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In 1893 one of the most unique residential landmark buildings opened in Lincoln Park, The Brewster, formerly known as The Lincoln Park Palace. The architect was Enoch Hill & he used the principles of skeleton-frame construction. It is located at 2800 N. Pine Grove at the corner of Pine Grove & Diversey. The main entrance on Pine Grove was originally the ladies entrance, the men entered on Diversey. When you walk through the front door you really are taken back in time. While the facade retains its turn of the century beauty with rusticated stone & terra cotta, the open atrium inside is the real work of art. The building is nine stories of open space, interlaced with steel and glass block transparent catwalks, and capped off with a skylight. The building also has the original cage elevator that must be operated by the doorman. The beautiful stairways are all cast iron.
Charlie Chaplin lived in the penthouse suite during the heyday of Chicago filmaking at the Essanay Studios between 1915 and 1916. Several movies were filmed at The Brewster including Child’s Play and Running Scared.

Here is a great video showing the unique features of “The Brewster”

The Brewster from Chicago magazine on Vimeo.

If you are looking for a condo in Lincoln Park be sure to check out the Brewster, pets are allowed but they must be under 30 pds. Check out all available condos for sale or rent here.

Lilou Mace

Meet Lilou Mace, on track to be our next new Talk Show Host on OWN TV

Please vote for her here: http://bit.ly/9dFRzF

This is the view out my west windows in the morning. I am so excited that they have rehabbed this gorgeous building and clock tower. This was originally going to be residential lofts called The Tailor, I am not sure what the plans are now but I am loving the Clock Tower!

THIS WEEK

Most Expensive Listing   $ 14,000,000

Median List Price    $ 384,435

Least Expensive Listing   $10,900

Asking Price per Square Foot $ 248

Total Inventory   12479

Average Days on Market 285

Asking Price per Square Foot $ 248

Percent of Properties with Price Reductions 36 %

Percent Relisted (reset DOM) 11 %

Percent Flip (price increased) 2 %

Median Size (sq ft)  1,187

Median Number of Bedrooms  2

Median Number of Bathrooms   2

How’s The Market?  COLD – BUYER’s Market!

* “Absorbed” covers properties sold and those taken off the market for other reasons. Since sales sometimes take months to close, it is impossible to discern in real-time exactly which properties sold.

Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in August, rose 6.4 percent to 103.8 from a reading of 97.6 in July, and is 12.4 percent above August 2008 when it was 92.4. The index is at the highest level since March 2007 when it was 104.5.

Lawrence Yun, NAR chief economist, said not all contracts are turning into closed sales within an expected timeframe. “The rise in pending home sales shows buyers are returning to the market and signing contracts, but deals are not necessarily closing because of long delays related to short sales, and issues regarding complex new appraisal rules,” he said. “No doubt many first-time buyers are rushing to beat the deadline for the $8,000 tax credit, which expires at the end of next month.”

The Pending Home Sales Index in the Northeast jumped 8.2 percent to 85.3 in August and is 12.0 percent higher than August 2008. In the Midwest the index rose 3.1 percent to 90.8 in August and is 7.6 percent above a year ago. In the South, pending home sales increased 0.8 percent to an index of 104.6 and is 8.2 percent above August 2008. In the West the index surged 16.0 percent to 130.5 and is 22.3 percent above a year ago.

“There is likely to be some double counting over a span of several months because some buyers whose contracts were cancelled have found another home and signed a new contract to buy,” Yun explained. “Perhaps the real question is how many transactions are being delayed in the pipeline, and how many are being cancelled? Without historic precedents, it’s challenging to assess.”

Yun also noted that the data sample coverage for pending sales is smaller than the measurement for closed existing-home sales, so the two series will never match one for one.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said first-time buyers need to act now. “Potential first-time buyers must make a contract offer very soon to have a reasonable chance of qualifying for the tax credit,” he said. “Congress needs to extend and expand this program because it’s stimulating the economy and reducing inventory close to price stabilization points.”

McMillan said a sizable number of homebuyers already in the pipeline could be let down because of the tight deadline. “We know there is a pent-up demand because sales are below normal levels for the size of our population. The faster we absorb excess inventory, the sooner we’ll turn the corner on home prices, prevent additional families from becoming upside-down in their mortgages, and give Wall Street the confidence to extend credit to other sectors,” he said. “Each home sale pumps an additional $63,000 into the economy through related goods and services, so the benefits of extending and expanding the tax credit far outweigh the costs.”

