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  • Estate of:FIELDS, DENNIS R Guardianship for Disabled - Person and Estate document preview
  • Estate of:FIELDS, DENNIS R Guardianship for Disabled - Person and Estate document preview
  • Estate of:FIELDS, DENNIS R Guardianship for Disabled - Person and Estate document preview
  • Estate of:FIELDS, DENNIS R Guardianship for Disabled - Person and Estate document preview
  • Estate of:FIELDS, DENNIS R Guardianship for Disabled - Person and Estate document preview
  • Estate of:FIELDS, DENNIS R Guardianship for Disabled - Person and Estate document preview
  • Estate of:FIELDS, DENNIS R Guardianship for Disabled - Person and Estate document preview
  • Estate of:FIELDS, DENNIS R Guardianship for Disabled - Person and Estate document preview
						
                                

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Hearing Date: No hearing scheduled Location: <> Judge: Calendar, 10 FILED 10/27/2023 2:42 PM IN THE CIRCUIT COURT OF COOK COUNTY, ILLINOIS IRIS Y. MARTINEZ CIRCUIT CLERK COUNTY DEPARTMENT – PROBATE DIVISION COOK COUNTY, IL FILED DATE: 10/27/2023 2:42 PM 2023P003910 2023P003910 Estate of ) Calendar, 10 24978277 ) DENNIS R. FIELDS, ) No. 2023 P 3910 ) A person with a disability. ) PETITION FOR LEAVE TO LIST FOR SALE THE WARD’S REAL ESTATE NOW COMES Leslie F. Katz, Plenary Guardian of the Estate and Person of Dennis R. Fields, by and through attorneys, CHUHAK & TECSON, P.C., and pursuant to the Illinois Probate Act, 755 ILCS 5/11a-18, petitions this Honorable Court for an order authorizing the Guardian to list for sale the Ward’s real estate and in support thereof states as follows: 1. On July 5, 2023, this Honorable Court appointed Leslie F. Katz as the Plenary Guardian of the Estate and Person of Dennis R. Fields, a person with a disability. 2. Pursuant to the Inventory of the Estate of Dennis R. Fields, approved by this Court on September 1, 2023, Mr. Fields owns an undivided interest in real property located at 25 E. Superior Street Unit 4401, Chicago, IL 60611 (“real property”) 3. The real property is legally described as follows: PARCEL 1:UNIT 11B TOGETHER WITH ITS UNDIVIDED PERCENTAGE INTEREST IN THE COMMON ELEMENTS IN FORDHAM CONDOMINIUM AS DELINEATED AND DEFINED IN THE DECLARATION RECORDED AS DOCUMENT NO. 0021328830, AS AMENDED, IN THE NORTHWEST ¼ OF SECTION 10, TOWNSHIP 39 NORTH, RANGE 14, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. 4853-6028-1227.v1.35542.81548 PARCEL 2: EASEMENTS APPURTENANT TO AND FOR THE BENEFIT OF PARCEL 1 AS SET FORTH AND DEFINED IN THE DECLARATION OF EASEMENTS RECORDED AS DOCUMENT NO. 0021328829 FOR INGRESS FILED DATE: 10/27/2023 2:42 PM 2023P003910 AND EGRESS, ALL IN COOK COUNTY, ILLINOIS. PARCEL 3: EXCLUSIVE USE FOR STORAGE, HUMIDOR AND WINE CELLAR PURPOSES IN AND TO STORAGE SPACE NO. S-628, HUMIDOR NUMBER H-20 AND WINE CELLAR NUMBER W-31A, LIMITED COMMON ELEMENTS, AS SET FORTH AND DEFINED IN SAID DECLARATION OF CONDOMINIUM AND SURVEY ATTACHED HERETO , IN COOK COUNTY, ILLINOIS. 4. The Real Estate is currently held in Dennis’s name, individually, but pursuant to the Report on Real Estate presented to this Court on September 1, 2023, it was the Ward’s intent to fund the Real Estate to the Dennis R. Fields Trust Dated October 6, 2016, (the “Trust”) prior to his disability. Unfortunately, the deed was not signed before Dennis lost the ability to do so, and so the Guardian continues to seek this Court’s approval and intends to, upon sale, fund the sales proceeds of the Real Estate to the Trust. The Guardian of the Estate is also the acting Successor Trustee of said Trust. The Trust is not under this Court’s jurisdiction. 5. Dennis currently resides at Brookdale Vernon Hills, 145 North Milwaukee Avenue, Vernon Hills, IL. Dennis’s condition is such that he requires 24-hour caregiving services; his needs are currently being met by the facility and a third-party caregiver. He does not intend to return to his home in Chicago. 6. On October 5, 2023, Millie Rosenbloom of Baird & Warner, prepared a Comparative Market Analysis of the real property and suggested a sales listing price of $1,600,000 with parking at an additional $150,000.00. (See attached Exhibit A, Email Dated October 5, 2023). 7. Ms. Rosenbloom did indicated that she would also agree to list higher if the Guardian wished to see if a higher price could be achieved. Thus, the Guardian, based upon Ms. -2- 4853-6028-1227.v1.35542.81548 Rosenbloom’s analysis of the activity in the building where the unit is located, believes it to be in the best interests of the Ward and the Estate to list the property at a price of $1,799,000.00. FILED DATE: 10/27/2023 2:42 PM 2023P003910 8. The Guardian now believes it is in Dennis’ best interest to list for sale the real estate property described above, as Dennis has no intentions of residing in said property and continued retention of the property only serves to waste the estate due to ongoing condo association fees, utilities, insurance, taxes, and other home expenses. 