http://www.trulia.com/profile/TMcCarey/The latest answers submitted by Tom McCarey to questions asked on Trulia Voicesen-ushttp://www.trulia.com/voices/Home_Selling/does_my_condo_need_a_bathtub_I_live_in_a_br_-186428Answer by Tom McCarey: Stevol, There are a couple of different questions here. Do you need a bathtub? No. Will it chase off prospective purchasers? Possibly. Will it attract others? More than likely. At the end of the run I think you will experience a net gain. Having said this the next question becomes are you doing the work for yourself to have a sweet walk-in shower for your occupancy or are you doing it to position your condo for marketing sometime in the near future. If this describes your scenario I would urge you to use discretion in terms of what you expect to achieve in terms of value bounce. As a point of reference, in August we purchased a condo near Belmont/Sheridan and couldn't wait to bring the bath into our sense of the 21st century. The result? A gorgeous bath sans tub. It comes with a price tag. But something that matches your aesthetic for your use (and within your budget) is well worth it. All the best, Tom McCarey Experienced in Luxury Home Marketing, Buyers' Negotiation and Negotiation The Real Estate Lounge Chicago with @propertiesTue, 22 Dec 2009 22:49:30 PSThttp://www.trulia.com/voices/Property_QandA/want_to_schedule_a_time_to_see_this_house-185228Answer by Tom McCarey: Chi Jang, Unfortunately this property is under contract. The seller appears to have accepted an offer on November 24th. If you desire assistance to identify other prospective homes in Lincoln Square, Edgewater, Andersonville or other northside locations, feel free to contact me through my profile. All the best, Tom McCarey Experienced in Buyers' Representation, Luxury Home Marketing and Negotiation The Real Estate Lounge Chicago with @propertiesWed, 16 Dec 2009 11:25:16 PSThttp://www.trulia.com/voices/Home_Buying/I_ve_had_my_house_on_the_market_with_an_agent_fo-184854Answer by Tom McCarey: Hawk, Please understand that this response is made in the most general terms. Perhaps you know the specifics of the agreement between the seller of the home you like and their agent. If what you've intimated is accurate, then the seller of the home you viewed yesterday, should they sell the home to you, will still be obligated to pay to their listing agent the professional fee to which they originally agreed. If that figure was 6% of the sale's price, then 6% is due to the listing agent. Actually, the amount is owed to the brokerage for which the agent works. Here's the deal - at the end of the day there is a specific agreement between the seller and the brokerage that specifies a length of time of the agreement, pricing, and other terms that include whether dual agency is acceptable, exclusions, etc. Perhaps exceptions may be made for things like "abandonment," or "gross negligence." An advertised open house where the agent doesn't show up, while not something I would do, doesn't seem to cross the threshold indicated above. Again, if the professional fee is 6%, unless otherwise specified in the listing/marketing agreement, the entire amount is owed to the listing brokerage. Commonly this amount is then split by the listing brokerage and a cooperative commission is generated and payable to fellow members of the multiple listing service. But such splitting is simply broker's cooperation, not something owed to a private consumer who is not a member of the mls. In terms of your listing agent, you are not bound to retain this person to represent your purchase nor pay a fee to him unless you have a written agreement that alludes specifically to this task. Best of luck in arranging the sale of your home and the purchase of your next residence. Tom McCarey @properties and The Real Estate Lounge Chicago Experienced in Negotiation, Buyers' Representation and Luxury Home MarketingMon, 14 Dec 2009 16:45:35 PSThttp://www.trulia.com/voices/Home_Selling/What_is_your_opinion_about_the_Lake_shore_Drive_b-183580Answer by Tom McCarey: Hello Chris, 680 is a fine building. If memory serves me, before it was a condo and my uncle had an office there, the street address was 666 Lake Shore Drive. I don't know if that is a portent of any kind - I will leave that to you. Will values increase with CBS and the VA going away? I doubt it. Values have been pretty consistent there historically, with larger lake-facing units going for higher amounts. The location is good and services are as well. But assessments are somewhat high and parking spaces, when available, tend to be above $70k. Parking assessments when clients in the past considered