Pinnacle Team July Newsletter

Pinnacle Team Newsletter Inside this issue:

J u l y

2 0 0 9

Best Buys

Lower Your Property Taxes

1

Financing Update

2

Blue Coral Lounge Review

2

Grilling Tips

3

Pinnacle Team 4-5 Listings

Hi Friends, We cannot stress to you how many amazing deals there are out there right now, especially for first time buyers (who can get the $8,000 tax credit if they purchase by November 30, 2009). If you or anyone you know might be in the market to buy in the near future, please contact us. We can

help educate you on what’s out there and just how easy it is to start the buying process. We’re out in the field every day, and each day we’re out there, we see more and more slashed prices, short sales, and foreclosures. Although it’s not the best time to sell right now, life happens—people get married, have children,

divorce, relocate for their jobs—all of which forces many people to sell. We encourage buyers to take advantage of such great opportunities that are out there right now! Have a great July, and be well! Ryan, Sarah & Nadine

Lower Your Property Taxes Lowering your property taxes is entirely possible, and we are happy to help you do just that. Property taxes are based primarily on the value of your home. It goes without saying that if you bought your home in Chicago between 2003 and 2007 that it is likely your home is worth less now than what you paid. Though this is only a short term loss, it is important to take any advantage of that loss that you can.

I just received a notice from the Cook County Assessor’s Office letting me know that I have until the end of July to submit any appeal on my property taxes. The only way to determine the value of my home is to identify similar properties in the direct vicinity of my home that have sold in the last six months. If you own a home in the City of Chicago and would like some help determining the value of your home so you can look into lowering

your property taxes, please feel free to reach out to us. We will be happy to help and provide you with the supporting evidence you need to file your appeal. If you need to find out when you can appeal your valuation, please visit www.cookcountyassessor. com or call their office at 312-443-7550. Also, don’t forget to file your Homeowner Exemption with the Treasurer’s office, this is another way to lower your tax bill.

Page 2

Financing Update There are still a couple of mortgage insurance companies that are allowing up to 95% LTV conventional financing on condos, SFR and PUDs in the Chicago area! The following restrictions apply: •

700+ FICO

•

Max DTI (debt-toincome ratio) 41%

•

Max LTV 95%

•

Condo Projects must meet Fannie Mae/ Freddie Mac condo warranty guidelines

90% LTV on Jumbo Loans with no PMI The maximum loan-tovalue ratios are typically limited to 80% or less for loans over $417k. We have a great program that offers loan-to-values up to 90%

up to a $695k purchase price with no mortgage insurance! This program only has 5 & 7 YR ARM's. Below are some general guidelines for this program: •

700+ middle FICO

•

IL & WI properties only

•

Available on condo's, townhomes and SFR

•

For new construction properties: 70% presold, all common areas must be completed, or the building must be Fannie Mae approved

•

Maximum DTI (debtto-income) ratio of 41%

96.5% FHA Financing FHA financing provides a great option for borrowers with a limited down payment. FHA currently

allows a little as a 3.5% down payment. The rates on FHA loans are similar to conventional rates. However, FHA loans requires a 1.75% UFMIP (up front mortgage insurance premium). Please note that the UFMIP can be financed. FHA financing is generally not available on new construction condos or condos that have “first right of refusal” in the bylaws. Condos must also have at least four units in the building for FHA financing.

Written by Todd Johnson Guaranteed Rate [email protected]

S

95% Conventional Financing

Blue Coral Lounge Ryan Gossett

Jazz club meets sushi restaurant. A lot certainly went into this Wicker Park hotspot, and the planning paid off. The interior is very industrial, yet comfortable at the same time. The décor is modern, yet there are hints of 70’s flair. The night I was there, they happened to have a group of high school age musicians playing some of the best live jazz I have heard in a long time. The group is playing there again on July 31st, and I am hoping to make it there to catch them. The wine list is easy and the menu is very exciting, certainly not your “run of the

mill” sushi spot. I had the Sautéed Scallop Appetizer and then and a delicious tuna roll that I believe was a special. The roll was very creative and fresh, and the presentation was perfect. Though I didn’t get to try as much of the menu as I would have liked, the experience certainly left me looking forward to my next visit. The neighborhood: Wicker Park. It’s boundaries are North to the north, Augusta to the south, Noble to the east, and Western to the west. It has certainly defined itself as a Chicago staple for dining, shopping, and

nightlife and will certainly continue to grow in popularity for years to come as businesses flock to Division. There are currently over 150 two bedroom condos, ranging from $200k to $750k with the median being about $350k. There are currently about 50 single family homes on the market, ranging from $300k to $4M. 1265 N. Milwaukee www.blucoralchicago.com

