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Real Estate Search

Listing of the week for February 8, 2013 Previous listings

This Inverness home sits on more than an acre with a walkout basement in back.

This beautiful Inverness home is exceptional, from the grand, two-story marble foyer to the stunning master suite. It is a stunning and sophisticated home, inside and out, with a superb floor plan, complimented by mixtures of marble, granite and Brazilian cherry floors.

High-tech ‘Granny Pod’ could change elder care

Viola Baez eats yogurt in a MedCottage installed in her daughter’s Alexandria, Va., backyard. The high-tech cottage, which some believe could change the face of elderly care, is an option to a nursing home.

By Fredrick Kunkle Updated Feb 5, 2013 4:17 PM Viola Baez wouldn't budge. Her daughter's family had just invested about $125,000 in a new kind of home for her, a high-tech cottage that might revolutionize the way Americans care for their aging relatives. But Viola wouldn't even step inside.

New housing starts expected to rise Posted Feb 9, 2013 5:00 AM

Residential construction in the Chicago area is seeing "fairly healthy growth, especially when you consider that housing starts in 2012 were up 31.9 percent over 2011," said Chris Huecksteadt of Metrostudy, a leading provider of market information to the housing, retail and related industries. "This was the first year-over-year increase (in housing starts) we have seen here in five or six years," he said.

Condo living in downtown Arlington Heights Posted Feb 8, 2013 5:32 AM

Seven months ago, Cathy and Kevin Marrinan moved from their home in the Catskill Mountains to a condominium in downtown Arlington Heights to be closer to their daughter and grandchildren."I'm so happy here I can't believe it," Kevin Marrinan said of their home in the Evergreen building.

6 tips on buying, renting a home for extra income Updated Feb 10, 2013 8:19 AM

Low mortgage rates have made buying a home more affordable and turned rentals into an attractive option for investors. Throughout the downturn in the housing market, average investors, sometimes pooling their money, have bought foreclosures at a sharp discount and turned them into rentals. Many homeowners also have purchased a second home and rented out their first property.Although the housing market is showing signs of recovery, demand for rental housing is expected to remain strong. The national unemployment rate remains high at 7.9 percent, banks are still working through a backlog of foreclosures and tight lending requirements prevent many renters from becoming homeowners.And the Fed has said it will keep its short-term interest rate, the federal funds rate, at a record low until U.S. unemployment falls below 6.5 percent, something many economists don’t expect to happen until late 2015 at the earliest.“In this market, at this point, it’s a sweet spot,” says Chris Princis, a senior executive at financial advisory firm Brook-Hollow Financial and owner of two rental properties in Chicago. “You’re getting the market where it’s just starting to rebound, but still at the bottom, with what’s looking to be a great recovery.”Here are six tips on becoming a landlord or investor in rental property:1. Understand what it means to be a landlordResidential real estate generally provides three possible ways to get a return on your investment: when it’s sold, assuming it has grown in value, by collecting rent and through tax savings, such as the mortgage interest deduction.So, if you elect to buy a property for the long-term investment potential, the goal should be to ensure that the rental income covers the cost of your mortgage and monthly maintenance costs. If you buy a foreclosed home, you’ll have to factor in the cost of repairs to ready the home for rent. And if you have a mortgage on the property, you’ll need to be prepared to cover the costs for however long it takes to find a tenant.“Real estate is a great investment if people are paying their rent,” says Princis. “If they’re not paying their rent, it’s a horrible investment.”2. Buy in an area with a history of strong rental demandNeighborhoods near universities are a good option. For homes in residential areas, proximity to schools can be a good draw for families.Condominiums and similar properties in communities with a homeowners’ association can be a great option because the association arranges for upkeep on the property. But check the fine print on your mortgage and homeowners’ association rules to make sure turning your property into a rental isn’t forbidden.If you’re going to buy a foreclosure, be prepared to compete with other investors, many of them paying in cash. And because many require upgrades and repairs, expect that it will take longer until you’ll be generating rental income.Websites like Zillow.com and Trulia.com list foreclosures, as well as rentals in a given area. Foreclosure tracker RealtyTrac Inc. recently ranked U.S. metro areas, with a population of 500,000 or more, according to the supply of available foreclosures for sale and their discount versus other homes, among other criteria. Among the top 20 cities deemed the best places to buy: Miami, Chicago, Philadelphia, El Paso, Texas; and Poughkeepsie, N.Y.Claire Thomas, a retiree in Phoenix who owns 10 rental condos in Las Vegas, says that landlords looking to keep their properties as income-generating rentals for many years should look into areas that are not too expensive.“I would rather have a middle-of-the-road rental that stays rented than a higher-end (property),” she says.

Fewer homes available in quality locations Posted Feb 9, 2013 5:02 AM

While not yet as healthy as in other states, the real estate market in the Chicago area "definitely shows signs of having bottomed out and early signals of an upturn," said Jeff Matheson of Century 21 Kreuser and Seiler in Libertyville.

Advice Columns

Clean faucet finishes with care Posted Feb 10, 2013 5:02 AM

Q. I'm trying to get the corrosion off my older bathtub mixing valve and sink faucet. I have tried using strong cleaners, without success. Also, some spots on the handles appear to have a gold color coming through the chrome plating.

Rotted doorframe can be patched Posted Feb 10, 2013 5:01 AM

My problem is that we failed to realize that occasionally the drain at the bottom of outdoor steps down to my basement would clog. Water would sit in that bottom well, in turn seeping under the storm door and causing the doorframe to rot. What product can I use to repair the door frame that could withstand the freeze/thaw cycle in my area?

Townhouse owner takes insurance money, fails to make repairs Posted Feb 10, 2013 5:00 AM

Q. Our association has a situation that the board is having trouble resolving. Two years ago one of our owners had major inside damage done to his townhome, the result of a broken water pipe that was left running for an entire weekend.

more Advice Columns »

Home & Garden

The potager garden grows food, flowers, herbs Posted Feb 11, 2013 5:00 AM

Romans were major gardeners in a time when most cultures were still hunting and gathering. But when the Roman Empire declined, much of Rome's agricultural development vanished. All that remained of it were ruins of villas in formerly conquered lands. The Roman home was a series of rooms that enclosed a central courtyard. Often this was divided into four equal spaces with a well or fountain at the center.

Clean faucet finishes with care Posted Feb 10, 2013 5:02 AM

When burning wood, be aware of insect trouble Posted Feb 10, 2013 1:00 AM

It is best to keep any logs that you saved for burning in the fireplace outside until you are ready to burn them as insects can come in with the firewood. Never treat firewood with insecticides. Also, do not transport any ash wood outside of the emerald ash borer quarantine zone to avoid further spreading of this insect..