Windy City Guide

Please join me over at my New Blog!

2008-07-22T22:36:00.002-05:00

Well, gentle readers, it's taken me two years to finally come to the conclusion that this blogging phenomenon was finally going to take off.

Who knew?

Heck, back in the day, I was known to say "Harrumph! Computers talking to each other! Who needs it?" Kinda like when Bill Gates said 64k was all the RAM any computer would ever need. I think the oldest cell phone in my closet has more memory.

In any case, I have finally taken the plunge and built my own Word Press blog and am hosting it over at www.yourwindycityguide.com. Of course, there's a link to it from trusty old www.darrowwest.com. I hope you'll link on over, and be sure to leave a comment or two.

If you are one of my kinder patrons that links here, would you update the link in your blogroll?

The interface looks a little cluttered today, but I am learning. And I believe I will have the whole template and spacing sorted out within a couple of days. So if you view the blog tonight - you'll see what I mean. If you view the blog in a few days or later - expect perfection!

Looking forward to seeing you over at www.yourwindycityguide.com!

Q & A with your Chicago Real Estate Expert

2008-07-19T17:37:00.001-05:00

A loyal reader writes and asks:

Brokers, have you ever bought a property (as an investment, to rehab and flip) for yourself from someone who came to list with you or company you work for? Do you consider yourself to be to an advantage then others, since you get to it first? Is it fair, ethical and legal? If a client comes in to list their property and you want to buy it from them, who interested are you looking out for? Or if you don't buy it for yourself, did you have a preferred buyer who was counting on you to notify them of hot properties?

Here in Illinois, according to my Real Estate Broker Class Instructor at the Real Estate Education Company, it is ILLEGAL to buy your own listing. A conflict of interest is created that Illinois License Law will not accommodate any resolution of this conflict.

So, Realtors, if you want to buy a piece of property that you go and see on a listing presentation, it is imperative under the law that you decide whether you want to try to purchase this property before taking the listing. In fact, during the listing presentation process, it is frequently customary for a seller and the prospective agent to discuss the situation that has brought about the sale. It can be interpreted under Illinois License Law that the use of this information by the agent in negotiating on the home would also be illegal.

Of course, I am always out there looking for prospective properties to purchase. Lots of agents do this. But my first source of property information is usually the Multiple Listing Service (MLS) and then popular websites that contain lots of For Sale By Owners (FSBO's.)

It's best to wear only one hat when out conducting business. When I am on a listing appointment, I am wearing the hat of Marketing Specialist and Real Estate Agent for my company.

When I am looking at investment properties, I make my phone calls and I introduce myself as a prospective buyer WHO ALSO IS A REAL ESTATE AGENT. It's best to let people know right away that you are a Realtor when calling on properties that you might be interested in buying. I have been in court accompanying other close friends who were sued for not disclosing that they were Real Estate Agents at the first point of contact, even though Illinois License Law states that you must list your licensee status on a contract on a piece of property.

And yes, if I go out and list a property that is perfect for one of my clients, I usually call them from the car in front of the house as I leave with the signed listing agreement. I think that's good service to both the seller and the buyer.

Local Starbucks Closing. Thank God I'm Covered!

2008-07-19T10:46:00.002-05:00

Much ado has been made about the closing of several Local Starbucks stores. Some community activists have even suggested that Starbucks is discriminatory as there are more closings in Cities than in Suburbs or in the Country.

In any case, I am losing TWO of my local stores. Thank God I'm still covered...

View Larger Map

Realtor Boquet - seen in Evanston

2008-07-18T13:28:00.002-05:00

Hung from the service door to the Evanston Galleria

Bringing you up to speed on Your Windy City Guide

2008-07-17T22:04:00.001-05:00

Loyal readers will note the absence of posting by your guide for Three Whole Weeks - an unforgivable eternity in the blog posting world. We hope you can forgive us our transgression and hope to retain your loyal readership.

The reasons have been threefold:

1. I have not had an original thought in my head for a solid two weeks out of the last three. The heat of the Summer must have gotten to me. Perhaps too strong a desire to go sailing rather than think about anything real estate related.

2. On a positive note, we have been crazy busy. Listing like crazy. Wrote some contracts. Listed some more developments. Not the thing to do in the lazy dog-days of summer. On top of that, our Trusty Management Expert - Steve West - also got busy. He took over the management of a 100 unit complex in Old Town which led to a 50 unit mid-rise in Old Town, and a couple more projects coming on line in the next few weeks. Poor Steve, work is getting in the way of his summertime fun, too.

He'll have some excellent stories to tell from the Property Management side of the business soon, though.

3. I have contracted with a technologically superior web-guru to overhaul the www.darrowwest.com website AND this humble blog. I thought the project would be completed by now, but each day brings a few new wrinkles to the plan. Before another day went by, I thought I had better get back on the bandwagon before my dearest friends forgot I was here. Or worse - started removing links.

But this week while driving home from my latest listing at 3753 West Dickens (single family home for $359,900) I drove past this odd sight on Palmer out by Kedzie. How fun is this?!

Such a weird thing to see inside what appears to be quite an ordinary kiddie playground next door to a school. It turns out to be the BARNET HODES Sculpture Garden.

The centerpiece of the Logan Square Boys and Girls Club’s Barnet Hodes Sculpture Garden, this sculptural bench and fountain project holds the distinction of being the city’s first freestanding, community-built artwork-- a feat that involved the use of reinforced concrete, landscape design, and mechanical and electrical engineering. The undulating seats evoke the shapes of reclining figures: the glass mosaics in the fountain basin recall Taino designs and symbols. The form of the work was inspired by Pedro Silva’s Grant’s Tomb Mosaics (1972-1974) and Antonio Gaudi’s Güell Park ceramic-fragment-encrusted benches (1900-1914), as well as by the work of David Harding in Glenrothes, Scotland, who introduce the Chicago Mural Group to concrete as a community art medium in the 1970s.

Hey, I'll take any inspiration that comes my way these days. Here's hoping you find me traveling off the beaten path more often in the coming days.

Slightly better news for Chicago from R|E|A|L

2008-07-02T20:07:00.001-05:00

From the Regional Economics Applications Laboratory, Institute of Government and Public Affairs at the University of Illinois on behalf of the Illinois Association of Realtors, some news that sales in May were slightly higher than in April.

Housing sales continued to decline in April and May compared to April and May of 2007, but the number of homes rose 17% in Illinois and a little less than 14% in Chicago from April to May, 2008.

Two main factors have been identified by the authors of the report:

An 11.5 month supply of homes are on the market. The outlook appears grim as a large number of foreclosed homes are coming on the market and more are expected. The report indicates that foreclosure filings were up 65% in April compared to April, 2007. A survey of households indicates that the number of people planning to buy a home within 6 months has fallen from 3.4% in March, to 2.5% in April, to 2.1% in May.

The other factor is economic news. The national unemployment rate jumped to 5.5% with the number of unemployed rising by 861,000 in May. Economists and analysts were surprised to hear that the Illinois economy added 4,000 jobs in May, however.

With this news, analysts are kicking the projected real estate market recovery into 2010 rather than in 2009.

Technorati Tags: Chicago,Real Estate,Marketwatch

In Chicago, Demand remains tepid as falling prices hurt confidence

2008-06-30T13:53:00.001-05:00

Your guides participate in and receive a survey from our friends at Credit Suisse (formerly from Bank of America) who ask 2,500 Realtors in the US top 20 markets about what they are experiencing in the Real Estate Market. The survey shows trends on a month by month basis.

In Chicago for the month of May traffic remained unchanged at weak levels from April.

Agents said buyer confidence remains very weak as many potential buyers are overwhelmed by the combination of continued price declines and a deteriorating economic outlook. According to one agent, “People are waiting for prices to go down further, as they are convinced it will get worse before it gets better.” In fact, one of the only agents satisfied with current traffic levels dealt solely with foreclosed properties and has benefited as an increase in vulture buyers has accompanied rising foreclosures. We think improved affordability from a combination of lower prices and lower mortgage rates is needed before we see any sustained improvement in traffic.

Technorati Tags: Chicago,Real Estate,Marketwatch

This weekend in Chicago: The fests keep getting BIGGER...

2008-06-26T17:09:00.001-05:00

So, weary festival warrior. You thought you might get a break one of these weekends. But, NO! The festivals keep getting larger. This weekend brings you the two King Kong's of Chicago Festivals.

First up:

Opening Weekend for the Taste of Chicago in Grant Park. Acres and acres of live music, crowds, food-on-a-stick, crowds, heat, crowds, all culminating with the HUGE fireworks display on the 3rd of July. (Rain date, July 4th.)

Umm, did I mention street closures? Pretty much all the streets that go through Grant Park: Columbus, Jackson, Monroe, all the way to Balbo are closed.

Check out the cool interactive map.

Taste of Chicago opens Friday, June 27. Open Daily starting at 11:00 am for you downtown workers.

The 39th Annual Gay Pride Parade in Lakeview. Join nearly a half-million of your closest friends and mob the sidewalks along Halsted, Broadway and Diversey to watch Chicago's largest parade on Sunday, June 29. The parade (theoretically - you know the gays) starts at Noon at the corner of Belmont and Halsted.

Look for your guides on the @properties float which should attract your attention with an ear-splitting sound system.

Keep your eye out for @properties founder, Thad Wong, as the consummate attention junkie will be found running alongside the float handing out hats, beach balls or at least his business cards.

The crowds paralyze East Lakeview starting at 10:00 am on Sunday, so don't even think about trying to drive across the neighborhood.

Honorable Mentions:

BAM ! Fest in Roscoe Village: Roscoe Village will celebrate its 2nd annual Belmont Arts & Music Festival (BAM!) as it livens up the neighborhood streets on June 28th and 29th. Bursting with local artwork, music, food and spirits along Belmont Avenue running west from Damen, BAM! is a reflection of the diverse and vibrant arts scene in Roscoe Village. (Belmont to Roscoe, near Damen.)
White Sox vs. Cubs in the second half of the Crosstown Classic this weekend on the South Side at US Cellular Field. Go Cubs!
Fifth Annual Randolph Street Festival: Formerly known as the Chicago Antique Market, this European-style indoor/outdoor fair showcases antiques and vintage collectibles from more than 200 dealers along Randolph Street, between Ada Street and Ogden Avenue.

Get out there and have some fun!

Technorati Tags: Chicago,Festivals,Lakeview,Neighborhoods,Photographs,Real Estate

Street names in Chicago. K-town; and why there's no Q-town.

2008-06-25T10:44:00.001-05:00

K-Town, Chicago

Did you ever wonder how all the streets got named in the section of Chicago where all the names start with the letter 'K'? Otherwise known as K-town?

Starting at just west of Pulaski, and extending for one mile, all the north-south street names begin with the letter 'K'. And immediately following, all the streets start with 'L'. There's also an 'L' section and and an 'O' section. But no 'Q's. (We could make a claim for copyright infringement against the unfortunately named Boy Band "O-Town." Don't follow the link. It's bad.)

Even more interestingly, the plan was to start naming the north-south streets with the letter 'A' at the Illinois-Indiana border. Each letter was supposed to be used for one mile, and then the next letter would begin. On the south-east side of Chicago, there is a section of Chicago with several streets starting with the letter 'A' - primarily in Hegewisch.

But residents that lived in the older sections of Chicago that would have had to change the names of their streets to begin with the letters 'B' through 'J' objected, and the plan was not implemented in those neighborhoods.

How handy to know that when you hit Kostner, you are 11 miles west of the Indiana border. 12 miles when you hit Landers. 13 at Mango (I am not making this up.)

Alas, the letter Q would land west of O'Hare Airport in an undeveloped forest preserve and partly outside Chicago.

Technorati Tags: Chicago,Neighborhoods,Real Estate,Tour

Hey, where did the seasons go?

2008-06-24T16:35:00.001-05:00

Time sure flies!

I should have been paying attention. Season's change. It takes a while to sell out a development. I took the photographs for the Mansions at Leland Hall back in January. I wish someone would have reminded me how ridiculous the snowy building shots look on a nice sunny June Summer Day.

Here's what the place looks like today:

At least from the photo below, you can see the whole building without all that pesky foliage blocking the view. Who needs leaves anyhow?

Please bring this to my attention the next time you see this happen on my website?

Technorati Tags: Chicago,Development,Photographs,Real Estate

Bad Real Estate Photos - a continuing series

2008-06-24T16:21:00.001-05:00

I have not changed these photos in any way. These are for a property that is currently for sale in Chicago and these are the marketing photographs that the listing agent uploaded into the MLS for publishing to the web.

Technorati Tags: Chicago,Real Estate,Photographs

Open House on Saturday, June 21

2008-06-20T16:36:00.001-05:00

942 North Fairfield

The Fairfield Greystone

Open House on Saturday from 11:00 to 1:00

Two beds from $255,000 and one duplex left for $325,000

www.fairfieldgreystone.info

2034 West Arthur & 6504 North Seeley

The Warren Corner

Open house on Saturday from 11:00 to 1:00

1 bedrooms from $135,000

2 bedrooms, 1 bath from $155,000

2 bedrooms, 2 baths from $215,000

www.warrencorner.info

Technorati Tags: Chicago,Real Estate,Open House,Rogers Park,West Town

It's not easy to find a foreclosure deal in most Chicago neighborhoods

2008-06-17T13:40:00.001-05:00

It has come up in a couple of conversations with clients recently, as well as a discussion during a recent office meeting, that buyers are asking about locating homes in foreclosure in order to get a deal. It turns out that they're not quite as easy to find as you might think.

First, one important statistic: Half of all foreclosures are occurring in six states. Those states are California, Florida, Arizona, Nevada, Michigan and Ohio. (CNN Money)

All the other foreclosures in the US are divided among the remaining 44 states.

A personal anecdote:

One of my buyers asks regularly about locating a foreclosure deal. Working at odds, however, is her desire to live in the Gold Coast.

Well, they don't call it the Gold Coast for nothing.

Most of the condominiums we have seen are for sale by sellers making a lifestyle choice, not out of necessity. Realtors showing us their listings in the Gold Coast tell how the condo is their sellers' second or third home; an in-town apartment or perhaps a former first home before relocating. Almost universally, though, no tales of woe or hardship. Some of these homes are also listed for rent. Some owners will simply keep the home empty or enjoy it for another Chicago Summer.

Some of our younger buyers are devotees of Robert Kiyosaki's and Sharon Lechter's famous book "Rich Dad, Poor Dad" which goes into great detail about finding the best investment deals. Invariably this leads to the foreclosure discussion.

Second important statistic: A foreclosed property is usually available for at least a 30% discount. Often more.

Third important statistic: There are plenty of foreclosures in Chicago. (Stats from RealtyTrac.)

The Catch: Most of our company's clients are home buyers and are searching for a place for themselves and their family to live. Take a look at the map of where these foreclosures are taking place (Map from RealtyTrac.) The areas with the highest concentrations are the south and west sides. But the buyers don't want to live where the foreclosures are; they are asking for traditional lakefront neighborhoods.

When confronted with these facts, some of these buyers stubbornly remain insistent. And homeless.

Another factor to take into consideration when pursuing foreclosed properties is the condition of the property. In most cases, the property is neglected. In some instances, ransacked.

The best condition I have ever seen of a foreclosed property was a condominium in an amenity high-rise in Edgewater. A small investor purchased a condominium in original condition and began renovating it in the hopes of fixing it up and selling at a profit. When the project took more time and resources than he predicted, he stopped making payments and the condo was foreclosed on. A buyer of mine who already lived in the building purchased the unit and finished the renovations.

