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

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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.

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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.

S&P said to face U.S. probe on mortgages

A follow up from last week’s post about S&P from CNN Money. More funny timing…

S&P said to face U.S. probe on mortgages.

 

Downtown apartment rents surpass previous boom | Trend Of The Week | Crain’s Chicago Business

Downtown apartment rents surpass previous boom | Trend Of The Week | Crain’s Chicago Business.