NFL, HBA Help Build Home For Wounded Vet at Newport Cove

NFL great Reggie Smith with
 Newport Cove team members John and Chris

Sometime next year a wounded warrior from the Chicago metropolitan area will get the keys to a new home, thanks to a team of local organizations and individuals.

The Chicago NFL Players Association, the Chicago area home builders associations, an anonymous donor, the Newport Cove community in Lake County and an architectural school have joined together to create a home for a military veteran wounded in Afghanistan or Iraq.

“We want to give back,” said Reggie Smith, retired linebacker and president of the NFLPA’s Chicago chapter, in making the announcement today, Veterans Day. “It’s our way of thanking the men and women who put their lives on the line for our country.”

The home, a LIFEhouse™ featuring universal design principles, will be located in Newport Cove, a waterfront community on the Chain O’ Lakes near Antioch. “It’s a lovely setting,” said Rita Unzner, executive officer of the Home Builders Association of Greater Chicago. “The house is being designed to accommodate the special needs of the wounded veteran. It will not only be functional, but also beautiful, a place where the vet and his – or her – family can heal and grow.”

“We hope it will be the first of several homes our groups create,” she said.

She added that many members of the three Chicago area home builders associations (HBAGC, Northern Illinois HBA and Fox Valley HBA) will be providing products and labor for the venture.

“The wounded veteran recipient will be chosen from recommendations by local veterans associations, VA hospitals and communities,” Unzner said.

New American Homes, the developer of Newport Cove, will construct the house. “The home building industry has been suffering in this economy,” said Susanne Tauke, company president. “This is a way of turning lemons into lemonade. Thanks to a very generous donation of seed money and partners like the NFLPA and home builders groups, we are able to work together to create something that will be a wonderful gift for a wounded veteran.”

Newport Cove, an award-winning planned community of 67 homes located on 42 waterfront acres along Bluff Lake on the Chain O’ Lakes, includes a private 100-slip marina and eight-acre waterfront park.

Tauke’s company has some experience in creating universally designed homes. Two years ago New American Homes teamed up with the Department of Architecture, State University of New York at Buffalo, to create the first LIFEhouse™, a home exemplifying universal design standards. The university is internationally renowned for its IDEA Center (Center for Inclusive Design and Environmental Research) and its pioneering work in accessibility and universal design.

The LIFEhouse™, located at Newport Cove and open for viewing, is a 1,992-square-foot ranch home with three or four bedrooms and three baths plus a full lower level. It has received several awards and been featured at the American Institute of Architects 2011 National Convention, the National Endowment for the Arts/American Institute of Architects 2010 Diversity Leadership Meeting and the Harvard University Graduate School of Design’s 2011 Social Change lecture series.

The wounded warrior home will be another LIFEhouse™.

This is the second project in which the local NFLPA and builders associations have worked together. Last spring they joined to help renovate Chicago’s AMI Kids, an alternative school for troubled children.

“Our home builders want to use their skills to do something valuable for the communities we live and work in,” said Unzner. “We hope to encourage people to join with us to build many projects like this wounded veteran house.” Asked what is needed to complete the home, she mentioned cabinets, plumbing fixtures and carpeting, among other products, then pointed at the Newport Cove marina and said, smiling, “We’d also love to find someone to donate fishing poles – or a boat!”

Housing Shows Strength With Summer Activity

Housing starts made a big jump in June, reports the Department of Housing and Urban Development, reflecting increasing consumer interest in residential real estate in a time of record-low interest rates.

The recently-released HUD statistics covered the month of June. Nationwide, starts were up a hefty 14.6% from May. In the Midwest, the numbers were even better, as starts increased by 25.3%.

Brian Wesbury, chief economist for First Trust Bank right here in Illinois, said the month was "the beginning of a recovery in housing" that "will last for many years in the future."

Even better, national starts beat the consensus expectation of economists by nearly 10%, showing that the momentum behind the activity is building.

"Today's numbers are an encouraging sign that builders are responding to improving consumer interest in new homes and apartments by gradually replenishing their extremely thin inventories in places where demand is evident," said NAHB Chairman Bob Nielsen.

