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Skokie, IL Real Estate News

You’ve decided to invest in real estate. Okay, so you’ve made the commitment. Your all dressed up and ready to do, but where to start.Run out and buy business cards, for-rent signs, letterhead. Yeah,  these are all good things, but all in due time.The first thing to consider is in what neighborhood to invest. The best for-rent sign in the world won’t fill a building in a neighborhood where the cops won’t even go.You need a neighborhood that is close to public transportation, where people can get to and from work, tenants with jobs are good. You want schools close, preferably within walking distance, renting to families is also a good thing, they tend to set down roots, stick around longer and treat your investment like a home. Grocery stores in the neighborhood are great.  These are the...
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By Kim McMahon
(Executive Realty Group)
  The Eviction Process… 7 Tips to Avoid Costly Mistakes I realize that most investors start out with a great plan and eviction probably wasn’t part of it.  I know , buy a building at a great price, may do some minor repairs, find a decent tenant and sit back and collect the rent. … Right?  Evictions  are one of the most frustrating and costly problems for a landlord to deal with and they unfortunately do happen. .  The following are a few  simple tips that may reduce the likelihood of an eviction  and, ultimately, protect your cash flow.  And, get you back to collecting those rent checks.  1. Maximize the number of applicants you get.. You want to have multiple applications. Even if it means reducing the rent. Don’t put yourself in a position take an unqualified tenant just because your...
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Some other common mistakes first time investors should watch out for. Not having enough cash reserves should be considered a big one. Being in this position can set you up for all kinds of problems. Performing sub-standard repairs comes to mind first, which eventually leads to sub-standard tenants and there goes your positive cash flow.Relying on your property to appreciate.  Over the last couple of years there were many who bought apartment buildings in the Chicago area expecting high immediate return and are definitely paying the price today.  You should focus on ways to increase your cash flow, appreciation should be considered the ‘cherry’ on top. I have known several investors over the years who subscribed to this philosophy. They built their portfolio over the course of years, add...
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By Kim McMahon
(Executive Realty Group)
What kind of Investor are you? As I’ve discussed in a earlier post: 5 steps to get your Real Estate Investments Rockin’ in 2011, part of your plan should be to decide if you are a “hands on” landlord or an "armchair" investor. If the latter is the case, you will need a good management company. This is a relationship to choose wisely. They could make your investment a cash cow or a money pit. Be sure to interview a few and here are a few questions you should be asking. 1. How many properties do they manage? How many units are in each property. If all they handle are 100+ unit complexes and yours is only 10, will it get the same attention?2. Are they familiar with properties such as yours. If new construction properties are their thing and yours is a vintage 1920’s. They may not understan...
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By Kim McMahon
(Executive Realty Group)
The Niles Township Youth Coalition will be holding a Town Hall meeting on Tuesday, March 15 from 7:00 to 8:30 p.m, at the Niles North High School Auditorium , 9800 Lawler, Skokie. Deputy Chief Tony Scarpelli & Detective John Long, Skokie Police Department will be explaining the local laws and ordinances that affect your teen.Sarah Migas from the Illinois Attorney General’s office will be discussing your teen and internet safety.Mary Rose from Metropolitan Family Services will  explain the community resources and the social services that are available. Michelle Amaro, Niles West and Todd Putnam, Niles North from the Student Assistance program will be there.This will be an open forum, so be sure to bring all your questions.  For more information contact Rosamin Bhanpuri @ (847) 626-3959 o...
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The St. Patty’s Day festivities (c’mon we’ve had a Mayor of Irish decent for decades whatya expect) kicked off on Saturday with the annual tradition of dyeing the Chicago River green. Personally, I think it’s always green only now it’s really, really, really bright.         If you happen to find yourself in Chicago, here are some spots you might want to check out.  Oh, the dye only last for the day so if your here Thursday, that’s the rivers natural color (don’t make me say I told you so!)The Irish Heritage Center St. Patrick’s Day Bash 4626 N. Knox Avenue (773) 282-7035. Festivities begin at 1p.m. and run till 11 p.m.and  include traditional Irish dancing and food. The Irish Oak, 3511 N. Clark St. They will open at 8 a.m. on the 17th. Specials for the day will be $4 Green Beer, $5 Jame...
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By Kim McMahon
(Executive Realty Group)
5255 Deming Place CHICAGO, IL Located in a family neighborhood of Belmont Cragin area of Chicago. Multi-Family, 10 units $499,000 Year Built 1929 Sq Footage 5,960 Floors 2 Parking Uncovered spaces Lot Size 1,250 sqft Maint $4,000 per month DescriptionSolid built brick 10 unit apartment building. Located in the Belmont Cragin neighborhood. Has several long term tenants. Is easy to keep rented and produces excellent cash flow. This is a bank approved short sale and at this price will be an excellent investment. Property Features Generates excellent Cash Flow Location Features Family Neighborhood close to many schools and churches Additional Photos Deming Front of buildingDeming Back porchesOne bedroom living roomone bedroom kitchen Contact Info Kim McMahonExecutive Realty Group5255deming...
