It's Your Home

Agent, Advocate and Trusted Advisor - from Lincoln Park to Highland Park

Welcome.  I am Michael Welsh.  I am a solution finder.  I am a father, an attorney, a writer, and a licensed real estate agent.   I post articles here on topics that may interest you, and that are frequently, but not always, relevant to life and real estate in Chicago and on the North Shore, raising a son, Duke University, golf, TED talks, and public speaking.

April 24, 2012 announcements and news -

Activity is picking up in our Evanston office.  Lots of new listings coming on.  And buyers are starting to get serious.  I have two deals under way for closings in May.  Are you ready to jump into the buying market?

And planning for upcoming Confidence Academy workshops of 2012 on Overcoming Fear Of Speaking In Public - still taking registrations for our Skokie workshop on May 17 and 18 from 8 am to noon, with breakfast and boxed lunch provided.  $240 per person.  Working on Evanston and Northbrook venues for June.  More details to follow. Working on intro videos this weekend - posting them next week here and on YouTube.  Here is first of the set - The Confidence Academy Intro Video.  And giving free presentations to church and school groups in metro Chicago.  Need a speaker at your next event?  Call me at 312-283-4399.

About me - I have been an advocate, a counselor, a coach and a recruiter.  Frequently I was each of these in the same day with the same clients.   I bring this advocacy, client focus and attention to detail to buyers and sellers of real estate in Chicago and the North Shore with Coldwell Banker Residential Brokerage.  Call me at 312-283-4399.  2929 Central Avenue, Evanston, IL 60201.

I am the new breed of real estate agents - not focused on the $500 million portfolio or the exclusive clientele, but instead focused on helping you find your next home, negotiating the deal, and getting you in that home as smoothly and profitably as possible.  My hope is that you find some of the information I post here to be helpful. 

My other ventures include a legal recruiting and career coaching services firm - It's Your Career blog - and a law practice (licensed in Illinois and Georgia) focused on family law including divorce, real estate litigation, and on advocacy for the elderly. - It's Your Life (Welsh Law, LLC).  One day soon I am going to write the Great American Novel. 

And I own the concept of overcoming the fear of public speaking - not legally, of course.  Need an entertaining, interactive, and informative presenter on that topic at your next event?  Talks from 20 minutes to 90 minutes.  Free.  Learn more at my It's Your Career blog or call me.

Shadow Inventory State by State

Here is an interesting map showing shadow inventory (by months of supply) across the country.  Interesting to see it laid out on a national scope.  Map is from KCM blog report on the National Association of Realtors’ (NAR) Economists’ Outlook.

Great Video Home Tour - Makes Me Want To Buy That Place!

Here is a great video home tour, shared with me by Josh Schoenly of Retechulous.com.  Here is Josh's link.  Sells the home without saying a word.  Shot by a young director in Hollywood.

6816 Pacific View Drive, Hollywood Hills from Eric Lavey on Vimeo.

Any Hollywood directors working here in Chicago interested in shooting video for me?

 

Virtual Tour of my Rogers Park condo, c/o Premier Listing Showcase

Here is the Virtual Tour for 1819 Thome, Unit N301, Chicago, IL, including photos and area information.  Let me know if you have questions.  Premier Listings Showcase

It's a perfect day!

I came across this video thanks to The Realtor's Toolbox.  I hope that it makes it easier for you to see what matters in your day.

  

An interview with the #1 Coldwell Banker agent in the world, Chris Cortazzo

Here is a really good Forbes video interview of Chris Cortazzo, and the Forbes article too.  He is humble and engaging as he shares a bit of how he got into the business.  Very interesting.

 

Want To Buy Flat Iron District Penthouse Of New York Met's Star? Only $7.85 million.

$7.85 million gets you 4100 square feet, 3 bedroom/4 and a half bathroom condo at 24 E. 21st Street in Manhattan.  And a $46k monthly payment.  Here is the listing information from Trulia.com -

Rare opportunity to purchase the penthouse at Infinity Flats, the premier loft condominium in the Flatiron District. With more than 4,000-square feet plus a spectacular private roof deck, this full floor loft offers dramatic and expansive living space, exquisite finishes and total privacy. The great room is defined by a salt-water aquarium and a gas fireplace with glass and stone. The floor-through layout offers three bedrooms including an oversized master suite, a large media room featuring a wall of five flat-screen TVs, four and half stunning bathrooms plus a home office with bathroom en suite.

The eat-in kitchen features professional appliances, tremendous storage and a marble island with wine cooler as well as space for a full-sized dining table. One flight upstairs, the roof deck is fully equipped with enclosed hot tub, sound system and gas grill.

