Chicago Tribune from Chicago, Illinois • 86

(4 Real Estate -Z. Section 14 Chicago Tribune, Sunday, Jury 20, 1980 Uptown S-L plan irks 9 "I think rr mm i M.i i.n...,i. Continued from page 1 'Home Seekers i I jl vjv 1 Prospect! I (jT Lake water still priority in village By Pam Sebastian MT. PROSPECT IS bit ckner to bringing Lake Michigan water to the village, but there is still a way to go. When Community Focus looked at ML Prospect in 1977, securing Chicago water was a main concern.

Since then, the town, which is about 25 miles northwest of the Loop, has Joined the Northwest Water Systems Venture, a coalition of TlfeUMi IMP area If Uptown does something like that," she But she Is concerned that if too much of the Uptown. project is designated for low-income people, others may not want to live there at full market-rate rents. "Regardless of whether Uptown Federal goes ahead, I'd like to see it increase its multiunit lending," perhaps through a new city council rehabilitation program, she said. Schaumburg office park on second leg THE LEVY ORGANIZATION has opened the first major office building and broken ground for the second at its Woodfield Lake Office Campus in Schaumburg, -The campus is scheduled to be the largest office park in -the Chicago area when completed. One Woodfield Lake, a four-story building, la 80 per cent leased.

Major corporate tenants include Xerox John Hancock Mutual Life Insurance and USUFE Credit Life Insurance said Lawrence F. Levy, president of Chicago-based Levy Organization. Space in the building rents from $13.50 a square foot. Negotiations are under way with potential tenants for space in the five-story, Two Wood-field Lake, a Levy spokesman said. The building Is slated to open in fall, 1961.

conscience, it could very easily say, 'We'll give you a mortgage if another institution will give you a rehab loan, or you could get help through city Brady said. THERE'S NO WAY yon can get aa ordinary person in this area to have perfect credentials to get a loan. But 'we have a lot of very eligible families who could be fine owners, who would upgrade buildings and maintain the diversity. We have to have people ready to put a package together for prospective buyers." Peter said Uptown Federal does not have much experience in helping borrowers obtain government-insured FHA or VA loans, nor does it have a loan counseling service. "But we do have a community lending officer who will talk with people with these types of problems," he said.

'The project will include too much low Income housing, HRC fears. "I think everyone would prefer a more diverse group," Brady said. Peter declined to comment on this, saying plans are not yet final. Aid. Marian Kennedy Volinl (48th), has discussed Uptown Federal's project with executives and the HRC but will do further Investigation before passing final Judgment, she said.

Uptown Federal plans to work with RESCORP, a development firm owned by 55 on its project, and Volinl said she is very Impressed with RESCORP work in the South Shore neighborhood. eight suburbs intending to build a HUD's newest selling list of outstanding Chfcagoland real estate values will be available for your review after July 25, 1980. See the latest listing of HUD affordable homes at all Chicago Public Library branches or participating real estate brokers. Your sealed bid could turn the house of your choice into the home that you seek. Bids will be accepted until 4:30 p.m., Monday, Aug.

4, 1980. Your real estate broker can give you more details and help you prepare and submit a bid. HUD properties are offered for sale to qualifed buyers without regard to race, sex, religion or national origin. pipeline to transport allocated laite water. Mt.

Prospect is served now by 13 deep wells. "We don't have enough (water) Community focus dipped to $1.57. The 1979 rate Is expected to be around $1.39 per $100 due to a reduction in the tax levy voted by the village board. Total assessed valuation in 1978 was $284.3 million, but It's expected to be somewhat lower for the 1979 fiscal year due to the elimination of the-personal property tax assessment. THE VILLAGE'S ASSESSED valuation is expected to get a boost in the future from the annexation of 300 acres toned for light industrial use.

The village recently completed an annexation agreement for the parcel, which is to be developed as a light industrial park over the next 10 years. Geick said the value of the land when the project is completed is expected to be around $80 million. He noted that the addition of new industrial and commercial areas Is expected to broaden the tax base and lessen the homeowner's tax burden. Mt. Prospect is in the initial stages of a downtown rehabilitation program and plans to use community block grant funds to help merchants improve the area.

