Teddy's Topics!

Real Estate & Some Fun Facts

I watched Gladiator 2 a couple weeks ago and to prepare I obviously rewatched the first Gladiator (top 5 movies ever made). After the movie Alyssa, my fiancee, asked me if the Coliseum was something people were forced to go to in Roman times. And I obviously replied and explained to her that, no, people were not forced, it was fully for entertainment, like going to a Bears game. And without skipping a beat she nodded her head and said, "ahh equally as sad."

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Song of the Week

Wondering Why - The Red Clay Strays

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Today in History: The Wooden Golf Tee

On this date in 1899 Dr. George F. Grant patented the wooden golf tee. Born in 1847 in Oswego, New York, Grant worked at his towns dentist and eventually became the second African American to receive a degree in dentistry which he got from Harvard. He gained international fame in the dental community for his work on cleft palates. But his true love was golf. Prior to this invention, golf balls were tee'd up using a small mound of wet sand. Apparently he hated the dirty and tedious task, so he did what any normal person would do and invent an object that will change the game of golf for ever.

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Learning Time: The Winter Market

Winter is here! Similar to the night, Chicago winters are dark and full of terrors. They are also freezing and nobody likes moving in the cold. It is for that reason and that reason alone that Chicago's busiest real estate seasons are Spring and Summer. When I did leasing, we would call spring/summer the leasing season and fall/winter the off-season. Because of this weather change, the majority of all Chicago landlords push to have their tenants leases ending in the spring/summer so they can get a higher rent price when the lease ends. For example of how drastic that difference is I used to rent the exact same apartments for $2,400 in the winter and $3,100 in the summer.

Not surprisingly the leasing season and "buying season" go hand in hand. Roughly 25% of all buyers are first time home-buyers and the majority of those buyers have leases that end between March-September. Because of this, the buyer pool in that time frame is much higher and in turn the market is much more competitive. Sellers will also try and wait until Spring to list their home in hopes of getting the highest price.

So what does all of that mean for Chicago winters? Better deals! Although inventory will be less, the inventory that is out there is ready to sell. If a home is on the market in the winter, it means one of two things: one, the home has been on the market for a little while, or two, the sellers have to move right away (obviously there can be more reasons, but these are the main two). But, because sellers are very ready to sell in the winter, buyers often are able to bring the price down in negotiations more than in the warmer months. So for those of you who are interested in purchasing a home next year, I strongly encourage you to reach out to me and get your search started ASAP. You could probably save yourself tens of thousands of dollars!

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Coming to the Market Soon: 440 w Aldine unit 3E

This week we are going to Lake View East to look at 440 w Aldine unit 3E. I am a huge fan of this area (with the exception of the parking). The majority of the buildings in this area from Broadway to Lake Shore dr. on these one off streets are about 100 years old and the units are much larger than any newer construction you will find. This unit is almost 2,500 sqft, absolutely massive compared to other 3 beds in different types of buildings. This unit is currently on the private market for one reason only, the current owners don't want to move until June of 2025. But they know that they want to sell and are testing the market with realtors.

This home is beautifully done, and something I love about these older builds is the fact they have actual dining rooms, living rooms, and kitchens. I love an open concept, but for beautifully done vintage units, they just don't work. Judging from the photos of the bathrooms and kitchen, I don't think any work has been done to this unit in about 10 years. A big positive for that is that means the future buy will have the ability to add some value!! Kitchens and bathrooms sell homes, so whoever is lucky enough to buy this condo will have a beautiful home that doesn't need any work for a while, but when they eventually do the work they will add a ton of value to the home when they eventually resell.

For those that don't know, the private market is something that only Realtors have access to. It is a place where Realtors will post their listings before actually going live. This way they can test their market price without actually being on the market which helps their overall "market time". It's also a good way to let people know of a listing coming to the market soon even though the home might not be ready for showings or photos yet.

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Interested in Buying or Selling?

Schedule a consultation with me by simply inquiring on this website!

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Quote of the Week

"Juliet balconies are the balcony equivalent of 'everything but the bagel' seasoning. It's literally everything but the balcony" - Teddy Sutker, Realtor & Scholar, Me

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Trivia!

Thank you to everyone who replied to my last newsletter, the correct answer was: Anoka, Minnesota was the birthplace of Halloween in the United States as we know it today!