Good news for IL homeowners. The assessed valuation of your home may go down because a new law requires that compulsory sales must be included in assessed valuations.
A compulsory sale is defined as a Short Sale or a Bank REO (Real Estate Owned)Sale and until now the IL tax assessors were not including the sale of these properties when figuring the formula for the assessed value of a property. Public Act 96-1083 (SB 3334) requires the Illinois Department of Revenue to include compulsory sales in its sales ratio studies for sales occurring on or after Jan. 1, 2011 if the compulsory sales compose at least 25% of the total sales for the geographic region.
This bill may provide some relief to homeowners who saw the market value of their home plummet while their tax assessed values stayed the same or sometimes increased. The link above will take you to a detailed version of the bill.
Another step forward for the Red Gate Road bridge project after St. Charles officials gave preliminary approval to hire a Chicago engineering firm to provide consulting services for the project. Alfred Benesch & Company will prepare plans & specs and help the city hire the contracting firm for the project. Construction is predicted to begin next summer and take 2 years to complete at a cost of approximately $18 to $22 million.
Find out more about the Red Gate Bridge project at the official website: www.redgatebridge.org
I drive by this location several times a day and the installation of fire hydrants seemed curious to me. So I looked into it and I thought I’d let you all know that this parcel of property has been annexed to the Village of South Elgin in order to install water and sewer to the new elementary school being built by St. Patrick’s church on Crane Road.
The school will house 810 kindergarten through 8th grade students in 86,000 square feet of space. It is scheduled to open in the Fall of 2011 according to St. Pat’s website.
This must be the ideal location for educating students because an adjacent parcel is owned by St. Charles school district #303 where a new middle school was proposed and the Lutheran High School Assn of Kane and DuPage counties owns another adjacent parcel. The timetable for future schools to be built on these parcels is uncertain. Just like so much else in the economy right now. But a new elementary school for St. Pat’s is good news. Congratulations!
It’s been awhile since we have observed earth movers reshaping the landscape and I have to admit, it’s nice to see some development activity happening in the Fox Valley area.The southwest corner of Bowes & Randall Roads will be home to a new Walmart Superstore, a Sam’s Club and various other retail and restaurants in the surrounding out lots. According to the City of Elgin website the new store is scheduled to open in the Fall of 2011. The Walmart at Randall and Royal Blvd will close when the new store opens.Do we see signs of recovery at the end of the tunnel? This is encouraging!
It exists on the map…but in reality the expressway will take you to neither Elgin nor O’Hare.
But that may change (potentially by 2016) as the Illinois Dept of Transportation is beginning the second phase of a study that will examine the extension of the expressway east of I-290 and a western bypass of O’Hare Airport.
The meeting is scheduled for September 21, 2010 from 4:00- 8:00 pm at the Itasca Holiday in on Irving Park Road.
Find out more about IDOT’s plans and the meeting at this website:
Locational issues such as access to expressways have an affect on property values…good if you can get where you need to and bad if you are too close to noise and traffic.
Most people who live near a major metropolitan city want to be close enough to an expressway to be able to directly and quickly get to desirable areas in the surrounding community such as employment centers, the central urban area, the airport, etc. It all contributes to the old real estate addage “location, location, location.”
I think the Elgin-O’Hare extension will contribute positively to the communities in the Fox Valley.
If you live near and travel the œRandall Road Corridor through western Kane county near South Elgin and St. Charles, you are probably aware of the Stearns Road bridge currently under construction. The bridge will connect the Kane/DuPage County border to the Randall Road at McDonald Road and adding a main thoroughfare across the Fox River. It will include new multi-use trail paths and trail enhancements. According to the website the project is 58% complete. This is good news for Thornwood residents and residents of western Kane County in general who desire quick and easy access to the east side of the Fox River. For thorough information about the project, check out this informative website: Stearns Road Bridge you can see specific maps, plans and a cool time-lapse view of the construction.
