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Chicago, IL Real Estate News

By Sara Bonert, Real Estate Internet Marketing
(Zillow)
This week Zillow released their 2nd Quarter Home Value Reports, detailing what is happening with home values around the country and in the Chicago metro.  When you look at greater Chicagoland, overall homes experienced a 7.3% year over year decline in value.  The up side to this is that if you have owned your home for more than 5 years, overall we are still up 2.3% (which is a lot better than what other US metros can say).  Metro Area Home Value Performance Home Type Current Zillow Home Value Index Year Over Year Change 5-Year Annualized Change All Homes $244,353 -7.3% 2.3% Single Family $252,917 -7.6% 2.6% Condo/Coop $214,283 -5.2% 2.0% Bottom Tier $158,051 -4.9% 3.2% Middle Tier $241,691 -7.2% 2.1% Top Tier $402,873 -7.1% 2.1% Here are some of the biggest gains and losses in the area:...
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By Dean Moss, Dean's Team Chicago IL Real Estate Team
(Dean's Team - Keller Williams Realty Partners Chicago IL)
Unfortunately, it seems, every passing day brings new, often distressing data about the U.S. Real Estate Market.  Today, the data comes from Zillow.com, and The Chicago Sun-Times, regarding the prevalence of Negative Equity here in the Chicago Real Estate Market. Recent Zillow.com data indicates 37.8% of Chicago Area Homeowners who purchased their homes during 2006 may be upside down in their mortgage.  In other words, they owe more on their home loan than their house is worth today. The figure is slightly more favorable for those who purchased in 2007 - only 31.1%of these homeowners have negative equity in their homes.  Going back five years in aggregate, however, shows greater long-term stability that a real estate investment typically offers.  Only slightly over 3% of those who purch...
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I'm sitting here working on an analysis of a home whereby the seller has been in the home for over 25 years.  The electrical won't pass for the amount of outlets that are required for today.  The roof is worn out and showing signs of moisture.  A couple of the lath and plaster walls are crumbling and one wall is bloated.  The heating system is dated and has gas space wall units.  Work was done on the house but not by someone professional or creditable.  The curb appeal is average and could be heightened by some paint, flowers.  Most would say, price it for it's condition.  Yup, just do it!  But is this fair to the seller?  Shouldn't the seller be told that they have lived their for so long that they have adjusted to the fact that their fuses don't hold and they know which outlets to use...
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By Dean Moss, Dean's Team Chicago IL Real Estate Team
(Dean's Team - Keller Williams Realty Partners Chicago IL)
Common Sense!  Proceed Honestly!  Lay Your Cards on the Table! We, as well as our homeowner clients, have been told time and time again to be upfront with your lender if you anticipate running into difficulty keeping up with your house payments.  We've often heard, "Contact your lender BEFORE you get into financial trouble, while your loan is still current, and they offer forbearance while your payments are still current!" In reality, however, with so many homeowners now delinquent in their mortgage loans, most lenders have little time to deal with you unless you are already in mortgage arrears! What a Catch 22!  Want to stay out of financial trouble?  You have to get into financial trouble first, then, perhaps, we can help you get out of it! PERHAPS is the keyword here!  Those already ...
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Chicago IL, USA, August 7th, 2008 – David Vargas, a full time real estate agent with @properties is featured on the cover of Realtor Magazine’s August 2008 issue. Date Released: 08/07/2008 This month Realtor Magazine (www.realtor.org/rmohome/toc/tocprint) takes a unique look at real estate training methods including an improv workshop sponsored by Chicago broker (at)properties. “At first it was a little stressful and uncomfortable being on stage, explains Vargas, 33 who took the class with 12 other agents in the Spring of 2007. “My main goal was to relax and slow things down a little. Once you can do that the exercises are a lot of fun”. The workshops are organized by Rich Rogala, a performance coach with (at)properties, who meets with Vargas every 3 weeks. “It’s a great time to brains...