Infinity Flats is an elegant, understated building that offers a virtual doorman and key-lock elevators in the heart of one of Downtown's most vibrant and historic neighborhoods.

Coldwell Banker CEO Jim Gillespie on Real Estate v. Technology

Coldwell Banker Real Estate LLC recently ran the following post and included a video interview Coldwell Banker CEO Jim Gillespie gave to Forbes Magazine discussing technology and the real estate market.  I saw Gillespie speak at our regional Expo last week and enjoyed his presentation, so I thought I would share this link.  Enjoy.

Recently, Coldwell Banker CEO, Jim Gillespie, sat down with Forbes to do an interview in a segment that Forbes called “Realtors vs. Technology.” As you can see from the video, Jim Gillespie talks about how it’s Realtors AND technology that are helping today’s home buyers and sellers.

Other than the video host not being able to properly pronounce Jim’s last name, the video is a good one as it highlights some of the research Coldwell Banker has conducted to get a better understanding of consumer sentiment and how as a company we’ve invested in technology to assist today’s real estate customer.

 

Technorati Tags: coldwell banker, Jim Gillespie, realtors, technology

My Open House This Weekend - 1640 Maple Avenue, #1007, Evanston - MLS # 07771015

Open House Sunday April 17 - 1640 Maple Avenue, #1007, Evanston - MLS# 07771015 - 1 to 3 pm

Of course, I am bringing Thin Mints and Coffee!  Here is the listing sheet - Download 1640 Maple Avenue #1007 Listing

Great corner unit, first time on the market, at Church Street Station. All rooms face east with floor to ceiling windows & great views.  Bright open living/dining room has a large balcony overlooking the city & corner windows looking south/east. Eat-in kitchen is separate with nice views.  Huge master suite, full washer and dryer.  Full amenity building, secured garage parking, beautiful pool & grounds, work-out facility. Fantastic location! 

Near all of my favorite Evanston places.  Bennisons, Century Theaters, Bravo, Buffalo Wild Wings, Metra, Purple Line, Bikram Yoga, Seasonal Farmers Markets!

My Open Houses This Weekend - 1032 Central Avenue, Wilmette, and 1946 Thornwood Avenue, Wilmette

Here are my open houses this weekend.  As usual, I am serving hot coffee and Thin Mints!  Come out and see me!

1032 Central Avenue, Wilmette, IL  MLS # 07651626 - 11:30 am to 1:30 pm on Sunday

This is a great Wilmette townhouse, renovated in 2005.  Great location - near schools, Post Office, Metra, Library.    Here is the listing sheet - Download 1032 Central Avenue Listing.

1946 Thornwood Avenue, Wilmette, IL  MLS # 07765588, 2:30 pm to 4:30 pm Sunday

Totally perfect Wilmette home!  Big kitchen with granite and stainless steel.  Lots of open space.  Great back yard and deck.

Here is the listing sheet - Download 1946 Thornwood Avenue Listing

Year by Year, Room by Room Home Improvement Costs Infographic From Coldwell Banker Blue Matter Blog

Here is a very cool infographic illustrating U.S. Home Improvement Costs room by room.  Came out of the Coldwell Banker Blue Matter blog. 

Troy Hazard at Coldwell Banker GenBlue Conference 2011- building and managing relationships

From the GenBlue Conference in Las Vegas, here is the keynote presentation by Troy Hazard, a great relationship management and franchise consultant.  His talk is worth watching.

 

My Open Houses This Weekend - 1618 Wilmette Avenue, Wilmette, and 533 Chicago Avenue, #F, Evanston

Here are my open houses this weekend.  As usual, I am offering hot coffee and Thin Mints!

1618 Wilmette Avenue, Wilmette, IL  MLS # 07746974 - Noon to 2 pm on Sunday

This is a perfect Wilmette house, great size, great location.  Well kept.  Big back yard.  Close to schools, library, trains.  Here is the listing sheet - Download 1618 Wilmette.

533 Chicago Avenue, Unit F, Evanston, IL  MLS # 07753857, 2:30 pm to 4:30 pm Sunday

This is a great townhouse!  Big kitchen with granite and stainless steel.  Lots of space.  Really nice rooftop deck.

Here is the listing sheet - Download 533 Chicago.

Chris Brogan at Generation Blue 2011 - Coldwell Banker YouTube channel

Here is Chris Brogan's presentation at the GenBlue conference.  Here is a link to all of the presentations on the Coldwell Banker YouTube channel.  Good stuff!  Thanks for putting that up for all of us who were unable to make it out this year!

 

Coldwell Banker Residential Brokerage's View Magazine Is Now Out

It was published this Sunday in the Chicago Tribune.  Here is the digital version.  Lots of luxury properties.  And roaming estates.  Seriously.  Roaming.