It’s tough enough in this market to find a buyer for your home, but it is especially frustrating to have an accepted contract fall apart because of a low appraisal value. Oftentimes, this is not because the appraiser came in with a low value, but it is because of an underwriter who lowers the appraised value on the home.New rules issued by Fannie Mae go into effect on September 1, 2010 that will prohibit lenders who sell loans from changing the appraised value of a property.Fannie Mae said lenders must contact appraisers to “resolve” any disagreements about the valuation. If that’s not possible, they should order a second appraisal — not just chop the value supporting the real estate contract.Read more in this short article by Ken Harney, Real Estate writer for the Washington Post. http://finance.townhall.com/columnists/KenHarney/2010/07/09/a_potential_cure_for_the_appraisal_blues
Existing Home Sales for June were 5.37M, better than the expectations of 5.09M. But below May™s number of 5.66M.
These numbers are still influenced by the Tax Credit offered by the government. While we are glad to see the increase, let™s remember that these numbers are based on closings. And closings in June will still be influenced by the Tax Credit. And the June numbers will be high because the deadline for closings was initially June 30th and it™s likely that more closings were scheduled to take place during this period. Be prepared for a lower number in July because so many buyers pushed for their closing to occur in June.
Since then, congress has extended the CLOSING deadline for Tax Credit purchasers until September 30, 2010 and applies only to transactions that have ratified contracts in place as of April 30, 2010, that have not yet closed. The extension for closings wasn™t signed by the president until July 2, 2010 and was enacted for those home buyers (estimated 7,030 in Illinois) who qualify for the credit but were unable to close due to the volume of transactions in the pipeline and other delays usually related to short sale or appraisal issues.
As a result, the true test of where we are with the housing market cannot fully be determined until the influence of the tax credit is past…when we see the October numbers.
When I saw this “Fave Neighborhood” Hot Topic going out to all KW agents, I had to re-post this entry that I wrote recently about my favorite community; Thornwood in South Elgin, IL in the western suburbs of Chicago.
I want to share with all my KW associates that I was inspired to create a photo blog about this neighborhood when I attended a session on blogging given by Jonathan Osman at Family Reunion in New Orleans this past February. Jonathan used the term “Hyper-Local” to encourage us to find a specific niche area or neighborhood to be THE source for information. Our former Team Leader, Joelle Senter also encourages us to give our clients MORE than what they asked for. What do clients on the web want more than photos?…more photos! So they tell us. I’ll admit that I have posted info other than photos, but I tried to keep it all relevant to this specific community so that a client considering this neighborhood can get a in-depth and thorough look at the community. I hope you are inspired to find a niche in your market to blog about.
Here is the photo blog address: www.thornwoodsouthelgin.info and here™s my post:
The community of THORNWOOD in South Elgin, IL is a wonderful neighborhood with lots to offer an active family. Here is why Thornwood is one of my favorite places to recommend to my clients:
Great Schools: Even though Thornwood is located in South Elgin, IL it is situated in the Saint Charles school district #303.
Amenities: Thornwood has a large SportsCore with two pools that are kid friendly, a wonderful clubhouse available to rent for large gatherings, tennis courts, sand volleyball, basketball courts, several lakes, parks, walking paths, walking/biking trails and a skate park that is part of the park district but is within walking distance. Your kids can never say “I’m bored. There’s nothing to do!”
Location: Thornwood is conveniently located near many desirable amenities. Lots of shopping is within walking distance including a SuperTarget grocery store. Other majors chain stores also within walking distance include Best Buy; Pet Smart; Kohl’s; Pier One; Chili’s; Staples; Home Depot; TJ Maxx and more.
Price Range: Homes in Thornwood range from attached townhome units near $150,000 to about $700,000 (2009 numbers). The median home price for 2009 was $373,000.
Variety: As you drive down the streets of Thornwood you do not see the cookie cutter facades that are typical of a tract subdivision. The 1400+/- homes in this neighborhood were built by various builders in different parts of the community. Thornwood has the appearance of a more semi-custom neighborhood because of this. The exception is north of McDonald Rd. where the single family and townhomes were all built by Ryland Homebuilders.
Search for homes in this neighborhood exclusively right from the blog site: www.thornwoodsouthelgin.info.
I™d love to hear your comments!
US News & World Report has compiled a list of the best schools in America. District #303 is among them. School district have an impact on market values of a community. So choose wisely even if you don’t have kids in school, it may make a difference when you go to sell.Here’s an article that will help you with your homework.Best High Schools in IL:http://www.usnews.com/listings/high-schools/illinois