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By Christine Hancock
(Rubloff)
Centrally located in the ‘Jackson Loft Corridor District', at the corner of Jackson Boulevard and Des Plaines Avenue in Chicago. Haberdasher Square Lofts is minutes from Greek town, Metra & Union Stations all major highways, and the greater Chicago downtown area. Haberdasher Square Lofts is a 226-unit loft condominium recently converted in 1995 and built in the 1920's - Two buildings make up Haberdasher Square Lofts. The taller complex was the original home of AB Dick and then became Hart Shaffner Marx. The shorter complex was home to Wurlitizer Juke Box Company. Both buildings are now combined to bring you HABERDASHER SQUARE LOFTS CONDOMINIUMS CHICAGO Amenities include: In-Unit washers and dryers, balconies, exercise room, bike room, storage lockers, 24 Hour Door Staff, deeded indoor ...
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By Barb Van Stensel
This past Thursday, I met with a widow who lost her husband to a long-term illness five months ago.  They refinanced their building in the same monetary increments and it was obvious that it was for his medical expenses.  She sat slumped in the chair, her clothes were pressed, her hair was awesome, she had a smile that appeared amidst the tears that rolled down her cheeks.  Her rents are low and the mortgage amount even before the medical expenses, was high but obviously the husband was working before the illness.  My heart went out to her as it reminded me of the women my father would tell me that he would talk to when he was appraising and even selling real estate.  Their husbands died.  Their husbands handled the finances for the family.  They didn't know where to look or who to reac...
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By Dean Moss, Dean's Team Chicago IL Real Estate Team
(Dean's Team - Keller Williams Realty Partners Chicago IL)
Good morning, AR! Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, August 10, 2008 - One encouraging sign this week is a bit of a jump in the weekly Pending Sales throughout the North and Northwest Side Neighborhoods in Chicago we serve. We see continued stability in Active Listing Inventory and Average Sales Price, despite a slight dip in Average Sale this week.   Closed Listings and Expired Listings show dramatic mid-month dips, as is usually the case. Average Market Time came down a bit, which is very good to see, while Sales Volume fell versus last week, but continues its relatively flat trend month over month. Absorption Rate, or average inventory turnover, gave back last week's improvement, and is still high - at over 28 mon...
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By Dean Moss, Dean's Team Chicago IL Real Estate Team
(Dean's Team - Keller Williams Realty Partners Chicago IL)
Hey, folks - Chicago Cubs WIN!   More importantly, they beat the hated rival St. Louis Cardinals tonight at Wrigley Field, in a nationally-televised game.  Hey, you St. Louisans - don't mean to rub your noses in it, but - WHOOO-HOOOO! We all know the importance of staging a home to sell - getting the cleanliness, the lack of clutter, the decorating, the colors, the lighting, and the furniture placement just right to make to most favorable, and irrevocable, first impression.   Here on Dean's Team Chicago, three of us have the Accredited Staging Professional Designation, although we don't pretend to know everything there is to know about proper home staging for sale. Now, one company, and probably several others, offer a new enhancement - the addition of a Resident Manager, who lives in t...
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I received a phone call this morning from an agent to whom I submitted an offer to buy a Chicago condo yesterday. What he had to say took me by surprise. [Click here to journey to The Real Estate Lounge Chicago] You see, here’s what happened. Dave and Colleen are a really nice couple heading to Chicago from D.C. so she can attend a graduate program in Hyde Park. I met them through another really nice couple from D.C. who also came to the University of Chicago a few years back. The few years back couple, Jon and Heidi - I helped them find a place in Bucktown and they are nice enough to share my info with friends who gravitate to Chicago every 10 or so months. Anyway, Dave and Colleen have been looking online and have a good grasp of the Chicago real estate market and, after visiting a fe...