units here were in excess of $100. Many of the units I have seen here that face south have kind of quirky layouts - they are either one beds with a den or two beds, with the den or bedroom being an interior space devoid of windows. And though these units are close to 1500 sf they feel a bit oddly textured because the paucity of windows. Looking for the right place benefits from looking with the right agent. Some respondents here, myself included, are very good choices when you determine that you desire professional assistance in finding your new home or selling your current one. Best regards, Tom McCarey The Real Estate Lounge Chicago with @properties Certified in Buyer's Representation, Negotiation and Luxury Home MarketingTue, 8 Dec 2009 07:14:19 PSThttp://www.trulia.com/voices/Property_QandA/Can_you_show_tomorrow_-178799Answer by Tom McCarey: Good morning Emily, If you desire to view this property this afternoon, please call me at 773.848.9241 or email me at tom.mccarey@atproperties.com. Many thanks, Tom McCarey Expertise in Buyers' Representation, Negotiation and Luxury Home Marketing The Real Estate Lounge Chicago with @propertiesSat, 14 Nov 2009 07:10:35 PSThttp://www.trulia.com/voices/Property_QandA/Can_you_show_tomorrow_-178799Answer by Tom McCarey: Hi Emily, I will be glad to attempt to arrange a showing tomorrow. My direct contact is tom.mccarey@atproperties.com. Tom McCarey Certified in Buyers' Representation and Negotiation and Luxury Home Marketing The Real Estate Lounge Chicago with @propertiesFri, 13 Nov 2009 19:45:24 PSThttp://www.trulia.com/voices/General_Area/What_is_your_opinion_about_N_Lake_Shore_Drive_b-176689Answer by Tom McCarey: Anita, 900 LSD is one of the strongest buildings in the city. Hands down. The building historically has been well managed, never experiencing a special assessment, and despite the first respondent's answer, pretty much across the board units are afforded either city or lake views. Manifesting the urban simplicity of Mies van der Rohe, 900 and 910 and its neighbor to the south offer a contemporary flourish. Units are sizable and seem even larger because of floor to ceiling windows. Moreover the building's art collection, evidenced near the elevator on each floor, is a tremendous asset. The final considerations that make this building a winner are consistent doorstaff and location. I join Sandra and Matt as a fan of this building. Best of luck with your search. Feel free to contact me via my profile with other questions or to see the units that currently are available here. Best regards, Tom McCarey Certified in Negotiation, Buyers' Representation and Luxury Home Marketing The Real Estate Lounge Chicago with @propertiesThu, 5 Nov 2009 13:18:51 PSThttp://www.trulia.com/voices/General_Area/What_is_your_opinion_about_N_Lake_Shore_Drive_b-176689Answer by Tom McCarey: Anita, 900 LSD is one of the strongest buildings in the city. Hands down. The building historically has been well managed, never experiencing a special assessment, and despite the first respondent's answer, pretty much across the board units are afforded either city or lake views. Manifesting the urban simplicity of Mies van der Rohe, 900 and 910 and its neighbor to the south offer a contemporary flourish. Units are sizable and seem even larger because of floor to ceiling windows. Moreover the building's art collection, evidenced near the elevator on each floor, is a tremendous asset. The final considerations that make this building a winner are consistent doorstaff and location. I join Sandra and Matt as a fan of this building. Best of luck with your search. Feel free to contact me via my profile with other questions or to see the units that currently are available here. Best regards, Tom McCarey Certified in Negotiation, Buyers' Representation and Luxury Home Marketing The Real Estate Lounge Chicago with @propertiesThu, 5 Nov 2009 13:18:32 PSThttp://www.trulia.com/voices/Property_QandA/nice_music_but_many_of_the_photos_are_upside_down-174353Answer by Tom McCarey: Hi Beth, Fantastic location and a wonderful vintage building with higher assessments. Located essentially in the shadow of the Hancock, this location offers an easy walk to the panoply of things that makes Chicago a world-class city. As you may know, older buildings tend to have higher infrastructural costs that compound the monthly assessment costs that pass onto the building's residents. A larger unit currently on the market in this building has monthlies of $1352. One of the questions that I urge you to consider relates to the amount that you wish to spend in your purchase and then the ongoing maintenance costs such as monthly