It’s always a risky proposition to write a post about restaurants or food in general, when one is hungry (like I am right now). Nonetheless, we had a new Brazilian restaurant open its doors in downtown Edgebrook towards the end of June, by the name of “Al Primo Canto”.

From what I can gather, this family-friendly restaurant, located at 5414 W. Devon, specializes on oven-fired chicken and lamb/beef. It’s been three months now since it’s opened, and I still haven’t had a chance to visit the place. That’s because I’ve been in mourning this whole time about the untimely departure of one of my favorite Italian restaurants (Macaroni) at the Village Crossing mall, this past spring. But I’m planning on checking out Al Primo Canto soon. Especially, after I saw some of the pictures that were snapped by other visitors who’ve already been there. Have you visited this restaurant yet? Let us know what you think of it.

Ever wonder what’s up with most of the street names in Edgebrook/Wildwood? What do “Loron”, “Ponchartrain”, or “Leoti” mean? “Hiawatha”, anyone? Well, it can be traced back to the Native American Potawatomi who settled in Wildwood late in the 17th century, and whom most of the street names here reference. For a brief translation of some of the street names, have a look here. The Wildwood Park Seminoles Football team has graciously compiled some of them for us.

Lehigh = Where there are forks in the stream.

Received an email yesterday from a Sauganash homeowner whose property has been on the market for sale since the beginning of summer, apparently with no significant buyer interest. His question to me in the email was: “How long should it take to sell this property? I was told that neighborhood sells itself.”

No question about it, Chicago neighborhoods like Edgebrook and Sauganash are indeed magnets for home buyers who are looking to own a slice of the suburbs in the city. And there are quite a few of these buyers out there. However, that doesn’t mean that the basic rule of supply and demand is going to bend out of shape just because these folks are interested in owning a house in Sauganash or Edgebrook. In Sauganash, for example, we are looking at an MSI (Months Supply of Inventory) of 12.4, right now. That means if no more homes came on the market for sale, it would take 12.4 months to sell off the existing inventory that’s for sale. In Edgebrook, the MSI currently stands at 6.7 months. These are metrics that describe a buyers market, more so in Sauganash than in Edgebrook: There is more supply of homes than there is demand, at the moment.

Deal with it? Roll over, and die? Wait until next year? Hardly! I mean, it’s not like Sauganash became a hellhole overnight, and now all of a sudden, we have a massive challenge on our hands to find buyers for properties in this neighborhood. Granted, the peak summer selling season is winding down, as many families who were looking to relocate and get their kids situated in local schools, have already purchased and settled down. Thus, the already limited pool of potential buyers has shrunk even more, and many sellers are now facing a similar situation like the home seller who emailed me. But, real estate sales are not as seasonal as they once used to be, especially in a large metropolis such as Chicago, where a relatively strong labor market provides for a perpetual stream of workers who relocate here year round, and want to buy a home.

Remember a few years back (I’m talking late 90’s) when you were buying your condo or single family home, and your Realtor told you: “The bad news is that there are 14 offers on the house that you just bid on. The good news is that the sellers picked your offer. Congratulations!” Back then, you were so elated with your victory that you barely perceived the pain of paying $20,000 over asking price. After all, you figured that you’d live there for 5 to 7 years, and then it’d be your turn to be in the drivers seat. Well, it’s about 7, 8 years later now, but you’re not in the driver’s seat, as you had planned. Today’s buyers are. The proverbial shoe is on the other foot.

It’s not all doom and gloom though, but the rules of the game have changed. Just like buyers in the sellers market back then were able to eventually purchase a home, your home too will eventually sell in today’s buyers market. To make it so, you need to keep a few important things in mind:

1. The current glut of inventory on the market means that your property has a lot of competitors, all of which will be considered by serious and financially qualified buyers. And that includes unrepresented sellers (FSBOs). Today’s buyers know they’re in the driver’s seat, and they’re ready and willing to capitalize on their advantage, just like sellers did a few years ago. For sellers, this means that your property needs to be priced at, or slightly below current market value, in order to be competitive. Of course, if you have built substantial equity in your home over the years, this course of action won’t hurt you, financially. Alternatively, you might be facing a short sale situation, which is no afternoon at the beach, but still a much lesser evil than foreclosure.

