"You've Caught the NET!"

Good Morning, Gang!  Hope things are groovy where you are today!

Let's think Old School for a minute.  Specifically, those Old, Classic Movie Palaces, built in the 1920's, in local neighborhoods throughout big city America.  They brought glitz and glamor to these in-town locations.

As we all know, for most of the old, grand Movie Palaces, the wrecking ball has already come and gone.  Only a few remain.

In Chicago, only The Oriental on Randolph Street, The Chicago on State Street, and The Schubert on Monroe, remain - although as legitimate theatres and concert venues, rather than old-time movie houses.

There is one more still standing here in the city - but barely!   it has stood on North Side of Chicago, in the Uptown Neighborhood, about 5 miles due north of Downtown Chicago and The Loop.  It's The Uptown.

When I was a kid, back in the early 1960's, the glory days of The Uptown had long passed - as had the splendor of the surrounding neighborhood.  But us kids would head down there each Saturday morning to catch the latest Western, or, once, that new James Bond 007 movie - Dr. No.

The theatre had over 4,300 seats, and nearly 46,000 square feet of floor space - and still does, although it has been boarded up, and only sparsely maintained, since 1981.  It's gilded plaster work and five-story lobby went right by us when we were kids, but it was all the rage back when the theatre opened to the public, in August, 1925.  Today, the plaster is falling, and the seats and stage are very erie and quiet.  It's stands as an artifact to a long bygone era.

Rats far outnumber patrons these days, you know!

The Uptown did have a bit of a revival as a concert venue in the 1970's.  My buddies and I saw Bruce Springsteen there, about the time Born to Run came out.

Today, the ownership of the old place remains unclear.  It's title lie in trust of a since-defunct corporation.  But, there is hope!

The old palace is going on the auction block today, down at the Cook County Building, under the direction of Judicial Sales Corporation, which auctions foreclosed property every week here.  The likely sales price - hard to know - there aren't many 46,000 square foot 1920's movie palaces to comp it against around here, you know.  It could go for $10, or $10 Million.

That concert promoter from the 70's who put on a number of shows here, JAM Productions is expected to make a bid, with the goal of restoring The Uptown to much of its former splendor.  (Since the structure was designated a Chicago Landmark back in 1991, the fabulous exterior, and much of the interior, cannot be radically changed).

The estimated cost of a complete restoration - as much as $40 Million, perhaps.  And the chances for the venue to be profitable given its distance from the Downtown Chicago Theatre District - unknown.

But we hope this grand, classic entertainment palace - The Uptown - does come to life again.  It's part of Chicago history, and OUR history!

See our post today @ BlogChicagoHomes.com for more info, as well as a link to a story and video in yesterday's Chicago Tribune.  Reporter Chris Jones wrote the story, in his Theater Loop blog.

The photo included here comes from the official City of Chicago Website - CityofChicago.org.

DEAN & DEAN'S TEAM CHICAGO

Hey, fellow bloggers - I'm asking for a lifeline, folks.  Because this whole blogging thing beats the heck out of me!  Perhaps it's because I'm from Chicago - what the heck do I know?  You know?

Two quick questions and critical needs-

1.  Without spending countless hours playing around, learning coded, andtweaking my blog (after all, my job is to Sell Real Estate, not to open a branch office of The Geek Squad) - what few things do I need to do to make my blogging effort more effective?

2.  Is there anyone you would know that really knows this stuff - not just SAYS he or she knows this stuff - and can give me and our Team the help, guidance, and intervention we need to add impact - without, of course, breaking the bank.  (We don't need another $300/month and "trust us" kind of service - been there, done that!)

Despite the fact I have been blogging on AR since last November, and with our Team's own outside blog - BlogChicagoHomes.com - for nearly 1 1/2 years now - my results are apparently only marginal - or so say many "experts" who have taken a look.   And our Team and I post nearly every day!

