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Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
Elk Grove, Elk Grove Village - Announcing a price reduction on 310-985 CHARLELA LN, a 1,000 sq. ft., 2 bath, 2 bdrm single story. Now 
MLS® $89,900 - .
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Elk Grove, Elk Grove Village - Announcing a price reduction on 301-981 CHARLELA LN, a 1,000 sq. ft., 2 bath, 2 bdrm single story. Now MLS® $89,900 - .
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Norwood Park, Chicago - Announcing a price reduction on 302-5773 N Northwest Highway, a 850 sq. ft., 1 bath, 2 bdrm single story. Now MLS® $135,000 - .
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• 2 bath, 3 bdrm 2 story "Cape Cod" - MLS® $178,000
Franklin Park, Cook County - Picture perfect cape cod. 3 bedroom, 2 bath, full finished basement, oversized 2.5+ car garage. Main level features living room with hardwood floors, master bedroom, full bath, kitchen, dining room and huge family room in ceramic tiles and fireplace. Nice deck off of family room. 2nd floor features 2 additional good size bedroom with hardwoof floors. Basement features recreational room with drybar, full bath, laundry room. Home has new windows, siding, custom window treatments, boiler and heating/Ac system. It is a short sale and it is approved. Close possibly within 30-60 days. Must be sold in AS-IS condition, and no home contingencies .
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Mayfair, Chicago - Announcing a price reduction on 3A-4602 N. Kenneth, a 1 bath, 2 bdrm single story. Now MLS® $168,000 - .
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Northfield Woods, Glenview - Announcing a price reduction on 4625 Larch Ave, a 1,193 sq. ft., 2 bath, 3 bdrm single story "Ranch". Now MLS® $210,000 - .
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• 1,000 sq. ft., 2 bath, 2 bdrm single story
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MLS®
$99,000
Elk Grove, Elk Grove Village
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GREAT 2 BEDROOMS, 2 BATH CONDO ON 2ND FLOOR WITH BALCONY AND LAUNDRY IN THE UNIT, REMODELED - NEW KITCH. CAB., GRANITE C-TOPS, NEW BATHS, NEW LIGHT FIX., HDWD FLOORS. COMPLEX W/POOL & TENNIS COURT. NEW ROOFS, NEW PARKING WITH 2 ASSIGNED PARKING SPACES! SCHAUMBURG SCHOOL DISTRICT. GOOD LOCATION, CLOSE TO I-90, I-290, I-355 & WOODFIELD MALL. LOW ASSESMENT
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4 Units
• 4 bath, 8 bdrm multiplex "4 Units" - MLS® $375,000
Schorsch Village, Chicago - Very well managed 4 unit building plus 2 studios in basement. Possible owner financing! Great income property or for live in owner. Brand New heating furnace/boiler. Good long term paying tenants, all units updated with hardwood floors & newer kitchen cabinets. New 2 car garage. Great neighborhood. Extra income from coin laundry, all units pay their own electricity and cooking gas. Owner pays for heat, common elements electricity and water.Two In-law studios in basement. 2 out of 4 apartments feature 5 rooms, 2 bedroom, 1 bath, the other 2 have 4 rooms, 2 bedroom 1 bath. Best priced apartment building in the area!
UNIT #1 FL 1 RMS 4 BR 2 BTH 1.0 SD 750 RENT 750 LEASE EXP M/M
UNIT #2 FL 2 RMS 4 BR 2 BTH 1.0 SD 700 RENT 700 LEASE EXP M/M
UNIT #3 FL 1 RMS 5 BR 2 BTH 1.0 SD 0 RENT 850 LEASE EXP OWNR
UNIT #4 FL 2 RMS 5 BR 2 BTH 1.0 SD 800 RENT 800 LEASE EXP M/M
Annual Expenses Annual Income
Heat: $5,000 Insurance: $1,200 Water/Sewer: $480 Miscellaneous Income: $11,640
Gas: Scavenger: Janitorial: Total Rental Income: $37,200
Electricity: $1,100 Mgmt Fee: Gross Income: $48,840
Repairs/Maint: Miscellaneous: Gross Expenses: $14,753 Net Operating Income: $34,087
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Combining Cook, Dupage, Lake and Kane County for all residential properties only, it will take 13 months to sell the inventory. In a normal or stabilized market, it takes 5-6 months to do so.
