estate Update

Astor Street- the crown of the Gold Coast – Chicago’s premier Near North neighborhood…

What does a home cost on Astor Street?

The homes for sale range from $2,385,000 to $8,000,000.

1242 N Astor - chicago historic homes for sale

1242 N Astor

$2,385,000

1442 N Astor- Chicago Historic Homes-Gold Coast

1442 N Astor

$8,000,000

Tour Chicago Real Estate with Anne RossleyTour Astor Street Homes

Select one of the links below to see homes for sale and homes that have recently sold on Chicago’s famous Astor Street

Computer (pdf) Format               Tablet Format

How Big are the Homes on Astor?

Several homes are 10,000 or more square feet – the smallest home that’s for sale or sold over the last 3 years has been 4500 square feet.

Homes for Sale and Recently Sold

The following chart includes homes currently for sale, as well as property that has recently closed. Contact Anne Rossley for more information on these listings.

StatStreet #Str NameList PriceSold PrClosed DateASFRmsBRBACarsMTTaxesBuiltLotRehab?
ACTV1242Astor$2,385,0005100964.30545$20,741.971891PER SURVEYYes
ACTV1308Astor$2,500,000NR944.11181$45,755.00188718' 6 X 100Yes
ACTV1310Astor$2,950,000NR943.10132$40,215.30188819X100No
PCHG1224Astor$4,250,000NR1155.11615$26,100.00190924 X 90Yes
ACTV1221Astor$5,900,00053001245.15207$33,981.56189250X67Yes
ACTV1400Astor$6,900,000100001477.12100$79,864.291886110X40Yes
ACTV1442Astor$8,000,00075001255.22278$53,758.00189050X110Yes
CLSD1240Astor$2,500,000$2,500,00012/20/075200954.10172$22,499.00188820X100Yes
CLSD1222Astor$3,450,000$3,030,0008/19/0845001054.12266$43,817.42188625X85No
CLSD1218Astor$3,850,000$3,450,00011/19/0750001144.10212$36,422.32190025X125
CLSD1431Astor$4,200,000$3,675,00012/13/07NR1554.32872$36,256.04189425 X 125
CLSD1207Astor$4,250,000$3,750,0001/13/1175001264.13232$39,089.83UNK27X107Yes
CLSD1318Astor$4,750,000$4,154,0008/29/1175001356.22176$24,498.00188921x132x21x129Yes
CLSD1511Astor$4,300,000$4,300,0004/2/0785451864.109$38,235.0030 X 125
CLSD1520Astor$4,950,000$4,425,0003/13/0861001244.21893$30,279.22191130 X 110
CLSD1400Astor$6,900,000$5,200,0003/28/08100001577.12979$66,766.021886110X40Yes
CLSD1451Astor$6,100,000$5,250,0003/17/0870001367.12310$29,441.77191028.5 X 125Yes
CLSD1449Astor$5,750,000$5,250,0004/8/101070011582144$28,426.00189033X125Yes
CLSD1416Astor$10,500,000$8,500,0003/5/07NR2056.14652$46,722.79191275X110

Historic Charnley House

Charnley House on Astor Street

Get information on Charnley House – Select this link

homes for sale - Jones College Prep High School

Find Astor Street Homes for Sale – Select this Link!

 

Other links of Interest:

History – Gold Coast Neighbors Association

Chicago Landmarks Page

Potter Palmer Houses – Designslinger

Joseph Ryerson House

Junior League of Chicago

Frommer’s Walking Tour

MetroWalkz Self-Guided Tour

The Archbishop’s Residence in the Gold Coast

Marking a Spot in the City’s History

Curbed Chicago – John Wellborn Root’s Home – 1310 Astor

Rogers Park Manor Historic District – Chicago Real Estate Update

 

ROGERS PARK MANOR HISTORIC DISTRICT

W. LUNT AVE (NORTH), N. WESTERN AVE (EAST), BOTH SIDES OF W.
FARWELL AVE. (EAST) AND N. CALIFORNIA (WEST)

Rogers Park Manor  – a charming Chicago neighborhood of bungalows built in the 1920’s, offers wonderful homes at affordable prices.

