"You've Caught the NET!"

Christmas Eve, folks!  Got most of my gifts (only one more little one to go!)  Today is wrapping day for me - before 2PM!

Today is the big day for stores beginning with "W"!  You know, "Walgreen's," "Wal-mart," etc.

Every year, Chicago's 24-Hour News Radio Station, WBBM AM 780, and reporter Jim Benes, does a quick, two-minute retrospective of Chicago Christmas's, in 10 year increments, going way back to Christmas, 1927.  Click here to listen to each clip.

A few highlights from the last 50 years -

Christmas, 1997 - A white Christmas here in Chicago.  Chicagoans were mourning the death of Comedian Chris Farley, who was found dead in his Chicago apartment a week before Christmas.  Elton John's tribute to Princess Diana topped the music charts.

Christmas, 1987 - Another white Chicago Christmas - with temperatures climbing later in the day to the middle 30's.  Carollers celebrate a recent court ruling to allow a Nativity Scene in Chicago Downtown Daley Plaza, while protesters marched nearby.  An 18-foot aluminium menorah also was erected on The Plaza that year.

Christmas, 1977- A very cold Christmas in Chicago - wind chill factor of minus 27 degrees!  The Bee Gee's "How Deep is your Love" tops the charts.  Chicago's now-defunct Goldblatt's store was selling the new Atari Video Game System for $169.

Christmas, 1967- Another cold Christmas here in Chicago.  Many Chicagoans oppose the war in Vietnam - 474,000 Americans were serving in the war on Christmas Day, 1967.   Others wonder if American protests were actually encouraging the the Vietnamise Communists in North Vietman.

Christmas, 1957 - Cloudy, rainy, with temperatures in the mid-40's.  The Cold War was in full swing, as President Dwight Eisenhower asked the Soviet Union for clear evidence of their intentions to promote peace throughout the world.  The Russian Satellite Sputnik was launched two months earlier.  Elvis Presley got drafted earlier in 1957, and a brand new song by Rock-a-billy Singer Bobby Helms, "Jingle Bell Rock," was being played on Top 40 Station WIND.

Enjoy the Memories, folks!  Merry Christmas!

DEAN & DEAN'S TEAM CHICAGO

Hope you're enjoying your Sunday afternoon, everyone.  All of your Christmas Shopping done?

In scanning today's Chicago Tribune, and today's column by Real Estate Editor Mary Umberger, I read an interesting couple of paragraphs that average home equity across the U.S. has fallen by 10% since 2001.  According to FED figures in their recent Flow of Funds study, average home equity six years ago was 56%.  In the Third Quarter, 2007, the average equity figure, or current appraised market value minus total outstanding mortgage debt, fell to 50.4%.

Please click here to review Umberger's column today - here comments on the Home Equity Slide appear at the end of the column.  Also see our thoughts and comments at BlogChicagoHomes.com.

For the last few years, pulling equity from your home, at a near-prime rate of interest, has been heavily promoted as a source of funds by banks and mortgage companies.  It grew hand in hand with new loan programs which required less and less down payment to purchase - allowing many, many more homeowners across the U.S. to buy, but creating the time bomb many are experiencing today - of reduced equity, coupled with resetting adjustable-mortgage interest rates.

As we all know, irresponsible use of easy draws against home equity can considerably reduce available funds when moving to a new, bigger home.  This is exasperated by recently-lowered property appreciation rates, here in Chicago and the Suburbs, and in many other parts of the country.

If you stay in your home while drawing on equity, you still have to pay the money back, often interest-only over 5 to 7 years, before the original principal balance is due!  Many HELOC borrowers kind of forget that!

No pay back, if things get tight with money, you will lose your home!

That's serious as a heart attack, folks!  Be careful, and have your clients do the same!

Happy Holidays!

DEAN & DEAN'S TEAM CHICAGO

On the Northwest Side of Chicago, in the affluent neighborhood of Sauganash, an untimely foreclosure last July has left a number of residents holding the bag on significant incomplete or shoddily-finished items.

The Sauganash Place Condo Association President, Bathsheba Birman, complains of a design flaw on the building's green roof which contributes to major flooding on her balcony below during even moderate rain storms.  Her hardwood floors show gaps and creek, many of her windows do not open properly.  In fact, over half of the building's 61 unit owners have complained of similar problems.  Units sold between early-2006 and this year, with price ranges between $350,000 and $550,000.

