This year, Gambino Realtors celebrates a milestone achieved by only a handful of firms. A century ago, the firm was named the F.M. Gambino Agency which sold both insurance and real estate. In the 1920’s, an average house sold for about $6,300. For context, 1923 saw the first baseball game played at Yankee Stadium, Cecil B. DeMille released The 10 Commandments, and insulin first became widely available to treat diabetes.
Meanwhile, in Rockford, the F.M. Gambino Agency became involved in developing land and building new homes for our growing community. The first Planned Unit Development in Rockford was Montague Heights. Many young families built their first home here on the outskirts of Rockford and enjoyed summer weekends relaxing at nearby Levings Lake.
Over the years, the name changed to Gambino Realtors and Homebuilders to better reflect the diversity of our services. Over time, we developed such notable subdivisions as Guilford Country Club Estates, Shaw Farms, Shaw Meadows, and many others.
Now at 100 years old, we join an elite group of firms such as Coca Cola, Harley Davidson, L.L. Bean, UPS and others that have weathered multiple economic storms and yet stayed true to their core values of quality and integrity. We’ll share more interesting facts about our history in future editions. If you have any historical records or artifacts to share, please let us know!
Publisher: Gambino Realtors
Editor: Kathy Heeren-Ellis
Design: Sarah E. Diamond
The Gambino Home Guide is a presentation of properties for sale in the Northern Illinois region. Since 1923, Gambino Realtors has navigated buyers and sellers through real estate transactions www.GoGambino.com
Jonathan R. Krause, President Gambino Realtors
"Let’s celebrate some good news. . . . mortgage rates are down. With inflation showing a tangible slowdown, I do expect mortgage rates to follow suit in the months ahead.”
If you’ve been following the housing market over the last couple of years, you’ve likely heard about growing affordability challenges. But according to experts, the key factors that determine housing affordability are projected to improve this year.
Selma Hepp, Executive, Deputy Chief Economist atCoreLogic, shares:
“. . . with slowly improving affordability and a more optimistic economic outlook than previously believed, the housing market could show resilience in 2023.”
The three measures used to establish home affordability
are home prices, mortgage rates, and wages. Here’s a closer look at each one.
Mortgage rates shot up to over 7% last year, causing many buyers to put their plans on hold. But things are looking different today as rates are starting to come down. George Ratiu, Senior Economist at realtor.com, explains:
“Let’s celebrate some good news. . . . mortgage rates are down. With inflation showing a tangible slowdown, I do expect mortgage rates to follow suit in the months ahead.”
Even a small change in rates can impact your purchasing power. Nadia Evangelou, Director of Forecasting for the National Association of Realtors (NAR), gives this context:
“With a 6% rate instead of 7%, buyers pay about $2,700 less every year on their mortgage. As a result, owning a home becomes affordable to about 1.4 million more renters and 4.3 million more homeowners.”
If 7% rates paused your homebuying plans last year, this could be the opportunity you need to get back in the game. Be sure to work with a team of experts who know the latest on mortgage rates and can give you the best advice for the current market.
The second factor at play is home prices. Home prices have made headlines over the past few years because they skyrocketed during the pandemic. When discussing home prices in 2023, Lawrence Yun, Chief Economist at NAR, says:
“After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”
So, while prices will likely be flat this year in some markets, others could see small gains or slight declines. It all depends on your local area. For insight into what’s happening in your market and how prices are impacting affordability, reach out to a trusted real estate professional.
The final component in the affordability equation is wages. The graph on the right uses data from the Bureau of Labor Statistics (BLS) to show how wages have increased over time.
When you think about affordability, remember the full picture
includes more than just mortgage rates and prices. Wages need to be factored in as well. Because wages have been rising, many buyers have renewed opportunity in the market.
While affordability hurdles are not completely going away this year, based on current trends and projections, 2023 should bring some sense of relief to homebuyers who have faced growing challenges. As Mike Fratantoni, Chief Economist at the Mortgage Bankers Association (MBA), says:
“Rates are expected to move lower for the year, and home price growth is expected to cool, both of which will help affordability challenges.”
If you have questions, let’s connect. You’ll also want to make sure you have a trusted lender so you can explore your financing options. You may be closer to owning a home than you think.
