There are many choices for buyers planning to relocate to Chicago. Working with a knowledgeable real estate agent can guide and help to focus your search, based on your lifestyle, location preferences, amenities desired, and needs for access to transportation.

The City of Chicago is on a grid system with State Street and Madison Avenue being the starting point. Streets are numbered going north from State and Madison. There are 77 official neighborhoods in Chicago, each having its own unique number. For those wanting the downtown lifestyle, there are five areas to focus on. They include Loop-Downtown, Gold Coast, Streeterville, South Loop and West Loop.

Price per square foot varies and the average square feet in a 2 bedroom varies, depending on proximity to the Loop, building amenities and features and finishes of a condo. Amenities within a building such as swimming pools, and health club will also determine price. And of course newer buildings with higher end finishes and features will be higher in price. Parking, in unit laundry and private outdoor space tend to be large determining features.

DOWNTOWN AND CLOSEST PROXIMITY

Loop: The median sales price for 2 bedroom 2 bath condos sold in last three months is $325,000. Units are relatively small. Lakefront condos, neighborhood is best known for access to major cultural museums, opera, Broadway Theater, upscale shopping. Michigan Mile includes many upscale shopping destinations, Water Tower Place. Housing stock consists of mostly condos in high rises, plus hotels. Some very high end such as Trump Tower.

Near North: Median sale price $345,000. Includes neighborhoods such as Gold Coast, Streeterville, part of Old Town: Offers upscale shopping, dining, great access to services, lakefront condos in high rises.

West Loop: Median price $310,000. Condos in general are larger. Bargains can be found here, especially west of Greektown/Halsted. 7-10 minute drive or plentiful cab or buses to downtown. Loft spaces with soaring ceilings, great light. Proximity to loop, also to University of Illinois and Rush Medial University. The 1301 W Madison building is a good value. The University Village area offers townhomes and spacious condos, under $400,000.

South Loop: Median price $299,000. Established neighborhood five minutes from the Loop. Some bargains can be found here, in the Dearborn Park area; Housing stock includes low to mid rise townhouses and condos, midrise to highrise. It’s an established neighborhood with shopping and elevated train transportation to airport nearby. Closer to the lake is mostly high rises.

NEIGHBORHOODS BEYOND DOWNTOWN

Lincoln Park: Median price $265,000. Lakefront and starts at 2400 north (Fullerton). Known for its proximity to the lakefront, bike paths, wonderful zoo, restaurants. Includes the DePaul area. Housing would be high rise.

Lakeview: Median price $324,000. Begins at Diversey (2800 north) and the lake. Located just north of Lincoln Park, starts at the lakefront. Offers mostly high rise and some mid rise buildings. Some older buildings offer more spacious units. Lakefront is mostly high rises. Elevated train stops.

Andersonville/Edgewater: Median price $230,000. Starts at 5200 north and the lake. Includes hi rises to mid rises to low rise walk ups in lovely rehabbed vintage buildings. Some newer construction units with indoor parking, decks, and garages available in the $300K range. Proximity to lakefront beaches, bike paths, shopping and dining in nearby Andersonville. Elevated train stops.

Ravenswood/Lincoln Square: Median price $252,000. Starts at 4400 North and 2000 West. It’s a walk able, historic and with lovely housing stock. Home of Lill Street Art center and Old Town School of Folk Music. There are some newer construction extra wide units with indoor parking and balconies very affordable.

Maggie Finegan, ABR, Move with Maggie Chicago Real Estate Team

Have you been planning to invest in a condo in 2012? Here is a short list of things to consider before you make an offer.