assessments. If more than $1000 per month works in your budget, there are great opportunities in older buildings that offer ample square footage (but may or may not have parking and outdoor space). If you wish to put a cap on monthly fees please bear in mind that most elevator buildings in the general area where this home is located will have monthlies of more than $500 while less than $1000. These fees tend to include heat, air, cable, a door staff and professional building management. I wish you the best fortune as you prepare to search. If I may assist you please feel free to reach out to me via my profile or click my website link. Tom McCarey Certified in Luxury Marketing, Negotiation and Buyers' Representation The Real Estate Lounge Chicago with @propertiesTue, 27 Oct 2009 09:18:03 PDThttp://www.trulia.com/voices/Home_Buying/I_am_considering_buying_a_Duplex_down_in_Wicker_Pa-170363Answer by Tom McCarey: Vince, Without knowing the specific parcel you refer to, it is difficult to offer anything more than a cursory overview - so here goes. Construction within the past five or so years have integrated specifications that call for porous drain tiles on the interior of the lower level (below the floor) and exterior to the building's footing. This is placed in a gravel mass to enable soak through and run off. To further facilitate appropriate handling of too much water newer buildings will have ejectors and sump pumps. So long as these items are present, you should be good to go with relatively little to worry about as it regards flooding. As with any real estate purchase, you will be well-served by having in your corner the best possible advocates that include a well-informed real estate professional, a professional and experienced home inspector, a good attorney and a credible and intelligent lender. There's a ton of inventory in Wicker Park, having a good realtor on your side will enable you to gain much needed insights to make the best possible decision. Feel free to reach out to me if you would like assistance - 773.848.9241. Tom McCarey The Real Estate Lounge Chicago with @propertiesTue, 13 Oct 2009 10:01:11 PDThttp://www.trulia.com/voices/Home_Selling/I_can_t_understand_why_we_haven_t_sold_-170494Answer by Tom McCarey: Dan, It is a tough market and unfortunately your May 2008 purchase for $470,500 appears inflated compared to what current buyers are willing to pay. As the first respondent pointed out, you are priced in the absolute upper echelon of Uptown pricing, with only a handful of places listed for more. This has a definite adverse impact in terms of showings and offers. The fact that you only closed slightly more than a year ago also provides a benchmark against which any interested party likely would establish a rudimentary value of the condo. In the past 18 months or so consumers have been judiciously cruel in making offers on listed places that had transacted after 2006. More or less consumers, if they could even be motivated to make an offer, would come to the table with originating offers of 10% or more off what had been paid by the seller from their purchase price. If this were to be the case with your place the offer would be in the $420s. And while that may neither be attractive or feasible for you, the consumer, because of inventory both in Uptown and elsewhere, would not feel too compelled to play by rules you may wish to orchestrate. You have been at the $450k price point for 10 days. Not much time to discern if this new pricing will motivate market activity. Unfortunately, the closing window of Thanksgiving through the winter holidays is just around the corner. This doesn't leave much time to gain traction before 2010. In terms of ideas - unfortunately in the current market what the second respondent said is the primary motivation - price. In a flusher economy advertising can motivate activity. And certainly staging in the manner in which your condo is staged will play a role to make the residence more attractive. But at the end of the day the consumer has nothing but options and you need to differentiate your place against the competition that either offers better pricing or more desirable locations. Best of luck, Tom McCarey The Real Estate Lounge Chicago with @propertiesSat, 10 Oct 2009 06:53:23 PDThttp://www.trulia.com/voices/Property_QandA/Iam_interested_on_the_property_N_Fairbanks_Pls-170281Answer by Tom McCarey: Hi Rachel, It's always good to get a cross-section of views as you work toward determining who speaks the truth and who is to be trusted. This unit is a first-time resale that originally closed in 2007 for $411,500. It appears to be a classic purchase for flip as the current owner has sought to sell the condo even before he closed in mid December. Pricing has gone from $465k to $429k ($50k for parking) and has limped all the way to its current $380k (plus $50k for parking). Last summer it rented for $2150. As for the building, despite what the first respondent grumbled, it was very well received, garnering awards for architect Helmut Jahn and featuring extremely desirable finishes in an internationally recognized location. My only concern is there appear to be a ton of rentals in the building. At the end of the day a building that is too heavy with rentals will be a challenging property to sell as a lender will be reticent to extend financing. One of the interesting elements regarding this building, though, is that the range of prices go from where this unit is listed well into the seven figures. Not a bad neighborhood for the next one bed buyer to step in and purchase from you when it's time to sell and move on. I will be glad to introduce you to this building and edify you as to other options in a complete and extensive manner. Talk soon, Tom McCarey, Certified in Negotiation and Luxury Home Marketing Accredited in Buyer's Representation The Real Estate Lounge Chicago with @propertiesFri, 9 Oct 2009 08:06:25 PDThttp://www.trulia.com/voices/Home_Buying/I_would_like_to_know_about_Edgewater_II_have_alw-168397Answer by Tom McCarey: Hey Urban Lovely, I love Edgewater. My wife and I live here with our two sons. We lived in the area before we had kids and returned to it from Old Town a few years back with two additions, our sons Jackson and Lucas. The neighborhood segments into three or so areas. The area between the lake and Broadway is pretty crowded, the area between Broadway and Clark south of Devon to Ridge is wonderfully residential, the area west of Clark starts to add a bit of time accessing public transit including the Red Line. While walkscore.com reflects a high score for walkability, Clark Street in Andersonville (Foster to just north of Bryn Mawr) has more options. This segment of Clark, about six or so blocks south, more closely resembles Southport Corridor. But no worries, there are lots of things to walk to and what you get is a spectacularly wonderful neighborhood. I have represented buyers and sellers for more than eight years, and Edgewater, because of its proximity to the lake, its residential feel, access to public transit and housing prices is one of my favorite locations. And if your intent is to convert a two flat to a sfh, there tends to be ample inventory attractively priced. In terms of schools, Peirce on Bryn Mawr has a growing positive reputation. Hayt on Granville has attracted a few neighbors, but I don't know its current scores. Nearby private schools include the Rogers Park Montessori on Balmoral and Ravenswood. Feel free to get in touch with me through my profile if you want my insights or assistance. To determine if my take on things matches what you want in your real estate professional, check out my blog (referenced below). Best of luck, Tom McCarey The Real Estate Lounge Chicago with @properties Decent Person with Lots of Happy ClientsThu, 1 Oct 2009 21:45:42 PDThttp://www.trulia.com/voices/In_My_Neighborhood/Hi_bought_my_condo_square_feet_in_a_private_pa-164906Answer by Tom McCarey: Hyde Park Denizen, The other respondents to your question are quite correct in saying that to give you the truest assessment of what your place is worth you need to get a comparable market analysis that reflects the adsorption rate. But your question presupposes loss, and this presupposition appears accurate when we go back some two years and we see that nothing in Hyde Park has cleared the $900k threshold on the condo market. From $800k-$900k we have six closed transactions and roughly the same between $700k-$800k. This being the case, we might anticipate that consumers would view your listing through the prism of shaving a good 10% - 20% less than what you paid at the market's peak. The one thing that could make a very big difference is what happens in about a week when the announcement is made regarding the 2016 Olympics. Chicago is one of four finalist cities and if we are awarded the Olympics it could very well be that your property just broke even if not gained a few percentage points on what you paid. Best of luck making a decision. The northside is great, by the way. Tom McCarey The Real Estate Lounge Chicago with @propertiesSun, 20 Sep 2009 19:30:53 PDThttp://www.trulia.com/voices/Property_QandA/are_the_listing_sheets_for_the_available_units_onl-163808Answer by Tom McCarey: Colby, There is nothing currently listed on the mls for this address. Best of luck with your search. Tom McCarey The Real Estate Lounge Chicago with @propertiesMon, 14 Sep 2009 20:53:41 PDThttp://www.trulia.com/voices/Home_Buying/removed-163668Answer by Tom McCarey: T, The value of your condo in Sheridan Park likely has taken it on the chin in terms of value, but so too have the homes near Whipple and Montrose (as have the two and three flats that make up much of the area near the location where you intend to look). What this adds up to is that now is a very good time to move toward your next home if you have the economic means to withstand the shock of your condo's resale value. The specific area you have highlighted at Whipple and Montrose is not overly far from Welles Park and all that surrounds the area both south into North Center and north into Lincoln Square. And by going a bit northeast you happen across the societal aggregations along the Brown Line at Rockwell and Wilson. While there is a bit of a drop off in terms of what you can walk to compared to where you now live, I don't perceive the Albany Park neighborhood you've asked about as being the edge of the earth. As to your final question, sure, nobody has a crystal ball. But it seems reasonable to anticipate that values will rebound incrementally from their current lows. So my hunch is that values will rise - the more salient question is at what rate and over what period of time. The fundamental question in this matter is what do you yearn for more - living in the abode that you already own or to live in a not yet found place that offers more space but is not so convenient. I suggest that you identify a real estate professional with whom you resonate to determine the value of your condo and how the market is performing specific to your residence. At the same time work with the realtor to apprise yourself of current inventory in Albany Park to determine if the type and caliber and pricing of housing there is of a type to justify and compel you to try to sell in order to buy. Best of luck, Tom McCarey The Real Estate Lounge Chicago with @propertiesMon, 14 Sep 2009 20:11:13 PDThttp://www.trulia.com/voices/Home_Buying/I_am_interested_in_purchasing_a_home_in_short_sale-160892Answer by Tom McCarey: Short Sale Buyer, I do not think your interests are best served relying on the agent who represents the seller. Best of luck finding your next home, Tom McCarey The Real Estate Lounge Chicago with @propertiesThu, 3 Sep 2009 18:55:14 PDThttp://www.trulia.com/voices/Home_Buying/I_am_a_first_time_buyer_and_looking_at_properties_-158510Answer by Tom McCarey: Hey Vanessa, Regard The Sterling and any property directly or tangentially related to American Invsco as if it is the plague. In all likelihood the only means whereby you might purchase a unit at 345 LaSalle is by making a cash offer. Because as much as 80% of the building is rented, few if any lenders will extend credit to finance a purchase. In my experience a healthy condo will cap rentals at 20% - 25%. The scenario of this building as is described in this link to a Crain's Chicago article - http://www.chicagobusiness.com/cgi-bin/article.pl?article_id=29398&seenIt=1 - is that units were pushed as investments under what at the time were apparently propitious arrangements.And so for this small down payment you can buy this property and Invsco would handle the rental. Thing is the luster faded quick through a combination of inflated prices, exploding ARMs, a weakening rental market, and investors who lost the means to keep pace with payments. The result? A building for which the word quagmire is simply inadequate. The Sterling, is perhaps a mixture of Kafka and Camus. And like Camus' famous work on existentialism, there truly appears to be "No Exit." There is no feasible or reasonable way to credibly argue that a single owner will have any impact. Your purchase here, because of the milieu of properties with liens promises to be as harrowing as it is nerve wracking. The only means of enabling The Sterling to be extricated from it current fate is a bloc buyer purchasing many multiples of units (at firesale prices) and establish terminal point leases toward a point when the building will transition to a condo building rather than a de facto rental building. I bid you the best of luck in your effort to find the best place. And in so doing I urge you to find the best real estate professional to walk you through the process. Tom McCarey The Real Estate Lounge Chicago with @propertiesThu, 27 Aug 2009 08:49:23 PDThttp://www.trulia.com/voices/Financing/We_originally_had_a_very_tight_close_on_our_condo_-158403Answer by Tom McCarey: BKA, The beautiful thing about hindsight is that it is 20/20. Was a 26 day close ambitious? Yes. Doable? Yes. But at this juncture the best advice to you is to look forward and not backward while ditching the invective. Do you have an attorney? And do you have a real estate professional representing you? The buyers have requested an extension and you need to determine if granting such an extension brings you closer to completing this transaction or not. Who is the funder? What are they saying? Does the funder have the capacity to bring this loan through the underwriting process? This is a condo loan in a market where there are far fewer condo loan providers. What amount is the buyer putting down? Did they need to sell something to facilitate this purchase? Has your association provided all of the paperwork asked for by the buy side? I can't tell you how often condo deals get tripped up because the 22.1 disclosure common with every condo transaction was not satisfactorily answered. Next thing - the appraisal was done yesterday and you still need to hear if the appraiser concurs with the contract amount (based on other recent closed activity in the immediate area). If he/she doesn't, you have another glitch to resolve. Bottom line is that this type of turmoil is common in today's market. The chief question before you, though, is whether to grant another extension. I urge you to get answers to the questions I pose above and any others you might have while relying on your professional team to do their job. I hope this transaction works out for you. Tom McCarey The Real Estate Lounge Chicago with @propertiesWed, 26 Aug 2009 10:53:19 PDThttp://www.trulia.com/voices/Property_QandA/Could_we_see_this_house_at_Moffat_Would_Saturda-158429Answer by Tom McCarey: Joseph, This might be one of those "if it looks to good to be true" moments. The residence that has sparked your inquiry is a partially (mostly) dismantled home on a 24 x 100 lot that for its $399,900 asking price includes plans and permits to build up to a 3300 sf home. Take a drive by today and you will see what I mean. Best of luck with your search. Tom McCarey The Real Estate Lounge Chicago with @propertiesWed, 26 Aug 2009 10:34:49 PDThttp://www.trulia.com/voices/Going_Green/Why_is_the_USA_so_behind_on_tons_of_new_green_stuf-151975Answer by Tom McCarey: Clay, Shrek was green. So was Kermit the frog. Other green things include a Dart that I drove in high school and several shirts both then and now. Green also is the color of money (as well as the name of a movie about selfsame subject). Green also is the term used to describe naivete. Green, too, is a term to describe a political movement and a nearly ubiquitous term that some believe suggests a leaning to organic. Truth be told, I'm pretty green. Not in the naive sense. But in the sense of last of the definitions that I provided. My fabrics and edible items are organic, we recycle and compost, we do all number of things to lessen our carbon footprint. And the project we intend to do in rehabbing our home will be as green as we can make it. But like the items we wear and eat that are "green," the cost to do this is greater. And most people don't like to spend more. With respect to what you wrote, I am not sure if it was question or a statement. But the reason more places aren't "green" is because most of the time buyers are not willing to pay the true price for a "green" property, even if a "green" property has a tangible worth in the course of several years of occupancy (tax rebates, lower utility costs, so on and so forth). So, if a seller isn't going to recoup the cost of making a home green, a seller isn't going to willingly and knowingly lose money. Make sense? Tom McCarey The Real Estate Lounge Chicago with @propertiesTue, 4 Aug 2009 22:23:09 PDThttp://www.trulia.com/voices/Home_Buying/Looking_for_agent_what_other_questions_should_I-150372Answer by Tom McCarey: Lincolnparker, Chances are that you don't need any more advice. But a couple considerations... Who have your friends used and who did they think was a real estate rock star? Who is recommended online in sources such as Angie's List or in a forum such as this with an ongoing stream of reasonable and intelligent answers that meet with consumer "thumbs up"? Who understands the manner in which neighborhoods abut and inform property values? Who has a track record of putting together deals that makes their clients stark raving fans? Who has the capacity to respond to your questions directly, intuitively, intelligently and contemporaneously? Who has a sterling image online when you google them? There are plenty of highly qualified real estate professionals to choose from - who, when you meet them and talk to them puts you at ease and inspires your trust? In terms of ROI, such formulas truly play no role in a consumer's choosing and buying a two or three unit building. What is more pertinent in terms of what you desire is somebody who can walk with you through a property and edify you about the state of the windows, the construct of the basement, the code readiness of the back porches, the age of the mechanicals and the overall value of the property. In other words, who is knowledgeable? Lots of good stuff to choose from and plenty of good agents to assist you. Good luck in making the choice that works for you. All the best, Tom McCarey The Real Estate Lounge Chicago with @properties Certified Negotiation Expert Accredited Buyers' Representative Certified Luxury Home Marketing Specialist All Around Good Guy with Clients Who Really Like HimThu, 30 Jul 2009 20:03:10 PDThttp://www.trulia.com/voices/Home_Buying/removed-148525Answer by Tom McCarey: JD, It's like the first line from the song - "So you want to be a rock and roll star." Except rock and roll star are replaced by home owner. So you want to be a home owner. A couple of things take place at the same time - a quick collective of questions deal with how much do you have for a down payment, how much do you earn, how long is your tenure at your job and what is your credit score. Responses to these questions will forge a notion as to what you can afford and what you can afford determines location. With location in mind you then set out to find your new home. In terms of assisting you with these preliminary questions it is imperative to find a real estate professional and a lending professional who are knowledgeable, experienced and capable of facilitating your comfort and edification toward finding, negotiating and purchasing your first home. The beauty of the enterprise is this - it's up to you as to who you will work with. My urging to you is to do your homework - look online, read respondents' answers here and to other questions, look at their websites, check out Angie's List and simply discern who you resonate with and who you trust. Buying a home doesn't have to be complicated - but typically it is not complicated when you have experienced professionals in your corner who are interested fully in your well-being and will take steps to ensure your satisfaction. Best of luck with charting your course and making your decision. Tom McCarey The Real Estate Lounge Chicago with @propertiesFri, 24 Jul 2009 23:13:38 PDThttp://www.trulia.com/voices/Home_Selling/How_many_listings_is_too_many_listings_for_a_realt-147763Answer by Tom McCarey: Lincoln, While I am sure the non-Chicago folks have good reason for their comments, I am not sure of their applicability here. The key thing about real estate is that it is local in nature. And the key thing about Chicago is the manner in which our market is effectively zoned. Whoever you are considering to list your place is likely concentrated in 60614, 60657, 60613, 60610 and 60611. Tangentially he or she is conversant with and his/her portfolio includes 60622 and 60640. Overall this area constitutes a roughly 20 minute one-way trip - more than enough time to make it to your place amid juggling other listing responsibilities. In terms of how many are too many? The question for you is to what extent do you want an underling to shoulder the primary responsibility for your listing? I have a lot of cohorts who blather on that the first showing isn't so vital that a follow up or even a third showing is when he has to show up. Interesting tipping on the ear of the age-old notion that first impressions matter. And completely deviant to the manner in which I service listings. Another element to consider is the extent to which your listing receives top shelf treatment. Surely this relates to on the ground treatment to make showings and to conduct open houses. But as important is the treatment with respect to marketing. Anybody who is selling a property today must discern the marketing steps that a realtor takes. The days of affixing a sign alone are long gone. Today's market requires an online presence that actually ranks high whether at google or bing. Today I am page one at bing and page two at google for "chicago real estate." The point is that this effort is ongoing (and intensive). It does not happen by mistake. Anyway, how many is too many? I don't have an answer but my ancillary questions relate to who has the experience to represent you and who will truly and effectively market you to gain a toe hold in a challenging market. All the best, Tom McCarey The Real Estate Lounge Chicago