This beautiful home looks like it’s straight from a magazine. Tucked away in a great location, you will find four bedrooms, two full baths, and two half baths in this updated ranch. Enjoy the perks of the updated kitchen and baths. The formal living room has a huge picture window for natural light, and the dining room offers a pristine elegance for entertaining family and friends. The family room is an excellent area for relaxation. The sizeable master boasts a private bath and lots of closet space. The fully finished basement comes with a fourth bedroom, full bath, rec room, and an extra room ready for you to bring your ideas. Love to be outside? This home includes sliding doors to a beautiful deck for morning coffee, cooking out, and enjoying nature.
This home will wow you from the soaring entry to the beautifully finished, fully exposed lower level. The sunken living room with floorto-ceiling windows flows into the formal dining room with French doors. Fully-equipped kitchen with stainless appliances, granite, and a planning desk. The gorgeous family room boasts cherry floors, a stone fireplace, and sliders to the deck. The master bedroom features an en suite with a spectacular custom shower and whirlpool tub. Three skylights let the light shine in throughout the seasons. The lower level is spacious, featuring a full bath, fourth bedroom, and rec room with a bar. Your outdoor paradise awaits with an inground pool surrounded by elegant wrought iron fencing and a raspberry garden.
$384,999
4
This super sharp, executive-style ranch with full exposure is situated on 1.20 acres in McDonald Country Knolls. You’ll be impressed as you walk into the open great room and dining room with newer flooring and a cozy wood-burning stove.
The gourmet kitchen features stainless steel appliances, granite, breakfast bar, oak cabinets, dining area, and sliders leading out to a large deck overlooking the serene back yard. Stunning family room with cathedral ceilings, skylights, and custom woodwork. The master features an ensuite with double sinks and a walk-in shower. The exposed lower level is fully-equipped with a second kitchen, a family room with a gas fireplace, two bedrooms, a full bath, a utility/storage room with laundry hook-ups, and an attached two car garage. What a perfect arrangement for your guests or an in-law suite. Enjoy low county taxes and easy access to I-90.
Teresa Shreve
815.289.3362
BD | 3/1 BA | 3,031 SQ FT
Get ready to walk out your back door and start golfing! This completely updated open-concept two-story is a true beauty. Large foyer opens to office with French doors, dining room, and massive great room. The kitchen is open to the great room and dining room. Half bath, laundry with closet located off back entry. The master is on the main floor. Remaining bedrooms are upstairs. Large, fully, exposed walkout basement is ready for your finishing touches. This home comes with lots of updates and beautiful landscaping.
$700,000
4 BD | 3/2 BA | 8,523 SQ FT
This lovely home reflects the signature style of prominent architect Jerome Cerny. Widely known for his European designs, one can see trademark details throughout. Among the many amenities, you will find volume ceilings, hardwood floors, bay windows, intricately designed millwork, grand fireplaces and built-ins throughout. Upon entering, you are greeted by a grand foyer, setting the stage for the rare features and styling in every room. Combining formal and informal spaces, the main floor features a sunken formal living room, a gracious formal dining room, and a great room that looks out onto the sun-lit solarium. A beautifully appointed kitchen connects to a combination mudroom, main floor laundry, and one of two half baths on the main floor. Though private and secluded, it is ideally located convenient to area amenities and US-20.
Karl Gasbarra
815.975.4218
Ray Arco
815.985.1441
rarco@GoGambino.com
Jennifer Berry
815.871.6156
jberry@GoGambino.com
Claudia Hernandez
815.262.7472
chernandez@GoGambino.com
Carol Ortiz
815.312.6959
cortiz@GoGambino.com
Ray Arco was a true professional that guided me through the sale of two condos in Loves Park. He helped take care of many details for the listing, sales contract and closing since I do not live in the area. I truly appreciated Ray and would recommend him any time.
C. Lennie
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Jennifer was amazing at helping us find the perfect location for our business. - Amanda S.
Carol is a great Realtor. Very professional switch from another Realtor, and gave us great experiences and knowledge for buying our home. Thanks Carol. - Kim C.
Welcome to the Birkenshaw Subdivision! Wonderful two-story with master suite on the main floor complete with walk-in closet, full bath with two sinks, whirlpool tub and shower. Great room with fireplace and volume ceilings. Three spacious bedrooms up. Open loft for office, den, or playroom. Kitchen with stainless appliances, breakfast bar and slider to maintenance free 23 x 15 deck overlooking the private back yard. Lower level is partially exposed.
$695,000
This Victorian home with four floors, five bedrooms, four full baths, two half baths, and five fireplaces is an oasis of privacy and modern elegance. Enter this lightfilled home through the double glass doors into the great room with a beamed ceiling. The chef's kitchen has a commercial hood and cooktop, pot filler, a warming drawer, side by side commercial freezer and fridge, loads of cabinets with pullouts, upper lit glass display cabinets, 10-foot center marbled quartzite island with prep sink and seating, updated quartz counters, and marble backsplash. The master suite boasts a fireplace and ensuite with a soaking tub, heated floors, and stunning closet featuring built-ins. Connect with history in the study on the upper floor, which includes stately bookcases and a soaring wood ceiling with an exposed brick pillar. The mix of modern amenities and preserved history is a dream.
Kathy Heeren-Ellis
815.708.4061
5 BD | 4/2 BA | 8,867 SQ FT
Fantastic opportunity to own a beautiful, move-in ready ranch home in the Ridgefield Subdivision in Roscoe! From the moment you enter, you are greeted with light and bright spaces and tremendous volume. The living room provides a private and relaxing space. Perfect for entertaining, the family room, kitchen, and dining combination boast an open layout. Sliding doors from the dining area take you to a large multi-level composite deck overlooking a spacious yard perfect for warm-weather entertaining.
Karl
815.975.4218
karl@gogambino.com
Welcome home to this multilevel with incredible square footage and outdoor amenities. The delightful kitchen is updated with lots of cabinets, a new dishwasher in 2022, and a lovely dining area with a patio door to the spacious deck. The master suite includes a walk-in closet, bath, and patio door leading to a 53x35 brick paver patio with a fire pit and gazebo. There are hardwood floors in two bedrooms and the hall. Enjoy the heated three-car garage with two doors opening to workshop in the three-car area. Adorable garden shed attached to the garage in back. The partially fenced yard is enjoyable from the outdoor deck and patio areas.
Laura Haynes
815.985.1115
lhaynes@GoGambino.com
$375,000
Be prepared to be wowed by this almost 4,000 square foot gorgeous home on a quiet cul-de-sac in the highly sought-after Belvidere North School District. Neutral paint and white trim create an open, modern feel throughout. The great room with a stone fireplace and soaring ceilings is perfect for relaxation. Enjoy the perks of a first floor office/den plus a formal dining room with hardwood floors and first floor laundry. The huge eatin kitchen features new granite, backsplash, and high-end stainless appliances. Gracious first floor master with ensuite boasts a jetted tub and walk-in closet. A large, open staircase leads to spacious bedrooms and a bath upstairs. Spectacular partially exposed finished lower level with game/ theater room and bath rough-in. Arborvitaes surround the large, private, fenced yard.
Cheryl Jacobs
815.494.4956
4 BD | 2/1 BA | 3,952 SQ FT
Welcome home to this brick, three bedroom, two and a half bath ranch located near the shops at Edgebrook and Mauh-Nah-Tee-See Country Club. Freshly painted with new LVP floors throughout, create a bright and airy vibe. Bedrooms come equipped with hardwood floors and built-in blinds. The large living room has a beautiful floor-to-ceiling stone fireplace. The updated and trendy galley kitchen with tile backsplash, new appliances, and an eating area is ideal for cooking. The finished lower level has a full bath, including a sauna, rec room, office/ den, and storage galore. The fenced backyard with a garden shed and patio is ready for your ideas to enjoy throughout the seasons.
Tina Eisler
815.904.3800
teisler@GoGambino.com
Beautiful tri-Level with an oversized two car attached garage nestled in the Harlem School District. Located in a highly desired area in Loves Park close to shopping and restaurants. Three bedrooms located on the upper level with the fourth bedroom on the lower level. Newly remodeled bathroom off the spacious rec room with all new LVP flooring on the lower level. Oak cabinets in the kitchen with lots of storage space. Fenced backyard with a brick patio, fire pit, shed for all your lawn toys, and a large three season porch perfect for entertaining or relaxing. Roof is only four years old. This is a must see!