1. Look beyond the condo features and fancy finishes. Take a close look at the masonry/tuck pointing, roof, common hallways, exterior stairs, parking lots and garages. If these areas are not well maintained, they can be a source of major special assessments, and can make it difficult to sell in the future. If you are not familiar with these items, ask your realtor, she will be an expert in this.
2. Look for a condo that is updated, with kitchen and baths no older than 5-10 years. Otherwise, when you plan to resell the unit in the future, you will have to spend money to update the kitchens and baths. Appraisers consider the age of updates when determining value, and anything 15 years or more is not considered updated or in excellent condition.
3. Take a close look at the condo association financials and meeting minutes. Look for the amount of condo replacement reserves, annual operating expenses, and budget vs actual expenses for the prior and current years. A good rule of thumb is for the condo to have an amount at least equal to 10% of their annual operating expense in reserve, and the annual income from assessments should more than cover condo common expenses and a contribution to reserves.
4. Size up the condition of the common hallways and look into the percentage of units rented. A building that is approaching 50% non owner occupied may be one that is not mortgage able in the future when you want to sell.

Maggie Finegan, ABR, Move with Maggie Chicago Real Estate Team

I had the pleasure of touring five luxury homes in the historic Lakewood Balmoral neighborhood in Edgewater, Chicago recently. I love the area as much today as when I first laid eyes on it in 1986.

Edgewater was one of the first transit oriented communities, developed in 1885 by J. L Cochrane. Plans for Edgewater included its own train stops for steam powered locomotives. At the time, there were 33 trains daily between Edgewater and Union Station in Chicago. Today Edgewater is served by five el stations.

I think it’s really cool that what Cochrane envisioned as a suburb of single family homes, is now part of Chicago, and is an oasis of green surrounded by smaller two and three unit buildings like 5251 N Glenwood and larger apartment buildings, or even high rises as you go east to the lakefront.

The community was amazed at how beautifully the owners preserved vintage features of their turn of the century homes adding green features, and luxurious kitchens and bathrooms.

The tour of homes also included 5526 North Lakewood and was hosted by architect Tom Greene of Greene & Proppe design. The owners in renovating the kitchen incorporated green features such as glass walls and glass faced cabinets to bring in light. The home overlooks lovely landscaped gardens of drought tolerant plants, and the use of turf is minimized. So take a walk thru Lakewood Balmoral in Edgewater in Chicago to see for yourself.

Maggie Finegan, ABR, Move with Maggie Chicago Real Estate Team

Luxury Homes in Edgewater are going green. Green is definitely catching on in Andersonville and Lakewood Balmoral Edgewater in Chicago. A walk thru the neighborhood and you see drought tolerant landscaping, permeable sidewalks and patios, glass curtain walls, rain barrel collection systems, and open front porches.

I toured five homes last weekend on the Edgewater Home Tour, and you will see homes where the owners elected to keep the vintage features and systems that are also earth friendly and energy conscious. Keeping the original hot water and steam radiant heating systems instead of replacing with gas forced air systems that are not green.

There are lots of green features that are hidden in the Luxury Green Homes in Edgewater in Chicago. These include solar powered attic fans, on demand hot water systems, and green insulation. To learn more about how you can go green at home, and receive a copy of just released book Green Your Home, visit my website Chicagoluxuryhometeam.com.

Maggie Finegan, ABR, Move with Maggie Chicago Real Estate Team

Looking to buy a 2-3 Flat in Andersonville, Chicago?   There are some wonderful values out there. And as a client recently pointed out, 2-3 flat buildings in Andersonville, Chicago are a great alternative to single family homes.   Single family homes are few and far between in east Andersonville, and tend to be priced much higher per square foot than 2-3 flat buildings, you can see the value.   There are even some short sales and foreclosures buildings for sale.   And even those that aren’t distressed sales right now, prices on 2-4 flats are 10-15% below the market high in 2008.Buying a 2-3 flat in Andersonville is a good move for several reasons. First, the buildings are versatile and can adapt as your life stages change.     Initially you may want to live in one apartment and rent out the other one(s) for income.     As your family grows or your hobbies increase and you need more space, you can take over both apartments by making a few minor adaptations to the building. Or you may want to live on the first floor and finish the basement below, so that you have a two storey duplex apartment to live in. There is an opportunity to create a spa bath and bedroom suite on the lower level for your enjoyment or as a guest suite. Or use the lower level for a recreation room with hobby area.

