|
|
South Loop Scoop
August 3, 2010
On December 31, 2009 the ILLINOIS REAL ESTATE ACT OF 2000 was approved. This will affect anyone seeking an Illinois Real Estate license and current Real Estate Agents. It will be important to know how this law will impact your license. If you have not yet become an Illinois real estate agent but have been contemplating getting your license, it would be wise to do this prior to the change in law which essentially doubles the course requirements! I would assume this also means an increase in costs for licensing. NOW IS THE TIME TO DO IT!
If you are interested in meeting to discuss these new guidelines and/or to learn how to become a licensed real estate agent, please send email to info@frankelgiles.com. Weichert Realtors® Frankel & Giles will also host a seminar to discuss the new license law and requirements. Please email info@frankelgiles.com if you are interested in attending Seating will be limited.
Information provided below is a summary of new guidelines.
ILLINOIS REAL ESTATE LICENSE LAW
Information provided by IAR
Highlights for the license changes which will begin in 2011 include:
Once the transition is complete, there will be only two license categories in IL: Managing Broker and Broker. The salesperson license will no longer exist after 4/30/12. All existing licensed salesperson will need to transition to the broker license category before 5/1/2012. Existing broker licenses will remain the same, and some brokers will transition to managing brokers.
The transition period begins 5/1/2011 and IAR will publish info to assist licensees with the transition.
IF YOU ARE INTERESTED IN ATTENDING UPCOMING SEMINAR OUTLINING FULL DETAILS OF THE NEW LICENSE LAW SEND EMAIL TO info@frankelgiles.com WEICHERT REALTORS® FRANKEL & GILES IS NOW INTERVIEWING AGENTS FOR SOUTH LOOP LOCATION! CALL 312.225.9700 TODAY FOR DETAILS.
July 28, 2010
Over the last 3 months the average time on the market for South Loop Condos in zip code 60605 has decreased almost 20%! While there is no doubt that it is STILL a buyer’s market, supply is dwindling with nothing new coming online for the foreseeable future. As the graph illustrates the trend line has not seen a blip in the last 90 days and I think this will continue. Basic economics tells us that price appreciation may not be too far away either – we have a shrinking supply and there is still definitely demand…at a price of course. We have even seem some bidding wars over the last month on desirable units that are priced right – something we have not seen in almost a year!
June 28, 2010
As the Director of Sales & Recruiting at Weichert Realtors®-Frankel & Giles, many have asked if this is the right time to get a real estate license. My answer is yes! If you believe the real estate stories, in the media about the current state of the real estate industry, they would make you think this is not true. However, in reality, this is the BEST time to get licensed!
People will always need somewhere to live, whether they chose to buy or rent and this will never change. The housing market has shifted, but agents are adjusting which is resulting in their continued success. With low interest rates and huge discounts being offered, shoppers are out in full swing looking to take advantage of this once in a lifetime opportunity.
If you are self-motivated, dedicated, hard working, and a social networking expert, real estate could be the exact thing you need to consider. Newer agents are finding success, because they are good at using social networking sites to get noticed! They also are joining the industry doing it the “right way” and are willing to learn the basics of selling real estate, which experienced agents typically find hard to do.
Getting a license fairly simple, and can be done with a 45 hour on-line course. The start-up costs are minimal, especially compared to a 4 year college degree, and your income is likely to far exceed any other profession. If you are interested in finding out more about how to get your license and opportunities now available at our South Loop location, I would be happy to meet with you to point you in the right direction. Please email me at brivera@frankelgiles.com to schedule your personal meeting and visit our website at www.frankelgiles.com to see our company history. I can guarantee…if you decide to get into real estate, you will be glad you did!
GET YOUR REAL ESTATE LICENSE TODAY!
June 23, 2010
Join us Tuesday, June 29, 2010 at Three Peas Art Lounge located at 75 E. 16th St. Come Mingle from 5:30pm-8:30pm and enjoy a selection of complimentary wine and cheese while you enjoy the arts. State Farm, MetLife Home Loans, and your hostess Lona Reiling will be there to answer your Insurance and Real Estate questions. A Raffle Drawing will be held at 7:30pm!
RSVP at lreiling@frankelgiles.com for more information click the picture or call 773.507.1653.