Remember, Newport Cove is offering 10-year hybrid ARM loans, with the chance to lock in your first two years at just 2.5%. As consumers return to housing, prices will rise, so now is the time to make sure you get the most bang for your monthly payment buck.

Today's Luxury Home: Smarter, Smaller, More High-Style

Today’s luxury homes are not necessarily bigger. They’re just better. While the size of American homes is declining, the amenities buyers expect are increasing.

It’s all about life style. Buyers want more than just four walls. They want fun, fitness, security, technology and maybe, as in the case of a development like Newport Cove on the Chain O’ Lakes near Antioch, a place to park their boat.

According to the National Association of Home Builders, the average size of new single-family homes completed in 2010 shrunk, measuring an average of 2,377 square feet, down about three percent from 2009. By 2015, the association expects the average home size to be 2,152 square feet. After expanding for nearly three decade, the average size peaked at 2,521 square feet in 2007.

So, if the McMasion is “over,” what’s in?

Let’s start with technology. Home technology systems for internet, entertainment, security, monitoring heating and cooling system, and appliances are part of any new luxury home. Ovens that “think” and refrigerators that keep track of grocery needs can be part of the equation.

Energy efficiency is in. Foam insulation, high-efficiency furnaces and appliances, LED bulbs and low-E glass insure a comfortable home with low energy bills.

Security is important. State-of-the-art home security systems are popular. Many luxury buyers want to know their home will operate “off” the grid, so they are installing whole-house generators.

Universal design is another hot button. Features such as elevators, extra wide passageways and large showers ensure that the buyer can live in his or her home for a longer period of time.

Fitness is part of a luxury lifestyle, so expect today’s upscale home to have a spa bath, exercise facilities, a sauna or steam room.

And don’t forget fun – a media area or game room is de rigueur in the new luxury home.

There also are more places for food. Besides the kitchen, there may be a mini refrigerator and built-in espresso machine in the master bedroom, an outdoor kitchen or a fully equipped bar (with refrigeration and microwave) in the recreational area.

Finally, the new luxury home is more likely to be in a community planned around a golf course, a marina or even a race car track.

Newport Cove, a luxury planned community near Antioch, is centered around a lakefront life style. The 42-acre community will eventually be home to 67 upscale residences. Forty percent of the site is open space, including a private eight-acre waterfront park extending along the community’s 1,800 feet of lakefront.

Newport Cove has a private marina with more than 100 slips on Bluff Lake, part of the Chain O’ Lakes. With some 7,100 acres of water, 15 lakes and 45 miles of river, this "Key West of the Midwest" accommodates activities for every water-lover: boating, swimming, tubing, waterskiing, fishing, even hunting. Chicagoland's playground for more than a century (it is about an hour's drive from the big city), the Chain boasts two State Parks as well as many great boat-in (or drive-to) restaurants and “hot spots”. Newport Cove’s marina is a stone’s “skip” from several.

Award-winning builder New American Homes is building luxury semi-custom and custom homes in the community. Newport Cove offers three distinct “neighborhoods”: the Waterfront (21 waterfront sites reserved for custom homes with 2,500 to 4,200 feet above grade and all with walk-out basements), the Estates (15 custom homes sized from 2,200 to 3,500 square feet) and the Cottages (31 smaller homes, 1,600 to 2,300 square feet in a carefree enclave where the grass is mowed, landscape pruned, sidewalks shoveled and driveways plowed).

All Newport Cove homes have the same coastal-style look: siding, shingles and stone exteriors with white trim and cottage style landscaping. Prices start at $290,000 and go to about $1 million.

Models are open noon to 4:30 p.m. Saturdays and Sundays or by appointment.

LIFEhouse Highlights Advantages of Universal Design

In our last post, we described some of the more common ways in which many Americans face daily physical difficulties. Now we’ll show you a few of the aspects of Universal Design that can make home living much easier for millions of people. Newport Cove’s LIFEhouse, located on our waterfront development on the Chain O' Lakes and currently open for public viewing, contains dozens of features like these:

Kitchen offers many lighting levels



- Multiple layers of light, especially in active areas like the kitchen. This means that, in addition to overhead lighting, there are lights under cabinets, shelves, etc., giving those with low vision better ability to see what they’re doing. The LIFEhouse has seven different kinds of lighting in its kitchen.