To read more about the history of the Rogers Park Manor neighborhood, read this article (select link) written by the Historic Chicago Bungalow Association.

Make an Appointment today to find your Chicago Bungalow!

Indian Boundary Park

Rogers Park Manor is located just south of Indian Boundary Park, one of Chicago’s best neighborhood parks. Facilities include:

  • Cultural Center
  • Lagoons and Ponds
  • Tennis Courts
  • Outdoor Volleyball Courts
  • Community Gardens
  • Picnic Areas
  • Water Spray Features
  • Playgrounds

Tour Chicago Real Estate with Anne Rossley

Tour Rogers Park Manor Homes

For Sale and Recently Sold!

Select One of the Following Links:

Computer Format  (pdf)            Tablet Format

Three homes available for sale today:

2600 W Coyle Rogers Park Manor

2600 W Coyle

$469,000

2625 W Farwell Chicago Real Estate

2625 W Farwell

$325,000

2656 W Coyle chicago real estate

2656 W Coyle

$469,000

ListedSoldASFClosed DateRmsBRBABuiltLot Rehab?Taxes
ACTV2625Farwell$325,0001700832.1192830X125No$4,626.99
ACTV2600Coyle$469,0002800932192132X124Yes$4,783.82
ACTV2550Farwell$299,9002000933192533X125No$4,939.01
ACTV2656Coyle$469,90038801042192133 X 124Yes$3,982.79
A/I2433Farwell$178,900985521.119203025No$3,219.00
CLSD2542Pratt$179,000$175,000NR9/13/13531UNK38X121No$1,302.00
CLSD2628Coyle$400,000$380,00027268/29/131542.1192333 X 124No$5,535.13
CLSD2627Lunt$415,000$400,000NR9/11/13832.1192825 X 125Yes$6,262.45
CLSD2646Coyle$474,900$467,000NR8/9/13943192343X124Yes$5,543.00
CLSD2715Morse$500,000$475,00026181/6/14942.1192858X124Yes$6,225.87
CLSD2414Farwell$119,480$119,50017088/30/1384319223348No$4,732.00

Find your Chicago Bungalow – 

Contact 

Anne Rossley today!

773-620-5333

Anne Rossley

Other Links:

Map of Chicago Historic Districts

Historic Chicago Bungalow Initiative

WBEZ – 100 Years of Chicago Bungalows

Vintage Homes for Sale – Chicago Historic Properties

 

lakewood balmoral historic district

New vintage homes for sale – built 1880’s  – early 1900’s — there are some great historic properties for sale on Chicago’s north side neighborhoods

Tour New Listings  – Vintage Homes for Sale

Select this link

Make an appointment NOW to see Chicago homes for sale!

Anne Rossley

chicago vintage homes-historic property

3627 N Bell

4 Bedroom / 4 Bath

$1,149,000

2124 eastwood

2124 W Eastwood

Lincoln Square 3 Bedroom 2 Bath

$589,000

3757 bosworth

3757 N Bosworth – 2 blocks from Blaine

$769,000

3 Bedroom   2.1 Bath

3024 hamilton

3023 N Hamilton

4 Bedroom   3.1 Bath

$1,199,000

1915 wolfram

3752 N Wayne – Greystone in Blaine School District

$1,895,000

5 Bedroom 3.1 Baths

2454 winona

2454 W Winona

3 Bedroom 3 Bath

$699,000

See Recently Listed Historic Homes for Sale on Chicago’s North Side

    PriceRmsBRBA
833WLakesidePL$650,000732.1
4710NHamiltonAVE$629,000741.1
2454WWinonaST$699,000933
3044NClybournAVE$418,000633
1915WWolframST$1,185,00093.13.1
3024NHamiltonAVE$1,199,000943.1
1750WGraceST$624,900742
3730NHermitageAVE$765,0001042
3757NBosworthAVE$769,000732.1
5457NWayneAVE$1,395,0001253.1
2124WEastwoodAVE$589,000832
3528NDamenAVE$599,900932.1
3627NBellAVE$1,149,0001044
1738WNewportAVE$595,000632
3752NWayneAVE$1,895,0001153.1

Want to see more properties?
Ready to begin your historic home search?

