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A historically majestic Dutch gable sits atop the former Rowena Memorial School, which educated students in and around Palenville, New York for 70 years beginning at the dawn of the 20th century. Built in 1899, fascinating history is also seen in the solid stones and clock located above the entrance. Over 100 years after its construction the Rowena Memorial School no longer hosts knowledge-seeking students, however it is still a place for amazing discovery. The school has been restored and transformed into a landmark combination of two bedroom residence, studio, and office space unlike any other. School rooms that occupied the first floor are now ideal office spaces. Retractable chalkboard walls remain part of the original woodwork. See additional photos and learn more about this momentous building here . It is currently listed at $1,470,000 by Westwood Metes & Bounds Realty .
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Landmark Restored Stone Schoolhouse
By Tom McGavin
No doubt about it. Current market conditions markedly favor the home buyer. But they are not forever lasting.
That’s what a recent poll of sales agents at Rubloff’s corporate headquarters revealed. In fact, a high percentage of the agents, many of whom have witnessed other severe downturns in the past 20 years, say they are advising clients to buy now or face paying the price later.
History is on their side, the agents say, and they point to signs that indicate that the climate favoring buyers will one day disappear. Possibly sooner than later.
“We are already seeing signs of an uptick,” observes Tom McGavin, a broker associate at Rubloff. “The Federal Reserve running Fannie Mae and Freddie Mac is one. Others, mentioned in the survey, are the dollar beginning to rebound and oil prices spiraling downward. (And McGavin points to existing home sales rising nationally an unexpected 5.5% for September.)
McGavin, a Chicago Association of Realtors “Top Producer” award winner, says he and his colleagues keep a constant eye on…“ever-looming” inflation because a heat-up in inflation would cause a real spike in real estate prices.”
Further, he said, surveyed agents caution that waiting for further deterioration in property values could prove false economy. “They point out that the savings of a lower purchase price would be wiped out if interest rates suddenly begin to climb.”
McGavin said agents cite several advantages that buyers have working for them right now.
Number one is interest rates running at their lowest levels in several years. Even dipping below 6% at one point. Also, sellers have grown weary of lagging market times and are eager to strike a deal before winter hits. And with fewer buyers showing up, sellers have become more flexible when offers do come in.
McGavin said high home inventories, that translate into better selection, and more choices, that mean less compromise, are two other buyer advantages frequently mentioned in the Rubloff survey. “As a group, Rubloff agents feel there are many good deals out there, but buyers must act to capitalize on them,” he emphasized.
McGavin, who specializes in working with sellers and buyers primarily in the downtown Chicago market, noted that the real estate business in the city has not suffered nearly as severely as in markets like California, Ohio, Florida and Nevada.
“Total unit sales are down and market times in the city are up compared to last year,” he notes. “But prices have remained strong in many neighborhoods. For example, prices in Lakeview have increased 7.6% versus a year ago, Lincoln Park, 11.89%, Roscoe Village, 12.1%, South Loop, 46.5%.”
Buy while the buying is good. That’s the word Rubloff agents are spreading.
Notes: Rubloff Residential Properties, an independent brokerage, was founded in 1930. The company maintains seven sales offices in Chicago, The North Shore and in New Buffalo, MI. Active sales associates annually sell nearly 2.5 times the industry average. Tom McGavin’s sales in 2008 are up 15% over a year ago. He joined the company in 2001.
The other day I went on a listing appointment in the Washington Park Area of Chicago. As I turned the corner at 60th and Calumet I instantly felt a sense of pride for this is an area that I know like the back of my hand.
As a child I would often walk from my childhood home at 58th & Perry to Washington Park in order to go swimming. At the age of twelve I started to work for my mother, she was infamous with “The Yellow Wagon” on Cottage Grove because she sold the absolute best steak burgers in Chicago. If I wasn’t walking to the swimming pool then I was riding my bike to work.
Over the years not much has changed. The trees are taller and we have a remodeled pool. Washington Park is a major artery to the Southside of Chicago. The park touches five communities that are rich in heritage: Washington Park, Woodlawn, Hyde Park, Kenwood and Grand Boulevard, there is plenty of room to grow and build.