Stair tread color varies



- Another improvement on the visual aspect of a home, this time with regard to safety, is a combination of simple, common-sense improvements to stairways. Falling down the stairs is the most frequent household accident, and can be extremely dangerous. To help prevent falls, the undersides of stairway railings are equipped with small lights which are activated by motion sensors any time a person approaches. Additionally, the stair treads themselves are colored in two alternating tones, making it easier to distinguish each edge.

- What if going up or down stairs at all becomes difficult? The natural response for most people would be, “Install an elevator.” The LIFEhouse already has one.  But, elevators are expensive, and most houses aren’t built with the potential for such a major renovation in mind. Good planning solves that problem: When designing a home, stack closets on each floor directly above and below one another, so that a natural space for an elevator shaft already exists. Then, should the need arise, a system can be installed with little change to the structure of the building itself.

- Rather than installing traditional round doorknobs, levers are used instead, allowing those with muscle weakness, arthritis or a physically damaged hand to easily open doors.

- Wiring for audio systems that better distribute the sounds made by electronic equipment are built in for those with hearing difficulties.

Those are just a few of the ideas that go into Universal Design, turning a home into something that works with its owner. Visit the LIFEhouse at Newport Cove to see more. It is open noon to 4:30 p.m. Saturdays and Sundays or by appointment. Call 847.726.2727.

Universal Design House Makes Life Easier

Most houses are built for people who are healthy, people with good vision, great hearing and four working limbs. But how many of us in the course of our lives experience some sort of physical problem – a broken leg, bad eyesight or worse? A new trend in home building is addressing these issues, working to create homes that serve a greater number of people for a longer period of time. Architects have labeled this sort of planning Universal Design.


LIFEhouse kitchen and hearth room

Newport Cove recently opened a home that is an example of Universal Design. The Newport Cove LIFEhouse offers a number of features which make a house more livable, yet do not detract from a pleasant, homelike environment.  The LIFEhouse is a collaboration between custom builder New American Homes and the Center for Inclusive Design and Environmental Access (IDeA Center), University at Buffalo - State University of New York.

When people think of living in “accessible” housing, images of wheelchairs and false limbs come to mind. But many of us suffer from physical impairments that are not as obvious. According to research that went into the Americans with Disabilities Act, several of the most common impairments are things that affect everyday life, even though they have little to no outward signs. Here are a few examples:

- Bad vision, 2.8 percent of all ADA claims: At times this can mean nothing more than slightly blurry vision that's easily corrected with glasses or contacts. But it can also mean poor peripheral vision, or a limited ability to see anything that's dimly lit.

- Hearing impairment, 3 percent of all ADA claims: In addition to complete deafness, reduced hearing or imbalanced hearing, when one ear performs better than the other, is a problem for millions.

- Back/spinal injury, 19.1 percent of ADA claims: While paralysis is included in this category, so are many non-paralyzing injuries, including damage to the muscles of the back.

In our next post, we'll show you some of the ways that Universal Design will revolutionize the way you live in your home.







Warren Buffett Bets on Housing Rebound

Famed investor Warren Buffett is betting on housing... literally.

Perhaps replaying a scene from a classic movie, the Berkshire Hathaway CEO has made a Trading-Places-esque $1 bet with former Office of Management and Budget director Peter Orszag that unemployment will fall below 8 percent before the next presidential election due to a strong housing rebound that will breathe life—and jobs—into the economy.

Buffett emphasized that while his bet rests on the job market, the true key is real estate. "I've got a bet with [Orszag about unemployment]," he said. "But... that's because I think housing will come back before that. If I'm wrong about housing, I lose the bet."

Buffett elaborated on Friday, telling Bloomberg Television that "he sees nothing that indicates any kind of double dip," adding that he believes the real estate recovery "could begin relatively soon."

Don't miss out on your chance to bet with Buffett. Mortgage rates are at all-time lows at Newport Cove, and the only way to avoid losing a lot more than Peter Orszag's dollar is to lock in those rates now.

HUD Secretary Says Bubble Is Over

Not only does the Secretary of Housing and Urban Development believe that it's “very unlikely” that there will be any more significant drops in housing prices, he also told CNN on Sunday that the recovery in housing prices could begin as early as the end of the summer.



With Newport Cove's special financing,
this Stillwater model initially costs less than 
$1,400 per month for principal and interest
on an 80 percent loan.

Additionally, Secretary Shaun Donovan noted that home sales have increased over six of the past nine months, and that the number of homeowners in default is declining, suggesting that the popping of the bubble has bottomed out.

“In the long run, it’s a good time to become a homeowner because it’s so affordable today, compared to where it’s been for generations,” said Donovan.

He’s right, and nothing’s more affordable than Newport Cove’s 10-yer hybrid ARM loan, with the first two years locked in at a ridiculous 2.5 percent interest, and the next eight locked in at under 4.5 percent interest. There's no better time to take advantage of ultra-low mortgage rates. Make sure you've put yours into writing before it's too late.

Blarney Island, An Entertainment Destination On The Chain O' Lakes

Feel like a party?  There always seems to be one at Blarney's. . .

Located in the middle of Grass Lake in Illinois’ famous Chain O' Lakes, Blarney Island is one of the few bars in the country that’s only accessible by boat. (A sister bar, Port of Blarney, is on the “mainland” for those who prefer to stay on solid ground. A shuttle runs from the "port" to the "island".) Once a small operation known best for the women’s underwear hanging from its rafters, Blarney Island has grown into a prime party destination, earning its nickname, “Key West of the Midwest.”

Legend has it that the island itself was wagered in a poker game a century ago, when Jack O’Connor won it from “Shorty” Shobin. At the time the land wasn’t even an island, but the construction of the Stratton Dam flooded the surrounding area in 1939. Since then, ownership has changed a number of times, and the bar that sits atop the island has grown with the popularity of the Chain.

Today, the bar runs a regular shuttle service between the island and Port of Blarney, ferrying revelers to frequent live concerts, bikini contests and themed events. The bar also hosts weekly boat races in the summer, with a “regular season” that culminates in the top four boats racing at the end of August.

Blarney Island, is just a 10-minute boat ride away from Newport Cove's planned community and its 67 homes, 100-slip marina and eight-acre waterfront park.  If boating, water skiing, gardening, barbecuing and fishing doesn't complete your summer fun at Newport Cove, Blarney Island provides plenty of convenient entertainment.

A few photos of recent events:

Time To Own, Not Rent

Does the state of the housing market make it smarter to rent than to buy?

In a word, no. In three words, not at all. In fact, as the financial crisis has played out, the costs of buying have dropped dramatically, while the costs of renting have surged as demand for rental units has exploded. According to the New York Times, if you plan to live in the same place for at least six years, your average savings if you buy instead of rent will be over $10,000. That’s nearly $2,000 per year. In fact, even if you own a home for just four years, you save money:

Don’t want to use a national average? No problem. Trulia, an online hub for real estate information, has gathered plenty of data on the total costs of renting versus owning. And the results for the Chicago metropolitan area put it in the green for choosing to buy a home over renting a residence:

The numbers are clear—if you want the most bang for your buck, it’s time to buy low. And few properties offer the chance to get in on premier waterfront housing like Newport Cove, where owning land on Illinois’ “Chain’o’Lakes” provides some of the best upside potential in the country.

A 2.5% Mortgage? Read On. . .

In a post-bubble world, buying a home may not seem like the easy decision it once was, but that doesn’t mean that it isn’t the right one.

After falling for several years, national inflation-adjusted housing prices are now back to where they were in 1999, before the bubble was inflated. And according to the FNC Residential Price Index, homes in the greater Chicago area have just experienced their first consecutive months of roughly 2% gains in value since peaking in June of 2007. Now that the market has corrected, smart buyers are taking advantage of great deals before prices resume the steady growth that was the hallmark of pre-bubble housing, and they’re doing it when the cost of a mortgage has never been lower.

Thanks to government efforts to rejuvenate the economy, interest rates that are hovering near all-time lows. The extraordinary measures that are forcing rates down are creating a once-in-a-lifetime opportunity to pay less for your mortgage than at any other time in decades:

If rates only return to their post-WWII average, buyers who wait will have missed out on the opportunity to cut their interest payments in half. Over the life of a mortgage, those savings add up to tens of thousands of dollars—dollars that could allow you to afford the home of your dreams if you act now.

There’s no better way to take advantage of today’s circumstances than with Newport Cove’s 10-year hybrid ARM loan. Interest for the first two years is locked in at an incredibly low 2.5%, and for the first ten years, it can never go higher than 4.5%. It may be decades before rates are this low again. Don’t miss out on the chance to take advantage of them for years to come.

Test Drive a Dream Boat

Picture this: a lake, an open boat, a full-throttle ride. You can be in this picture Saturday, June 11, when Cobalt Boats hosts a demo day at Newport Cove’s private marina, located on Bluff Lake on the Chain O’ Lakes near Antioch, IL. This is your chance to test drive some of the best power boats on the water.

Sponsored by Gordy’s Boats and Newport Cove, the event will allow prospective buyers (or dreamers) to get behind the wheel of a new 2011 Cobalt boat, such as the 23-foot 232 and 24-foot 242 bowriders, and go for a cruise on Bluff Lake. Rides will be on a first-come, first-served basis from noon to 4 p.m.

Gordy’s Boats, headquartered in Lake Geneva, WI and with a Chain O’ Lakes location in Fox Lake, IL, is Chicagoland’s only Cobalt dealer. For eight straight years, the J. D. Powers’ customer survey has ranked Cobalt’s day boats as the best of their category. “That’s a pretty strong standing,” said Tom Whowell, whose grandfather Gordy founded the family-owned boat dealership in 1955.

The Cobalt company is located in the small town of Neodesha, KS. A crew of experienced builders handcraft the limited-production boats. “We’ve had customers go down to watch their boats being built, and they always are floored by Cobalt’s attention to detail,” said Whowell. Although Cobalt makes everything from 20-foot ski boats to luxury yachts, the company is best known for its runabouts and bowriders.

Gordy’s Chain O’ Lakes showroom is located at 36 South Route 12 in Fox Lake. Both it and the Lake Geneva showroom have waterfront locations. “Visit one of our showrooms, and we can have you behind the wheel and on the water in five minutes,” said Whowell.

Newport Cove is a 42-acre, 67-home waterfront community. It features upscale coastal-style homes, an open landscape planted with trees and prairie flowers, an eight-acre waterfront park, 1,800 feet of shoreline and a 100-slip private marina. Award-winning builder New American Homes is offering its Newport Cove residences at prices ranging from $325,000 to more than $1 million.

Newport Cove is located at Bluff Lake and Elime Roads in Antioch. For further information call 847.726.2727.

The 10-Year Hybrid ARM Makes Sense!

Question: Do you want to buy a house?

Did you answer, YES?

Then, ask yourself these questions: Has your job required a transfer in the past 10 years? Are you buying a starter home? Are you single, but planning to someday get married and have children? Do you plan to retire in the next 10 years? Are you having trouble qualifying for a fixed rate mortgage? Do you expect to move in the next decade? Do you need a jumbo mortgage? Do you believe the country will have significant inflation in the next decade?

If your answer to one or more of these questions also is in the affirmative, you may be a candidate for a “hybrid” adjustable rate mortgage. At Newport Cove, we think the 10-year hybrid ARM is a great financing vehicle. And, be assured, it is not the same old ARM your father warned you about!

Often when Americans move, they think they will stay in their new home “forever.” This is rarely the case. People move because of job changes, retirement, changes in family size, marital status and economic situation. The typical length of home ownership in the U.S. is about five to seven years.

As the length of the mortgage term goes up, so goes the rate of the mortgage. Thus, a 30-year-fixed mortgage is more expensive than a 15-year, and 15-year mortgage more expensive than a five-year. If you know you will be in your home for less than 10 years (or even 12), you are wasting money if you take on a 30-year mortgage.

A hybrid 10-year ARM offers a fixed rate for 10 years, and then an adjustable rate for the next 20. For those who are quite certain that a move is in their future, this mortgage can be just the ticket. For 10 years they will enjoy a much lower monthly payment. If they are still in their home in the 11th year, the mortgage rate will adjust then and every year thereafter, according to the terms agreed to at the beginning of the loan.