Many foreclosed properties in Chicago are houses or small apartment buildings. If vacant, these tend to fall into dis-repair quickly. Our advice is that chasing deals on properties in distress is best left to the most experienced investors & rehabbers. A Chicago winter can be very hard on a building with no running utilities. Burst pipes, broken windows, vandalism are just some of the problems that foreclosed and neglected buildings are subject to. They're not 30% to 50% off for no reason. Even experienced investors can be surprised by how much time and money it can take to get a property back in good condition for renting out or selling at a profit. Cost overruns, improper planning, shortages of man-power or materials, and even City bureaucracy can stymie you at an inopportune time sending your finances into peril. It's all to easy to fall a few months behind schedule and a few thousand bucks in the hole and the property is right back in the bank's possession again.

Check with your local expert in your marketplace during the planning stages of your new home search. Even though foreclosures are everywhere in the media, they might not be so right where you're looking for your next property.

Technorati Tags: Chicago,Real Estate,Marketwatch,Foreclosure,Commentary

Happy Fathers' Day - Some background on your Guide

2008-06-15T14:13:00.006-05:00

Fathers' Day 2008

Dedicated readers who truly have too much time on their hands, along with a few of my clients, have asked on occasion about the quote in my bio about “having real estate in my blood for my entire life.”

This Fathers' day post is a perfect time to look back at how it all started.

I think my earliest real estate development memories begin with our family building a new house across town from the first house I remember. My father and uncle each purchased lots in a suburb of Chicago in the early 1970's as potential investment lots or as the site for a new house. My uncle decided to sell and selected somewhere else to settle; my dad chose to build on his.

I remember this lot being one of the last undeveloped pieces of land in our town. It was quite a favorite play space for neighborhood kids. A city park was located only a block away, but I remember all the neighborhood kids playing on the lot rather than at the park. Perhaps it was the unkempt and uncontrolled nature of the lot. Though only 100 feet by 65 feet, at the time it seemed enormous – with a wild slope to the rear and even a dirt dune for climbing or BMX bike riding. It was regarded by the neighborhood kids as quite the tragedy that construction began on a new home on this treasured play area.

It was completely natural for my father to take both me and my sister, Jeanne (VP, Finance, Fancy Schmancy Downtown Developer), where we watched the whole process for the first time. Looking back, I distinctly remember excavation being punctuated by hours spent playing on bulldozers and earth moving equipment. It seemed like forever for the puring and curing of the foundation. Thinking back, this must have been the typical late fall pour before the winter, with a hiatus until the weather broke again in Spring. Framing was quite a marvel to behold.

Installation of major systems – electrical, heating, plumbing, each brought new revelations. Leftover junk became treasure – I collected punch-out slugs leftover from electrical boxes and saved them for years. The neighborhood kids warmed up to us as they were welcome to climb all over the construction as well as get to know the new playmates that would eventually move in.
At the same time as the house, Dad was also working on the first of four memorable construction events that I can recall. I am sure there were more, but the four were milestones in our childhoods.

First was a racquetball club in Westmont. The size and scale of this building was wondrous, what with nearly 30 foot tall ceilings in the courts and enormous glass walls for viewing. I can only describe the the interior as the ultimate in late '70's chic. Envision the décor influenced by both whoever imagined the set for the original movie version of “Hairspray” along with a healthy dose of modernism inspired by the Picasso in downtown Chicago. Shagadelic, baby! (Indeed, the vending area and lounge were finished with textured and patterned carpet that seamlessly scaled up the walls.)

Though I never saw our family name in the newspapers nor was anyone ever indicted for bestowing political favors, somehow my father became aware of the development and construction of what was Illinois Highway 5 which is now I-88 running roughly parallel to Ogden Avenue through the western Suburbs. Envisioned as the main artery for a High Tech Corridor, major technology companies such as Amoco Oil and Bell Labs were planned and built near major interchanges in Oak Brook, Westmont, and Naperville. Somehow dad know where and when the major interchanges were going to be located and bought up the parcels that he could afford.

Next door to the Racquetball Club in Westmont, Dad and my uncle developed a small office park. The small one and two story office parks in a landscaped setting that were all the fashion in the late '70's and through the 80's. I don't know if anyone goes for this kind of space anymore, but at the time was a perfect setting and product for the booming small business economy.

Next out in Naperville, Dad started on another, grander, racquetball AND tennis club (very exciting and innovative) along with a strip mall next door.

Today, the whole concept of a strip mall is quite routine. But back in the day, I remember that we were the landlords for a Chines Restaurant, a Quick Printer, AND a dry cleaner. This was quite impressive to me.

Dad and my uncle held onto most of these developments and managed them, but at some point during my High School career, Dad went corporate and took a job as a commercial appraiser for one of the downtown appraisal research firms. During my College years, I think the mini-empire was slowly sold off.

When I returned from the U of Iowa, we still owned the Westmont office park, and Dad had returned to working for himself. The brothers had sold the racquetball club to the Westmont Park District (I think it's still there today.) I went to work at the family owned commercial Real Estate Brokerage which was just breaking into Residential Sales. I think it was East-West (no relationship with Steve West, my current Real Estate partner) Darrow Realty.

The Naperville club was converted into an office building and I think the strip mall is still there. Oddly, these two are the smallest buildings around as the Naperville Road interchange on I-88 is home to some pretty famous corporate HQ's and is surrounded by towering hotel towers and mega-malls.

Shortly thereafter, Dad decided to close the residential brokerage and I located a job with a Relocation Company. The Relo company had me first in Lombard, then Naperville, Downers Grove and Oak Brook. At some point, I transferred to the Chicago office. It wasn't long thereafter that I switched to brokerage and have stuck with the same career ever since.

Dad retired to the Gulf Coast of Florida, and in keeping in character, started buying up land, lots and pre-consruction condo's in advance of the coming aging Baby Boomer migration to the south. I don't think I envision myself in the "Republican Riviera" but I certainly wish I sent some cash that way a few years ago...

Interactive map of Chicago's neighborhoods showing number of units sold in 2007

2008-06-14T08:00:00.004-05:00

Another fun widget from our friends at ChicagoCondosOnline.com. This widget displays the number of units sold in 2007 in each neighborhood of Chicago and its ranking.

Open Houses for the weekend June 14 & 15

2008-06-13T16:10:00.001-05:00

Saturday, June 14

The Warren Corner Condominiums

Open from 11:00 to 1:00

2034 W. Warner & 6504 N. Seeley

Newly renovated condominiums from $155,000. Two bedrooms from $199,900

www.warrencorner.info

Sunday, June 15

2946 N. Wood Street, Unit D

Open from 1:00 to 3:00

Wellington Park Townhome. Two beds plus den, two and a half baths, on four floors of living with a two car garage plus a two car driveway. Just dropped the price to $539,900 for a really fast sale!

www.wellingtonpark.net

Another busy weekend in Chicago. Things to do. Or avoid.

2008-06-12T11:09:00.001-05:00

This weekend brings a full schedule of fun things in Chicago.

Or perhaps you can avoid the congestion and street closures that accompany these festivals.

Thursday Night

U.S. Air Guitar Championships Regional Finals - 9:00 pm at the Metro

www.usairguitar.com and also check out the Blog

Friday Morning

Bike to Work Day Rally - 7:30 am at Daley Plaza

Chicago's Bike to Work Day website

Live music, free T-shirts, food and free breakfast for dedicated souls who ride their bicycles to work on Friday.

Not to be too much of a party pooper, but it IS Friday the 13th. And the weather looks crappy. Your guides are leading a tour of Rogers Park on Friday, so we'll be in the gas guzzler.

Saturday

Resurrection Lutheran Church is proud to announce the 6th annual Wrigleyville SummerFest.

June 14, 2008 from 11:00 a.m.–10:00 p.m. on Seminary Avenue at Roscoe Street.

In addition to the bands and the Kids' Zone, plenty of food and beverages will be available, and many local vendors will be showcasing their products and services. We are proud to partner with Chicago Beverage Systems to provide Miller Lite, Miller Genuine Draft and Heineken beers this year.

Friday Night, Saturday and Sunday

59th Annual Old Town Art Fair - Just west of Wells & Lincoln and north of North Ave.

(Do not try to drive anywhere near here this weekend)

The tree-lined streets of Chicago's historic Old Town Triangle District will again provide a charming setting for the 59^th Old Town Art Fair, the oldest and most prestigious juried outdoor art fair of its kind. Produced by the Old Town Triangle Association, this annual fundraiser benefits a host of local schools, youth groups and neighborhood preservation projects. With the support of more than 750 neighborhood volunteers, this year's Fair will be held on June 14 and 15 from 10am to 6pm rain or shine. The main gate is at Lincoln and Wisconsin Avenues. Requested donation is $7.00 ($5.00 after 4:00) ; there is no requested donation for children 12 and under.+Neighborhood parking is extremely limited. Public transportation is highly recommended.

Saturday and Sunday

43rd Annual Midsommarfest in Andersonville - Clark at Foster

For the Northsiders: Midsommarfest is one of Chicago’s most unique street fairs. Born out of Andersonville's Swedish heritage, Midsommarfest retains its quaint, international flavor. Old-world Swedish traditions, including a festive dance around the Maypole, are incorporated into an unrivaled array of entertainment for families and adults.

Interactive map of Chicago Neighborhoods & sales rank

2008-06-12T10:26:00.004-05:00

Another nifty widget from our friends at ChicagoCondosOnline.com that ranks Chicago's neighborhoods in sales and price. Remember that these figures are for condos and townhomes only (Type 2/attached).

It slowed down in the real world; Online stats back up seat of the pants.

2008-06-10T09:33:00.001-05:00

Online viewing of Real Estate seems to be on the decline just as it has felt in the real world in the past few weeks. From a high of nearly 8,000 views per week, viewership seems to have fallen about 1/3 to approximately 5,000 views per week.

Viewing in person seems to have fallen off even more than the 30% drop off in online viewership.

At some point every summer, the level of traffic at open houses eases off about 50%. Throughout summer, we will still get good traffic from phone calls and Realtors, but curious buyers just getting started who are willing to drive around and explore different neighborhoods have their wish lists and goals focused by this time in the shopping season.

Stats from Realtor.com for 25 active listings.

Holy Smokes, Even More to do in Chicago this weekend

2008-06-05T16:04:00.001-05:00

Up northwest in Jefferson Park - Jeff Fest

When it comes to musical diversity, the 8th annual Jeff Fest (Jefferson Park Community Festival) on Chicago's northwest side pretty much has something for every taste!

Among the performers at the three-day event (Friday-Sunday, June 6-8) will be legendary British blues-rockers Foghat& Chicago party band Dick Holliday & the Bamboo Gang& good-time Southern rockers Heartsfield& the funk of TimePeace& the Latin stylings of Rico& and '60s music cover band The New Invaders.

In addition to music, Jeff Fest will feature food booths from the neighborhood's eclectic mix of restaurants as well as arts & craft vendors and activities for kids.

Not quite so northwest in Lincoln Square - Ribfest

Lincoln / Damen / Irving Park Intersection.Two exciting days of food and fun! Two stages of live music with 20 bands! It doesn't get any better than this.

Kick off the summer at Ribfest Chicago! What started in 1999 as a community block party has exploded into Chicago’s most anticipated street festival. This hot summer event offers something for everyone -- rib aficionados can vote for the restaurant with the “Best Ribs,” not to mention, fest goers can also honor restaurants with a “Fest Fave” award (favorite food item at the festival) and “Hot Off the Grill” award (best overall griller). Love to dance in the streets? In true Ribfest tradition, we’re bringing you some of the best music you’ll hear all summer -- and won’t hear at other festivals! Bring the kids! Our famous Kids Square provides hours of entertainment for kids of all ages … allowing children to slide, climb, run, complete, jump, ride, sing and dance all weekend long. Ribfest Chicago promises to provide a memorable weekend of lively music, family fun and satisfied appetites as we celebrate ten years of unforgettable barbecue.

Does "Short Sale" belong in Real Estate Advertising?

2008-06-05T15:51:00.001-05:00

So "Short Sales" and Foreclosures are all over the news lately. These terms are also being tossed about an awful lot in Real Estate Advertising and Marketing.

I wonder why Realtors and Real Estate Companies are so willing to advertise the distressed nature of some of the homes for sale?

A number of real estate experts have been quoted on regional blogs and in local media that the sales price for homes that are identified as "Short Sale" or "Foreclosure" properties is in the range of 20% to 43% below the value established in a CMA (Comparative Market Analysis) of similar homes in the same area.

I can understand that a home that has already been foreclosed on, and has been vacant for some time, may very well need to be discounted due to the home falling into disrepair from being vacant for a period of time.

But what about the home where the seller has fallen behind on their mortgage payments and the foreclosure process is just getting underway? Here in Illinois, it's possible for a home owner to remain in possession of a property for as long as a year before the foreclosure process results in the final eviction of the residents of the home.

I sold my first pre-foreclosure condominium about 13 years ago here in Chicago - way before the huge wave of foreclosures happening right now. The owner of a condominium in a desirable high rise in Lincoln Park lost her job and couldn't make her mortgage payments. As the mortgage company started the foreclosure process the seller listed the condo for sale with an aggressive Re/Max agent who marketed the home through all his company's normal marketing channels. None of the marketing for this condo mentioned that the home was in foreclosure, and my buyer paid full retail price for the condo affording the seller a small profit after paying off her outstanding mortgage.

As the condo was in perfect condition and completely salable, the question comes to mind:

Should my buyer and I have known about the status of the mortgage before making an offer?

If so, why?

My company has a whole company e-mail address for agents to get the word out about open houses, new listings, company announcements and the like. An informal survey of the bulk of the email received yesterday and today reveals four emails addressed to the company promoting a new listing that is in pre-foreclosure or will be a short sale.

Other blogger's have noticed a marked increase in the advertising and marketing of properties and their pre-foreclosure or short sale status through the Multiple Listing Service and even in their newspaper advertising. Yikes! I have not seen the practice being adopted too frequently here in Chicago. Yet. But a search of all property types, for the words "foreclosure" or "short sale" reveals 161 listings.

But this begs the question: If you have a listing where the seller is having trouble making payments on the mortgage but the home is in otherwise perfectly marketable condition, should the Realtor reveal the status of the mortgage in the marketing for the home? Even though the disclosure of this information will virtually guarantee that the home will sell for a discount of 20%, 30% or even 40% off of its full market value?

I am sure I know the answer to these questions. It's : No.

Here's one for you, though: Lots of buyers love to ask why the seller is selling?

What do you say when a buyer asks you why the home is for sale? Or why the seller is selling? Or why are the sellers moving?

Or even more direct: Is the seller in foreclosure? Is the home in foreclosure?

My favorite answer when the question is asked during a home showing is:

"Why, they've decided it's time to move!" Delivered in the sweetest voice and with a broad smile like it's the most natural answer in the world.

Usually this will stop the line of questioning. Sometimes a potential buyer will follow up with a serious look and repeat the question. In those instances I'll meet their icy stare and tell them that I can't answer the question.

About one in 100 will ask me why?

Of course it's because it's my duty to promote the best interests of my clients. And revealing anything about their reasons and motivations for moving is a violation of my duty to them.

Which brings us back to the "Short Sale" or foreclosure status. Doesn't it make sense that announcing to anyone and everyone this info also violates the duty that you have to your sellers?

I'd love to hear from any of you especially if you're in the real estate industry.

Chicago makes it into Final Four for Olympics in 2016

2008-06-04T21:14:00.001-05:00

Announced today by the International Olympic Committee, Chicago is in the final four cities under consideration to host the 2016 Olympics.

This means that the IOC believes that Chicago can technically meet the demands of being a host city, however their message also indicated that they believe that Chicago has some weaknesses to overcome.