2. Unless you’re planning an “As Is” sale, your property needs to be in impeccable condition. For years and years, Realtors have been impressing on sellers the ideas of uncluttering, cleaning, painting, and repairing, to prepare their homes for sale. During the days of the sellers market, these concepts may have been afterthoughts. They are definitely imperative now. Curb appeal no longer serves as a means to net you $10,000 more, but determines whether or not buyers will consider your property at all, on their short lists.

3. Commissions are negotiable. They always have been. Always will be. But if you are planning on interviewing Realtors to sell your property, please keep in mind that this is not the time to hire a Realtor, based on the lowest quote that you receive. As mentioned above, there are tons of homes for sale on the market. Unlike in a sellers market, properly exposing and promoting your property online and offline to a buyers market requires more of your agent’s advertising dollars to distinguish it from all these other properties, not less. Base your hiring decision on the Realtor’s marketing plan which should be tailored to your specific property, and should include a relevant and meticulous Comparative Market Analysis (CMA). You will eventually succeed!

I’m not an attorney, so the content of this post is not meant to provide you with legal advice. But as a Realtor, I deal with real estate sales contracts on a daily basis, and over the years, I have witnessed numerous cases in which one or both parties to a real estate transaction have inadvertently or deliberately breached the terms and conditions of a real estate sales contract to which they had previously agreed, in writing. Often times this has led to lawsuits, wasted time and resources, as well as headaches for most of the participants in the transaction. I am here to tell you that this ugliness can be avoided, provided that one understands a few basic transaction rules.

For those folks who are not familiar with real estate sales contracts, please note that in most parts of Chicagoland, buyers who work with a Realtor submit a standard 11-page (Multi-Board 4.0) purchase contract to the seller(s). This contract is sanctioned by the Illinois Real Estate Lawyers Association, as well as 14 Realtor Associations in Northern Illinois. Buyers simply need to fill in a variety of blank spaces, and voila, they have a bona fide offer.

There are four important contingencies in this contract that exist to protect the positions of both sellers and buyers.

1. Attorney Review (Paragraph 9)

The respective attorneys for the Parties may approve, disapprove, or make modifications to this Contract, other than stated Purchase Price, within five (5) Business Days after the Date of Acceptance. Disapproval or modification of this Contract shall not be based solely upon stated Purchase Price. Any notice of disapproval or proposed modification(s) by any Party shall be in writing. If written notice is not served within the time specified, this provision shall be deemed waived by the Parties and this Contract shall remain in full force and effect. If prior to the expiration of ten (10) Business Days after Date of Acceptance, written agreement is not reached by the Parties with respect to resolution of proposed modifications, then this Contract shall be null and void.

2. Professional Inspection (Paragraph 10)

Buyer may secure at Buyer’s expense (unless otherwise provided by governmental regulations) a home, radon, environmental, lead-based paint and/or lead-based paint hazards (unless separately waived), and/or wood destroying insect infestation inspection(s) of said Real Estate by one or more licensed or certified inspection service(s). Buyer shall serve written notice upon Seller or Seller’s attorney of any defects disclosed by the inspection(s) which are unacceptable to Buyer, together with a copy of the pertinent page(s) of the report(s) within five (5) Business Days (ten (10) calendar days for a lead-based paint and/or lead-based paint hazard inspection) after Date of Acceptance. If written notice is not served within the time specified, this provision shall be deemed waived by the Parties and this Contract shall remain in full force and effect. If prior to the expiration of ten (10) Business Days after Date of Acceptance, written agreement is not reached by the Parties with respect to resolution of inspection issues, then this Contract shall be null and void. The home inspection shall cover only major components of the Real Estate, including but not limited to, central heating system(s), central cooling system(s), plumbing and well system, electrical system, roof, walls, windows, ceilings, floors, appliances and foundation. A major component shall be deemed to be in operating condition if it performs the function for which it is intended, regardless of age, and does not constitute a threat to health or safety. The fact that a functioning component may be at the end of its useful life shall not render such component defective for the purpose of this paragraph. Buyer shall indemnify Seller and hold Seller harmless from and against any loss or damage caused by the acts or negligence of Buyer or any person performing any inspection(s). Buyer agrees minor repairs and routine maintenance items are not a part of this contingency. If radon mitigation is performed, Seller shall pay for a retest.