What are you looking for in Washington Park? A huge Brownstone with plenty of yard space or a four unit Brownstone that will cash flow as an investment property or your next condo conversion (yes even in this market). Well I can offer you three options with one property “5919 S. Calumet” in Chicago, IL. Imagine twelve foot ceilings, original built in cabinets, rooms with character, a couple of claw foot tubs, and plenty of original wood work.
Seller will provide approved architect drawings. Property would make an excellent 203(K) project as a single family residence you can obtain a loan up to $410,000 and as a four unit up to $788,450. Seize the moment and take advantage of this phenomenal opportunity.
Whether we get the Olympics or not, Washington Park is a great area to call home.
   
Marki D. Lemons
National Trainer, Certified Residential Broker
CRB, CRS, CNE, QSC, SRES, ABR, ABRM, CRMS, MBA
Rubloff Residential Properties
773-454-0274 Cell
888-205-4615 Voice and Fax
www.markilemons.com
www.shortsaleresultsnow.com
Luxury Swiss watchmaker Raymond Weil is well-known for its fabulous timepieces. A recent introduction into their impressive collection was the Cuore Caldo Split-Seconds Chronograph , which allows the timing of two different time intervals. Limited to 500 pieces, the watch also features 18 carat pink gold in and surrounding the striking black dial, 31 rubies and a vulcanized strap to go along with impressive technical specs. Weil has also incorporated its product line expansion into the release of this extraordinary watch. The 500 purchasers of the Cuore Caldo will also receive a box set including a pair of gold-plate, steel and carbon fibre cufflinks, as well as a brass/carbon fibre ballpoint pen. These fine accessories mirror the style of the Cuore Caldo and continue the tradition of fine Raymond Weil craftsmanship.
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Limited Edition Raymond Weil Watch and Accessories
by Mark Pullinger
The current financial crisis is being compared in the press to The Great Depression of the 1930’s. Visions of breadlines and shuttered businesses make everyone very nervous. The next nearest financial crises in terms of scope was the failure of the Savings and Loan industry in 1987. To put 2008 in some perspective, consider the following statistics:
- The Stock Market: The plunge that began on Thursday October 24th, 1929 resulted in a loss of 89% of the market’s value. In 1987 the market fell 25%. The recent market sell-off resulted in a loss of 20%.
- Unemployment: In 1930 unemployment was 25%. Unemployment in 1990 nationally was 6%, or about where it is today, and remained stable throughout the crises. The gloomiest forecasts for 2009 project 7% unemployment.
- Bank Failures: In the year following 1929 more than 5,000 banks failed and depositors lost all of their money. Ultimately by 1940 more than 9,000 banks failed. In the period from 1986 through the end of 1989 over 650 Savings and Loan institutions and 1,530 banks failed creating total losses of $833 billion and cost taxpayers more than $500 billion. Since July 2008, eleven banks have failed with total losses at approximately $310 billion. Deposits were insured by FDIC up to $100,000 and are now temporarily insured to $250,000.
- Government Response: In 1929 the government deepened the crises by allowing banks to fail with depositors losing all their cash, cut the money supply, & initiated a global trade war by raising tariffs against imports. In 1990 the S&L industry was at first recapitalized and the Federal Government created the Resolution Trust Corporation, which effectively sold off the assets of failed S&L’s. In 2008 our government immediately and massively intervened by extending capital to banks, increased the money supply, and, as the recent G8 conference showed, international leaders are cooperating on monetary policy and lowering trade barriers.
Obviously challenges lay ahead in coming months. But panic is clearly unjustified. The world we live in is very different than 1929, or even 1987. The World survived each of these difficult periods and thrived afterwards and will again this time.
Sun. October 12, 2008; Posted: 06:21 AM
Oct 12, 2008 (Chicago Tribune – McClatchy-Tribune Information Services via COMTEX) — LPBC | Quote | Chart | News | PowerRating — I’m a sucker for vintage charm. My husband, Ben, cares most about modern amenities. As we prepare to buy our first home some time over the next year, we’ve managed to mesh both of our must-haves with this mission statement: Seeking a home that looks old, acts new.