Click here to preview the Coldwell Banker Residential Brokerage View magazine showcasing a wide variety of properties from single-family homes to luxury condos to roaming estates to vacation homes. View Magazine

My Favorite Song - Ryan Montbleau Band - Fix Your Wings - Off Topic

Thanks to Erika Napoletano (@RedheadWriting and RedheadWriting) for this tip.  This is my favorite song.  My new favorite song.  This guy has a great voice, and each video in this set is a treat.

From the YouTube link -

Live video #8 of 14 from the album Heavy on the Vine. The band has performed all 14 songs in different live settings and created a video for each. This is "Fix Your Wings" from a hilltop in the Merrimack Valley of Massachusetts.

 

7,400 Square Foot Five Bedroom Winnetka House Sold For $900,000

This kind of house doesn't go on the market very often.  And now it's off again.  But the story is really interesting.  ChicagoMag.com has the post from which this is excerpted.  Here is the listing sheet - 718 Hibbard Road, Winnetka  Photos of the inside follow below.

List Price: $1 million
Sale Price: $900,000
The Property: In 2006, federal marshals seized this 7,400-square-foot, five-bedroom Winnetka house after its owner was charged with selling scores of luxury cars to Chicago gang members for cash as a way of helping them launder millions of dollars in drug profits. The house’s owner, Amir Hosseini, had paid $1.925 million for the house in 2001, according to the Cook County Recorder of Deeds.

In March 2005, federal agents and Chicago police took more than 100 cars from Standard Leasing Sales, American Car Exchange, and SHO Auto Credit dealerships on the West and Southwest Sides. At the time, according to the Chicago Tribune, the U.S. Attorney Patrick Fitzgerald said that one member of the Conservative Vice Lords estimated that 90 percent of that gang’s members had bought cars from the dealerships. Hosseini was the owner of the Standard dealership, the co-owner of the SHO dealership, and, according to the charges, the ringleader. “We’re not talking about car dealers who sold cars to people who happened to be drug dealers,” Fitzgerald said, but people who were “in the business to cater to people who were drug dealers and gangbangers.”

In February 2007, Hosseini and another member of the ring were convicted of racketeering, money laundering, and other charges; eight months later, Hosseini was sentenced to 20 years in prison.

 

By Popular Demand, Here Is The Indian Creek Property Listed By The Jills - Called The Most Luxurious House In The United States

By popular demand, here is the property listed by The Jills (Jill Eber and Jill Hertzberg) with the Miami office of Coldwell Banker Residential Real Estate.  Property is located at 3 Indian Creek Drive, on Indian Creek Island. Offering price is $60,000,000.

I spoke with Jill Eber earlier this week about the home.  She was very pleased with the response they are getting from across the country on this listing.  Her team has done an excellent job presenting it. 

Here is the map -

View Larger Map

Here is a virtual tour -

 

Can An Agent Retire From Commission On $1,000,000 House?

In speaking with friends, colleagues and prospective buyers, it has become clear to me that a lot of people who buy and sell houses don’t really understand how much real estate agents earn on a given transaction.

One seller was quoted as saying “If you sell a million dollar house, you can retire!”  I don’t think he was joking.

Let’s assume for this discussion that your house is worth $1 million.  You list it with Agent A.  Agent B brings along a buyer, who buys the house for that sum.  Can either agent retire off of the compensation earned in that transaction?

A couple assumptions, based on possible facts - the seller agreed to pay 6% total commission.  The listing agent agreed to share that commission with a co-operating buyer’s agent for 2.5% to the buyer’s agent, 3.5% balance to seller’s agent.  Those commission percentages are all negotiable for each party and between the parties, but I am using round numbers for the sake of discussion. The seller could have agreed to pay 7%, or 4% or almost any other number the parties agee to.  The seller's agent might only pay 2% or 1% to a co-operating broker.  Or he might pay 3%.  For purposes of this discussion, let's use 6%, 2.5% and 3.5% as set up at the beginning of this paragraph.

On a $1 million dollar sale, the total commission paid out at closing is $60,000.  $35,000 goes to the seller’s agent’s company and $25,000 goes to the buyer’s agent’s company. 

The seller’s agent gets a share of the fee paid to his company, depending on experience and past success and production.  Most agents get between 50% and 70% of the fee paid to his or her company.  A few of the more successful and experienced agents get more than 70%.  Let’s assume 60% for both the seller and buyer agents.

That means the seller’s agent gets $21,000 and the buyer’s agent gets $15,000.  The seller’s agent also has expenses that come out of his share, depending on the quality and amount of the photos, glossy brochures and refreshments served at the open houses, probably $150 at a minimum and maybe up to $1,000 or more.