Contact

Anne Rossley!

773-620-5333

Email Anne Rossley

Anne Rossley Chicago Real Estate Broker

Best Places to Retire – Chicago Seniors Real Estate Update

When we Chicago Seniors (and as I’m over 50, I have to include myself in this group!) enjoy a winter such as this one, when Punxsutawney Phil sees his shadow (as he did yesterday), and when I see Facebook posts from far away Shangri-La destinations,

then the old question rings in my head…

Where are the best places to retire?

And how soon can I go there?!?!

Twenty years ago, when we were adopting Thomas from Costa Rica,  Everyone was touting Costa Rica as THE place to go – no taxes on unearned income, tropical paradise, eco-adventures, great fishing and surfing…

La Paz Waterfall - Costa Rica

La Paz Waterfall

 

We checked out a few places, but raising a family  (and saving for college) was more important than purchasing land in a far away land.

We visited Costa Rica whenever we could, and we dreamed of the time when we’d launch our kids and move near beaches with Mojitos and Cabanas.

Retire Outside the U.S.

A recent article by Kathleen Peddicord in US News listed the best places to retire outside the United States – based on what’s most  comfortable, affordable, convenient and rewarding for seniors.

Her top 5 Retirement Spots for Seniors:

5.  Chiang Mai, Thailand

4.  Cuenca, Ecuador

3.  Ambergris Caye, Belize

2.  Languedoc, France

1.  Coronado, Panama

Costa Rica was NOT one of them…  Hmmm…

Read the entire article here – select this link

Follow Kathleen’s blog – Live and Invest Overseas for more on senior retirement outside the U.S.

winter park ski resort

Like Winter? Invest in a Ski Resort!

A recent article by Personal Real Estate Investor Magazine lists the top ski resort investment opportunities. Whitefish Mountain Resort in Whitefish, Montana leads the list.

The Top 5 Resorts:

5.  Jackson, WY

4.  Avon, CO

3.  Vail, CO

2.  Truckee, CA

1.  Whitefish, MT

My Chicago Senior neighbor (and I mean senior – 76 years old!) – spends as much time in Steamboat Springs as he can, skiing away. When in Chicago, he teaches skiing at Wilmot. He was smart- he bought his ski retirement property a long time ago — when he was young. He’ll be skiing at least another 15 years, knowing him. Way to go, Joe — you’re my idol!!!

Not interested in owning, but an inexpensive vacation in a reasonably priced condo is appealing?  Check out my brother’s condo in Winter Park, Colorado — ask for the “sister discount!”

See the entire list of ski resort investment recommendation by selecting this link.

Regardless of where,

Regardless of why,

Invest in Real Estate for Retirement!

1.  Gain more leverage

2.  Grow Tax-Free

3.  Tax Free Cash-Flow

4.  Tax Write-offs against other income

5.  Rental Real Estate is a forced retirement plan

These 5 benefits are described in the recent article by Mark Kohler in Entrepeneur.

Where do Foreigners Invest?

Interestingly enough, of the top 6 places FOREIGN INVESTORS choose to purchase real estate, 5 are in the United States –

See the CNBC video and read the article here:  Select this link

 

Other links of interest for Chicago Seniors thinking of retirement:

Where famous expert recommend you invest

Milken Institute’s Best Cities for Successful Aging

10 Best Small Cities to Retire In

10 Low-Cost Cities for Retirement

Top 10 REITs for 2014 — Select this link

————————————————————–

 Whatever stage of life you’re in,

when you need to evaluate your real estate holdings,

when you want to learn how much equity you have in your home(s),

contact Anne Rossley  

your Chicago Senior Real Estate Specialist!

Anne Rossley Chicago Real Estate Broker

 

 

 

 

6 Things to Know for Self-Employed Borrowers – Getting a Home Loan

Best Chicago Lender - Diane Pyshos
Self Employed and Seeking a Mortgage?  Don’t Despair!

A self-employed borrower is defined as someone who owns more than 25% of a business and/or who receives a 1099.  If the borrower falls into the “self-employed” category, don’t despair!  Diane Pyshos, Sr. Mortgage Consultant, A&N Mortgage Services, recommends contacting your mortgage professional to prequalify your income at least 6 to 12 months prior to your need for a mortgage.