Not making the cut today were Prague, Czech Republic; Doha, Qatar, and Baku, Azerbaijan.

A final decision should be made in November 2009.

Check out the complete announcement at Crain's

More stuff to do in Chicago this weekend - Blues Fest

2008-06-03T18:25:00.001-05:00

It certainly doesn't feel like it with a cold front swirling over the great lakes and temps are hovering in the 50's, but Summer is officially now in full swing. Chicago's 25th Annual Blues Festival is this weekend where you can hear live legends like B.B. King, Buckwheat Zydeco and Chicago favorite Lonnie Brooks all in Grant Park and all for free.

25th Annual Chicago Blues Festival, Thursday, June 5 through Sunday June 8, 11:00 a.m. until 9:00 p.m. each day, Free admission, Grant Park

Thursday, June 5
11:00 a.m. - Blues in the Schools w/ Katherine Davis, Erwin Helfer, Eric Noden and the Stone Academy Blues All Stars, U.S. Cellular Front Porch Stage
12:45 p.m. - Professor Fernando Jones Columbia College Blues Ensemble, U.S. Cellular Front Porch Stage
2:30 p.m. - David "Honey Boy" Edwards and Friends (Billy Branch, Louisiana Red, Paul Kaye, Aron Burton, and Johnny Yard Dog Jones), U.S. Cellular Front Porch Stage. Edwards is one of the last original delta blues guitarists still currently performing, so be sure to catch him while you can.
2:30 p.m. - Keith Frank and the Soileau Zydeco Band, Louisiana Bayou Station and Social Club Stage (Also playing the U.S. Cellular Front Porch Stage, Friday, June 6, at 11:00 a.m. and the Gibson Guitar's Crossroads Stage, Saturday, June 7 at 12:00 p.m.)
4:00 p.m. - Diamond Jim Greene, Maxwell Street Corner Stage
8:30 p.m. - Johnny Winter with James Cotton, Petrillo Music Shell. "Bring your sunglasses to keep the glare of his albino skin from blinding you." - Chuck.

Friday, June 6
2:30 p.m. - Louis Jordan: Hitmaker of Blues, Jazz and R&B, a discussion with Howard Mandel, Bill Milkowski, Lonnie Brooks, Bob Porter, and Ernest Dawkins, The Zone Perfect All-Natural Nutrition Bars Route 66 Roadhouse. July 8th would be Jordan's 100th birthday, so it's a good time to catch this discussion on the man often called "the father of rhythm and blues."
2:30 p.m. - Omar Shariff, Louisiana Bayou Station and Social Club Stage (Also playing the same stage on Saturday, June 7 at 4:00 p.m.; not to be confused with actor Omar Sharif)
4:30 p.m. - Jim O’Neal moderates “'Sweet Home Chicago': Anthem or Cliché?" featuring Billy Branch, Bill Gilmore and Bill Dahl, The Zone Perfect All-Natural Nutrition Bars Route 66 Roadhouse. Another great discussion, this time on the legendary blues song.
7:25 p.m. - Eddy “The Chief” Clearwater’s West Side Strut with special guests Lonnie Brooks, Jimmy Johnson, Ronnie Baker Brooks, Otis Clay and Billy Branch, Petrillo Music Shell

Saturday, June 7
2:30 p.m. - Juke Joint Duo: Cedric Burnside and Lightnin' Malcolm, Mississippi Juke Joint Stage (Also play the same stage on Sunday, June 8 at 1:30 p.m.)
8:35 p.m. - Buckwheat Zydeco, Petrillo Music Shell

Sunday, June 8
12:00 p.m. - Rodney Brown’s salute to Louis Jordan, Gibson Guitar's Crossroads Stage
2:30 p.m. - Tony Joe White, U.S. Cellular Front Porch Stage
8:15 p.m. - B.B. King, Petrillo Music Shell.

Chicago Condos Market Overview

2008-06-03T14:17:00.001-05:00

From our good friends over at Chicago Condos Online

Stats for condominiums located in Chicago for the Month of May.

Comparing 2008 to the same time last year, the total sales volume appears to be dramatically down, but prices are ever resilient showing a modest 2% gain. It appears that anyone who doesn't need to sell is simply holding onto their condominiums until better days come along, and the units that do sell are appreciating slightly.

Year over Year - May 2008 - May 2007

Category	May 2008	May 2007	Change
Actives	14,227	15,020	-5%
New Listings	3,455	4,167	-17%
Closings	1,247	1,966	-37%
Median Sales Price	$329,000	$299,000	+2%
Total Sales Volume	$496-million	$659-million	-25%
Avg. Days on Market	126	123	+2%
Supply	9.5 months	9.3 months	+2%

From April to May it appears that sales increased along with prices. Time on the market increased a bit along with months supply of inventory, but the market picked up during May compared to April.

Month over Month - May 2007 - April 2008

Category	May 2008	April 2008	Change
Actives	14,227	14,127	+0.7%
New Listings	3,455	4,464	-23%
Closings	1,247	1,148	+9%
Median Sales Price	$329,000	$320,000	+3%
Total Sales Volume	$496-million	$441-million	+12%
Avg. Days on Market	126	123	+2%
Supply	9.5 months	9.4 months	+1%

Printer's Row Book Fair, Chicago, next weekend

2008-06-01T12:45:00.003-05:00

Printer's Row Book Fair, originally uploaded by kookybites.

Coming in one week is Chicago's Printers Row Book Fair. Your guides thought it was this weekend and were remiss in not reporting on it. No fear, however, it is scheduled for next weekend, June 6 &7.

The Printers Row Book Fair was founded in 1985 by the Near South Planning Board to attract visitors to the Printers Row neighborhood (once the city's bookmaking hub). By 2002, it had grown to five city blocks (on Dearborn, from Congress to Polk), attracting more than 190 booksellers from across the country displaying new, used and antiquarian books, and featuring seven stages with more than 90 free literary programs. It is considered the largest free outdoor literary event in the Midwest-drawing more than 90,000 book lovers to the two-day showcase.

Open Houses for the weekend May 31 and June 1

2008-05-30T10:08:00.002-05:00

Sunday, June 1

942 North Fairfield - the Fairfield Greystone

Open from 11:00 am to 1:00 pm

Newly renovated Greystone building featuring brand new condominiums with two-beds, two-baths from $255,000.

www.fairfieldgreystone.info

2946 North Wood, Unit D - Wellington Park Townhome

Open from 12:00 to 2:00 pm

Contemporary townhome in Wellington Park. Two beds, plus den, plus penthouse family room. Front yard, front balcony plus roof deck. Room for 4 cars in your 2-car garage plus 2-car driveway. List price $539,900.

www.wellingtonpark.net

1800 West Erie, #14 - West Town Penthouse

Open from 2:00 to 4:00 pm

Top floor condo overlooking Chicago Skyline with an amazing rooftop deck above. Two-beds, two-baths with gorgeous finishes. List price $400,000.

www.darrowwest.com/1800_w__erie,_.htm

Olde Tyme Chicago on Lincoln Avenue in Lincoln Park

2008-05-29T15:08:00.002-05:00

Lincoln Avenue north of Fullerton was transformed late last week into a bygone era of newly refrigerated movie theatres and gangsters for the filming of the new John Dillinger biopic starring Johnny Depp, "Public Enemies."

The Biograph is actually the Biograph Theatre. It's a bit more modern today. Still air-conditioned.

The Chop Suey restaurant is actually a Burrito joint!

The fake trolley tracks screwed up traffic for nearly a week!

That's how they do it!

Meeting the parents when the kids are shopping for real estate

2008-05-29T14:46:00.001-05:00

I had a showing yesterday with a delightful young couple who returned to the Wellington Park Townhomes for a second viewing of a few of our units for sale. Both members brought their parents and a brother and sister. It was a three-car-full entourage! Meeting the parents is always a bit of a gamble. Teresa Boardman over at the St. Paul Real Estate Blog recently

posted an excellent article about meeting the parents.

Sometimes parents talk the children out of buying a particular home, other times they say go for it. I would like to make one suggestion though to parents and their twenty somethings. Shopping for a home is comparison shopping. Buyers compare one home to another and are usually working in a particular price range, looking in a certain neighborhood and looking at a limited style of house that fits their needs.

If the parents have not been kept in the loop they don't have anything to compare the home to. The children select a home and bring the parents but the parents don't understand that the home was in the best location, best condition and for the best prices as compared with the other 25 that the buyers looked at. The parents see the home and raise objections. The buyers explain that they really think the home is the best one for them.

To the buyers I suggest keeping the parents in the loop. Email them links to some of the homes that are being considered. Tell them about last weekends adventure in house hunting.

Mom from yesterday's showing would not stop asking everyone (me, the sellers, the buyers' agent - Brian, random neighbors outside, the other child in the couple, the other parents...) if they had seen the front page article from USA Today. It was all about how economists were all atwitter whether the real estate market had finished crashing or not. Also how prices have sunk 14% during the first quarter 2008 compared to Q1 2007.

It's just like our distinguished founder, Thad Wong says:

Talking about nationwide real estate statistics is like talking about the average temperature in the US in January.

@properties Market Report

Of course, there was no convincing Mom that in Chicago, we have a slower market, but with slight price appreciation, or that in the Lakeview neighborhood, the market is less sluggish than the rest of the city with market times only 10 to 15% longer than last year, and with price appreciation.

Teresa said it best:

Parents need to understand that the buyers have spent many hours shopping on the Internet and visiting homes in person. They have done their homework and I have provided them with a great deal of information. The process is almost like a treasure hunt and when the children bring you along to see the home they would like to purchase they have put a lot of thought into it. Without anything to compare it to parents should point out the good and the bad as they see it but should also recognize that they have not seen enough homes to judge weather or not the home their children have selected really is the best home.

John McCain advisor Phil Graham still lobbying for banks, but that's not the interesting part...

2008-05-28T19:28:00.002-05:00

MSNBC's Keith Olbermann reported on Tuesday on former Senator Phil Graham's role in the deregulation of commercial banking which had been strictly regulated since shortly after the Great Depression, as well as Mr Graham's role as an advisor on national finance issues to the McCain campaign.

Notwithstanding the conflict of interest in having a current lobbyist for UBS Bank as an advisor to the campaign, what is more interesting to your guides is that Senator Graham's efforts towards deregulating the commercial finance system could be a key factor in today's mortgage crisis.

Senator Graham's efforts at deregulation introduced the entire system of mortgage backed securities whereby banks could bundle mortgage instruments with other similar mortgages, and sell them as securities.

More tenants sign up for space in Chicago's Block 37

2008-05-28T14:44:00.001-05:00

Your guides were downtown last night to take advantage of the Memorial Day sales at Macy's and catch the 7:30 performance for Wicked and were delighted and wistful at the progress at Block 37.

For my entire life, the block on the west side of State Street from Randolph to Washington has been vacant. There was never much going on in Summertime, but in Winter, the city opened up a makeshift ice skating rink. The empty space afforded good views both of and from Marshall Fields (now Macy's) department store.

Anyhow, there are about 6 stories of glass and steel rising from the street now, crowding Macy's (see the green clock in the distance) and the Ford Oriental Theatre across the street. What's amazing is that there has been an entire vacant city block right in the heart of downtown Chicago for 40 years!

New anchor tenants include a snazzy new CTA train station - transfers, tourist tickets, and airport check-in, the new street-level glass studio for Channel 2-CBS/WBBM (a-la-channel 7 and NBC's Today Show in New York) and the newly announced Puma Sports Wear store.

Cain's reports that the developer is also speaking with computer maker/retailer Apple to take 6,000 square feet for a Chicago flagship store.

Read more over at www.glasssteelandstone.com.

Chicago "No Parking" street signs contain new fine print...

2008-05-27T18:15:00.002-05:00

Always a fixture in Chicago's neighborhoods, the "Street Sweeping - No Parking" signs have a new look this Spring.

The fine print (or not-so-fine-print) foretells of new photo enforcement. No longer will a lazy officer slowly troll down side streets hand-writing (gasp - the horror) parking tickets for unfortunate residents who didn't see the sign put up the night before. Nope, a high-tech van simply zips through the neighborhood snapping photos of every license plate on the street. You'll get your parking ticket in the mail.

How convenient!

Cool stuff in Lakeview & Chicago on Monday, Memorial Day

2008-05-25T14:10:00.003-05:00

events, originally uploaded by digifun.us.

The Wellington-Oakdale Old Glory Marching Society (WOOGMS) parade, a Memorial Day tradition in Chicago's Lake View neighborhood, steps off from Pine Grove and Wellington at 11 a.m. on Monday. It will end with entertainment that includes the Jesse White Tumblers on the lawn of St. Joseph Hospital, 2900 N. Lake Shore. Visit www.44thward.org.

Remember - everybody walks; nobody watches!

A special recognition of the Illinois Gold Star Families who have lost loved ones in military conflicts since Sept. 11, 2001, will be part of the Chicago Memorial Day wreath-laying ceremony and parade on Saturday. The ceremony will begin at 11 a.m. at the Eternal Flame on Daley Plaza, Dearborn and Washington. The annual Memorial Day Parade steps off at noon on State and Wacker, and heads south to Van Buren. Call (312) 744-3315 or visit www.cityofchicago.org/specialevents.

Chicago still ray of light in gloomy Real Estate Market

2008-05-24T11:31:00.002-05:00

The National Association of Realtors reported Friday that existing-home sales in April dropped by 1 percent, to a seasonally adjusted annual rate of 4.89 million units, matching the all-time low set in January. These figures are nationwide.

Locally, the Illinois Association of Realtors said Friday that sales of single-family homes and condominiums rose 8.5 percent in April over March but were down more than 27 percent from April 2007.

Prices are also still on the rise. In Chicago the median price of a home increased 3.4 percent, to $300,000, from a year ago. These prices are being driven by codominium sales, which make up 64% of home sales in Chicago.

Photo Goodness in Chicago for Thursday, May 22

2008-05-22T13:13:00.001-05:00

On quiet, tree lined, Arthur Street in West Ridge springs forth "Arthland" - I have no idea why. The baby cow is riding a mini-motor cycle.

The Buddhist Temple on Ashland at Wilson is preparing for Buddha's Birthday Celebration. This should be quite a weekend. Happy Birthday, Buddha.

Today's Lawyer Joke

2008-05-22T08:10:00.002-05:00

Q: How many lawyers does it take to change a light bulb?

A: How many can you afford?

Thanks to Your Daily Personal Lawyer - Jonathan Dixon - link in the sidebar. Jonathan publishes daily on his website as well as hosts a "Talk to a Lawyer Night" here in Chicago once a month.

"Ask The Lawyer Night" is in session on the first Tuesdays of each month from 6:30 to 8:00 at Ennui Cafe (6981 N. Sheridan -- Lunt and Sheridan) in Chicago. Anyone is invited to stop in to ask any legal questions they have. We'll either get you an answer, or point you to where you can get an answer.

The next "Ask The Lawyer Night" is Tuesday, June 3 from 6:30 to 8:00 at Ennui Cafe!

For daily legal updates, visit his legal blog at www.yourdailypersonallawyer.blogspot.com, which is updated daily M-F. Each day he focuses on a specific area of law:

Monday's daily focus: estates, wills, trusts, and probate law
Tuesday's daily focus: condo law
Wednesday's daily focus: residential real estate law
Thursday's daily focus: landlord/tenant law
Friday's daily focus: divorce and family law

Things to do in Chicago this weekend

2008-05-16T15:32:00.001-05:00

Finally, Festival Season is upon us. Closest to our neighborhood, Mayfest is held on Friday night through Saturday night in the parking lot for Augustus Burley School, at Ashland and Barry. There is supposed to be some sort of German Heritage being celebrated here, but I couldn't find out exactly what as the website is overcrowded with logos for Hoffbrau Haus beer as well as that old German standby, Pabst Blue Ribbon. Don't miss the "Traditional Keg Tapping" (see what I mean) on Friday at 8 pm.

