"You've Caught the NET!"

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

Hey, you dogs! 

You know, for as long as I have been around - and I'm nearly 5 years old now - there has always been two sides to Chicago, my home town, and my fave city.

There's the South Side.  And there is the North Side.

And, as you may know, I am a North Side Dog!  True and True!  Bluer than blue!

In this weekend of the Chicago Crosstown Baseball Classic, you likely know where my loyalties lie - with the Men in Blue.  Those Chicago Cubs, and their North Side Baseball Haunt of Beautiful Wrigley Field.

What???  Some of you dogs like the Chicago White Sox?  Those Pale Hose?   What have they done for your lately . . .  except, perhaps, win the World Series, just about five years ago!

The Cubs?  You know they won the World Series too, you know!  It's just that nobody alive today - canine or human - can remember that feat.  It happened a while ago, you see.  A long while!  1908, to be exact.  101 years ago!

So, folks . . . is there any common sports ground that both we North Siders, and you South Siders, can truly share.

Indeed, there is - The Stanley Cup Champion Chicago Blackhawks!  Last week, our Beloved Hawks brought home Lord Stanley Mikita's Cup for the first time since our Team Leader, Dean Moss, was about my age.  That was 1961!  Back in those crazy hockey days, no real goalie wore a mask.  And no player would don a helmet!

Truly, a long time ago!

But tonight, at Wrigley Field in Chicago, before the final game of the Crosstown Classic on the Northside. The Hawks brought the Stanley Cup home to Cubs Fans.  And White Sox Fans.  And all of Chicago!

They posed for an incredible picture on the Wrigley Field pitchers mound.  The photo, featured in this Chicago Tribune story tonight by Dave Van Dyck, will live in our hearts and minds forever.. 

The Chicago Cubs won the game tonight.  Cub Left-Handed Pitcher Ted Lilly nearly pitched a No Hitter.

But most Chicago Fans in the stands tonight at Wrigley were thinking hockey.  And a Championship Victory.

And it really didn't matter what side of town you came from!

Chicago . . . be proud!  We won, and it's not very often that happens around here.

Go Hawks!  Congratulations on bringing the Stanley Cup back home to Chicago!

Please see my post today via BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

Here in Chicago tonight, we're all singing "Here Come the Hawks . . . the Mighty Blackhawks . . . "

Sorry, Philly - Chicago Blackhawks in 6!

Back in the day . . . say, 2006 . . . few homeowners would consider simply walking away from their home, even if they couldn't keep up on their mortgage payments.  Why should they?   Likely, they could easily sell their homes at a small to modest profit, no matter their original equity position.

Fast forward to 2010 - a scant four years later!

For many, especially in the heavily-declining Florida Real Estate Market, home values have fallen 40% or more.  Those who purchased with little money down during the Housing Boom are in a serious negative equity position - they are underwater, owing far more on their mortgage balance than the likely amount they could sell for today.

With little invested originally, the reality of having to bring considerable money to the table in order to close conventionally, and the often-mind-wrenching status of being out of work and unable to keep up with day-to-day living expenses, more and more underwater homeowners, it seems, are simply considering walking away these days.

In a study conducted by Harris Interactive, for Trulia and RealtyTrac, as reported by Paul Owers of the Orlando Sun-Sentinel, over 40% of distressed, underwater homeowners surveyed would consider leaving their home rather than working out a loan modification or other forbearance with their lenders.

The choice many have, it seems, is either to sell at a staggering loss, or simply stand pat, and not move, until the market improves.  If they are not able, or not willing, to take either path, many have already decided to simply pack up and leave.

Rick Sharga, of RealtyTrac, a Foreclosure and Pre-Foreclosure Identification and Compilation Service, feels part of the frustration underwater homeowners harbor involves the callousness of their lenders toward their situation.  Only a small percentage of troubled homeowners have qualified for loan modification or work-out programs.  Many who have contacted their banks feel they are not sincere about helping them.  Thus, they often harbor little guilt about pulling up and leaving, with the lender holding the bag.

The walk-away decision comes despite the considerable negative impact a foreclosure can have on a homeowner's credit score, as well as the old stigma of losing one's home to the bank.

Many economists don't expect the Real Estate Market in the most depressed areas - including the hard hit states of FL, CA, AZ, and NV - to improve dramatically for another two to three years.  The prospect for home equity reversal, therefore, does not appear on the horizon near-term.

