"You've Caught the NET!"

Here in Chicago, the cynical among us beam that our city was the Birthplace of the Drive By Shooting.  Gun rights advocates claim that restrictive gun laws do little, if anything, to curb violent handgun crimes, and extol the virtue of a citizen's right to bear arms.

Truth be told, however, gun crimes here in Chicago, especially those involving school-aged children, have skyrocketed over the last few years.  This is despite the fact that, on the books anyway, the sale, use, and manufacture of handguns has been banned in the City of Chicago for over two decades.

In Washington, the U.S. Supreme Court overturned a similar handgun ban in D.C. two years ago.  That ruling has  led to numerous lawsuits across the U.S. challenging the constitutionality of seemingly-common-sense gun prohibitions on a local level.  The Chicago Ban is coming up before the court soon.

But Chicago Mayor Richard M. Daley is undeterred by the action of firearm advocacy groups, such as the Illinois Rifle Association, advocating that the Chicago law be overturned or weakened.  As reported in Monday's Chicago Tribune by reporter Hal Dardick, the mayor wants to bring new legislation at the state level aimed at slowing the traffic of illegal weapons not only in the city, but statewide.

Daley advocates changes to the IL law that would require background checks for gun buyers at private sales, limit the number of guns that may be purchased, require the licensing of gun dealers,  and a ban of military-style assault weapons.

He is asking the IL General Assembly to make it a serious felony to sell a gun to a known member of a street gang, strengthen the penalties for illegal use of a firearm, and require special high-tech stamping of the guns themselves to allow police to more easily tie a gun to a particular crime.

All of these ideas have failed in previous efforts at passage.

The Chicago Mayor also supports efforts to re-instate the Federal Ban on Assault Weapons, which expired in 2004.  He wants a loophole that allows easy sale of guns at public shows to be closed, and a repeal of current laws which provide immunity to gun manufacturers from certain lawsuits.

Of course, gun rights proponents feel the right of a U.S. Citizen to own weapons for their own self defense should never be weakened.  For many years, they have been successful.

The Supreme Court Ruling, however, could change how the city deals with gun crimes.  But will it reduce or impact the number and severity of the crimes themselves?

Most feel - not likely!

Please read our post today via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

Condos, condos everywhere.  Often priced for a song, or just slightly higher. 

That's the environment in many new Downtown Chicago Condo Buildings, thousands of which began construction several years ago, in a stronger Real Estate Market.

Today, however, the overall weakness of the condo market here has left many prominent developers here doing the unthinkable - offering sizable discounts off their asking price.  This counters recent practice of maintaining high price points, but offering special incentives - reduced-priced upgrade packages, free garage parking, even Hawaii Vacations or HDTV's - instead of a lower price.

As reported by Jeffrey Steele in the February 14th edition of the Chicago Tribune, roughly 7,500 new construction condo units hit the Chicago Gold Coast, Loop, West Loop, South Loop, Streeterville, and River North Neighborhoods in Downtown Chicago between 2008 and 2009. 

According to estimates by Gail Lissner of Appraisal Research Counselors, at a meeting last month of members of The Chicago Association of Realtors, about 2,200 of these new units are still available for sale downtown.  That staggering figure is in addition to the 5,020 resale condo units available for sale in the same neighborhoods (Midwest Real Estate Data MLS Statistics for Downtown Chicago).

Experienced Real Estate Professionals covering Downtown Chicago see great equity building potential for those who buy now.  Our Team agrees.

Projects such as The Private Residences at Ontario Place near North Michigan Avenue, and the 565 Quincy project in the West Loop, are discounting some condo prices to the low $200,000's - prices never seen for years in these neighborhoods.  At the Quincy Street project, developer Alan Lev, President of the Belgravia Group, cut some prices in January as much as 30%.

Developers did try the incentive route, but, in this market, with the incredible inventory surplus, the condos just weren't selling fast enough.  Hence, the unprecedented price moves.