Not so much an event, but noteworthy nonetheless, American Science and Surplus (5316 N. Milwaukee, at Foster) is having its annual scratch and dent sale. Odd since I thought everything at American Science and Surplus was scratch and dent merchandise. Where else on earth can you find an Ancient Radiation Meter:

Are the kids growing up with pride? Radiating good cheer? You can tell for sure with...What? It’s for nuclear radiation? An old Civil Defense meter? Bummer. Apparently, this OCD radiation meter from the Victoreen Mfg. Co. was made to sniff out the residue of the nuclear holocaust when you emerged from your bomb shelter. Calibrated 5 r/hr (Roentgen) with a X 0.1, X1, X10, X100 sensitivity selector, it runs on (1) “D” battery (not included.) The Civil Defense yellow boxes are about 8” x 4–1/2” x 3–1/2”. It comes with complete instructions for use. The CD V–777–2 includes two 4–1/2” long x 1/2” dia dosimeters and a 2” x 4” x 4” dosimeter charger. This one is used, but it works fine, even if it looks a bit scuffed.

And in case you're still on the hunt for the perfect bargain, check out the Ravenswood Manor Annual Garage Sale. There's a link in one of the topmost entries with a map of all the participating houses. This is one of the oldest and largest garage sales in Chicago. And if I do say so myself, these homes probably have some pretty noteworthy trash/treasures to rummage through.

Open Houses for the weekend of May 17 & 18

2008-05-15T11:21:00.001-05:00

Saturday, May 17

The Warren Corner Condominiums

Open from 2:00 to 3:30

2034 W. Warner & 6504 N. Seeley

Newly renovated condominiums from $155,000. Two bedrooms from $200,000.

www.warrencorner.info

Sunday, May 18

2946 N. Wood Street, Unit D

Open from Noon to 2:00

Wellington Park Townhome. Two beds plus den, two and a half baths, on four floors of living with a two car garage plus a two car driveway. Just dropped the price to $539,900 for a really fast sale!

www.wellingtonpark.net

3450 N. Ashland, #3N

Open from 2:00 to 4:00

Two bedroom, two bath condo in a new construction walk-up with an open kitchen, rear balcony, and garage parking all included. List Price $418,000.

www.darrowwest.com/3450_n__ashland_.htm

More interesting stats on Chicago's Real Estate market

2008-05-14T15:38:00.003-05:00

So the news over the last few days has not been good. The number of homes sold across Illinois, as well as inside Chicago is down from one year ago. And the average price of a home in Illinois, and in Chicago is down.

One interesting statistic is that the average price for a condominium (attached property including townhomes, condos and co-ops) in the City of Chicago is up 7%. The number that have sold in Q1 2008 is down dramatically from Q1 2007, but prices are holding up. Very interesting.

For example, in Lakeview, the price for a typical 2 bedroom, 2 bath condo is up 4% from last year, but the price for a typical single family home is down 3.3%.

Other news today, Appraisal Research Counselors report that in the Downtown area, nearly 6,000 condominiums are scheduled to come on the market as they near finishing of construction. This will be the greatest number of new condos to go up for sale in history - even counting the boom years in the early 2000's.

On the downside, sales of newly built downtown condominiums plummeted by about 83 percent during the first quarter, to 201 units from 1,207 units a year earlier, according to the same report to be released Wednesday by Appraisal Research Counselors. Yikes!

Most of the buildings that make up the figures contained in the report are already under construction, so most likely can not be cancelled. Your guides predict a mass conversion to apartment buildings later this year. These will be pretty darn nice apartment buildings as most of the condominiums under construction are quite luxurious.

Illinois home prices hold steady, number of sold falls dramatically

2008-05-13T16:59:00.001-05:00

Illinois median home prices held their own in the first quarter while sales were constrained by the ongoing credit crunch and a softening economy. According to IAR's first quarter report, home sales totaled 21,576, down 27.0 percent from 29,553 home sales in the first quarter of 2007. The first quarter statewide median home sale price was $187,500, down 4.3 percent from $196,000 a year earlier. “Extreme winter weather on top of shaky consumer confidence due to rising gas and food prices and the uncertain economy affected overall home sales activity statewide. REALTORS do anticipate a boost in activity as we enter the spring housing market from pent-up demand held over for so many months,” said IAR President Kay Wirth, in the release. “The fundamental elements of a solid housing market are in place with low interest rates and ample inventory of homes.”

You can see from Zillow's latest Home Value Report the breakdown by neighborhood of home value declines. All of Chicago's Lakefront neighborhoods posted slight gains or held prices steady in the first quarter 2008 compared to 2007.

You can also drill down into every neighborhood at the @properties Market Report which breaks down prices, appreciation and number of units sold by neighborhood and by unit size.

Buying in Chicago? Know your closing costs.

2008-05-13T16:47:00.001-05:00

So you've finally saved up your down payment for your new home. Heck, you even realize that now might be a good time to buy if you have predicted that we've hit bottom and prices are as low as they're going to go.

But do you know all the costs involved in buying a new home in Chicago? Let's dive in.

First, you'll pay your lender an application fee. They generally run $250 to $500. You will pay this up front at the time of your loan application. This fee covers your credit check (around $50 worth) and the appraisal on your property. Some lenders will credit this back to you at closing.

Most people want a home inspection. You'll pay your inspector anywhere between $250 for a simple condo to $800 for a 4-flat building. You'll pay your inspector up front.

Points: Points are pre-paid interest to reduce the interest rate on your loan over the long run. I haven't had anyone pay points in the last 10 years, so let's not worry about them.

The City of Chicago will charge you $7.50 per $1,000 of your purchase price. Or $750 per $100,000. On a typical $300,000 condo, this works out to $2,250 in transfer taxes. This is the big one ~ so be aware. (There are taxes levied on the seller as well, but let's save those for another post.)

If you put less than 20% down on your new place, you'll probably pay PMI (Private Mortgage Insurance.) This will typically cost 0.5% to 1% of your loan at closing. (And more over the life of the loan.)

Here in Illinois, Lawyers run the closing. Most attorneys charge a flat fee to look over your contract, and then babysit your contract to closing, as well as babysit you at the closing table. You'll pay $450 to $800 for the privilege.

Title Insurance: the seller will buy you insurance - so you think you're covered, right? But you have to buy it for your Lender/Bank/Mortgage company. This will run about $400 additional.

Other fees will add up to around another $400 to $800. These B.S. fees include things like:

$35 for a flood certificate. This irks me to no end, because the entire City of Chicago is NOT in a flood plain, but buyers are required to purchase a certificate that SAYS the same thing from the U.S. Government.
Escrow charges. These are fees that the Title Company charges to mind the incoming and outflowing money. It's usually a requirement of your lender ~ and therefore, you're stuck paying a fee to rent the conference room at the title company. Otherwise you could close in your living room.
Wire fees. Of course, you borrowed the money, but your lender charges YOU $50 to send the money to the Title Company.
Overnight fees. You just signed your big fat loan package. The Title Company charges you $50 to FedEx it back to the lender.
Recording fees. These are worth it. A representative from the Title Company goes down to the Recorder's Office and stands in line; pays your recording fees, and records all your documents into the public record. And they charge you a premium to do so.

Other little surprise items:

Did you buy in a new condominium? Then you'll pay up 2 or 3 months of assessments to get the reserve fund started. Bye Bye $300.
Ditto? Then you'll pay the developer back for the building insurance policy that he pre-paid for, but you get the benefit of after you own your new condo. Another $200.

On the same $300,000 condominium from our example above, it would be wise to budget an extra 2% - $6,000 - in closing costs on top of your down payment for the property.

Now, let's see if the math holds up.

$450 Loan app.
$300 Inspection.
$2,250 Chicago Transfer Tax.
$500 Attorney fee.
$1,450 PMI
$400 Lenders policy
$35 Flood
$200 Escrow charges
$50 Wire
$50 Overnight
$100 Recording
Grand Total: $5,785 (Not Bad!)

All of these charges are added up on your "Settlement Statement" which also goes by the name "HUD1" or "RESPA." It's a standardized spreadsheet or balance sheet that is prepared for every closing.

Ask your lawyer to send you a copy of your statement a day or 2 in advance - maybe he'll have all the figures. But it's also likely he won't, and you won't see your settlement statement until closing. On the other hand, you should be given the "Final Figure" which is the size of the check you should bring to closing - and it contains all the numbers on the "RESPA" but not all typed up and formal. You should find out your "Final Figure" a day before closing so you have time to go to the bank.

The final piece of advice - you will need to bring a cashier's check to the closing. No personal checks. And remember to bring your Drivers' License. You need proof of identity to close.

Upcoming Festivals in Chicago for May

2008-05-12T18:30:00.002-05:00

May 16 & 17 - Chicago Mayfest

3100 North Ashland Avenue. $5 to enter

May 24 - Memorial Day Parade

250 North State Street. Free

May 28 to 31 - Chicago Turkish Festival

50 West Washington - Daley Plaza. Free

May 30 to June 1 - 24th Annual Gospel Music Festival

Millennium Park, 201 E. Randolph Street. Free

May 31 to June 1 - Belmont/Sheffield Music Festival

3200 North Sheffield - $5 to enter

Some Suburbs and Neighborhoods of Chicago now "Declining Markets."

2008-05-08T22:35:00.006-05:00

For the first time, this week I heard the term "declining market" applied to a Suburb of Chicago - Western Springs. I heard from a loan officer friend of mine that this new designation pretty much torpedoed a deal he was working on.

So, what's a declining market?

When a property is located in an area identified as declining, Fannie Mae will now require the lender to offer financing at LTV and CLTV ratios that are five percentage points below the maximum ratios allowed for the selected mortgage product. For example, when the highest LTV allowed for a particular mortgage product is 100 percent, maximum financing would be 95 percent if the subject property is located in an area identified as declining.

Yikes!

Here's a map from Countrywide Mortgage of their "declining markets."

It's important to know that the map is dynamic - constantly changing. It could even happen that a town or a neighborhood may not be labeled "declining" when you apply for your loan, but get the designation at some time during the mortgage processing.

In my friend's example above, the first mortgage was approved. But the second mortgage didn't get processed in time to beat the dreaded designation, and was denied.

This is a stern reminder to borrowers out there to be ever more vigilant about monitoring every step of their mortgage process. And a vivid reminder that it's not just the borrower that has to qualify for the mortgage. So does the property; and today - so does your new neighborhood.

Reader question on Security Deposit Interest in Chicago

2008-05-05T18:26:00.002-05:00

A reader wrote:

Thanks for your article "Series: Getting started with Chicago Investment Property. Part 3." Very good info there. I am new to the rental market; I have a condo unit in Chicago to rent; I wonder where should I put the security deposit? The city requires 1.26% for the year of 2008. I checked into several banks but the trust account only pays O.5% interest. Which bank has a better offer? Or is there a better way to deal with this money? I only have one unit. Can I be exempt from the rule that I must hold this money separately? I looked into a CD that requires a certain amount, that means I must put some of my money into it in order to meet the requirement, however that must be under my name. The rate is much better. Is it legal to do it? Please advise!

Hi Jean,

The short answer is that, if you are subject to it, there is no way to get out of complying with the Chicago Landlord Tenant Ordinance. And if you own a condo, it sounds like you're not living in an owner occupied two, three or four unit.

However, the Ordinance only states that you must keep the security deposit funds in an interest bearing, Federally insured institution that is located in Illinois. It does NOT require you to keep it in a "trust account." To comply with the law, you merely need to open a savings account. You can even open a CD. Savings accounts seem to be paying around 3% and CD's appear to be paying around 5% . Open a savings account and have your bank (Federally insured) name the account "Your Name – Security Deposits."

You should then only use this account for Security deposits – NOT FOR ANY OTHER PURPOSE. Any personal money that you have or rent money, etc, should never go into or out of this account.

All banks vary what interest they pay on basic savings accounts so, check with the bank you like to work with. If you have more than one account with a bank they may give a more favorable rate. Keep in mind however that on a $1,500.00 security deposit, the difference from what you earn and what you pay is not that huge. In your example you said you could get 0.5%. If the required interest you pay is 1.28% then 0.78% is what you have to come up with out of your own pocket. On that $1,500.00 security deposit, that amounts to a $19.20 interest payment of which you made $7.50 in interest. That means your total annual out of pocket is $11.20. That's not too bad.

Check with your accountant as well, because you should be able to write off any excess interest that you pay to the tenants.

Guide to articles

Part 1: Identifying potential property
Part 2: Marketing
Part 3: Taking an application and lease
Part 4: Move in day

Chicago Condo Market Report for April

2008-05-05T17:13:00.001-05:00

The latest stats from our friends over at Chicago Condos Online

Recent Sales (2008 & 2007)

Condo Market Indicators

Year Over Year (April 2008 – April 2007)

Category	April 2008	April 2007	Change
Actives	14,127	14,757	-4%
New Listings	4,464	4,928	-9%
Closings	1,148	1,765	-35%
Median Sales Price	$320,000	$290,000	+10%
Total Sales Volume	$441 million	$575 million	-23%
Avg. Days on Market	123	132	-7%
Supply	9.4 months	9.2 months	+2%

Month Over Month (April 2008 – March 2008)

Category	April 2008	March 2008	Change
Actives	14,127	13,593	+4%
New Listings	4,464	3,743	+19%
Closings	1,148	1,280	-10%
Median Sales Price	$320,000	312,000	-7%
Total Sales Volume	$441 million	$474 million	-7%
Avg. Days on Market	123	137	-10%
Supply	9.4 months	9.1 months	+3%

Statistics above based on units closed or listed on the Multiple Listing Service. MLS figures do not include for-sale-by-owner units (FSBOs), typically less than ten percent of all sales.

Based on sales of 18,000 units in 2007. Nationally, inventory, or supply, of more than six months generally indicates a buyer’s market.

For Teresa who photographs, but doesn't sell, the bridges. Lake Street.

2008-05-04T14:32:00.004-05:00

History Repeating

2008-05-04T14:21:00.002-05:00

I am reminded that the more things change, the more they stay the same after trying to drive around Chicago on one of our first beautiful days of Spring. And picking up a friend at the Airport.

I think the sign above is being a bit optimistic.

Bicycles in Chicago must yield to "pretty much everyone"

2008-05-03T11:12:00.001-05:00

Great article over at The Chicagoist today on who has right away in Chicago - cars or bikes?

...this all pretty much means that bicycles yield to everyone all the time: "Every person operating a bicycle upon a roadway shall ride as near as practicable to the right-hand side of the roadway, exercising due care when passing a standing vehicle or one proceeding in the same direction and at all times giving the right-of-way to other moving vehicles."

Link to post

Love Hate Relationship with Blogger & Google

2008-05-02T18:40:00.001-05:00

I host this blog at Blogger. It's part of Google. I started blogging a couple years ago and wasn't sure how it would work out. And as the blog got bigger and more popular, it never seemed like it would be worth the hassle to move it to my own hosting company. And to learn how to publish the blog in WordPress. Or other platform.

But earlier this week, the automatic spam software at Blogger decided your humble real estate writer was a spammer and the Windy City Guide was a spam blog. And the blog got locked.

When your blog gets locked, you can't make any more posts. You get a nasty note that tells you that you need to follow some directions to have a human review your blog or that the whole thing gets deleted in 20 days. And since the service is free, it's not like you get instant customer service.

All in all, a rotten experience. If I was paying for the service, I'd really be angry. Even so, it's a terrible feeling to feel like you're losing control of something you've invested a couple years of work in.

Feel free to send along your suggestions on where and how to move.

Open Houses for the weekend of May 3 & 4

2008-05-01T13:18:00.003-05:00

Sunday, May 4

The Fairfield Greystone

942 North Fairfield

Open Sunday from 11:00 to 1:00

New condos from $255,000

www.fairfieldgreystone.info

1800 West Erie, #14

New listing in West Town

Open Sunday from 1:00 to 3:00

Two bedrooms, two baths, balcony, rooftop terrace and parking all included for $400,000.

www.darrowwest.com

Sellers Sure Fire 20 Minute House Show Prep List

2008-04-29T22:15:00.001-05:00

Sellers hate getting ready for showings. Living in your house while it's for sale is completely different from normal living. All your stuff is put away. Your closets are half-packed into storage. You feel like you're living in a staged home all the time.

Well - here's your salvation! This list of handy items will make your prep for showings and open houses a cinch, and a twenty-minute step-by-step routine to get the house ready for those pesky buyers.

shopping list

Have kids & toys? Wicker baskets, decorative boxes or barrels with lids
Feather duster or Swiffer duster
Clorox or other handy countertop wipes
Extra laundry baskets or decorative clothes hampers
Vacuum cleaner

to do list

Work from top to bottom
Master bedroom - Clothes in hampers or baskets. Shove in closet
Master bedroom - run duster over dressers & night stands
Master bath - shove everything under counter
Master bath - wipe counters with Clorox or handy wipes
Master bed & bath - 4 minutes
Kids room - clothes into the hampers or the baskets; shove into closets
Kids room - run duster over dressers, stands and furniture
Kids room - empty any smelly trash or diaper genie
Kids room - 4 minutes
Vacuum this whole floor - 4 more minutes
Living room - magazines & mail - toss into wicker basket
Living room - kids toys - toss into decorative boxes/barrels/containers with lids
Living room & dining room - run duster over the furniture
Living Room - fluff the sofa cushions
Living room & dining room - Swiffer the wood floors or run the vacuum
Living room & dining room - 6 minutes
Kitchen - shove everything into pantry or cabinets
Kitchen - wipe down counters with countertop wipes
Kitchen - wipe down appliances with stainless appliance wipes
Kitchen - Swiffer the floor
Kitchen - 5 minutes
Den or basement - repeat the living room process - 5 minutes
TOTAL TIME: 24 minutes

If you only have 20 minutes, then skip the den or the basement.

Alternate - skip the vacuum and the Swiffer, and concentrate on tossing items into handy storage containers. You should be able to accommodate a showing with nearly zero notice, or have a stress free lead up to your showing.

Open Houses for the weekend of April 26 & 27

2008-04-24T11:37:00.001-05:00

Saturday, April 26

Warren Corner Condominiums

Open Saturday from 10:00 to Noon

Located at Arthur & Seeley

One beds from $135,000

Two beds from $155,000

New development with extraordinary finishes located in West Rogers Park.

Sunday, April 27

Wellington Park in Lakeview

2946 North Wood, Unit D

Open Sunday from 1:00 to 3:00

Three bedroom, 2.5 bath townhome with an attached 2-car garage on four floors. Big windows, high ceilings, extraordinary finishes. Painted and cleaned for immediate move-in. $545,000.

Logan Square Single Family

2523 North Harding

Open Sunday from 3:00 to 5:00

Four bedroom home with two baths. Updated in 2004 with kitchen, bath, roof, heating and a/c. Large lot with big back yard. Two car garage. Finished basement offers two more rooms that could be beds. New low price: $375,000!

@properties' Thad Wong on the new Market Report

2008-04-24T09:42:00.001-05:00

@properties Market Report

2007 @properties Market Report for Chicago available now

2008-04-23T14:13:00.003-05:00

From the @properties website:

We are pleased to present the 2007 @properties Market Report, the only real estate report that takes Chicago homebuyers and sellers inside the numbers to offer real insights into local market activity.

(Here's the link)

The Report analyzes data for detached (single-family) and attached (condominium and townhome) sales from 21 Chicago neighborhoods, comparing changes in the average selling price and market time of closed transactions. Those numbers tell part of the story. But in order to provide a more complete understanding of the local market, our analysis goes deeper, taking into account transaction volume, construction activity, economic factors, non-residential development, micro-market trends and more.

One of the most important concepts this report confirms is the local nature of real estate, which goes far beyond what's happening region by region or city by city. In Chicago, local means neighborhood by neighborhood, block by block.

Case in point: the average sales price for detached homes within the 21 neighborhoods surveyed increased 4.4 percent from 2006 to 2007; the average sales price for attached homes went up 4.3 percent. However, individually, not a single one of those 21 neighborhoods showed average price appreciation in the 4- to 5-percent range, proving that any kind of generalization about the Chicago real estate market as a whole is of marginal value to the individual buyer or seller. What matters most is what's happening in your area, and why.

The Market Report sheds light on those questions and others, including:

Why does Lincoln Square remain one of the North Side's hottest single-family markets despite a 4 percent drop in the average sales price?
How did Near West single-family sales prices jump almost 80 percent in one year?
Why shouldn't Humboldt Park condo owners be concerned with a 14-percent decline in average sales price?
What surprising reasons are behind an 8.5-percent increase in average condo sales prices in Kenwood?
What's disappearing from Lincoln Park's single-family home market?

The 2007 @properties Market Report is a great top-line resource for understanding the trends that affect your local real estate market. For a more in-depth analysis and thorough property evaluation, turn to your local @properties sales agent. No one knows the market better.

Sincerely,

Michael Golden & Thaddeus Wong,

Co-founders, @properties

Chicagoans fair better than the rest of the US in March

2008-04-23T10:46:00.001-05:00

Chicago homeowners were immune to the downturn in the real estate market that plagued the rest of the US in March. The median price of single-family homes and condominiums in the city increased 5.3%, to $300,000, from a year ago.

Sales remained slow. They were off 11.5% from a year ago, to 2,045 sales compared to March, 2007.

Nationwide, homes sales fell 19.3% in March as prices declined by 7.7%.

Chicago Spire developer forgot to pay Real Estate Taxes

2008-04-23T10:16:00.001-05:00

From Crain's today:

Garrett Kelleher failed to pay nearly $430,000 in property taxes due nearly two months ago on the proposed site of the Spire, even as the Irish developer was launching a lavish, five-city Asian tour to trumpet the massive skyscraper.

The 2,000-foot-tall Spire project would challenge even the most seasoned developers. And the failure to manage a routine task like property taxes raises questions about Mr. Kelleher’s ability to complete a multi-billion dollar project that demands the highest level of concentration.

Oops!

Although in his defense, it appears that Mr. Kelleher submitted the correct change of address forms with the Cook County Treasurer's office last November. And the office promptly lost them. So the bills got mailed to the wrong address.

But as Real Estate taxes are a popular topic in the news and on the blogs, everyone knows when they're due, and thanks to articles such as this one, you know how to locate your tax bill online.

Springtime in Chicago

2008-04-22T11:04:00.002-05:00

Ahh, city life. Things that spring forth from the ground in Chicago that non-city folks won't ever get a chance to appreciate.

And, yes, actual grass, too.

Where in Chicago is Margate Park?

2008-04-18T10:29:00.001-05:00

Conveniently located on the shores of Lake Michigan, comfortably within one day's carriage ride from the movie studios located in the South Loop you'll find this tranquil paradise far removed from the hectic city.

That's how this popular destination was billed to the movie stars and studio moguls of Chicago during the early 1900's.

Today this popular neighborhood lies along the lakefront and Marine Drive stretching from Lawrence to Foster Avenues. Out of character for traditional Chicago neighborhoods, some streets such as West Castlewood Terrace feature oversized lots with luxurious mansions built during the heyday of Chicago's Silent Film era.

Charlie Chaplin, Gloria Swanson and other early film stars are rumored to have owned homes or visited the gracious mansions in the neighborhood and relaxed along the dunes in what is now a part of Lincoln Park.

Not every street in Margate Park is as luxurious as this, but even the more traditional streets such as Ainslie and Margate Terrace are tranquil oasis' in an otherwise bustling neighborhood. Most streets don't go all the way from Marine to Sheridan or Broadway, rather dead end. The apartment buildings lining these streets featured units with gracious flowing floor plans of exceptional size.

Still a hidden gem in Chicago, selecting a condo in Margate Park can be quite a treasure. Still priced affordably, it's possible to locate a sprawling 1,700 square foot two or three bedroom condo priced in the low $300,000 range featuring vintage details such as exposed woodwork, exposed wood trim, wood floors and lots of charming rooms.

Sellers, should you be home or away for showings at your place?

2008-04-17T18:45:00.001-05:00

A seller asked me recently if she should plan to be home or away during real estate showings at her home?

One of the reasons sellers think it could be helpful to be present for a showing is that they are worried a buyer or their agent might not be able find everything, or that they should be present to point out important features.

Other sellers just wish to be there to see reaction to the showing firsthand.

Sellers should be aware that at the very least buyers feel uncomfortable when they are present, and that it can actually kill a sale. Buyers often won't even open closet or cabinet doors when the seller is home, and when they cannot view a house comfortably, they'll hurry up and move on to the next one.

It's best to be gone for a little while longer than the expected time of the showing. Here in Chicago, that usually means heading out 10 minutes before the appointment time, and returning 30 minutes after.

Most agents and their buyers do try to arrive within the scheduled showing time, but sometimes it isn't possible. They may get stuck in traffic, or the house they saw prior to your showing took longer than expected. It happens, and sometimes it happens too late to be fixed by a phone call.

Some Tips:

If you are worried about theft of small items, you should store them away. Packing up collections and small personal items is part of the process you should have already gone through to prepare your house for showings.

Pets should be out of the house during showings, especially large dogs, since many people are afraid of them. A gruff bark coming from inside the house is enough to make some home buyers turn around at the front door.

Open Houses for the weekend April 19 & 20

2008-04-17T10:13:00.001-05:00

942 North Fairfield

The Fairfield Greystone

Open Sunday from 11:00 to 1:00

Luxurious new condominiums in a stately vintage building. Incredible fits and finishes. Two beds from $255,000. Parking available.

www.fairfieldgreystone.info

2946 N. Wood St., Unit D

Wellington Park Townhomes

Open Sunday from 1:00 to 3:00

New listing in Wellington Park. Three bedrooms, 2 & 1/2 baths on four floors. Lots of outdoor space, spacious floor plan, giant windows, tons of sunlight. Painted and cleaned this week for your immediate move-in.

www.wellingtonpark.net

The Uptown Broadway Building at Leland & Broadway in Chicago

2008-04-16T15:56:00.002-05:00

From the Uptown Update

A reader wrote in on Friday: "This building was unveiled today and its restoration is gorgeous!"

We went by this morning to take a look, and we agree. The details on this building are stunning. Even with the downstairs still being gutted, it took our breath away.

Thank you, Thaddeus Wong, for giving this amazing building back to Uptown.

Hey! Where's the water?

2008-04-16T15:44:00.001-05:00

100th Street and Avenue N in Hegewisch. The South Side. Cleverly located underneath the Chicago Skyway. Very scenic.

There used to be boat yards on the North Side but they're all condo's now.

Belmont at Washtenaw - and the Chicago River.

Can Chicago Landlords show occupied apartments?

2008-04-11T22:03:00.001-05:00

This question posed to your guides seemed oddly well timed considering the topics of our recent posts. A writer asks:

Am I obligated to allow my landlord to show my unit while my lease is still valid?

My lease ends on July 1st, 2008 and rent has been paid on time. I do not intend to renew the lease in July, and my landlord wants to give a key to his friend to show the home to potential renters. I don't feel comfortable having a strangers with a key to my unit. Am I obligated to allow the landlord to do this?

The short answer: Yes.

In Chicago, a landlord is allowed to enter your apartment for lawful purposes after giving appropriate notice. It has become accepted practice that 48 hours is the appropriate amount of notice for non emergency entry into your apartment. The law only states that a "reasonable" amount of notice should be given, but judges seem to have settled on 48 hours as the "reasonable" guideline.

Your landlord can also specify someone who can act on his behalf - such as a leasing agency or real estate agent - to conduct the showings. Most of the time, the Leasing Agency or Real Estate Agent is a person holding a real estate license, so you would not have to worry that some random stranger has a key to your apartment.

If you deny access to the apartment for showings, your landlord has several recourses. He can begin eviction proceedings against you. He can also give you an unfavorable landlord reference to your next landlord. If your lease outlined any fines or penalties for denying a showing request, these fines or fees could be deducted from your security deposit.

Filming on the set of Public Enemies - West Newport Ave

2008-04-11T18:32:00.001-05:00

Photo Courtesy of haycarrieanne

This photo was taken yesterday - as in April 10, 2008 - in Lakeview on West Newport during the filming of the new Johnny Depp & Christian Bale movie "Public Enemies."

For filming, more modern street lights were taken out and replaced by old-timey street lamps, new cars were relocated (sadly this means towed away) and vintage auto's parked in their places, and extras in vintage period clothing hired to mill up and down the street.

Your guides still have not seen hide nor hair of the big stars.

Open Houses the weekend of April 12 & 13

2008-04-11T14:45:00.002-05:00

Saturday, April 12

Warren Corner Condominiums

2034 W. Arthur & 6504 N. Seeley

Open Saturday from 1:00 to 3:00

Come see the new furnished model! At Warren Corner we have one beds from $135,000 and two beds from $155,000. These condos are finished beautifully, and they're ridiculously affordable!

www.warrencorner.info

Sunday, April 13

2523 North Harding

Open Sunday from 1:00 to 3:00

$400,000

New listing! Single Family Home with 4 beds (plus two more in the basement) and 2 baths. Large lot offers a nice side yard and back yard.

Showing, Selling, Real estate in Chicago. Part 3.

2008-04-11T11:02:00.001-05:00

I don't know what it is about trying to get appointments to see two, three and four-flats in Chicago, but it seems to be near impossible.

We've written before on the unique convention of Chicago Realtors actually showing up to show their listings here and here.

And when showing apartment buildings, there are even more people to coordinate with. Of course you remember that to coordinate showings that the listing Realtor shows up for, we need to accommodate the schedule of the Seller, the Listing Agent, the Buyer, and the Buyer's Agent. Now - add the Tenants. And the Tenants are usually the LEAST cooperative of the bunch.

They don't have an interest in the sale. They usually worry that the new seller is going to raise the rent, kick them out, or perhaps both. Invariably they're still in bed. I'm amazed at the number of college grads with decent jobs still in bed at Noon on Saturday.

But we still can't figure out what the problem is with Agents and their Apartment Building Listings. Trying to schedule six showings on Saturday, we've been told "no", we've been told "not at 1:30, but how about 3:30?", we've been told "not Saturday. How About Sunday?", or still the ever popular ~ Nothing. No call back. Silence.

For the guy who told us 3:30 rather than 1:30 because that's when he's showing the building, I hope he's there showing to no one in particular.

Ironically, the same Agent's tagline in his E-mail signature is "Striving to be the best Realtor in Chicago!"

Good luck, buddy!

Can you "play" at a Chicago "park?"

2008-04-10T11:33:00.001-05:00

From today's Crain's Chicago Business

A few days ago, a group of 30-something Loop office workers decided to let off a little post-5 p.m. steam. Being a healthy lot, they headed not to a bar, but to the 3-acre public park plopped amid the huge Lakeshore East residential and office complex on East Randolph Street for a pickup soccer game.