1.         How can you optimize self-employment income?   Your mortgage professional can perform three evaluations for you:  (a) calculate income needed to pre-approve your desired loan amount; and (2) evaluate your tax returns to determine your actual income, based on underwriting guidelines; and (3) report the net income shortfall to you and your accountant so that changes can be made to the next year’s tax return.  In many cases, small changes with expense deductions can make the difference between qualifying for the loan or not.  “The IRS will never mind reduced expense deductions resulting in a slightly higher income!” Diane says.

2.         What if net income looks really low?  “I know this is hard to believe, but underwriters actually “add” back certain expenses when calculating allowable income for underwriting purposes.  Expenses such as “business use of home” and “depreciation” can be added back to the adjusted gross income.  Your mortgage professional should be able to evaluate your tax returns before it is sent through a formal application process thereby notifying you if there is any income shortfall to meet your loan amount goals.

3.         What documents are required?

income tax returns for home loans*      Two years personal tax returns with all schedules

*      A professionally prepared balance sheet and profit and loss statements for YTD income since your last tax return was filed

*      If the personal tax return includes other income on Schedule E,  two years corporate, SubS, Partnership, LLC, sole proprietorship, SubS and K-1’s will be required for any entity in which borrower owns 25% or more and K-1’s for any entity owned receiving K-1 income.

*      Internal Revenue Service Form 4506-T (which is usually prepared by your mortgage professional).  This allows lenders to request tax transcripts

4.         What if the tax return shows lower net income in the most recent tax return vs. the prior year?  The lender will use the lower income number.  If your recent tax return shows higher income than the previous tax return, the lender will calculate a two year income average.

5.         What if the down payment will be coming from the business bank account?  In order to use business funds for a down payment, the borrower must own at least 51 percent of the business and a CPA must state that taking money out will not negatively impact the business.  Plus, the property must be owned-occupied.  Business funds cannot be used to purchase rental properties.

6.         Do lenders require self-employed borrowers to have a higher credit score than W-2 borrowers?  For conforming loans (=/<$417,000), there is no difference in credit score requirements for self-employed borrowers.  However, for jumbo loans (<$417,000), higher credit scores are required for self-employed borrowers.

Looking for More Information on Getting a Home Loan?

Diane Pyshos A&N Mortgage

Contact

Diane Pyshos

A & N Mortgage
312-909-9718
Diane Pyshos is a contributing author to Living Well in Chicago,
and she is a preferred partner of Anne Rossley Real Estate.

Anne Rossley Chicago Real Estate Broker

 

Cook County Property Taxes are Due

cook county property tax information

This week, we received our Cook County Property Tax Bill — in 2014, taxes are due March 4th.

One of the most confusing facts about our property taxes, which trips up many buyers and sellers, is what you’re paying for on that date.  In Cook County, we pay taxes in arrears, meaning that on 3/4, you’re paying for LAST YEAR’s taxes.  You won’t pay for all 12  months’ worth, as you know. You’ll be paying for the first half of property taxes. It’s half of what you paid IN TOTAL the year before.

The second installment, due in the fall, may or may not (emphasizing may NOT) be the same amount. That second payment gets adjusted, based on several factors – property value, tax protests that succeeded or failed, county budgets, and more. Learn how the Cook County Property Tax System works at cookcountypropertyinfo.com.

how do cook county property taxes work

For more information on this and other FAQs about your property taxes, see the brochures available from the Cook County Treasurer’s Office:

How to Read Your Bill

New Homeowners Guide

Property Tax Payment Guide

Saving you Money

cook county property tax information

Get the Information on YOUR HOME

There’s a web address where you can find out information from the various offices – Treasurer, Clerk, Recorder, Assessor – you can download forms, read about the tax system, see the upcoming calendar, and read about saving money on your taxes.