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By Haris Dedic, Glenview Real Estate - Chicago North Shore
(Villager Realty 847-878-2588)
I collected all the data about Skokie, IL from MLS and made this easy to understand chart so we can see the real estate market trends for the past five years. As we can see below, there were 463 properties sold in 2009 in Skokie, IL with an average market time of 154 days. Average sold price was $268,605. Before the bubble burst, the home value was 38% higher in 2007 comparing with today's average home value in Skokie, IL. The current average listing price in Skokie is $265,223. Slightly higher compared to the average sold price at the end of 2010. As I type the average market time is 151 days and there are more than 100 homes available from $200,000 - $400,000 price range. If you are thinking of buying a home in Skokie, don't wait, as we can see there were 495 homes sold in 2010 compar...
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By Kim McMahon
(Executive Realty Group)
With the never ending discussion of where's the bottom in the real estate market. I once heard "wait long enough and you just might be looking in your rear view mirror." For the past couple of years I have been watching the big guys, no not The Donald. The REITs, Real Estate Investment Trusts, back in  2009 they were dumping non-performing properties. The strategy I believe was to prepare for the market turn-around. Well the tide has changed, it actually changed back last summer, they are back in buying mode. It seems their concentration has been mainly on trophy properties, causing bidding wars on some.  However, with the supply of this kind of property dwindling it is expected that the market will shift to the B and C Class properties.   You see, REITs must return 90% of their profits...
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By Kim McMahon
(Executive Realty Group)
  Let me introduce you to a dear friend of mine, Erica Minchella. Erica is a Real Estate Attorney, located in Skokie, she has been on the frontlines on the foreclosure defense battle. So much so, she founded a group, the Association of Foreclosure Defense Attorneys'. A group which meets often to discuss recent court rulings and share research on some of the more complex cases. By doing so, the attorneys' share their expertise, thereby cutting expenses. These savings can then be passed on to the client. Being well respected in her field, she was recently interviewed by the Chicago Tribune, about her take on the foreclosure mess.  I cannot say enough about her expertise and compassion in what is a very emotional time in someone's life.  Let's put it this way, I trusted her with the closin...
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I know it's unimaginable but there is life before, after and sometimes even during Football season. If your looking for something else to do,  I have the perfect place for you.  The Northshore Center for the Performing Arts. (NSCPAS) located at 9501 Skokie Blvd. in Skokie, IL  just minutes from downtown Chicago, with easy access off I-94 (Edens expressway) The complex houses a 867 seat theatre named the Centre East and the 342 seat Northern Light theatre. Home to the Skokie Valley Symphony Orchestra, NSCPAS has hosted many notable performances by: Bob Newhart, Kathy Griffin, Bill Maher, Bill Cosby and Queen Latifah to name just a few. Desiged by renowned architect Graham Gund.  It is truly the pride and joy of the Chicago Northshore.   January 16, 2011 Golda's Balcony:  A story beautifu...
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By Kim McMahon
(Executive Realty Group)
  The minute you walk into Zelda's Sweet Shoppe in Skokie, you are hit with the wonderful smell of chocolate. Did you have a local candy store in your home town when you were a kid?  I did!  They actually made the candy on-site.  I loved Valentines Day my Dad would come home with 2 lbs. of mixed chocolates for Mom and 1lb. each of solid chocolates for my brother and I.  Well, Linda Neiman has created just such a place called Zelda's. I walked in the store the other day and if it hadn't been for my phone interupting my chocolate stupor I would probably still be there. There are glass cases full of hand-dipped chocolates, every kind of cookie imaginable.  The walls are lined with jars of candy.... you know sour balls, suckers, licorce  Oh my!!!  opps, sorry the sugar was getting to my he...
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By Kim McMahon
(Executive Realty Group)
      Well maintained, 2 Story, 10 unit Apartment building located in the   Belmont Cragin neighborhood.  The neighborhood is a mix and single-family brick bungalows and 1920′s vintage apartment buildings, with schools and churches within walking distance. All this adds to an already solid real estate investment, with an annual gross income of  approximately $ 90,000 and a cap rate of 9.8% Listed for $499,000  for additional information give me a call @ (630)306-1057 or email: Kim.McMahon10@gmail.com
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There is a tremendous amount of money that can be made from Commercial Real Estate. In fact, some of the wealthiest people in the world owe their fortunes to Real Estate Investment.  As with everything in life, it is not without risk.  Here are a few steps to get you started and your investment juices rocking. 1. Develop a Plan.  You first need to know where you want to end up, and sorry rich is not the correct answer here. As with any investment there is risk involved, how much do you have the stomach for?  This is just one of many questions should be able to answer.                                                            2. Join Local Real Estate Groups. There are many national groups out there, try Real Estate Investment club for a group in your area. They are a wealth of knowledg...