A few minutes later, the cops arrived—and busted one and all for violating an ancient and unknown city law that restricts sporting activities to sites specifically designated for sport. As reported by WFLD-TV/Channel 32, the coppers had been summoned by an adjacent condo building’s management, which says it just was trying to protect the wet turf but clearly considers the “public” park to be mostly private.

This begs the question: Can you "play" in the "park?"

In our neighborhood, there is a bit of a struggle between parents and dog owners over whether pets should be allowed inside the newly constructed Chi Che Wang Park on West Wolfram in West Lakeview.

Under a little known statute in Chicago, dogs are prohibited from any parks that do not have paved walk ways through them. Chi Che Wang Park is three-acres of lawn with nary a path, toy, object, or impediment inside its boundaries. It's filled with families and children playing soccer, football, baseball, softball and Frisbee. On weekends, some organized Soccer Clubs have been setting up full soccer games. Nets, goals, uniforms, spiked shoes - the whole shebang.

And if a dog sets a toe-step inside, a neighbor usually calls the police.

Hmmm. I wonder if a vengeful - oops - I mean - observant - area dog owner were to keep his eye out for one of these "sporting" events being held in this "non sporting" venue - could he call the police? Or will he just get the brush off?

Augustus H. Burley School in Chicago's West Lakeview Neighborhood

2008-04-09T11:35:00.001-05:00

Here in West Lakeview, we're fortunate to have one of Chicago's more well-regarded grammar schools - Augustus H. Burley school.

Over the years we've wondered about the namesake. Who is Augustus H. Burley? Other namesake schools in Chicago are easy to recognize: William B. Ogden; Walter Payton; Disney Elementary.

Well, the geniuses at Google have helped again. They've been busy scanning and converting to text the contents of the entire Library of Congress. Lo and behold a new title popped up in their search results: "Chicago Yesterdays: A Sheaf of Reminiscences" by Caroline Kirkland from 1919. Since the copyright has expired, the entire contents of the book are available online.

From the book:

Two of Chicago's early and eminent citizens were Arthur Burley and Augustus H. Burley, brothers, who in 1837, the year Chicago became a city, came from Exeter, N. H., by rail, Sound steamer, river boat, canal boat, lake ship, and horse and wagon to the uncouth, unkempt frontier settlement that sprawled along both banks of a shallow stream. The new town had been in turn a halting place for wandering Indians, a fur-traders' camp, a military outpost of civilization, and now was fast becoming a business center for a rapidly developing agricultural district. The two Burley s were preceded by their half-brother, Stephen Gale, and followed later by their younger brother, Charles. From the beginning Augustus, and later his wife, Harriet, kept up a continuous correspondence with their eastern relatives — a correspondence which gradually unfolded a graphic picture of the conditions of life in this part of the world.

Read the letters at Google

Google Maps integrates CTA directions into maps and directions in Chicago

2008-04-08T17:38:00.002-05:00

Check it out! Google Maps rolled out its integration with CTA information this week. When getting driving directions on Google Maps for destinations within Chicago, an option is available for taking public transportation. The idea is brilliant.

Chicago Transit Authority riders can now plan their trips using the Google Transit™ website, Mayor Richard M. Daley and CTA officials announced today.

Through a new partnership with Google, mapping and directions for CTA bus and rail services are available in 11 languages on the Google Transit™ web site.

“The ease with which people can access information via Google demonstrates the true value of technology – it makes the world a global community,” Daley said at a news conference held at CTA headquarters, 567 W. Lake St.

“Regardless of whether you want to travel three miles or 3,000 miles from home, the tools to plan the most convenient and easiest way to reach your destination is captured all in one space. The CTA is now a part of that global community and offers people the opportunity to choose a more environmentally friendly way to get where they want to go,” he said.

Check out this example for getting to the Airport from our office in West Lakeview...

View Larger Map

Interview with Chicago South Side Board of Tourism's Brett Smalls

2008-04-07T10:46:00.009-05:00

Opening Day for the Chicago White Sox brings about both excitement as well as a bit of confusion every year at this time. Pat Tomasulo from WGN TV introduces us to Brett Smalls from the Chicago South Side Board of Tourism who shares with viewers some tips on what you'll find on Chicago's South Side.

Canary in the Coal Mine? Foreclosures in the news

2008-04-03T19:16:00.001-05:00

While Chicago is not suffering the mortgage crisis as painfully as residents of the Coasts, Florida and Las Vegas, more and more foreclosure news has been creeping into the news lately.

A roundup of foreclosures in the news in the last month:

March 3 Crain's Chicago Business

Foreclosure flu spreads: 14,250 foreclosures in 2007, a 46% increase over 2006.

Northwest Side neighborhoods like Albany Park, Logan Square and Portage park saw their numbers more than double, according to a new report provided to Crain's ahead of it's scheduled release.

Those areas drew newcomers in large numbers in recent years as first-time buyers sought affordable alternatives to pricier city neighborhoods like Lincoln Park, Lincoln Square and Lakeview.

Tower builder tie-up: Related Companies and Magellan discuss a combo as two major projects falter.

Talks to combine two of the Chicago area's largest developers come at a critical time for Related Midwest LLC. The luxury condominium developer is struggling with a slow sales start at its two newest projects and has been without a president.

Related Midwest LLC developments include:

340 on the Park - already completed
Canyon Ranch Living - planning
Pestigo - Planning
Roosevelt Square - Under construction

Magellan Development is currently building several high rises at Lakeshore East on the New East Side.

Decline seen in apartment sales

Sales of Chicago-area apartment buildings could drop 30% this year, to $1.08 billion, from a record breaking 2007, according to a report from CB Richard Ellis, Inc.

Signs of the slowdown were evident late last year, a time when sales activity typically spikes as investors hurry to complete deals before yearend. But only 42% of the Chicago deals close din the second half of last year, as opposed to 69% in the last 6 months of 2005, the previous record year when sales totaled $1.89-billion.

March 10 Crain's Chicago Business

A Sterling example of condo Bust: Foreclosures, falling prices: a bad omen?

Over the past three years, lenders have filed 95 foreclosure suits, accounting for about $40-million in loans, on condominiums in the 389-unit high-rise, fueling a big drop in condo values throughout the building.

The tower represents a worst-case scenario in a downtown condo market that is weak but so far hasn't seen the falling prices and rising foreclosures that have afflicted once-hot markets like South Florida. The real test for condo owners will come over the next two years, when downtown developers are expected to complete more than 10,000 condo's, an unprecedented jump in supply.

A nice building in a superior location seems an unlikely victim of rampant foreclosures, but artificially propped up prices along with developer incentives may have played a part in its unfortunate predicament.

American Invsco Corp attracted a lot of investors with incentives such as two years of free taxes, two years of free assessments, and artificially propped up cash flow. One incentive offered to make up the difference between the rent and the mortgage + tax + assessment payments for a two year period.

It was too good to be true for some buyers. As the incentives wore off, many buyers saw their monthly payments soar to unsustainable levels.

A trickle of foreclosures in 2004 grew to a flood in the next three years. Nearly 1/3 of foreclosures involve owners with multiple units in the building.

An American Invsco spokesman blames the Sterling's troubles on the depressed market: "It has nothing to do with our program."

In more stable neighborhoods where the inventory supply is more limited and there is not as much speculation, the number of foreclosure epidemic seems quite limited. In the Lakeview neighborhood, for example, only had 126 foreclosures, but this represented a 94% increase from 2006.

It's interesting to watch the tale of two cities developing right inside the borders of Chicago.

Open Houses for the weekend of April 5 and 6

2008-04-03T10:23:00.001-05:00

Sunday, April 6

942 North Fairfield - Open Sunday from 11 to 1

Six luxurious condominiums inside a restored Greystone. Just reduced some prices this week. Two beds from $255,000

www.fairfieldgreystone.info

Warren Corner Condominiums - Open Sunday from 2 to 4

2036 W. Arthur and 6504 N. Seeley

Twenty condominiums ready for occupancy located in West Rogers Park near Warren Park. Great pricing with homes priced from $135,000.

www.warrencorner.info

Brand New Duplex? Or Turn of the Century House?

2008-04-03T09:49:00.001-05:00

A customer recently posed the question: Should I buy a new duplex-up or a turn-of-the-century SFH? I'm looking to buy in the Chicago near north area. Both are similarly sized and in good condition, just built a century apart. Which will have better appreciation/resale?

It's such an interesting question because usually the same buyer would never be considering both at the same time.

Here in Chicago, the history of the popular neighborhoods is such that they began their lives as working class neighborhoods filled with modest homes that do not lend themselves to modern living. In the photograph above, this Victorian was the original farm house for the township built in 1889. Despite its obvious charm, the inside layout was a jumbled mess of rooms that did not make any sense. The basement was not accessible from inside the house. Bedrooms were scattered throughout both levels of the home. Some rooms were long and narrow, others did not have closets.

We were the third listing agents to try to sell this property, and after several months of reaching out to neighborhood residents who might enjoy this superior location in Lincoln Park, we pitched the property to a developer. The lot was extra long, extra wide, and the zoning was generous (R4) to allow a large condo building to be built.

We sold the house to the developer for $700,000. When the condominiums were completed, the developer's agent sold the largest condo - the duplex on the first floor - for $741,000. This was in 2005.

In 2006, the same condo sold again for $818,000.

I suppose that says volumes about the popularity of condominiums, and of the duplex floor plans.

Based on this anecdotal evidence (as well as a bunch of experience) our advice would be to only purchase the single family house if it's a very good value and is sitting on a parcel of land that a developer would be very interested in when you're ready to sell.

Otherwise, the popularity and salability of new condominiums can't be beat.

Back Few Day (Dry Cleaners.)

2008-04-02T14:39:00.004-05:00

It's not too late to take part in Chicago's Whiskey Fest

2008-04-02T10:28:00.001-05:00

We can not imagine how we missed this last week, but over the weekend, Chicago's Whiskey Fest opened.

America's Largest Whisky Celebration featuring more than 200 of the world's finest, rarest, and most expensive, single malt and blended Scotch, Irish, bourbon, Tennessee, Japanese, Welsh, Canadian and other whiskies from around the world to sample in one Grand Ballroom. Attendees will also enjoy an expansive gourmet buffet all evening and will receive a commemorative Glencairn whisky glass.

Fortunately, Whiskey Fest takes place throughout Whiskey Week. Therefore, there are plenty of events to attend, including the final event at the Hyatt Regency on April 4.

Other local events you haven't missed yet:

Wednesday, April 2nd

- One North Restaurant, 1 North Wacker Drive, 5:30-7:30 p.m., $30.

It's Hump Day and Whisky Night! Enjoy whiskies from around the world paired with delectable appetizers, while chatting the ears off of whisky reps and distillers

- West Lakeview Liquors, 2156 W. Addison, 6-9 p.m.

Wojcik will be on hand to sample out Bulleit Bourbon, Kentucky's "frontier" bourbon.

- Chief O’Neill’s, 3471 N. Elston, 8-10 p.m., complimentary, but Reservations are required.

Duffy and special guest Gregor Cattanach, global brand ambassador for Johnnie Walker and the Classic Malts of Scotland, will be on hand for a formal sit-down seminar of whisky. There will be lots of whisky, a buffet, and music.

- Rocks Tavern, 1301 W. Schubert, 7-10 p.m.

Rocks is having a Bushmills celebration. while you're there, check out their extensive whisky selection.

Thursday, April 3rd

- Warehouse Liquors, 634 S. Wabash, 4-7 p.m.

Cattanach and Tom Bulleit of Bulleit Bourbon will be on hand from 4-5 p.m. for a special sampling and bottle signing of the Classic Malts of Scotland and Bulleit Bourbon

- Binny’s South Loop, 1132 S. Jefferson, 5-8 p.m.

Brett Potoni hosts a whiskies of the world event, with Duffy, Cattanach and Bulleit. There could be a possibility that every bottle of whisky in the store could be opened.

- Sam’s Wines & Spirits South Loop, 50 E. Roosevelt, 5-8 p.m.

Singleton and Bulleit sampling/bottle signing with Bulleit and Cattanach available from 6:30-7:30 p.m.

- Bar On Buena, 910 W. Buena, 7-10 p.m. – THE SINGLETON VIP PARTY

It's a Singleton VIP party with Master of Whisky Robert Sickler as the guest of honor. Bar on Buena will also be serving whisky flights.

- Mrs. Murphy & Sons Irish Bistro, 3905 N. Lincoln, 7-10 p.m.

Tiered tasting of the Johnnie Walker selections.

- The Abbey Pub, 3420 W. Grace, 8-11 p.m.

There will be a free Bushmills sampling.

- Red Ivy Tavern, 3525 N. Clark, 8-11 p.m.

Red Ivy will be sampling out their new whisky flights. Bulleit and Cattanach will be on hand from 8:30-10:30 p.m.

Not a good day for the dry cleaner

2008-04-01T16:15:00.001-05:00

I stopped at the dry cleaner today. It seems I was a day late. Or perhaps this is a good thing. If I would have gone yesterday, I would have exchanged four shirts for six, plus a nice suit.

Dear readers, do any of you know what to do when your dry cleaner has been shut down with your clothes still inside?

City of Chicago sticks it to Real Estate Buyers & Sellers one day early

2008-03-31T13:59:00.001-05:00

Your trusty guides have several closings scheduled for today; one day before the dreaded increase in the Real Estate Transfer Tax is supposed to take effect. To no avail. The City of Chicago and local Title Companies have conspired against forward thinking buyers and sellers of property trying to beat the deadline.

The City of Chicago requires that you PURCHASE your stamps by the end of business TODAY. Even if you close this afternoon, then dash down to the City Clerk's office and get it the line that stretches out the building, the bureaucrats have vowed that the office will not stay open one moment late to accommodate the rush.

Might it make sense that if you close today, and then head to the Clerk's office with your HUD-1 showing that you closed on your property on March 31, that you would be covered?

Of course not.

And, if your Title Company actually were to send an associate down to the Clerk's office with a bunch of closing paperwork, the City Clerk will only sell the Transfer Stamps for three transactions. If you have more than three transactions, you must leave the window and start over again at the end of the line.

Nice.

Happy Bangladesh Day!

2008-03-29T15:51:00.003-05:00

I can't believe I didn't get you a card!

On Devon Avenue in West Rogers Park today (Saturday, March 29, 2008.)

Of course we should close Devon Avenue - the main thoroughfare through this entire neighborhood as well as the only way to get to my open house from the east.

Yes, the Scottish bagpipes are a bit odd, no?

Construction to start on new Dominick's & condo's on Broadway this summer

2008-03-28T21:38:00.001-05:00

Your guides have finally heard that the construction will begin this summer on the new Dominick's grocery store located at the now-vacant parcel at 3030 North Broadway. You'll recall that this parcel was the site of the former grocery store which burned down in 2004.

The project is a five-story building with 45,000-square foot Dominick's grocery store at street level and topped off by 53 condominium units. Commercial space also includes a National City Bank.

Phase one construction is expected to begin this summer. Residential units are being marketed by @properties. Dominick's is expected to open in fourth quarter 2009 and the residential units ready for occupancy 90 to 120 days later.

Real Estate Terminology: Mary Umberger Syndrome

2008-03-28T18:50:00.001-05:00

The syndrome whereby buyers show up at your property during the week regurgitating something they read in Mary Umberger's column in the Chicago Tribune on Sunday. Frequently this syndrome manifests itself with the clutching of the oversized Sunday Tribune tucked innocently under an arm, or with ink-smudged fingers leaving prints all over your appliances.

Confirmation of this syndrome can be achieved by simply reading Mary's column and comparing it to what you hear in these situations.

Buyers show up at your development open house asking for tons of upgrades (or even a CAR!) because they read that:

An unscientific sampling of marketing materials finds a number of arresting, exclamation-point laden promotions. Many continue to offer tens of thousands of dollars in goodies or price reductions. And if you have your heart set on a big-screen TV -- or even a car -- such opportunities still exist.

