Surge in supply could hit downtown apartment rents

Downtown apartment landlords are poised to have another strong year, but a construction boom could make their lives more difficult in 2013 and beyond.

Demand for apartments is booming as more people choose renting over buying, one reason effective rents at the most expensive downtown high-rises jumped 9 percent last year, according to Appraisal Research Counselors, a Chicago-based consulting firm.

But now supply is surging, too, which could limit landlords' ability to raise rents next year or, if demand falters, even force them to cut rents to remain competitive. Downtown developers are poised to complete 1,219 apartments this year and 3,500 in 2013, Appraisal Research Vice-President Ron DeVries said at a luncheon Tuesday.

Read more: http://www.chicagorealestatedaily.com/article/20120215/CRED03/120219882/surge-in-supply-could-hit-downtown-apartment-rents#ixzz1mTMLb9q1 

How the Neighborhoods got their Names!

This is a fantastic article that was really well written by "Chicago Quirk".

Some neighborhood names were given to them for obvious reasons, i.e. Lakeview, South Loop, River North, but if you've ever wondered why other neighborhoods were given their particular names read on to find out!

Pilsen
This one always confused me. What exactly is Pilsen? In the late 1800s, this neighborhood was actually inhabited by Czech immigrants who named it after a large city back home, called Plzeň.

Wicker Park
Land developers Charles and Joel Wicker bought tons of land in the 1870s with plans to build a neighborhood, and kindly donated four acres to the city to build a public park. That park was named Wicker Park, and the name stuck for the entire neighborhood.

Bucktown
You've probably heard that Chicago has the largest Polish population outside of Warsaw, and it has been that way for over 100 years. During the early 20th century, this area was known as the Polish downtown and many Poles resided here. The Poles had a tendancy to keep goats in their homes, and since a male goat is called a "buck," the area became known as Bucktown.

Logan Square
Not surprising, Logan Square is named as such for the square in the middle of the neighborhood. The actual Logan Square was named after Civil War hero and former Congressman General John A. Logan.

Andersonville
Before it was the eco-friendly neighborhood it is today, Andersonville was just a distant suburb of Chicago. Swedish immigrants began arriving after the Great Chicago Fire and by the 1900s the area was dominated by Swedes. The name Andersonville comes from the popular Swedish surname, Anderson.

Bronzeville
This area was known as the "Black Metropolis" in the early 1900s, its development credited to such famous African Americans as Louis Armstrong, Marla Gibbs, Lou Rawls and Ida B. Wells. In the 1930s the local newspaper was the first to call the neighborhood Bronzeville for the color of the residents' skin.

New Years Resolution #1: Find a great rental!

Do you plan to kick off 2012 with a new place? It is still a great time for renters, and tis the season to begin your search! There are thousands of fabulous places on the market, and even more are listed daily. Just email me at SellWithGrace@gmail.com and we can get started on your search!

Theo Epstein plants roots in the Windy City

Looks like the Chicago Cubs new president of baseball operations has officially made Chicago his home city. Epstein has reportedly purchased an 8,000 sq. foot, 5 bed/6 bath home in the city for $3.25 million. We hear one of our favorite Blackhawks, Patrick Sharp, had his eye on the mansion a while back but decided not to seal the deal and went elsewhere.

The only red flag here is that Epstein paid $250,000 over asking price. The home was listed for $3 million. Let's hope his uncanny ability to overpay doesn't follow him into Wrigley the way it did in Boston. But who knows, maybe he just really, really liked his new mansion! I must admit, it is pretty awesome that if he runs out of sugar he can just jog on down to Ryan Dempster's place to borrow some. So, now that he's finally getting settled in I have just one request: Can you PLEASE help us get to the world series, Theo??

10 Home Improvement Projects for Winter

With the first official day of Winter only a few short weeks away, it's time to prepare your home for short days, long nights and some serious chill. I read this MSN article last Winter, and I thought it was so great that I wanted to bring it back this year! Plus, it will give you something to do besides curling up next to the fire and hibernating!

1. Change your furnace filter.
Ideally, you should have completed this task, along with a few other winter prep essentials, before the chilly weather arrived. Filters last about three months when you're using your furnace regularly, so you may need to do this more than once if it's an especially long and brutal winter.

2. Wash your windows.
Even if you're stuck indoors, that doesn't mean you can't improve your view of the winter wonderland outside. Winter's a great time to wash the inside of your home's windows and let some more light in. You can tackle the other side of the glass when it's bearable to step outdoors.

3. Insulate your water pipes.

Adding insulation will save you money by reducing heat loss in the pipes that carry hot water. You also won't wait as long for hot water when you turn on your faucet.

4. Dye-test your toilet.

 Put five drops of food coloring in your toilet’s tank, wait 10 minutes and see if the color comes into the bowl. If it does, you know you have a leak. The most common cause for a leak is a defective flapper, the rubber mechanism that allows water to exit the tank when you flush. That 10 minutes of your time could end up saving you a lot of money on your water bill.

5. Regrout your bathroom tile.

This project is a little more labor intensive, but definitely doable, Lupberger says. You may want to regrout the tile because it's old and dirty, or because you've decided to go with a different color of grout. Either way, you'll first want to clean out the old grout.

7. Install flooring.

Pergo and laminate flooring is designed to go on top of an existing floor and is a great project for do-it-yourselfers, says Arthur Walters, a flooring contractor in Orange County, Calif.

8. Install new lighting.

Justin Merritt, owner of JM Electric Inc. in the Denver area, says homeowners can do basic electrical work themselves, but that "caution must be taken to do things correctly and not cut corners."

9. Replace a faucet.

A professional at your local hardware store can help you determine which faucet fixture will be the correct fit for your sink and be sure you have the right tools for the job. Videos online, including one from Home Depot, can walk you through each step of the process.

10. Replace a toilet.

While a homeowner could complete this task himself, we warn that it requires a strong body to lift a toilet, and a handy mind to complete an installation.

If you are committed to do it, do your research. Watch a video online, read a how-to book or take a class. Again, remember to turn off the water to the fixture. You'll also need to drain the tank by flushing the toilet to remove excess water.

For more detailed guides, check out the full article: 10 Great Winter Home Projects