Can either agent retire based on the compensation out of that transaction?  Not likely.  It is important to consider these things when deciding on whether you should use a full service agent for your next transaction. 

I will discuss full service vs. discounted service brokerage in a future post.



My Open House This Weekend - 1220 Middlebury Lane, Wilmette MLS #07694928

This weekend's Open House is in Wilmette.  1220 Middlebury Lane in Wilmette.  As usual, serving Thin Mints and coffee!  If you know anyone who is interested in looking, tell them to come out and meet me.

Here is the listing agreement - Download 1220 Middlebury MLS listing sheet

Deadline For Seniors To Apply For Property Tax Exemptions Extended To March 22 - Forms Attached

One more reminder.  If  you know senior citizen property owners in Cook County, Illinois, this is the last week to apply for their property tax exemption.  The exemptions are not automatic this year.  March 22 is the deadline.  Download Cook County Senior Property Tax Exemption Form.  Download Cook County Senior Property Tax Freeze Exemption Form.

I have come across a number of seniors who weren't aware of the change this year or were not aware of the exemption.  Seniors can apply for the exemption back three years if they missed it before.  Obviously, this can be a huge benefit.

From the March 3 Cook County Assessor press release -

New Law Requires Annual Application; Senior Response Has Been Low

CHICAGO – Cook County Assessor Joseph Berrios announced today that he has extended the deadline for the Senior Citizen Exemption until March 22^nd so that all eligible seniors may take advantage of this important money saving exemption.

 “We mailed applications to nearly 300,000 taxpayers who received the Senior Exemption last year but still have not heard back from many of the eligible seniors,” Berrios explained. “I am concerned that many people still may not be aware that a new law requires them to reapply, and I am urging all eligible seniors to return their applications as quickly as possible.”

 All exemptions appear as deductions on second-installment tax bills.  The Senior Exemption application was part of a booklet mailed to all eligible seniors. The booklet also contains the Senior Freeze Exemption application. The deadline for the Senior Freeze Exemption has also been extended.

 The Assessor’s Office has hosted numerous forums throughout the county and worked closely with the City of Chicago and other elected officials to make seniors aware of the new annual application requirement.

 “Seniors have worked hard their entire lives and should receive all the tax relief they deserve,” Assessor Berrios said.  “I will continue to work with legislative leaders in Springfield who have agreed to look at overturning this law. Even if we are successful, seniors still have to re-apply this year so that they do not miss this valuable money-saving opportunity.”

 On Tuesday, the Cook County Board unanimously approved a special resolution urging the Illinois General Assembly to repeal the law requiring seniors to reapply for the exemption.

 The Senior Citizen Exemption provides tax relief by reducing the equalized assessed valuation of an eligible residence. Seniors receiving the Senior Citizen Exemption automatically qualify for the Homeowner Exemption, and do not have to apply for it separately.  Annual applications are not required for the Homeowner Exemption as long as residency does not change.

 Seniors who did not receive applications in the mail but believe they are entitled to the exemption, may download a form by visiting www.cookcountyassessor.com. They can also call (312) 443-7550 and request a form be mailed to them.

 To qualify for the Senior Citizen Exemption for the taxable year 2010, the property owner must have:

• Been born prior to or in the year 1945,
• owned the property, or have a lease or contract which makes them responsible for the real estate taxes, and
• Used the property as a principal place of residence.
• The Senior Citizen Exemption application does not need to be notarized.

 In addition to the Senior Citizen Exemption, seniors on limited incomes may also qualify for the Senior Freeze Exemption. This exemption freezes the equalized assessed value of their property. To qualify for the Senior Freeze Exemption for the taxable year 2010 taxpayers must have:

•  Been born prior to or in the year 1945, 
•  A total household income of $55,000 or less for income tax year 2009,
• Owned the property or had a legal, equitable or leasehold interest in the property on January 1, 2009 and January 1, 2010,
• Used the property as a principal place of residence as of January 1, 2009 and January 1, 2010, and
• Been liable for the payment of 2009 and 2010 property taxes.

 Annual application is required for the Senior Freeze Exemption as total household income may fluctuate yearly.  Because it is based on income, the Senior Freeze Exemption application must be notarized.  Taxpayers who apply and qualify for the Senior Freeze Exemption will automatically receive the Senior Citizen Exemption.

 Eligible seniors who have never applied for the senior exemptions in the past may visit the Assessor’s Web site and download an application or contact the Assessor’s Office.

 “I hope that the deadline extension will give seniors the time they need to get their exemption applications completed and returned to my office,” Assessor Berrios said. “We will continue to reach out to Cook County seniors to ensure that they receive all the money-saving exemptions to which they are rightfully entitled.”