In case you hadn’t heard, Tiger Woods is coming to the south side. Sort of. In 2016, his golf course design company, TGR Design, signed on to oversee the “restoration” of the Jackson Park and South Shore golf courses into a PGA tournament caliber course. However, plans for the restoration released this past June received a mixed response from the public. As a result, TGR went back to the drawing board in an attempt to appease some of the critics. Local residents and long time patrons of the courses had a number of concerns about the plans. First and foremost, they do not want an beautiful course that they can no…
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Spreading Some Non-Profit Love
LoftusLaw is decidedly for profit. However, it is important to give back. Not only does it feel good to give, it is just the right thing to do. Hopefully I can inspire some giving here, by telling you a little bit about my favorite charities. World Wildlife Fund I like WWF, because of their support of professional wrestling… ha ha, /r/dadjokes. Actually, my support of WWF began after a few glasses of wine and a WWF commercial starring some adorable elephants. I was compelled by the opportunity to ‘adopt’ an elephant, although I am not sure the customer service representative appreciated my somewhat inebriated pattern of speech at 11:00pm on…
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Federal Judge Dismisses Lawsuit Accusing Zillow of Conducting Appraisal Without License
This is a follow up to my post last week about some of the controversies surrounding the real estate website Zillow. To bring yourself up to speed, click here… Welcome back to the post! At the time of publication a lawsuit was pending against Zillow accusing the website of violating Illinois law by conducting appraisals without a license. The Plaintiff in the lawsuit sought an injunction stopping Zillow from publishing its Zestimates in Illinois, as well as unspecified compensatory and punitive damages. In what could be called a big win for Zillow, Judge Amy St. Eve held today that Zillow is not violating Illinois law, because Zestimates fall into an…
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Condo Rental Caps – How The Board Can Prevent You From Renting Your Place
Most condo owners prefer that their neighbors are owner-occupants. As a result, many condo boards enact rental restrictions or even outright ban rentals. If validly done, the condo board can levy fines and file lawsuit to stop you from renting your unit. Here is how to determine whether your board’s restrictions are enforceable. Most buildings don’t start off with rental restrictions. Developers want to cast the widest net possible for buyers, which means they want to be able to sell the new units to both owner-occupants and investors. Rental restrictions tend to scare off investors. As a result, rental restrictions tend to be enacted only after the condo board has…
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Per Crain’s: South Works Site Has New Developer On Board
Vacant since 1992, the former U.S. Steel South Works site is set to be purchased by WElink and Barcelona Housing Systems. Both companies specialize in environmentally friendly construction. Thanks to Crain’s Chicago Business for reporting the story. Any comments on how you think this news will affect economic development in South Shore neighborhood are appreciated!
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In Defense of Real Estate Broker Commissions
I hear it all the time from home sellers. “Why do Realtors make so much money?” I’ve heard a few variants on the sentiment, ranging from the more diplomatic, “Realtors don’t seem to do much work to earn their commission,” to the more direct, “this commission is horse s**t!” I submit to you, however, that Realtors more than earn every penny of their commissions. My first point is quite simple — You don’t realize how much work a Realtor actually does. If your Realtor friend goes for spa treatments every day, they are not closing deals — it’s that simple. Prospecting and networking for clients takes a lot of…
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Why Chicago Landlords Should Not Take Security Deposits
I should first and foremost make it perfectly clear that the follow advice is geared specifically toward Chicago (and maybe also Evanston) residential landlords. If you are a commercial landlord, or a residential landlord somewhere else in Illinois, feel free to scroll past this to another blog post, because it does not apply to you. Now that I have the major disclaimer out of the way, let me tell you why it’s a bad idea to accept security deposits in Chicago. The City of Chicago has a law on its books called the Chicago Residential Landlords and Tenants Ordinance (RLTO). The RLTO imposes a number of fairly onerous requirements on…
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Closing Costs Part 4 – Miscellaneous Charges
In the first three installments of my series on closing costs, I addressed real estate tax credits, title charges and lender costs. This fourth, and final, last installment will address the last category of closing costs – everything else. As you review your closing costs with your attorney at the closing table, it may feel like everyone is taking their pound of flesh from the transaction. That is because it is essentially true. Transfer Taxes Whenever you buy or sell real estate, the government sticks its hand in your pocket. The amount of the tax depends largely upon the location of the parcel. The State of Illinois always gets $1 per…
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New IHDA Program Offers Up To $50,000 In Assistance To Under Water Homeowners
The painful memories of the housing bubble are quickly fading amidst the red-hot real estate market here in the Chicago area. However, the good news is not universal. Some homeowners live in sort of a limbo where they can just afford their mortgage payment, but they cannot possibly sell their home due to the fact that they owe more than the property is worth. There may be hope for some of you. The Illinois Housing Development Authority (IHDA) has introduced a program for qualifying homeowners to receive up to $50,0o0 toward the balance due on their mortgage and refinance into a more affordable loan based on the market value of…
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Closing Costs Part 3 – Lender Charges
The third installment of my posts on closing costs focuses on charges you may incur at closing from your lender. The vast majority of buyers do not have the cash to plunk down a few hundred thousand dollars to buy a home. As a result, most real estate transactions involve a loan through a mortgage broker. Not surprisingly, lenders do not work for free, and there are a number of costs you can expect to incur in connection with borrowing their money. Unlike title charges and real estate tax credits, lender charges vary quite a bit depending on the lender and loan product you choose. However, there are some charges and costs…