You can buy a 2-3 Flat in Andersonville, Chicago currently for prices averaging $410,000 for a 6 bedroom 3 bath building, and you can choose from among the 18   2-3 flat buildings that are currently for sale.   If you are willing to purchase a frame building, or to go into West or South Andersonville, there are a few places in the $269,000 -$429,000 range. For that price you may have to update the kitchens and baths, but if you are planning to owner occupy at least one of the apartments, then 203K funding is available via FHA loans. With a 203K, you pay just one low interest rate for both the construction and end loans, rather than having to deal with an expensive construction or second loans.   Buildings with updated kitchens and bathrooms tend to be priced a little higher.   Visit 5251Glenwood.com and   1416Catalpa.com for examples of great Andersonville architecture.   So if you want to buy a 2-3 Flat in Andersonville, Chicago, don’t wait.

Maggie Finegan, ABR, Move with Maggie Chicago Real Estate Team

On occasion, the IRS will share tips to help individuals with their taxes.   While I am not a tax professional, this information is of value when speaking with your tax preparer.   Below are the ten tips direct from the IRS website.

IRS Summertime Tax Tip 2011-15,   August 8, 2011

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.

1. 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.
2. 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).
3. 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.
4. If you can exclude all of the gain, you do not need to report the sale on your tax return.
5. 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.
6. You cannot deduct a loss from the sale of your main home.
7. 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.
8. 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.
9. 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.
10. 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)

Maggie Finegan, ABR, Move with Maggie Chicago Real Estate Team

I almost always work with a professional stager on the Move with Maggie team to stage our listings, including this condo located in Andersonville in Chicago. I include in my listing package for sellers, several hours of staging. I consistently find that staged properties sell more quickly and for higher prices than unstaged ones.

My professional stager is a licensed realtor who shows properties to buyers for our team, giving her a direct line to buyers’ perspectives. She does a wonderful job of selecting paint colors, shopping for accessories, rearranging furniture, and helping sellers to thin out their possessions so that buyers can visualize living in the home.

Staging sounds like a great idea, right?   However, I am finding that at times sellers are sometimes confused by the process.   They either want to be the decision maker in the selection of items, or they don’t want their home rearranged too much from its current arrangement. They forget that the client we have in mind is the buyer.

One of the most important lessons I learned is the importance of explaining early in the selling process, that staging is not interior design. Staging is marketing to the masses. Interior design is designing for the homeowners specific taste, which is not the point; the point is to sell their house.   Items are chosen to appeal to the demographic of buyers potentially looking at their property as well as to introduce styles that might not currently be in the present decor in order for every buyer to see a bit of their own taste in a property.

Maggie Finegan, ABR, Move with Maggie Chicago Real Estate Team

RISMEDIA, April 19, 2011”(MCT)”Craig and Amy Smith always felt quite confident, even cocky in their abilities to tastefully design the spacious interior of their steel-and-concrete loft in downtown Denver. That was until they decided to sell it and a consultant hired to help them œstage their home told them to neutralize a dramatic accent wall, put away family photos and place most of their furniture and artwork in storage.œThe hardest part was not taking it personally, said Craig Smith, who as chief executive of ServiceMagic.com, an online business that connects homeowners with prescreened home-service professionals, decided to take his own advice. œWhen you think you™re the best designers in the world and you have someone saying your taste in things might not be appreciated by others”that could be an ego hit.

In turn, that is the hardest part of the job for those offering the advice: Breaking it to sellers that their taste in decor and the lovingly acquired pieces and, well, clutter in their homes could be a huge turnoff to a prospective home buyer.

Their job is to neuter the home before it goes on the market by getting rid of the chaos, opening up corridors, living spaces and walls, lightening bold colors and exposing hidden pieces of charm and architecture.

