"You've Caught the NET!"

CONDOS GALORE IN DOWNTOWN CHICAGO - But Financing Them Often Difficult!

Tue, 09 Mar 2010 22:59:05 -0600

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

UNEMPLOYED NEED JOBLESS BENEFITS - But, Has Extending Benefit Period Actually Helped Keep Unemployment High?

Tue, 09 Mar 2010 15:36:36 -0600

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

Lil' Buddy's Blog: Zillow "Zestimates" - Accurate? Often, Even Homeowners Themselves Predict More Accurately!

Fri, 05 Mar 2010 17:32:04 -0600

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

Chicago Neighborhood News - February 20, 2010

Sat, 20 Feb 2010 13:16:36 -0600

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

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

Sat, 20 Feb 2010 12:59:46 -0600

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

In Chicago, Star Trek Technology May Soon Nab More Speeders!

Thu, 11 Feb 2010 22:26:24 -0600

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

GLUT OF RENTALS IN CHICAGO - Rent Reductions, Other Incentives Abound this Spring!

Fri, 12 Feb 2010 18:10:26 -0600

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

LIL' BUDDY'S BLOG - Need a Job? Become a Chicago Alderman

Fri, 19 Feb 2010 12:25:09 -0600

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

Lil' Buddy's Blog - Historic Chicago Bungalow Association Offers Chicago Bungalow Owners Tips, Incentives!

Sat, 13 Feb 2010 19:17:13 -0600

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

FOR BOOMERS, YOUNGER HOMEOWNERS - Is Staying Put Going to be a Lasting Trend?

Tue, 09 Feb 2010 19:08:23 -0600

From Snowy Chicago, Good Evening, All!

You must remember - it wasn't all that long ago - the seeming never-ending cycle of homeowner migration and move-up. Young singles and newly-married couples around Chicago would start with a small condo as their first home. They would move up to a townhome, with more room, and more amenities.

When children came, the next move often involved a larger house in the suburbs, with shopping malls nearby, top schools aplenty, and lotsa room to grow.

Often, further prosperity and job security led to the purchase of a larger home, with even more deluxe features. Then another. Perhaps a third "trophy" home.

Many purchased second homes. A summer home in Rural Wisconsin, in the woods, or near a lake. Later on, a Retirement Home or Condo in Arizona, Florida, or The Carolinas. A ski condo in Utah, or Colorado. A timeshare in Costa Rica, even Panama.

Times have changed . . . yes?

According to the Urban Land Institute, in their study, "Housing in America: The Next Decade," and as reported in the Chicago Tribune by Real Estate Reporter Mary Ellen Podmolik, many older Baby Boomers - those in the Age 55-64 Group - have seen their home values slip dramatically. Many have little home equity left, and some are underwater - their current market value is below what they owe on their home mortgage (or, in many cases, MORTGAGES)!

Many Suburban Homes - especially those with larger homes distant from Chicago - are now not as appealing to younger buyers. Many prefer houses closer in to the city, to reduce commuting time and expense. Homeowners of every age may find the larger homes too big for their needs, and too costly to maintain.

Virtually every homeowner has seen the value of their investment and stock portfolios - those with components not related to real estate - dramatically fall in value. The additional disposable income needed to upgrade to a larger, more deluxe home, or add a second vacation property, is simply not there anymore!

All homeowners still in the labor force see their incomes have flattened - the promise of unbridled income growth, taken for granted just a few years ago, is not guaranteed now for most. Unemployment is still excruciatingly high, and a new air of frugality seems to have come of age.

So, what will result?

Those staying in their homes longer will now make improvements and upgrades that might not have been made when changing homes was so easy. Second home markets - beach towns on the Michigan side of Lake Michigan, for example, and those warm-climate golf-course communities in AZ or FL - may not quickly and permanently recover.

And homes will sell, buyers will still buy them - but it will likely take longer than it used to, stalling those impetuous "I want it all - NOW!"homebuyers so prevalent just a few short years ago. At least in the mid-term, many in Real Estate predict, those old-time, incredible gains and profits will be muted, even after the Chicago Real Estate Market truly recovers.

Perhaps that means a bit of a resurgence for Home Remodeling Contractors, trades people like plumbers and electricians, and those working, and running, the Home Depot and Menard's down the street.

We'll see!