with @propertiesWed, 22 Jul 2009 11:27:17 PDThttp://www.trulia.com/voices/In_My_Neighborhood/I_m_a_single_lady_looking_to_rent_a_studio_in_linc-147851Answer by Tom McCarey: Perro Amore, Matt offered a good suggestion. And while real estate professionals are proscribed from saying an area is safe or unsafe, what we can do is suggest to you that as the areas you are interested in are urban in nature that you walk about with recognition of your surroundings. Now if you ask me if I have encountered difficulties in Lincoln Park or Lakeview I can say to you truthfully that I have not in many, many years of living in this fine city. What I do know anecdotally from my cop friends is that because these areas are more affluent than many other parts of Chicago that some folks with questionable motives will show up looking for "easy pickings." Notice I am quoting neighbors who are in law enforcement. So, our response is to not provide "easy pickings." By the way, your moniker suggests that you are a dog lover. Be cognizant that the presence of a pooch will significantly reduce your rental opportunities. I am not saying be free of Fido, but just know ahead of time that his/her presence makes your search that much more challenging. By the way, Chicago is awesome. Welcome to my home and your soon-to-be home. Tom McCarey The Real Estate Lounge Chicago with @propertiesWed, 22 Jul 2009 11:08:17 PDThttp://www.trulia.com/voices/Home_Selling/Take_off_market_change_agent_or_hang_in_there_-147586Answer by Tom McCarey: Hey JB, I love how the Sarasota realtor was first to claim the spot light on a downtown Chicago question. So there's inventory in your building? If the other units are priced lower, they will attract attention first unless there is something so galvanizing about your place that it couldn't be resisted. Like you put in a glass floor like they did at the Sear's/Willis Tower Observatory Deck. Barring this now more than ever price does matter. And even if you were priced absolutely right you might a) not get any traffic and b) if you did get an offer it might be, since you are in no hurry, be something with which you would not work. For the most part it sounds like it's time to cut bait and take the condo off the market. Having said this, though, please consider two additional points. 1. Not all real estate professionals are created equally and different realtors have different ways to market properties. Some are good. Some are bad. And some are non existent. If your realtor has a vapid marketing program and his/her brokerage is old school/no school, maybe a change of realtors is a good idea. 2. What is your motivation to sell? If you are anticipating a purchase transaction of your own I suggest revamping how you do math to determine how long your buying dollar stretches today and how less on your sale side actually translates to a bit more due to low list prices and mortgage rates. Just an idea. By the way, aside from good, bad and non existent marketing programs there is one more that a precious few realtors in Chicago have and that's great. The rarefied air of this category is where my long-time in the making marketing program is perched. I wish you the best fortune with your condo and your decision. Tom McCarey The Real Estate Lounge Chicago with @propertiesTue, 21 Jul 2009 15:51:27 PDThttp://www.trulia.com/voices/Home_Selling/Could_anyone_recommend_a_good_place_to_get_a_Compa-146679Answer by Tom McCarey: Hi Syed, I urge you to take note of the folks with signs in your Uptown neighborhood or whose professional presence you note online and inquire of them as to the value of your condo. As other respondents have noted, a real estate professional in all likelihood will provide this information as a professional courtesy at no charge to you. Several things to consider - the current state of the market has things selling at or below the price paid by buyers if their original purchase date was one to four years ago. As you closed on your condo four years ago, you may be looking at a fairly static number to secure a transaction. Evidence of this is witnessed in that as we speak there are four places actively marketed at your building, two of which just in the past week have decreased their prices in an effort to transact. Also, the viability of a cma is no more than three months. This stems from the fact that appraisers ostensibly gain comps for their numbers through a window that looks bak 90-120 days at recently closed properties. I wish you the best of luck as you move forward toward selling your Uptown studio. All the best, Tom McCarey The Real Estate Lounge Chicago with @propertiesSat, 18 Jul 2009 13:19:52 PDT