Cool New York City Renovation of Historic Building 10 yrs Vacant

Existing home sales to be revised lower

Ooosh- Looks like people who get paid to put numbers together to promote things for people who paid them to put the numbers together are going to take a hit to their sterling reputations…Existing home sales to be revised lower – Dec. 13, 2011…. the hits keep comin’

Sales of Existing Homes Unexpectedly Increased in October

Bloomberg News,  Nov. 21 (Bloomberg) — Sales of previously owned homes in the U.S. unexpectedly rose in October, a sign falling prices may be luring buyers into the market. Purchases increased 1.4 percent to a 4.97 million annual rate, the National Association of Realtors said in Washington. The median forecast of 75 economists surveyed by Bloomberg News projected a 4.8 million rate. The median price of a house decreased 4.7 percent from the same month in 2010, and the number of properties on the market was the lowest for any October since 2005. Borrowing costs near a record low are helping homebuyers take advantage of housing that’s growing more affordable as prices drop. At the same time, the end of a temporary halt on foreclosures may push more properties on the market, triggering further slides in value that may prevent the market from recovering for years. “The surprising upswing in the level of sales signaling further stabilization in housing market activity is quite encouraging,” Millan Mulraine, a senior U.S. strategist at TD Securities in New York, said in a note to clients. “Moreover, the steady reduction in level of unsold inventory to a new cyclical low adds to the good feel about this report.” Stocks held earlier losses after the report, extending three weeks of declines, as U.S. lawmakers failed to agree on budget cuts. The Standard & Poor’s 500 index fell 1.9 percent to 1,192.68 at 10:28 a.m. in New York. Treasury securities rose, sending the yield on the benchmark 10-year note down to 1.96 percent from 2.01 percent late on Nov. 18. Survey Results Economists’ sales estimates ranged from 4.5 million to 5.14 million. The agents’ group revised September’s initially reported 4.91 million pace down to 4.9 million. Existing-home sales, tabulated when a contract closes, rose 12 percent from the same month last year before adjusting for seasonal variations. Total sales in 2010 were 4.9 million, compared with a peak of 7.07 million in 2005 during the housing boom. The number of previously owned homes on the market dropped to 3.33 million, the fewest for any October since 2005. At the current sales pace, it would take 8 months to sell those houses, down from 8.3 months at the end of September. A range of seven months to eight months supply is consistent with stable home prices, the group has said. “Maybe we are very close” to seeing home prices stabilize, Lawrence

How to Make a ‘Lowball’ Offer

By AMY HOAK

For some home sellers, it was a long summer without a home sale. That means this fall, some buyers — smelling the desperation — may be able to cut a better deal.

Top mistakes when making a low-ball offer on a home: If you’re thinking of making a low bid on a home, avoiding these mistakes will increase your chances of getting an accepted bid. Amy Hoak has details on Lunch Break.

“Sellers who had their homes on the market all summer are anxious to move on, especially before the holidays hit,” says Bill Golden, a real-estate agent with ReMax in Atlanta. The closer it gets to the holidays, the more anxious unsuccessful sellers can become, he says.

Other sellers will choose to let their listings expire and try again next year. They, too, may be willing to make a deal in order to sell their properties, even if they’re no longer actively trying to sell their place, says Patrick Carlisle, chief market analyst for Paragon Real Estate Group in San Francisco.

The key to making an aggressive “lowball” offer on a home is to start by finding properties that have languished on the market for a long time. The softer the market, the more likely the strategy will work, Mr. Carlisle says.

But buyers can get tripped up. Here are six things you need to do when making a lowball offer.

1. Understand the market

Before submitting an offer, your real-estate agent should do a full comparative market analysis of the property to determine what its fair market value is, Mr. Carlisle says.

For instance, it’s still a buyer’s market in the Richmond, Va., area, where Susan Stynes works as a real-estate agent for Long & Foster. Ms. Stynes says she wouldn’t hesitate to encourage a client to make an aggressive offer, after considering the time the property has been on the market and neighborhood comparables.

But in other markets a low offer won’t get you far, says Stephen G. Kliegerman, president of Halstead Property Development Marketing in New York.

2. Pick the right real-estate agent

read more at…

How to Make a ‘Lowball’ Offer – WSJ.com.

 

 

 

Armours’ Lake Forest estate fetches $7.2 million

Armours’ Lake Forest estate fetches $7.2 million

By: Mary E. Morrison September 29, 2011

This home on Bluff’s Edge Drive in Lake Forest sold last week. Photo from Trulia.

(Crain’s) — The Lake Forest estate of the late Sara Wood Armour and Andrew W. Armour III sold last week for nearly $7.2 million, the biggest price paid for a local single-family property this year.

The lakefront property on Bluff’s Edge Drive sold in two pieces on the same day, with the 7,800-square-foot home selling for $4.4 million and a two-acre vacant lot next door selling separately for $2.75 million.

Eleanor Dowling of Koenig & Strey Real Living, who represented the seller and the buyer in both transactions, declined to say whether the same buyer bought both properties. She also declined to comment on the identities of the parties involved.

Mr. Armour, of the Armour & Co. meatpacking family, and Ms. Armour bought the home in the early 1980s. Notable Chicago philanthropists, Mr. Armour died in 1991, and Ms. Armour died in August 2010.

The Bluff’s Edge Drive properties were put on the market in November, with the home listed at $5.0 million and the adjacent lot listed at $4.0 million.

The home sold fairly quickly for a high-end property in a challenging market, Ms. Dowling said.

Long speculated upon northside locale by the river green lighted for development

http://iphone.chicagorealestatedaily.com/index.php?CALL_URL=http://www.chicagobusiness.com/article/20110920/CRED03/110929984

Most Expensive House in Chicago Area to be auctioned off next month

This house in Winnetka was supposedly built for $40 million. It has been on the market for sometime at $23 million with no takers. It will now be auctioned off next month with no reserve bid. That means- as long as you’re willing to go through the hassle of  bringing your change jar to the bank, selling your Hyundai and having a garage sale- you could conceivably  show up at auction to make a run at this place. The only problem is- even if you got the place for $8,000- how are you going to pay the yearly taxes of $124,000?

Vote on the poll at below right to guess what the final sales price will be for this home.

This 27,000 square foot mansion is located at 68 Locust Road in Winnetka, Illinois. It is dubbed Le Grand Reve, which means The Big Dream. It was designed by Landry Design Group. It is owned by Sherwin and Deborah Jarol. Sherwin is a managing partner of Bradley Associates, a real estate investment company. The home was privately on the market for as much as $32 million, which makes it more expensive than the 35,000 square foot, $25 million Villa Taj in Burr Ridge. It is listed with Sudler Sothebys. The house has 7 bathrooms, 8 fireplaces, and a 4-car garage. The Jarols paid $2.56 million for the property 8 years ago.

CLICK HERE TO READ THE FULL ARTICE on Deal Estate

Patience paying off in short-sale process

Patience paying off in short-sale process.

An article from this Sunday’s Tribune. It discusses the evolution of the Short Sale marketing process and highlights some of the ways the participants are getting better at handling them.

Ten Tax Tips for Individuals Selling Their Home

IRS Summertime Tax Tip 2011-15 The Internal Revenue Service has some important information to share with individuals who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten tips from the IRS to keep in mind when selling your home. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases). You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home. If you can exclude all of the gain, you do not need to report the sale on your tax return. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses. You cannot deduct a loss from the sale of your main home. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time. If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year’s tax return. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change. For more information about selling your home, see IRS Publication 523, Selling Your Home. This publication is available at www.irs.gov or by calling 800-TAX-FORM (800-829-3676). Links: Publication 523, Selling Your Home ( PDF) Form 5405, First-Time Homebuyer Credit and Repayment of the Credit ( PDF) Form 8822, Change of Address ( PDF)

Home Sales Dropped 3.5 Percent in July, Hit 2011 Low

Published: Thursday, 18 Aug 2011 | 10:11 AM ET

By: Associated Press

The number of people who bought previously occupied homes plunged in July. The third decline in four months suggests the depressed housing market won’t help the U.S. economy recover this year.

AP Home For Sale – Reduced Priced

Home sales fell 3.5 percent last month to a seasonally adjusted annual rate of 4.67 million homes, the National Association of Realtors said Thursday. That’s far below the 6 million that economists say must be sold to sustain a healthy housing market.

And this year’s pace is lagging behind last year’s total sales. The 4.91 million last year were the weakest sales figures in 13 years.

Falling home prices have kept many people from selling their houses and taking new jobs in growing areas. They have also made people feel less wealthy and that has reduced the consumer spending that drives about 70 percent of the U.S. economy.