Please read our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

STREAMLINED, MORE EFFECTIVE LOAN MODIFICATION PROCESS ON THE WAY? Well . . .

Fri, 29 Jan 2010 19:19:41 -0600

Going back not more than 4 years or so on the North Side of Chicago, strong, annual, unabated appreciation for homes and condos seemed pretty automatic. Even in neighborhoods on the outskirts of rapid development or vintage rehab, a minimum 3% annual appreciation could be counted on for over a decade.

Before the mid-1990's, and as far back as most in Chicago remember, meteoric appreciation was never a given, but stability in home prices was taken for granted across the years..

Not so today, in modest Chicago Neighborhoods such as Rogers Park, on the Far North Side along Lake Michigan, where rapid construction of new row house units and renovation of 75-year-old vintage homes and apartment buildings into luxury residences seems to have over-saturated the market. According to some local estimates, more than 50% of these recently-built or improved properties. encumbered by high-leverage mortgage loans, have their left their owners underwater.

Today, the negative difference between market value and outstanding loan balance exceeds tens of thousands of dollars!

What options do these distressed homeowners have?

Some have investigated taking advantage of the Fed's Home Affordable Mortgage Program. The program, introduced in early 2009 through the U.S. Treasury, is geared to reducing interest rates, and resulting monthly payments, for qualified homeowners in trouble. For the most part, successful applicants have their Interest Rates reduced. Outstanding Loan Balances are typically not written down.

However, in order to qualify, prospective homeowners have to prove they have a good-paying job, and that their estimated market value has not fallen more than 25% below their loan balance - a tall order here in the Rogers Park Neighborhood, and elsewhere.

Further, according to Wall Street Journal Reporter James R. Hagerty, red tape and paperwork has discouraged many from participating in the Loan Modification Program. Currently, prospective Loan Mod Applicants must provide recent check stubs, a letter detailing the reason for their hardship, and copies of their last two years tax returns. Until all docs are received by the bank, borrowers are sometimes granted temporary loan modifications, contingent on lender receipt of all required documents.

Delays and confusion caused by lender requirements, combined with sloppy systems for receiving required documentation by some banks, have left many would be loan-modified borrowers out in the cold. Indeed, as of the end of 2009, out of an estimated 900,000 borrowers offered temporary loan modification, only about 66,000 have gotten their loan modification made permanent.

Nationally, as of the end of September, 2009, roughly 7.5 Million Households - a staggering 14% of all home mortgage loans - were either delinquent in their house payments at least 30 days, or were at some stage of the Foreclosure Process, according to the Mortgage Bankers Association. For some severely "upside down" in home value versus mortgage balance, the decision to simply "walk away" is often seriously considered.

With new changes, effective June 1st, no Loan Modification can be started without necessary documentation already received. The objective here - to avoid the problem of starting a loan mod program on a trial basis, only to later deny permanent modification on the mortgage loan.

However, it is unclear whether this procedural change will actually result in more successful modifications being written.

Further, some experts feel the only road to permanent relief to underwater homeowners is to reduce principal balances due, on both the first and secondary mortgage loans, to bring them more into reality with market pricing in today's market. That, however, is less likely to be adopted on a wide scale.

Please see our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Lil' Buddy's Blog - Those Blasted Cell Phone Company Early-Termination Fees? Now, FCC is Questioning Them!

Fri, 29 Jan 2010 19:59:50 -0600

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, I'm getting a bit tired of all the Text Messages my Lil' Sister, Gracie Ella Moss, has been getting recently! Every time she finds a new boyfriend, there is a constant din of "Luv U Lil' Furball" and "Got Bonz?" over my cell phone.

Geez . . . can't she get her own plan, for crying out loud?

You know, for years, the majority of us dogs, and most humans as well, have become very irritated at those "Early Termination Charges" imposed by the big Cell Phone Carriers. AT & T, Sprint, T-Mobile, and Verizon Wireless have had them for years. So has Chicago Regional Carrier U.S. Cellular.

Now, even search engine giant Google is getting on the Early Termination bandwagon. Buy one of their new, nifty Nexus One phones, with the super-cool Android Operating Platform, but cancel early? You'll be hit with a $200 Early Termination Fee from carrier T-Mobile, plus an additional $350 fee from Google itself.

Woof . . . that's up to $550 in Cancellation Charges if you don't keep your plan for at least two years!

Within the last couple of years, the big carriers have eased off a bit - most have discounted the Termination Penalty a bit, on a pro-rata basis, if you cancel with only a year or less left on your contract. Often times, however, if you are just dissatisfied with your carrier's service, or want to take advantage of a slick new phone or discounted price deal offered on another Cell Phone Network, you simply have to wait it out . . or, pay a stiff penalty!

But now, according to Reporter David Sarno in The Chicago Tribune earlier this week, the practice of charging stiffly for Early Termination has drawn the ire of the Federal Communications Commission. They have sent letters to each of the major contract carriers questioning the process, and whether it is truly fair to the U.S. Consumer. The firms' answers will be treated confidentially.

Cell phone carriers contend the Early Termination Charges, along with Long Term Cell Phone Contracts, allow the companies to discount the cell phone handset itself, resulting in wider acceptance and use of the phones. They contend lower handset pricing ensures consumers can purchase the latest and best phone hardware and technology, without a stiff handset price.

The practice is far different in most countries in Europe and Asia, where consumers pay full retail for the handsets, and later acquire a SIM Card so they can easily swap among carriers.

As the Only IL Dog with a Real Estate Broker's License, I have become quite a heavy cell phone addict. I would do more texting as well, but for me it is often to hit those tiny keys with my little paws!

But, in my lil' opinion, a balance has to be struck, one which is more fair, to we dogs in the profession, as well as our associated keyboard-punching humans!

You think?

Enjoy the weekend, you dogs!

See my post today via BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

This Weekend in Chicago - January 30-31, 2010

Sat, 30 Jan 2010 09:09:00 -0600

Good Morning, folks!

Another cold winter weekend in Chicago . . . but still lots to do! From our Team Member Sue Moss, here's an update of some of the things happening this weekend in the City of Chicago.

Snow Days Chicago - a three-day winter festival in Grant Park. Over 27 beautiful and unique sculptures, made entirely out of snow, will transform the City into a winter wonderland. Snow sculpting began this past Wednesday with selected Teams and wraps up at 3:00 p.m. on Saturday. Don't forget to cast your vote Saturday between 11:00 a.m. and 4:00 p.m. for the "People's Choice Award". The Awards Ceremony, open to the public, will take place Saturday at 6:00 p.m. at the Chicago Hilton and Towers in the Waldorf Room.

Besides the snow sculpting competition and the high school snow sculpting exhibition, Snow Days also features dogsled racing and weight pulling demonstrations, a snowboard rail jam and kids' activities at the Activities Igloo. So bring your whole family out for a full-day of fun in the cold! It's free too!! Click here for further information as to times and any last minute major changes due to unsafe weather conditions.

Did you happen to miss out on the Polar Bear Club New Year's Day Swim at North Avenue Beach? Guess what - you can redeem yourself this Saturday at the 9^th Annual Lakeview Polar Bear Club's Polar Plunge at Oak Street Beach (1000 N. Lake Shore Drive). Participants are to meet at 11:30 a.m. for a pre-plunging photo shoot before frolicking in the icy waters of Lake Michigan at high Noon. After you thaw out, Galway Bay Pub will host an evening after-party from 9:00 p.m. to midnight. Besides serving up drink specials, raffle tickets will be sold for $2 each to help raise funds for two local families in need of support. Click here for helpful hints for you Polar Bears as well as information on the two local families.

On a much warmer note, the Windy City Rollers Season Opener is Saturday at the UIC Pavilion (525 S. Racine Avenue). It's a double-header evening for the roller derby league beginning with Hell's Belles vs. Double Crossers, followed by Manic Attackers vs. The Fury. Our ladies team reigned #1 in the Women's Flat Track Derby Association's North Central league in 2009! For more details and ticket information, click here.

Lastly, there's the Winter Music Festival at Uncle Fatty's Rum Resort in the Lakeview neighborhood. This week long bash, along with the adjoining bar The Coach House, features cover bands, DJ's and drink specials. Click here for the music line-up, and stop staring at your four walls!

Did we miss anything happening in YOUR world this weekend? Please share!

Enjoy, but . . . Keep Warm!

Here's a link to Sue's This Weekend in Chicago Blog Archive, via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

IN CHICAGO, Available Inventory Down - But Other Challenges To Housing Rebound Remain!

