Friday, November 16, 2007

New Construction Update - 338 Coolidge

New Construction at 338 Coolidge Update

The new home being built on 338 Coolidge is making progress. The outside is about complete with the landscaping beginning on 11/20/07. Scheduled completion is January 2008. Call me with questions at 630-926-5644.

Wednesday, September 26, 2007

West Chicago Real Estate Statistics

Here is an update as to the condition of the West Chicago Real Estate Market for the last 6 months ending 9/26/07:

Active Single Family Homes for Sale: 280
Active Condo/Townhomes for Sale: 42
Average Asking Price Single Family home $380.090
Average Asking Price Condo/Townhome $207,646
Average Days on the Market for Sale 155

Sold Statistics

Single Family Homes 91
Condo/Townhome 42
Average Sales Price - Single Family $306,283
Average Sales Price - Condo/Townhome $207,646
Average Days to Sell 110 days
Average Sales Price/Asking Price 97% of Asking Price

Contact Joe Ambrose at Acorn Realty for more detailed information.

Tuesday, September 18, 2007

The Fed got it right! Lower interest rate will help West Chicago Real Estate Market


The Fed got it right. After much speculation, the Federal Reserve cut an important interest rate .50%.

What does this mean to you?

Well, if you have an equity loan your interest rate probably just dropped .50%. Long term interest rates won't make a big jump, but 30 year fixed rates just went down about 1/8th today to 6.25%. This is all positive news for the Real Estate market so if you have a home that has been listed for awhile, stay positive.

Joe Ambrose


Acorn Realty, Inc - West Chicago

West Chicago initiates it's first "New Tax" under Home Rule

Flexing their home rule muscle, West Chicago officials Monday established the city's first sales tax of its own.

The city council unanimously approved an ordinance that creates a home rule-imposed sales tax of .25 percent.

Consumers' pocketbooks will be largely unaffected, though, because the new tax will be canceled out by another being lifted: the .25 percent DuPage Water Commission sales tax.

A recently passed state law requires the commission to stop taxing the city on Dec. 31. West Chicago doesn't use the DuPage water services and lobbied for years to be released from the tax.

"There will be no impact on most goods," City Administrator Michael Guttman said.

Residents will pay less taxes on items like cars, trucks, and prescription drugs -- goods home rule taxes don't cover.

Two years ago the city council earmarked the gas and electricity use taxes as sources for the capital projects fund. But revenue from those taxes don't increase to keep up with the cost of materials necessary to complete capital projects, Guttman told aldermen.

As the capital project fund is currently structured, Guttman estimates that it will have a $802,745 deficit by fiscal 2011 -- and the problem will only grow from there.

A solution is needed, he said.

Home rule municipalities can enforce sales taxes in one-quarter increments, with no limit. The city's existing 1 percent tax brought in $3.5 million in 2006; Guttman predicts that the additional .25 percent tax will increase revenue by about $330,000.

Those funds will go toward facility improvements and will help maintain the street and pavement improvement programs. But they're not enough to put a street reconstruction program in place in the near future.

Guttman told the council that if they wanted to find a permanent solution, aldermen could direct staff to investigate a vehicle fuel tax or ways to tie the gas and electricity sales taxes to inflation. The council didn't discuss those options Monday.

The new tax will take effect Jan. 1, 2008. The change will keep West Chicago's sales tax rate at 6.75 percent -- one of the lowest in the area. Only Bartlett and Geneva have a lower rate, 6.5 percent. Wheaton has a total 7.25 percent rate; St. Charles' is 7.5 percent; and Warrenville's stands at 8 percent.

Wednesday, September 12, 2007

West Chicago Home unihabitable after fire

West Chicago home uninhabitable after fire

By Michael Wamble and Jake Griffin | Daily Herald Staff
Published: 9/11/2007 12:57 PM | Updated: 9/11/2007 5:28 PM

West Chicago fire officials are investigating the cause of a morning blaze that devastated a county-owned housing facility for adults with mental disabilities.

Meanwhile, the DuPage County Health Department, which runs the facility, is working to relocate eight displaced residents.

"Any resident that needs a place will be relocated," said Maureen McHugh, the health department's executive director.

Given the extent of today's fire, McHugh said, she's relieved no one was injured.

"We can always get a new building," she said.

Built around 1875, the two-story house at 142 Wood Street previously was operated by Metropolitan Family Services DuPage. It was known as the Edith Bruckner Guest House for senior services before it was purchased by the health department.

This morning, West Chicago firefighters received a 911 call at 10:53 a.m. Eyewitnesses reported seeing flames and heavy smoke coming from the wood-framed building.

Paula Hahn, a secretary at nearby Glen Arbor Community Church, said things looked normal around 10:20 a.m. at the house. That soon changed, she said.

"It was just like รข€˜Poof'," Hahn said. "You could hardly see anything through the thick black clouds. The whole end was engulfed with big flames, and the fire engines were coming."

Streets were blocked off at Washington and Joliet streets, as firefighters battled the blaze.

Fire Chief Ronald Ackerman said the building is uninhabitable. He estimates it could take months of repair work before residents could return.

Most of the damage occurred at the rear of the structure and a wrap-around porch, with the darkest charred area near an indoor grill visible from the street.

Despite the damage, firefighters were able to remove medications and medical records.

Tuesday, September 11, 2007

New Coolidge House making progress

The new house is coming along on Coolidge. The roof is on and the framing is complete. New windows were added last week and will continue into this week. The home has a great layout and huge bedrooms. Keep following the progress. Also, there is free fill dirt on the lot. If you need some dirt for your garden or just to fill a low spot in your yard, feel free to take what you need.

Have a good day.

Tuesday, August 28, 2007

Recent Home News - Market still down

Well, it looks like we still have a way to go yet. Real Estate prices are still falling, but homes are selling everyday. The good homes sell fast. If you haven't updated your home in the last 5 to 10 years, you will have a difficult time in today's market. In order to get the best return on your investment (Your Home), you need to keep it up to today's standards.

If you have any questions about this article, please let me know.