Even with the once in a lifetime discounts, however, many buyers are left sitting on the sidelines.  Far more stringent underwriting rules for Fannie Mae, Freddie Mac, and FHA Loans require more down payment of many condo buyers.  In our Team's experience, the once-widely-available 5% Down Financing is only for those with top credit scores, and buildings with impeccable financial credentials and condo reserves. 

Although building guidelines have moderated somewhat, many new construction projects do not have enough capital reserves in the condo association for approval of commonly-available financing options.  Further, some of the older buildings have an association "Right of First Refusal" built into their Condo Declaration.  This clause allows these condo associations to purchase condos in its complex that sell lower than they'd like - even finance them, if necessary - rather than potentially lower prices complex-wide.

Such Right of First Refusal used to be an automatic denial for FHA Financing - now practically the only option for buyers with less-than-10% down payments.  That is not the case anymore, but those buildings still require up to a several week wait for FHA approval of the complex. 

Also, the specific language of some First Refusal Clauses might slow down the foreclosure process when buyers default, a situation not acceptable to lenders offering 5-10% Down Conventional Financing.  Rules for those buying condominiums as investment - not owner-occupied - are even tougher.

In a nutshell?

Lots of opportunity in Downtown Chicago and The Chicago Loop to acquire condos at deep discount prices these days.  But finding the money to buy them often is a bit tricky.

Please see our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Few would dispute the notion that high unemployment is dampening the Real Estate Market Recovery, here in Chicago and elsewhere.  As we like to tell our clients, if today is Friday, and you are fearful whether or not you will have a job on Monday, you're not going out and buy a more expensive house over the weekend.

But today, IL Unemployment Benefits have ballooned from 26 weeks less than two years ago, to a full 99 weeks today - nearly two years!  Have some of the long-term unemployed become so comfortable with the extended government dole to delay their plans to return to the work force?

To be sure, the job outlook may be looking up a bit in Chicago.  As reported by Chicago Tribune Reporter Mike Oneal. a survey by Temporary Employment Company, Manpower, Inc., projects local companies plan to step up their hiring during the Second Quarter. 

According to the Manpower Employment Outlook, 18% of those companies surveyed plan to hire more employees beginning next month.  Only 3% plan to make payroll cutbacks this coming quarter - 75% plan to keep staff levels unchanged.

But for those out of work for a long time, the extension of guaranteed government checks, no matter how paltry, may actually disincentive some to look for jobs. 

In his Chicago Tribune story from March 4th, Reporter Greg Burns points out that some economists feel the long benefit period might explain why roughly 40% of the U.S. Unemployed have been out of work for 27 weeks or more - the largest such figure since the Fed started keeping such records in the 1940's.

Robert Shinmer, a Professor of Economics at the University of Chicago, estimates that the long-term unemployed - those playing out their benefits period - could make up as much as 15% of the total unemployment rate.

Across IL, the Average Unemployment Check totals $315 per week, with a Maximum of $535 for a head of household with dependent children.  That's not a lot of money today, but it might have caused some out of work to spend more time finding a new job, rather than settling for a lower-level, and lower paying, position.

To say that the nation's high level of unemployment is only due to the ever-extending period for Unemployment Insurance Benefits is a gross over-simplification.  Many experts say the U.S. stands mired in the deepest recession in over 70 years. 

Changes in workplace technology, as well as the overseas outsourcing of jobs once held domestically, is a big part of the picture.  The availability of credit for many small businesses and individuals has dried up, directly impacting the ability of these companies to grow and hire.

Further, the crash in Real Estate Prices, felt especially strong in many neighborhoods across Chicago and Chicago Suburbs, has kept many from selling their homes, realizing a small profit from the equity, and moving on.

But, even as extended, Unemployment Benefits will indeed expire, eventually.  Will this spur more people back to the work force, and drive us past the recession?

Stay tuned!

Please see our post today via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!

Good Afternoon, you dogs!

Well, before you know it, those Lazy, Hazy, Crazy Days of Summer will be back, and all of this Melting Chicago Snow will be gone.  Can't be soon enough for me - I have a concrete sidewalk to spread across, and green grass to smell!

Zillow!

If you're a Chicago Homeowner, or have ever considered buying or selling a home in Chicago, you know this well-publicized consumer website.  Since its debut here, during the boom market of 2006, many of our Team clients first checked the site before calling us for our opinion of value.

"We know our home value," some said.  "We "Zillowed' it!"

Now, according to a study by an Academic Think Tank in Texas, as reported in the Chicago Tribune by Mary Ellen Podmolik, many of the Zillow Estimates for the sample it studied - over 2,000 homes in the Dallas TX Suburb of Arlington during 2006 - had their values grossly overstated.

The research found that 40% of the home values provided by the Zillow Proprietary Formulas - they call them "Zestimates" - were actually overstated in value by 10% or more.  Less than one percent of the test sample had their home value under estimated.  The entire study was published in last winter's edition of The Appraisal Journal, an industry trade magazine of The Appraisal Institute.

We might have suggested the same here in Chicago, as some of the "Zestimates" provided by our clients over the last few years have been very high, especially as many sectors of the Chicago Real Estate Market went into steep declines beginning late in 2006.

Professor Ron Rutherford, one of the authors of the study, selected Arlington TXbecause of its stable real estate market at the time, and because Zillow gave its estimates in that market "Four Stars" for reliability. 

By contrast, the Internet Valuation Site gives Chicago a lower, "Good" Rating.  Zillow says 70% of its home price estimates are within 20% of the likely or actual sales price, with a Median Error of 11.5%.  This Median Error means half of all the homes the Internet Site values in the Chicago area are off by 11.5% or less - the rest are off by greater than 11.5%.

Homeowners themselves, by comparison, inflate their homes value by only 5-8%, according to the TX Research.  Rutherford attributes this to more in-depth, personal knowledge of the features of the home, of course.  But, although generally optimistic, most homeowners have friends or family members who have experienced today's market challenges first hand locally, and uses their input to factor their own estimates.

As you might imagine, Zillow disputes the validity research findings.

But these days, a Real Estate Practitioner has to use more than a computer-generated model to estimate home value - especially in a still-shifting Chicago Real Estate Market.  Specific location factors have to be taken into consideration, as well as traffic and noise patterns, in addition to how the interior and exterior of the house actually shows as compared to the competition, and its level of upgrades.

Geez - even a Lil' White Dog with an IL Real Estate Broker's License understands that!

However, you dogs, in this day and Internet Age, there will always be room for an online opinion.  It's just important not to consider it as the ONLY opinion a homeowner uses to establish value.

My two bones of an opinion, anyway!

Enjoy the weekend - make sure your humans take you on regular walks!

Please see my post today via BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

Hey, from Chicago, folks!

In today's edition of Chicago Neighborhood News, our Team Member Cathy Mallers explores the Chicago Neighborhoods of Norwood Park, Lakeview, The West Loop, Lincoln Square, and Old Town, as well as the Chicago Suburb of Oak Park IL.

Got something going on in Chicago you like us to help publicize for you and your group?  Please let us know, and we'll help you spread the word.

Dean's Team offers the Number One Rated Active Rain Blog in the City of Chicago!

NORWOOD PARK

At just 87 years young, local resident Cecilia Jakubowski relishes her first time as a celebrated artist for the Norwood Crossing 7th Fall Annual Art Exhibit.  As a Norwood Crossing resident, 20 of Cecilia's paintings were shown earlier this winter in the Northwest Café at the Norwood Park METRA Train Station.

"This is my first art show, and I was surprised when I was offered the opportunity for my own show," said Cecilia.  Cecilia is a member of the Norwood Crossing Expressive Arts program where she's learned to fine tune her artistic talents.