Sun, 31 Jan 2010 14:53:28 -0600

Here's the good news . . . and the bad news!

The Level of For-Sale Inventory in the Chicago Metro Area fell by 6.9% during the Fourth Quarter, 2009, according to The Wall Street Journal and Reporter James R. Hagerty. However, Median Prices for Residential Real Estate here, homes and condos, fell significantly last quarter - 9.0%, according to their study.

The WSJ study estimates the level of Chicago Homes-For-Sale Inventory to stand at 13.8 Months during the Fourth Quarter, 2009. On the North and Northwest Sides of the City of Chicago, where our Real Estate Team works extensively, we calculate current homes for sale inventory at 11.9 months. These inventory levels are not only high - they seem to be increasing. Several weeks ago, our Team calculated current home inventory levels at less than 10 months.

Further, the Unemployment Rate here in the Chicago Area still stands at 11.0% - not the highest level for Metro Areas across the U.S., by any means. But it's still considerably higher than the 10% National Average Rate. Most Real Estate Experts agree - if a potential home buyer fears on Friday, that he won't have a job on Monday . . . he won't make an offer on a home over that weekend!

Here in Chicago, an estimated 14.5% of all homeowners are either at least 30 days delinquent in their mortgage payments, or at some stage of the home foreclosure process. That compares favorably to the Miami-Ft. Lauderdale FL Area, where over 28% of all homeowners are delinquent and in distress - the result of a super-heated Real Estate Market during the Housing Boom of a few years ago, and more rapid price depreciation since. But it is still high compared to the Portland OR, Minneapolis-St. Paul MN, and Seattle WA Metro Areas, where the Mortgage Delinquency Rates are 8.2%, 8.6%, and 8.8% respectively.

Across the U.S., an estimated 13.2% of all homeowners are behind in their monthly house payments.

Unfortunately, continued weak employment figures threaten even greater loan default, and many more foreclosures dumped into a struggling-to-recover housing market. Foreclosed and other distressed properties will drive down prices even further. many experts predict.

Please read our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Chicago IL Market Statistics Update - February 1, 2010

Sun, 31 Jan 2010 23:35:14 -0600

Good Evening!

Here's our update on Chicago IL Real Estate Market Statistics, based on data compiled and reviewed Sunday Evening, January 31st.

Is the Chicago Real Estate Market beginning to recover?

Although Active Listing Inventory has been stable for several weeks, Pending Sales have remained low, week to week.. Closed Sales picked up, uncharacteristically for mid-month.

Sales Volume, although up considerably versus last week, remains low compared to recent weekly averages. Average Market Time continues high, Average Sales Price - reflective of pricing trends in the Chicago Area as a whole - continues its declining trend.

Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, continues its weeks-long march higher, a very disturbing trend. The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame fell considerably over last week. Also troubling!

Here are archived annual Chicago Neighborhood Statistics, including Units Sold and Price Trends Data, for 1995 through 2008 courtesy of The Chicago Association of Realtors.

In addition, here is an Interactive Median Price Heat Map, from the Chicago Tribune Real Estate Section, covering Every Chicago Neighborhood. View the map for links to maps for Chicago Suburbs. It is updated as new data becomes available.

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 January 31st 3,430 52 61 33

w/e January 24th 3,411 64 40 27

% CHANGE +0.6% -18.8% +48.8% +22.2%

CLOSED PROPERTIES DATA

AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME

w/e January 31st $234,829 166 DAYS $14,324,569

w/e January 24th $225,619 124 DAYS $9,024,760

% CHANGE +4.1% +33.9% +58.7%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e January 31st - LAST 12 MOS - 11.04 LAST 6 MOS - 9.77 LAST 3 MOS - 11.85

w/e January 24th - LAST 12 MOS - 11.03 LAST 6 MOS - 9.54 LAST 3 MOS - 10.58

PERCENT OF HOMES SELLING IN 180 DAYS -

w/e January 31st - 50.24% (UNSOLD - 49.76%)

w/e January 24th - 55.33% (UNSOLD - 44.67%)

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

Review our Chicago IL Real Estate Stats Pack Archive via BlogChicagoHomes.com.

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

DEAN & DEAN'S TEAM CHICAGO