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By Dean Moss, Dean's Team Chicago IL Real Estate Team
(Dean's Team - Keller Williams Realty Partners Chicago IL)
Hope you're enjoying your weekend, folks!  Beautiful, sunny, and mid-70's temperate here in Chicago this afternoon. Question for you guys - and, ladies, too, of course chime in. Does what you wear as you do your work as a Real Estate Practitioner matter anymore?  Do clients really care? Back in the day, about 15 years ago, we guys were expected to wear at least a sport jacket and tie when we worked (when I began my RE career at Century 21 - I had two of those insipid Gold Jackets - one wool for winter, one cotton for summer).  Nice dress pants.  Good leather shoes. At the time, a few of the older fellows still donned a suit each day.  Usually, a dark, conservative one!  White shirt, silk tie (sometimes with some dumb-looking real estate symbol on it).  Wing-tip shoes - perhaps imported ...
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By Barb Van Stensel
Yesterday, I received an "informational" fax from our attorney re the sale of my listing.  This fax was from the buyer's attorney.  Know this that that the subject property was sold as a "total gut rehab" and sold $100K below the lowest sale (even short sales).  In included in the pricing the cost to carry the builidng for four months while work was being done, the loss of income, the cost of repairs, the building permits, their time, and they were rewarded with $120K - $150 in appreciation for having to put this kind of money out.  The appreciation is a low conservative price.  I work with alot of estates and this property is just that, an estate.  The buyer has the loan approved with the loan number, all they require is the appraisal, the survey, title ...  we can close.  This is how ...
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By Dean Moss, Dean's Team Chicago IL Real Estate Team
(Dean's Team - Keller Williams Realty Partners Chicago IL)
THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG! Good Morning, you AR Dogs! Hey, this doesn't have much to do with Chicago Real Estate - but it's a pretty incredible story, and a bit disturbing. Muslim religious police in Riyadh, Saudi Arabia are beginning to enforce a rule to ban the walking of dogs and cats, and the sale of us pets, throughout the capital of the kingdom. Their reason - walking of dogs or cats by men could encourage stares of "Ooooh . . . How Cute!" by passing Saudi women.  And Muslim law greatly restricts how unmarried men and women can interact in public. In other words, officials seem to be concerned that we cute pets are actually "Chick Magnets," and they want to take what they feel to be necessary steps to ...
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By Dean Moss, Dean's Team Chicago IL Real Estate Team
(Dean's Team - Keller Williams Realty Partners Chicago IL)
Good Morning, All! I ran into some interesting data yesterday in The Wall Street Journal which summarizes very well how things have change in mortgage lending in a couple of years. According to the Federal Deposit Insurance Corporation, 0.91% of all prime loans that originated in 2007 were in "serious default" - 90 days or more.  For the comparable period in 2006, the delinquency figure was only 0.33%.  In summary, as of the end of April of 2008, 275% more prime mortgages were in default than a year before! Mortgages issued by Freddie Mac also showed an alarming increase in delinquency - 1.38% of its loans originated in 2007 were over 90 days delinquent after 18 months from funding, versus 0.38% for a comparable period in 2006. Washington Mutual mortgage loans to sub-prime borrowers sho...
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By Barb Van Stensel
I have a girlfriend who is in the lending industry and our friendship goes way back to when she met me 12 or 13 years ago when her boss messed up a file for one of my investors.  This friend has taught me about financing, the options, alerts me when new programs are coming into place, what she thinks is an "awg" in financing and "hey, Barbie take a look at this new program!"  I'm telling you about her and our relationship as friends and as one of my lenders because we've always made a pack to "agree to disagree".  She is one of the top producing ladies in Illinois for financing and she got there by being honest.  She has shown honesty to her clients, my clients, to Realtors and that's what makes her so outstanding and a strong solid friend of mine.  The reason why I'm telling you about ...