LAKEVIEW

Don't forget about Third Thursdays on Southport.  From 5pm to 8pm, you can join local merchants along Southport Avenue between Belmont and Irving Park.  The Third Thursday of Every Month, you can enjoy appetizers, complimentary beverages, discounts, freebies and much more.

Join in on the fun that's sponsored through Shop Lakeview.

THE WEST LOOP

Now this is going to be some performance.  This Friday and Saturday the Merit School of Music will feature more than 360 of their most advanced jazz and classical students.  The "Performathon" is celebrating its 29^th year.  There is no admission fee for the event which runs from 7am-8pm on Friday, February 19 and 8:30am-7pm on Saturday, February 20.

Students are accepted into the school's Tuition-free Conservatory (TfC) through auditions.  Not one student pays tuition as costs for this esteemed program are fully-funded by the program's generous donors.

OLD TOWN and LINCOLN SQUARE

Just up the street from the Dean's Team World Headquarters, the Old Town School of Folk Music filed an application for a new building on vacant land at 4543 N. Lincoln.  The structure would include dance studios, classrooms and a 133-seat performance venue. 

The total cost for this expansion is estimated at $18 million and groundbreaking is expected to begin later this year.  Scott Hargadon, a past board chairman and current board member, said, "To have music and dance classrooms built specifically to our needs with soundproofing and sizing would be a tremendous asset for the school."

The Old Town School of Folk Music has venues in both the Lincoln Square and Old Town Neighborhoods of Chicago.

OAK PARK IL

It's a Neil Simon classic but with a special twist.  In its final week, Village Players Theatre showcases Lost in Yonkers, presented by the Oak Park River Forest Community Foundation in association with Community Bank of Oak Park River Forest.

The local reviews have been fantastic. The play runs through February 21^st, so be sure to get your tickets now.  And if you can't see this amazing run, be on the lookout for A Chorus Line coming in March.

Here's a link to Cathy's Chicago Neighborhood News Blog Archive, via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Hey, folks! 

Came from Chicago, down the Mississippi to New Orleans, LA . . . for the Keller Williams Annual Agent Conference, Keller Williams Family Reunion, 2010. All set to be educated, motivated, and inspired.

My headline today - you consider it Heresy?  Disrespectful?  Insensitive?

Repeating again . . .

YOU DON"T ALWAYS NEED RELIGION!  But You've Gotta Have FAITH!

So often, during tough times, and through the course of history, folks have relied on their Religious Faith to get them through tough times.  The Faith in a Spiritual Being more powerful than themselves.  Ever Present.  Omnipotent.

And, for many, the power of their religious convictions pulled them through rough seas, and on to the serene shore beyond.  Nearly without exception, tough times stabilized.  Struggle turned to success.  And success evolved into a flourishing, lasting business.

But not everyone is religious, you see.  I am not, never have been.  The same is true for millions of others, worldwide.

However, many of the non-religious find success.  Because they have FAITH!  Faith in themselves, faith in others.  Belief in the power of the positive, and the interdependence of those you love and those who love you, to get them through the tough times.

Over the last couple of years, Real Estate has been an up and down business for me and our Real Estate Team.   Months of "the high," sometimes followed by the depths of a weak Chicago Real Estate Market.  We have lost several Team members. 

And, these days, it seems you have to work twice as hard to earn half as much!

Perhaps you know of others in the same situation.  Or, perhaps YOU are riding in the same boat.

Opportunities for buyers, stronger than in recent memory due to dramatic fall-offs in home and condo pricing in every price range.  Disappointing results for Listed Properties due to incredibly high market times, lower eventual sales prices, heightened stringency for credit approval and appraisal, and fallen deals.

If times are tough for you . . . how do you find FAITH?  Do you look to God?

Or . . . do you find it inside?

I've gotta know!  We all do!   Can you share?

DEAN & DEAN'S TEAM CHICAGO

THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!

