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About Me
Serving the real estate needs of home buyers and sellers in Chicago's northside neighborhoods of Lakeview, Lincoln Park, Lincoln Square, North Center, Roscoe Village, Gold Coast, South Loop, West Loop, Bucktown, Wicker Park, Ukrainian Village, Ravenswood Gardens, Ravenswood Manor, Uptown, Edgewater and Andersonville.
Now a "Realtor.com Featured Agent" in 60614, 60657, 60618 and many other popular Chicago ZIP codes! If you are like most homeowners, you want your home to be sold quickly and for the highest possible price, so using the #1 real estate site should be an integral part of your agent's marketing strategy.
Featured Agents and their listings show up on the first page of every Realtor.com search. Each zip code has a limited number of Featured Agents, and I am one of them so you can be sure that your listing will receive MAXIMUM EXPOSURE!
Whether buying or selling, a move can be stressful. The solution? An honest, trustworthy and dependable real estate broker with the experience and savvy to handle every detail of your situation. When you work with ESM Realty, we will do our best to make sure that you have a smooth transaction. But don't take our word for it, browse this site, it'll give you the chance to get to know us (Broker, Realtor) and experience our reassuring style first-hand with no obligations.
Now a "Realtor.com Featured Agent" in 60614, 60657, 60618 and many other popular Chicago ZIP codes! If you are like most homeowners, you want your home to be sold quickly and for the highest possible price, so using the #1 real estate site should be an integral part of your agent's marketing strategy.
Featured Agents and their listings show up on the first page of every Realtor.com search. Each zip code has a limited number of Featured Agents, and I am one of them so you can be sure that your listing will receive MAXIMUM EXPOSURE!
Whether buying or selling, a move can be stressful. The solution? An honest, trustworthy and dependable real estate broker with the experience and savvy to handle every detail of your situation. When you work with ESM Realty, we will do our best to make sure that you have a smooth transaction. But don't take our word for it, browse this site, it'll give you the chance to get to know us (Broker, Realtor) and experience our reassuring style first-hand with no obligations.
Testimonials
"Eric Marcus of ESM Realty goes above and beyond to help you find the home you are looking for. Despite the fact that I was a first time home buyer and what I was looking for was going to be very difficult to find in my price range, Eric spent a great deal of time researching new properties, arranging showings around my schedule, and clearly explaining the process every step of the way. Eric's efforts, patients, and knowledge of the Chicago market help me find what I wanted. He cares about his clients and executes with great deal integrity. Whether you are a first time buyer, or have bought and sold a number of properties, ESM Realty is the brokerage to use."
Stephanie Popper, Roscoe Village Tue Nov 16, 2004
Stephanie Popper, Roscoe Village Tue Nov 16, 2004
"Thank you so much for assisting us with the purchase of our new home! You really helped make the entire process go smoothly and your tireless efforts were very much appreciated! We just love our new place!"
Christa Lopez & Mike Wittrup, Logan Square Thu Jan 4, 2007
Christa Lopez & Mike Wittrup, Logan Square Thu Jan 4, 2007
"Eric did an amazing job selling my loft, and he did it quickly. The transaction could have been slow and difficult due to a large capital repair project undertaken by the condominium association, but not with Eric's skill and energy. He familiarized himself with the details of the project so that the property could be marketed positively and at the same time, with full disclosure of the issues relating to the project. Eric made certain that all of my needs were met. I can't thank him (or Michelle) enough."
Harold Hilborn, Near South Side Fri Jun 2, 2006
Harold Hilborn, Near South Side Fri Jun 2, 2006
"We didn't know Eric before we decided to list our condo for sale. Eric was recommended to us by another agent. When he came to our home to give us a presentation we knew immediately that he was a charming and likeable person. He and his team did an outstanding job selling our condo. He was on top of every single thing all the way to the end. He pulled off a challening deal that was very profitable to us. We are very thankful to him."
Daniel & Julie Prieto, Gold Coast Sat May 5, 2007
Daniel & Julie Prieto, Gold Coast Sat May 5, 2007
"I want to thank you very very much for your help, advise, patience and sense of humor. I feel very lucky to have met you and that I had your help during this long process.--"
Isabelle Louis, Humboldt Park Sat Dec 8, 2007
Isabelle Louis, Humboldt Park Sat Dec 8, 2007
"Thank you very very much for all of your patience, hard work, and all your knowledge you have passed down to us. We couldn't have done it without you. Thanks again."
Nikki & Devin Quaid, Wrigleyville Mon Oct 1, 2007
Nikki & Devin Quaid, Wrigleyville Mon Oct 1, 2007
My Q&A
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Eric Marcus's Questions (0)
Eric Marcus's Answers (37)
Eric Marcus answered:
Buildings are zoned by the city of Chicago to have a certain number of units. A building that has 3 floors and a basement unit that has been zoned for 4 units would be a legal garden apartment. If the building has been zoned for only 3 units and there are 4 units in the building, most likely the garden would be considered illegal.
Similarly if a single family home has a separate apartment in the basement and the home is not zoned as a 2-unit building it has an illegal garden apartment.
There may be other requirement including a garden apartment requiring 2 exits, perhaps someone else can chime in on that.
If you have any doubts about whether an apartment is illegal you can request Zoning Certification from the city of Chicago to see whether a residential building is zoned for 1, 2, 3 or 4 units.
Similarly if a single family home has a separate apartment in the basement and the home is not zoned as a 2-unit building it has an illegal garden apartment.
There may be other requirement including a garden apartment requiring 2 exits, perhaps someone else can chime in on that.
If you have any doubts about whether an apartment is illegal you can request Zoning Certification from the city of Chicago to see whether a residential building is zoned for 1, 2, 3 or 4 units.
Eric Marcus answered:
If the buyer is getting a mortgage the bank will most likely request a paid assessment letter prior to closing and at that time you could hold back the letter until you receive full payment. However, its best to place a lien on the property (if allowed by your condo declarations) so that it cannot transfer until he pays up.
If you need an attorney to file the lien, contact Nick Jakubco at 773-588-3395. For a reasonable fee he will do it for you.
As with all legal matters, contacting an attorney and not relying solely on the advice of agents is a good idea.
If you need an attorney to file the lien, contact Nick Jakubco at 773-588-3395. For a reasonable fee he will do it for you.
As with all legal matters, contacting an attorney and not relying solely on the advice of agents is a good idea.
Eric Marcus answered:
In your situation it sounds like a good time to sell as long as your credit is good and you can be approved for a mortgage for the the 2 bedroom. Let me explain.
Let's say you are getting 10% less than you might have at the peak of the market. You should also expect that the 2 bedroom you are buying will have depreciated as much. Would you rather sell for say $190,000 and have to buy something for $260,000 or sell for $170,000 and buy something for $235,000.
It's good to be a trade-up buyer in a down market. In the long run you will be much better off. When the market returns you will be getting appreciation on a bigger asset.
Good luck!
Eric Marcus
ESM Realty
Your Real Friend in Chicago Real Estate
773-244-1110
Let's say you are getting 10% less than you might have at the peak of the market. You should also expect that the 2 bedroom you are buying will have depreciated as much. Would you rather sell for say $190,000 and have to buy something for $260,000 or sell for $170,000 and buy something for $235,000.
It's good to be a trade-up buyer in a down market. In the long run you will be much better off. When the market returns you will be getting appreciation on a bigger asset.
Good luck!
Eric Marcus
ESM Realty
Your Real Friend in Chicago Real Estate
773-244-1110
Eric Marcus answered:
The property does show up on the mls as active meaning its still available.
Call me wednesday afternoon if you would like some more info.
Eric Marcus
ESM Realty
Your Real Friend in Chicago Real Estate
773-244-1110
Call me wednesday afternoon if you would like some more info.
Eric Marcus
ESM Realty
Your Real Friend in Chicago Real Estate
773-244-1110
Eric Marcus answered:
JJ,
I have one client that did just what you asked. He bought a unit from the developer when it was being gutted.
One problem that can arise is financing on a project like this. It's difficult to get construction loan right now and a bank would most likely be very hesitant to give you a loan on a unit that is not completed.
You might be better off buying something that needs a thorough overhaul and do the work yourself there. There are plenty of properties out there that fit that description that sell to a substantial discount to the market because very few people want to do the work. Most people would pay $30,000 more for a kitchen that cost $12,000 and some sweat.
If you would like some help finding these types of properties, let me know. There are ways to sniff these out of the many, many, many places on the market.
All the best,
Eric Marcus
Your Real Friend in Chicago Real Estate
ESM Realty
esmarcus@sbcglobal.net
I have one client that did just what you asked. He bought a unit from the developer when it was being gutted.
One problem that can arise is financing on a project like this. It's difficult to get construction loan right now and a bank would most likely be very hesitant to give you a loan on a unit that is not completed.
You might be better off buying something that needs a thorough overhaul and do the work yourself there. There are plenty of properties out there that fit that description that sell to a substantial discount to the market because very few people want to do the work. Most people would pay $30,000 more for a kitchen that cost $12,000 and some sweat.
If you would like some help finding these types of properties, let me know. There are ways to sniff these out of the many, many, many places on the market.
All the best,
Eric Marcus
Your Real Friend in Chicago Real Estate
ESM Realty
esmarcus@sbcglobal.net
My Listings
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Specialties
First Time Buyers
Trade Up Buyers
Relocating to Chicago
Finding an Excellent Agent Outside Our Service Area
Resale Condos and Homes
Getting Your Home Sold!
Trade Up Buyers
Relocating to Chicago
Finding an Excellent Agent Outside Our Service Area
Resale Condos and Homes
Getting Your Home Sold!
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