In my view, nothing says springtime in the city more than tulips. In fact, one of the rarely mentioned, tangible benefits of car-free living includes tulips. It’s true!

Strolling most anywhere in downtown Chicago during the month of May, well, what can I say? Tulips rule!

This time of year many of the high-rises along Lake Shore Drive conspire to create a floral feast for those of us who favor our daily constitutionals along the Inner Drive.

As a Lakeview resident, my lakefront tulip domain ranges between Belmont and Addison. Ever since my grandson learned to walk we’ve played a fun game of challenging each other to recognize our neighborhood tulips: calling out our favorite colors; pretending that the abundance has come to an end, only to cross yet another street and—surprise surprise—discover even more tulips! All the while singing the quirky tune “Tiptoe Through the Tulips“ made famous by the late Tiny Tim. 

When showing property in the city I’ve noticed that tulips provide a certain curb appeal duly noted by prospective buyers. It’s no coincidence that tulips tend to thrive at the peak of the spring real estate market. Forget about baking cookies to conjure up the comforts of home. Plant tulips!

With their vibrant colors, standing proud and tall, tulips seem to signal a season of promise; sentries ushering in a welcome time for change. And, like autumn leaves in all their glory, tulips herald an exquisite new season like no other force of nature.

With the Cubs home opener upon us, residents of Wrigleyville and beyond brace ourselves for the annual uptick of automobile traffic. While I enjoy an unobstructed view of the ballpark from my Lakeview high-rise, I’m astounded and yes, disconcerted each year, as I witness the never-ending queue of cars along Addison Street in the hours surrounding a home game.

This is also the time of year that real estate agents are sure to feature, as appropriate, ”Walk to Wrigley!” in their listing remarks. Of course, one person’s walk is another person’s cab ride…

When I list a property, I insist on accurate representation of amenities, including proximity to parks, lakefront paths, etc. Prime example: I’m presently listing a gorgeous 2 bed/2 bath condo in North Center. While my sellers tell me they enjoy their walk to the ballpark and I can totally relate, I cannot assume that their healthy two-mile hike would necessarily translate to all prospective buyers. Therefore I do not include Wrigley in my written listing remarks but am certain to mention it at showings.

Other car-free options to the Friendly Confines include riding a bike. Or taking the CTA. Hey, the Addison stop of the Red Line couldn’t be more convenient @Sheffield. For night and weekend games there’s even a special 154 Wrigley Field Express bus from the DeVry University parking lot on Rockwell just south of Addison where baseball fans can leave their car for a nominal fee that includes a round-trip fare.

Go Cubbies!

This question was posed more than three decades ago by someone who’d been raised in suburban Chicago during the 1950s and ’60s; privileged to have lived in a single-family house since the age of two. As a young adult in the early 1970s, she moved to a high-rise rental apartment on Sheridan Road in Chicago’s Edgewater neighborhood, directly across the street from one of the very-first high-rise condominium developments built in the city. In fact, it was from this rental unit that she enjoyed her first-ever residential lake views, sliced between the twin towers of the aforementioned condominium complex.

The condo concept, relatively new in 1974, was completely foreign to the young woman who hailed from Skokie and Lincolnwood. In her sheltered world, people either owned a house or rented an apartment. Period. In all fairness to her, though, the newfangled condominium mind-set heralded more than an innovative lifestyle; it represented no less than a revolutionary route to home ownership at the time. She, not unlike most Chicagoans back then, merely needed to educate herself on the topic. (Those were pre-Internet days when one was without the resources simply to ”google” an unfamiliar word, if you can imagine such an era!)

Fast-forward 35 years. The person described above–yours truly–is about to offer guidance on the fine-points of condo living to a buyer who recently purchased an in-town apartment. This client lives primarily in a single-family house outside the city and is unfamiliar with the nuances of condo protocol.

Having owned an apartment in a high-rise condominium since 1997, I have an abundance of advice to dispense. Indeed! For the past few years, I have owned two studios side-by-side that I recently combined into one residence. Stay tuned for condo-combo and condo-lifestyle tutorials in future posts.

In the meantime, for all you Chicago real estate history buffs, a quiz: Name the two-tower condominium referenced earlier, located on Sheridan Road directly across from the first Chicago apartment where I learned to love lake views. Speaking of which, that rental high-rise converted to condominium within the past few years…

Upon launching my blog earlier this month, I invited a number of professionals with whom I’ve worked throughout the years to contribute timely posts for my Guest Book. In light of the just-passed American Recovery and Reinvestment Act of 2009, attorney David Grisamore sorts out some differences between the new economic stimulus law and the earlier version passed in 2008; and suggests you consult your tax advisor…

There is some good news for first-time home buyers with moderate incomes this year: The stimulus bill signed into law by President Obama contains an $8,000 home-buyer credit for calendar year 2009. This credit is a somewhat revised and extended credit from that contained in the stimulus legislation passed in 2008 and signed into law by President Bush. Since there are some significant differences in the old versus the new credit, it is worthwhile for readers to review the details.

How it Works

Assuming the transaction qualifies, the taxpayer may deduct the available credit from their taxes owed at the end of 2009. Thus, a taxpayer owing $6,000 in federal income tax would have a tax bill of $0 after the qualifying purchase. Even better, the revised version allows the purchaser to claim and receive the remaining $2,000 of the credit as a “refund.” For taxpayers with payroll withholding, the refund would be much larger, since the IRS would already be holding the bulk of the refund as payroll withholding from each check.

First-Time Buyers

The tax credit is available to first-time home buyers who purchase a primary residence from January 1, 2009 - November 30, 2009. “First-time home buyer” is defined, surprisingly narrowly, as any person who has not owned a home in the previous three years. Thus, a purchaser who last owned a home in June of 2006 (with a closing on June 30, say) would be eligible for the credit on a residence purchased and closed on between July 1, 2009 and November 30, 2009.

Limits

The credit is available for up to 10% of the purchase price of the home. Thus, a property costing $80,000 or more will be eligible for the maximum credit of $8,000. In a market like Chicago this will obviously cover most home purchases.

There is an upper income limit of $75,000 for a single taxpayer and $150,000 for a married couple filing jointly, but this is only for utilitization of the full amount of the credit. For incomes over $75,000/$150,000 filing jointly, the credit is phased down. The credit is not available for incomes above $95,000 or $170,000 filing jointly.

No Repayment

Under the former legislation the credit was “recaptured” over 15 years. The new law does away with this IRS claw-back and no credits will have to be repaid. EXCEPTION: If the home is sold within three years, the entire amount will have to be repaid in the year of the sale.

Bottom Line

For a qualifying purchase this credit is little different from an IRS gift of equity. All you have to do is wait for year end 2009 to get your check.

David Grisamore is a graduate of Knox College and De Paul University College of Law. He has been in private practice since 1996 handling real estate and commercial litigation matters. For additional information please contact: Law Offices of David T. Grisamore, 53 W. Jackson Blvd., Suite #1643, Chicago, IL 60604; tel. 312. 913-3448; dgriz67@sbcglobal.net.

Thank you to my son, Dylan, who took the photo that accompanies the interview by Lee Crandell of Carfree Chicago. Thank you, Lee!

Below-zero wind-chills at my heels, I hopped a 146 Express to the South Loop last Wednesday evening. Why? They promised to ask the tough questions and candidly discuss the market and they did!

For over an hour, veteran real estate attorney Greg Braun of McCormick Braun and Friman moderated a panel comprising Rubloff agents Steve Breinling and Maria Sabatini along with Rubloff Wells Fargo loan officer Brian Cumpton.

Greg, a self-described poster child for realtors, introduced the discussion with a backdrop of the 10,000 hour rule from the bestseller The Outliers by Malcolm Gladwell. Greg says, though he is an experienced real estate attorney, he has always relied on a realtor for the four homes he has bought in the past 14 years: “I believe in the 10,000 hour rule that says to be expert in anything you need at least 10,000 hours working, practicing in your field. And that is what I look for in a realtor.”

Questions ranged from the basic:

• At what point in the process should a buyer retain an attorney?
• How low are interest rates and how long will they remain low?

To the more probing:

• What features are buyers looking for to maximize resale value?
• How do you help buyers determine if a condo is financially sound?

To the frank:

• What increased lending restrictions are buyers up against?
• Why can’t realtors tell buyers about crime rates in any given area?

Interesting tips and tidbits were scattered throughout the discussion:

• FHA loans are back in the forefront with market share doubling in the past 18 months.
• Look at the big picture and choose a property that is both functional and flexible to meet your needs for 5-7 years.

Brian cited dramatic pre-sale requirements for new construction hiking upward to 70%; juxtaposed with interest rates hovering at 40-year lows! And just when we thought we were on information overload someone in the audience asked: what is the difference between a short sale and a foreclosure? Greg provided a succinct definition of each, helping us understand the risks involved.

Want answers? Free Buyer Coaching events are held from 5:30 to 6:30 p.m. on the first and third Wednesday of each month at Rubloff Residential Properties, 80 West Harrison in Chicago. For public transportation options to the South Loop, check out the CTA‘s handy trip planner. Hope to see you!

Happily car-free since 1983, I’m eager to share my passion for public transportation, bicycling, and daily yoga practice; observing how these self-sustaining activities may inspire my buyers and sellers and family and friends, resulting in an enriched transaction for all!

A writer and former PR consultant, my essays have aired nationwide on public radio. An arsenal of quirky anecdotes combined with an extensive marketing background and finely tuned organizational skills have served me well since embarking on a residential real estate career in 1997.

As a long-time lakefront high-rise dweller in Chicago, I trust that my unique perspective on navigating city neighborhoods will not only enlighten and entertain, but will provide a blueprint of sorts: gently challenging you to examine your relationship with Planet Earth, with the ultimate goal of enhancing your sense of well-being. Along the way, you are sure to discover how I do real estate without a car…

All this AND I’m an avid listener, I welcome your viewpoint; let me hear from you!