3 BD | 2 BA | 2,008 SQ FT
Roscoe ranch with so much to offer! Nestled in a fantastic location, you will find three generously sized bedrooms and two full bathrooms with a great layout. Formal living room, dining room, and family room with a wood-burning fireplace perfect for those cold winter nights. For the warmer seasons, the sunroom is a beautiful relaxation space. Huge basement that offers immense additional square footage potential, just waiting for your personal finishing touches. In addition, there is a two and a half car garage with a storage shed directly adjacent to the home. Make this home yours for the new year!
Jackie Tabor815.520.6134
Pride of ownership shows in this tri-level with two car attached garage on just over a quarter acre! Practically everything is new from the updated kitchen and windows, to the gleaming hardwoods and roof, all the details have been done for you! Looking to entertain; included is a fabulous fireplace, three season porch, patio and more. This home features spectacular hardwoods, fresh paint, new appliances, and tons of natural light. Lower level is complete with game room and utility. There is a fenced backyard with plenty of room for your furry friends!
Remodeled ranch home located in a nice, quiet neighborhood. All new vinyl floors throughout the entire home, new stove, and other appliances in the open concept kitchen with dining area. Utility room includes furnace with new pipes to the chimney and area for washer and dryer. Walk through bathroom serves bedrooms on both sides. Family room in back could be used as a fourth bedroom. All new paint in home with some new door and windows.
Last year, the Federal Reserve took action to try to bring down inflation. In response to those efforts, mortgage rates jumped up rapidly from the record lows we saw in 2021, peaking at just over 7% last October. Hopeful buyers experienced a hit to their purchasing power as a result, and some decided to press pause on their plans.
Today, the rate of inflation is starting to drop. And as a result, mortgage rates have dipped below last year’s peak. Sam Khater, Chief Economist at Freddie Mac, shares:
“While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023.”
That’s potentially great news if you’re a buyer aiming to jump back into the housing market. Any drop in mortgage rates helps boost your purchasing power by bringing down your expected monthly mortgage payment. This means the lower mortgage rates experts forecast this year could be just what you need to reignite your homebuying goals.
While this opens up a window of opportunity for you, remember: you shouldn’t expect rates to drop back down to
record lows like we saw in 2021. Experts agree that’s not the range buyers should bank on. Greg McBride, Chief Financial Analyst at Bankrate, explains:
“I think we could be surprised at how much mortgage rates pull back this year. But we’re not going back to 3 percent anytime soon, because inflation is not going back to 2 percent anytime soon.”
It’s important to have a realistic vision for what you can expect this year, and that’s where the advice of expert real estate advisors is critical. You may be surprised by the impact even a mild drop in mortgage rates has on your budget. If you’re ready to buy a home now, today’s market presents the opportunity to get a more affordable mortgage rate, find your dream home, and face less competition from other buyers.
The recent pullback in mortgage rates is great news – but if you’re ready to buy now, holding out for 3% is a mistake. Work with a local lender to learn how today’s rates impact your goals, and let’s connect to explore your options in our area.
$162,500
Welcome home to this wellcared for three bedroom brick ranch! Spacious living room with hardwood floors and bay window making it light and bright. Updated eat-in kitchen with granite counters, many cabinets, and stainless appliances. Goodsized master bedroom. Updated main level bath. On the lower level, you will find a huge rec room with newer carpet that has tons of options. Additional lower level bathroom with lots of extra closet space. Updates in the last ten years include roof, central air, water heater, water softener, kitchen appliances, wood flooring in the living room, kitchen and hallway, windows, blacktop driveway, well pump, shed, and septic field lines. Two and a half car heated garage with a newer floor. The property is almost half an acre at the end of a street beside and backs up to a cornfield, making it more private.
Mikhaele Howell
815.871.6787
3 BD | 2 BA | 1,762 SQ FT
Wonderful 2,200+ square foot boasting three bedrooms and two baths. The vaulted ceiling creates a very spacious feeling in the living room that includes a gorgeous stone fireplace. The bright and sunny kitchen includes sliders out to the deck overlooking the backyard. The finished lower level is exposed. This move-in ready home is located on Rockford’s east side and provides a country feel. Frank
fgambino@GoGambino.com
Four wood burning fireplaces throughout. Lower level sauna. Inground pool. Jacuzzi. Privacy fence. Huge maple kitchen. Office. Lower level rec room, two bedrooms, game rooms, second kitchen, and wet bar. Short sale.
Rock solid ranch on large lot in quaint Loves Park neighborhood near the river and all of life’s conveniences you may need. Generous room sizes, hardwood floors, finished lower level, and a 2.5 car garage.
Affordable three bedroom ranch in SE Rockford. Bright hardwood and ceramic floors. Enjoy the perks of a remodeled bath. New roof in 2014. Siding done in 2019. Fenced yard for your furry friends.
One owner ranch with wewer bay windows, newer roof, and gutters. Solid home with hardwoods under carpet. Finished lower level with wet bar. Huge deck along back of home. Ready for your updating ideas.
| 815.871.6333
Features first floor family room with fireplace. Large master suite with laundry and slider to deck. Basement offers many opportunities and includes full bath. Newly painted exterior, patio, deck and mature landscape.
True five bedroom with large, open spaces, and a bath on each floor. Huge master with private bath, and walkin closet. Newer windows, roof and siding, central air 2021, and updated electric. Fenced backyard.
Welcome to Westlake Village! A wonderful community featuring a private lake and beach, walking/ bike path, inground pool, tennis and basketball courts, playground, and golf cart friendly. This well-kept, updated ranch features over 2,000 square feet of living space. Great room with vaulted ceiling and gas fireplace for relaxing. The updated kitchen features solid surface countertops, white subway tile, and white cabinets. Newer laminate flooring for easy care. The master is located on the first floor and features an en suite. Two additional bedrooms and a full bath complete the first floor. Partially exposed, finished lower level with rec room, fourth bedroom, and a full bath. Gorgeous country views off your deck. Located in an excellent subdivision and has a low county tax rate.
Cheryl Jacobs
815.494.4956
cjacobs@GoGambino.com
Easy living in this sparkling, open floor plan home. Many updates, lots of windows, Oak floors, and new paint. Convenient neighborhood. Partially finished lower level. Detached 2.5 car garage and a fenced yard.
Charming brick ranch! Spacious living room with bay window. Freshly painted. Large eat-in kitchen. Beautiful three-season room with views of the fenced yard. Large unfinished basement. Terri
This ranch home has a finished basement near Alpine Hills Golf Course and Alpine Park. Hardwood floors on the main floor with white trim. Newly remodeled kitchen. New deck. Nice backyard and covered rear patio.
Ranch style home with first floor master and family room with gas fireplace. Formal living room and large main bath. Finished basement and inground pool for lots of summer fun!
Refreshed solid brick ranch with attached two car garage in ultra convenient area. Ready to go with new paint, carpet, and main floor bath. Partially finished lower level with bath expands livability. Don’t miss out!
Cozy ranch! Large living room opens to the dining room. Hardwood floors throughout. Kitchen with plenty of storage, solid wood cabinets, and an island. Three-season porch overlooking the large back yard.
Come see this move-in ready, wellmaintained home in the Harlem School District. Tasteful touches everywhere you look, stainless steel appliances, accent walls, and hardwood floors. The adorable kitchen is trendy, warm, and inviting for the chef in the family. All bedrooms include a generous sized closet, and the master has a feature wall right out of the home magazines. Get ready to entertain all year round and create memories with family and friends in the rec room bar area during the warm summer months, then bring the party outside under the hardwired gazebo. There is a large three car garage for all your toys with a back garage door for easy access. Close to shopping and restaurants and minutes from I-90.
Mark Fiorello
815.670.4129
mfiorello@GoGambino.com
Bright, open, and airy three bedroom condo in a convenient Roscoe location near 251 & 173. Two stories with ample living space and a two car garage. The excellent master suite provides plenty of room to enjoy! Well maintained and ready for your design touches. New roof in 2021. Condo dues of $180/month cover lawn care and snow removal.
5251 Belt Line Road | Rockford
15.74 MOL ACRES AVAILABLE | THREE PINS
$100,000
Have you ever wanted to own an island? Well, here is a unique opportunity to own a piece of Rockford’s history. Previously used as “The Ace of Diamonds” and Flo’s Inn, this 15.74 (MOL) acre set of parcels is waiting for a new owner to create a new recreational space for Rockford to enjoy.
Three PINs Winnebago County Zoning: 15-15-128-002 5.21 acres zoned CC / 15-15-129-001 6.95 acres zoned R1 / 15-15-202-001 3.23 acres zoned AG / 2020 / Property Tax: $957
Tom Ewing
815.703.6677
tewing@GoGambino.com
During our company's 100th year, each issue of the Home Guide will feature a look back at the history of Gambino Realtors and our long-standing involvement in real estate, politics, and area organizations, cementing us as generational community partners.
Gambino Realtors has been a family-owned and operated business for 100 years!
Frank Gambino opened the F.M. Gambino Agency in January 1923 at 107 N. Main Street in Rockford. Frank had worked with Sundberg Electrical Company before embarking on his real estate career, which grew along with his young family.
Although he was not born in Rockford, the Rockford area community was his hometown! Shortly after his birth, Frank's family moved to Rockford from Italy. He graduated from Rockford High School.
The Rockford Daily Register Gazette cited, "Mr. Gambino is prominent in the Italian circles of the city." He served as Vice-President of the Italian American Citizen's Club, was Secretary of the Vincent DePaul Society, and was President of the National Athletic Club. Frank Gambino was active in St. Anthony's Catholic Church, singing bass in the choir during Mass. Later in life, he became a strong figure in Rockford politics.
Frank married his love, Marie, just a year after starting his agency. They had three children - Mary, Paul and Joe. The family established themselves in the Rockford community and made their home in a predominantly Italian neighborhood in South Rockford.
Family was at the forefront in the creation and development of the F.M. Gambino Agency. Frank's brothers Angelo and Carl also worked with him. Once his sons Paul and Joe completed college, they joined the agency.
Frank Gambino was in the real estate business for 46 years when he passed away in 1968. He was a visionary and the first developer of tract-type housing in Rockford, beginning with Montague Heights.
Gambino Realtors is now a third-generation family-owned company!
Fantastic 1,231 square foot end unit hangar is waiting for your aircraft to find its new home. Excellent place to spend time if you love flying! Meet other local pilots, work on your aircraft, vehicles, and other hobbies. This unit comfortably fits your aircraft, two vehicles, equipment, and more! This location is part of an association and the Hangar Dues of $395 per quarter applies. Taxes are shared among all hanger owners and are included in the HOA fee.
815.904.3800
4301 Falcon Road Rockford $139,000
Tina Eisler
1,231 SQ FT HANGAR
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This one skillet meal is big on flavor and quick on preparation time! Any small pasta may be substituted for orzo.
1 cup uncooked orzo or rosamarina pasta (6.5 oz)
1 lb Italian pork sausage links, cut into 3/4-inch slices
1 teaspoon vegetable oil
4 oz green beans, cut in 1-inch pieces (about 1 cup)
3/4 cup yellow bell pepper strips
1/2 cup peeled baby carrots, cut in half lengthwise
1/4 teaspoon salt
2 tablespoons water
1 can (14.5 oz) fire roasted diced tomatoes, undrained
3/4 cup crumbled feta cheese (3 oz)
Chopped fresh parsley, if desired
In 10-inch nonstick skillet, cook sausage over medium-high heat 7 to 9 minutes, stirring occasionally, until no longer pink and thoroughly cooked. Transfer to plate. In same skillet, heat oil over medium heat. Add beans, bell peppers, carrots and salt; stir 1 minute to coat vegetables. Add water. Cover; reduce heat to low, and cook 5 to 6 minutes or until vegetables are crisptender.
Remove cover; stir in tomatoes, sausage and cooked pasta. Increase heat to medium; cook 3 to 4 minutes or until completely heated through. Garnish with cheese and parsley.
