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Working with Shelly was as rewarding an experience as moving into our first home.  As first-time buyers, we had heard all about how difficult and frustrating buying our first condo could be.  Thanks to Shelly, the experience was a blast.  At no point did we feel any pressure or discomfort.  In fact, the buying experience was fun and something we will cherish for a long time.  Shelly handled every aspect exceptionally.  He immediately understood what we were looking for and only showed us places we were comfortable with.  In the end, Shelly understood our needs better than we did.  He put us in a place that complemented our lifestyle and he is ultimately responsible for our happiness in our new condo.

We cannot stress enough the qualifications Shelly brings to the table.  He has incredible insight into the Chicago real-estate market.  Shelly went above and beyond in educating us on the current state of the market, buying nuances and re-sale issues.  We came away feeling secure in our investment given the current market environment and trends.  Moreover, we both feel comfortable discussing Chicago real-estate after the education Shelly imparted on us.

We strongly recommend Shelly to anyone in the Chicago real-estate market and look forward to the opportunity to work with him again.”

–The McIngvales
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If General Electric is putting their money behind a new construction project in Lincoln Park, you can pretty much bet this building is bound to be a winner.

The staff at General Electric is known for their expertise in analyizing and projecting how successful a real estate project will be and they are rarely wrong in their analysis. So when you have the GE Pension Trust providing equity plus being advised by General Electric’s Asset Management you have a team that is just awesome.

A number of years ago I worked for Heller Financial in Chicago and was fortunate to work with Norm Blake, Chiarman who  at the time and originally

With construction financing in place, construction for the Ritz-Carlton Residences is now underway. The 40 story Ritz-Carlton Residences will be located at 664 North Michigan Ave and if you pass the construction area you will notice that demolition has begun for what will be in my opinion, one the most exclusive buildings in the city.

The property is really quite unique as the historic facade of the Farwell Building will be preserved and incorporated into the building. The building will blend the best of the past with its classic design and state of the art functionality for the future thus providing for maximum resale value in the years to come.

Note, this building is not a hotel nor is it a condominium hotel but rather a relatively smaller condo building which will offer the most extensive array of customized services for you.  Just lift your phone and be connected to the world renownd concierge services associated with the Ritz-Carlton.

If you would like to see the ultimate in finishes and individual floor plans for the building, just call me at 312.264.5853 and I will set up an an appointment so that you can experience what is expected to be the ultimate in Chicago real estate.

Yes, a condo tower is being proposed for 2950 North Seridan Road and the developer, Forman Realty Corp which is a subsidary of Wirtz Corp. indicates the tower will contain 79 units and have parking for 192 cars.

The building is being designed by Papageorge/Hames and is to have one to three bedrooms with units ranging in size from 800 to 1,300 square feet. The prices for this new construction project has yet to be determined. Marketing for this project should start the beginning of the summer.

As I live just a block away from the project, I will certainly keep clients aware of the project’s progress and please let me know if you would like to see plans and prices for this development. Just email me at SSalnick@Rubloff.com and I will put you on a priority list. Note, Wirtz currently has approximately 24 rental apartment buildings and is known for having a “class” operation. I anticipate this development should be equally impressive.

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When you drive down the streets of Chicago you will quickly notice the plantings on Michigan Ave and many other streets. The city is certainly turning into a a beautiful and great place to live.

And to keep the city in the forefront of what is happening for the environment, Mayor Daley is promoting green, especially green roofs. And you can participate and even possibly get a grant of up to $5,000 to do a garden roof. Check out the Center for Green Technology at 445 North Sacramento Blyd.

Keep in mind, green roofs offer insulation, allowing for better heating and cooling hence less overall expense for your building. And it is a great feature for three flats and six flats that that will differentiate your property from others and probably help increase the value of your property.

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When I work with clients who are buying new construction I advise them to read the property report given to them by the developer. In addition, I stress the need for an attorney, preferably someone who specializes in new construction, to review the document as well, before signing off on the contract.

It is important to understand that if you have not received the proerty report and signed for it, an attorney informed me that the contract is not binding. And before you do final sign-off of the contract, I recommend that you make sure you check for a discussion of the following items:

Are you able to sell the unit in the first year or are there certain limitations issued by the developer? Is parking deeded and if so, do you have to sell it to someone in the building? Also, make sure that if the parking is in a garage that there is a statement indicating the parking is covered. I have seen instances where the garage was open to the elements and yet was considered garage parking.

Although many people may consider lofts in a commercial building new construction, that is really not the case. For all intensive purposes it is really a rehab of an existing building. If this is the case, I highly recommend that you and your attorney check the property report very carefully to see what improvements have been made to the building and what work needs to be done in the future, especially whether new windows have been installed in the building.

Beware, there are many developers doing cosmetics to existing buildings and then reselling them to buyers and the buyer has no idea of what he/she is getting into. Also note, make sure you have enough time to go over all the documents, and remember, not to be pressured as an attorney can easily extend the grace period for attorney approval as long as the extension is in writing.

In summary, it is critical for you and your attorney to read the document carefully and it is to your advantage to obtain an attorney who either has experience with the dveloper or really is a new construction specialist who understands the nuances of new construction.

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I just came back from the Fairbanks at City Front Plaza, 240 East Illinois, which is virtually right around the corner from the Tribune Building. I was rather surprised to find that they have two lofts available for immediate occupancy.

I sold one loft at this development and if I must say so they are real cool and I anticipate that for future resale the lofts should do well given that there are few lofts as close to Michigan Ave as this development.

There are two left and the square footage is 1494 square feet. Both available units face south. If you are into lofts, I would check it out.

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Many clients seem to be hesitant about asking questions pertaining to real estate if they are not currently working with a realtor. Now you have the opportunity to ask me real estate questions and receive timely answers.

Want to know about specific new construction projects, like the cost per square foot or the % sold? Just ask. Maybe you want to know what development has the best finishes for your budget? Or do you want to know why one town house is preferred over another ? Maybe the question relates to a certain developer’s product? Just ask. No cost for the information, so why wait, satisfy your curiosity.

I have been selling real estate for over 18 years so I should have answers to most of your questions and if there are ones I have difficulty answering, I will naturally research the answers.

I am look forward to receiving your questions. Just email them to me at SSalnick@Rubloff.com. Also get comprehensive information on Chicago real estate.

The St Clair at City Front Plaza is now 40% sold which equates to 95 units out of 253 in the building. The development is consistently selling well even in a market that the news media says is difficult. I believe that the reason for this is its superior location and my clients have commented about the wonderful finishes. And when you compare the development to other buildings, the cost per square foot is quite reasonable, especially when you see the upscale finishes in the model that are standard.

Indicative of the fact that the project is doing well is the breaking ground for this development which is scheduled for the first quarter of 2008. Permit applications are currently with the city. Completed building is now scheduled for 2010.

A studio model starting in price from $370,000 will be fully furnished and is be available to see in early February. The studio is perfect for executives who work in another part of the country and need to come to Chicago often for business. The apartment is “turn-key” so well designed furniture and window coverings is also provided. And what a location, on Illinois, east of Michigan Avenue in a cul-de-sac and virtually right across the street from Nordstrom’s.

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