Hey, you dogs!  Of course, with today's high unemployment rate - nearly 11% here in the Chicago Area - I'm sure hoping all you reading my posts are gainfully employed!

What?  Are you a victim of a "temporary cutback."  A "necessary furlough?"  A "corporate restructuring?"   Unsure if your career is reaching its dogleg?

Is it tough to keep bones in the bowl these days?

Well, Chicago Mayor Richard M. Daley might have an opportunity for you - if you have the right stuff that is. 

According to a Staff Report in yesterday's Chicago Tribune, our mayor is looking to name two Chicago Aldermen.  Two spots need be filled in the Chicago City Council - in the 1st and the 29th Wards of Chicago.

In the 1st Ward, current Alderman Manny Flores was recently appointed by IL Governor Pat Quinn to head the Illinois Commerce Commission.  Alderman Ike Caruthers, in the 29th Ward, was forced to vacate his Chicago Aldermanic Post last month after pleading guilty to tax and bribery charges in Federal Court.

You an interested dog?

TODAY, you need to send your resume, a cover letter, and three letters of recommendation via the City of Chicago Website.  You must have lived in the Chicago Ward you are interested to govern in for at least one year.  And you must be free of any potential conflicts of interest, not be in debt to the City of Chicago, be current on all taxes, and . . . uhhhh . . . have no criminal record.  (For some here in Chicago, the last item might be the most challenging!)

To qualify, you must not currently hold any other elected or appointed government office.  And you must be registered to vote.

Well . . . you in?  Hit the web!

And don't worry, the City of Chicago says Political Clout will not be a factor in their decision.

Skeptical?   Naaaaaah!!!!!

Please peruse my post today via BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS &  DEAN'S TEAM CHICAGO

THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!

Hey, you dogs!  I figured I would check out my latest Playlist on my Doggie Pod.  Unfortunately, it seems, the headband on my ear buds are a bit too big.  Guess I will have to make an adjustment!

All my life, I have been a Chicago Dog.  Proudly!  Well, except for the six weeks of my puppy hood I spent in Joliet IL, near The Big House - before  I got sprung.

And where do I live?   In Casa Moss, of course - the Historic Chicago Bungalow of our Human Team Leaders Dean & Sue Moss, in the South Edgebrook Neighborhood on the Northwest Side of Chicago.  

 The Moss home is a proud Chicago Bungalow, indeed!  Two courses of yellow brick, in a long-lost Checkerboard Pattern.  Stained Glass Bay Windows.  Hardwood Floors throughout.  Formal dining room, modest living room, and just enough kitchen.  Four big bedrooms - unusual for homes built in Chicago in the late 1920's (our home was completed in 1929).

 It's not yet a Certified Historic Bungalow, but we are working on that, and the home has all the requisite earmarks and distinctive features intact.  It's one-and-a-half stories, original roof line, all trim intact, detached garage (added later), and full basement - originally for coal storage, but now partially finished.  The home sits on a Standard Chicago 30 x 125 lot.

Drive down our street and you'll see bungalow after bungalow - just sitting there, like freshly-made loaves of banana bread right out of the oven!

Again in 2010, the Historic Chicago Bungalow Association reminds owners of these historic, but often unsung Chicago Homes the opportunity to preserve their homes, maintain its value, and also improve it for better livability and energy efficiency.  Check out their website - ChicagoBungalow.org for more information.

This years HCBA Seminars will emphasize cost-effective, inexpensive improvements ranging from overall remodeling, keeping the overall bungalow motif intact, to green improvements, to landscaping, and masonry repair. 

Seminars in several parts of the city over the coming weeks will focus on "Going Green to Save Green."  Speakers from Commonwealth Edison, the area's Electric Utility, the Chicagoland Natural Gas Savings Program, the Midwest Energy Efficiency Alliance, and a large regional mortgage company will discuss ways of making your bungalow more energy efficient.  The lender will discuss ways of financing these improvements in a tough credit environment.