3. Mortgage Contingency (Paragraph 11)

Seller [check one] __has __has not received a completed Loan Status Disclosure (see page 11). This Contract is contingent upon Buyer obtaining a firm written mortgage commitment (except for matters of title and survey or matters totally within Buyer’s control) on or before _______________, 20___ for a [choose one] __fixed __adjustable; [choose one] __conventional __FHA/VA __other____________________ loan of $__________________ or such lesser amount as Buyer elects to take, plus private mortgage insurance (PMI), if required. The interest rate (initial rate, if applicable) shall not exceed ____% per annum, amortized over not less than _____ years. Buyer shall pay loan origination fee and/or discount points not to exceed _____% of the loan amount. Buyer shall pay the cost of application, usual and customary processing fees and closing costs charged by lender. (If FHA/VA, complete Paragraph 35.) (If closing cost credit, complete Paragraph 33.) Buyer shall make written loan application within five (5) Business Days after the Date of Acceptance. Failure to do so shall constitute an act of Default under this Contract. If Buyer, having applied for the loan specified above, is unable to obtain such loan commitment and serves written notice to Seller within the time specified, this Contract shall be null and void. If written notice of inability to obtain such loan commitment is not served within the time specified, Buyer shall be deemed to have waived this contingency and this Contract shall remain in full force and effect. Unless otherwise provided in Paragraph 31, this Contract shall not be contingent upon the sale and/or closing of Buyer’s existing real estate. Buyer shall be deemed to have satisfied the financing conditions of this paragraph if Buyer obtains a loan commitment in accordance with the terms of this paragraph even though the loan is conditioned on the sale and/or closing of Buyer’s existing real estate. If Seller at Seller’s option and expense, within thirty (30) days after Buyer’s notice, procures for Buyer such commitment or notifies Buyer that Seller will accept a purchase money mortgage upon the same terms, this Contract shall remain in full force and effect. In such event, Seller shall notify Buyer within five (5) Business Days after Buyer’s notice of Seller’s election to provide or obtain such financing, and Buyer shall furnish to Seller or lender all requested information and shall sign all papers necessary to obtain the mortgage commitment and to close the loan.

