Obama Drama

I think the fact that our next U.S. president comes from Hyde Park on the South Side of Chicago may have a teeny bit of influence over whether we get the Olympics in 2016, don't you? The only real drama at the Obama rally in Grant Park on Nov 4 was Oprah crying on the shoulder of a random stranger; there were no "incidents" or any form of violence. The crowd was estimated to be somewhere in the ballpark of 250,000 people, so he's already proven that Chicago can handle crowd control.

I was there (not in the special people section, but in the overflow areas watching Senator Obama speak on the big screen), and this place was PACKED. Zack and I rode our bikes down there on a whim after his flag football game, and were glad we went. Really, this was a historic event and it was very exciting to be able to be there for it in our very own city of Chicago. On the bike ride down, most streets were blocked off. But for whatever reason, there were still cars on State Street, and you could hear the echo of honking horns from blocks away. There was honking, waving of flags, crying, cheering, chanting, screaming like crazy people, and much more. I can't even explain the sound of it... you really had to be there. But as soon as Obama took the stage, the crowd fell silent to watch and listen.

Either way, I'm glad we maintained a tame atmosphere in Grant Park on Nov 4 and I'm also crossing my fingers that our "good behavior" gives us brownie points when it comes to picking the location for the 2016 Olympics next year.

I know this is a terrible picture of the Obama rally, but it was the best I could do with my camera phone! I'll get better photos off Zack's camera later...

Chicago 2016!

The major contenders for the 2016 Olympic bid include Rio De Janeiro, Tokyo, Madrid, and my personal favorite - Chicago. The final vote won't be for about another year and a half (Oct 2, 2009), however there is much planning that must take place before we even know for sure who the winner will be.

Holding the Olympic Games has historically proven to improve the city's economy drastically. The Games injected $7 billion to Sydney's economy, bumped Barcelona up to a tier 1 tourist destination, added 140,000 additional jobs in Vancouver, and increased Beijing's residential property values 59%.

In Chicago, about $1 billion of venues would be built to accommodate the Olympics. Experts predict that the games would bring an additional 250,000-500,000 tourists to Chicago for 5-7 years after, and would create 1/2 - 1 million square feet of additional downtown absorption due to the need for sales offices, vendor locations, support sites, etc. In other words... while the city might be crowded with tourists for a couple months, just IMAGINE the immense economic benefits our city will gain for many years thereafter.

The exciting thing is if Chicago gets the Olympics, the plan is to integrate most of the events into the city limits, rather than setting up a megaplex structure 50 miles out like many other host cities have done or plan to do. Notable locations planned for various events and support sites include:

- Lincoln Park: Tennis center, triathlon start

- United Center: Basketball

- McCormick Place: Paralympics, press center

- University of Illinois Pavilion: Boxing

- Soldier Field: Football

- Northerly Island: Beach volleyball, BMX biking

- Jackson Park: Hockey

- Washington Park: Olympic Stadium (will be built for a 70k capacity, which will be downsized after the games to a 5-10k capacity)

- South Loop along the Lake (near McCormick): Olympic Village where the athletes will live (this will be comprised of 2300 four-bedroom units, which will later be retro-fitted to mostly 2 bedrooms and sold to the public)

Check out volunteer opportunities to help promote the Chicago bid at http://www.chicago2106.org/ and keep in mind the great benefits you'll reap should the Olympics end up in our city eight years from now.

Ideal for Investors!

For anyone who has ever considered living or investing in the South Loop, I have a great deal for you. The Hanover Companies has created a very innovative program for real estate investors who want to purchase property in an area for use or sale at a later date who don't want to worry about finding and managing a renter. Their solution works for all parties involved. Here's how it works:

The Hanover Companies finds condo developers who are in financial trouble - those who need to SELL their condo units QUICKLY or else sink into even muddier waters. Hanover then strikes a deal with the developer to buy a bulk number of their condo units at a hugely discounted price. Hanover then turns around and sells to investors like you or I at going market rates. The incentive to you, however is such:

-Hanover will guarantee to rent your unit for TWO YEARS at a rental amount which generally covers your mortgage.

-Hanover PAYS YOUR PROPERTY TAXES

-Hanover PAYS YOUR ASSESSMENTS

-Hanover PAYS YOUR UTILITY BILLS (gas, water, sewer, cable)

-Hanover PAYS YOUR LEASING & MANAGEMENT FEES

-Hanover PAYS YOUR CLOSING COSTS

-Hanover gives you a TWO YEAR home warranty. For instance, say the furnace dies - it's covered. The ice maker in the freezer goes bezerk - it's covered. Etc. No worries to you.

This program is available in MANY developments throughout the country - Florida, Arizona, Vegas, Minnesota, and now CHICAGO! The Chicago development is called Vision on State at 1255 S State Street (State and Roosevelt), the heart of the South Loop and just steps away from public transportation and right next to a grocery store. There are 1 & 2 bedroom units available between $290,000 - $410,000. Parking is also available separately. These units are brand new (just finished in June), with granite counter tops, hard wood floors, balconies, washer/dryer hookups, and GREAT VIEWS. The building features a fitness room, business center, dog run, high speed internet access, and 24 hour doorman. There is availability up to the 19th floor. If you have any interest in the Chicago units, or others nationwide, contact me. Don't forget what an investment this might be if Chicago gets the 2016 Olympics where many of the events will be hosted VERY close to this location! See a picture from one of the units below.

Contact me for more information or to schedule a viewing of the available units!

OK, so a few questions you may ask:

Q: Do I have to use one of Hanover's lenders to qualify for this program? A: NO! You can use the lender of your choice. However, Hanover does have lenders you can work with if you like - you can get financing up to 90% with them.

Q: How do I know if the rental amount will cover my mortgage? A: The rental amount paid to you monthly = 8% of your purchase price divided by 12. This is USUALLY enough to cover your mortgage. Check with your lender to be sure.

Q: What happens after the 2 year program is over? A: From the start, the condo you purchase is yours. Hanover is only the tenant and does not have any ownership rights. After the 2 years is over, you can work with the current renter to continue renting the unit, you can use the unit yourself, or you can sell the unit. It's YOURS... do whatever you like with it.

Q: Can I get out of the program at any point? A: YES, however you must give Hanover 3 months advance notice for lease cancellation; some minor stipulations apply.

Q: They really pay my property taxes and assessments? A: YES. Taxes are paid at 1.5% of purchase price and assesments are paid. Simple as that.

Q: Are prices on the condos negotiable? A: Given that these are competitive going-market rates, the prices set by Hanover are not negotiable if you want to be a part of this program. Contact me if you'd like to see comparable properties in the market.

Q: What if I want to buy one of the condos but I don't want to participate in the 2 year program? A: You can still purchase through Hanover for 12% cash back at closing, should you choose not to take part of the rental program. Or, you can submit an offer to the developer. Contact me for more information.