Yun said the forecast for home sales and prices depends very much on whether a tax credit is extended. “All we can say for certain is sales will decline when the tax credit expires because we are not yet on a self-sustaining recovery path. It also raises a risk of a double-dip recession,” he said. “Extending and expanding the tax credit is the best tool in our arsenal to encourage financially qualified buyers to stimulate the economy and help reduce the budget deficit.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

# # #

*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

Existing-home sales for September will be released October 23; the next Pending Home Sales Index will be on November 2.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data, tables and surveys also may be found by clicking on Research.

For more information, contact:
Walter Molony 202/383-1177 wmolony@realtors.org

Rubloff Merges with Prudential Preferred Properties

CHICAGO, Ill. – Prudential Preferred Properties and Rubloff today announced the merger of Rubloff Residential Properties with Prudential Preferred Properties.

The combined company will operate as Prudential Rubloff Properties, an independently owned and operated firm with 17 offices and nearly 900 sales professionals and staff.

Prudential Rubloff has a formidable presence in Chicago’s high-end markets of Cook and Lake counties, and in Michigan’s exclusive Harbor Country. The two firms closed more than $2 billion in real estate sales in 2008; both outpace any major brokerage in Cook and Lake counties for highest average list and sales price.

The merger bonds two of Chicago’s most respected firms whose distinguished roots trace back nearly 80 years. Principals Chris Eigel and Michael Pierson, longtime veterans of Chicagoland real estate, will lead the new company as chief executive officer and president/chairman. Rubloff principals Howard Weinstein and Tom Horwich complete the Prudential Rubloff leadership team and will continue with the firm focusing on future growth in the metropolitan market.

“Rubloff is a revered Chicagoland company – part of Chicago’s cultural fabric for philanthropy, civic development and distinguished real estate services,” said Pierson. “Of course, Prudential is recognized globally for strength, integrity and innovation since 1875.”

Weinstein, who with Horwich, acquired Rubloff Residential Properties in 1996, said the company’s strong, local ownership will respond quickly to Chicagoland market opportunities and challenges. “Both firms have similar business philosophies, market segments and corporate cultures, making the union an ideal fit,” he explained. “Rubloff’s nearly 80 year history of excellence continues, as the firm expands onto Chicago’s coveted North Shore to fulfill one of founder Arthur Rubloff’s dreams.”

Added Horwich: “Prudential Rubloff changes the landscape of Chicagoland real estate. The company is now a powerhouse of agent and client services that establishes a new level of service throughout Chicagoland.”

As real estate technology leaders, the merging companies bring to the union a full array of online resources and proprietary lead-generation tools. Both companies are known for their technology and marketing innovation. Prudential Rubloff will use the award-winning Rubloff.com website, integrating technology and online tools from both organizations.

“Together the two firms will boast Chicagoland’s finest team of sales professionals and managers,” said Eigel. “When other real estate companies are cutting back, Prudential Rubloff is doubling efforts.”

Earl Lee, president of Prudential Real Estate and Relocation Services, added: “Two fine organizations join forces and instantly jump to the forefront of Chicagoland real estate,” he said. “We are ecstatic to broaden our brand in these key markets as Prudential Rubloff.”

Prudential Real Estate and Relocation Services, Inc. is Prudential’s integrated real estate brokerage franchise and relocation services business. Prudential Real Estate franchises are independently owned and operated. Companies are selected based upon outstanding performance records, high levels of customer service and shared business values with those of Prudential. Prudential Real Estate provides franchises with business strategies using Operation Reviews as well as numerous benefits, including access to Prudential Real Estate’s Online Seller AdvantageSM program designed to provide real-time information to sellers with the touch of a keystroke. Prudential Real Estate is one of the largest real estate brokerage franchise networks in North America, with approximately 1,940 franchise offices and 62,000 sales professionals in the franchise Network as of June 30, 2009.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $580 billion of assets under management as of June 30, 2009, has operations in the United States, Asia, Europe, and Latin America.

Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The Company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential’s businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit www.news.prudential.com.