Buyers turn in a low offer on your listing because over the weekend they read that:

A trio of economists told the nation's beleaguered home builders Wednesday that housing probably will continue its slide through much of 2008, until a painful but necessary drop in new- and existing-home prices -- 15 percent or more in some parts of the country -- helps find a turning point.

Thanks to Greg Braun from the law firm of McCormick Braun Friman, LLC, for the idea for this post and continuing series.

Warren Park in Rogers Park

2008-03-27T19:00:00.002-05:00

Warren Park in West Ridge/West Rogers Park

With nearly 90 acres of parkland, Warren Park is the North Region’s largest park featuring a number of special attractions for every season of the year. In April, a state-of-the-art skate park and six station baseball batting cages open to the public. The 80-by-80 foot skate park, situated to the north of the fieldhouse, contains the same equipment used by pros, including quarter pipes, pyramid combinations, street spines, launches, grind rails and fun boxes. Admission fee is $2 and is intended for skateboarders and in-line skaters only. Step up to the plate and test your batting skills at the batting cages. At the nine-station cage, choose from a variety of speeds that range from 40 to 70 mph and select either baseball or softball (12-inch) styles of play. The batting cages cost $1 for 15 pitches. Weathering permitting, the cages are open April - September. The hours of operation are Monday, Closed; Tuesday - Friday, 4 - 8 pm; and Saturday and Sunday, 11 am - 5pm. Bring your own bat.

Fitness enthusiasts can hop onto a paved path that winds throughout the park for walking, jogging or biking. Golf-lovers head to the Robert A. Black nine-hole golf course and golf putting practice area located on the northeast end of the park. Warren also boasts a racquetball court open for play on weekdays, 10 am - 7 pm for $6 per person.

In the winter months, Warren Park boasts an outdoor ice rink for skating, as well as a sled hill for all ages. This winter, the ice rink will operate (weather permitting) until March 16, 2008.

Warren Park’s programming ranges from aerobics to unique West African drum classes. For youth and teens, the park has strong after-school program (Park Kids), baseball, basketball and soccer programs. The site is also home to the North Region’s administrative offices.

History

Warren Park was created in the 1970s, born of both conflict and cooperation. The controversy began in 1965 when real estate developers purchased the former Edgewater Golf Club. Shortly thereafter, a coalition of community groups started a campaign to save the land as open space. Despite the strong community objection, however, the site was re-zoned to allow development of high-rise apartments and a large shopping center.

The State of Illinois forcefully intervened in 1970, acquiring a portion of the property to create the first-ever state park within the boundaries of Chicago. Plans to develop the remaining acreage continued, and community opposition stayed strong. In 1972, the Chicago Park District determined to purchase this land. The state transferred its property to the park district in 1975. By that time, the park had been named in honor of Laurence C. Warren (---), an attorney and leading community activist who helped save the open space as parkland. In 1980, Warren Park's nine-hole golf course was officially dedicated in honor of Robert A. Black (---), Chief Engineer to the Chicago Park District for more than thirty years.

Open House on the weekend of March 29 & 30.

2008-03-26T11:40:00.003-05:00

Saturday, March 29

The Warren Corner Condominiums - West Rogers Park/West-Ridge

Open Saturday from Noon to 2:00

2034 West Arthur, 6504 North Seeley. Corner of Arthur at Seeley.

Brand new development - 20 condominiums in a vintage re-hab. Gorgeous fits and finishes for an unbelievable price. One bedrooms from $135,000. Two beds, one bath from $155,000 and two beds, two baths from $215,000

www.warrencorner.info

Sunday, March 30

3450 N. Ashland, #3-N

Open Sunday from Noon to 2:00

Two bedroom, two bath condo located in West Lakeview near Whole Foods, the CTA Brown Line and Roscoe Village. Nearly new, stylish decor and garage parking included.

List Price: $418,000

www.darrowwest.com/3450_n__ashland_.htm

The Warren Corner Condominiums - West Rogers Park/West Ridge

Open Sunday from 2:00 to 4:00.

www.warrencorner.info

The Greystone on Fairfield - 942 N. Fairfield

Open Sunday from 2:00 to 4:00

Sumptuously finished condominiums with loads of upgrades. All bathrooms are marble - most with Jacuzzi tubs. Crown molding, recessed lighting, wood floors, high ceilings are just some of the gorgeous details available in these homes.

www.fairfieldgreystone.info

In Lakeview, condo project switched to apartments

2008-03-26T11:27:00.002-05:00

The Lakeview Collection Lofts located at the corner of Belmont, Ashland and Lincoln Avenue has just been switched to apartments from condominiums.

Crain's Chicago Business has just reported that Centrum Properties has decided to build luxury apartments instead of condos in the Lofts at Lakeview Collection, a proposed $100-million mixed-used development.

The development will now include 130 apartments and 90,000 square feet of retail space. The plan for the re-development of this corner had been anticipated in order to begin the transformation of the corner that currently features some pretty bad examples of 1960's and 1970's architecture including the 2-story LaSalle Bank/Bank of America building sitting on the corner now.

Real Estate Transfer Tax Imposed Upon Seller

2008-03-26T09:11:00.002-05:00

Effective April 1st, the Chicago Real Estate Transfer Tax increase of $3.00 will be imposed upon the seller.

Previous posts...

The Debate.
Sticking it to homeowners.
Feeling the pain.
The first pass.

Roof Deck at 942 Fairfield - the Fairfield Greystone

2008-03-25T22:09:00.001-05:00

I normally don't blatantly plug listings here on the blog. The sidebar slideshow does a good job for me. But I was over at the Greystone on Fairfield at just the right time to snap some amazing sunset skyline shots from the roof deck. They're too nice not to publish.

If you would like to live in a cool condo with a killer roof deck like this one, check out the development website at www.fairfieldgreystone.info and come see the property.

Statewide February Home Sales Perk Up from January

2008-03-25T14:52:00.001-05:00

SPRINGFIELD, Ill. – Home sales activity improved slightly from January as Illinois REALTORS gear up for the spring market. According to the Illinois Association of REALTORS latest report, total home sales (which include single-family and condominiums) were up 15.1 percent in February 2008 to 6,832 sales compared to January 2008 sales of 5,938; sales were down 22.9 percent from February 2007 totals of 8,860. The Illinois median price in February was $181,265, down 5.6 percent from $192,000 in February 2007. The median is a typical market price where half the homes sold for more, half sold for less.

“REALTORS are seeing some signs of the spring market with increased activity and interest from potential buyers. If people have good credit, their finances in order, and are looking for a home for the long haul, they should get in the market with confidence,” said REALTOR Kay Wirth, president of the Illinois Association of REALTORS. “Conditions in many local markets are good and present opportunities for first-time and move-up buyers.”

In the city of Chicago condominium sales fared comparatively well in February with 1,047 units sold, down just 9.7 percent from the same month last year with 1,160 units sold. The condo median price in the city of Chicago was up 10.5 percent to $314,900 from February 2007.

“In the city of Chicago condominium transactions continue to lead our sales activity,” said David Hanna, president-elect of the Chicago Association of REALTORS. “The 10.5 percent increase in the median price for February shows buyers are finding great value in the city. We see this increase as further proof of the resilience of the Chicago marketplace, and expect the smart buyer here to prosper from taking advantage of historical low interest rates and abundant inventory to find their next home.”

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 5.99 percent in February 2008, up 0.26 points from the 5.73 average rate the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in February it averaged 6.25 percent.

“There are pockets in the state that are already seeing an early uptick in sales activity,” says Wirth, a broker with Re/Max Unlimited Northwest in Crystal Lake. “McLean County which covers the Bloomington-Normal area saw sales up 14.4 percent and the median price up 1.3 percent to $153,000. Sales activity in Macon County (Decatur) was up 2.7 percent, and in the Metro East county of Madison sales surged 6.3 percent in February compared to a year ago.”

The Chicagoland Primary Metropolitan Statistical Area (PMSA) logged 4,310 total home sales in February 2008, down 26.9 percent from 5,894 home sales in the same month of 2007. The median home sale price for the Chicagoland PMSA was $240,230 in February 2008, up 0.1 percent from $240,000 in February 2007. The Chicagoland PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

“Illinois is certainly revealing, through both jobs growth and state revenue collections, that it is bucking the national trend in the first quarter of the year,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. “The spillover of the economic forces into the real estate market is evident in the slowing in the decline in housing sales and recovery of median prices to levels that approach those observed in the first quarter of 2007.”

According to a recent report from the National Association of REALTORS, chief economist Lawrence Yun said: “Subprime loans and other risky mortgage products have virtually disappeared from the marketplace, and over the past five months, this has been reflected in soft but fairly stable home sales.” Sales and price information is generated from a survey of Multiple Listing Service sales reported by 35 participating Illinois REALTOR local boards and associations.

Edgewater Residents still leery of lakefront path

2008-03-24T14:22:00.002-05:00

Lake Shore Drive at Hollywood, Chicago

There are a number of cool things about the map above. And before I get to the point of the article that I set out to write about, I really must give a rave review to a couple of products that I discovered over the weekend.

1. This blog post (and the one on Lincoln Park) were written in Windows Live Writer. This desktop publishing tool seems to blend the best of a desktop application with the easy-access of an online writing tool like Google Documents. The interface is elegant and graceful, offers tons of tools, and publishes to almost any online host effortlessly. Windows Live Writer went out and fetched all the settings from my Blogger account and seamlessly writes my posts in the same style and formatting as my blog. I'm amazed.

2. Windows Live Writer allows me to insert photos with gorgeous effects, tables, video from YouTube and other sources as well as the amazing Windows Live Map you see above. Check it out closely: it's draggable; it's clickable; it's totally interactive. It's not just a simple screen capture from Windows Live or Google Earth.

Alright, back to the topic at hand:

The Friends of the Park recently tried to revive the discussion with Edgewater residents about what they thought of extending the lakefront path north of Hollywood Avenue in front of the lakefront high rises that are east of Sheridan Road from Hollywood up to Loyola University.

Extending Lincoln Park north of Hollywood is not a new idea. About three-dozen high rises between Hollywood and Loyola are built right up against the lake. Past proposals including a shoreline protection study in 1987 have called for expanding the shore east of these private buildings. Six years ago, Mayor Daley called for lakefront paths to be stretched north to run all the way to Evanston (Chicago's closest suburb to the north.)

None of the proposals have ever materialized. Residents in the fancy high rises and a few from Rogers Park (the most northern neighborhood in Chicago) opposed efforts expanding the shore. They fought attempts to build marinas and helped pass an advisory referendum opposing an extension of North Lake Shore Drive.

But with the Centennial Anniversary of Daniel Burnham's 1909 plan approaching, Friends of the Parks set out to re-visit ways to complete public access to the City's lakefront. Four of the city's 30 miles of shoreline remain in private hands despite Burnham's vision of a public lakeshore stretching from Indiana to Winnetka (north of Evanston.) The group soon found that the idea remains a hard sell.

Mind you, folks living WEST of Sheridan Road seemed excited about greater access to the lake. The president of an association representing 33 buildings along Sheridan Road supported the idea of extending the lakefront path.

But several residents in high rises EAST of Sheridan Road say they weren't consulted. They say they were not aware that Friends of the Parks was developing ideas for a park extension until it was too lake to offer input.

They also worry about privacy and security issues should public park space be constructed right behind their buildings. They fear clogged traffic on Sheridan Road will become even worse.

Your guide hopes that continued efforts in the coming years results in the opening of the lakefront along this stretch of Sheridan Road. One of the complaints of Sheridan Road residents was that the sidewalk alongside Sheridan Road is already congested with pedestrians and bicyclists. Residents have forced local police to vigilantly patrol this stretch for bike riders on the sidewalks. But Sheridan Road is so narrow that any bicyclist brave enough to ride in traffic along Sheridan Road surely takes their life into their hands as they dodge turning cars, CTA buses and delivery trucks. In reality, the creation of the lakefront path would alleviate much of the sidewalk congestion in this area and make both areas safer for pedestrians and bicyclists.

Tour: Lincoln Park Zoo in Winter (really Spring)

2008-03-22T08:48:00.004-05:00

I helped out some clients today with renting out their investment condo, and since they brought the whole family in from the suburbs, and the condo is located near the Lincoln Park Zoo, I couldn't resist dragging the family over to the new Children's Park inside the Zoo.

The new Tree Canopy Climbing Adventure can be found just south of the Sea Lion pool inside the main gate to the zoo. This thing is amazing. Where were play parks like this when I was a kid?

The multi-level environment is filled with exhibits featuring animals found in jungle canopy trees.

Outside, other animals seemed to be making do in the early Spring snow.

Yeah, this guy doesn't look like he's anticipating the warmer weather any time soon.

These two look like they took care of the Easter Bunny.

Diversions - things to do in Chicago this weekend

2008-03-21T15:24:00.003-05:00

Ordinarily on the first weekend of Spring, we'd be suggesting all sorts of fun outdoor activities. Not so much this weekend. Here are a couple of indoor diversions that caught our eye for this weekend:

Blue Ribbon Glee Club
10:00 PM on Friday night
The Hideout, 1354 W. Wabansia Ave., in Bucktown.
Tickets $8

This choir of 20-somethings and 30-somthings is not your average choir. The group fills its sets with punk and indie rock standards from bands such as the Clash, Sleater-Kinney and T-Rex. Definitely worth a listen to hear some of these punk hits performed a capella.

The Nylons
8:00 PM on Saturday night
Arcada Theatre, 105 E. Main Street in St. Charles (ouch!)
Tickets $29 to $75.

This takes your guides back to the late 1980's on a cross country road trip belting out a capella (not intentionally a theme this weekend) old standards and hits sung by this quartet. With a history spanning 27 years, the group has seen many changes, but two things remain the same: original member Claude Morrison and the uniquely arranged, completely catching hits.

What a difference a day makes

2008-03-21T14:10:00.003-05:00

Happy first full day of Spring.

Sometimes I hate Chicago.

Wednesday in West Lakeview: the calm before the storm

2008-03-20T14:51:00.001-05:00

What a nice & beautiful Spring day.

Why the economic slump hangover seems to be lasting longer than expected

2008-03-19T12:05:00.003-05:00

I am finally coming to the realization that it's going to be harder to get the economy out of its slump than I had predicted last year and would have liked. The problem seems to be runaway government spending combined with putting off paying for it.

Two crazy scenarios that wouln't have been imaginable under another administration include (1) the prolonged war but with its cost financed rather than being paid for now, and (2) the economic stimulus package paid for by borrowing against future earnings.

Just like in a big company, the outlook for profitability is dampened by borrowing because eventually, all this debt is going to have to be paid off. The US wants to finance the current war and the stimulus package by borrowing. But what it's willing to pay for the privelege keeps dropping. Each time the Fed drops interest rates, bond prices also fall. What we're doing, in effect, is asking foreign governments and foreign companies to lend us money, but we aren't paying decent interest rates for the privelege. So there isn't much interest. This has the unintended effect of making our money worthless. Witness the tumbling of the US Dollar against most other currencies - especially the Euro and Asian currencies.

Which makes it that much harder to pay for the war and the stimulus package because our currency keeps falling in value.

So, even though Americans are the most productive workers in the world, our profitability is perceived to be hampered by the fact that we have to pay off our existing debt, nearly $1-trillion in war debt, and another $200-billion for the stimulus package.

These drags on our potential profitiability are what's keeping the economy from rebounding as quickly as it could. Because with our low unemployment and record productivity, if we could just get out from underneath the mountain of debt, the economy should be able to bounce back robustly.

