pinnacle team december 2009 newsletter

8/14/2019 Pinnacle Team December 2009 Newsletter

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We hope you all areenjoying the holidayseason with your friendsand families.

Thank you again for yoursupport. We wish a veryhealthy and prosperousyear ahead.

Please reach out to us withany real estate needs youmay have.

Ryan, Sarah & Nadine

Hi Friends,

As we wrap up 2009, wewant to thank all of your foryour support, your

business, and yourcontinued interest. We arefortunate to be surroundedby great clients, colleaguesand partners.

Despite the state of theeconomy, we havecontinued to help ourclients maximize their

potential in this market.Business is great for ourteam, and we owe it toeach and every person wework for and with.

We have some excitingthings in store for 2010,including a team expansionand some great newlistings on the horizon.Stay tuned next month formore details!

Mortgage rates are at alltime lows, and now is agreat time to considerrefinancing. Refinancingallows borrowers to lock ina lower rate and/orrefinance from an ARM(adjustable rate mortgage)to a fixed rate.

Below are some refinance

topics that may be helpful: There are programs

available that allowborrowers to refinanceeven if the mortgageamount is higher thanthe value of theproperty.

Borrowers whooriginally put down20% and do not havemortgage insurance

may be able torefinance withoutmortgage insuranceeven if the propertyvalue decreased.

Current FHA borrowersmay have the ability torefinance without anappraisal and reduceddocumentation.

When a borrowerrefinances theytypically have theoption to pay closingcosts and get thelowest rate or torefinance with noclosing costs at aslightly higher rate. Thekey is to determine thebreakeven point andhow long you plan onkeeping the mortgage.

The Fed has alreadyspent $1 trillion of the$1.25 trillion theycommitted to buymortgage backedsecurities to keep rateslow. I expect rates toincrease fast once theFed spends theremaining $0.25 trillionso act now before the

low rates are gone forgood.

Happy Holidays

I n s id eth isissu e :

A Great Timeto Refinance

1

Recipe: PecanBalls withPowderedSugar

2

Restaurant:Publican

2

Tips on

WinterizingYour Home

3

Year-End TaxPlanning

4

Pinnacle TeamListings

5

A Great Time to Refinance

Pinnacle Team NewsletterD e c e m b e r 2 0 0 9

S

Todd Johnson

VP of Mortgage Lending

Guaranteed Rate

[email protected]



P a g e 2

order to try a variety ofdifferent dishes. Everythinghere is amazing, from theseafood, to the pork to the

chicken to the desserts.

The wait staff is helpful atwalking you through thediverse menu and ensuringthat you’ve ordered the rightamount of food for the table.

You can expect to pay about$50+/person, includingalcohol. Reservations are amust as this is a new hotspot. You will not be

disappointed!

The neighborhood: FultonRiver District. Its boundariesare officially, Ohio to theNorth, Madison to the South,Kennedy Expressway to theWest, and the Chicago River

to the East. It is a beautiful,quaint urban community thatis both family friendly andgreat for singles as well.

You are surrounded bypublic transportation—thebus, El, and Metra. You arealso a quick walk to manydowntown hot spots.

Housing is comprised ofmostly condos andtownhomes. There arecurrently about 62 condoson the market priced from$229k to $699k with amedian price of $400k.

845 W. Fulton Market www.thepublicanrestaurant.com

This new Fulton RiverDistrict restaurant is a mustand the perfect place to dineduring the holidays.

Brought to you by the teamto started Blackbird andavec, Publican brings you“simple farmhouse fare in aspace evocative of aEuropean beer hall.”

The menu changes often, soyou’re sure to enjoy thefreshest ingredients increatively prepared dishes.They are well-known for

their wide variety of beerselections, with 100 bottlesto choose from and 12 ontap.

The food is served family-style, so I suggest diningwith 4 people or more in

Publican

Erin McGiffert, Lakeview

1/2 cup butter2 tbsp. sugar1/2 cup chopped pecans1/2 tsp. vanilla1 cup flour

Cream butter and sugar. Add pecans, vanilla, and flour. Form into small balls. Bakeat 350 for 8 to 10 minutes. Don't brown. Let cool and then roll in powdered sugar.

