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5 Most Affordable Housing Markets

Monday, August 16, 2010

by Jodi Lemkemann, Keller Williams Premier Realty

The most affordable city in the United States is Syracuse, N.Y., according to the latest Housing Affordability Index from the National Association of Home Builders and Wells Fargo.

The index considers a home affordable if a family would have to pay no more than 28 percent of take-home pay for housing expenses.

Here are the five areas where housing exceeds this benchmark and the median property prices:

• Syracuse, N.Y., $88,000
• Indianapolis, $113,000
• Detroit, $85,000
• Youngstown, Ohio, $74,000
• Buffalo, N.Y., $112,000

Source: CNNMoney.com, Les Christie (08/20/2010)

LEGO exhibit ranks among top draws at Lakeview Museum

Friday, August 13, 2010

by Jodi Lemkemann, Keller Williams Premier Realty

Sculptures, dinosaurs and LEGOs. Those apparently are what draw the crowds at Lakeview Museum.

The "Art of the Brick" took its place Wednesday among the top exhibitions at Lakeview, joining the ranks of "The Passion of Rodin" in 1988 and "Dinosaurs Alive" in 1990.

The unsuspecting Aller family of Washington represented the lucky 38,334th through 33,338th visitors to the showcase, comprised of pieces made entirely of LEGOs, featuring artist Nathan Sawaya. Winners Andrea Aller, 13, Jenna and Grant, both 9, Natalie, 7 and baby-sitter Rachel Thompson were greeted with a spray of LEGO bricks and noisemakers.

"We don't have anything like this in Washington, so it's good to come here to the museum. The (children) don't realize they're actually learning stuff, too," Thompson said.

Wednesday's visit was actually Grant's third to the LEGO collection, though it was the first visit for at least one of his siblings. He said he collects and crafts LEGO sculptures himself.

For prizes, the family received a LEGO kit, key chains, jewelry and a year's membership to the museum.

"Shows like this make museums relevant to a lot of people. You've got someone like Nathan Sawaya who creates in LEGO something everybody knows," said Jim Richerson, president/CEO of Lakeview. "You'd have to be under a brick not to be exposed to LEGO."

Museum officials said the benefit of the "Art of the Brick" is that it appeals to every age, including children, parents and grandparents. It also gives the public an opportunity to check out the Discovery Center, Illinois Folk Art and the museum's permanent collection.

Other top draws at Lakeview were: "The Passion of Rodin" in 1988, which sold more than 60,000 tickets; "Norman Rockwell: The Great American Storyteller" in 1989; and "Dinosaurs Alive" in 1990. Other major draws at Lakeview included Toulouse-Lautrec, which attracted more than 24,000 in 1991, and "The American West," which attracted about 15,000 in 1992.

The "Art of the Brick" exhibit runs through Labor Day and is open from 10 a.m. to 5 p.m. Monday through Saturday and noon to 5 p.m. Sunday. The cost is $6 for adults, $5 for seniors 60 and older, and $4 for children ages 3-17. For more information, call 686-7000.

"Everybody, I believe, inside has the ability to create and build and the LEGO system inspires that," Richerson said.

NAR: Home Prices Are Firming

Thursday, August 12, 2010

by Jodi Lemkemann, Keller Williams Premier Realty

The trend in firming home prices solidified in the second quarter with more metropolitan areas showing increases from a year ago, aided by a surge in home sales driven by the home buyer tax credit, according to the latest survey by the National Association of REALTORS®.

In the second quarter, 100 out of 155 metropolitan statistical areas (MSAs) had higher median existing single-family home prices in comparison with the second quarter of 2009, including 14 with double-digit increases; two were unchanged and 53 metros showed price declines. In the first quarter of this year 91 areas had higher prices, while only 26 MSAs experienced annual price gains in second quarter of 2009.

The national median existing single-family price was $176,900 in the second quarter, up 1.5 percent from $174,200 in the same period of 2009. The median is where half sold for more and half sold for less. Distressed homes accounted for 32 percent of second quarter sales, down from 36 percent a year ago.

Lawrence Yun, NAR chief economist, says the correction in home prices appears to have ended in 2009. “All year we’ve been seeing relatively flat national home prices, which appear to be supported by market fundamentals,” he said. “Prices in some areas remain below replacement construction costs, so even with an elevated supply of existing homes on the market we don’t expect any consequential movement in home prices for the foreseeable future. Very low inventory of newly built homes also will help to support home values.”

Yun urged caution on interpreting price data. “The median price is influenced by the mix of homes that were sold and do not reflect pure appreciation or depreciation,” he says. “The recorded home prices in many markets were significantly depressed last year because of a large percentage of distressed homes sold at discount. Now as more normal, non-distressed home sales are occurring, the median price in many areas is showing higher values.”

Total state existing-home sales, including single-family and condo, rose 9.1 percent to a seasonally adjusted annual rate of 5.61 million in the second quarter from 5.14 million in the first quarter, and were 17.3 percent above the 4.78 million-unit pace in the second quarter of 2009.

Sales increased from the first quarter in 44 states and the District of Columbia; 47 states and D.C. had increases over year-ago sales levels.

NAR President Vicki Cox Golder says record low mortgage interest rates will help cushion a summer slowdown. “As expected, sales are slowing down now that the home buyer tax credit has expired, but record-low mortgage interest rates, along with stable and affordable home prices in most areas, provide opportunities for buyers who weren’t able to take advantage of the credit,” she said.

According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage was a record low 4.91 percent in the second quarter, down from 5.00 percent in the first quarter; it was 5.03 percent in the second quarter of 2009.

“Job creation will give home buyers more confidence, but the market over the next few months is likely to be below what we would expect for the size of our growing population,” Golder says. “With improving bank balance sheets, credit restrictions should gradually improve ."

In the condo sector, metro area condominium and cooperative prices – covering changes in 55 metro areas – showed the national median existing-condo price was relatively flat at $175,700 in the second quarter, down 0.5 percent from the second quarter of 2009. Twenty-six metros showed increases in the median condo price from a year ago and 29 areas had declines; the first quarter of 2010 showed 24 metros up, while only four metros saw annual price gains in second quarter of 2009.

Northeast: Regionally, the median existing single-family home price in the Northeast declined 3.2 percent to $238,000 in the second quarter from a year earlier. Existing-home sales in the Northeast jumped 14.9 percent in the second quarter to a level of 980,000 and are 23.6 percent above the second quarter of 2009.
Midwest: In the Midwest, the median existing single-family home price increased 1.4 percent to $148,500 in the second quarter from the second quarter of last year. Existing-home sales in the Midwest rose 14.5 percent in the second quarter to a pace of 1.30 million and are 20.9 percent above the same period in 2009.
South: In the South, the median existing single-family home price slipped 2.0 percent to $155,500 in the second quarter from the second quarter of 2009. Existing-home sales in the South increased 10.9 percent in the second quarter to an annual rate of 2.10 million and are 18.8 percent above a year ago.
West: The median existing single-family home price in the West rose 2.6 percent to $219,700 in the second quarter from a year ago. Existing-home sales in the West fell 2.6 percent in the second quarter to an annual rate of 1.23 million but are 7.6 percent higher than the second quarter of 2009.

— NAR

Taste of Peoria serves up near records, variety of dishes

Wednesday, August 11, 2010

by Jodi Lemkemann, Keller Williams Premier Realty

Forty-two food stands featuring 14 new or returning vendors were at the 29th annual Taste of Peoria on Wednesday on the Peoria riverfront.

It was the strongest showing in at least five years for the annual eat-a-thon that features everything from chocolate-covered strawberries to pig wings.

Becky Cassidy, chairwoman for the event, said the number of vendors is inching closer to a record for the event, which is slightly more than 50. Only 26 were at the 2008 event.

It was the strongest showing for the Taste since it moved from the streets of Downtown Peoria near the Civic Center to the riverfront in 2006.

"Things are picking up," Cassidy said.

Approximately 25,000 people were expected to show up for this year's event, another five-year high. Crowds near the Civic Center were once around 30,000, Cassidy said.

The Taste also featured some samplings from new Peoria eateries such as Cracked Pepper Catering & Bakery and Hy-Vee and also from restaurants that are yet to open. Famous Dave's Barbecue, opening next month near The Shoppes at Grand Prairie, was serving up ribs and chopped pork sandwiches.

Taste of Peoria is sponsored by the Peoria Area Community Events (PACE). It's the organization's biggest annual fundraiser for the Santa Claus Parade, which occurs the day after Thanksgiving.

Taste of Peoria

2010 Winners

- Showmanship (Best Decorated Booth)

1st: Centerplate

- Best Appetizer

1st: Butcher Block, Steak Kabobs

2nd: Gracie's, Pig Wings

3rd: Alexander's Steakhouse, Teriyaki Mini Kabob

- Best Casual Entree

1st: Cracked Pepper Catering, Chipotle BBQ Brisket Panini

2nd: Papa Murphy's, Pepperoni Pizza

3rd: Carnegie's 501, El Cubano Cuban Sandwich

- Best Entree

1st: Panda House, Sweet & Sour Chicken

2nd: Thanh Linh Vietnamese Restaurant, V.N. Chicken Curry

3rd: Centerplate, Baked Chicken with Dressing

- Best Dessert

1st: Gracie's, Skoog Pie

2nd: Carlos O'Kelly's, Cheesecake Empanadas

3rd: Cracked Pepper Catering, Cinnamon Rolls with Dipping Sauce

- Best Beverage

1st: Smoothie King, Caribbean Way Smoothie

2nd: Culver's, Strawberry Cooler

3rd: Fredalicious, Peach Iced Tea

Bathroom Remodels Becoming More Popular

Tuesday, August 10, 2010

by Jodi Lemkemann, Keller Williams Premier Realty

While kitchens are still high on the interest list for buyers and homeowners, the National Association of Home Builders (NAHB) is reporting that remodeler survey respondents say that a bathroom remodel was one of their most common projects during the first six months of 2010--as much as 61 percent of their remodels were done on bathrooms.

"In previous years, kitchen remodeling was reported as the most common activity by more than 70 percent of remodeler respondents," according to the NAHB news release.

NAHB reported that its Remodeling Market Index sunk to 40.7 from 47.9 in the first quarter. The survey also showed a decline in larger remodeling projects "such as room additions, whole house remodeling, bathroom additions, and second story additions. But NAHB is forecasting encouraging news. "While remodelers are continuing to struggle, we expect the rest of 2010 to be a period of stabilization for remodeling, with the first stages of recovery emerging by the end of the year, followed by a robust recovery beginning early next year," said NAHB Chief Economist David Crowe.

However, these market conditions are making now the right time to take on remodeling projects that can not only increase comfort and functionality but also add value to your home.

No matter which room you're going to remodel, doing your homework and knowing exactly what you want will save you not only money but also potential headaches. Things like checking references and visiting some of the recently remodeled projects are a great way to determine if the company you plant to hire will be suitable for your needs. Neglecting to do this could mean that you bring in the wrong company and, worst case scenario, a simple job turns into months of work and extra expenses.

Here are a few things to consider when remodeling. Some experts say, if you're planning to stay in the home for five years, remodel it how you like. In other words, put in the countertops that make you happy--even if they're not the most popular. Use the color paint that expresses your inner feelings. However, I always say, remember there's a balance. If you remodel and create something that is so unusual, you may run the risk of it not appealing to the masses and therefore you will have to find the few that are searching for that particular look. That doesn't mean you shouldn't design and decorate based on your likes, it's just a matter of considering how the remodel will impact you when it comes time to sell the home and then choosing the best option for you for both short and long term.

1. Write it down. Just like your goals in life are more likely to come to fruition when first penciled out on paper, your ideas for your remodeling project also need to be clearly spelled out. When you do this you are able to clearly see which projects you want to tackle first, how much money you can afford/want to spend on the remodeling projects, and if your goals conflict with your ultimate objectives. You will find clarity by writing down what you hope to accomplish. This step alone can turn the project into a success from the start.

2. Slow down. Don't rush into a project. If you just purchased a home, some experts recommend living in it a year before you start to knock out walls. Your taste and needs might change. Get to know your surroundings and then thoughtfully consult with design-build companies to help ensure the project's success. Visit other people's homes and see how they increased storage and used space-saving techniques in their design. I am frequently visiting remodeled homes and am amazed at the creative ideas that add functionality for the homeowner and aesthetic beauty.

3. Let there be light. Light and bright is a commonly used term when listing a home. It's popular because it's appealing to buyers. If you're in the design phase of your remodel, especially for a bathroom--but other areas too, be sure to make sure that you will end up with enough light. The folks over at HouseLogic.com concur. Making lighting a priority. "When it comes to adding creature comforts, your first thoughts might be multiple shower heads and radiant-heat floors. But few items make a bathroom more satisfying than lighting designed for everyday grooming," writes author and residential builder, John Rhia.

4. Keep it clean. One of my pet peeves is yucky bathroom air. Poor ventilation creates enormous problems in the future. Homes that were designed without bathroom windows that open can quickly develop mold, mildew, and stale air if there isn't a very good ventilation system installed. High-quality bathroom fans help. These are often not thought of because they're not obvious "fun toys" like heated floors, but bathroom ventilation systems that exhaust to the outside are vital. Consult with your remodeling expert for the best choice for your room.

Before beginning any remodel, talk to lots of experts, get all your ideas out on paper, and prioritize wants and needs. Taking the time and steps to create a plan with your hired experts will ensure your needs and desires are met in a timely fashion.

http://realtytimes.com/rtpages/20100806_remodels.htm

New Listing in Low Point, Metamora Schools!!!!

Monday, August 09, 2010

by Jodi Lemkemann, Keller Williams Premier Realty

NEARLY NEW 2005 RANCH STYLE HOME SITUATED ON 3 +/- ACRES LOCATED IN CAZENOVIA TOWNSHIP ON THE OUTSKIRTS OF METAMORA. NEW CARPET IN LIVING ROOM AND MASTER BEDROOM. FULLY APPLIANCED KITCHEN WITH OAK KRAFTMAID CABINETS. HARDWOOD FOYER, KITCHEN, DINETTE AND HALL. CERAMIC IN BATHROOMS AND LAUNDRY ROOM. LARGE WALK IN MASTER CLOSET. LOTS OF STORAGE. FULL BASEMENT WITH ROUGH IN FOR BATH. 110 X 42 OUTBUILDING. LARGE & DEEP 3 CAR GARAGE. GREAT PROPERTY FOR HORSE LOVERS. $224,900

Call the Jodi Lemkemann Team @ 309-303-1000!!!!

A throw away culture - How much do we really recycle??

Friday, August 06, 2010

by Jodi Lemkemann, Keller Williams Premier Realty

http://www.recycle.co.uk/throw-away.html

Amazing New Listing in Brimfield!

Thursday, August 05, 2010

by Jodi Lemkemann, Keller Williams Premier Realty

Exquisite details of this home are the cornerstone of elegance nestled on a 2 acre wooded setting.Wall to wall windows on each level,to enjoy the changing of seasons from every room.Grand entry complete w/cathedral ceilings & fireplace.Kitchen boasts granite two tier breakfast bar that seats 6.Fireplaced FDR is currently used as a comfy nook.Master suite complete w/luxurious bathroom & professional California closet.LL has two gracious BR,w/walk in closets,daylight windows and french doors leading to entertaining area w/wooded views & outdoor fire pit for those cool evenings w/friends. $419,000

Call the Jodi Lemkemann Team @ 309-303-1000!!

New park on the drawing board

Wednesday, August 04, 2010

by Jodi Lemkemann, Keller Williams Premier Realty

A new 16-acre park in a Far North Peoria subdivision will be created and maintained by the Chillicothe Park District and could benefit students of a proposed elementary school in the Dunlap School District.

"It's sort of confusing," said Kevin Yates, the director of parks and recreation for the Chillicothe Park District. "There are a lot of jurisdictions involved."

After years of discussion, the park land was recently given to the Chillicothe Park District by Signature Homes, the developer of two subdivisions in the area that could add as many as 461 single-family homes during the next several years. The property, on the west side of Allen Road between Wilhelm and Hickory Grove roads, contains three consecutive ponds and will be surrounded by newly constructed homes in the Winncrest and Stonegate subdivisions. The park district land includes a buffer of open land between the ponds and the property lines of the new homes.

The area is the site of potentially even more development. Dunlap School District's plans include a referendum on the November ballot to construct an elementary school on a 15-acre parcel on the west side of Allen Road at the corner of Hickory Grove and Allen roads.

"We're working with the Dunlap School District to see if there might be ways to create sort of an outdoor classroom where they could go and observe a natural wetland area or identify trees, that sort of thing," Yates said.

That the Chillicothe Park District extends so far into Medina Township that it crosses into the city of Peoria, is a story that goes back 50 years. In the 1960s Caterpillar Inc. asked that its land around the Mossville plant be included in the Peoria Park District, said Mike Krost, the president of the Chillicothe Park Board.

Fearing involuntary inclusion in the Peoria Park District, area farmers turned to the Chillicothe Park District and asked to be included to avoid paying the higher taxes in Peoria. New boundaries were established and the Chillicothe Park District extended into Medina Township (it's jurisdiction also includes all of Chillicothe Township) and south into the area of the new park, some 11 miles from Chillicothe City Hall.

In some areas of the new subdivisions, neighbors will pay taxes to different park districts.

Krost said the residents of the city of Chillicothe shouldn't feel slighted that their tax dollars are going to pay for a park in Peoria.

"The (Chillicothe) park district boundaries are what they are, we can't change that. The new park will be in an area of the district that currently pays taxes but is currently underserved. Those people pay taxes to the park district just like the people who live in the city of Chillicothe do."

Access to the new park will be from walking trails through the subdivision and by car from a parking lot off of West Hickory Grove Road. Plans include a walking path around the ponds, a playground, covered pavilion and eventually restrooms.

Yates said the park would be developed as the subdivision is developed and could take three years to complete. Cost to the park district is around $400,000, Yates said.

http://www.pjstar.com/news/tricounty/x1279445629/New-park-on-the-drawing-board

Five Reasons to Buy a Home Now

Tuesday, August 03, 2010

by Jodi Lemkemann, Keller Williams Premier Realty

Low mortgage rates serve as an equity shock absorber. When buyers borrow at today's record-low rates, they start building equity as soon as they close. That means they can absorb a few ups and downs as the still-recovering housing market gains traction.
Houses are in move-in condition. Home owners have continued to spend on maintenance and repair, according to the Harvard Joint Center on Housing. As these houses enter the market, they are in marked contrast to tattered foreclosures.
Terrific houses are coming on the market. Foreclosures are finally starting to clear the system, and they are being replaced by some very attractive properties.
Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines, giving appraisers more flexibility to set values that reflect the current market.
Plenty of programs. Many programs that encourage middle-class families to buy homes continue to exist, despite market downturns. Buyers who qualify can get a big boost by combining one of these programs with today's low mortgage rates.