Further, RealtyTrac suggests high foreclosed and pre-foreclosure inventory is likely to continue for some time.  The company has compiled a list of nearly 800,000 foreclosed, bank-owned properties.  Fewer than 30% are currently on any local Multiple Listing Service, available for sale.

Here in Chicago? 

Walk-aways are not rampant here as they may be in the most hard-hit Real Estate Markets.   But, in some Chicago Neighborhoods and Suburbs, price drops from our market peak in 2006 have been in excess of 40% - especially true for certain Chicago Condominiums. 

That could make desperation walk-away something more homeowners consider.

Please view our post today via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

There is SO MUCH to do in Chicago each Summer!

Here's a rundown of Chicago Weekend Events and Festivals, courtesy of our Team Member, Sue Moss.

Millennium Park opens its "fest" season this Saturday and Sunday with the Chicago Gospel Music Festival.  Three stages will be featuring more than 50 performances by such gospel greats as Kathy Taylor, Hezekiah Walker and Love Fellowship Choir, Kenny Lewis and One Voice with JJ Hairston, and many others.  Take a break and stretch your legs by browsing through some art fair offerings before the next performance.

The Lincoln Square neighborhood is hosting its 11^th annual German "fest" this weekend with Mayfest Chicago located at 4700 N. Lincoln Avenue.  The usual heaping plates of German food and steins of beer will be available for purchase.  So kickback, listen to some live music while enjoying your meal!

The Roscoe Village neighborhood is hosting its 4^th annual June Jam "fest", which marks the end of the school year at Hoyne & Cornelia Avenues (3500 N. Hoyne Avenue) and held partially on the grounds of Audubon School.  Food and drink vendors will be on hand as well as party bands on Saturday (Too White Crew) and Sunday (Sixteen Candles) along with plenty of kids' activities.

The Wicker Park neighborhood's "fest" this weekend is the Do-Division Street Fest and Sidewalk Sale located at 2000 W. Division Street.  On a 10-block stretch of Division Street, you'll find food and beer vendors, DJs, live music, lots of alfresco shopping on hand, and special areas for kids and pets.  The fest extends from Leavitt Street to Damen Avenue, while the sidewalk sale is between Ashland Avenue and Leavitt Street.

Art fair "fests" taking place this weekend are:  Eastside Millennium Art Festival located at Michigan Avenue and Lake Street in the Loop featuring works by 150 juried artists, and the 57^th Street Art Fair located at 57^th Street and Kenwood Avenue in the Hyde Park neighborhood and billed as the oldest juried art fair in the Midwest!

This Saturday, between 9:30 a.m. and 12:30 p.m., Cubby Bear Wrigleyville located in the Lakeview neighborhood at 1059 W. Addison Street, will be hosting a kid-friendly benefit at its Wake Up and Boogie Down Family Festival.  This benefit includes food, music, balloon animals, face painting and giveaways.  A great way to spend some quality time with your kids!

Lastly, the next events are not actually "fests" but rather "benefits" for great causes and worth mentioning -

A tour of eight Wrigleyville bars will be hosting a benefit for Children's Memorial Hospital with their Chicago Mustache Bash this Saturday from 1:00 p.m. to 9:00 p.m. starting at the Rebel Bar & Grill in the Lakeview neighborhood (3462 N. Clark Street).  Besides food and drink specials, prizes will be given to those with the most creative and best real mustaches!  I wonder if this includes women as well?

United Airlines will be hosting a benefit for Lincoln Park Zoo with their United Run for the Zoo this Sunday at 8:00 a.m.  The 5K run or walk, or the 10K run, will benefit the zoo's animals and conservation programs.  Afterward, top finishers will receive awards.  And at 10:00 a.m. there's a Hawk Hustle for the kids!

And . . . don't forget those Chicago Blackhawks in the Stanley Cup Finals!  Will they go all the way this year?  (Chicago Cub Fans - please refrain from answering right this moment!)

See Sue's This Weekend in Chicago Blog Archive, via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

Good Evening, folks!

Here's our Team Member Cathy Maller's latest update on Chicago Neighborhood News.  Today, Cathy fills us in on things happening in the Chicago Neighborhoods of Norwood Park, Lincoln Park, The West Loop, and Lincoln Square, as well as the Chicago Suburb of Naperville IL.

It's Summertime in Chicago!  Have you a local event in any Chicago Neighborhood or Chicago Suburb you would like us to help publicize?  Let us know, and we will help!