A fire destroyed a Goldblatt store in the Mt. Prospect Plaza shopping center in 1977, but a mart is being built on the site and is expected to be completed by the end of the year. The village currently receives about $3.1 million in commercial sales tax receipts. now, and as our community grows, our needs will grow," said Edward Geick, assistant village manager. THE POPULATION ha ffrnwa Values nearly disaster-proof HELPING TURN HOUSES INTO HOMES.

around S4.000 from ahnnt SAMM thru years ago. Mt. Prospect's housing stock IS about two-thirds slnele-familv dences with the balance multifamily, Geick said. He estimated that home prices range from $60,000 for condominiums and townhouses to $250,000 for the most expensive sinele-famllv hnmoa 0.8. Department of Housing fi Urban Development 1 North Dearborn St.

Room 1149 Chicago, Illinois 80602 a Federal Housing Administration-guaranteed loan. Unsure of what to do, FHA bounced the application between three or four agencies asking for tests and advice for an entire year. No firm decision was ever made, Gibbs said. The potential buyer, meanwhile; dropped out early in the game. Longtime residents of an area may tolerate one disaster threat but be nervous about repeat performances.

"If Mt. St. Helens, for instance, were to erupt again said Realtor Meloy, and his voice drifted, leaving the sentence unfinished. Continued from page 1 mediately after the accident and houses which later lingered on the market before a buyer was found. In Love Canal itself, homeowners find themselves making mortgage payments on essentially worthless properties while they wait for the government to decide their fate.

Lois Gibbs, president of the Love Canal Homeowners Association, said one resident was able to entice a buyer with a half-price sale. The agreement was submitted for In 1977 the price range was estimated at $30,000 to $125,000, with new-home prices starting at $45,000. The village DroMrtv tmr rata ham A. dined. In 1977 it was $1.69 per $100 of assessed value, ana ine next year it Dsn Loantrendex Interest rates and service charges on mortgage loans at 80 per cent of home value Arthur Rubloff Co.

opens branch in Houston ARTHUR RUBLOFF Co. has added a sixth branch to Its national network of offices by opening a full-service branch in Houston. The private Chicago-based firm last opened a branch office two years ago in Washington, D.C. Other branches are in Los Angeles, San Francisco, Cincinnati, and Atlanta. Willard Brown Rubloff executive vice president, said the real estate brokerage and Investment firm hoped to garner part of the "tremendous amount of real estate activity in the Southwest" through Its new office.

March April May June Savings and loans Interest rate 16.07 18.26 13.37 12.48 Service charge 2.8 2.9 2.8 2.7 Banks Interest rate 16.19 16.88 13.63 12.15 Service charge 2.8 2.9 2.8 2.9 Mortgage companies Interest rate 15.25 16.75 13.50 12.50 Service charge 2.0 2.0 2.0 2.0 GLEN ELLYN NEW CONDOMINIUMS 508-510 TAYLOR STREET (Main St. to Duane, east to Taylor) I I LP.ur Of toon amount Souroa; 1800 Mayors, tbart I Asan ffatott Country Club Living FORMERLY WALNUT HILLS GOLF COURSE mfflsi FROM $287 "A MONTH AFTER TAX SAVING. BUT INCLUDING PRINCIPAL, INTSPtST, REAL ESTATE TAXES AND ASSESSMENT FEES. Bank mortgages cheaper as rates continue to fall "MORTGAGE PAYMENT PLANS AVAILABLE Vi INTEREST Exceptional offer for limited time only. Purchase any new one or two bedroom unit with 20 down and builder will hold balance at 9 Interest, 40 year amortization for two years.

All 2 bedroom, 2 bath units now offered at $57,000 including two parking stalls. All one bedroom, one bath units reduced to $53,900 plus two parking stalls. Model Open Dally 12-5 p.m. or Call 1 9STHST. 99th STREET 5 PM.P.

(PAYMENT REDUCTION PLAN) 1 VIAM EFFf CTIVE INTEREST RATI (0 MORTGAGE 30 YEAR TERM PLEDGE SAVING ACCOUNT REOUIREO C.P.R. (CURRENT PREVAILING RATE AT CLOSING) REDUCE YOUR RR MONTHLY PAYMENT PREVAILING INTEREST RATE AT CLOSINO SO DAY DELIVERED RATI NO MORTGAGE POINTS APPLIANCE PACKAGE NEW FROST FREE REFRIGERATOR NEW OVEN RANGE NEW AIR CONDITIONING UNIT FOR THE FIRST time In several months, the average Chicago area bank offered a tower mortgage Interest rate in June than the average savings and loan association, as all mortgage rates continued to fall, a survey by Meyers, Stuart It Alan Real Estate Services shows. The average June rate for 80 per cent loans from banks was 12.19 per cent, down almost 1.5 percentage points from May. At the June rate was 12.48 per cent, down about 0.9 points, while the mortgage company rate was 12.5 per cent, down one point from May. The higher rate at mortgage companies was partly offset by a lower average service charge of 2 points, compared to 2.7 points at and 2.8 points at banks.

Service charges at all three types of institutions have remained almost constant in the last four months, despite rapidly falling mortgage Interest rates, the survey showed. 390-7130 or 469-31 77 LOCATED PALOS HILLS Exit West off of 294 on to 95th Street Go West 12 mile to Roberts Road than sown 1 mils to 89th street and then west mils to model 1 Mltf Build At Today's Prices Borrow At Next Year's Lower Rates OAK TREE CONDOMINIUM ROKER PARTtCIPATtWi MVITEO SJ7J W. 99th Taaoee Pda MM. 1. 60465 (312) 43O-42O0 torn home You'll find out how our unique home building program lets you manage or finish yourself, the completion of your new home to save a bundle.

And by building today and mortgaging at next year's interest rates, you'll be getting a great home building combination the home you want i now, without waiting, and next year's lower mortgage interest rates. So come out this weekend rain or shine. Stop in and get your free copy of our full color Capp Home PlariningGuide and discover how you can buy the custom home of your dreams today! "ft ii. 1 illllllllllSJSJMeSjWIIIIIWM I il "vmfx'P oi.v... -anHMWBliJft-'iAU'i iMhhiiii mmM Come to our Open House and Tmd out about Capp Homes remarkable financing program that lets you stop waiting and start building the home you want today.

The Capp Financing Program enables qualified buyers to build at today's low prices and obtain mortgage next year when experts predict interest rates will be lower. Find out the entire story at the Capp Homes Open House this weekend. This Open House Is probably different than others you've attended, because this home is not completed This way you can see the quality materials and workmanship that Capp builds into every cus- Here'S How to Get to the WHERE: 350 High Road, Romsovllla, N. WHEN: Sunday July 20 TIME: 1-5 p.m. DIRECTIONS: Take I-65 South to Lemont Rd.

and go south to New Avenue. Take New Avenue southwest to 135th St, take 135th St east to High Road, go south on High Road about 3 blocks. Watch for Capp Signs. Your Capp Representative Is: Harold Dueek Phone: (312) 883-9550 I you are unable to attend this Open House cat Tol Free far your Free lOOpage Home Planning OuJde, 800447-4700 Get your share of a $3.5 billion apparel market In FaD Fashions '80 A special full-color rotogravure magazine in the Chicago Tribune Advertising deadline: Wednesday, August 3 Publication date: Sunday, September 14 For more information, contact your Tribune representative, or call Dave Williams at (312)222-3915. Source: Sales Marketing and Management Surveyor 'v Buying Power Capp Home Open House WHERE: 1 686 Creekslde, Villa Park, IL WHEN: Sunday, Jury 20 TIME: 1-5 p.m.

DIRECTIONS: Take Rt 83 to North Ave. Go west on North Ave. about mile to Villa Ave. Go south on Villa Ave. 3 blocks A turn east on 3rd St.

Watch for Capp Signs. Your Capp Representative Is: Sandy Hagen crpp Homes 3s mvnns products compftnr more living spece for less money ONE BEDROOM UNIT UP TO 896 SQUARE FEET TWO BEDROOM UNIT UP TO SQUARE FEET ilk. FROM $29,900 FIMAMriMn AVAII API (Ducago (Tribune The Complete Newspaper Iff 963-8600 ID -JirJ INLAND AVMMM, IMOOR mMft at DCAI CCTATe mDBADIITIAM MrM iuuwi MmonL Si. 1 WfVla7 I -IT III MSI ir-ra "N- I ft" I tii JOSia 4iSK'i9)f1SAsSRlVWji4 Sirsli tittwto ieyy.ww.