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South Loop Scoop
October 2, 2010
Cook County tax payers are in luck…they will have extra time to pay their bill this year! Last year the tax bill was mailed on October 28th, but this year, according to city of Chicago Treasurer Maria Pappas, they will not be mailed until around November 22nd. This is great news for the many homeowners currently struggling to make ends meat. Finally a bill is coming late, even when the city of Chicago is in financial mess. That extra month could mean keeping a home or paying other bills until then, when so many are living check-to-check these days, many are probably relieved.
Is it late because this will help politicians at the polls on November 2nd? Probably so, but who cares when homeowners have another month to scramble to get their finances ready for payment.
September 30, 2010
As reported by Crain’s this week, Astoria Tower’s remaining units, located at 9th and State Street in the South Loop, are for sale. The alleged sale price is $45 million and the alleged buyer is Crescent Heights. As reported by Crain’s, their plan would be to rent out the remaining units and hold for sale at a later date, most likely in a few years. We have also heard that there are buyers in the mix trying to close on this acquisition as well…stay tuned….
September 15, 2010
Rumor has it that Trader Joe’s will be opening up a new store in the South Loop. The rumored location is on the corner of Wabash and Roosevelt in the former Sam’s Liquor’s Space. This would be a great addition to the neighborhood. What do you think?
This story has been neither confirmed nor denied by the property owner.
September 9, 2010
Interesting how many first -time buyers who received the tax credit first, will have to pay back the money! If they did not understand how the program worked, they may be out of luck! CNN reported that nearly half of all Americans who claimed the tax credit on their 2009 tax returns will need to pay it back! The inspector General for Tax Administration said that about 950,000 of the 1.8 million American’s who claimed it on tax return, will have to repay the government.
Basically, there were two different programs, buyers who purchased during 2008 were to deduct, dollar for dollar, up to 10% of the home’s purchase price or $7,500, whichever was less. But the typical government program downside was, the money was a no-interest loan that had to be repaid within 15 years. Buyer who decided to wait until 2009 were in a much better position, receiving up to $8000 without a repayment clause.
The additional issue, during a review by the Inspector General, found that the IRS could not easily distinguish between home purchases made in 2008 and 2009. That added to concerns that some claims could be erroneous or even fraudulent, and that buyers could possibly claim their purchase came later than it actually did.
Thursday’s release reported that 73,000 claims, more than 4% of the 1.8 million homebuyers who received the credit, had incorrect purchase dates recorded by the IRS. Some of the inaccuracies counted against the taxpayers and almost 60,000 were listed as purchasing in 2008 (meaning they had to repay the credit) or had no purchase dates at all, rather than their correct 2009 purchase dates, which would free them of the obligation to pay it back.
The inspector general reported that 1,326 single people listed as dead by the Social Security Administration claimed more than $10 million in credits. The IRS threw out 528 of those 1,326 claims, saving $4 million.
Bottomline, buyers will be running to call their accountants to make sure they on not on the hook for a repayment, down the road. If you are unsure, it would be best to do the same.
April 13, 2010
It appears that 1600 Museum Park is cancelling contracts; please see below from one of our agents.
“A young couple came in Sunday at Astoria Tower looking for Two Bedroom condos. I started off asking them how they found us and if they were first time home buyers. They said they were and their agent sent them over from Baird & Warner and recommended our building. They quickly began to tell me their own story.
They put in an offer in and were under contract at 1600 Museum Park in the middle of February 2010. After going through all the work of getting a loan and having a closing date set up for this week, the surprise came. The seller’s attorney for 1600 MP called the buyers attorney last Friday and told them that they are cancelling the contract and returning the earnest money. No reason or excuse was given – they were exercising their right that was in the contract.
The Coldwell Banker agent (representing the seller) was totally confused and upset but told the buyer’s agent that this was not the first time. From what she has heard, similar situations have occurred at other Museum Park properties. Well, all in all I am writing up an offer on Tuesday night after they see the night time skyline view which is always a deal maker in the #06 N/W corner unit.”
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South Loop Scoop
