Chicagoland real estate purchases, real estate sales, short sales, foreclosures, first-time buyer
representation, Illinois condominium association representation, estate planning for everyone, powers of attorney, quit claim
deeds, landlord/tenant issues, forcible detainer/evictions, civil unions, foreclosure defense and more...
This
office serves clients in real estate transactions of all types. I also assist clients with estate planning for everyone, including
the GLBT community, and represent Illinois condominium associations as needed. I help real estate investors who are renting
their properties deal with difficult renter issues, and I advocate for renters dealing with difficult landlords.
I work with clients in Chicago and all over the Chicagoland area, including
Wilmette, Skokie, Morton Grove, Plainfield, Wheaton, Glencoe, Lake Forest, Naperville, Oak Park, Winnetka, Des Plaines, Orland
Park, Berwyn, Carol Stream, Arlington Heights, Crystal Lake, Barrington, Palatine, Park Ridge, Gurnee, South Holland, Park
Forest and more.
My goal is to give each
and every client personal, friendly and competent service at a reasonable price. I also strive to use technology in the best
way possible to keep my clients informed.
My legal background includes working for a major Chicago
developer and working for a boutique firm in their real estate division. I am also a landlord of a three flat building in
Rogers Park and I am managing broker of a small real estate brokerage.
I work with all different
types of clients, including developers, first-time buyers, buyers of second (or third!) homes, all sellers and the gay, lesbian
and transgender community.
My real estate blog is below. Please make sure to check back on a regular basis
to check out what's new. I update my blog about once a week and welcome any questions that you may have.
7527
N. Seeley Avenue, Suite 1, Chicago, IL 60645 www.chicagolandrealestatelaw.com lawgoddess1@gmail.com 773.818.9054
office/cell 866.381.4238 efax
Recommend my site by clicking here!
Amazing first-hand testimonial of how wonderful life
is when raised by same-sex parents. It's a must-see!
Recently I have had a number of clients call me regarding contracts that they have on new construction
condominiums. Seems that many projects are in trouble, and people are wondering what's going on with their development.
Crain's Chicago Business had a very interesting article on some of these projects that are currently stalled.
("Stuck in Condo Limbo", January 26, 2009) I know I have a client purchasing in at least one of them. The issue
is that most of these contracts do not have a "drop dead" date in which the developer has to complete and close
the project, so people (and their earnest money and other deposits) are in limbo.
As a
buyer's attorney, I have asked for a drop dead date for any client within attorney review for new construction projects,
but most of the time the developer does not agree, and the buyer typically still wants to proceed. Little did anyone know
when these contracts were negotiated one, two or even three years ago, that we would be in the position we are now.
Now more than ever, beware when buying new construction property. I am now more strongly advising buyers to
insist on a drop dead date depending on where the construction is in a project. Even reputable developers can have issues
with certain projects.
Among the projects listed specifically in the article are X/O Condominiums,
located at 1712 S. Prairie; Solstice on the Park, located at 1616 E. 56th Street; Peshtigo, located at 515 N. Peshtigo Court;
Chicago Spire, located at 400 N. Lake Shore; Waterview Tower, located at 111 W. Wacker Drive; Lincoln Park 2520, located at
2520 N. Lakeview; and Glashaus, located at 1327 S. Wabash.
Want a Low Mortgage Rate? You Need a Great Credit Score!
Mortgage rates are low, low, low! Last week the average mortgage rate for a 30-year fixed loan dropped
to 4.96 percent. Just a few months ago, it was sitting steady at 6.5 percent.
But how can
you qualify for such low rates? A great credit score is a must. You must have a FICO credit score of 720 or higher (out of
a possible 850). You will get a competitive rate at 680, but the lowest rates go to 720 or higher.
It's also still possible to obtain a loan with less than 20 percent down, but you
will have to pay PMI (private mortgage insurance) in order to do so.
The best advice
I can give to any client is to shop around. Sometimes banks have the best deals. Sometimes I see mortgage brokers with the
best deals. Shop around to at least two or three places before you buy.
Chicago Real Estate Market Outlook Outranks Other Midwestern Markets
According to a survey recently published by Urban Land Institute, the Chicago real estate market
has moved up in its outlook among real estate professionals. Chicago ranked 10th among major U.S. cities in the survey, behind
Seattle, San Francisco, Washington, D.C., New York, Los Angeles, Houston, Boston, Denver and Dallas/Fort Worth. Last year,
Chicago ranked 12th.
Respondents to the survey gave Chicago a rating of 5.1 on a 9-point
scale, down from 5.5 in last year's survey, however, Chicago is doing much better than other Midwestern markets, according
to Jonathan Miller, the principal author of the report. The overbuilt condo market, which is having a negative spillover effect
on to apartments and condo investors, was to blame for the negative ranking, but the bid for 2016 Olympics did help Chicago's
ranking.
Just simply want to wish everyone a Happy 2009. Hope it is a happy and healthy one for clients, family
and friends. Here's to hoping the market will improve this year! :)