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

NORWOOD PARK

Chicago's new travel website recently released.  The site focuses on neighborhoods with over 2000 reference sites discussing the individual neighborhoods.  Norwood Park is one area that was featured especially local medieval armor shop, Knights Edge.

LINCOLN PARK

The old Lincoln Park Hospital closed a while back in the Lincoln Park neighborhood.  Business partners Michael Supera and Richard Zisook have filed a zoning application to renovate the property with 330 residences and 33,000 square feet for retail space.  Alderman Vi Daley wants to bring concerned neighbors and the developers together to come to a consensus.

THE WEST LOOP

Hubbard Street Dance's rehearsal space is located in Chicago's West Loop.  On Thursday, the local dance troupe will begin their summer season engagement at the Harris Theater for Music and Dance.  The group is set to debut two new products, "Untouched" and "Deep Down Dos."   

LINCOLN SQUARE

Lincoln Square is set to get some new visitors every Thursday evening from 4-8pm in Giddings Plaza.  The Lincoln Square Chamber of Commerce announced that the Tuesday morning farmer's market will also be extended to Thursday evenings during the farmer's market season.  Most of the same farmers are expected to be in attendance both days.  The Thursday market will be in the parking lot near the El station.

NAPERVILLE

Dining out takes on a whole new meaning when the warmer months come to the Chicagoland area.  Naperville is no different especially with local restaurant Meson Sabika.  The outdoor patio seats up to 200 and Meson Sabika also offers a dog menu.  According to manager, Adam Luperini, "It's the idea of embracing the good life."

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

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

Good Evening, you dogs!  Taking a break from celebrating the latest Chicago Blackhawks Stanley Cup victory to write a brief post on one of the true Icons of Chicago, and the struggle to modernize it in tough economic times.

The Buckingham Fountain, in Grant Park at Congress Parkway in Downtown Chicago, has been a symbol of the City of Chicago, on everything from travel posters, to picture postcards, to the opening sequence from the Married . . . with Children TV Series. 

Built back in 1927, and dedicated by millionaire philanthropist Kate Buckingham to the memory of her brother, the iconic Chicago Landmark Fountain is operating daily, but in need of a much-delayed rehabilitation.  The total cost of the re-do - topping $25 Million.

So far, the Chicago Park District has spent roughly $13 Million restoring the plaza and landscaping surrounding the fountain.  However, as reported by Glenn Jeffers in the Chicago Tribune,  the renovation of the massive fountain itself, with its original pump and much original infrastructure, has been put on hold for the time being.  

Although the renovation project cost is to be split equally between public an private sources, up to $4 Million in State of IL Funds have been delayed, as the state has failed to commit financially to the modernization.  A bill that would award $30 Million to the Chicago Park District, to go toward renovating Buckingham Fountain and other parks across Chicago, has stalled in the IL State Capital of Springfield.

The work yet to be completed includes rebuilding the massive 280-foot-diameter outer basin, renovating the original pump house, and applying a protective treatment to the fountain's marble finishes and bronze sculptures.

Buckingham Fountain renovation money is also coming from non-profit The Parkways Foundation, which spearheads parks improvements.  They have raised roughly $2 Million of the $4 Million they pledged toward the project.  Another $8 Million is coming from the Kate Buckingham Endowment, the fund created by the fountain's original benefactor, over 80 years ago.

A portion of the admission fees for this Summer's Lollapalooza Music Fest will be earmarked for Fountain Renovation.  Parkways is also selling Premium Donor Plaques for each of the 100 benches situated on the plaza surrounding Buckingham Fountain, for $10,000 each.  Tours of the historic Pump House, to be offered each Friday through this fall, will raise $50 per ticket.

Fountain advocates predict shortfall funds will be raised, and work will be completed after the Buckingham Fountain closes its 2010 season in October.

All of this shows, you dogs, that in tough economic times, public spending on such park improvement projects - even those involving a local icon- take a back seat.   In more prosperous times, the IL Funding might have been received already, and the work now on hold, completed.

Enjoy your week!  If you get a chance . . . visit Buckingham Fountain!   All us Cool Dogs do!

See my post today via BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

There is something wrong with this picture!  Still is!

Across the U.S., and here in Chicago, Mortgage Interest Rates remain under the attractive 5% level for 30-year Fixed Rate Loans.  Some rates hug 4 5/8%!