Pecan Balls with Powdered Sugar



P a g e 3

Tips on Winterizing Your HomeFurnace Inspection

Call an HVAC professional to inspectyour furnace and clean ducts.

Change furnace filters monthly.

Consider switching out your thermostatfor a programmable thermostat.

If your home is heated by a hot-waterradiator, bleed the valves by openingthem slightly and when water appears,close them.

Get the Fireplace Ready

Cap or screen the top of the chimney tokeep out rodents and birds.

If the chimney hasn't been cleaned for awhile, call a chimney sweep to removesoot and creosote.

Buy firewood or chop wood. Store it in adry place away from the exterior of yourhome.

Inspect the fireplace damper for properopening and closing.

Check the Exterior, Doors and Windows

Inspect exterior for crevice cracks and

exposed entry points around pipes; sealthem.

Use weatherstripping around doors toprevent cold air from entering the homeand caulk windows.

If your home has a basement, considerprotecting its window wells by coveringthem with plastic shields.

Switch out summer screens with glassreplacements from storage. If you havestorm windows, install them.

Reverse Ceiling Fans

Reverse the direction of your ceiling fan(to turn clockwise). By reversing, the fanwill push warm air downward.

Inspect Roof, Gutters & Downspouts

Check flashing to ensure water cannotenter the home.

Replace worn roof shingles or tiles.

Clean out the gutters and use a hose tospray water down the downspouts toclear away debris.

Service Weather-Specific Equipment

Drain gas from lawnmowers.

Service or tune-up snow blowers.

Replace worn rakes and snow shovels.

Clean, dry and store summer gardeningequipment.

Sharpen ice choppers and buy bags of

ice-melt / sand.

Check Foundations

Rake away all debris and ediblevegetation from the foundation.

Seal up entry points to keep smallanimals from crawling under the house.

Tuckpoint or seal foundation cracks.



P a g e 4

Year-End Tax Planning

What is year-end tax planning?

Year-end tax planning and investment decisionsmay result in substantial tax savings. Year-end tax

planning primarily concerns the timing and themethod by which you report your income and claimyour deductions and credits.

The basic strategy for year-end planning is to timeyour recognition of income so that it will be taxed ata lower rate and to time your deductible expensesso that they may be claimed in tax years when youare in a higher tax bracket. In a nutshell, focus onthe following:

Financial investments

Pay attention to the changes in the capitalgains tax rates for individuals and try tosell only assets held for more than 12 months.

Consider selling stock if you have capitallosses this year that you need to offset withcapital gain income.

If you plan to sell some of your investmentthis year, consider selling the investments thatproduce the smallest gain.

Personal residence and other real estate

Make your early January mortgage payment(i.e., payment due no later than January 15 ofnext year) in December so that you can deductthe interest paid in the current year.

If you want to sell your principal residence,make sure you qualify to exclude all or part ofthe capital gain from the sale from federalincome tax. If you meet the requirements, youcan exclude up to $250,000 ($500,000 formarried couples filing jointly).

Generally, you can exclude the gain only if youused the home as your principal residence forat least two out of the five years preceding thesale. In addition, you can generally use thisexemption only once every two years.

However, even if you don't meet these tests,you may still be able to qualify for a reducedexclusion if you meet the relevant conditions.

Consider structuring the sale of investmentproperty as an installment sale in order to defergains to later years.

Maximize the tax benefits you derive from yousecond home by modifying your personal usethe property in accordance with applicable taxguidelines.

Retirement contributions

Make the maximum deductible contribution toyour IRA. Try to avoid premature IRA payoutsto avoid the 10 percent early withdrawal pena(unless you meet an exception).

Contribute the full amount to a spousal IRA, ifpossible. If you meet all of the requirements,you may be able to deduct annual contributioof $5,000 to your traditional IRA and $5,000 toyour spouse's IRA. You may be able tocontribute and deduct more if you're at leastage 50.

