Michael Pierson and Chris Eigel just returned from the Prudential Real Estate Affiliates Convention in Austin, Texas, where they accepted the Gibraltar Circle Award on behalf of the Prudential Rubloff agents. The Gibraltar Circle Award is presented to the top 50 firms in the entire PREA Network. Prudential Rubloff moved up seven spots and was ranked 21 nationally! As always, the credit goes to the incredible agents and staff!

Do you want a five-star location in Chicago’s most desirable neighborhood? Is a stately greystone façade with all the intelligence and convenience of a new construction your style? Well, you can have it all in this Fine Homes property listed with Prudential Rubloff’s Doug Smith from our Mag Mile office.

This elegant Gold Coast renovation by Jaffe Architectural Group, Ltd, resulted in a bright and spacious light-filled 11-room home with four huge en-suite bedrooms and a total of five full baths and three half baths including a charming wood-paneled powder room with an onyx vessel sink. The stunning kitchen with butler’s pantry has elaborate woodwork and cabinetry, and Calcutta gold marble countertops, stainless steel appliances by Wolf, SubZero, and Miele. The great breakfast nook overlooks the private courtyard.

The lower level has a family room, two laundry rooms, plenty of storage and features heated limestone floors throughout. The main levels have solid walnut floors. Natural light floods this home through 10-foot high windows and three custom skylights. This three-level home has an elegant Indiana limestone façade, approximately 6,000 square feet of living space, and four outdoor spaces—a terrace, a front yard, a courtyard and a large 39’ X 22’ rooftop deck over the 3-car heated garage.

Doug Smith’s 1358 North Dearborn listing is featured in the March issue of Michigan Avenue Magazine. To see even more coverage of this unique listing you can also tune in on March 7, 2010 to NBC 5 at 11:00 am for LXTV’s Open House Chicago.

Lakeview is an expansive community whose borders extend from Lake Michigan to North Ravenswood Avenue and Diversey north to Irving Park Road. Clark Street divides the two major sections of the neighborhood, Lakeview East and West Lakeview. Lakeview incorporates the lakefront districts of Diversey and Belmont Harbor. The neighborhood thrives commercially with over 300 retail shops throughout the area. Housing in the area includes condominiums, townhomes and single-family-homes. To view a summary Premier Market Watch Report for condominiums in Lakeview, please click here. To view a detailed Lakeview condominium report, please click here. To view additional Premier Market Watch on the Lakeview neighborhood, or any neighborhood or community in Cook, Lake or DuPage County, please register here.

Transportation
Taxis, buses, the subway and elevated trains make transportation convenient within the city and to and from the surrounding suburbs. The Howard-Dan Ryan subway line stops at Addison Street and Wrigley Field. The Marine Drive and Outer Drive Express buses run to and from the Loop. The Kennedy Expressway connects with all major arteries and links the neighborhoods to surrounding suburbs.

Average Drive Times:
15 minutes to Chicago Loop
30 minutes to O’Hare Airport
40 minutes to Midway Airport

Schools
A variety of public grade schools serve the neighborhood. High schools include Lake View High School and Lane Technical High School. Private and parochial schools include St. Alphonsus, St. Andrew and St. Benedict High School, as well as Heart of Mary High School for girls and Gordon Technical High School. Northwestern University, the Goodman School of Drama, and Truman College are all located close by.

Shopping
A variety of boutiques and shops dot the streets of each neighborhood. Lakeview boasts over 300 stores and specialty shops. Just a few miles to the south, Michigan Avenue’s “Magnificent Mile” is among the most elite retail districts in the nation. The “Mile” features such exclusive shops as Saks Fifth Avenue, Neiman-Marcus, Macy’s, and Bloomingdale’s.

Recreation
Wrigleyville is the home of the Chicago Cubs’ Wrigley Field. Those lucky enough to own housing near the field enjoy rooftop seating for home games. The Lincoln Park Zoo is the largest “free” zoo in the world featuring an award-winning ape house, a real dairy farm and a conservatory. A Bird Sanctuary is found on Belmont Harbor Drive at the lakefront.

Hospitals
Local medical facilities include St. Joseph Hospital and Health Care Center which is a Catholic Non-profit facility with 497 beds and a staff of 516 medical professionals.

Places of Worship
All major denominations are represented throughout the metropolitan area.

Mario Greco was quoted in the Chicago Tribune on Sunday, February 28, in a story about the the growing number of home purchasers who are single, especially women. Click here to read the story.

Michael Pierson was quoted in Crain’s Chicago Business in an article on business fine dining. To read the article, please click here.

This past Tuesday, February 23rd, the Chicago Relocation Council held its annual Charitable Causes Silent Auction at Northern Trust Bank. The Chicago Relocation Council is an organization dedicated to service, education and networking opportunities for those involved in the Relocation Industry. As one of their many endeavors, they are highly visible in the community and thus, have a committee specifically designed to promote service work and charity.

Prudential Rubloff’s Kate Santo has been a member on the CRC’s Charitable Causes committee for the past three years. “It is a wonderful feeling to be able to give back to the community while networking and learning from your colleagues,” Santo said. Yesterday’s silent auction was held in conjunction with several round tables offering various key topics affecting the Relocation Industry. Updates on the latest in the Real Estate market and mortgage were among the relevant discussions. The proceeds from this year’s event will be split between The Greater Chicago Food Depository and the CARA Program.

Gayle Tepper, an agent in Prudential Rubloff’s 980 N Michigan Avenue office who specializes in high-end properties, was quoted in Chicago Magazine’s online Deal Estate column. To read the post, please click here.

Savvy consumers know that Realtors® are essential in making the process of either buying or selling a home easier. Now they can also take the challenge out of owning a home well after the move.

The National Association of Realtors® (NAR) launched HouseLogic.com this week, a new, comprehensive consumer website about all aspects of homeownership. HouseLogic helps homeowners make smart decisions and take responsible actions to maintain, protect and increase the value of their homes.

The free website helps homeowners plan and organize their home projects and provides timely articles and news; home improvement advice and how-tos; and information about taxes, home finances and insurance.

HouseLogic also empowers homeowners who want to get more actively engaged in shaping community life and advocate neighborhood and homeownership issues that matter most to them. The site provides users with the tools and know-how to effect change and address concerns, like establishing a neighborhood watch program, building a community playground, or participating in city or county planning efforts.

So log in today and start planning that block party, or organizing a neighborhood watch group, or plan that next remodeling job. The combined experience of all NAR members is now at your fingertips.

Realtor Mag, Daily Real Estate News, February 11, 2010

Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise from a year earlier, according to the latest survey by the NATIONAL ASSOCIATION of REALTORS®.

Sales increased from the third quarter in 48 states and the District of Columbia; 32 states saw double-digit gains. Year-over-year sales were higher in 49 states and D.C.; all but three states had double-digit annual increases.

Total state existing-home sales, including single-family and condo, jumped 13.9 percent to a seasonally adjusted annual rate of 6.03 million in the fourth quarter from 5.29 million in the third quarter, and are 27.2 percent above the 4.74 million-unit level in the fourth quarter of 2008.

Distressed property accounted for 32 percent of fourth quarter transactions, down from 37 percent a year earlier.

Lawrence Yun, NAR chief economist, said the first-time home buyer tax credit was the dominant factor.

“The surge in home sales was driven by buyers responding strongly to the tax credit combined with record low mortgage interest rates,” he said. “With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices.”

According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage fell to a record low 4.92 percent in the fourth quarter from 5.16 percent in the third quarter; it was 5.86 percent in the fourth quarter of 2008.

In the fourth quarter, 67 out of 151 metropolitan statistical areas reported higher median existing single-family home prices in comparison with the fourth quarter of 2008, including 16 with double-digit increases; one was unchanged and 84 metros had price declines. In the third quarter, only 30 MSAs showed annual price increases and 123 areas were down.

The national median existing single-family price was $172,900, which is 4.1 percent below the fourth quarter of 2008; the median is where half sold for more and half sold for less. “This is the smallest price decline in over two years, with the most recent monthly data showing a broad stabilization in home prices,” Yun said. “Because buyers are taking on long-term fixed rate mortgages, avoiding adjustable-rate products, and trying to stay well within their budgets, the price recovery process appears durable.”

NAR President Vicki Cox Golder said near-term market conditions will remain favorable.

“Mortgage interest rates are expected to trend up later this year, but right now we have very good conditions with steadying home prices and favorable inventory in most areas, especially in the higher price ranges,” she said.

Golder said one of the biggest issues now is for repeat buyer who will have to accelerate their buying plans if they want the expanded tax credit. They have to have a contract by the end of April.

Repeat buyers do not have to sell their existing home, but all buyers must occupy the property they purchase as a primary residence to qualify for the tax credit. Buyers who have a contract in place by April 30, 2010, have until June 30, 2010, to finalize the transaction to get a credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

Markets by Region

Northwest: Regionally, existing-home sales in the Northeast rose 11.1 percent in the fourth quarter to a pace of 1.03 million and are 33.6 percent higher than a year ago. The median existing single-family home price in the Northeast declined 5.6 percent to $234,900 in the fourth quarter from the same quarter in 2008, but with widely varying conditions.