One Stop  Website–

Cook County Property Information 

cookcountypropertyinfo.com

 Property Tax Savings Information

Property Tax Savings Program NOT included in the above website:

property tax preservation of illinois

Property Tax Freeze Assessment for Historic Properties

For information on this program, go to one of the following links:

trust for historic architectural easements

Financial Savings for Historic Properties – Residential/Commercial – Local, State, Federal

Property Tax Assessment Freeze

Other savings programs available for homeowners:

  1. Local Incentives, such as the Chicago Bungalow Initiative
  2. Property Facade Easement Donation — see also Preservation Easement Trust
  3. Energy Star tax savings on Federal Income Taxes – see Kiplinger Article – November, 2013
  4. FNMA construction loans, such as the 203K

What’s a 203K?  Realtor.com article
FAQ Sheet on 203K loans
Current 203K loan limits
Ask a Qualified Lender how to get your 203K loan — Contact Diane Pyshos

For information on Cook County Property Taxes, Tax Savings Programs, or to find qualified homes for these savings opportunities,

Contact Anne Rossley Today!

773-620-5333

Email Anne Rossley with Chicago real estate questions

 

 

 

 

Chicago Selective Enrollment High School Admissions

I don’t know how many applications have been entered into the system for the CPS selective enrollment freshman class of 2018 – I’m sure, though, it’s a new record. This past Saturday, January 25, was the last date for 8th graders to take the exam, 1 of 3 criteria used in the admissions process. (Select this link to get FAQs on the CPS Selective Enrollment Process)

chicago public schools

The selective enrollment high school experience is the finest education opportunity in the state of Illinois.

As many of you know, I’m the Chairperson for the Friends of Jones parent organization. I’m a huge fan of Chicago Public Schools, and more specifically, the teachers and administrations who go above and beyond to provide a great educational experience for our kids.

Jones College Prep has become one of the premier selective enrollment schools, indeed, one of the best schools in the state of Illinois. (It’s the first CPS school to win the Dept of Education’s Blue Ribbon Award.) When the new Jones College Prep building was under construcxtion this year, the South Loop neighbors raised concerns about local education opportunities, and Mayor Emanuel answered by creating the CTE program for engineering/law. Students apply for 75 seats in the freshman class each year that offer pre-engineering/pre-law educational experiences – in addition to the honors-only college prep classes in this world-class facility.

Jones College PrepHaving worked closely with department chairs Chuck Trott (engineering) and Christy Gerst (law), I cannot image finer leaders and educators for the talented and fortunate students who are selected into their programs. Students won’t learn until March if they’re accepted, but I want to say, “Congratulations!” now to those who will soon learn that they have been accepted into this fine program.

I understand that over 4000 applications were submitted for these 75 slots. WOW!!!!


jones college prep - best kept secret

Granted, most have probably ALSO applied for the general selective enrollment seats, but I’m delighted that Chicago is already recognizing what an amazing program Jones is offering.

Jones College Prep used to be the best kept secret in Chicago education, but it’s a secret NO MORE!

Want to find homes for sale in the Jones CTE Boundaries?

homes for sale - Jones College Prep High School

Select this link!

The selective enrollment process is very stressful, and perhaps not the best method for assigning 8th graders to a Chicago High School (there’s probably no PERFECT method for all–  but let’s keep trying!!!!) .  I’m sending a virtual hug to all parents with a message, “Hang in there! It’s going to be okay! It truly does work out in the end!!!”

amundsen high school vikingsI applaud Chicago residents who are leading grass roots efforts to improve  neighborhood high schools — kudos to Amy Williamson who’s leading the charge at Amundsen, and others who are working to make their local high schools a viable option for Chicago students and parents.

 

Today, more people are choosing to live in Chicago and raise a family. It may not be simple, but I sincerely believe it is a magnificent opportunity for raising our children to become the finest adults anywhere. They’re independent, flexible, aware, open-minded, confident, and unflappable. They go to college with color-blindness, street smarts, AND a great education.

When asked where they’re from, they say, “Chicago!”, and they clarify that it’s the CITY – not a suburb.  Their new friend is envious and awestruck that our child has climbed the highest mountain – he/she has a great education, a great social experience, and world-class cultural upbringing. These Chicagoans are  truly accomplished, well-rounded, and confident. They have the world by the tail.

chicago public schools 8th grade graduate

 

I’m so glad I chose to raise my kids in the city!

Good luck, Chicago 8th Graders –
May the odds be with you!

