Ready for some Christmas cheer?  Dress warmly and head over to Grant Place in Urbana this Saturday at 6pm for the Candlestick Lane lighting ceremony.

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A Buyer’s Market?  On Tuesday, there were 16 homes listed for sale in Cherry Hills Subdivision in Southwest Champaign.  14 of these were 1 1/2 or 2 Story homes (only two Ranches).  Relating this to the market activity over the past 6 and 12 months tells us that we have a 7 1/2 month supply of homes in Cherry Hills.
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Even if you don’t fully understand it you can get a free radon test if you are a resident of Illinois.

Direct link to request your free radon test

Radon and radon tests are the source of plenty of questions and concerns in the home buying and selling process and most times for good reason. As of January 1, 2008 we’ve been required to have clients read and sign off on radon disclosures for home sales. This new disclosure was a bit confusing for everyone involved at first but it has become second nature for most Realtors. The only thing lacking was a good (translation: easy to read and understand) resource on what Radon is and what you are recommended to do about it. Enter IEMA (to confuse and sometimes frighten people) and The University of Illinois (too educate and inform).

The Illinois government’s official site on radon provides detailed information on what radon is and their advice on how to handle it. NEWSFLASH!…. you will find radon just about everywhere, the concern is how high the level is. IEMA does recommend that you test for radon in a real estate transaction so you are aware of your risks.

The University of Illinois Extension radon website provides their version of this information, (along with helpful and nice pictures). Although you will find Radon everywhere you want your test results to be below 4 pCic/L (picocuries per liter of air).

Both sites provide info on radon, radon testing and radon mitigation but the UofI site does a better job of explaining. According to the site, the typically cost for radon mitigation is between $800 to $1200 dollars. In my personal experience the cost to mitigate high radon levels in Champaign and Urbana Illinois is near the top end of this range. Hopefully, as radon testing and mitigation becomes more common we will see the price drop as more ‘mitigators’ enter the field.

Unsure of who to hire to perform your radon test? Check this list of Champaign County home inspectors for a few quality providers.

Questions on whether you should have your home tested or how this could impact the sale or purchase of your home? Drop me a note at Mark@ChampaignExperts.com or visit www.ChampaignExperts.com for more info on the home buying process.

Mark Waldhoff — ChampaignExperts.com

Keller Williams Realty - The Real Estate Center of Illinois

Office: 217-239-7114

M2 Condos Are Changing the Downtown Champaign Condo Market…Again

In early May I had the chance to sit in on a presentation on the M2 condo development at 312 N. Neil Street in Downtown Champaign. It was presented by the developers and staff from One Main Development and answered a lot of questions (and created a few more) on the status and plans for this new landmark in downtown Champaign.

A (very) brief history on the downtown, luxury condo market;

In 2005, One Main Development finished construction on the “One Main” building in downtown Champaign. It features retail, office and condo space over 5 floors. There are 24 condos in the building that have ranged in price from $150,000 to around $400,000. Since the building has been completed there have been 6 re-sales with an average increase in value of 4%. (That is a pretty solid number given some of the relatively flat price charts around Champaign).

This development was a big change for downtown Champaign and opened the door for a number of smaller scale, high-end condo conversions.

M2 Condos – 301 North Neil, Champaign, IL

According to local legend and news releases from M2, this is the largest construction project to be undertaken in downtown Champaign.

The development will feature the following:

• 9 Total Stories
  • 1st Floor is all retail, approx 70% leased
  • 4 floors of office space, approx 40% leased
  • Top 4 floors are residential condos, 25% pre-sold
• Price Ranges from the $170’s to $428k
• Sizes vary from 680sqft to 1900sqft
• The condo fees for a 2br unit are expected to run around $360/month and include heat/AC/water/sewer/trash/building insurance and more. (Residents will have to pay for the electricity to run the heat pump which circulates the cool/warm air but that is a fraction of normal heating and cooling costs
• Parking…. There are no parking spaces being sold or reserved with the condos however the City of Champaign is building a large parking garage in an adjoining structure. 24/7 permits are available and it sounds like availability will NOT be an issue for residents.
• Click for City of Champaign Parking Deck info.
• 

The developers have leases with the following companies that plan to occupy the 1^st Floor and more on the way

• Destihl Brew Works

• An Unidentified Salon/Spa occupying a large portion of the space (approx 11,000sqft over 2 floors). The exact identity wasn’t disclosed at the meeting…

• BankChampaign

How Will This Affect the Local Real Estate Market?

My immediate response is that it will be a real positive for that section of the Champaign real estate market. The One Main condo project has already had a positive impact and M2 looks to build on that. The addition of a 2^nd upscale condo building in downtown Champaign should also help provide a more predictable level of appreciation for the condos in both buildings. As M2 sells out I think these condos will maintain a solid level of demand if only because there is such a limited supply of these types of properties in Champaign.

