Frankel & Giles

Walton On The Park Going Rental

admin — Wed, 30 Mar 2011 15:12:22 +0000

It 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.

WEICHERT REALTORS FRANKEL & GILES: LAUNCHES NEW SHORT SALE DIVISION

admin — Wed, 30 Mar 2011 00:47:01 +0000

WEICHERT 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.

Gioco restaurant shuttered as state seeks unpaid taxes

admin — Thu, 24 Mar 2011 21:04:24 +0000

(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.

WEICHERT REALTORS FRANKEL & GILES: HABLAMOS ESPANOL

admin — Sun, 30 Jan 2011 17:29:23 +0000

WEICHERT 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

CHICAGO CONDO PURCHASE TOUGHER, NEW LENDER GUIDELINES

admin — Mon, 17 Jan 2011 20:05:28 +0000

If you are considering buying a condo in Chicago, listen up, because lending guidelines just got even more strict. As if it was not already a challenge to get financing, Fannie Mae, Freddie Mac, and the Federal Housing Administration have all made changes to their lending policies. Therefore, if a condominium development is not approved, this makes it very difficult for buyers to get financing on some properties.

The housing market has had its challenges over the past several years, so I am not sure why they believe this will help. While I understand, they want to reduce risks; this may create another set of unwanted issues. If you are purchasing a home, it will be extremely important to use a real estate agent, since they can research your desired property, to avoid later disappointment.

Need an agent? Visit http://www.frankelgiles.com/our-agents.

For more information about the New Lender Guidelines Click Here!

New Restaurant Salatino’s, Hits Home Run in Little Italy

admin — Sun, 16 Jan 2011 18:07:50 +0000

Salatino's - New Eatery

Jimmy Bannos and Scott Harris are have hit a home run, in Little Italy. Recently they opened Salatino’s, and it appears to be a hit! Jim Psyhogios is the General Manager, and they are lucky to have him! Jim makes the Italian eatery a pleasure to visit, as he has an incredible personality, which is contagious.

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
(between Harrison St & Flournoy St)
Chicago, IL 60607
Neighborhood: University Village

(312) 226-9300

Reviews

Salatino’s

Review from Ed R.
12/26/2010

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.
1/3/2011
We live about 1 block down from Salatino’s/Dough Boys and figured we’d give it a shot. We’d previously ordered pizza from Dough Boys (twice) and were quite pleased.
There were only a couple of other tables occupied when we walked in, but I assume that was because it was the day after NYE. Our waiter was super friendly and attentive and our drinks/appetizers/main course came out very quickly. The atmosphere was fun-there was constant Sinatra streaming through the speakers which gave it a romantic vibe. Bill totalled $77 which is decent. We’ll definitely be back!

7 MORTGAGE TRENDS TO EXPECT IN 2011

admin — Tue, 11 Jan 2011 23:10:11 +0000

Historicly Low Interest Rates:

Mortgage rates will slowly rise throughout the year
Overall demand for mortgages will decrease
Mortgage refinancing applications will drop
Mortgage applications for a home purchase will become a greater part of the market
Jumbo loan mortgages will be more attractive
All-cash purchases will become a larger part of the market
The mortgage loan process will remain slow and complex

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?

admin — Tue, 11 Jan 2011 17:16:39 +0000

It was announced Opera restaurant, located in the South Loop, has shut its doors. Many visited the popular night spot, with elegant Asian cuisine, opened by Jerry Kleiner a few years back (as I recall). If you read the reviews, some either loved it or hated it, very few were in between. Were the high-priced meals a bit much in this economy? Is the South Loop now over saturated with upscale restaurants? Is there too much competition? Not sure, but rumor has it, Opera will become a sports bar in the upcoming months. Probably a better choice, to open in the area, as many are looking for good food at a good price.

Click here to find out more information about what Opera Restaurant will become at David Silverman’s Blog.

VERIZON TO CARRY iPHONE!

admin — Tue, 11 Jan 2011 16:53:06 +0000

This is BIG news! The at&t lockdown on the iPhone since 2007, is now over. It was just announced that Verizon is poised to begin carrying the iPhone 4, starting next month. For many Verizon customer’s this is great news. On the other hand, it is likely this is really bad news for at&t. They will really need to step up their game and work on dropped calls, become more competitive with pricing, and begin a huge marketing campaign to retain customer’s.

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.

LEXINGTON PARK…WILL THEY EVER SEE LIGHT?

admin — Wed, 05 Jan 2011 18:05:44 +0000

LEXINGTON PARK STILL DARK?

It has now been over a year ago, that Lexington Park, located in Chicago’s South Loop, completely fell apart. After the bank failed and the units were purchased by Starwood, in conjunction with the FDIC, there is still no news as to what will happen to the 35-story new construction building. It was originally thought that Starwood would convert them to rentals, after the significant flood which caused close to $20 million in damages. But as I drive past the vacant building each day, it appears they are no closer to a decision than they were over a year ago.

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/