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Ed Debevic’s, one of Chicago’s popular dining spots for tourists and residents alike, will relocate to make room for a more modern residential high-rise tower. The current River North location at 640 N. Wells St. is being sold to JDL Development as part of a pending multimillion dollar commercial real estate deal.  Developers have bought a number of low-slung buildings like Ed Debevic’s in the increasingly popular area and demolished them in order to “better utilize” the property. Bravo … [Read more...]

Despite the blow many Americans experienced as a result of the housing market’s decline between 2006 and 2012, many still believe real estate is the smartest long-term investment. According to survey results released by a recent Gallup poll, 31 percent of survey respondents favor real estate over stocks/mutual funds, gold, savings accounts, CDs, and bonds. The real estate preference was expressed by the majority of poll respondents in all income, age and gender categories. The poll, which was … [Read more...]

Struggling with the same fate as several other national women’s retailers, Frederick’s of Hollywood has filed for Chapter 11 bankruptcy protection this week. According to court documents, the lingerie retailer has a $22.5 million offer from Authentic Brands Group, LLC that would allow it to continue operating strictly as an online store. At the height of its success, Frederick’s had 200 stores nationwide. In February, the company liquidated a third of those locations. Last week, all remaining … [Read more...]

With this year’s tax filing deadline in your rearview mirror, next year’s taxes are likely the last thing on your mind. But by taking a few smart steps now you can actually make filing easier come this time next spring. A recent U.S. News & World Report article offers eight smart tips to help you get a jump-start on the 2016 tax filing season. One smart piece of advice is to set up your records system now. There are a number of smartphone apps, tax prep software and old-fashioned filing … [Read more...]

Fannie Mae is doing its part to make it even easier for first-time homebuyers to enter the housing market in 2015. The government-sponsored mortgage company announced last week that it is offering a new program to help first-time homebuyers pay their closing costs. The HomePath Ready Buyer program will pay closing costs in the amount of up to 3 percent of the purchase price of the home in question. In a recent Housing Wire article, Fannie Mae VP of REO Sales Jay Ryan said, “Closing cost … [Read more...]

If potential homebuyers fall in love with your home but still fail to make an offer, there may be some external forces working against closing the deal. A new Trulia article takes a look at six common reasons homebuyers walk away from properties they love. While many of these problems are outside of the home sellers’ control, there are smart approaches home sellers and realtors can take to assuage homebuyer fears. For example, the proximity of your home to an undesirable element like an … [Read more...]

With a minimum salary of $435,000 per year for a rookie NFL player, it seems hard to believe that one in every six NFL players eventually files himself bankrupt. But that is the finding of a new study published by researchers at Cal Tech, George Washington University and the University of Washington. This week, CNN Money reported the highlights of the study revealing that 16 percent of NFL players drafted between 1996 and 2003 filed for bankruptcy less than 12 years after retirement from the … [Read more...]

Illinois Governor Bruce Rauner vocalized his support this week for Illinois municipalities to have the option to file for bankruptcy. During a series of one-on-one interviews with the media, Rauner said, “Bankruptcy law exists for a reason. It’s allowed in business so that businesses can get back on their feet and prosper again by restructuring their debts. It’s very important for governments to be able to do that, too.” Illinois State Representative Ron Sandack (R) introduced HB0298 in January. … [Read more...]

Fewer than two weeks are left for homeowners over the age of 62 to qualify for a reverse mortgage under the current, more relaxed qualification standards. Beginning April 27, the FHA will make it more difficult for homeowners to qualify for this alternative mortgage. By requiring applicants to complete a series of extensive financial assessments, the new qualification process will be similar to applying for a standard mortgage. For decades, homeowners simply needed to meet age and equity … [Read more...]

Real estate website Move.com and the National Association of REALTORS® are suing Zillow alleging the company is using data stolen from Move’s databases. Their claims are based in part on a letter they received from an anonymous Zillow whistleblower. That letter validates both organizations’ belief that Errol Samuelson, who is currently the chief industry development officer at Zillow, stole “multiple documents and entire databases” while he worked as chief strategy officer for Move. Samuelson … [Read more...]