Lenders have much more leeway in pricing ARM mortgages versus fixed-rate mortgages. If you decide on an ARM loan, you will find that rates can vary significantly – in some cases, almost two points – from one institution to another. (You will not see this much variance in 30-year fixed rates). In other words, if you are looking at an ARM, it pays to shop!!

At Newport Cove, we are offering special financing on 10-year ARMs for our existing spec homes. For the first two years, qualified buyers will pay a rate of 2.5 percent. The most they will pay in that 10-year period is 4.5 percent. (This program assumes a downpayment of 80 percent. For those who want 90 percent mortgages, Newport Cove can purchase other special financing programs from our lenders.) Thus, for two years, a buyer could be living in our beautiful Highmeadow model home, at right, for a principal and interest payment of just $1,249 per month. And, in the first 10 years, the largest monthly payment the buyer would face would be $1,602 per month. (The sales price of this home is $395,000.)

The hybrid ARM is an interesting alternative to normal fixed rate mortgages. Whenever you borrow, you take on risk. Savvy borrowers decide what risk works best for them in their own unique situation.

The Home Of Her Dreams

The concept of home is a powerful one. The home of your dreams can come true, wherever those dreams lead you, be it a new home at Newport Cove, our waterfront property on the Chain O' Lakes, or a former house you could never quite forget.  This is a touching story of a woman who reclaimed her home. It took years, but she did come home again. . .

Benjamin Moore "Affinity" Color: A Shade of Genius

Hve you ever spent hours trying to coordinate point colors?  We have!  But now, Benjami Moore has come up with a great idea: the Affinity Color Collectives.  It is a sophisticated palette of 144 harmonius hues. Every color in this full rainbow of colors, harmonizes with every other color. So, you can paintthe kitchen "terra bella" and the dining room"seedling" and the master bedroom "serenata" and know that they won't clash.  Very cool.  Creative genius at work!

Many of the colors would look great in a cottage or coastal-style home, like the ones we are building at Newport Cove, our waterfront development overlooking Bluff Lake, one of the lakes in the Chain O' Lakes.  Newport Cove combines a vacation lifestyle - boating, fishing, water sports - with a year-round or weekend home - your choice!

A Home For All Ages

New American Homes’ LIFEhouse™, opening soon in our waterfront development on the Chain O’ Lakes, is a home for the ages. Designed to be especially safe for those under six, over 60 and everywhere in between, the LIFEhouse™ offers features that make everyday living a little easier and accommodate more people for a longer time. We call it “a home for ALL of your life.”

A few photos illustrate what we mean:

The exterior of the LIFEhouse™ is a charming cottage. Tucked into the landscape and front porch design is an inobtrustive bricked ramp, ready to accommodate those who might have issues with steps. Another plus is that the ramp makes moving things in and out of the house easier. (The front door is 42 inches wide; there is no “step up” at this door.)

The kitchen is a contemporary, trendy design, yet it can be completely accessible. Note the easy-access appliances -  the dishwasher, oven, refrigerator (as well as the microwave and warming drawer) are all within reach whether a person is sitting or standing.  The space is exceptionally well-lit with over-cabinet, under-cabinet, ceiling, pendant and natural lighting.

The tech center, tucked into a hallway, is a great space for paying bills or playing computer games.  It's an ideal spot for adults and children - away from the hustle and bustle, but in sight of the main living areas.

In a secondary bath, two vanity levels make life easier for children and adults, standing or sitting.  A "spa" bench next to the vanity is set across from the shower, so one can sit there to meditate or dry off!

Built in collaboration with the Center for Inclusive Design and Environmental Access (IDEA Center) at the State University of New York, the LIFEhouse™ is a living laboratory of a safer home that is more user-friendly to a wider range of people.

It makes sense to design “accessibility” into every home, but – too often – this means an institutional feel. The goal of the LIFEhouse™ is to provide an attractive, quiet, upbeat, yet easier-to-live-in home.

Some Colors Sell

If you want to change your lifestyle (maybe move to a boating community like Newport Cove, on the Chain O' Lakes near Antioch, IL), you may need to sell the house you live in now.  Sales experts know that a fresh coat of paint and the right colors help sell a home.  According to an industry survey, the right paint job can sell your home faster and for a better price (more than the cost of the paint, if you do it yourself).  And, no, you should NOT paint the walls white. . .