Other areas in Downtown Champaign have already experienced a ‘lift’ from these projects with the additions of a number of other high-end condo developments like Uptown on Columbia, The Hickory and The Jewelers Loft apartments.

If I were to try and predict the future I would say that the condos and homes just West of downtown Champaign would also get a big lift from the revitalization of the area and could provide a good opportunity for real estate investment.

Interested in Living at M2 or Visiting the Building and Learning More?

You can contact me at 217-239-7114 to talk about the condo project or downtown Champaign or visit me at www.ChampaignExperts.com

Hopefully every homeowner that reads this is taking advantage of the Homeowners Property tax exemption. If you aren’t email me at Mark@MarkWaldhoff.com for a copy of the Champaign County form or visit the Champaign County Assessment Office site:

Some current info on the basic exemptions for the 2008 tax year (payable in 2009):

• The General Homestead Exemption will increase from $5000 to $5500.
• The Senior Citizens Homestead Exemption will increase to $4000 from $3500
• The Senior Citizens Assessment Freeze Homestead Exemption will increase from $50,000 to $55,000

What you may not have heard about is the recent legislation adding additional benefits for Illinois Veterans and disabled persons. A more complete description of the info is available on the Illinois Revenue website.

A basic breakdown from the Illinois Revenue website:

• The new Returning Veterans’ Homestead Exemption (35 ILCS 200/15-167) provides a one-time 5,000 reduction in a property’s equalized assessed value (EAV) to qualifying veterans who return from active duty in an armed conflict involving the armed forces of the United States. To receive this exemption, the veteran must file an application upon their return home.
• Disabled Persons’ Homestead Exemption (35 ILCS 200/15-168) provides a $2,000 reduction in a property’s EAV to a qualifying property owned by a disabled person. A disabled person must file an annual application by the county’s due date to continue to receive this exemption.
• Disabled Veterans’ Standard Homestead Exemption (35 ILCS 200/15-169) provides a reduction in a property’s EAV to a qualifying property owned by a veteran with a service-connected disability certified by the U. S. Department of Veterans’ Affairs. A $2,500 homestead exemption is available to a veteran with a service-connected disability of at least 50% but less than 75% or a $5,000 homestead exemption is available to a veteran with a service-connected disability of at least 75%. A disabled veteran must file an annual application by the county’s due date to continue to receive this exemption.

Contact your chief county assessment office or local assessment office for information and to apply for these exemptions.
Interested in buying a home in Champaign County so you can take advantage of these exemptions? Start at www.ChampaignExperts.com

Tom Kachich, a columnist and editor with the News Gazette in Champaign, IL, had an article in a recent edition of the paper talking about Spring, getting outside and places you could take a nice walk in Champaign and Urbana.

A few of his top 10 included:

1. The Boulware Trail in south Champaign. This is a relatively short path at 1.25 miles but very nicely decorated in the Spring and Summer. It is most frequently used by employees on their lunch hours. It runs from Windsor almost to Kirby Ave, just west of Neil Street.
2. Meadowbrook Park in Urbana. This is one of my personal favorites. It includes sculptures, prairie landscape, wildlife (including deer), and even playground equipment near one of the entrances. The easiest access is off of Windsor Rd. in Urbana
3. University of Illinois Campus. No specific paths here just a general stroll through campus town. The quad is always interesting to take in and there are plenty of old buildings and architecture to enjoy.
4. Green Street through Champaign and Urbana. This route would let you take in both cities, campus town, big old trees, new commercial/retail development and old architecture.
5. Church & University Avenues from Neil to Mattis in Champaign and/or the State Streets area in Urbana, sometimes referred to as the faculty ghetto, albeit jokingly. These areas are full of graceful old homes and some amazing designs.
6. Crystal Lake Park in Urbana. This is Urbana’s largest park and a great place to spend an afternoon. You’ll find a large woods, lake, creeks, and tons more.

My favorites out of these are Meadowbrook Park and the UofI campus area. Meadowbrook provides a very peaceful setting full of nature and wildlife and the UofI campus gives you pretty much the opposite but it’s just as interesting.

Do you have your own favorites? There are plenty more but I’d love to hear what some others have found.

Interested in other suggestions for things to do in Champaign & Urbana, IL?

While I’ve referenced it in another post about The 4 Fundamentals of Buying a Home, I continue to find great info in “Your First Home, The Proven Path to Home Ownership”. The principles included really should be shared with anyone looking to buy a home, not just first-time home buyers.

One of the chapters that caught my eye dealt with the main roles of a Real Estate Agent.