9. As described further in the Guardian’s Report on Real Estate presented in September 2023, there is significant clean out needed in the property to remove personal property, inventory numerous items, and to do minor clean up, carpet replacement, and touch up patch work. The Guardian is working to obtain quotes for these items to see this Court’s approval of the same as the broker believes strongly that these tasks are well worth undertaking at minimal cost compared to the value it will add to the potential sales prices. 10. The Guardian will bring a separate petition in the near future to seek approval for these expenses. 11. A Guardian must petition the court for authority to list a Ward’s real property for sale or to transfer or change title of the real property in any way. 755 ILCS 5/11a-18(a)(1). 12. The guardian now asks that this Court approve the listing of the real estate located at 25 E. Superior Street Unit 4401, Chicago, IL 60611 as this listing would be in the best interests of Dennis and his estate, and such listing would be subject to the Court’s probate rider on any and all offers to purchase. -3- 4853-6028-1227.v1.35542.81548 WHEREFORE, Leslie F. Katz, Plenary Guardian of the Estate and Person of Dennis R. Fields, prays this Honorable Court enter an order: FILED DATE: 10/27/2023 2:42 PM 2023P003910 a. Granting the Guardian authority to list for sale the real property located in 25 E. Superior Street Unit 4401, Chicago, IL 60611, for a sales price at or exceeding $1,799,000, subject to the terms of the Probate Rider being attached to all offers to purchase said property and being signed and agreed to by Broker(s); b. Granting Guardian authority to pay Broker(s) at closing at a combined commission not to exceed five (5) percent; c. Granting the Guardian authority to sign the Listing Agreement, Probate Rider, and any ancillary documents necessary to complete listing of the real property; and d. For any other relief this Court deems just and proper. Mallory A. Moreno Respectfully submitted, CHUHAK & TECSON, P.C. Leslie F. Katz, Plenary Guardian of the Estate 120 S. Riverside Plaza, Suite 1700 and Person of Dennis R. Fields, an adult with Chicago, Illinois 60606 disabilities 312.444.9300 By:____________________________________ Firm ID No.: 70693 One of her Attorneys -4- 4853-6028-1227.v1.35542.81548 FILED DATE: 10/27/2023 2:42 PM 2023P003910 EXHIBIT A FILED DATE: 10/27/2023 2:42 PM 2023P003910 Mallory A. Moreno has been honored as one of the "40 Illinois Attorneys Under 40 to Watch in 2022" by Law Bulletin Media. The award recognizes talented and outstanding young attorneys from across Illinois. She has been selected as an Emerging Lawyer, a peer-recommended honor given to top attorneys who are age 40 or younger unless they have practiced for no more than 10 years. Less than 2% of all Illinois attorneys have received the Emerging Lawyer distinction. Mallory was also chosen as a Rising Star by Super Lawyers, which is an honor earned by only 2.5% of Illinois attorneys. Confidentiality Notice The information contained in this e-mail message is attorney privileged and confidential information. It is intended only for the use of the individual or entity named above. If you are not the intended recipient, you are notified that any disclosure, copying, distribution, electronic storage or use of this communication is prohibited If you received this communication in error, please notify us immediately by e-mail, attaching the original message, and delete the original message from your computer, and any network to which your computer is connected. Opinions, conclusions and other information in this message that do not relate to the official business of Chuhak & Tecson, P.C. shall be understood as neither given, nor endorsed by it. From: Leslie Katz Sent: Thursday, October 26, 2023 2:33 PM To: Mallory A. Moreno Cc: Seth H. Katz Subject: Fwd: 25 E Superior St #4401 Below is the market analysis produced by the broker. We are hoping to go to market at 1,799,000 ---------- Forwarded message --------- From: Millie Rosenbloom Date: Thu, Oct 5, 2023 at 11:18 AM Subject: Re: 25 E Superior St #4401 To: Leslie Katz Cc: Alex Cell , Hi Leslie, Alex and Seth, Thank you again for allowing me to walk your property and provide a pricing analysis. I have gathered the past 12 months of activity for larger 3 bedroom condos from Division to Ontario, and Lasalle to the lake. I included 3 bedrooms and up, with a minimum of 3,000 sq ft. Past 12 Months of Neighborhood Activity 2 While the neighborhood comparables are important in regards to pricing, I have found the building activity to be the most influential when pricing. Below you will find the past 24 months of activity in the Fordham for large condos, with a minimum of 3700 sq ft. I have provided a brief summary of each below. Past 24 Months, Large Units in the Fordham FILED DATE: 10/27/2023 2:42 PM 2023P003910 4902 - Listed 09/18/22 for $2,200,000 closed 09/22/23 for $2,350,000 after 152 days on market. 