A New York city home that might heavily reflect, say, an equestrian family™s passions with plaid wallpaper, dark paintings and horse bookends, could repel a single woman™s love for theater, opera, art and bright, flowing rooms.

œWhat™s fine for living is not always fine for selling, said Donna Dazzo, president of Designed To Appeal, a home-staging company that serves New York and the Hamptons. œYou want to portray a lifestyle that people can relate to and aspire to, she said. œYou have to have them fall in love as soon as they walk in the door.

Staging got its start a decade ago when the housing market was on fire and every seller wanted to up the value of their home both emotionally and physically by making it more attractive and purchase-worthy than the house next door.

But as the market has switched directions and the numbers of able-and-willing buyers has dropped, home sellers are again turning to staging consultants to give their properties that extra oomph to impress and compete in the buyer™s market. It™s helped too that home-oriented lifestyle television channels show the before-and-after process of how a relatively inexpensive staging can turn the tables for homeowners itching to sell.

œThe basic reality is that people buy on emotion, said Gina Ferraro, president of Cross Home Concepts in Chicago. œPeople always want to imagine having a grander lifestyle. We like to think that we™re going to live in a beautiful, always-clean home and that we™re going to entertain a lot.

œThe reality is that we don™t, but the whole point of the staging is to work on the psychology of the client when they come in the door and have them be able to see themselves in that place, she said.

You may need an expert to come in and offer direction, but you don™t need one to do the work if you™re handy around the house.

Prices vary from city to city and home to home. An oversized estate in the Hamptons could cost upwards of $10,000, $20,000, even $30,000 to stage properly, assuming it™s not run down. The consultation on the Smith™s Denver loft was about $200.

The advice, however, is straightforward no matter what the size or value of the home: Declutter, repaint in neutral colors, update when necessary, open the space by keeping furniture and trinkets to a minimum, take out family pictures and treasures, and by all means, make sure it™s spotlessly clean.

œIf you™re selling a two- or three-bedroom apartment in New York and you put $4,000 to $5,000 into painting and redoing the floors, you can get $20,000 back on that, said Richard Shogan, founder of Spotless Services, a New York-based firm that cleans, paints and prepares homes for sale. œIt™s not like your investment is dollar for dollar”it™s definitely more, he said.

For the Smiths, the return on their investment is not only a financial gain but a lifestyle change. œWe carried the ˜less is more™ theme over to the new house and said, ˜Let™s not overcrowd our rooms, Craig Smith said. œWe had to sever those ties with that college couch.

Here™s a list of some of the basics”with a few secrets:

Get rid of stuff. It can™t be said enough how important it is to declutter your home. Most people accumulate things like furniture, pictures, vases, vacation mementos and other knickknacks and then find places for them in the home, rather than taking something out. Most people don™t even really notice how much clutter they have because they have learned to live with it. But really, is there any better time to purge than when you move? Consider it a head start on packing.

Depersonalize. Put away family photos, education degrees, children™s pictures, trophies, awards, collections. œDon™t mistake depersonalizing with removing personality, Ferraro said. œYou still want the place to have style and personality. You have to know your environment and what people will be looking for. If you™re selling a high-rise in a large metropolitan city, buyers are going to be looking for clean, streamlined lines but not overly contemporary. On the flipside, if you™re selling in an older, well-heeled neighborhood, buyers will be expecting to see traditional furniture and artwork.

Clean, clean, clean. If the three most important points to selling a home are location, location, location, the next three are sparkling, glittering clean. œPeople don™t want to walk into a dirty home that™s for sale in the same way that you don™t want to check into a hotel and find a bathroom that™s dirty with someone else™s shampoo in it, Dazzo said.

Update old and deteriorating spaces. You might not have to totally redo a 1980s kitchen, but you will want to put new hardware on cabinet doors, replace countertops and appliances, and fix what™s broken, peeling or worn out. The same is true in bathrooms where tiles might have mildew or light fixtures and cabinetry are outdated. Wallpaper is making a comeback in design books, but it™s not likely the stuff you put up three decades ago is still in style. œBuyers don™t want projects, Dazzo said. Don™t forget to replace burnt-out light bulbs or missing knobs and pulls.

Define spaces. Buyers don™t like to guess what rooms are used for what. Dining rooms need ceiling light fixtures to define them; sitting rooms are marked by comfy chairs and reading lamps; family rooms are set off with couches and, of course, a TV.

Fill empty rooms. A vacant home is nothing more than an empty shell and buyers have very little imagination. œPeople aren™t good at visualizing or seeing beyond what™s in front of them, Ferraro said. An empty room either looks too small or too overwhelmingly big for a buyer™s furniture. Create the space for them with rental furniture.

Lighten up spaces. The most obvious way is by getting rid of heavy curtains, rugs and furniture, and painting the walls white or a lighter color. But here are some other tricks: add new light fixtures; clean windows, remove screens and take treatments down to let in natural light; never hide good views or scenery behind window treatments; put cream-colored placemats on dark-wood dining tables; use fresh, white towels in bathrooms (helps emphasize cleanliness with spa-like look); pull up carpets to expose hardwood floors.

Open up indoor walkways. Even if the buyer is single, he or she is likely to bring an entourage with them when their inspecting the home, so be sure the hallways and walkways are big enough for three, even four people to be in at one time. œIt™s OK to pull your furniture close together in the living room, Ferraro said. œPeople aren™t going to walk into the seating area but will view it from the walkway.

Clean out closets and leave them one-third empty. Old houses can be problematic because of their limited closet space but you can trick the eye by leaving plenty of space empty. Same™s true for bigger homes and closets by keeping shoes, and hanging and folded clothes neat, tidy, and yes, even color coordinated. Buyers will inspect all of your closets to see if there™s enough room for all their things. If the closet looks overloaded with your stuff, then certainly they won™t be able to fit all their stuff in it.

Curb and hallway appeal really count. The buyers™ first impressions are set as they approach the door. That™s as true for apartments and condominiums as it is for homes and townhouses. If you™re on the third floor of a walk-up, you must be sure that the hallway walls are clean, the moldings in place and the carpet not threadbare, which means you might have to address such things with a homeowner™s association long before you put the house on the market.

Be model-ready. Rooms posed well for good photo shoots are becoming a must in home-selling because buyers get a first peek at your home on the Internet. œThe time that people actually have to spend physically looking at properties is very limited, Ferraro said. œYou have to get them at ˜Hello.™

(c) 2011, MarketWatch.com Inc.

Distributed by McClatchy-Tribune Information Services.

Maggie Finegan, ABR, Move with Maggie Chicago Real Estate Team

Get ready to have fun at the 26^th annual North Center neighborhood outdoor festival BenFest on the campus of St. Benedict Parish and Preparatory Schools.  Festivities will be held Friday, July 15^th and Saturday, July 16^th in the St. Benedict campus courtyard located at 2215 W. Irving Park Road.There are activities for all ages and interests.   The Main Stage will host performances with start times from 5pm-10:30pm.   Saturday, July 10^th Main Stage events will begin at 4pm with the last act beginning at 9:00pm.

The Kids Block is located on Byron between Leavitt and Bell and will include kid friendly entertainment both days beginning at 4pm.   Activities in the Kids area include a petting zoo, a waterslide, a bounce house, sports arena, arts and crafts, face painting, a tot area, glamour photo shots, and much more.

There will be a Tween area with a 3-on-3 basketball tournament starting at 4:00pm on Friday, July 15^th and a 7pm movie night on Saturday, July 16^th.

Plenty of food and drinks will be provided for all ages.   Celebrate this 26 year neighborhood tradition Chicago style with food, family, and outdoor fun!   BenFest benefits the parish and three Preparatory Schools of St. Benedict which include a pre-school, elementary school, and high school.

Ann Marie Walker, ABR, Move with Maggie Team