Set up a retirement plan for yourself, if you ara self-employed taxpayer.

Set up an IRA for each of your children whohave earned income.

Minimize the income tax on Social Securitybenefits by lowering your income below theapplicable threshold.

Charitable donations

Make a charitable donation (cash or even oldclothes) before the end of the year. Remembeto keep all of your receipts from the recipient

charity for all donations.

Use appreciated stock rather than cash whencontributing to charities. This may help youavoid income tax on the built-in gain in thestock, while at the same time maximizing youcharitable deduction.

Use a credit card to make contributions in ordto ensure that they can be deducted in thecurrent year.

S

Christopher Davidson, CRPC®

Financial Advisor

Ameriprise Financial

[email protected]



P a g e 5

Pinnacle Team Listings

Price Reduction! 1048 W. Byron, G -$264,900Very high garden unit in hot Wrigleyville!Features grade level separate entrance onfront and rear. This 2 bed, 1.5 bath condo iswell maintained and has been nicely updated.Large rooms. Master bedroom featuresprivate half-bath. PARKING INCLUDED!Unbelievable outdoor space for entertaining.Walking distance to train, restaurants andbars, Lake Michigan, this location is primo.Priced to sell! http://tours5.vht.com/Viewer/ PhotoGallery.aspx?ListingID=1208710&Style=IDX

Price Reduction! 6157 N. Sheridan, #18K -

$145,000Gorgeous 1 bed, 1 bath condo on LakeMichigan, north of downtown Chicago.Desirable floor plan w/ generous room sizes &panoramic lake views from the bedroom &living room. Freshly painted, new blinds & oakflooring thru-out. Updated kitchen with newmaple oak cabs, countertops, apps. Seperatedining area. Updated bathroom with marbletiles, new sink and toilet. 24/7 doorman,parking available, sundeck. Steps away fromtransportation! http://tours5.vht.com/API/ T1208540 Price Reduction! 450 E. Waterside #1610 -$455,000 + $40,000 for parkingViews, finishes, amenities, this condo has itall. Located in the luxurious Chandler, this 1bedroom + den, 1.1 bath home has almost1150 sq ft of living space and beautiful viewsof the Chicago River, Lake Michigan, NavyPier, and the City. This practically newbuilding features two rooftop patios and anindoor pool with breathtaking views and afitness center, rooftop hot tub, doorman andbusiness center. The condo featureseverything you would expect, including granitecounters, hardwood throughout, a luxuriousbathroom retreat, and two walk in closets inthe master. Don’t miss this opportunity! http:// tours5.vht.com/Viewer/PhotoGallery.aspx?ListingID=1208710&Style=API

1528 W Jonquil, D3 - $283,000This amazing 2 bed/2 bath condo is just unde1500 Square feet. Built in 2005, this 6 unitbuilding is on a beautiful tree-lined street onChicago's northern edge. Just steps from thebeach, the red/purple line, Evanston, andJarvis Square, this Rogers Park find is one othe best deals in Chicago! Featuringhardwood floors throughout, cherry cabinets,and garage parking - this condo is ready for inew owner! FHA Financing Available! http:// tours5.vht.com/Viewer/PhotoGallery.aspx?ListingID=1174724&Style=IDX

Price Reduction! 6400 N Sacramento, 3Units - $114,900 - $174,900These wonderfully finished 1 & 2 bedroom, 1

& 2 bath condos offer luxury and affordabilityThe intimate 16 unit building offers parkingincluded in the price, storage, and an elevatoEach condo is finished standard with doubleovens, marble baths, Kohler fixtures, granitecounters, central heat & air, oak floors, 42”cabinets, and Jacuzzi tub. Exceptional valueFHA and VA Approved!http://tours5.vht.com/Viewer/ PhotoGallery.aspx?ListingID=1184844&Style=IDX

For our commercial investors, we also have a

storefront for sale:

3008 W. Devon - $224,900

pinnacle team december 2009 newsletter

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