4. Sale of Buyer’s Real Estate (Paragraph 31)

THE FOLLOWING OPTIONAL PROVISIONS APPLY ONLY IF INITIALED BY ALL PARTIES
____ ____ ____ ____ 31. SALE OF BUYER’S REAL ESTATE:
Initials
(A) REPRESENTATIONS ABOUT BUYER’S REAL ESTATE: Buyer represents to Seller as follows:
(1) Buyer owns real estate commonly known as (address):
_________________________________________________
(2) Buyer [check one] __has __has not entered into a contract to sell said real estate. If Buyer has entered into a contract to sell said real estate, that contract:
(a) [check one] __is __is not subject to a mortgage contingency.
(b) [check one] __is __is not subject to a real estate sale contingency.
(c) [check one] __is __is not subject to a real estate closing contingency.
(3) Buyer [check one] __has __has not listed said real estate for sale with a licensed real estate broker and in a local multiple listing service.
(4) If Buyer’s real estate is not listed for sale with a licensed real estate broker and in a local multiple listing service, Buyer [check one]
(a) __Shall list said real estate for sale with a licensed real estate broker who will place it in a local multiple listing service within five (5) Business Days after the Date of Acceptance.
For information only: Broker: _________________________________________________
Broker’s Address: _________________________________________________ Phone: ________________________
(b) __Does not intend to list said real estate for sale.
(B) CONTINGENCIES BASED UPON SALE AND/OR CLOSE OF BUYER’S REAL ESTATE:
(1) This Contract is contingent upon Buyer having entered into a contract for the sale of Buyer’s real estate that is in full force and effect as of ____________________, 20_____. Such contract shall provide for a closing date not later than the Closing Date set forth in this Contract. If written notice is served on or before the date set forth in this subparagraph that Buyer has not procured a contract for the sale of Buyer’s real estate, this Contract shall be null and void. If written notice that Buyer has not procured a contract for the sale of Buyer’s real estate is not served on or before the close of business on the date set forth in this subparagraph, Buyer shall be deemed to have waived all contingencies contained in this Paragraph 31, and this Contract shall remain in full force and effect. (If this paragraph is used, then the following paragraph must be completed.)
(2) In the event Buyer has entered into a contract for the sale of Buyer’s real estate as set forth in Paragraph 31 (B) (1) and that contract is in full force and effect, or has entered into a contract for sale of Buyer’s real estate prior to the execution of this Contract, this Contract is contingent upon Buyer closing the sale of Buyer’s real estate on or before _________________________, 20_____. If written notice that Buyer has not closed the sale of Buyer’s real estate is served before the close of business on the next Business Day after the date set forth in the preceding sentence, this Contract shall be null and void. If written notice is not served as described in the preceding sentence, Buyer shall be deemed to have waived all contingencies contained in this Paragraph 31, and this Contract shall remain in full force and effect.
(3) If the contract for the sale of Buyer’s real estate is terminated for any reason after the date set forth in Paragraph 31 (B) (1) (or after the date of this Contract if no date is set forth in Paragraph 31 (B) (1)), Buyer shall, within three (3) Business Days of such termination, notify Seller of said termination. Unless Buyer, as part of said notice, waives all contingencies in Paragraph 31 and complies with Paragraph 31 (D), this Contract shall be null and void as of the date of notice. If written notice as required by this subparagraph is not served within the time specified, Buyer shall be in default under the terms of this Contract.
(C) SELLER’S RIGHT TO CONTINUE TO OFFER REAL ESTATE FOR SALE: During the time of this contingency, Seller has the right to continue to show the Real Estate and offer it for sale subject to the following:
(1) If Seller accepts another bona fide offer to purchase the Real Estate while the contingencies expressed in subparagraph (B) are in effect, Seller shall notify Buyer in writing of same. Buyer shall then have ____________ hours after Seller gives such notice to waive the contingencies set forth in Paragraph 31 (B), subject to Paragraph 31 (D).
(2) Seller’s notice to Buyer (commonly referred to as a “kick-out” notice) shall be served on Buyer, not Buyer’s attorney or Buyer’s real estate agent. Courtesy copies of such “kick-out” notice should be sent to Buyer’s attorney and real estate agent, if known. Failure to provide such courtesy copies shall not render notice invalid. Notice to any one of a multiple-person Buyer shall be sufficient notice to all Buyers. Notice for the purpose of this subparagraph only shall be served upon Buyer in the following manner:
(a) By personal delivery of such notice effective at the time and date of personal delivery; or
(b) By mailing of such notice to the addresses recited herein for Buyer by regular mail and by certified mail. Notice served by regular mail and certified mail shall be effective at 10:00 A.M. on the morning of the second day following deposit of notice in U.S. Mail; or
(c) By commercial overnight delivery (e.g., FedEx). Such notice shall be effective upon delivery or at 4:00 P.M. Chicago time on the next delivery day following deposit with the overnight delivery company, whichever first occurs.
(3) If Buyer complies with the provisions of Paragraph 31 (D) then this Contract shall remain in full force and effect.
(4) If the contingencies set forth in Paragraph 31 (B) are NOT waived in writing within said time period by Buyer, this Contract shall be null and void.
(5) Except as provided in subsections to subparagraph (C) (2) above, all notices shall be made in the manner provided by Paragraph 27 of this Contract.
(6) Buyer waives any ethical objection to the delivery of notice under this paragraph by Seller’s attorney or representative.
(D) WAIVER OF PARAGRAPH 31 CONTINGENCIES: Buyer shall be deemed to have waived the contingencies in Paragraph 31 (B) when Buyer has delivered written waiver and deposited with the Escrowee the additional sum of $____________________ earnest money within the time specified. If Buyer fails to deposit the additional earnest money within the time specified, the waiver shall be deemed ineffective and this Contract shall be null and void.
(E) BUYER COOPERATION REQUIRED: Buyer authorizes Seller or Seller’s agent to verify representations contained in Paragraph 31 at any time, and Buyer agrees to cooperate in providing relevant information.

