2014 election guide

Articles filed under Residential Real Estate

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  • Historic Schweikher House tours on Oct. 11 Sep 26, 2014 5:56 PM
    The Schweikher House Preservation Trust invites the public to tour the 1938 Paul Schweikher home and studio, a Modernist home listed on the National Register of Historic Places and one of the top 150 architectural sites in Illinois. Forty-minute guided tours of the house, studio and grounds will be offered on Saturday, Oct. 11.

  • Elgin council favors 45 apartments for Tower Building Sep 25, 2014 5:42 AM
    The city of Elgin is planning to contribute $4.7 million to the redevelopment of the iconic downtown Elgin Tower Building into 45 market-rate apartments. The city council's committee of the whole agreed to the development agreement. “I'm really excited to see us redeveloping this property,” Councilwoman Tish Powell said.

  • Cary affordable housing project moves ahead despite opposition Sep 25, 2014 9:12 PM
    An $18 million affordable housing project in Cary is moving forward after the village board approved Pedcor Investments’ planned 60-unit apartment complex targeted for a 4.5-acre lot at the northeast corner of First and Pearl streets. But opposition remains strong. “This places a high-level burden on the taxpayers of Cary, and enough is enough,” an opponent said.

  • Tycoon’s $85M Beverly Hills home targets ultra-rich Sep 22, 2014 8:18 AM
    The eight-bedroom, 15-bath Beverly Hills, California, mansion has $5,600 toilets, a wall of caramel onyx and an 18-seat screening room with doors clad in Italian lizard skin. Asking price: $85 million. Rapper Jay Z has taken two tours of the hillside aerie with views that sweep from downtown Los Angeles to the Pacific Ocean. The estate was developed by Bruce Makowsky, who made his fortune selling handbags through department stores and the QVC television channel.

  • A seven-step program for furniture rehab Sep 20, 2014 12:01 AM
    Choosing furniture to refurbish, or “upcycle,” as it’s known in the DIY world, is an imprecise science. Typically, Kelly Millspaugh Thompson knows right away whether an item is right for her, and she has enough experience to see potential in the most intimidating pieces.

  • Large, luxury custom homes remain as popular as ever Sep 19, 2014 12:01 AM
    While most people living in the Chicago area don’t own a mansion worth millions of dollars, there’s no reason homebuyers can’t have a smaller slice of the pie. Those who can afford large luxury homes have always been attracted to them. And, if history offers an indication of the future, beautiful homes in ideal locations will always draw homebuyers, builders say.

  • Listing of the week Sep 19, 2014 12:01 AM
    Old-fashioned character abounds in this lovely “Old Town Carpentersville” Cape Cod-style home, built in 1913. Just over a century ago, its builder had his pick of locations in that fledgling town, so you can be sure this is a prime lot.

  • Household wealth increases in U.S. Sep 18, 2014 1:59 PM
    Household wealth in the U.S. climbed in the second quarter, reflecting stock-market gains that are mostly benefiting upper-income Americans. Net worth for households and non-profit groups increased by $1.39 trillion from April through June, or 1.7 percent from the previous three months, to $81.5 trillion, the Federal Reserve’s financial accounts report showed today in Washington. The Standard & Poor’s 500 Index’s longest streak of quarterly gains since 1998 combined with home-price appreciation helped to bolster Americans’ finances last quarter. A strengthening job market also is giving households the means to sustain their purchases, which make up about 70 percent of the economy. “Things are getting better for households,” said Paul Edelstein, director of U.S. financial economics at IHS Global Insight in Lexington, Massachusetts. “Consumers are getting a little more optimistic, a little more willing to take on debt.” The value of financial assets owned by American households, including stocks and pension-fund holdings, increased by $1.27 trillion in the second quarter, today’s Fed report showed. The S&P 500 index completed a sixth quarterly gain in the April through June period, climbing 4.7 percent. The gauge has advanced further since then. Household real-estate assets climbed by $202 billion, according to today’s flow of funds data. Owners’ equity as a share of total household real-estate holdings increased to 53.6 percent last quarter from 53.2 percent in the previous three months. A cooling housing market may limit the gains in household wealth. The S&P/Case-Shiller index of property values rose 8.1 percent in the year ended in June, the smallest 12-month increase since January 2013, an Aug. 26 report from the group showed. A strengthening labor market will help provide an offset. Unemployment in August fell to 6.1 percent, matching the lowest level since September 2008. Monthly payrolls have grown an average 215,000 so far this year, up from 197,000 for the same period in 2013. Gains in household wealth are giving Americans more confidence to borrow, today’s flow of funds report showed. Household debt increased at a 3.6 percent annualized rate from April through June. Consumer credit, including auto and student loans, climbed at an 8.1 percent pace, while mortgage borrowing increased at a 0.4 percent rate. Some of the wealth is going toward vehicle purchases. Sales of cars and light trucks rose to a 17.5 million annualized rate in August, the highest since January 2006, from a 16.4 million pace a month earlier, according to data from Ward’s Automotive Group. Today’s report also showed that total non-financial debt advanced at a 3.8 percent annualized pace last quarter, with a 6.3 percent gain in business borrowing. State and local government debt increased at a 1.2 percent pace and obligations of federal agencies climbed 2.5 percent. Household net worth also is getting help from the Federal Reserve’s accommodative stance. Policy makers, who finished a two-day meeting yesterday, maintained a commitment to keep interest rates near zero for a “considerable time” after asset purchases are completed, saying the economy is expanding at a moderate pace and inflation is below its goal.

  • Emmanuel House helps refugees find a true home in Aurora Sep 16, 2014 3:58 PM
    Imaad Hasan was grateful he and his family were safe in Aurora, far from the turmoil of war in Iraq. But he yearned for the stability of owning a house. "Emmanuel House gave me the dream," he said, in the house he purchased in 2010 through the program. Emmanuel House organizers say homeownership is one of the ways to break the cycle of working-class poverty, and helps people accumulate the money and financial education to do so.

  • Big subdivision would boost Hawthorn Woods’ Main Street plan Sep 16, 2014 10:35 PM
    Pulte Home Corp. is proposing a 221-home subdivision in Hawthorn Woods. The walkable community would feature four distinct neighborhoods targeted to different generations. The plan also envisions a 7-acre commercial area at Midlothian and Gilmer roads. “This is our new Main Street,” said Pam Newton, Hawthorn Woods’ COO. “We call it Main on Midlothian.”

  • Naperville condo owners want sidewalk to leave subdivision, lead to traffic signal Sep 15, 2014 4:04 PM
    For Linda Saville of Naperville, “Where the Sidewalk Ends” isn’t a book of children’s poems by Shel Silverstein. It’s a reality at both edges of her subdivision. Saville didn’t realize the sidewalks went nowhere when she moved into her condo in the Haverton neighborhood in south Naperville more than a year ago, so now she's asking for an extension to be built. “We’re 51 units and we’re shut off from the world,” Saville said.

  • Downtown developer wants to press on in Buffalo Grove Sep 15, 2014 5:15 AM
    The developer proposing to build a new Buffalo Grove downtown is determined to press on, despite an engineering study that found the project would have to be smaller than proposed. Smaller development can be "even better" Chuck Malk vowed this week.

  • Delay only heightens contest winner's enjoyment of new backyard Sep 15, 2014 12:28 PM
    It wasn't quick or easy but Jenny Kendall of Palatine, the winner of our 2013 backyard makeover contest, finally has her new patio, a package worth $10,000.

  • Hanover Township tax appeal seminar set for Sept. 24 Sep 12, 2014 4:31 PM
    Hanover Township taxpayers can file a property tax appeal during a seminar in Bartlett Wednesday, Sept. 24. Staff from the Cook County assessor's office also will be on hand.

  • Schaumburg garage sale Sept. 12-13 Sep 10, 2014 7:31 PM
    The 14th annual Lexington Green II subdivision garage sale will be held from 9 a.m. to 4 p.m. Friday, Sept. 12 and Saturday, Sept. 13 in the Schaumburg neighborhood off Meacham Road just south of Schaumburg Road. Many neighborhood families are participating, selling TVs and computers, antiques and furniture.

  • Buffalo Grove sends developer 'downtown' study he may not like Sep 9, 2014 12:57 PM
    Although a recent study shows a “downtown” could be built on the Buffalo Grove Golf Course, it may not be the one developer Chuck Malk of CRM Properties Group Ltd. had in mind when he proposed it in 2012. Buffalo Grove trustees Monday discussed the $79,000 engineering study that shows it would be feasible to build the “downtown,” then voted, with two exceptions, to forward the study to Malk.

  • Housing demand sparks new construction in suburban Chicago Sep 5, 2014 1:42 PM
    Ready buyers, strong demand for new homes and restored consumer confidence add up to good news for area homebuilders as they begin to develop land and open new communities. “We have a strong demand in the market and a very limited supply of good homes in good locations,” said Lance Ramella, senior vice president with John Burns Real Estate Consulting.

  • Buffalo Grove downtown study reignites debate Sep 5, 2014 3:24 PM
    The public discussion of whether to build a “downtown Buffalo Grove” on the existing village campus and golf course — largely dormant since the initial proposal in 2012 — promises to receive a jolt on Monday, when the village discusses an engineering report on the feasibility of developing the site. The report stresses “the positive side of the picture,” said Leon Gopon, president of Save Buffalo Grove. “We would like to … pretty much talk about some of the issues that we feel are the other side of the coin.”

  • Long-awaited study of downtown Buffalo Grove released Sep 5, 2014 5:30 AM
    Buffalo Grove late Thursday released an online link to a study that could help determine the fate of a controversial proposal for a massive development in the area currently housing village government offices. The stucy concluded that several alternatives "presented in this report would be permittable by the regulatory agencies." The report will be discussed at Monday's board meeting.

  • Average US 30-year mortgage rate holds steady Sep 4, 2014 10:42 AM
    The average 30-year U.S. mortgage rate this week remained at a 52-week low of 4.10 percent for the third straight week. Mortgage company Freddie Mac also said Thursday the average for a 15-year mortgage, a popular choice for people who are refinancing, slipped to 3.24 percent from 3.25 percent. At its 52-week low of 4.10 percent, the rate on a 30-year mortgage is down from 4.53 percent at the start of the year. Rates have fallen even though the Federal Reserve has been trimming its monthly bond purchases, which are intended to keep long-term borrowing rates low. The purchases are set to end in October. The low rates appear to have boosted U.S. home sales. Also, moderating increases in home prices such as occurred in July should help support sales by making homes more affordable. Real-estate data provider CoreLogic reported Tuesday that home prices rose in July but at a slower rate compared with earlier this year. Greater affordability has helped the housing market recover over the spring and summer after sales and construction fell earlier this year. Sales of existing homes rose for a fourth straight month in July to their strongest pace in nine months. And a measure of signed contracts also increased in July, suggesting that final sales will rise further in coming months. To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount. The average fee for a 30-year mortgage was 0.5 point, unchanged from last week. The fee for a 15-year mortgage fell to 0.5 point from 0.6 point. The average rate on a five-year adjustable-rate mortgage was stable at 2.97 percent. The fee stayed at 0.5 point. For a one-year ARM, the average rate edged up to 2.40 percent from 2.39 percent. The fee dipped to 0.4 point from 0.5 point.

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