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I finishing up a building located in Lincoln Square in Chicago that is set to close and they are installing the cedar fence right now as I write.  This builidng has a new rubber roof on it, new electrical wiring, and tonight I'm sitting here running the punch list and I'm getting flooded with calls.  You know the call "Tell me about that property".  Ah, people it's sold. "But the house is so lovely, we want it." I have another one coming in. "With that fence?" The fence? "That fence is so beautiful.   Will the other house have the same fence?" Now people, I'm thinking, if all it took was a cedar fence to be installed, I'd be planting those babies in every last one of my client's yards!  What it take to sell this property?  Curb appeal and a sweet back yard. So what does your fence look ...
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By Barb Van Stensel
CHICAGO, IL - Lincoln Square   You're Invited bring Your Pen, Paper, Blackberryand join us for an informative Property Investment Forum WEDNESDAY, August 20th6:30 p.m. Understanding How to Calculate Debt Service Ratios, ROI, Costs to Improve Short Sales vs Foreclosures Fast Track vs Estates What is the best way to finance How much money should we invest and why YOU'VE GOT THE QUESTIONS.  WE'VE GOT THE PANEL OF EXPERTS.Seating Limited.  Call Rory, Asa or Barb to reserve your seat. LOCATION:  4553 North Lincoln AvenueBRIDGEVIEW BANK Refreshments and h'our dourves will be served. Rory Fanning                                               Asa Luke                           Barb Van StenselSenior Mortgage Banker                                Branch Manager                 Rehabber, RealtorB...
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By Jim Gramata, GREEN sales brokerage and construction guru
(The Gramata Realty Group @properties)
Chicago Home Buzz Market Report <!-- .style1 {font-family: Arial, Helvetica, sans-serif} body,td,th { font-family: Arial, Helvetica, sans-serif; font-size: 10px; font-weight: bold; } a { font-size: 10px; color: #990000; } a:link { text-decoration: none; } a:visited { text-decoration: none; color: #FF0000; } a:hover { text-decoration: underline; color: #FFCC00; } a:active { text-decoration: none; color: #FFFF00; } .style2 {color: #FFFFFF} --> Good news for Lincoln Park single-family home owners! We've just finished the latest Chicago Home Buzz second quarter market statistics for Chicago's near north side. Our target report for this blog post is LINCOLN PARK Single-Family Homes: Lincoln Park single-family home sales were off from the previous year with 397 units sold as compared with...
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By Mary Nack, Vice-President, Sales
(Jameson Sotheby's)
It is difficult to find any bright spots in the economic news these days. How does that Rudyard Kipling poem go? "If you can keep your head when all about you are losing theirs..." For those who don't panic and are prepared, there has never been a better time to fortify your financial fortress. Interest rates are still at historic lows. Now is the time to lock in those fixed rate mortgages. It seems certain that interest rates can only climb. And, even though housing prices may not have yet hit bottom, it also seems certain that we're hovering there. The only way to know when the bottom is the bottom, of course, is when it no longer is. There is no such thing as a national real estate market, just as there is no such thing as a national weather forecast. According to the Case-Schiller i...
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By Dean Moss, Dean's Team Chicago IL Real Estate Team
(Dean's Team - Keller Williams Realty Partners Chicago IL)
Good Morning, Everyone! I was just thinking - the first tank of gas I ever bought in my life - way, way back in February, 1973 - from a Standard Station in Park Ridge IL, across from Lutheran General Hospital, and down the street from my high school - cost $4.20!  FOR THE WHOLE FILL-UP!  I remember - 12 gallons of regular (still leaded, way back then), at - you ready for this - $0.35/gallon!   I think I might have even gotten S & H Green Stamps with the fill-up! You know, that entire first fill up, in my mom's 1967 Chevy II, cost less than one gallon today - just about! All through the years, as gas prices increased, folks talked of conservation.  Alternative Fuels.  Thinking "green," - although the "green" term is comparatively new, popular one. But when fuel prices dipped down, even t...
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