Ask the Expert: How did the North Shore get its Name?

Posted by admin @ 4:44 am, February 28th, 2008

 The other day, a person asked ” How did the North Shore get its Name?   I thought this was a good question and should be answered.

The North Shore represents a stretch of land along the lakefront due north of Chicago and it is made up of nine suburbs located between 13 and 35 miles from the Loop, the city of Chicago’s central business district. The largest community is Evanston and the smallest is Kenilworth. Most of the cities were incorporated between 1860 and 1870. Despite differences to each community the demographics have always reflected the wealth, education and social status of residents. Although many of the most elegant homes face  Lake Michigan this was not always the case. Prior to 1900 sewage poured into Lake Michigan and the spread of disease and polution were a problem. It wasn’t until the Army Corp of Engineers solved this problem by reversing the flow of the Chicago River and forced sewage to empty into the Mississippi that homes along the Lake Front became a more attractive choice. All nine towns that make up the North Shore owe their existance to the development of the Chicago and North Western Railroad in 1866. Chicago Mayor Walter S. Gurnee was president of the Railroad. Gurnee was an ambitious man and became very wealthy when he purchased most of the available land surrounding the railroad stations of Winnetka, Glencoe, Highland Park and Lake Bluff.

If you are interested in learning more history of Chicago I recommend reading ” North Shore Chicago”  Houses of the Lakefront Suburbs 1890-1940 by Stuart Cohen and Susan Benjamin.

BACK TO BASICS WHEN BUYING A NEW HOME

Posted by admin @ 7:59 pm, February 24th, 2008

 My advise to new buyers  is  before you look at homes  to buy go get pre-qualified for a loan. With  mortgage defaults and foreclosures on the rise, lenders are going back to the basics which is full documentation loan. What this means is that if you are a buyer and  are applying for a new loan then you must have good credit (FICO scores), show proof of income with W-2’s,  1099’s if sell employed, and have sufficient money for a down payment (10 % of the purchase price). I also would advise new buyers not to be house rich and cash poor. What I mean by this is do not stretch your ability to make monthly payments on your home. Keep within a budget. The old rule of thumb was that you should not have a mortgage greater than 2.5 times your annual salary. Another  way to look at it is thr0ugh income to debt ratios. Your mortgage payment should not exceed 28% of your annual income or 36 % of total debt which includes not only your mortgage but other living expenses (i.e. utilities, insurance, auto, food).

Early Review of Evanston Spring Real Estate Market

Posted by admin @ 3:25 pm, February 13th, 2008

As of today’s date there are 227 homes for sale in Evanston, IL and 36 homes under contract since January 1, 2008. According to this information the average time on the market in Evanston is 6 months. Of interest is the number of homes under contract that have Home Sales Contingencies or Homes to Close Contingencies. (Home Sales Contingencies occur when the buyer has a home to sell but has a contract on a new home or a Home on the Market with a Contract but has not closed). According to the MLS there are 9 homes out of 36 homes that have such contingencies. What does this tell you about the real estate market in Evanston? Well in a very active buyers market such contingencies would never exist. Does this mean the Evanston market is slowing down? It is hard to say just yet. We are just entering the Spring real estate market and have had unusually cold weather and lots of snow which has turned many buyers away from the real estate market. It does however appear that Sellers are more anxious to sell and do not want to lose potential buyers and are accepting Home Sales Contingencies for the moment. I suspect when the market improves these contingencies will no longer exist.

Pre-Foreclosure Specialist

Posted by admin @ 7:11 am, February 6th, 2008

Dear Friends,

Just a quick note to let you know how business is going this year. As you have probably heard, real estate home values are declining and sales of existing homes is at an all time low. Well, I am here to tell you some Good News! My business is doing great and getting better each day because I have started a career path to help people who are falling behind with their mortgage payments and have already received a Notice of Default. As a pre-foreclosure specialist I am helping people avoid foreclosure. If you or someone you know needs my advise can you ask them to call me. Wouldn’t it be nice to refer a family member or friend to someone you know and trust. Remember the help they receive may be their wisest real estate decision. I am giving you my 800 number which I have set up to assist people and to schedule a FREE CONSULTATION.

FREE INFORMATION 24 HOURS :

1-888-307-7311 EXT 11

If you or someone you know is in the market to buy a home and would like some information on how to buy a pre-foreclosure home then they can visit my website . (Search my listings and homes for Sale)