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By Kim McMahon
(Executive Realty Group)
        To all of you who have encouraged, inspired, nudged (you know who you are) and cheered me on. To all the friends I have made and the one's I've yet to meet.   I thank you all and wish you all a Happy, Healthy and safe Thanksgiving!!!   Ah yes, Family, food, beer, football followed by the blessed nap!  (don't you just love triptophan) it just doesn't get any better!!!!    
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Optima Old Orchard Woods in Skokie Optima Old Orchard Woods is a condo community in Skokie, Illinois. Optima Old Orchard Woods features sunset views overlooking the forest preserve or city views overlooking the skyline of Chicago. Year-round glass enclosed pool, spa, and fitness center. Pets are welcome. Activity in Optima Old Orchard Woods for the past 6 months Homes Sold Lowest Price Highest Price Average Price 2 $195,000 $225,000 $210,000 2 homes sold in Optima Old Orchard Woods in Skokie from $195,000-$225,000 with an average price of $210,000 within the last 6 months. -Skokie- Address City Beds Baths Model List Price Status 9655 Woods Dr, 614 Skokie 1 1   $185,000 Active 9655 Woods Dr, 1710 Skokie 2 2   $379,000 Active 9655 Woods Dr, 2002 Skokie 2 2   $629,000 Active 9715 Woods Dr,...
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North Shore Towers in Skokie North Shore Towers is a condo community built in the late 1970's. North Shore Towers is located in Skokie, Illinois on Gross Point Road south of Golf Road and east of Skokie Boulevard. Activity in North Shore Towers for the past 6 months Homes Sold Lowest Price Highest Price Average Price 3 $145,000 $200,000 $172,500 3 homes sold in North Shore Towers in Skokie from $145,000-$200,000 with an average price of $172,500 within the last 6 months. -Skokie- Address City Beds Baths Model List Price Status 9560 Gross Point Rd, 505B Skokie 2 2 Condo $215,000 Active 9560 Gross Point Rd, 503B Skokie 2 2   $209,000 Active 9560 Gross Point Rd, 401- Skokie 2 2 Condo $204,350 Active 9558 Gross Point Rd, 408A Skokie 3 2   $249,000 Active 9560 Gross Point Rd, 607- Skokie 2 2...
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By Marco Amidei
(RE/MAX Suburban )
Madison Place in Skokie Madison Place is a 172 condo community built in the early 2000's. Madison Place is located in downtown Skokie, Illinois on Madison 2 Blocks North of Oakton. Models range from one and two bedrooms, one and two baths, in unit laundry, and private balconies. Activity in Madison Place for the past 6 months Homes Sold Lowest Price Highest Price Average Price 0 $0 $0 $0 -Skokie- Address City Beds Baths Model List Price Status 5155 Madison St, 206 Skokie 2 2 Washington $315,000 Active 5105 Madison St, 402 Skokie 2 2   $249,000 Active 5055 Madison St, 403 Skokie 2 2 Lincoln $296,000 Active 5155 Madison St, 604 Skokie 2 2 Garfield $399,000 Active 5155 Madison St, 509 Skokie 2 2 Lincoln $275,000 Active 5055 Madison St Skokie 1 1   $139,900 Pending
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By Marco Amidei
(RE/MAX Suburban )
Barcelona in Skokie Barcelona is a condo community built in the early W's. Barcelona is located in Skokie, Illinois on Foster West of Skokie Boulevard. Activity in Barcelona for the past 6 months Homes Sold Lowest Price Highest Price Average Price 3 $85,000 $144,000 $117,667 3 homes sold in Barcelona in Skokie from $85,000-$144,000 with an average price of $117,667 within the last 6 months. -Skokie- Address City Beds Baths Model List Price Status 4940 Foster St, 101 Skokie 3 2   $189,000 Active 4940 Foster, 207 Skokie 2 2   $151,000 Active 4900 Foster St, 102 Skokie 3 2   $165,000 Active 9529 Bronx Pl, 103 Skokie 2 1   $185,000 Active 9530 Lamon Ave, 416 Skokie 1 1   $119,900 Active 4949 Golf Rd, 109 Skokie 2 2   $171,000 Active 4840 Foster St, 206 Skokie 2 2 Del Prado $170,700 Active 4...
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By Kim McMahon
(Executive Realty Group)
I'm glad you asked.... Skokie, IL is located 16 miles Northwest of Downtown Chicago and 12 miles east of O'Hare International Airport. It is home to some 66,000 residents and 2400 businesses. But first: Just a little history Skokie was originally incorporated in 1888 as Niles Centre, which proved to be too confusing with it's neighboring community Niles, IL . After a village renaming campaign, Niles Centre become, The Village of Skokie on November 15, 1940. Often promoted as the World's largest Village. In the 1920's many large parcels of land were subdivided, which led to many two, three and mult-unit apartment buildings being built. These buildings remain today nestled among many Chicago-stlye bungalows which only adds to the family neighborhood appeal. Skokie by the numbers* Proud o...
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