A HCBA Representative will also discuss a number of financial incentives available from the City of Chicago and the U.S. Government which would write down the cost of improving your Chicago Bungalow.

The next seminar on the North Side of Chicago is scheduled for Monday, February 25th, at the West Belmont Branch of the Chicago Public Library, 3104 N. Narragansett Avenue.  The HCBA Phone Number, for more info, is 312-822-0505.

Well, you dogs, I guess I better get my Nail Gun ready.  This Spring, our Historic Chicago Bungalow is going to get a sprucing up!

Please read my post today via BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

You wanna live in Downtown Chicago or The Chicago Loop?  Desire to rent, rather than to buy?

Likely, you're going to save a lot of money by renting downtown! 

In 2010, in excess of 2,200 new rental units will be added to existing rental inventory in and near The Loop this year.  This is on top of the nearly 1,300 existing rental units in or near Downtown. 

Also, condominium units available for lease, after another difficult selling season for their owners, have flooded the market in Downtown Chicago.  For the 12 month period that ended June, 2009, nearly 4.500 condo units were leased to renters.  Today, more than 1,700 condo units are being listed for rent in online classified sites such as Craigslist and HotPads.

The estimated 10% oversupply will lead to high vacancy rates in many downtown buildings, according to Ron De Vries of Appraisal Research Counselors, as reported by Mary Ellen Podmolik in today's Chicago Tribune. 

To quickly rent out vacant units this spring, landlords are likely to steeply discount rents.  Already, rents are at their lowest level in five years in the most pricey rental buildings downtown.

Often, however, landlords don't stop there! 

Many lessors are throwing in free parking with their new leases, waived or greatly reduced security deposits, even vacation travel or free flat-screen HDTV's as an incentive to rent their units.

In Downtown Chicago, the lowest rents for one-bedroom apartments are in the West Loop, and parts of the South Loop.  The best value in two-bedroom apartments is in the West Loop.

A number of trophy rental residences are opening this year in The Chicago Loop, The West Loop, and River North.  These larger rental towers comprise the lion's share of new rentals coming to market in 2010.

After this year, the completion of new rental buildings is expected to decline considerably.  This reduced supply is expected to be felt in the rental market in 2012, when average rents may tumble as much as 8%, according to Appraisal Research.

Please read our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

From Chicago - the land of expensive on-street parking, $100 red light camera citations, and now-more-infrequent CTA Bus Service - comes a new technology designed to generate more municipal and county revenue.  The technology -

LIDAR - Speed Guns that work with high-tech Laser Beams, rather than old-fashioned Radar Waves - will now be allowed as evidence of Speeding Violations in Traffic Courts  across Cook County IL, the county in which the City of Chicago is located.

In the City of Chicago itself, however, the jury on LIDAR Guns is still out.  The city's Law Department is having its own hearing in March to determine if the newer, but not brand new, speed detection technology is admissible in Chicago Speeding Cases.  However, the Cook County Ruling might bear good precedent, as will the successful use of the new Light Beam technology in nearby DuPage County IL, as well as across the states of Maryland, Idaho, Hawaii, and Washington.

As reported by Megan Twohey, Staff Reporter for the Chicago Tribune,  Cook County IL Judge Eileen Burke did not have her own hearing on the acceptability of the LIDAR Speed Guns.  Instead, she referred to precedent in the Illinois Appellate Court, which last month ruled that Speeding Tickets issued based on the findings of the Light Guns were admissible as evidence against the offending motorist.

Last year, before Burke's ruling, Cook County Courts threw out contested speeding tickets based on LIDAR Data, as it was not yet proven these devices were acceptably reliable.  With the new ruling, however, such tickets would likely stick.

No longer reserved for Star Trek and other Science Fiction tales of the near and distant future, LIDAR is here today.

And, likely, if you speed in Chicago, it will make you pay up!

Please read our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO