New Restaurant Opening in Edgewater

Pepitones in Edgewater just opened yesterday. It's about 5437 N Broadway. I checked out the menu and looks really good and it has a seasonal outdoor patio.  Click the  link  http://www.pepitones.com/Home_7c5955e1c54def20de874099e8b.html

Posted at 12:27PM Oct 04, 2007 by Mitch Gardberg in General  | 

Foreclosoures and Tax Consequences

By now I’m sure you’re aware of the high number of foreclosed properties and that number continues to grow on a daily basis. However, what you may not be aware of is the tax consequences if you are foreclosed on.

Under the current tax law if a homeowner incurs a loss on the sale of their home, that amount IS NOT tax deductible. Investors can deduct part of their loss against their income though. Another fairly unknown tax law is what happens when a home is foreclosed. If a bank is forced to sell your property for less than the existing mortgage, the difference is considered forgiveness of debt. The IRS views this “forgiveness of debt” as income to you, and as with any income, you’ll be required to pay taxes on that “income”. So after you’ve been foreclosed and your home has been sold, you can expect to receive a 1099C from the lender with the amount that was “forgiven”.

There has been talk about the president’s desire to do away with this tax on a temporary basis, but it’s uncertain if it would be retroactive. If you find yourself in this position, your best bet is to seek the advice of a tax professional.

Posted at 08:00AM Sep 21, 2007 by Mitch Gardberg in General  | 

Great Veggie restaurant

If any of you are fans of vegetarian fare, give Alice and Friends in Edgewater a try.  Great dishes w/ very reasonable prices.  Love their hot un-chicken wings, un-duck seitan and sizzling rice bowl.  Give it a try!!!  http://metromix.chicagotribune.com/dining/43412,0,7704707.venue

Posted at 12:10PM Aug 31, 2007 by Mitch Gardberg in General  | 

If you buy in a high rise

If you decide to buy in a high-rise (I live in one) I'd highly recommend going to board meetings because you'll get the pulse of the building and what's happening with the maintenance, wear and tear, odd problems, etc of the bldg.  Maybe you can give some imput or provide solutions for some difficult issues that may arise.  I've started a blog on my building website (www.thorndalebeach.com) so we can start dialogue amongst owners, board members and management. Case in point:  We've had an issue with an owner feeding the pigeons which have been driving some of us crazy because the pigeons have made homes on some of our balconies.  So the building next door and our owners are looking out for the person doing the feeding.  I've also researched into a bird deterrent product which has fixed my pigeon problem so I've entered that info into my blog which lets other unit owners aware of a fix.  My point is get involved!  Plus, it's a great way to meet your neighbors.  OK.  Maybe that's not a good thing :)

Posted at 01:44PM Aug 17, 2007 by Mitch Gardberg in General  | 

Take a Stroll

If you're thinking about buying a home and you're not sure which neighborhood to focus in on, the best thing to do is get out, drive around and stroll around the different 'hoods that you're familiar with which blend with your lifestyle or that are recommended to you by friends, family, and/or business associates. Spend time in these neighborhoods at different times during the week.  It really gives you a good feel for the neighborhood as well giving the proximity to public transportation and the highway if your commuters.  It's one of the most time consuming but really important research activities when trying to narrow down your neighborhood search to one or two. You can always check out Metromix which gives you some good info like restaurants, bars, live entertainment/arts and activities in different hoods. http://metromix.chicagotribune.com/

Posted at 04:22PM Aug 14, 2007 by Mitch Gardberg in General  | 

Searching for Real Estate on the Internet

Hey Buyers out there! Did you know that 87% of buyers ages 18 to 24 and ages 25 to 44 use the internet to search for homes, as do 76% of buyers ages 45 to 64. Even better, internet searchers are much more likely (81%) to purchase through a real estate agent than are non-internet searchers (63%). As a Buyer's Agent, helping my clients find the right home at the best price while advising them thru the entire process, all at no cost, is a beautiful thing! Now is that something you'd be interested in? OK...that was a little line from the best show on tv. Any ideas on which one?

Posted at 03:07PM Aug 02, 2007 by Mitch Gardberg in General  | 

City Mortgage Program

I jus heard from Carrie Bertsos at Guaranteed Rate that the city is releasing another round of funding at 6.4% for a 30 year fixed term. By the way, it's a program for first-time home buyers with certrain restrictions that you should be privy to. Let me know if you'd like more info on this program...will get you in contact w/ Carrie.

Posted at 11:40AM Jul 20, 2007 by Mitch Gardberg in General  | 

City Mortgage Program is out of Money

We just wanted to let you know that as of right now the City of Chicago has run out of money for this program. They are not issuing any new subsidies at this time. If they do happen to get more funding for this program for this year we will send out an email to let you know. Currently they are taking reservations and are putting people on a waiting list. They are doing this in case any deals cancel or fall through and so the next person on the list gets the financing. I would advise any clients with pre-approvals with anticipation of gift funds for this program to speak to their respected loan officers and find alternative financing options if no reservations have been made. We will keep you posted as we learn more from the City.

Posted at 12:55AM Jul 12, 2007 by Mitch Gardberg in General  |