Easier said than found, as I learned from Realtor MaryEllen Shannon of Coldwell Banker Lincoln Park Plaza. “Central air conditioning and ample closet space can be hard to come by in real vintage buildings,” she says.
Three of the five properties we viewed one day–all in the Lincoln Square and Ravenswood parts of town–fell into this category. Were it not for the voice of my husband, and my own abnormally high body temperature, I’d be tempted to overlook the blasting window units and barely-there closets and let the tall ceilings, custom millwork and raised panel plaster walls sweep me right away.
The other thing that can keep me faithful to my parameters is that rare property that does walk the line between old and new. That’s where 4444 N. Wolcott Ave. stands. With its in-unit washer/dryer, central air, and 3-year-old GE stainless kitchen appliances, it’s actually more new than old. But it claims two or three details with enough character to account for the entire 1,000-square-foot condo.
The first and most remarkable of those details: a charmingly situated, light-filled den. The 12-by-11-foot room sits adjacent to the kitchen and across the hall from the master bedroom. It is the first thing you see upon walking into the unit, and its French doors and three large windows make the first impression a lovely one.
Connie Engel, the listing agent with Rubloff, and Shannon imagined they would use the space as their casual den if they lived here, while I, like the current homeowner, would find it inspiring as my home office. Put some fabric or blinds on the doors, and the room could serve as a second bedroom.
Walking through the kitchen as Engel points out the modern appliances and plentiful cabinetry, my attention is stolen away by a back door. Something about a kitchen door with the promise of fresh air on the other side is very seductive to me. I think it hearkens to my childhood home, my love of old farmhouses, or both. Opening the door, I discover a third nice surprise, a large private deck. Seeing the current owner’s grill, table and potted flowers arranged here, with plenty of room to spare, helps in envisioning exactly how big this big deck is.
The kitchen is one bookend on an approximately 15-foot-long hallway. Normally, I’m not a fan of hallways, but this particular hall has sweet-talked me with its width, light and the large living room on the other end. The master bedroom, den and bathroom help to break up what would otherwise be a long expanse of claustrophobic wall.
Ben and I are a good year away from being ready to sign on the dotted line, but if this were October 2009, I’d be tempted.
swunderlich@tribune.com
The Condo After My Heart
Where: 4444 N. Wolcott Ave., Unit 1B
Price: $260,000
Details:
– Approximately 1,000 square feet
– One bedroom, plus den
– Lot parking for extra fee
– Private balcony/back porch
Info: Listing agent Connie Engel, Rubloff, 312-264-5864, cengel@rubloff.com
To see more of the Chicago Tribune, or to subscribe to the newspaper, go to http://www.chicagotribune.com. Copyright (c) 2008, Chicago Tribune Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
By Kyra Kyles
RedEye
October 13 2008
Thinking about buying and living in a property with some friends? First, you may want to consider some advice from local real estate experts. From the initial house hunt to the moment you sign that mortgage and after move-in, you’ll need to be diligent to avoid drama.
Solidify search parameters
Rubloff real estate agent Roz Bryant said she has recently fielded increased interest from interested buyers who want to team up with friends and buy, particularly in the Bronzeville area.
But quibbles over what kind of home to purchase can derail even the best-laid plans. “Agree on whether you want to rehab, purchase a home in move-in condition or get a condo or a multi-unit building,” Bryant said. “I’ve had quite a few requests from people who want to do this, but the number who actually go through with it is not nearly as high.”
Know your (and your friends’) finances
Lenders are increasingly wary of home purchasers because of the housing downturn. “Lenders are looking at everyone who is trying to get on the mortgage,” said Joe Schiller, a real estate agent. “They pay particular attention to the person who puts the most down, but everyone will be reviewed, so be prepared.”
Design a plan, write it out
Who will take care of the lawn? Who will manage repairs? You and your friends are forming a small homeowners’ association, in effect, according to real estate attorney Rachell Horbenko.
She said more clients are coming to her to obtain co-ownership agreements. Though the majority are for unmarried couples ready to live together, some are for friends or siblings who want everything in writing from who will handle maintenance requests to who, if anyone, will pay more of the mortgage to an exit clause.
“You can write up plans in any way you’d like, but make sure they are reviewed by a lawyer,” said Horbenko, whose real estate, condo association and estate-planning practice is in Rogers Park. “Don’t go in on a handshake even if it’s a friend. You never know how a relationship will change until you start doing business together.”
Be ready for rentals
Streeterville’s Tony Ferri and two other friends purchased a home in San Diego seven years ago, taking advantage of positive market conditions to snare a three-bedroom, two-bath beachside property with a beach house. But Ferri lived in the property only one year when a job promotion led him to relocate to Florida, and another roomie stayed only six months.
That’s when the rental clause of their contract came in handy.
“We had a 10-page agreement we jokingly called a pre-nup,” Ferri, 35, said of the home that he still co-owns with his friends. “We outlined situations from the protocol if you wanted to rent out your room. Other roommates had the opportunity to review renters, check their credit and decide whether or not they could move in.”
Brace for a buyout
Say you decide to get married, have to move for your job, or just plain get tired of bunking with your buds. An out clause can be a blessing.
Schiller said all buyers should have the house appraised before purchase, and then again by that same appraiser should someone want to sell before the others are ready. “Say the house was $200,000 but has increased by $50,000 in value,” Schiller said. “You can take that $250,000, subtract the expenses of cost to sell and taxes, then split that amount evenly between you all.” 
Coffee or Not, the Bronzeville Coffee house has become my favorite spot to meet with clients and discuss the abundance of REO properties in the area which if managed properly can turn into gold mines. Why? The Bronzeville Coffee House you ask. Well it’s located in the heart of some of the most sought after Single Family Homes, Multi Unit Buildings, and Condo’s. I’ve never had a problem with parking, and the muffins and smoothies are delicious.
I don’t really go for the coffee but, I do buy something because I use their storefront as a regular meeting spot to discuss and show (Free Wi-Fi) what’s HOT-Foreclosures. I love the facts that with a little sweat equity my buyers are making out like bandits. They say it’s a depreciating market but my buyers are amassing a 100k (+) in equity once they complete the renovations on the numerous properties they are acquiring.
Next week we will close on yet another 203(k) loan where my first-time home buyers will have a 135k in equity after they convert a foreclosed three unit brownstone into their single family dream home. Talk about happy clients.
Looking to Buy or Sell in the Bronzeville, North Kenwood, Oakland, Grand Boulevard, Woodlawn, or Hyde Park area my team is here waiting to serve you. Now is an excellent time to buy.
Marki D. Lemons
National Trainer, Certified Residential Broker
CRB, CRS, CNE, QSC, SRES, ABR, ABRM, CRMS, MBA
Rubloff Residential Properties
773-454-0274 Cell
888-205-4615 Voice and Fax
www.markilemons.com
www.shortsaleresultsnow.com
Not so long ago, being environmentally conscious seemed to be synonymous with minimalism. With technological advances, a concentration on sustainable materials, and a greater desire of consumers to become eco-friendly, "going green" no longer has to mean huge sacrifice. In fact, those used to the finer things in life are now demanding the finest things in green living to incorporate into their luxury lifestyle, pointing towards society’s growing environmental awareness. Modern luxury homes are at the forefront of the green movement. One such example is a spectacular home in Boulder, Colorado dubbed "The Next West Home." The groundbreaking Boulder luxury home is the first LEED platinum, Net Zero Carbon residence in America. Utilizing the latest green technologies, the home features hybrid solar, geo-exchange heating and cooling, a direct plumbing system, closed cell foam super insulation and LED lighting. Sustainable materials used in construction include FSC harvested wood, low and no VOC paints and 100-year-old recycled brick. The home beautifully combines its sustainability with a commitment to quality and luxury. The top-of-the-line kitchen appliances are Energy Star rated, custom wood doors and floors are crafted from FSC certified American walnut, and the heated garage is pre-wired for an electric/rechargeable car. This landmark property shows what can be accomplished when luxury comes together with an emphasis on green building and renewable energy sources. It is currently listed at $3,400,000 by Colorado Landmark, Realtors .
The rest is here:
The Next West Home
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