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South Loop Scoop
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March 30, 2011Walton On The Park Going RentalIt has been confirmed that Walton on the Park’s remaining unsold condos will be rented out. An investor has come in and purchased the remaining inventory with plans to rent out the units for the next 3-5 years and than sell as condos. A letter has been sent out to all of the building’s current residents letting them know, please see below. Too bad for all of those that bought and closed at the building but this is a better solution for them than an auction or drastically cutting the prices.
March 29, 2011WEICHERT REALTORS FRANKEL & GILES: LAUNCHES NEW SHORT SALE DIVISIONWEICHERT REALTORS —Frankel & Giles Real Estate has launched a new Short-Sales Division to help home and condominium sellers market their distressed properties during the current economic downturn. “Housing analysts report that more than 25 percent of Chicago homeowners with mortgage debt are now ‘underwater,’ which means the market value is less than the outstanding loan amount owed the bank or mortgage lender,” noted Britta Rivera, director of sales for WEICHERT REALTORS—Frankel & Giles. “Up to 60 percent of all the sales in the South Loop’s depressed condominium market in recent months were short-sales, and this is why a short-sale specialist team is needed.” WEICHERT REALTORS—Frankel & Giles joined forces with Home Solutions, Inc., a full service short sale company, and Budzik & Dynia, LLC, attorneys at law, to help counsel owners of distressed property who are considering short-sale strategies. READ MORE HERE: http://chicagoagentmagazine.com/weichert-realtors-frankel-giles-launches-short-sales-division/ March 24, 2011Gioco restaurant shuttered as state seeks unpaid taxes(Crain’s) — Gioco restaurant, among the pioneers of the burgeoning South Loop restaurant scene, has gone dark, sidelined by a state tax problem. Neighbors of the popular Italian restaurant were surprised to see signs in the windows Wednesday stating that the place is closed until further notice. Chicago restaurateur Jerry Kleiner, a co-owner in Gioco, at 1312 S. Wabash Ave., says the state suspended its retail license Wednesday because Gioco has fallen behind in making required employee withholding and sales tax payments. He hopes the closing will be temporary and said he and his partners in owner KDK Restaurants Inc. are working with the Illinois Department of Revenue to get the license reinstated. Mr. Kleiner said Gioco is making money — he declined to provide specifics — but has suffered in a financial restructuring at KDK, which at one time owned a string of high-end eateries, including Marché in the West Loop and Opera, Gioco’s neighbor just up Wabash. Marché closed in June after a near-two-decade run, and Opera shut its doors in December. Now KDK is down to just one restaurant: Red Light. Mr. Kleiner said Gioco’s success has helped keep Red Light afloat and delayed the demise of Opera. “We’re going to make good on the taxes owed,” Mr. Kleiner said. “Gioco is very profitable. It just got caught in the fire.” A spokeswoman for the Illinois Department of Revenue said she cannot comment on individual cases, but in general, the state isn’t in the business of shutting down restaurants. “Our goal is to keep them open and keep people spending,” she said. January 30, 2011WEICHERT REALTORS FRANKEL & GILES: HABLAMOS ESPANOLWEICHERT REALTORS FRANKEL & GILES located in Chicago’s South Loop, is now offering bilingual services. In an effort to serve surrounding neighborhoods, your real estate needs can now be handled by a spanish speaking agent. Contact the office at 312.225.9700 and say “habla espanol” to receive assistance. Weichert Realtors Frankel & Giles understands the need for helping the Latino community and is excited to offer this service. Professional real estate agents will assist with your purchase of a new home, every step of the way. Spanish speaking Loan Officer also available to assist with pre-approvals. If you would like a career in real estate…now hiring (bilingual agents also wanted): http://www.frankelgiles.com/our-agents/join-our-team January 17, 2011January 16, 2011New Restaurant Salatino’s, Hits Home Run in Little Italy Salatino's - New Eatery Sister restaurant Dough Boys opened next door, and they also have “out of this world pizza”! I ordered a large dinner for a recent party, and everyone was blown away. It was truly the BEST pizza and pasta I have ever tasted. And really, I am not just saying that, everyone in my party agreed! They must have told me a million times, how good it was, during the event. If you want an affordable meal, in a great atmosphere, with the perfect host, Salatino’s should be your next stop! Chicago has another hit restaurant, that’s for sure! Read visitor reviews below, seems like they also loved it. Located in Chicago, Little Italy neighborhood 626 S Racine (312) 226-9300 Reviews Salatino’s Review from Ed R. Jimmy Bannos and Scott Harris are saving Little Italy. They are opening Salatino’s, which will be Gennaro’s II (look up the reviews – it closed 12/2009). Rumor has it that Mary Jo provided the recipes, so it should be excellent. Sister restaurant Dough Boys is already open, so stop in for a slice… Edit: I’ve eaten here two nights in the last 3, sampled the pork chops (both regular and spicy), and LOVED the pizza. The chops are fantastic, especially the spicy ones. Pizza from Dough Boys is authentic and very tasty. I strongly suggest you dine here off the regular menu and take a small pizza pie home for 2 am. STRONGLY SUGGEST. I tried a side of spaghetti, too. Great sauce, slightly spicy, and incredible. I will certainly be back again soon. When you do go, have your significant other order a pasta, you order the spicy chops, then share both. You’ll still have plenty to take home and share the following day. GREAT FOOD! GREAT SERVICE! Salatino’s Review from Danielle C. January 11, 20117 MORTGAGE TRENDS TO EXPECT IN 2011Historicly Low Interest Rates:
While these general mortgage trends may impact the real estate market overall, your Weichert Realtors Frankel & Giles Real Estate Agent can point you in the direction to one of our preferred lenders. They will help you access your needs and guide you through the mortgage loan application and we will be there every step of the way. Information provided by Investopedia and msnbc.com OPERA RESTAURANT CLOSES, IS SOUTH LOOP OVER SATURATED?
Click here to find out more information about what Opera Restaurant will become at David Silverman’s Blog. VERIZON TO CARRY iPHONE!
Is this move going to help pricing stabilize? Will we gain from this announcement? Only time will tell, but I am sure it is probably going to force layoffs at at&t and hiring at Verizon. Verizon Wireless plans to begin selling Apple’s iPhone for as low as $200 starting next month, putting the smartphone at the center of its high-stakes battle with at&t for wireless customers. January 5, 2011LEXINGTON PARK…WILL THEY EVER SEE LIGHT? LEXINGTON PARK STILL DARK? It is truly a shame, as the building was attractive and stood to be the bookend to the south loop. The finished product was absolutely beautiful, with stunning views of the lake and city. In the end the buyers were unable to close on their dream homes, and were offered a reduced earnest money refund. I’m not sure why it has taken so long for them to decide what direction to take Lexington Park, but can only assume the delay is due to the incredible breaks they received in the transaction. Purchasing it for a fraction of the cost, with a no interest loan and a huge cash infusion, probably offers them little reason to move quickly. Only time will tell what will happen at Lexington Park, but I sure hope they move soon, as the vacant building with no lights, is an eyesore to the south loop. READ MORE BLOGS HERE…http://brittaj17.wordpress.com/2011/01/04/so-you-want-to-be-an-agent/ |
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