3 bed, 3.1 bath 3700 sq ft. It is my understanding that the price went over asking due to the two parking spaces in a private garage. This condo is a bit smaller than yours, but offered over $1m of designer upgrades. A very sleek, modern interior including a Gaggenau kitchen, atrium windows, exposed concrete walls and beautiful wood finishes. They originally listed in 2018 at $4,000,000 and spent 518 days on the market and underwent many 2 price reductions to $3,300,000 before being taken off the market on 01/02/20. 11D - Listed 03/02/22 for $1,850,000, after multiple price reductions to $1,699,000, closed for $1,550,000 after 314 days on the market. 4 bed, 3.1 bath. 5080 sq ft. This is a townhome style condo with a private garage and elevator, and three floors of living space. It may be less attractive to certain buyers due to the amount of stairs, but is a very nice alternative to a single family home in the area. This home is very dated with dark cabinetry, dark trim and cherry floors. They did list this originally in September of 2020 for $1,995,000 and spent 147 days on the market. 4602 - Listed 03/31/22 for $3,450,000 after multiple price reductions it remains active in the market as of 09/18/23 for $2,495,000 for a total of 348 days on the market. 4 bed, 4.1 bath. 5200 sq ft. This home has been somewhat updated with a beautiful primary suite and lovely white kitchen. The home has dark floors and cherry cabinetry in the dining room that does date the space. The primary bathroom seems to be updated, but the other bathrooms are in need of an update. There are two terraces, one off of the library, and the other off of the breakfast room. There are two parking spaces included in the sale. I have spoken to this listing agent and she informed me that they have almost no activity on this unit despite their nearly $1 million in price reductions throughout the 348 days on market. 4801 - Listed 08/21/21 for $3,495,000, went through multiple price reductions and remains active on the market at $1,899,000 for a total market time of 1144 days. This is a full floor residence with 7000 ft.² and 360° views throughout. It’s somewhat updated with lighter hardwood floors, marble countertops in the bathroom and a rustic yet palatable kitchen. There is some less favorable stonework and woodwork throughout, but it would not take much to modernize the space. There are north and south facing terraces, and one has a covered area and built-in grill. This price includes four private parking spaces. Based on current market conditions, including rising interest rates, and comparable listing activity both in the neighborhood and in the building, I am recommending a list price of $1,600,000 with parking at an additional $150,000. This price is, in part, due to our conversation and my understanding that you do not want to carry this property. Hopefully, this price will bring in serious buyers who will be willing to take on the job of updating the space. Our square footage is a major selling point, but it also increases the cost of renovation. The high market time and lack of activity in the building has influenced this price, but I am open to starting higher if you would like to see what happens. If we were to increase the list price, I would ask that we agree to revisit the pricing after 30 days on the market. I plan to revisit pricing once the home is cleaned up, so this price is tentative. I would recommend decluttering the space, touching up paint as needed and reaching out to 4 Life Stone Care to buff out the stone in the kitchen and primary bathroom. I have included their info below. As we prepare to list, I understand that there will be vendors needing access to the home and I would be happy to facilitate these appointments and grant them access. Please let me know how I can assist in any way. At this time, I would normally prepare the listing paperwork for your review. Please let me know if you would like me to send those documents over. 4 Life Stone Care, Jack Chabo jackchabo73@gmail.com 3