Lakewood Balmoral – Chicago’s greatest neighborhood!

 

Lakewood Balmoral Neighborhood in Chicago

This morning -Lakewood Balmoral view from my front porch

As a “Local Expert” on StreetAdvisor, I often have to describe what it’s like to live in a particular neighborhood. I have sold properties in 18 different census tracts, each with multiple sub-neighborhoods that have their own unique character. I am fond of so many places in Chicago — I truly think it’s the best city in America–no joking!

It’s my own neighborhood, Lakewood Balmoral, part of Andersonville –in Chicago’s Edgewater Community, that I have the hardest time describing. I have difficulty explaining what a great community this is, full of warm and caring people who, together, make me forget I live in a hustle-bustle metropolitan area. At times, it’s almost like Mayberry!

NextDoor – Online Network for Neighbors

Many of us belong to NextDoor.  If you don’t have this application for your neighborhood- I recommend you start it! It’s a community blog/resource/hub that lets people post classified ads, offers for free give-aways, recommendations for service providers and restaurants, info on crime/safety, and general community updates. It’s a way to get to know your neighbors, but much more, too!

Looking at the posts, one can easily get the flavor of a neighborhood – how many people are members, how they communicate with one another, the general tone of the conversation –these are all indicators of how warm and connected the neighbors are to one another.

So, having said all this, I wanted to share (anonymously) a post and reply from last week’s Lakewood Balmoral NextDoor postings. It’s  a glimpse into what makes the Lakewood Balmoral neighborhood great – it’s says exactly what I have difficulty saying myself….

Lakewood Balmoral on NextDoor

Post from B Sp:

What a neighborhood. Our friend, Carlos, got his Uhaul van stuck this evening. 5300 and 5200 blocks of Wayne both pitched in. V lent snow shovels and called J. J knew whose car needed to be moved. T not only moved his car but helped dig out the van AND move a futon! M lent her shoveling skills and salt. A number of anonymous neighbors offered help in various forms. Thank you all!

In response, LB adds her post:

Dear B, 

It goes both ways- 
Several years ago my nephew was visiting when a car was stuck right in from of our house. He dashed out and helped push it out (it took a long time). I never thought about it again. Last summer, I was sitting on the porch when a man walked by and picked up a few pieces of litter that had strayed onto my lawn. I didn’t know him or recognize him. I was aghast. I asked “what are you doing picking up my litter?” He replied that years ago, someone from my house helped push him out of the snow, so he always tries to help out when he passes by—-What a neighborhood!!! 

LB

Looking for a great neighborhood in Chicago?

Lakewood Balmoral is great, yet it’s one of many wonderful neighborhoods in this fantastic city.

Contact me and let me help you find your new home!

Call Anne Rossley773-620-5333

Anne Rossley, CRB, CRS, SRES, RSPS

Baird & Warner
Gold Coast Office
Email Anne Rossley
 
 
Select this link to see homes for sale in Lakewood Balmoral

 


View Lakewood Balmoral Historic District in a larger map

Top Technology for Seniors – Best Electronics and Gadgets

Top Technology Gifts Gadgets for SeniorsWhat are the latest technological innovations that help seniors?

What are the best gifts we can give our Senior Parents?

While looking online for gifts for my mom, searching for top technology for seniors, I stumbled across some interesting articles …

Useful Gifts for Seniors

  • OXO Kitchen and consumer products company whose products are created with Universal Design in mind – for young and old, righties and lefties, as well as those with disabilities. I always knew I liked these products, but I didn’t realize their design mission.

 Technology for Seniors – Best Gifts

HomeCare, the leading magazine or home care professionals, lists the following products in their recent online article (see article in its entirely by selecting this link):

BeClose – sensors in home help you make sure your loved one is moving around easily, and alerts you when they may need help.

top technolology gifts for seniorsFitbit lets us all see our activity levels, motivating us all to stay active!

The GrandCare System also includes wireless transmitters, but it provides opportunities for socializing, media, and entertainment systems.

GreatCall – This is a personal 911 system like OnStar — it can also be used with the Jitterbug phone (an easy to use phone for seniors, particularly those with vision or hearing problems).