Page 3

Grilling Tips We’re now in full swing of the summer, and that means grilling is most likely your main source of cooking (if it isn’t, it should be). It’s a great way to cook easy, healthy, flavorful meals. Here are some helpful tips: Keep It Hot. Preheat your grill, otherwise food will stick. When your gas or charcoal grill is ready to cook on, you will be able to hold your hand five inches above the grate for two seconds if the fire is “hot” and three to four seconds if the fire is “medium-hot.” Grill Safely. Don’t grill in an enclosed area; use baking soda to control a grease fire, not water; have a fire extinguisher, bucket of sand, or garden hose on hand; and be sure your grill is on stable ground before firing it up. Have Everything Nearby. You should have everything you’re going to need close at hand before you start cooking (tongs, platters, sauce, etc). Keep It Clean. For optimal grilling, clean in between uses. Grease Your Grates. Once your grill is clean, make sure you oil it before cooking. This helps to keep food from sticking, and makes it easier to clean up later. Decide If You Need a Single-Level or Dual-Level Fire. A single-level fire heats the grill evenly, either with all the gas burners on the same setting, or with the charcoal equally spread out. This is good for cooking things fast, such as vegetables and fish. A dual-level fire (also called indirect grilling) has most, and sometimes all, of the charcoal banked to one side, or the burners on a

gas grill adjusted to high on one side and the others turned off or set to low. Leave an Unheated Space on the Grill. Even if you’re cooking over a single-level fire, have a small space unheated so that you have somewhere to move food if you have a flare-up or if something is cooking too fast. Keep the Lid Up for Veggies. The lid traps moist heat and smoke, which makes vegetables lose their crunch. Liddown cooking is best for large, whole vegetables that benefit from a little steam, such as winter squashes or potatoes. Sauce Later. Saucing too soon is a common mistake. If you brush on sauces at the beginning of cooking, chances are they will burn and taste awful by the time the food is done. Wait until the last few minutes to apply them and you’ll get a nice glaze instead of a black, charred mess. Don’t Forget Food Safety. Check for proper doneness with an instant-read thermometer and use separate platters for cooked and raw foods. If you want to use a marinade as a sauce, the USDA says to either reserve some that hasn’t come in contact with raw foods, or to boil it first to destroy any bacteria.

Page 4

Pinnacle Team Listings New Listing! 2045 N. Larrabee, #7104$349,900 2 bedroom, 2 bathroom condo in the heart of Lincoln Park. Kitchen that boasts granite and stainless. Hardwood floors throughout. Private outdoor patio and parking included. Steps to restaurants, shopping, and public transportation—a must see! SOLD in 30 DAYS! 1330 W. Hubbard, #2 $465,000 2 years old! Approximately 2400 sq ft duplex with 3 bed/3 bath. First floor boasts living room, kitchen, master bedroom, 2nd bedroom, 2nd bath. Lower level has family room, 3rd bedroom, 3rd bath and laundry. 3 outdoor spaces, hardwood floors throughout, fireplace, close to public transportation. Garage parking included! http://www.atproperties.com/ listing/7208341 Price Reduction! 1245 W. George, #203 $357,900 2 bedroom/1 bath in prime Lakeview location. Recently renovated unit with an open floorplan that boasts a separate dining area, exposed brick, bay windows, fireplace, additional storage in building, and garage parking. A stunning skyline can be seen from the expansive common rooftop deck. http:// www.atproperties.com/listing/7214059 SOLD! 720 Fairmont, Westmont - $445,000 Like new construction, 4 bed/2.5 bath townhome. Located on a quiet cul-de-sac, it boasts gorgeous high end finishes throughout. Huge, open, fully finished basement with rec room and bedroom. Main level master suite with walk in closet. Family room with fireplace, eat-in kitchen w/ stainless steel appliances, separate dining room. Second floor has 2 bedrooms with a full bath and office area. A must see! http://www.atproperties.com/ listing/7182513

4022 N. Monticello, Unit G - $174,900 Beautiful 2 bedroom garden unit on a tree lined street in popular Old Irving! This fabulous split floor plan condo gets great light and features hardwoods throughout, w/d in unit, Jacuzzi tub w/ glass door, and plenty of closets w/ additional storage in building. Street parking is a breeze, the trains are a short walk, and the expressway is just minutes away. Great outdoor space out back door. Well managed bldg. http:// www.atproperties.com/listing/7171825 10832 S. 76th, #2J - $169,900 Gorgeous, bright and exceptionally maintained 8 yr young condo has it all! 2 bed, 2 bath, huge family room with fireplace, spacious in-unit laundry room, large closets, 1 car att. Garage with storage space, and additional parking in back. All oak kitchen with island. Open, airy floor plan w/ beautiful view of trees. Enjoy the outdoors on extra large balcony! Quiet area, newer building. http:// www.atproperties.com/listing/7179806 Price Reduction! 2629 N. Dayton, #1N $574,900 2100 square foot 3 bedroom/3 bath duplex down in a fantastic location. Living room with fireplace opens to kitchen. Kitchen with granite and stainless with eat-in area and breakfast bar. Oak floors throughout main level. Master with walk-in closet. Lower level with huge family room with fireplace, 3rd bedroom, bath, laundry room with side-by-side W/D and tons of storage. Includes a private deck and garage. Convenient walk to everything! Freshly painted and carpeted. http://www.atproperties.com/listing/7154914

Page 5

Pinnacle Team Listings SOLD! 4434 N Racine, #1N - $375,000 This exquisite, 1700 sq. ft. 2 bedroom, 2.1 bath condo features a spacious layout, contemporary finishes & classic vintage charm thru-out. New gourmet kitchen opens to formal dining room w/ original built-in hutch & walk-in pantry. Back deck extends off kitchen/dining, great for entertaining. Bright sunroom leads to huge living room w/ fireplace & attached bookcases. Both bedrooms feature private baths. washer/dryer in unit, garage parking & private storage are included! FHA Financing Available! http://www.atproperties.com/ listing/7118582 Price Reduction! 5140 N. Albany, #2 $278,000 Welcome home! This 1400+ sq ft 2 bed/2 bath condo offers everything, including hardwood floors throughout, washer/dryer, garage parking, etc. The separate dining rooms is perfect for entertaining and the living room is expansive with loads of windows and natural light. Deck access through kitchen. Located in a cul-de-sac, this location is close to Lincoln Square and steps from a great park. The large gated lot is a dog owner’s dream. Check out the room sizes! http://www.atproperties.com/ listing/7145078 Price Reduction!1528 W Jonquil, D3 $286,000 This amazing 2 bed/2 bath condo is just under 1500 Square feet. Built in 2005, this 6 unit building is on a beautiful tree-lined street on Chicago's northern edge. Just steps from the beach, the red/purple line, Evanston, and Jarvis Square, this Rogers Park find is one of the best deals in Chicago! Featuring hardwood floors throughout, cherry cabinets, and garage parking - this condo is ready for its new owner! FHA Financing Available! http:// www.atproperties.com/listing/7098410

Price Reduction! 6400 N Sacramento, 5 Units $129,000 - $199,000 These wonderfully finished 1 & 2 bedroom, 1 & 2 bath condos offer luxury and affordability. The intimate 16 unit building offers parking included in the price, storage, and an elevator. Each condo is finished standard with double ovens, marble baths, Kohler fixtures, granite counters, central heat & air, oak floors, 42” cabinets, and Jacuzzi tub. Exceptional value! FHA Approved! http://www.atproperties.com/listing/7118931 http://www.atproperties.com/listing/7118958 http://www.atproperties.com/listing/7118942 For our commercial investors, we also have a storefront for sale: http://www.atproperties.com/listing/7118973