1. Inform & Educate - Your Realtor should be informing you of the local market. In my case this would deal with real estate in Champaign and Urbana, IL.
2. Analysis & Consulting - What are the wants and needs of the client? What will those things cost?
3. Guiding - The obvious, helping a home buyer find the home that matches their search
4. Coordination & Administration - One of my main jobs is to make sure all the ‘players’ are active in the right point in the transaction. These are the other professionals like home inspectors, lenders, attorneys, etc. We all need to be on the same page to make sure things happen effectively and on time.
5. Negotiation - Many clients either have never bought a home before or it has been many years ago. The ability to negotiate the contract is a HUGE benefit of a qualified Realtor.
6. Checking Accuracy - Are the details correct? I like to say that real estate isn’t rocket science, but it does involve hundreds of small details and if any of them are missed it can be disastrous.
7. Problem Solving - From last minute issues at the walk-through to questions about the home inspection. A good Realtor can reference past experiences and is available and able to resolve these questions.

Are you looking for homes in Champaign County?

I’d be happy to talk to you about how I provide these 7 skills to my clients. You can find more info at www.ChampaignExperts.com

Whether you are a first-time home buyer or a seasoned pro, this is a pretty typical question.

Luckily, you don’t have to shut down your search or buy the last house you saw after a set limit. Can you imagine if that was the case….”um, honey….bring the checkbook tonight b/c this is #12″. Personally, I don’t think that would go over very well…

If you’d just like to get a handle on the amount of time it will take you can reference the averages.

According to the 2007 NAR Profile on Home Buyers and Sellers, NAR’s annual survey, the typical home buyer was shopping for a median 8 weeks and saw approximately 12 homes.

My personal experience has been very close to these numbers. The average number of viewings for my clients is around 10-14 (but has ranged from 1 house to 42). The time frame has been a bit quicker, around 6-7 weeks but as you might expect, has gone as long as a year or more.

But don’t forget, buying a home is FUN! It definitely offers a lot of chances to get stressed out but your Realtor will guide you through. If your search is going slowly stay focused on your wants, needs and goals. You will get there and you’ll love it!

Are you interested in starting your own home search? Contact me via www.ChampaignExperts.com or Mark@MarkWaldhoff.com to set an appointment and learn about my Buyer Client Services.

It’s pretty tough to break this topic down to 4 basic tenants but the book “Your First Home, The Proven Path to Home Ownership” has made a very good effort.

1. The “Rules” of real estate are always local
2. The best deals are usually win-win
3. Price does not equal value
4. Choose with your heart and with your head

#1 - It’s easy to get jaded by what you hear on the national news, but what you really need to pay attention to is your local newspaper’s business section and the sales in your target neighborhoods. Talk to a knowledgeable Realtor in your area. If you would like an update on the Champaign real estate market email me or visit www.ChampaignExperts.com

#2 - It’s tempting to try and land ‘the deal of the century’ in your home search. If you spend all your time looking for this elusive target you are going to miss out on a lot of good buys and great value along the way. Make sure you identify if you are trying to buy a great home or just get a great deal.

#3 - “Being cost conscious is wise, but being value conscious is even wiser.” Always look for good value at a fair price and don’t blindly relate a lower price or cost to a better deal. The old saying is most often true, you get what you pay for. So always look for value first and then evaluate the cost or price from there.

#4 - A lot of advice you hear in the home buying process tells you to completely take your emotions out of the picture. DON’T LISTEN!! You want to love the home you are living in because…..you will be living in it! You definitely want to make a good investment in a solid, well-built home but make sure you get a neighborhood you love and a home you’ll enjoy. Don’t be afraid to let your emotions guide you, just be sure to make a well thought out decision when you decide to make an offer.

Yesterday morning I was up eating an early breakfast with Tessa, my 2 year old daughter.

I started to think about my schedule for the day. Who I was meeting, what listing appointments were coming up, homes I wanted to see in Urbana and different calls I had to make. After realizing it would be a busy day I looked over at Tessa and saw that she was thoroughly enjoying her oatmeal and apple slices. So much so that she had squeezed the juice out of her sippy cup, smeared the oatmeal all over her tray and bib and was about to throw big globs of it towards the family room carpet.
If I’d spent a couple more seconds daydreaming the mess would have been much harder to clean up.

It got me thinking that a real estate transaction is a lot like breakfast with a 2 year old.

• It’s a lot of fun and you get to spend time with interesting and enjoyable people.
• It’s the same process but something new or different happens every time.
• If you stop paying attention, even for a brief moment disaster can strike.
• The people you are with are counting on you to get things ready and clean up when they are done.
• You can’t prevent every problem but if you are ‘in the moment’ you can quickly diffuse the situation and get things back on track.
• Did I mention that you get to spend time with the most enjoyable people?

Looking forward to more breakfasts with my girls and new relationships with clients!