Independa augments traditional caregiving by providing fully integrated, cloud-based solutions including a caregiver web application, a rich set of telephony-based solutions, comprehensive solutions for social engagement and health, environmental and activity monitoring.

MobileHelp, the Anywhere Help Button, is a GPS mobile personal emergency response system.

TabSafe is an online medication helper

Telikin Home ScreenTelikin is a large table device, pre-loaded with apps forvideo chat, photo sharing, e-mail and other popular features.

TV Ears helps people with hearing loss hear the television clearly without turning up the volume.

telyHD delivers high-definition (HD) Skype video calls directly to an HDMI-compatible TV.

Technology for Seniors – Another Top 10 List

Money Magazine lists its top 10 Favorite Technology Items for Seniors, but based on my experience, these are, for the most part, too techo-forward for my 81 year old mom:

  1. Windows7 — mom doesn’t know she has Windows 7 — we install it for her
  2. Goggles from Google – really? who’s 80+ year old parent is playing with this?
  3. Mindflex from Mattel — really really?
  4. Ion — who cares?
  5. Roku — great device, but she forgets how to work it
  6. Silhouette — I don’t understandthe purpose of this one!
  7. Wii — perhaps if the grandkids brought it and set it up for them…can’t see mom bowling – she’d break a hip!
  8. Flip — she’d much rather GET videos than create them
  9. I-Tunes — we load the tunes for her — it’s not much more than a digital player
  10. Nook E-Reader — We got her the KindleNow THIS is my favorite Senior Gift!!!

No one knows better than you what to buy your senior.

But, when it comes to getting real estate advice

for your senior loved ones, contact

Anne Rossley
Baird & Warner

Your Senior Real Estate Specialist!

anne rossley, chicago real estate expert

Senior Real Estate Specialist - Anne Rossley

Is Chicago’s Loop Affordable for Young Professionals?

StreetAdvisor Question this week:

Can a couple live affordably in Chicago’s Loop?

In order to answer the question, we need to know how much it costs to live there, and then based on the current interest rates, determine monthly costs. From that, we can figure out how much income one needs to purchase this mythical condo.

If the couple lives in a One Bedroom condo in Chicago’s Loop, Near North, or South Loop Neighborhoods….

I did research on 1,2, and 3 bedroom condos in Chicago’s Near North (8008), Loop (8032) and Near South (8033) neighborhoods, and I discovered the following:

  • One bedroom sales have increased between 20% and 36% in the 3 neighborhoods
  • Average taxes range between $ 3364 and $ 3723 per year.
  • Average assessments range between $ 445.39 (South Loop) to $ 590.26 in the Gold Coast.

Cost to Live in a One Bedroom Condo

Let’s determine the monthly cost of one of these one bedroom condos.

Assumptions:

  • Purchase Price:  $ 230,000
  • Down Payment: $23,000
  • Interest Rate: 4.5%
  • Taxes:  $3500/year
  • Assessment:  $500/month
  • Debt Ratio 28% of Gross Income

Monthly Payment Resulting from these assumptions:

  • Principal and Interest:  $ 1841
  • Taxes:  $291.67 (or, $ 292)
  • Assessment: $500
  • Gross Monthly Payment: $1841
  • Annual Tax Savings for Federal and Illinois:  $3254 (from Bankrate.com)
  • Net Monthly Payment (not including property tax savings):  $1569

What do you have to Earn To Afford This Purchase?

Lenders usually allow for more debt than this, but when I first became a Realtor in 1987, the 28% rule was always followed. (Part of why we got into trouble in 2008 was our relaxing of this 28/36 debt ratio.)

28% debt ratio means that the gross monthly payment can be no more 28% of the gross monthly income.

For this example, $1841 / 28% = $ 6575 per month.

Annual Income Required:  $ 6575 x 12 = 78,900.

Two Bedroom Condos –

Loop, Near North, Near South

Three Bedroom Condo Prices –

Loop, Near North, Near South

 

 Want to Learn More about condos in the Loop, Near North, or Near South Neighborhoods?

Are you ready to begin the first steps toward owning a condominium in Chicago?

Contact Anne Rossley

of Baird & Warner today!

 

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