We Have What Consumers Want

What do consumers want in a new home?

According to a recent survey by Better Homes and Gardens, high-efficiency heating and cooling systems top the list of features consumers say they would like in their next home, with 89 percent of those polled making this a priority. Eighty-five percent want high-efficiency appliances; 84 percent, a deck or patio; 79 percent, a private backyard, and 78 percent desire nicer finishes, everything from wood flooring to granite countertops and fancy trim.

When it comes to living spaces, 81 percent want a separate laundry room; 79 percent, extra storage through dedicated storage spaces, larger closets or built-ins; 67 percent, a home office space or tech center, 67 percent, an outdoor living area; 65 percent, at least one additional bedroom with a private bath, and 64 percent wish for an everyday eating area close to the kitchen.

Although the size of the average new American home has been declining, four out of 10 consumers indicate that, should they purchase a new home, they want it to be slightly larger, not smaller. The median-sized home these buyers are looking for is 1,914 square feet, about 50 feet larger than the median size of their current homes. The average new American home built in 2010 was 2,377 square feet, compared to 2,438 in 2009.

The Cottages at Newport Cove, offered at our waterfront community on the Chain O’ Lakes near Antioch, IL, are on target with these consumer desires. Sized from 1,625 to 2,300 square feet, the coastal-styled Cottages have high-efficiency heating/cooling systems and appliances, decks or patios, small backyards and top-notch fnishes  (basements with nine-foot ceilings, concrete fiber siding, Pella windows, eight-foot-tall interior doors, standard oak flooring, upgraded kitchens and more). All Cottages come with laundry rooms, plenty of storage, tech centers (see photo), guest suites, plus eat-in kitchens. And, all have first-floor master suites – two of the floorplans are ranch style and two are story-and-a-half homes.

Housing's Short Sale "Game" - Sham or Opportunity?

Is the listing price of a home always the price? Not if it’s a “short sale” situation.

A new sales strategy, born of the short sale phenomenon, has been rocking the real estate industry, creating false hope for potential buyers, confusing appraisers and generally wreaking havoc with what should - for the common good - be an orderly market.

Just what is a short sale? It's when a house is listed for sale for less than its mortgage amount. Real estate regulations/laws require that this be disclosed in the listing. In a standard "non-short" sale, if a buyer comes in with an offer that is full price with no contingencies, the seller must accept the offer or be liable for a penalty. But, by disclosing that the sale is a short sale, the seller is let off the hook. Why? Because in a short sale situation, the bank holding the mortgage must approve the sale.

So, what’s the latest wrinkle in this world of short sales? Sellers are offering their homes at ridiculous prices, hoping to attract some attention. Buyers, sniffing an unbelievable deal, make offers. The seller rejects them, even if they are higher than his/her listing price. The buyers become emotionally involved in the house, offer a little more and then a little more.

At Newport Cove, our waterfront community on Illinois' Chain O' Lakes, we are in the midst of one such situation. A house originally listed for $999,000 was reduced to $385,000 a few days ago. In big letters the listing sheet said “SHORT SALE.” A price of $385,000 for a waterfront house in a premier community is an unbelievable deal. And, yes, it’s too good to be true.

In a matter of days, the seller has received three offers, each significantly higher than the new listing price, and has rejected all of them. Now, the price is being bid up to what the market might and should bear.

But, even if the seller and one of the potential buyers agree on a price, that doesn’t mean the house is sold. The bank holding the mortgage must approve the sale. According to realtors certified in short sales, Chicago area banks typically are not approving offers for less than 85 percent of the mortgage amount. The approval process tends to be a long one, sometimes more than a year.

Although the house now for sale at Newport Cove is not owned by the development, but by one of the community’s residents, the Newport Cove sales office has been inundated with phone calls from potential buyers, many disappointed when they learn that the house cannot be bought for anywhere near the current asking price. These callers feel this is a dishonest marketing tactic – a bait-and-switch sort of thing. And, although the tactic is legal, we agree. It’s a flim-flam way to do business.

Courage Has Its Rewards

Not everyone thinks the housing market will never recover. In this article Barbara Corcoran, one of the top real estate thinkers in the United States, says now is the best buying opportunity in a lifetime. All that's required is a little courage.