June 22, 2010
Chess Lofts located in the south loop (320 E. 21st Street) is offering special ONE PRICE ONLY EXTENDED this weekend, Sat. 6/26 & Sun. 6/27 from 12pm – 5pm. The developer’s special pricing is on ALL units released in phase II. ALL one bedroom units will be $169,900 and ALL two bedrooms are an incredible $229,900! Even residences with incredible skyline & lake views, corners, and high floors will receive these incredible savings! DEVELOPER RELEASED 10 ADDITIONAL UNITS! BUYERS SHOULD ARRIVE EARLY FOR FIRST PRIORITY! With savings of over 50% off on select units, you will not want to miss this! All residences have been upgraded with exceptional finishes.
Call Sales Center for appointment 312.225.1300.
ATTENTION ALL STUDENTS! Fall Semester will be here sooner than you know, so why not have a worry free summer and find your housing now rather than waiting until the last minute?
Roosevelt Student Apartments, on the corner of Roosevelt and Wabash, is the perfect location if you are attending any college in Chicago. Steps away from the CTA buses and train lines ensure quick and easy transportation all across the city.
Now you can receive $250 off 1st month’s rent if you sign your lease this week! Hurry the offer expires soon! Don’t wait ‘til it’s to late call 312-225-9700 now!
June 17, 2010
The Senate has amended a bill to give homebuyers who were under contract on a home purchase by April 30 an additional three months to close the deal and claim the federal homebuyer tax credit.
Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more time to clear a backlog of 180,000 homebuyers nationwide, said amendment sponsor Sen. Harry Reid, D-Nev.
The amendment to HR 4213, the “American Jobs and Closing Tax Loopholes Act of 2010″ — which primarily extends unemployment insurance benefits — was approved in a vote on Wednesday.
For more information please contact a Weichert Realtors, Frankel & Giles Agent.
June 3, 2010
The average days on the market for Condominiums in Chicago’s South Loop 60616 area code has decreased nearly 8% in the last 90 days. While the tax credit helped spur this activity we continue to see a
significant amount of contracts being written since April 30th not only in 60616 but throughout the rest of the South Loop as well.
May 17, 2010
Check out this very interesting article from YoChicago.com. They compare buying verses renting at 1400 Museum Park.
For more information contact us at 312-225-9700 or at info@frankelgiles.com!
Many have questioned the status of Lexington Park, located in the south loop, at 2138 S. Indiana. It has been a challenge getting information on what the future holds, but there are a few things that are for certain. It has been confirmed that the tower closings have not yet occurred. Buyers with contracts on the units are in limbo, and have aggressively tried to get answers to no avail. Many were first-time buyers, hoping to take advantage of the tax credit, but missed out on the opportunity. They are still waiting to see if they will move forward with closings in the tower, and are disappointed they have not yet been contacted to discuss their purchase.
Rumors have suggested the loft building will continue to be marketed as condominiums and the tower may convert to rentals. This information has not been confirmed, but one thing is for certain, there has not been any activity on-site in many months. Due to the incomplete construction of the building, it is likely additional time will be required to move forward, whether they decide to convert to rental or proceed with sales.
In the summer of 2009, the Irish developers, Chieftain Group, were surprised to find out their construction lender Corus Bank, was a victim of the crumbling housing market. With most of their assets being tied up in new construction high-rises, they were unable to stay afloat and the ship sank quickly. Corus Banks assets were purchased by Starwood Capital with backing from the FDIC. During the initial phase of the takeover, the developer believed it would be a seamless process, but recently found themselves fighting for their investment. In recent months, it appears they will likely lose the development and a full takeover is inevitable. In the event this happens, there is uncertainty amongst industry experts as to what will happen to the current buyers purchase contracts. It will likely depend on if they move forward with condominiums or covert to rentals.
It is an unfortunate situation and is not typically seen in the marketplace, but it was a sign of the times. If you have purchased a condominium at Lexington Park, there may be a light at the end of the tunnel. If Starwood Capital decides to convert to rentals, it is likely you will receive a full refund of earnest money. There is speculation that buyers will be contacted by the new owners of the asset shortly.
« Newer Posts — Older Posts »
|
|
South Loop Scoop