Please take a look at the graphs below, it goes back 3 years, you can easily see how high our inventory is, how our property prices are going down year by year, and average market time is going up.
This graph shows current supply and demand for the past 3 years for Cook, Dupage, Kane and Lake County combined for all residential units
This Graph shows Median Sales Price for Cook, Dupage, Lake and Kane County combined for all residential units.
and last graph shows average days on the market for the same counties and residential units combined
States with the highest foreclosure rates (in the third quarter of 2009 according to
RealtyTrac.com) are:
1. Nevada 2. Arizona 3. California 4. Florida 5. Idaho 6. Utah 7.Georgia 8. Michigan 9. Colorado 10. Illinois
I do have to add that this info is taken from our local MLS and does not include for sale by owners. It it accurate to the best of my knowledge but not guaranteed.
• 969 sq. ft., 2 bath, 2 bdrm single story "Raised Ranch" - MLS® $280,000
Norwood Park, Harwood Heights - Solid, Lovely 3 bedroom 2 bath ranch with finished basement. Maine South school district. Hardwood floor on main level, ceramic tiles in basement. Ceramic tiles in bathrooms, upstairs bath with jacuzzi. Updated kitchen with maple cabinets. Side drive to 2.5 brick garage. Gas fireplace in basement. Den, storage room, full bath and laundry room are located in basement. Short sale and need lender approval to sell.
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Arbor 40, Oakbrook Terrace - Announcing a price reduction on 1D-1S065 Spring Rd, a 2 bath, 2 bdrm 2 story. Now MLS® $219,900 - .
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Gold Coast, Chicago - Announcing a rent/lease reduction on 12B-1344 N. Dearborn, a 1 bath apartment "high rise-studio". Now MLS® $875,000 USD Monthly - .
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Norwood Park, Harwood Heights - Announcing a price reduction on 7412 W. Strong, a 969 sq. ft., 2 bath, 2 bdrm single story "Raised Ranch". Now MLS® $285,000 - .
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Who can use the homebuyer tax credit?
First-time buyers and long-time homeowners who buy a replacement principal residence. (The law defines a first-time buyer as an individual who has not owned a home in the three years prior to the day of purchase. According to the IRS, the longtime homeowner must have lived in the same principal residence for any five consecutive- year period during the eight-year period that ended on the date the replacement home is purchased.)
How much is the credit?
For first-time buyers the credit is equal to 10 percent of the cost of the home up to a maximum of $8,000 (or $4,000 for a married individual filing separately). For long term homeowners, the credit is equal to 10 percent of the purchase price up to $6,500 (or $3,250 for a married individual filing separately).
What is the deadline for using the tax credit?
Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010.
What is the deadline for military service members?
Which properties are eligible?
Any single-family home (including condos, co-ops, townhouses) that will be used as a taxpayer’s principal residence. Vacation properties are not eligible; the tax credit may not be used to purchase a home for more than $800,000.
Are there income limitations?
People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers.
How do I claim the tax credit?
For qualifying purchases, taxpayers have the option of claiming the credit on either their 2009 or 2010 return. The credit reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar. It is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed. The credit is claimed using IRS Form 5405.
Does the credit have to be repaid?
No, as long as the buyer stays in the home for at least three years. If the home is sold within three years of the date of purchase, the buyer is required to pay back the full amount of the credit, including any refund received. You can also visit www.YourIllinoisHome.com for more details. If you have specific questions or need additional information, please contact a tax professional or the IRS at 800-829-1040.
Feel free to contact Kinga Korpacz at 708-867-0600 if you have additional questions or you are ready to start your home search. If you have specific question or need additional information, please contact a tax professional or the IRS at 800-829-1040