Conclusion: One might be tempted to refer to the above as legal mumbo-jumbo, but please note that this is the verbatim language of the real estate sales contract that is utilized in our neck of the woods. It is enforcible in a court of law, and it does spell out relatively clearly what is expected of the parties to a real estate transaction. Contingencies are safety mechanisms, for both sellers and buyers, and as long as the parties to a real estate transaction understand this and adhere to the prescribed duties, chances are that they are both going to walk away happily from the closing table, instead of from the judge’s bench. Please consult with a real estate attorney for any matters relating to real estate contract contingencies.

I don’t think we can all live on these monstrous lots. We don’t need to be buying more oil from the Middle East, so we can all live on these big lots.
Attorney Bob Kowalski, who represents the purchaser and most recent owner of 6232 N. Keating in Sauganash, as quoted by Reporter & Journal Nadig Newspapers

Bill Mayeroff from Nadig reports (Vol. 43 #25 week of 6/24/07, front page) that a property at 6232 N. Keating in Sauganash changed ownership recently (see picture below).

The lot measures 60′ x 111′, and happens to be located in an RS-3 zone (most parcels in Sauganash are zoned RS-1 and RS-2). According to the Chicago Zoning Ordinance, RS-3 zoned properties must have a minimum lot area of 2,500 square feet. Apparently, the new owner of this parcel wants to subdivide this lot and improve it with two new homes. And he is well within his rights, because a 30′ x 111′ lot still meets the RS-3 land area requirement. Nearby residents in Sauganash though, are concerned about adverse changes to the character and density of the neighborhood, and have turned to Ald. Margaret Laurino for help. Ald. Laurino’s hands are tied, of course, because the developer has done everything by the book, so far.

I spoke on the phone with a very helpful aide from the alderman’s office, this morning, who let me know that Mrs. Laurino would meet with Sauganash residents this evening to discuss the downzoning of the “island” that’s zoned RS-3 in Sauganash (see picture below).

To Mr. Kowalski I would submit that it’s not really a secret that your client would be making more money by selling two homes rather than one. As you well know, multi-unit condo developers back out of purchase contracts all the time when they find out during due diligence that they wouldn’t be allowed to build as many units as they would like to. And they’re not bashful at all about disclosing that their profit goals wouldn’t be met if they had to abide by aldermanic restrictions. It’s the American way, and your client is well within his rights. So please do us all a favor, and refrain from boring us with stories about dependence on Middle East oil. Or else, we’ll remind your client of the deforestation of the Amazon rainforest when he’s ready to put in those shiny Brazilian cherry floors in his new developments on Keating.

Zoning map, courtesy of City of Chicago Zoning Dept.

Those of us who have kids, know that summertime is always a welcome opportunity to let our kids go outside to play and have fun with other children in the neighborhood. As Sauganash or Edgebrook residents, we often lower our guards because we tell ourselves that we live in relatively safe neighborhoods with low crime rates. After all, that’s one of the main reasons we moved into these neighborhoods.

But what many of us don’t realize is that even in our relatively idyllic city enclaves, we are surrounded by convicted sex offenders, who reside among us. They may live next door to you or me, or perhaps a couple of blocks away, and we may have never known that they are convicted sex offenders. We need to know who they are and where they live. Fortunately, there are a number of sources that inform us about them.

Firstly, the Chicago Police Department operates a “Registered Sex Offender Database” that allows a search by police district and beat. The State of Illinois offers a website with information about sex offenders, as well. The search here is best conducted by zip code, in this case 60646 (because this is the 60646 Blog). The state website offers additional information about this topic. Finally, there is a website with links to nationwide sex offender news, and which can be searched by state and county.

Of course, all these websites list registered offenders which leaves us somewhat in the dark about those offenders that haven’t registered, and therefore, are not in compliance. But it’s a start. Let’s all keep our eyes open, and enable our children to have a safe summer.