Monthly Archives: July 2013

Real Estate Tax Reform Threatens Tax Benefits of Home Ownership

After the listing price, what other costs do you consider when buying a home? Many think about the costs of commuting, schools, and property taxes. Buyers also consider the tax benefits of home ownership. We all appreciate those little boxes that you can check on your tax return that give us a significant tax savings. How would you feel if those tax benefits disappeared?

Tax benefits associated with real estate are currently under review in our Senate. LW Reedy and members of the National Association of Realtors are voicing their opinions about potential tax reform, making sure that the Senate understands the importance of retaining tax provisions that are vital to real estate.

As the Senate Finance Committee begins its overhaul of the federal tax code, they are basically creating a blank slate, removing all deductions, credits and exemptions. The Senate has been asked to give the committee input on which tax provisions should be maintained, modified or improved. LW Reedy and members of the National Association of Realtors are asking the Senate to maintain or improve many tax provisions, including some of the following, which are considered vitally important to home owners:

  • mortgage interest deduction.
  • exclusion of capital gains on the sale of a principal residence.
  • deduction for property taxes paid.

For more explanation on potential tax reforms, view the National Association of Realtors video clip.

In response to LW Reedy agent emails to the senate, Senator Dick Durbin replied, “The mortgage interest deduction has given countless homeowners the ability to deduct from their taxes the interest they pay on the mortgage for their primary or secondary residence. Three-quarters of homeowners with a mortgage take advantage of this important tax benefit. This and other tax provisions, such as the property tax deduction and the exclusion from capital gains from the sale of a principal residence, seek to encourage homeownership and help our housing market recover.”

Realtors are speaking up, making sure that Senator Dick Durbin and other Senate members fully understand the impact of real estate tax reform on home owners, the real estate market, and the economy. To make your voice heard, send an e-mail to tax.reform@mail.house.gov by July 26. Let the Senate Finance Committee know how important these tax benefits are to you as a home owner.

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Larry Reedy Takes Over as President of LW Reedy

L.W. Reedy is proud to announce that effective June 30, 2013, Leo Reedy stepped aside as President of L.W. Reedy, and his son, Larry, will be taking the reigns as new President. Larry is the 3rd generation of the Reedy family to run the agency. Lawrence William Reedy, Sr., Leo’s father and Larry’s grandfather, known as “the Old Pro,” founded L.W. Reedy Real Estate in 1951. L.W. Reedy’s first office, the “Pro Shop”, was located at Spring Road and Vallette Street in Elmhurst. Larry Sr.’s debonair fashion sense and flashy peach Lincoln Convertible drew attention around town, but his devotion to the community, like his tradition of giving silver dollar coins to York High School’s winning cross country team members, endeared him to the town.

Leo, along with his brothers Larry Jr. and Bill, took over the agency in the 1980s from Larry Sr.  Leo’s legacy will be growing the business, establishing L.W. Reedy as a major player in Chicagoland real estate, and navigating the “rough waters” of the recent economic times, all while maintaining the integrity and values instilled by his father. The June announcement is NOT a retirement announcement for Leo.  He continues to do what he loves – listing and selling homes, as he has for almost 50 years.  Leo says he is “moving over, not out!”

Reedy family members continue to be involved at L.W. Reedy Real Estate.  In addition to Larry, Leo’s brother, Dick, and Leo’s daughter, Laura Reedy Stukel, have been selling with L.W. Reedy for years.

Larry grew up in Elmhurst and met his wife, Gwendolyn, at Immaculate Conception High School.  The couple live in Elmhurst where they are raising their two daughters, Lily and Evelyn.  Since he started selling real estate in 2000, Larry has experienced and helped his father run the agency through a lifetime’s worth of real estate cycles: from the historically hot markets of 2002 to 2006, to the historic struggles of 2007 to 2011, to the current state of recovery.  Building on the foundation created by his grandfather and maintained and grown by his father, Larry supports L.W. Reedy agents and clients with great attention to current trends in real estate, constantly evolving and keeping up with the latest in technology and marketing.

Agents and clients will see a seamless transition due to Larry’s gradual transition to this role over the past 8 years and due to Karen Cookingham.  Karen has been the Managing Broker at L.W. Reedy for more than 13 years and is an invaluable leader and resource for the agents and also for Larry and Leo.  Both Larry and Karen are committed to maintaining L.W. Reedy’s integrity, values, and commitment to the community.

Leo and Larry relayed a poignant story of Larry Sr. to the office at their announcement. The Old Pro added “and sons” to his sign when his son, Larry Jr., started working with him. When asked what the “and sons” meant, Larry Sr. responded, in typical Irish humor, “not much.”  While he treasured and valued having his sons working with him, Larry Sr. also wanted to express that the “and sons” did not change the foundation he had laid.  His sons would uphold his values, integrity, and focus on community.

Larry’s new position represents a similar transition: Larry is dedicated to maintaining the foundation created by his grandfather and uncles and supported by Leo. In this vein, Larry intends to continue to use the most current and effective tools, technology, and resources for agents to support their clients, promoting Elmhurst and the surrounding communities as the best place to live in the Chicagoland area.

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Rates Thursday

Mortgage Rates for a 30 Year Fixed are now at 4.625%. Although this is a marked increase from the past, as was predicted, rates are still at record lows. Buying is still a better deal than renting in the Chicago area. Until rates go to 10% than buying is still more financially savvy than renting. Talk to an agent at LW Reedy today to start the process of home ownership!

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MLS Monday: Elmhurst Market Update

Often we are hearing of the dreaded downfall of real estate. This is untrue when looking at the amount of properties in Elmhurst under contract and this year. Overall real estate sales in Elmhurst have risen 27%.

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Compared with DuPage County, the rise of under contract homes is consistent.

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The View from 101 York

LW Reedy has been serving the Elmhurst community and surrounding areas since 1951. As the largest locally-owned real estate agency in Elmhurst, we have a passion for local news and events. Here’s our view of the community for this month, from our perch at 101 York in the heart of downtown Elmhurst.

Rainy Day Activities for the Kids

Register for special programs like Dig Into Minecraft, Lego Club, story time, book buddies and puppet shows at Elmhurst Public Library. For junior high kids, check out the Late Night Lock-In and puppeteer classes. For teens, college advisory classes and art workshops are available. Registration required for some programs. Check the website or stop in for details.

Classic Cinemas Wednesday Morning Movie Series goes through August 7. Show at 10am; doors open at 9am. Tickets $1 per person. Movie schedule available online.

Check out the Summer Fun & Games Tuesdays at 1pm at the Elmhurst Historical Museum. The Rock-and-Roll class topics include: Backstage Pass Holders, Tapping Tambourines, Crazy Kazoos and Microphone Mania.

It’s not too late to Dig Into Reading at the Elmhurst Public Library. This summer reading program motivates kids of all ages to read with prizes including Legoland tickets and free toys from My Favorite Toy Store. Remember to check your school’s website for summer reading lists.

Rock Out!

Free concert and more! Sons of the Never Wrong and the Matt Stedman Band perform at Berens Park’s Park Palooza. Saturday, August 24, 5 to 10pm. Music, BBQ, beer garden. Activities for kids and families.

Rockin for the Troops features Grammy Award Winner Ronnie Dunn on Saturday, July 20 from noon to 11pm at Cantigny.

Enjoy children’s performer the Little Miss Ann Band on the grounds at Cantigny Saturday, July 27 2pm.

Elmhurst’s City Center’s Block-to-Block Party rocks Elmhurst with live music every Wednesday and Saturday night.

Check out Music at the Gazebo July 18, August 1, and August 15 on Spring Road in Elmhurst.

School of Rock students performs at the Elmhurst Historical Museum on July 19, July 26, and August 2. Be sure to catch the house House Band at the Elmhurst Historical Museum  6 to 7pm on Thursday, July 18 and Thursday, August 13.

GreenFest

Family fun, like home-made paper making and learning about tracking, and education about environmentally-safe practices, workshops and vendors with speakers and vendors at this year’s GreenFest. Participants include the new Elmhurst Wellness Team, The Conservation Foundation, Cool Cities, SCARCE, and Working Bikes. Recycling drop off. Sat Aug 10 10-3. Wilder Park.

Taste of Elmhurst

Get your fresh produce and other yummy treats at York & Valette Farmer’s Market on Wednesdays between 7am and 1pm.

Don’t miss the last 2 of Cafe Amano’s Chef Marco Wilder Mansion Culinary Series on Wednesday July 17 (Parisian Delights) and August 21 (The Islands of Greece).

Fun at Brookfield Zoo for Kids … and Adults, Too!

Catch popular children’s musician Ralph’s World and with opening band the Rockasaurus Rex at 1pm on Sunday, July 28 at Brookfield Zoo.

And for some grown-up time at the zoo, sample over 40 beers at the Zoo Brew beer-tasting. August 10 and 11 all day.

Get into Nature

Check out David Rogers’ Big Bugs exhibit at the Morton Arboretum. Giant bugs made from all natural materials, including trees and roots. Free with admission to the arboretum.

Walk the park with nature experts and learn about the different eco systems in our area at the Wednesday Night Sunset Walks at Eldridge Park.

Share Your News!

Have some events you’d like listed in next month’s View from 101 York? Contact debcasey@mac.com with details.

Don’t miss news on Elmhurst and surrounding suburbs! Subscribe to this blog today. Check out LW Reedy’s Community Links for Elmhurst and surrounding area websites. Follow us on Facebook for more Elmhurst news.

 

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MLS Monday

New listings in Elmhurst have increased this year by over four percent. Although inventory is down overall, areas such as Elmhurst are still experiencing significant real estate growth.

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