OLYMPICS IN CHICAGO? IS IT GOOD FOR REAL ESTATE OR??

My opinion - The exposure Chicago has received for both the Olympics and boasting President Obama’s hometown have already strengthened Chicago’s position as a world class city. In the long-term, the fix is in for prices to escalate when market conditions stabilize. So – the value is already added to some extent.

However, reading about our Third Coast Lakefront and Millennium Park and Michigan Avenue and the theaters and restaurants will only go so far until the world comes here and experiences the wonders of Chicago first-hand. I guess you could say I’m a total fan of Chicago – and I make my livelihood from real estate, so let’s get it on the table - am biased, for sure.

Inviting the world to our stage is a magnificent opportunity. Will it cost money? Sure. Will we end up with city improvements similar to the Millennium Park improvements? Sure again. Let’s all tighten our belts and escalate Chicago’s world-class status one notch more. Simple decision. Vote Olympics!

If you want to get involved, here is what is happening:

Finalist Cities for the 2016 Olympics
Chicago Rio de Janeiro Tokyo Madrid

Washington Park Olympics Coalition - Saturday, February 7 at 9 AM
Meeting at the Washington Park Field house at 5531 S. King Dr. For more information, visit www.hydepark.org/hpkccnews/commmtgscal.htm

FINAL BIDS DUE FROM CANDIDATE CITIES: ; February 12
Presentation at Sports Accord (Denver): March 22 to 27
IOC Evaluation Commission Visits Chicago: April 2 to 7
Presentation to IOC Executive Committee: June 17 to 19
IOC VOTES TO AWARD 2016 OLYMPICS: October 2

The National Association of Realtors Study

The National Association of Realtors does a study every year on people who bought or sold real estate and below are some of stats generated from that study.


Characteristics of home buyers
41% of recent home buyers were first time buyers
The typical first time home buyer was 30 years old, while the typical repeat buyer was 47.
The 2007 median household income of buyers was $74,900. The median income was $60,600 among first time buyers and $88,200 among repeat buyers.
About ¼ of first time buyers identified their race as white.
20% of recent home buyers were single females, and 10% were single males.
For 2/3 of home buyers, the primary reason for the recent home purchase was the desire to own a home.

Characteristics of homes purchased
New home purchases were 21% of all recent home purchases, down from 23% a year ago
The typical home purchased was 1825 square feet.
78% of home buyers purchased a detached single family home
When considering the purchase of a home, commuting costs were considered very or somewhat important by 80% of buyers.

The home search process
For 1/3 home buyers, the first step was looking online for properties.
87% of all home buyers and 94% of buyers aged 25 to 44 years used the internet to search for homes.
Real estate agents were viewed as a very useful information source by 81% of buyers who used an agent in the home search process.
The typical home buyer searched for 10 weeks and viewed 10 homes.
6% of buyers purchased a home in foreclosure.

Home buying and real estate professionals
81% of buyers purchased their home through a real estate agent or broker. Among those who purchased a new home, this percentage increased to 54% from 50% last year.
43% of buyers found their agent through a referral from a friend or family member.
70% of buyers would definitely use their real estate agent again or recommend the same agent to others.

Financing the home purchase
93% of home buyers financed their recent home purchase
The percentage of first time home buyers who financed 100% of the purchase price with a mortgage dropped to 34% from 45% last year.
46% of home buyers reported they have made some sacrifices such as reducing spending on luxury items, entertainment, or clothing in order to qualify for a mortgage
25% of first time buyers reported that the mortgage application and approval process was somewhat more difficult than they expected, and 10% reported it was much more difficult than expected.

Home sellers and their selling experience
Slightly over half of home sellers traded up to a larger and higher priced home and slightly more than one fifth traded down to a smaller and less expensive home.
84% of sellers were assisted by a real estate agent when selling their home
Recent sellers typically sold their homes for 96% of the listing price, and 60% reported they reduced the asking price at least once.
42% of sellers offered incentives to attract buyers, most often assistance with closing costs and home warranty policies.

Home selling and real estate professionals
38% of sellers who used a real estate agent found their agents through a referral from friends or family, and 26% used the agents they worked with previously to buy or sell a home.
90% of sellers reported that their home was listed or advertised on the internet.
Among recent sellers who used an agent, 85% reported they would definitely (65%) or probably (20%) use that real estate agent again or recommend the agent to others.

We are going to be movie stars!