We promise to return to more real estate related posting as well as light-hearted Chicago diversions as quickly as possible, and hope you'll forgive this particular sober economic analysis.

Twelve stories of Chicago's IBM Building sold to hotel developer

2008-03-19T11:50:00.004-05:00

The owner of the IBM Building at 330 North Wabash has sold the 2nd through 14th stories of the building to a hotel developer who plans to convert the office space into luxury hotel rooms. The sale price is reported to be $46-million, but renovation costing over $100-million more. The hotel is expected to offer 335 rooms, with the standard guest room offering 525 square feet, large by Chicago standards. The hotel also will offer suites, some as large as 2,350 square feet.

The historic building was designed by Mies van der Rohe in 1972. The building has floor-to-ceiling windows, in the classic manner of a Mies van der Rohe design, and no interior columns, which simplifies modification of the space. Just steps from Michigan Avenue the new hotel faces stiff competition from the new Trump Tower Hotel located just across the street. Look for room rates in excess of $500 a night and up.

Work should begin on the space immediately and the hotel could be open in 2010. Located along the Chicago River, it might be possible to check into the hotel by boat. The hotel will offer 17,000 square feet of meeting space, a restaurant, lobby bar, fitness center and indoor pool.

Photograph by J. Crocker

Open House on Saturday, March 22.

2008-03-18T17:17:00.004-05:00

Saturday, March 22

The Buena Flats Condominiums:

This open house cancelled

Just finished the hardwood floors in the remaining unit and we can't walk on them until next week!

4022 - 4024 North Clarendon
Chicago, IL, 60613
Three beds from $279,900
www.buenaflats.info.

Link to Fortune Magazine article on Real Estate Prices

2008-03-18T15:34:00.002-05:00

Real estate: Buy, sell, or hold?

That's the question homeowners are asking in the midst of the worst real estate slump in decades. Our exclusive calculations can help you figure out what your house will be worth in coming years.

Too good of an article to miss. Very long. Will digest and comment later. But the news is gloomy. However, the premise of the article - the thing that anchors the whole theory - is that the ratio of Rents to Purchase Prices is out of whack. A but of a stretch, in my opinion.

Fed cuts rates by 3/4 of a point

2008-03-18T15:19:00.002-05:00

The Federal Reserve slashed its federal funds rate, an overnight bank lending rate, three-quarters of a percentage point Tuesday, to 2.25% in the central bank's continued effort to restore confidence in the economy and battered financial markets. It is the sixth cut in the past six months and comes at a time when the Fed is trying to keep the economy from slipping into recession - although many think it's already entered one.

In an interesting article in Fortune Magazine (March 3, 2008) written by Stanley Bing, the author wonders what would happen if interest rates were lowered all the way to zero.

In the past, it's been my opinion that noting else could be done. Using the example of pushing a string, there is simply no more the government can do in order to stimulate spending. Heck, if money is free but there are still no takers, what can you do?

Mr. Bing proposes negative interest rates - a proposition I find quite interesting. In effect, the government pays you to take money. It's not as bizarre as you think. Take the soon to be distributed economic stimulus checks that should start arriving in Americans' mail boxes in May. In effect, the US Government is giving away free money. Under the negative interest rate scenario, rather than sending $600 to every tax paying American, the government would instead subsidize interest rates to banks. Banks could offer to lend money, with a 2% extra cash bonus. But the government would pay the banks 4% - a 2% return - in order to subsidize the borrowing.

Under this plan, only the most credit-worthy borrowers would be able to take advantage of the plan. People who did not need the money would not automatically receive it. The best part about this plan, it might actually cost less than sending every US tax payer $600. For example: If I was a borrower in need, and took advantage of a stimulus package loan of $5,000 and agreed to pay it back in two years, the 4% subsidy from the US Government would only be $400. If the loan was subsidized for 3 years, the cost would be $600, and if the government agreed to a 4 year term, the cost would climb to $800. Not everyone would be able to borrow $5,000, though. Some might borrow more, but most - less.

Of course, the downside is that we could run out of money. But, as the author suggests, we just print more. Don't we?

Tomorrow: Why it's becoming painfully obvious that we're in this recession for the long haul.

Extreme negotiating tactics on Chicago Homes in today's Chicago Trib

2008-03-16T16:50:00.001-05:00

Today's front page Real Estate section in the Chicago Tribune featured an article titled "Buyer Vs. Seller" about the eternal struggle between buyers and sellers during negotiation to buy or sell property.

One small paragraph - easily glossed over - mentioned the universally distasteful strategy of buyers negotiating on several homes at once - pitting sellers against each other. This strategy is particularly hardcore and almost always considered the worst in down and dirty negotiating tactics.

Mind you, negotiating on multiple properties is completely legal and is quite effective. But at the end of the process, there will almost certainly be hard feelings and a trail of brutalized sellers across town.

The point of negotiating on multiple properties at the same time is to extract the best price possible from a seller, and then use that best price to hammer on another seller on a different property to reveal his best price. Or perhaps even more. Frequently, it's possible to get a seller to reveal what he believed was his or her bottom line in short order, and then extract just a little more.

If you're on the receiving end of such tactics, there are a few techniques you can use to minimize your exposure to the tactic, but still have a shot in the negotiations. This post is all about protecting yourself when involved in negotiating with a buyer using this technique.

In our market, it's customary for a buyer to submit an offer on a property either himself or through his Realtor in writing on a standard contract form provided by the local Association of Realtors. But then, as negotiations go back and forth with different prices and terms, frequently the parties convey their counteroffers verbally. Either through their Realtor, or directly, depending on whether the house is listed with a Realtor or For Saly By Owner.

If you discover that a buyer interested in your property is bidding on multiple properties, you should employ a couple of distinct strategies.

First, as long as the potential buyer is still negotiating on other houses at the same time as yours, you cannot reveal what your bottom line price is. It's even better to not reveal a figure even close to your bottom line figure. In this instance, you will only negotiate a token amount off your asking price - even if it's something ridiculous like $500 off. The reasons are two fold: You don't want to provide the ammunition that this buyer is going to use to hammer away at another seller. Although at this point, this doesn't have anything to do with you, it will protect you in the next round of negotiations. When your buyer feels that he has extracted what he feels is the best price possible from the other seller, he'll come back to you to see if you'll beat it. At this time, you'll be able to decide if you care to make a better counteroffer, or if the amount is already too low, tell the buyer "No Thanks." Either way, you or your potential rival won't have given as much away.

Second, always require that your potential buyer submit his counteroffers in writing. This way, your adversary can't take your best number and tell you he's "thinking about it" - which means he's using this new low counteroffer to negotiate against another seller. If, by chance, this buyer submits a counteroffer to you that you find acceptable - in writing - all you have to do is sign it. The worst situation would be to reveal to this adversary that you would agree to his latest price or terms, but not have them in writing. At this point, you can pretty much say goodbye to this buyer as he'll be trying to extract a few hundred bucks more from the other seller in your neighborhood.

Keep in mind that these tactics are extremely advanced. The downside could be severe to the buyer. Most Realtors advise their buyers not to submit multiple bids as the slight possibility exists that they would wind up under contract on multiple properties. Though the likelihood that this might happen diminishes the more ridiculously low the offer price, this simply means that the buyer's Realtor will be wasting his time chasing multiple contracts all over town. You're not likely to encounter these tactics from a buyer working with a Realtor. But you'd be well advised to get the assistance of your Realtor or your lawyer if you're the seller in this situation.

Series: Getting started with Chicago Investment Property. Part 4

2008-03-15T15:55:00.002-05:00

Part 4 – Move-in Day.

Once the unit is prepped and ready for move-in, several things should occur before you hand over the keys.

If any forms are left to be signed, get them signed before you hand over the keys.

If any balance remains to be paid – get it now, before you waste time on any inspection. Once you hand over the keys, you sole recourse is eviction if any balance remains unpaid. Eviction is expensive.

Walk through the unit with the renter with camera and move-in inspection sheet in hand and note the condition of the unit. Have the renter fill out the inspection sheet in their own had writing and accept the condition of the unit. Put in writing anything you agree to fix and if you don’t want to fix something, put that in writing also. They don’t get the keys until you are both on the same sheet of music.

Take pictures of every room, every wall, every floor, every cabinet, every window, every door, everything. Media storage is cheap, take pictures of everything. You do this on the day of move-in because your camera will encode the picture with a date stamp. This could protect you down the road.

This sounds simple, but…verify the keys work – have the renter test them in front of you.

Once all paperwork is signed, all monies paid, the inspection is complete and acknowledged by signature of everyone, you can now hand over the keys. Now you should get out of there before you get roped into helping move boxes.

Sometimes the lease will say that it starts on the first but your tenants will want to move in a few days early if the unit is vacant to take advantage of a weekend. No problem, but they do have to pay prorated rent for the days they have possession. No pay, no move in early.

The renters now have assumed possession of the unit. Their rights, and your responsibilities, have just changed dramatically. That is why we made sure we took care of everything and got paid before handing over the keys.

Guide to articles

Part 1: Identifying potential property
Part 2: Marketing
Part 3: Taking an application and lease
Part 4: Move in day

Diversions - things to to this weekend in Chicago

2008-03-13T22:05:00.004-05:00

Some of my favorite suggestions for things to do in and around Chicago this weekend. A bit offbeat...

TRAN - The Atari Musical

Thursdays, Fridays, and Saturdays : 8 p.m. (ends March 22) Price $15

The Spot in Uptown, 4437 N. Broadway

A gender-bending, multimedia musical satire of the 1982 Disney film "Tron" (one of the first movies to extensively use computer generated images) features '80s music, video game intrigue and characters who attempt to discover where the sexual freedom of the '70s went. Yeah, I know, this only really works for children of the '80's.

The Purr-fect martini contest at the Kitt Katt Club

3700 N. Halsted St.

Think you mix the best 'tini? Prove it by sending us your own "purrfect" recipe now for the chance to win a trip for two to Las Vegas, and see your martini grace Kit Kat's menu for one year.

53rd Annual Chicago St. Patrick's Day Parade

Saturday at Noon, starting at Balbo (7th) and Columbus (east of Michigan Ave.)

Not as rowdy as last week's South Side Irish Parade, the St. Pat's celebration kicks off with the traditional dyeing of the Chicago River at its junction with Michigan Avenue (10:45 a.m.) and continues with this hugely popular parade. See floats, Irish step dancers, bands, clowns, Clydesdale horses and more.

Open Houses the weekend of March 15 & 16

2008-03-13T20:06:00.005-05:00

The Warren Corner Condominiums

New development in West Ridge / West Rogers Park hosts its first open house this weekend. Twenty 1 & 2 bedrooms priced from $135,000 finished with the most luxurious amenities.

2034 West Arthur & 6504 North Seeley, near Warren Park.
Open Saturday from 2:00 to 4:00.

www.warrencorner.info

Chicago City Council debates shifting Transfer Tax burden to Sellers

2008-03-12T14:44:00.007-05:00

Today the Chicago City Council takes up the debate on the dreaded Real Estate Transfer Tax today. The debate today is about shifting the burden of the additional $3.00 per $1,000 of the tax (the increase passed last month) from the buyer to the seller in a real estate transaction.

You'll recall from a previous post that the Chicago City Council passed an ordinance raising the City Transfer Tax from $7.50 per $1,000 to $10.50 per $1,000 of the sales price of property in Chicago. The tax increase takes effect on April 1 of this year. The increase in this tax will make up the projected $100-million shortfall in the CTA budget not covered by the sales tax increase.

In a related note, I learned that CARPAC - the Chicago Association of Realtors Political Action Committee - has withdrawn its support and financial assistance for any and all Chicago Aldermen & Alderwomen who voted to increase the Transfer Tax. Normally I am at odds with the Realtors' Political Action Committees, but on this issue, I say "Right On."

I hear through the grapevine that there were only six bold and brave Aldermen and Alderwomen who thought that the transfer tax on Real Estate was an awful idea and voted against the tax. The short list of those Aldermen:

Bob Fioretti (2nd)
Sandi Jackson (7th)
Sharon Dixon (24th)
Rey Colon (35th)
Brian Doherty (41st)
Bernard Stone (50th)

Windy City Guide

Please join me over at my New Blog!

Q & A with your Chicago Real Estate Expert

Local Starbucks Closing. Thank God I'm Covered!

Realtor Boquet - seen in Evanston

Bringing you up to speed on Your Windy City Guide

Slightly better news for Chicago from R|E|A|L

In Chicago, Demand remains tepid as falling prices hurt confidence

This weekend in Chicago: The fests keep getting BIGGER...

First up:

Next:

Honorable Mentions:

Street names in Chicago. K-town; and why there's no Q-town.

Hey, where did the seasons go?

Bad Real Estate Photos - a continuing series

Open House on Saturday, June 21

942 North Fairfield

The Fairfield Greystone

2034 West Arthur & 6504 North Seeley

The Warren Corner

It's not easy to find a foreclosure deal in most Chicago neighborhoods

Happy Fathers' Day - Some background on your Guide

Interactive map of Chicago's neighborhoods showing number of units sold in 2007

Open Houses for the weekend June 14 & 15

Saturday, June 14

The Warren Corner Condominiums

Sunday, June 15

2946 N. Wood Street, Unit D

Another busy weekend in Chicago. Things to do. Or avoid.

Thursday Night

Friday Morning

Saturday

Friday Night, Saturday and Sunday

Saturday and Sunday

Interactive map of Chicago Neighborhoods & sales rank

It slowed down in the real world; Online stats back up seat of the pants.

Holy Smokes, Even More to do in Chicago this weekend

Up northwest in Jefferson Park - Jeff Fest

Not quite so northwest in Lincoln Square - Ribfest

Does "Short Sale" belong in Real Estate Advertising?

Chicago makes it into Final Four for Olympics in 2016

More stuff to do in Chicago this weekend - Blues Fest

Chicago Condos Market Overview

Year over Year - May 2008 - May 2007

Month over Month - May 2007 - April 2008

Printer's Row Book Fair, Chicago, next weekend

Open Houses for the weekend May 31 and June 1

Sunday, June 1

942 North Fairfield - the Fairfield Greystone

2946 North Wood, Unit D - Wellington Park Townhome

1800 West Erie, #14 - West Town Penthouse

Olde Tyme Chicago on Lincoln Avenue in Lincoln Park

Meeting the parents when the kids are shopping for real estate

John McCain advisor Phil Graham still lobbying for banks, but that's not the interesting part...

More tenants sign up for space in Chicago's Block 37

Chicago "No Parking" street signs contain new fine print...

Cool stuff in Lakeview & Chicago on Monday, Memorial Day

Chicago still ray of light in gloomy Real Estate Market

Photo Goodness in Chicago for Thursday, May 22

Today's Lawyer Joke

Things to do in Chicago this weekend

Open Houses for the weekend of May 17 & 18

Saturday, May 17

The Warren Corner Condominiums

Sunday, May 18

2946 N. Wood Street, Unit D

3450 N. Ashland, #3N

More interesting stats on Chicago's Real Estate market

Illinois home prices hold steady, number of sold falls dramatically

Buying in Chicago? Know your closing costs.

Upcoming Festivals in Chicago for May

May 16 & 17 - Chicago Mayfest

May 24 - Memorial Day Parade

May 28 to 31 - Chicago Turkish Festival

May 30 to June 1 - 24th Annual Gospel Music Festival

May 31 to June 1 - Belmont/Sheffield Music Festival

Some Suburbs and Neighborhoods of Chicago now "Declining Markets."

Reader question on Security Deposit Interest in Chicago

Chicago Condo Market Report for April

For Teresa who photographs, but doesn't sell, the bridges. Lake Street.