“In the Northeast, markets with lower median prices that have avoided wide swings, such as Buffalo, are generally showing consistent price gains,” Yun said. “Even so, some of the higher cost areas are showing signs of stabilization, such as Nassau-Suffolk, N.Y., and Boston.”

Midwest: In the Midwest, existing-home sales jumped 14.5 percent in the fourth quarter to a pace of 1.38 million and are 29.9 percent above a year ago. The median existing single-family home price in the Midwest rose 1.1 percent to $141,100 in the fourth quarter from the same period in 2008, with the region accounting for the majority of metro areas experiencing double-digit gains.

Yun said markets with high unemployment rates in Ohio and Michigan experienced large price swings. “Big price gains in many Midwestern areas are due to a more normal range of home sales in contrast with predominately foreclosed sales a year ago,” he said.

South: In the South, existing-home sales rose 13.8 percent in the fourth quarter to an annual rate of 2.23 million and are 28.2 percent higher than the fourth quarter of 2008. The median existing single-family home price in the South was $153,000 in the fourth quarter, down 2.4 percent from a year earlier.

“Affordable markets in the South that have relatively better local economies are seeing healthy price gains, such as Houston, Oklahoma City and Shreveport, La.,” Yun said.

West: Existing-home sales in the West jumped 16.2 percent in the fourth quarter to an annual rate of 1.38 million and are 18.2 percent above a year ago. The median existing single-family home price in the West was $227,200 in the fourth quarter, which is 8.9 percent below the fourth quarter of 2008, but with many areas showing notable gains.

“Markets in the West such as San Francisco, San Jose and Denver are showing double-digit price increases, and other markets like San Diego and Anaheim have begun to firm up,” Yun said.

A Closer Look at the Condo Market

Metro area condominium and cooperative prices – covering changes in 54 metro areas – showed the national median existing-condo price was $177,300 in the fourth quarter, down 4.8 percent from the fourth quarter of 2008. Eleven metros showed increases in the median condo price from a year earlier and 43 areas had declines; in the third quarter only four metros experienced annual price gains.

Source: NAR

Are you a tortoise or a hare?

Trying to stay ahead of trends can sometimes feel Sisyphean:  The moment you feel on top of new trends, a newer, shinier, flashier tool is introduced. For early adopters this can be exhilarating. Being one of the first to try a new social media site can have its cachet among hip and savvy tech nerds (no longer an oxymoron).  These trailblazing early users are the Hares in the race. They are the sorts that create Facebook groups bemoaning every new change in format or functionality.

Tortoises have the hares do the beta testing for them. Second generation social media will have larger user-numbers, will have worked out all the kinks and will become easier to merge with other existing platforms.

One of the most talked-about presentations at Inman Connect was the presentation on FourSquare. You probably have noticed more Foursquare activity on your Facebook feed. That’s because Foursquare promises a new level of user interactivity, as it is a cross between a friend-finder, a social city-guide and a game. With the use of your smart phone, it encourages you to discover new places and challenges you to explore your neighborhood in new ways.  

Big Mouth Real Estate Consulting speculates on its real estate application:

 Here are just a few thoughts on some uses for FourSquare.

  1. Listing agents can add their listings to Foursquare as a tracking and feedback mechanism.  Imagine that every showing was accompanied by the showing agent “checking in” and using the tip as feedback.  Listing agents and homeowners alike can check and see who is showing the property and how often they are coming back.

   2. Take that same thought and imagine the prospecting tool you have if you are interested in pursuing expired listings.

   3. Use Foursquare to track attendance at office tours, caravans or meetings.

   4. A fun contest idea to get a specialty tour of featured homes.

   5. Build neighborhood or condo check in and compete for “mayorship”.  I can see where being mayor of a particular neighborhood could be of real value on a listing presentation.

I am sure there are many more ways that Foursquare can work for real estate. There is a developer API out there, and that section alone could open up all kinds of uses for real estate.

There are iPhone and BlackBerry applications ready for you to download.  Go ahead and sign up, enter your listings, put it in your comments.  Let’s see what happens.  Looks like Foursquare might just be another social media application that has found a home in real estate.

If this sounds too daunting, remember there are already plenty of social networking strategies that have proven results. Join Facebook, if you have not already, and friend your clients and professional contacts. You’ll be amazed at all the familiar faces.

Social networking is an ideal tool for real estate agents. You don’t realize just how many people you know (both personally or professionally) on a particular site until you try it, and heaven only knows that real estate agents want everyone to know what they do professionally. So, sign up for Facebook today. Few networking tools are this simple and it won’t cost you a dime.

If you have a Facebook page, don’t forget to “become a fan” of Prudential Rubloff. Simply click on the Facebook icon at the bottom of Prudential Rubloff’s homepage and click on “become a fan”, located in the upper left hand corner beneath the Prudential Rubloff logo.