NBC OPEN HOUSE is going to feature a makeover at our super listing - #1001 at 50 E Chestnut in the heart of Magnificent Mile in the Gold Coast, a spectacular 3900 sf home overlooking Quigley Seminary on the south and the Sofitel and park on the west. The elevator opens right into your own full floor home by way of a private foyer, so charming! But Susan Fredman Design Group is going to make it rock in a short TV segment! Our own Mega Agent Mary Vallender will be assisting as Tricia will be skiing in Vail the day of the Filming -- which is Tuesday February 2^nd.

How far would you go to find buyers for Chicago's priciest condos? How about Dubai?

We're in the news!

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Willing to go the extra miles for a sale
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Mary Umberger
House & Homes: On Real Estate

January 25 2009

How far would you go to find buyers for Chicago's priciest condos? How about Dubai?

The complete article can be viewed at:
http://www.chicagotribune.com/classified/realestate/advice/chi-0125-umberger-columnjan25,0,1473061.column

Terrific cocktail party with Signature Properties from Naples, Florida at TRUMP INTERNATIONAL CHICAGO

Here are a few pictures to share - January 15th we co-hosted a terrific cocktail party with Signature Properties from Naples, Florida at TRUMP INTERNATIONAL CHICAGO – over 130 people attended. The 20 degree below temperature was a reminder of why a place to escape to in Naples, Florida would be a very wonderful idea! Many prospects and several buyers attended and all commented on the terrific DVD which started with a chilly day in Chicago where the clients boarded a jet and ended on the same day, basking in sunshine and sipping a cocktail on the beach. The homes were also terrific – views, finishes, from $1million (Dunes) to $5m (Moraya Bay) - the ones directly on the water (Moraya Bay) are over 5000 sf!


View and reflection









Maxine Kroll, owner of Maxine Salon, husband architect Ron Bari, Tricia Fox Realtor Jean Hagerty









Liz Griffin and Craig and Erin Dunstan of Wheaten, buyers at the Moraya Bay Project










Frank DiJohn, entrepreneur/business owner and Mel Greenberg, entrepreneur, furniture business









Tricia Fox, and Glenn Griffin, Developer, Signature Properties, Naples, Florida












Jerry Nerad, hotel owner and original owner of parcel where development is and Ann Nerad and Patrick Griffin, Developer

Trump Cocktail Party and Launch of the Signature Properties Moraya Bay and Dunes Properties

I offered to update you post-event…We had our Trump Cocktail Party and Launch of the Signature Properties Moraya Bay and Dunes Properties from 5-8 last night.

Our event was wildly successful. We had about 135 people attend. We had videos on flat screens – one was the “usual” type of tour of the property in 3-D. Very nice. The other was extremely timely and creative. As you know, it was 20 below zero or so…the second DVD started with a couple waking up in Chicago (complete with shots of the river and the el) and looking at the freezing Tundra outside their condo window. They looked at each other and said “let’s go!” and they headed to their net-jet…meanwhile the lower right side of the screen said -17 degrees. 8:45 am. Then they took off on their shared jet, arrived and disembarked, headed to the beach and Moraya Bay Resort property and the lower right screen read: 3:45 pm. 85 degrees. And then..the usual and quite wonderful building tour/amenities, etc.

Very appropriate. Great timing! The whole room wanted to go to Naples.

People stayed late – even a half hour after the bar shut down. The views from the 17th floor at Trump were spectacular. We also toured interested parties to our resale listings at Trump. Great views at night! Second home properties can just as readily be in the city as in Naples, Florida! We will also be presenting the Signature Properties at the National Association of Realtors Second Home and Resort Convention in Naples, Florida March 29-31.

It’s been a very busy week despite the frigid below zero temperatures.

It’s been a very busy week despite the frigid below zero temperatures. Wednesday we filmed acclaimed designer Susan Fredman’s luxurious home at the Pinnacle with NBC TV commentator Marion Brooks as part of a feature on today’s buyer and the importance of having your home in impeccable condition when selling. Susan is selling her home to take on yet another renovation project! Yesterday we had a successful party at the new Trump Chicago International Hotel. We provided an elegant setting to 130 clients who may have interest in second homes in Naples, Florida or downtown Chicago. The food, company and exchange of ideas was terrific. Warmed us all up on a Tundra evening.

Today we got several developers interested in co-sponsoring our up-and-coming trip to the Dubai Trade Show Feb 15-18. All that and lots of showings too. It is warmer in Iceland and Alaska than here today. Stay warm!

Article of interest, and one attached:

http://www.chicagotribune.com/classified/realestate/advice/chi-selling-home_chomes_0116jan16,0,7163130.story