In addition, improper electrical wiring and gas line installation have co-mingled utilities between the residential common areas and commercial tenant Whole Foods Market, at 40,000 square foot supermarket on the first floor of the building.  Plans for a second phase of a 75-unit residential tower, just to the north of the first tower, have been postponed indefinitely, as you may well imagine.

Calls to the project developer, Brook-Ridge Development of Chicago, have been unanswered for months, and the association has had to fund needed repairs with special assessments.

Complicating the matter even further - the developer was "carefully selected" by the City of Chicago to build this project in a Tax Increment Funding (TIF) District, and would have been eligible for $10 Million in special Chicago funding at project completion.  According to Chicago Alderman Margaret Laurino, whose 39th Ward contains the Sauganash Place Project, and who was been helping in negotiations with Project Primary Lender, Lakeside Bank of Chicagoto expedite needed repairs, says that none of the TIF money has gone to the delinquent developer, since the building has not been acceptably completed.

Individual units, and, subsequently, the condo association, were turned over despite these defects, which, at the times of closing and association turnover, were deemed to be minor punch list items.  When further latent defects were found, the foreclosure process against Brook-Ridge Development had already begun.

As a condo investor myself, I have fallen victim to shoddy workmanship and liquidated developer LLC's twice, in separate buildings, in recent years.  How would you now advise affected unit owners, and the Buyer's Agents who represented them in their purchases?  Would love your thoughts here.

Please also view our posting on BlogChicagoHomes.com for more details, as well as links to detailed coverage of this matter in the local Edgebrook-Sauganash Times Review, part of the Chicago Sun-Times Newspaper Group.

DEAN & DEAN'S TEAM CHICAGO

Man, getting tired of it snowing around Chicago every, single weekend this December!  Anybody have a better way - or a bigger snow thrower?

In 1998, it was Spencer Johnson's Book, "Who Moved My Cheese?" that gave many Real Estate Practitioners pause for thought about the changing real estate market.  Boy, if we all had an inkling of what was coming up in 2007. 

Not only has the cheese moved, but the cheese factory has cut production drastically, and the cheese maker's customers are very worried if they can qualify to BUY the cheese.

Those who FINANCE the purchase of cheese can't simply invite everyone to the table anymore.  And, many who gorged on the cheese just a year or so ago have a horrible belly ache.

I read another story somewhere the other day, I believe it was in USA Today.  It spoke about a family that might not have enough money to buy their kids Christmas presents, because their loan rates reset upward by several hundred dollars, and they just can't afford too many toys this year.

The lender who made them the loan is not in the business anymore, the story continued. (I spoke with one of my Loan Broker Partners, a very successful Branch Manager here in Downtown Chicago - who has seen 40% of his full-time staff leave this year.  A few, he says, are now bank tellers!)

This past Wednesday afternoon, several of our Team Members, along with several other associates from our office, attended an incredible, day-long seminar at the Sheraton Hotel in the Streeterville Neighborhood of Chicago.   The speaker was Keller Williams Mastery Coach Tony Di Cello.  The topic: "Thriving in a Shifting Market - Dare to be Remarkable!"

He started his talk with a short quote from Keller Williams International Founder Gary Keller -

"The market shift is exposing us, all of us in the Real Estate industry.  It is exposing our lack of skills, our lack of consistent lead generation, our lack of a strong mindset, and a lack of the basics for selling."

Wow, cold water in the face, you think? 

Just a few years ago, Real Estate Selling was automatic.  Mortgage Lending was automatic.  Nearly everyone got a loan; nearly everyone got a new home.  Today, we have to be better than just good, in order to survive!  We have to set GOALS, and BENCHMARKS TO MEASURE if we are achieving them.  We have to COMMIT.  We have to go back to the BASICS.

We have to FOCUS MORE CLEARLY on the DOLLAR-PRODUCTIVE ACTIVITIES that gets our client's properties sold, for the best dollar in today's market, with highest efficiency.  FOCUS ON GETTING MORE REFERRALS, ESPECIALLY FROM YOUR BEST CLIENTS.

We have to become experts in WHAT REALLY WORKS (the first 25 things on THAT list . . . PRICE, PRICE, PRICE . . . you get the idea),  You have to have the GRACE NOT TO MUSCLE, the STRENGTH NOT TO KISS UP, and the STAMINA NOT TO LOSE.

In addition to being in the Real Estate Business, Tony explained that we are in the LEAD GENERATION BASIS equally.  We have to PROSPECT.  We have to HUNT.  No new business this year, no old business next year, right?

This is especially the time, he continued, to LEVERAGE YOUR ABILITIES, TRAIN & DELAGATE TO ASSISTANTS, ASSISTANCE, OR MARKETING PARTNERS.  It's time to LISTEN MOST EFFECIVELY, instead of just talking.

It's time to know your BUSINESS NUMBERS, your MARKET'S CURRENT SALES STATISTICS, and BLOCK YOUR TIME, for your business and personal life, as if your very career and personal lifestyle depends on it - because it does!

Now is the time to PERFECT YOUR LISTING PRESENTATION (and make it more concise!).  BETTER QUALIFY YOUR BUYERS (no taxi service in 2008, and no non-exclusive buyers in MY car).

You must PRACTICE, PRACTICE, PRACTICE OBJECTION HANDLING TECHNIQUE (OHT) DIALOGUES, and your PRICE REDUCTION DISCUSSION.

And, are you ready for this one? 

You have to FIRE TOXIC CLIENTS WHO REFUSE TO BELIEVE IN YOU!

Sorry, folks - the all-day discussion of last Wednesday afternoon is not posted on the web.  But I would be happy to discuss our experiences in detail with you - just drop us a line, or call.

It was incredibly powerful!

Merry Christmas, folks!

DEAN & DEAN'S TEAM CHICAGO

Good afternoon, folks!

After today, there are only 4 more shopping days until Christmas, so I guess it's time for my little dog Buddy and I to hit the road, and hit the stores here in Chicago!

Here are a few Last Minute Shopping Tips,courtesy of Laura T. Coffey at MSNBC.com.  Also please review our post, as well as Lil' Buddy's FIVE TOP HOLIDAY GIFT IDEAS, at our main Blog Center - BlogChicagoHomes.com.

1.  ONLINE SHOPPING - TODAY IS THE DAY!  Make sure you check Delivery Guarantees, and select FASTEST DELIVERY, if necessary.

2.  CONSIDER E-GIFT CARDS OR CERTIFICATES.  You have to make sure the recipient has his or her spam filter turned off on the email.  Also, make sure gifts are redeemable both online and in-store.

3.  BUY ACTUAL GIFT CARDS- Most drug stores, convenience stores, and supermarkets have aisles full of these - the new "Procrastinator's Dream."

4.  SHOP ON CHRISTMAS EVE DAY, DECEMBER 24th.  Only me, Buddy, and a bunch of feverishly-shopping men hit the stores on the last possible day - less crowded, although some of the nicest stuff is already gone.

5.  HOW ABOUT FANCY-SHMANCY FOOD AND DRINKS?  Always nice - but will the recipients know they were purchased last-minute?

6.  SPECIALTY MAGAZINE SUBSCRIPTIONS ARE WELL RECEIVED.  There are dozens of possibilities here, generally inexpensive, and very easy to order.  And, the first issue can arrive in January, guilt-free for you!

7.  THE GIFT OF YOURSELF!  Detail the car for your spouse.  Or, cook a special Gourmet Meal.   Handle extra baby sitting chores.  Or, add that special deck as a home improvement.  Many possibilities, but make sure you deliver on the promise, or else you're sunk here!

Both Buddy and I are Charter Members of Procrastinators Anonymous, when it comes to Holiday Gift Giving.  Are You?

Happy Holidays!

DEAN & BUDDY HOLLY MOSS, DEAN'S TEAM CHICAGO

As Larry and Curly used to say each Christmas, to their third partner who was playing Santa Claus -

Moe, Moe, Moe!

Those who know me know I'm not the very religious sort!  I don't pray as often as I should (although prayers definitely do increase when we head to Las Vegas each year).  Sue and I are do not attend church or temple as often as perhaps we should.

But, everyday, for the last 5 years, we are big on reciting affirmations daily, and this process has changed our life enormously.

Remember these two truths.  

The first, nascent thought that you start the day with - when your alarm (or your kids) wake you each morning, will, for some reason, predominate the day.  If you groggily meet the day with, "Man, this is going to be a TOUGH ONE!" - it will be!  If you jump out of bed in a positive frame of mind - that usually carries through any daily adversity sure to come your way.  Even though life always "Happens" (substitute any other four-letter word for "life," if you'd like), most often, this is true!

The second - it is physically impossible for you to carry a negative thought in your head, the moment you have a positive thought.  There is not enough room up there (in my head, anyway).

That's where our Daily Affirmations come it.

The concept of reciting Daily Affirmations came to us from several sources, a few years ago.  Most notably, from Toby Davis, our close friend, colleague, and mentor from Charleston, South Carolina.  Toby referred us to a book by Chellie Campbell - The Wealthy Spirit - Daily Affirmations for Financial Stress Reduction.  The book is not a long one, but unique in its structure.

There are 365 pages in the book - one for each day of the year (during a Leap Year - improvise - then, get over it!)  Every day, my wife and I recite a one-page affirmation summary, followed by a one-sentence affirmation.  We embellish this process by reviewing another full page of one-line affirmations that Sue has typed and printed in a binder, pages protected in plastic sheet protectors.

Chellie describes three types of fish in the sea - Sharks - keep away from those, they need no description; Tuna - Fish Food for Sharks, and; Dolphins - who nurture, share, and grow.  I believe I know which type of fish you would like to be, right? 

She talks about working hard, and "Sending Out Ships" across the sea, for they will come back with your treasure - you just can pinpoint exactly WHEN they will return, but they WILL!

As you view the link to Chellie's book - click over to Amazon.com to review an excerpt or two - you'll easily get the idea.

One of the affirmations early in the book, "My Affirmations Work for Me, Whether I Believe They Do, or Not!" is absolutely true.  This little routine, which we have done for several years, daily, has started each of our days in the most positive fashion, and helped to focus us on achieving balance, reduced stress, financial comfort and peace in our lives.

I think you'll want to check it out for yourself!  Let us know what you think.

Happy Holidays!

DEAN & DEAN'S TEAM CHICAGO

This cheering up comes with a side dish of cold water in the face!

In the month of November, according to RealtyTrac.com, as reported in today's Chicago Tribune, (also see our BlogChicagoHomes.com posting), U.S. foreclosure filings dropped 10% versus the October, 2007.  The bad news - the 210, 950 filings were 68% ahead of the November, 2006 figure of 120,334 homes.

Although a positive sign, of course, the figures still bode poorly for the sluggish real estate markets in Chicago, in the State of Illinois, and across the country.

Five out of ten metro markets that made the notorious Top 10 List for Foreclosure Filings per household were in California.  Stockton, California had one foreclosure filed for every 99 households.  Modesto was number two, followed by Merced.  Other cities rounding out the Top Ten were Las Vegas, Nevada, Greeley, Colorado, and Miami and Cape Coral-Fort Meyers, Florida.  At one foreclosure filed per 138 households, Detroit, Michigan was ranked number 5 on this list.  The Chicago Metro Area did not rank among the Worst 10.

The State of Illinois came up tenth in the statewide rankings - with one foreclosure for every 624 households, an increase of nearly 36% over November, 2006.

View the full source article and accompanying Table-by-State at RealtyTrac.com.

DEAN & DEAN'S TEAM CHICAGO

Hi, everyone -

Went to an INCREDIBLE SEMINAR in Downtown Chicago today by Tony Di Cello, Mastery Coach at Keller Williams, entitled "Thriving in a Shifting Market - Dare to be Remarkable!"  

Just another great reason to be affiliated with the Keller Williams system - great training (this one FREE to KW Associates and their non-KW Guests), geared to help you grow YOUR business (not the corporation's business), an atmosphere of sharing agents, friendliness to the Team concept, and a lot of motivation and positive eagerness in the room (625+ attendees).  (No commercial intended here - but do let us know if you would like more info on the KW concept!)

Hardworking Team Member (and my hardworking wife) Sue and I are summarizing what we learned, and will publish in a subsequent blog post.

However, networking in the room, something surprised me, and, really, I had thought that more people would have picked up on this by now!

We collected about two dozen business cards from others attending, and I put them in my shirt pocket, so I wouldn't lose them.  Afterward, as Sue and I were sorting the cards we received while having coffee, we were quite surprised to see what appeared on the REVERSE SIDE of each card.

NOTHING!  NADA!  BLANK WHITE SPACE!

What an incredible message opportunity, which would cost less than two cents more per business card, missed.

Oh, a few had beautiful Team photos on the back side (nice, but does the recipient of the card really care?)  Two members of the same Team had the clever idea of featuring one or two of their LISTINGS, complete with a color photo, on the back of the card (I think this is a very clever idea, and gives you a great USP).   A couple more had loan qualification requirements, one guy had blackjack odds (I think he used to work in Vegas).

But for most - nothing at all!

Two years ago, we started printing "Our Commitment to YOU!"on the back of each of our business cards, with great success.  Here's our professionally-typeset copy, and small, home-shot, Team photo -

OUR COMMITMENT TO YOU!

"Unbeatable Service!" is not just a promise.  It is core to our philosophy to provide our valued Clients with a Most Passionate Level of Service, to make our Client's Number One Goal, OUR Number One Goal, and to base our business solely upon Referred, Long-Term Relationships.   Each Dean's Teammember is committed to providing you with extraordinary service.   In return, we ask for your heartfelt endorsements to your friends, family, clients, and associates.  Let us know, so we can help.  Thanks!     - Dean, Sue, Kathy, Jeff & Iwona

The idea originally came from our By Referral Only coaching, but we have modified and strengthened it over the last few years.

At the end of each Listing Appointment, we close by offering them our business card, back side up (one for each potential client - husband, wife, partner, their grown kids, etc.) at the table.  We ask them to READ our CORE VALUE STATEMENT to themselves.  When they finish, they raise their eyes.

"Does this fill the bill for the type of Real Estate Team you'd like to work with to sell your most valuable asset, your home?" we ask.

Their answer, almost always, "That's exactly what we're looking for!"  That's good, I respond, because that's what we stand for, in our heart and soul.

What do others in the area stand for in their hearts and souls?  We'll, let's take a look here at each of their  Core Values on the backs of their business cards?

Most times, the next thing we have to do is direct their signature to the appropriate line of the Listing Agreement.

Not just a sales tool, it really gets prospective listing clients to think and reflect on what our Team stands for, and how we plan to separate ourselves from the pack - by making THEIR Number 1 Goal, OUR Number 1 Goal.

We'd love your thoughts, and hope this is helpful!

DEAN & DEAN'S TEAM CHICAGO

As I am sure you know, a "Short Sale" occurs when a borrower's lender (or, in most cases today, lenders - plural) agree to accept less than the outstanding loan balance for a borrower in distress, behind in payments, and about to go into foreclosure.  Here in Chicago IL, however, completing a short sale is not easy, very time consuming, and often not successful.

Chicago-area Real Estate Attorney Stephen Bashaw, in a recent talk with the Illinois Real Estate Lawyers Association, estimated that only about one percent of borrowers facing foreclosure are able to complete a successful short sale here in Illinois.   Click here for Marilyn Kennedy Melia's article in last Sunday's Chicago Tribune for his thoughts and comments.

This year, here in Chicago and in several suburbs, Dean's Team served as Listing Agent on five short-sale transactions.  Two closed successfully, three failed, and are headed to foreclosure.  In each case, the timely cooperation of the affected lenders eventual success or failure.

Read more on our posting today at BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Happy Monday Afternoon, everyone!

Just north of our Team's Keller Williams office, at the corner of Lincoln, Western, and Lawrence Avenues in the Lincoln Square Neighborhood of Chicago, there is a cluster of very old commercial buildings, one dating back to the late 1800's.  Several are in disrepair, but several thriving businesses exist there, including a soccer supply store, and an older Walgreen's Store.

Earlier this year, the City of Chicago began to take action to acquire these properties, through Eminent Domain, with the idea that a private developer would build higher-end commercial and residential properties in character with this bustling neighborhood.  This new development, they thought, would become a magnet for further development here, and neighborhood improvement.  They created a Tax Increment Finance (TIF) District, and commissioned a study on possible uses for the property.

Historically, Eminent Domain and condemnation of property is a tool by which local and state governments acquire properties and use the land to build roads, schools, parks, or other public structures that benefit the general public good.  In recent years, many localities, however, have used this process to favor certain well-connected developers, who profit greatly from these projects.

On December 5th, Chicago Alderman Eugene Schulter, whose 47th Ward includes the Lincoln Square Neighborhood, encountered loud protests from local residents, and, later, local business people,   As a result of these concerns, Schulter softened his position, and said at least one of the affected parcels would be acquired strictly on a volunteer basis, "where the terms of the purchase are mutually acceptable" to all parties involved.

Here in Chicago, the local alderman's opinion carries a lot of weight in the decision making process, so his position on this matter is critical.  At present, all of the properties involved are current on their taxes, and are held privately, by individuals or corporations.  Several are held in trust.

Check out our posting at BlogChicagoHomes.com, as well as the article in the Lakeview Booster Newspaper, by reporter Lorraine Swanson, on December 12, 2007.  Also, thanks to my associate here at Keller Williams, Chris Dwyer, for some Lincoln Square Chamber of Commerce insight on the matter.

We'll keep you posted on further developments!

Curious if anything similar has happened in your area.  Let us know!

DEAN & DEAN'S TEAM CHICAGO