City Comptroller Announces 2011 Security Deposit Interest Rates for Chicago, IL

2011 City of Chicago rate - 0.073%
2011 State rate -
0.195%

 
The yearly rates are out for 2011 and as you may know, assessments are based on a formula bound to actual market rates. The City rate applies to all residential rental agreements for the lease term beginning from 1-1-11 to 12-31-11. So, the amount of interest paid on a deposit is regulated by the rate in effect on the date the lease term originates.
FYI…
• Owner-occupied buildings of 6 or less units are NOT required to pay interest on any security deposits.
• Revised summaries containing the new interest rate are being printed and will soon be available from CAR.
• Copies of the revised summary will be sent to each CAR office as soon as they are printed.
• These revised summaries should be attached to each lease executed during 2011.

Remember… Attach to each lease…
• a general summary of the RLTO (City code requirement).
• a separate summary on security deposits including the required rate of interest.

IF you are wondering, “What was it last year and did it go up?” The answer is… The City rate has remained the same, but the State rate went up from 0.095% to 0.195%.

Reflecting on 2010 as We Move in to 2011

Reflecting on 2010 as We Move in to 2011

According to the Illinois Association of Realtors here are some encouraging facts about buyers and sellers in 2010.

According to the 2010 Illinois Profile of Home Buyers and Sellers,

  • 53% of people who purchased a home in Illinois this year were first-time buyers, compared to 50% nationwide
  • When considering the purchase of a home, commuting costs were considered very or somewhat important by 78% of buyers
  • 93% of homebuyers used the Internet to search for homes
  • The typical home buyer searched for 12 weeks and viewed 15 homes
  • 85% of buyers purchased their home through a real estate agent or broker
  • 87% of buyers would use their real estate agent again or recommend the same agent to others.

So, what does this all mean?

  • Don’t forget about reaching out to first-time buyers and educating them
  • Be sure to include commuting information in all descriptions when promoting a listing
  • Client relationships are future business, so under promise and over deliver!
  • MOST IMPORTANTLY – have an online marketing plan! If you need any assistance in that area, let me know.

Having an online marketing plan is crucial.

Seriously? An iPhone4 for $25… WOW!

iPhone4Get an iPhone 4 for $25… it’s true!

Who has it? Radio Shack

Any strings attached?

Of course… here are the conditions:

-  A new or renewed contract

-  Trade in your OLD iPhone for store credit IN THE STORE (not online)

  • iPhone 3GS = $125
  • standard iPhone 3G = $75

-   Combine the trade-in deal with the $50 OFF RadioShack is taking on all current iPhone models THIS WEEK ONLY you can purchase:

  • 16GB iPhone 4 for $25
  • 32GB iPhone 4 for $129 (retailed at nearly $300)

-  According to twitter the trade-in deal does not have an expiration date BUT the $50 off promotion is through THIS SATURDAY

-          Quantities are limited

-          Plus it IS an INSTANT REBATE (love those!)

So there you have it! A pretty sweet deal on a new iPhone 4.

Happy Shopping!

Holiday Tipping: What is the Rule?

Have you found yourself feeling a bit awkward about end-of-year tipping? How much is enough? Does the 20% rule apply? To whom does it apply?

Here’s a guide to making sure that you tip well and that you still have a happy trainer, delivery person, and parking lot attendant in the New Year.

Postal workers: Postal workers cannot receive more than $20 in cash, which is an appropriate tip during the holidays. Many people give baked goods or a gift certificate (under $20 in value, remember).

Personal caregivers, daycare providers, and teachers: Cash gifts are always appreciated but gift cards are just as good. Consider joining up with other parents to give each teacher $100 to $300. Think of it more as a holiday gift than a tip.

Door attendants of residential buildings: Plan on giving each worker at least $20 and sometimes closer to $100, depending on the type of building and its traditions. If you are not sure, ask a long-time residents or the building manager.

Cleaning service provider: Give the value of one visit. If you usually pay $100 per week, then give at least an extra $100 around the holidays.

Regular service providers – hairstylist, trainer, aesthetician, etc: Similar to the cleaning service recommendation, consider giving a tip equal to the value of one visit. This guideline only applies to people you see regularly (more than once a month). Otherwise, a 20% tip per visit without an additional holiday boost is standard.

Newspaper delivery person: A gift of between $10 and $20 or more in an envelope will help show your appreciation for all those cold and rainy mornings you can pick up your paper without getting dressed.

Garbage collectors: This thankless job often gets overlooked at tipping time, but consider giving each worker at least $20.

Skycaps or porters encountered on your holiday travels: The skycap at the airport typically gets $2 to $3 per bag. If you are running late and they are of particular assistance, then add $1 to $2 per bag.

Hotel services: for doormen at hotels, tip anywhere from $2 to $5. For housekeeping services, tip $1 to $2 per night.

People you can skip: Here’s some good news for your budget.
There’s no need to tip the:
• owner of an establishment (such as a hair salon)
• salaried staff (such as salespeople)
• full-service gas attendants
• furniture delivery people (charges are included)
• a flower delivery person.

Rule of thumb… When in doubt, always tip and tip up! Enjoy the holidays!