I try to mix mainly RE-related material with other content that would be very appealing to those living in or wanting to live in Chicago.  I have tried to use keywords when ever I can, without sounding like that's all I am doing.  I have revised the look of my outside blog (not so with AR yet).  My posts, I have been told, are actually interesting and thought-provoking - no cut and paste items, no fluff!

But, still - I feel like I need to do more.  Much, much more!

Problem is - I don't have time to research, and revise, and research again, and revise again, to achieve a blog that is not only interesting and impactful, but helps me build my web presence as well.

Some positives I am grateful for - strong point summary on AR has led to several referrals, and standing in the AR community.  Over 4,000 people here have viewed my profile.  Over 1,000 have commented on my posts, and I have commented, over 500 times - meaningfully, not "at a boy!" on the blogs of others.

I am increasing recognition of our Team - Dean's Team Chicago - on the Internet, in good measure as a result of my AR Blog.

Still, my outside blog draws very few comments - although readership of the posts themselves has increased to just under 20 clicks per day.

What should I do, folks?  Go back to selling shoes at Chernins?  Run a Subway Sandwich Store?  Go back to being a laid-back Album Oriented Rock Jock?  Sit in the Wrigley Field Bleachers?  Work in the Media Department of Leo Burnett Advertising?   Sell Mailing Lists to Direct Marketers?

Maybe - all of the above!

But first, I need to get better at this blogging thing!

Help!  And . . . thanks in advance!

DEAN & DEAN'S TEAM CHICAGO

Good morning, AR folks!

Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, July 27, 2008 -

For the last few weeks, Active Listing Inventory has remained fairly stable, while Average Sales Price has been on a slightly up trend, despite this week's 1% drop.  Trends over the past few weeks show little long-term change in Pending Sales and Closed Listings, gaining back the losses we saw last week.

Average Market Time did improve this week, but is still a high 4.5 months, on average.  Total Sales Volume up a bit - due to slightly higher closed sales, combined with a stable Average Sales Price.

Absorption Rate, or average inventory turnover, again increased, by 0.9%, over the last week.  Remaining stubbornly high, as have homes-for-sale inventories, there is nearly 29 months of active inventory, on average, in the North and Northwest Side Neighborhoods we serve in the City of Chicago!   Percentage of Sale Within Six Month (180 Days) is actually on a slightly up trend over the last few weeks.

Communities and clients we serve reside, or plan to reside, in the Chicago Neighborhoods of The Chicago Loop, The Gold Coast, River North, Lincoln Park, Lakeview, Uptown, Edgewater, North Center, Lincoln Square, Albany Park, Ravenswood, Wicker Park, and Bucktown. 

Also, these Great Chicago Neighborhoods: Logan Square, Rogers Park , West Ridge, Portage Park, Jefferson Park, Norwood Park, Sauganash, Edgebrook, and Edison Park.   Plus All Chicago Suburbs. 

SINGLE FAMILY, CONDOS, AND SMALL MULTI-UNIT PROPERTIES - NORTH SIDE OF CHICAGO, NORTH OF ADDISON STREET, WEST OF ASHLAND AVENUE

                             ACTV LISTINGS        JUST SOLD         CLOSED        EXPIRED

w/e July 28th               5,293                  53                        83                  40

w/e July 21st                5,273                  51                        76                  42

% CHANGE                    +0.4%              +3.9%                  +9.2%              -4.8%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e July 28th              $353,747               133 DAYS                      $29,361,050

w/e July 21st               $357,317               187 DAYS                      $27,156,094

% CHANGE                     -1.0%                      -28.9%                             +8.1%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e July 28th - LAST 12 MOS - 19.77   LAST 6 MOS - 19.83     LAST 3 MOS - 28.97

w/e July 21st - LAST 12 MOS - 19.58     LAST 6 MOS - 20.05    LAST 3 MOS - 28.71

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e July 28th - 25.60% (UNSOLD - 74.40%) 

w/e July 21st - 25.18% (UNSOLD - 74.82%)

 SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA

Review our Chicago IL Real Estate Stats Pack Archive via our Team Blog Center - BlogChicagoHomes.com. 

Call our Team anytime for current trends in any Chicago Neighborhood or Chicago Suburb! 

DEAN & DEAN'S TEAM CHICAGO

Hope you're enjoying your Sunday afternoon, AR folks (now over 100,000 strong!)

With all the buzz surrounding the Federal Housing Relief Bill, just approved by the U.S. Congress and on its way to President Bush's desk for his expected approval, there is one less-talked-about provision that could benefit potentially millions of homeowners.

The provision would allow those who presently do not take a tax deduction on their state or local property taxes to enjoy an annual Federal Tax Deduction of up to $750 for married taxpayers, $350 for single tax filers.  (The Senate has proposed an even higher deduction of up to $1,000 for married U.S. Homeowners who file jointly.)

Although originally intended as a one-year benefit for those who do not itemize, it is likely the proposed change could become permanent.  If so, it could provide help for the estimated nearly 2/3 of American taxpayers who do not itemized deductions on their return.

The new law would not benefit those who rent, rather than own.   However, it would provide some tax relief to many senior citizens and moderate-income households who opt for Standard Deductions, rather than Schedule C Itemization, on their filed tax returns.

For more info, check out our post this afternoon on BlogChicagoHomes.com.  We link to Kenneth R. Harney's article in today's Chicago Tribune.

DEAN & DEAN'S TEAM CHICAGO

If you look at the latest foreclosure statistics, compiled by RealtyTrac.com, you would see the climbing rate of foreclosures both locally, statewide, and nationally shows little signs of abating.

The State of Illinois shows a 57.99% increase in homes in some stage of foreclosure during the Second Quarter, 2008, versus one year ago.  One in 193 homes statewide is in foreclosure, and the number of foreclosures has jumped nearly 16% since the first quarter of this year.  Cook County added 5,944 foreclosed properties in May, 2008 - one for every 362 housing units here. 

Across the U.S. 739,714 homes received at least one notice involving foreclosure last quarter - a staggering increase of 121% versus the Second Quarter, 2007.  The usual culprits:  high homes-for-sale inventories, sliding market values, tightening standards in the lending industry, and a tight U.S. Economy leaving fewer Americans with the money to make their house payments, let alone consider buying a new home.

Many, especially in the hardest-hit areas in California, Nevada, Florida, and Arizona, owe far more than their home is worth, and cannot find refinancing due to low or negative equity.  In Stockton, California, homeowners face the highest foreclosure rates in the country, with one out of every 25 homeowners there in default, and facing foreclosure action. 

According to RealtyTrac, banks took back ownership on 222,000properties nationwide last quarter.  Repos by banks accounted for 30% of total foreclosure activity during the Second Quarter, 2008 - up 24% from the First Quarter.

Mark Zandi, Chief Economist at Moody's Economy.com, estimates that in excess of 2.8 Million home owners will be at some stage of the foreclosure process by the end of 2009.

The heightened foreclosure numbers come as the U.S. Congress just passed a massive Housing Relief Bill this weekend, which is expected to be signed into law by President Bush during the coming week.  The bill creates tighter rules for new mortgages, though tighter controls on giant, federally-sponsored mortgage guarantors and investors Fannie Mae and Freddie Mac. 

It will also create a permanent, government-sponsored Affordable Housing Program, as well as a special refinancing program that can benefit an estimated 400,000 distressed homeowners currently facing or about to be facing foreclosure actions.

See our post today at BlogChicagoHomes.com for more information.  The post links to J.W. Elphinsotne's article in last Friday's Chicago Tribune.  That article contains an informative video link as well.  We also include a link on our Blog Center to the RealtyTrac.com latest U.S. Foreclosure Data.

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!

Good Morning, Dogs & Humans!  Figured I'd catch up on the Business Section of the Chicago Tribune before the phones got too crazy this morning.

Are you a "Designer Dog?"  You know, a combination of two dog breeds, with the goal of making you a better, and more human-friendly dog in general.  Humans - perhaps you know a "Hybrid Dog" or two, or even have them living in your home.

For years now, several specific breeds have been combined for their non-shedding coats, there resistance to certain dog diseases, and the fact they might be hypo-allergenic (to humans, that is).

You'll find these designer combined breeds all over - whether in the tony Chicago Gold Coast Neighborhood, the North Side Neighborhoods of Lincoln Park or Ravenswood, or the affluent Chicago Suburbs of Oak Park, Naperville, or Winnetka.

Humans buying these designer hybrid dogs pay a lot of money for them - often in excess of $3,000!  The big designer breeds combine we Pekingese and Poodle, to create a Peke-a-Poo.  Or a Labrador Retriever and a Poodle, to make a Labra-doodle.  Or a little pug with a beagle - voilà, a Puggle!

Lately, however the Humane Society of the United States has become concerned.  Many of these designer pets are raised at exploitive, unsanitary "Puppy Mills," they worry.  The dogs here may be or are likely to become ill, or mis-tempered.

What's a "Puppy Mill"?  The Humane Society defines one as any operation-licensed or unlicensed-where animals are continually confined, kept solely for breeding and socially or physically neglected. The Society estimates there are about 10,000 such puppy mills nationwide.

As demand for special pets in major cities explodes, many rural puppy breeders have popped up to satisfy these mainly-affluent buyers. 

Kathleen Summers, Deputy Director of the Humane Society's "Stop Puppy Mills" campaign, warns puppy buyers to closely investigate pet stores or Internet operations selling pets.  Some, but not all, keep their bred animals in less-than-acceptable conditions.

In my blog post at BlogChicagoHomes.com last night, I reviewed a couple of examples of humans encountering considerable health issues with their new designer-bred puppy. 

Tracy Mattes of the Chicago Suburb of Woodridge IL found her cockapoo, Jake, at a suburban pet shop three years ago. Within a few months, however, Mattes noticed her puppy had begun to suffer a number of serious, and very costly, health problems. Jake developed severe allergies, a juvenile cataract, a digit on his paw that needed to be removed and a kneecap that popped out of place.

"His veterinarian bills are through the roof," Mattes said.

On top of Jake's nearly $700 price tag charged by the pet shop, Mattes has spent upwards of $6,000 in surgeries and other specialized vet care. Today, Jake has to take two medications each day and requires at least once-monthly checkups.

I found another example of a puggle owner in Chicago Suburban Indian Head Park IL who was told her pug/beagle puppy would grow to no more than 30 pounds.  Today, her dog Rocky checks in at 51 pounds, and he hasn't swallowed a Porterhouse steak in his entire life!

According to Yrval Nir, a dog and cat vet in the Western Suburbs of Chicago, "I've heard of the breeding of dogs that don't drool."    That's hard to believe, he continued.

The veterinarian strongly suggested that new puppy buyers consult their vet before buying any new puppy.  Even the most meticulous breeder, he says, can't exactly predict a parents' offspring.  "It's just like saying the kid is going to be the parents," he said.

That has rarely worked for humans, and it rarely works for us dogs, too!

You want a great dog?  Why not a cute lil' Pekingese, like me? 

(BTW . . .  if you happen to find one, and she's female - can you send her by - some nights, I get a bit lonely, if you know what I mean!)

Check out my BlogChicagoHomes.com post yesterday for more information, as well as a link to a story and video by Melissa Patterson in last Wednesday's Chicago Tribune.

Enjoy the weekend, you dogs!  Let's bark again next week!

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

Good Morning, AR!

It seems, sometimes, when things begin to "feel" like they are turning around here in the Chicago Real Estate Market, the realty of the numbers hits you in the face saying "Not So Fast!"

Although, through our own personal experience, we're seeing interest and activity increase on our City of Chicago and Chicago Suburban listings over the last few weeks, the stats for the Chicago Metro Area remain somewhat grim.

Compared to June of last year, housing resales in the nine-county Chicago Metro Area were off 27.9% at the end of June, 2008, to a total of 7,656 units sold.  The median sales price of homes and condos in the area fell 3.3% over the past year - to its current $256,000 median, from its $264,700 median price one year ago.

Figures for home and condo median sales prices in Cook County itself (the City of Chicago is wholly in Cook County) were off a more modest 0.9% over the past year.  Last month, the median Cook County home and condo price was $274,500, versus $277,000 in June, 2007.  (Cook County includes the City of Chicago). 

"Economic factors have weighed heavily on home sales activity in Illinois this summer," said Kay Wirth, President of the Illinois Association of Realtors. "Low consumer confidence, higher gas and food prices, plus turmoil in the financial markets and a tighter credit market have kept some would-be buyers on the sidelines."

There are large market variations state wide, and even between neighborhoods and communities.  Downstate Macon and Peoria Counties experienced resale growth over the past year - 28% and 11.3% respectively.  Kendall County, on the distant edges of the Chicago Suburban Area, showed 5.4% growth in resales between June, 2007 and June of this year.

Within Chicago, activity on our Lincoln Park and Chicago Loop-area Listings has gained in strength over the past few weeks - but interest in more-distant neighborhoods and suburbs remains somewhat sluggish.

Geoffrey J.D. Howlings, Director of the Regional Economics Applications Laboratory of the University of Illinois, predicts continuing declines in home sales during the Third Quarter, 2008, compared with the same period last year.  He expects "price declines comparing year-to-year will be more moderate in Chicago at around 3.5 percent and 5.5 percent in the state."

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central Region of the U.S., including the Chicago Metro Area, was 6.38 percent last month, up 0.34 points from the 6.04 average rate the previous month, according to the Federal Home Loan Mortgage Corporation (Freddie Mac). 

However, the best rates are only available to those with absolutely stellar credit and asset credentials, and larger down payments, at or exceeding 20%.  Borrowers with modest credit and less-than-20% down are often assessed a higher interest rate.  They might also have to pay additional loan fees, and/or closing points.

Market data comes from local Multiple Listing Service Data, and compiled figures from the Illinois Association of Realtors and Chicago-Area and Downstate IL Realtor Associations.

For more info, check out our post from last night @ BlogChicagoHomes.com.  Here, you'll also find a link to Margaret O'Brien's story in yesterday's Chicago Tribune.

DEAN & DEAN'S TEAM CHICAGO

You've heard about Photo Enforcement Cameras, haven't you?  Have you been pinched by one?  If you have, my guess is the infraction was minor - and, most often, your defense unsuccessful!  The Chicago System takes the cake, however, from what I have heard. 

Read on, and follow the link below, to learn more about my own recent experience fighting - without success - the Red Light Camera System here.

There will be 130 Automated Red Light Enforcement Camera Systems in the City of Chicago by the end of this year, across the city.  The cameras, as you know, take several still pictures of an alleged red-light violator - approaching the intersection, making the illegal turn, showing the red-light status, as well as a close up of the offending car's plate.

Here in Chicago, the cameras send the ticket to the REGISTERED OWNER of the vehicle - not necessarily the driver.  Several weeks after the supposed infraction, the ticket comes in the mail - often surprising the registered owner/recipient.

The cameras record the exact vehicle speed (to one-tenth MPH) during the entire process, and allow precise timing of how long after the light turned red did was the driver in the intersection, as well as the duration of the preceding yellow light.

Some states, including Minnesota, prohibit the use of Red Light Cameras unless the driver can be seen in the photography.  Not so in Illinois, however.  Here, the cameras photograph the car, but the driver is not to be seen.  This concept passed review by the Illinois Supreme Court several months ago.  Their decision - the OWNER of the vehicle is responsible for the behavior of any driver he or she allows behind the wheel of any vehicle they might own.

Here's the rig here in the City of Chicago -

Two rigs, actually!

First, virtually any defense against the alleged violation is nearly always rejected.  You can't appear before an Administrative Hearing Officer and complain about the unfairness of the system.  Or the nature of any alleged infraction.  Or even State of Illinois guidelines regarding things like warning signs prior to the intersection.  Most of these do not apply here in Chicago - a large city that has Home Rule Powers that may choose to omit such common-sense courtesies.

Second, those committing the most minor infractions of the law - a slightly rolling stop, with caution, at an intersection - are treated pretty much the same way, and face the same $100 fine, as a driver who blew right through the light!

City Officials may defend the system for reducing traffic accidents, and improving safety.  This might be the case - although there have been some instances of drivers actually getting rear-ended for stopping too quickly when they discover they are approaching a red-light camera intersection.  The real reason appears to be INCREASED REVENUE!

Cash-strapped Chicago will make in excess of $50 Million in 2008 from alleged red-light violators.  Many will not contest their violations.  And most would not have received their tickets from live Police Officers in judgment call situations.

I'm not a law breaker, mind you, nor a reckless driver.  But the system here makes me a little mad, and a bit frustrated.

See our post yesterday via BlogChicagoHomes.com for a few details from my recent Red Light Camera Violation Experience - and maybe a way to protect yourself.  Or, maybe not!

But, when you come to Chicago, look UP before you approach that intersection - because you never know what may be watching you!

DEAN & DEAN'S TEAM CHICAGO

It appears imminent that the Federal Housing Relief Bill will become law within the next few days.  President Bush, originally opposed to the bill's Fannie Mae and Freddie Mac bailout provisions, signaled his acceptance on Wednesday, and the bill passed the U.S. House by a substantial margin, and is headed to the Senate.

Will the bill turn around the U.S. Housing Market overnight?  No, most likely.  But will it send a positive signal to those considering selling or buying their homes.  Possibly. 

For a relatively few distressed homeowners, about to face default and foreclosure, the bill might be a lifeline.  For others - first-time home buyers, for example, the tax-credit provisions might spur action.  How dramatically?  We'll have to wait and see.

A key provision of the bill would let the Federal Housing Administration back up to $300 Million in special loans to an estimated 400,000 homeowners who cannot afford their house payments.  The new loans would be safer, more affordable, and would offer lenders an additional equity share in the houses they mortgage, rather than a costly bank-owned foreclosed home.  Lenders would take a substantial discount on their original loan in order to set up this refinanced rescue loan, in conjunction with the FHA.  Distressed home owners would have to qualify under the plan

The new legislation also establishes tighter lending procedures for federally-sponsored loan backers and guarantors Fannie Mae and Freddie Mac.  It also $15 Billion in housing tax breaks, including a tax credit of as much as $7,500 for first-time home buyers. 

In a more controversial side of the Housing Bill, the U.S. Treasury Department would offer a virtually unlimited line of credit to Fannie and Freddie, or the power to buy stock in the two companies.  Investors are concerned this could dilute stock values of the companies, but supporters feel the lifeline is needed to prevent financial collapse of either or both of the giant mortgage companies.  Together, Freddie and Fannie back nearly one-half of the mortgage debt in the U.S. - roughly $5 Trillion in mortgages.

See our post today@ BlogChicagoHomes.com for more info, as well as a link to Julie Hirschfield Davis's story in yesterday's Chicago Tribune.

DEAN & DEAN'S TEAM CHICAGO

Coming to Chicago, or Suburban Cook County, near Chicago?  Bring lots of money!

Effective July 1st, our the combination of local, county, and state Sales Tax increased to 10.25%!  That's the highest of any big city in the country.

Sales Taxes increases were passed last Spring, to fill considerable budget holes for County Services, and Local Mass Transit.  Detractors of the Cook County portion of the tax increases point to what they consider a lot of "fat" in county government, which should have been trimmed to avoid the increase.  

Cook County Board President, Todd Stroger, disagrees.  In fact, his original proposal, thankfully defeated, called for a 10.75% sales tax in many parts of Cook County, the county that includes the City of Chicago.

As sales taxes increase in Cook County, however, so have the number of consumers finding legal ways around paying the increase.

The easy answer, for many, is The Internet.  Many online merchants only charge sales tax if they have a PHYSICAL PRESENCE here - a store, or a warehouse.  Thus, Chicagoans can purchase merchandise from Maine Clothing Merchant L.L. Bean and pay no sales tax.  Buying Land's End clothing and other merchandise - owned by Sears Holdings, headquartered in the Chicago Suburb of Rolling Meadows IL, is fully subject to the higher sales tax.

Technically, the State of Illinois assesses a 6.25% use tax on goods purchased outside of the state, but used here.  But the Illinois Use Tax is rarely enforced.  Autos, purchased in county or outside, always pay a reduced level of County and State Sales Tax.

Chicago area shoppers buying in physical retail stores, however, can often take advantage tax savings simply by driving a few miles away. 

Residents of the Chicago suburb of Hinsdale IL would pay the 10.25% higher Cook County Sales Tax on purchases from merchants on the Cook County Side of the community.  If they drive across County Line Road, and into adjacent Du Page County, however, the sales tax falls to a more-comfortable 7.25%.  That's a sizable $3.00 tax savings for every $100 spent- and it puts Hinsdale merchants on the Cook County side of town at a competitive disadvantage.

In Chicago Suburban Palatine IL, which abuts neighboring Lake County, Mayor Rita Mullins does much of her own shopping in the town of Lake Zurich, just over the Lake County Line.  Again, she saves a considerable 3% sales tax on her purchases.  These few dollars per shopping trip can really add up over a year's time, she contends.

Says Mayor Mullins, "It's another encumbrance to the working families' everyday life. There's the cost of gasoline. There's the sales tax. There's the rising cost of food. There are rising utility costs. ... When you combine all of it, how do working families and retired people cope everyday? In order to survive they have to make more and more cuts to their daily lives."

Mullins and other Palatine residents are so angry over Cook County's latest sales tax increase that they have threatened to secede from Cook County. Last week, the Palatine Village Council passed a resolution endorsing a bill in the Illinois Legislaturethat would make it easier for suburbs to do secede. Cook County President Stroger has said he wouldn't stand in the way of such a move, although it would cost the county millions of dollars in lost sales tax revenue. Most think the Palatine initiative has little chance of passage.

The new sales tax structure has left a patchwork of local sales tax rates in the Suburbs of Cook County.  Many communities, with lower municipal taxes, have combined sales tax rates ranging between 9 and 10 percent. 

Another beneficiary of the local increases in sales tax - the neighboring State of Wisconsin!  Sales taxes in most of Wisconsin are 5%- potentially saving Chicago Residents 5.25% on sales tax expenditures, and even those in Lake County a more modest, but significant, 2%.  This fall, some Wisconsin merchants are using billboards, radio, the Internet, and other advertising media to entice value-conscious shoppers to consider their neighbor state to the north for their "Back to School" shopping.

Throughout IL, taxes on food and medicine are considerably lower - 2% - and were not affected by the most recent sales tax jump.  Cars and trucks were also unaffected this time around, but local vehicle sales taxes always apply where the vehicle is being REGISTERED, not where it was actually PURCHASED.

See our post this morning @ BlogChicagoHomes.com for more info, as well as a link to Susan Chandler's story in the July 20th edition of The Chicago Sunday Tribune.

DEAN & DEAN'S TEAM CHICAGO