Tax Time…Don’t Forget All Those Deductions

Many of us are vigourously working to get our tax returns submitted for 2009 so that we can 1) have it off our plates and 2) possibly get a refund.  In order to increase your refund, you want to make sure you are counting all the potential tax deductions over the past year, such as: mortgage interest, charitable contributions, business expenses, etc.  If you purchased a new home in 2009, you also could be eligible for the homebuyer tax credit.  Be sure to follow-up with your accountant and double-check that he/she is including every deduction possible. 

Also, for a great article on some of the recent changes in federal tax laws that might affect you, checkout this Tribune article: Tax Changes Can Boost Refund.

@properties is #1

 

 

2009 was a challenging year for businesses across the globe. Some companies took it sitting down. Not @properties. We invested in new marketing and technology, opened new offices, and expanded programs to serve you better. The result: Our independent locally-owned company is stronger today than ever before. In fact, @properties far and away leads the Chicago market in more key categories than any other real estate company. And that means more resources, better service and ultimately better results for you.

@properties is clearly #1.

2009 Market Performance

#1 in Market Share (City): #3 in Market Share (Northern Illinois Region): #1 Increase in Market Share (City): #1 Increase in Market Share (Northern Illinois Region): #2 Increase in Market Share (North Shore): #1 New Construction Market Share (City): #1 Buyer’s Representative (City): #1 Seller’s Representative (City): #1 Average Market Time (Northern Illinois Region): #1 Selling Price to Original Listing Price (Northern Illinois Region):	12.4% 4.4% 28.0% 18.8% 68.6% 16.5% 12.0% 12.9% 147 Days 93.8%
For more information on @properties’ services or your local market area, please contact me. I’m here to help.
Source: MRED, LLC, 1/1/09-12/31/09. Based on top 10 companies per category. Market share figures are based on sales volume.

Chicago Spire…Might It Happen?

The Chicago Spire - Will it happen?

According to the spokesman for developer Garrett Kelleher of the Chicago Spire,  he has secured some mezzanine and bridge loans in order to proceed with development, marketing and building of the 150 story Chicago lakefront tower located at 400 North Lakeshore Drive.  These loans would “kick-in” as soon as Kelleher can come up with $170 million to pay off the current outstanding loans and liens. 

As for the $170 million, a group of union pension funds are in talks to loan these funds to the developer.  They are eager to employ over 1,000 union workers and know this could be a major shot-in-the-arm for the local unions here in Chicago.  It is not unheard of for union pension funds to produce financing for construction projects.  The AFL-CIO fund has invested over $1 billion in Chicago, which is more than any other city in the US.

Many people are skeptical whether or not the Spire will become a reality and sell out, if built.  But some are positive, believeing that the four-year construction process will allow the economy and the housing inventory to level off, so sales will not be as difficult.  Prices start at $750,000, while most units range from $2 million to $15 million.

The Spire will be the tallest building in North America at 2,000 feet tall.  Other tall North American buildings include the Willis Tower, formerly Sears Tower, resting at 1,451 ft and the CN Tower in Toronto, resting at 1,815 ft.

Buy Now…If Not, YOU Are Missing Out!

We all hear the daily rants and ravings on the news each day regarding home values decreasing, jobless claims and the highest unemployment in years.  But what the news is not telling you (b/c it doesn’t seem to be as catchy) is that most of the US (89.8% of capable working adults) is gainfully employed!  Knowing that and knowing that interest rates are still hovering at an all time low (5%), it might sound a little harsh, but YOU ARE INSANE NOT TO PURCHASE A HOME RIGHT NOW!!!  As the economy starts to improve, not only will home values/prices increase (so you will be paying more), but interest rates will start increasing as well to 6, 7 or 8% and you’ll be putting a lot more money in some bank’s pockets when you could have used that money otherwise if you had locked in around 5%.  Mark Roth (Business Week contributor and President of Home Warranty of America) wrote a great article this week regarding much of what I have referenced above.  Definitely check it out and think hard about what you might be missing out on.

2010 Housing Outlook — Should We Smile or Frown?

While the housing outlook for Chicago is not glowing for 2010, it’s not as bad as some people might be thinking.  According the head economist for Moody’s, Chicago housing values will average a 4.3% dip in 2010.  But after a down year, which might be the bottom (although we’ve heard that before), we should see a 2.2% increase in 2011.  Click here for more info and to see the article in Money Magazine.

2009 Residential Property Assessments…Time To Appeal!

If you have not received it yet, you will be receiving your “Notice of Proposed Assessed Valuation” in the next couple days.  The Assessed Valuation (AV) is what the state uses to determine your property taxes and if the AV has gone up significantly from 2008 to 2009, that means your property taxes will be increasing.  We received ours last week and our AV increased almost 20% and when looking closer, the assessor grossly over-valued our home/property.  So, if you are in the same situation, be sure to file an appeal.  You will need to provide some type of proof that the AV is over-stated.  A couple options are: a recent appraisal, a recent closing statement or other comparable property sales in your area.

The appeal deadline is 30 days after you receive your proposed assessment, which for us is the end of December.  Click here for more information about the appeal process and click here for the residential appeal form.

Happy Thanksgiving!!!

We wish you all a very happy Thanksgiving with your family, friends and loved ones! Sincerely, The CREN Family