Even with the low rates, however, according to the Mortgage Bankers Association, as reported in the Chicago Tribune by Mary Ellen Podmolik, mortgage applications for new and resale homes stand at 13 year lows.  Last week, mortgage applications for purchase of homes (not for re-finances) fell 4.1% over the previous week.

Figures from the National Association of Realtors on Pending Sales  - homes on which signed contracts were placed, but not yet closed, increased 6% in April.  Many attribute the final month of the Fed Homebuyer Credit, which offered as much as $8,000 to first-time and some repeat homebuyers when they buy a new or resale home, as the reason for the numbers spike over the last few months.

Most Real Estate Practitioners expect a falloff of Pending Sales when May numbers are released later this month.

So . . . what's happening?  And why does Moody's Economy.com predict home sales will fall nationwide by 6% during the Third Quarter this year, versus the Second Quarter, before possibly picking up by the end of 2010?

Here in Chicago, our Team points to high inventory as the culprit - in virtually all price categories, Chicago Neighborhoods, and Chicago Suburbs.  We're seeing distressed inventory - bank-owned foreclosed properties and short sale pre-foreclosures - drawing down average sales prices.  Many cheaper-priced distressed properties in a neighborhood bring down appraised values, and often scuttle otherwise-solid deals.

Inventory of conventionally-sold, non-distressed properties remains high as well, as some homeowners who still have equity stick to unrealistically-high asking prices, and their often-fearful Listing Agents refuse to challenge them to reduce their price points.  These homes don't sell, while more realistic sellers see their prices drawn down by intense competition.

And Real Estate Practitioners are finding it more and more difficult to correctly price homes in a shifting market.  In an environment where many buyers wait on the sidelines expecting further price reductions, even pricing aggressively based on current comparable price data is difficult.

Chicago Condominiums in wide-ranging city neighborhoods are selling for half as much as they sold for at the peak of the housing boom here, in 2005-2006.  And those that do sell are usually in ultra-prime condition, and in buildings with the most stellar financial resumes.

Investment Properties - small to larger residential apartment buildings - see a reduced pool of qualified buyers as banks are less likely to lend money to all but experienced, successful landlords.  Buyers with high cash seem few and far between - and they want a big discount on their high-down-payment purchase!

And with sellers getting severely battered in the price they receive for their home or condo, they expect to make their own losses up when they go to buy - or, they often walk away!

One Indicator here in Chicago that has shown little improvement has been our Unemployment Rate - averaging 10.7% in Cook County, the county which includes the City of Chicago.   We tell our seller clients that if it's Friday, and a buyer is fearful about having his job come the following Monday, he is not likely to buy a new house over the weekend!

Some positive numbers here in Chicago?  Indeed! 

But, apparently, not quite positive enough to turn Real Estate around here.  Yet!

Please see our post today via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

Good Evening, folks!

Here in Chicago, we're still crying in our Old Style Beer over the Chicago Blackhawk loss to the Philadelphia Flyers in Game 3 of the Stanley Cup Finals last night.  The Hawks still lead the series, but now only by a 2 to 1 advantage.

Are we nervous?   Naaaahhh!!!!!   Well . . . maybe!  This is CHICAGO, you know!

The new Arizona Immigration Law, which gives AZ Police, in certain situations, the authority to question, check identity documents, and detain those officers may consider "illegal aliens" has drawn harsh criticism from across the country. 

President Obama decries the new law.  Several state and municipal governments across the country, California being the largest, have threatened boycotts of firms based in Arizona.  Radio talk shows have been abuzz with what many consider blatant "racial profiling," while others consider it a just action toward solving a serious immigration problem.

The latest stab at a boycott against AZ comes from the Cook County Board of Commissioners (Cook County IL includes the City of Chicago). 

As reported in the Chicago Tribune by John Byrne and Hal Dardick, the new law, as originally introduced, would have forbade new Cook County contracts with companies based in Arizona.  However, the final version, approved by a 10 to 6 vote of the County Board last Tuesday requires the board to directs the county to avoid contracts with Arizona-based companies only if there are other, cheaper options elsewhere.  The Cook County Boycott would continue until the AZ Immigration Bill is repealed.

The issue, commissioners contended, was a matter of "civil liberties."

Apparently, however, practicality won out over "civil liberties" later in the same meeting, however.  The Cook County Board subsequently voted to award a sizable contract to install and maintain Red Light Enforcement Cameras at intersections in Unincorporated Areas of Cook County to Scottsdale AZ-based American Traffic Systems.

Well . . .???

See our post today, please, via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO