The Holidays will be here before you know it! In Downtown Chicago, on The Michigan Avenue Magnificent Mile, the celebration started today!
Our Team Member Sue Moss provides a rundown, and also outlines Thanksgiving Week Activities here in Chicago.
The City of Chicago rang in the start of the Holiday season today with the 18th Annual Magnificent Mile Lights Festival on Michigan Avenue between Oak Street and Wacker Drive.
If you have never attended this event before, it's a full day of fun activities with live music from 11:00 a.m. to 4:00 p.m. at the Harris Stage. Mitchel Musso, co-star on "Hannah Montana", will be performing at 2:00 p.m. as well as the pop group Plain White T's taking the stage at 3:00 p.m.
And, you definitely don't want to miss the street-lighting procession of over one million lights along North Michigan Avenue at 5:30 p.m. with Mickey Mouse as the master of ceremonies! Word has it that Ashley Greene, lead actress in "Twilight" will be appearing in the ceremony along with other celebrities.
A fireworks display over the Chicago River at Michigan Avenue at 6:55 p.m. will wrap up this year's festival. I can't think of a better way to kick-off the Holiday season than this. So, click here to download your Holiday Activity Guide - there's much more than what I mentioned here!!
This year's City of Chicago Christmas Tree Lighting Ceremony will take place on Wednesday, November 25th, at 4:00 p.m. Head on over to the Daley Plaza (50 W. Washington St.) as Chicago-native, Bonnie Hunt, flips the switch with Mayor Daley. A Chicago tradition for the past 96 years!!
If you're like me and want to get a head-start on your Holiday shopping, the 7th Annual Winter Arts and Crafts Expo opens to the public this Saturday at the Evanston Art Center (2603 Sheridan Rd.) and runs through December 22nd. The Winter Expo features a variety of original works by over 100 artists -- a perfect place to shop for everyone on your list! Click here for more information on getting those unique gifts.
And finally, no, I haven't forgotten about Thanksgiving. How could I? I host Thanksgiving dinner for family & friends. So, you just might run into me this Saturday, 2:00 p.m., over at The Chopping Block in the Lincoln Square neighborhood for their How to Carve a Turkey demonstration! I don't think I need to say anymore.
And for all those who will not be in a kitchen this Thanksgiving, do your cook(s) a big favor and gather everyone up in the household and take them to the 76th Annual McDonald's Thanksgiving Parade in the South Loop over at State Street and Congress Parkway. By the time you get home, you'll have a delicious traditional Thanksgiving meal waiting for you - YUM!
In this week's edition of Chicago Neighborhood News, our Team Member Cathy Mallers covers the Chicago Neighborhoods of Lincoln Park, Lakeview, Old Town, and The West Loop, as well as the Chicago Suburb of Naperville IL.
Any special holiday plans, parties, or events you would like Dean's Team to help you publicize? Let us know - we'll gladly help spread the word. Our Team offers the Number One Related Active Rain Blog in the City of Chicago.
LINCOLN PARK
You know, breakfast really is the most important meal of the day. Why not enjoy it with the best accoutrement, bacon.
Tomorrow morning, bright and early, a new "breakfast/lunch/brunch temple" opens at 3210 N. Lincoln Ave. The name of this soon to be nefarious locale, Bakin' & Eggs. And this place is all about the bacon. They have a bacon flight, so you can sample applewood-smoked, cured and jalapeño bacon in one fell swoop.
LAKEVIEW
Southport Corridor continues to be one of the places to shop and dine in the Lakeview neighborhood. Festivities run from 5-8 pm.
This Thursday store front Holiday lights will be turning on at 6pm. Come join the festivities sponsored by the Lakeview Chamber of Commerce. You'll enjoy complimentary drinks and snacks, listen to strolling musicians, discover unique gift ideas for friends and family, and much more!
WEST LOOP
Cook County Hospital is a mainstay in the community in the Southwest Loop area and has been the talk of the town recently.
Jones Lang LaSalle discussed a report with the Cook County board's construction committee to convert the empty location into offices yesterday morning. While office space may be inexpensive, the least expensive would be converting the building to a dorm. There's more to the report and discussion here.
As the holiday giving season starts to kick off, you can head over to Spoon Bar located at 1240 N. Wells Street from 6-9pm. Your donation of $25 gets you three hours of domestic beer bottles, well cocktails and wine.
The Child Cause mission is to support kids around the world affected by AIDS, unsafe drinking water and homelessness.
NAPERVILLE
David Carlson was an antique dealer and owner of Nook and Cranny on south Vincennes in Chicago. For years, David's business also occupied booth #63 at the Antiques on Jefferson Mall in Naperville.
When David died last year, his daughter, Emily, moved the contents of the seven storage lockers to her workplace loft at 2010 W. Fulton where she is hosting an Antiques Estate Sale starting this Friday through Sunday from 8am to 3pm each day. The inventory is vast and varied.
Here's a link to Cathy's Chicago Neighborhood News Blog Archive, as featured on BlogChicagoHomes.com.
THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!
Hey, hey you dogs! Sorry for the delayed post this week - things seemed to get too carried away in my Posting Pen this week. But I'm back now, and ready to type! Thanks for Keeping the Faith!
Oprah Winfrey!
She's saying she'll be ending production of her world-renown show in 2011. Leaving Chicago? Well, that's not known for sure yet. But if she did, it's likely to leave a big hole in the city, and in the West Side of Chicago Neighborhood where her Harpo Studios, where here show is taped each day, is located.
As reported by Chicago Tribune Reporter Phil Rosenthal in yesterday's Trib, Oprah started her groundbreaking talk show at the Chicago ABC Affiliate - WLS-TV Channel 7 - back in 1984. At that time, she took over as host for low-rated AM Chicago, and began build ratings and her local audience. The Oprah Empire, best as this Lil' White Dog can tell, began to build a couple of years later, in 1986, when the show began its national syndicated run.
Team Leader Dean went to one of those early show tapings by mistake, back in 1985. Walking by the Channel 7 Studios late one spring morning, he was on his way to get a cup of coffee - a morning meeting was canceled. A man in a blazer, with a megaphone, was recruiting audience members for the morning's show - he needed 15 more, and it was 30 minutes before the taping was to begin.
Dean said, "What the heck?" He had some time, and watched the show from the studio audience. He said it was a bit of a scramble for the guy in the blazer to fill the audience - she was not yet popular, even in her home town. The show dealt with local politics - a major brewhaha between then Chicago Mayor Harold Washington and old-guard alderman fighting the fledgling mayor for city power. Washington was the first African American Mayor of Chicago - and Oprah was just beginning to make her mark here.
As Dean related to this reporting dog, the show did not seem that remarkable. People watched the show, Oprah thanked them afterward, and everyone left.
That's a far cry from today - where loyal viewers wait weeks or months for tickets, or bid them up via the Internet. They come from far and wide to see the show taped at Harpo Studios - and, usually, stick around Chicago to see what else it has to offer.
Over the years, Daddy Dean and I have gotten many calls from out of towners asking if we could use our considerable clout to get them a ticket to see O. Truth be told, this Lil' White Dog has little pull with the Oprah folks at Harpo.
But Winfrey's presence in Chicago has undoubtedly helped improve the image of our city. She has advocated the city she has called home for so many years - most recently at this year's season premiere - Michigan Avenue was partly closed for this mega-event. Oprah Fans remember all the fanfare!
Before Oprah, the West Side Chicago Neighborhoodwhere Harpo Studios was located was populated by abandoned retail fixture stores, long-vacated warehouses, and ramshackle apartments. Today, it is downright chic - nice restaurants, latte shops, several pricey boutiques. And condos. Many, many luxury and loft condos - with residents attracted by the newfound allure of the community.
Will Oprah actually leave Chicago, as she debuts here Oprah Winfrey Cable Network (OWN) in 2011? If she does, will the neighborhood in which her multi-billion dollar operation is headquartered take a hit? We dogs surely hope not!
In 2009, in a tough economy, the City of Chicago has taken a hit. Several major trade shows announced plans to move their major conventions elsewhere, outside of town. And no one involved can deny that everyone involved was shocked when Chicago did not win the 2016 Summer Olympics. Oprah was one of the major celebrities - along with fellow Chicagoan, President Barack Obama and The First Lady - who pitched for the games. They didn't succeed, as we all know!
So, Oprah, take this plea from me and my fellow canine compatriots: Don't Leave Town! Indeed . . . we need you!
Even though many of us in the four-pawed set often watch Animal Planet when you're on each morning!
Here's our update on Chicago IL Real Estate Market Statistics, based on data compiled and reviewed Sunday Evening, November 15th.
This past week has seen continuing stability in the Housing Market in the North and Northwest Side of Chicago Neighborhoods we serve with great frequency. Active Listings Inventor showed little change. Pending Sales - about the same versus last week.
Average Sales Price is up, however, as is, unfortunately, Average Market Time. Sales Volume rebounded a bit over last week. Units Sold and Listings Expired - generally, steady!
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, ticked up a very slight amount- it remains just over 9.6 months.
The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame jumped to over 51% this past week. Earlier this year, that percentage was just over 30%! It's been a long time since the number of homes selling during an Estimated Six-Month Market Time eclipsed 50% here in Chicago!
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 November 15th 3,776 42 82 35
w/e November 8th 3,794 47 99 31
% CHANGE -0.4 -1.1% -8.9% +12.9%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e November 15th $282,077 172 DAYS$27,296,816
w/e November 8th $254,536 142 DAYS $25,199,064
% CHANGE +10.8% +21.1% +8.3%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e November 15th -LAST 12 MOS - 13.38 LAST 6 MOS - 10.21 LAST 3 MOS - 9.62
w/e November 8th - LAST 12 MOS - 13.13 LAST 6 MOS - 9.91 LAST 3 MOS - 9.58
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e November 15th - 51.09% (UNSOLD - 48.91%)
w/e November 8th - 49.10% (UNSOLD - 50.90%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
And some of these unlicensed drivers have caused serious, if not fatal, traffic accidents. One such driver without a license, James Cox, was cited for a traffic accident which resulted in the death of a 27-year-old pregnant woman on the West Side of Chicago in October. Records show Cox was cited 12 times for unlicensed driving, with minimal fines imposed.
Alderman Tom Allen, of the 38th Ward on the Northwest Side of Chicago, sponsored the ordinance. It takes effect January 1st. It increases the fine for driving without a driver's license to $500, plus a $165 City Tow Fee to impound and subsequently release the car. Total penalty - $665.
The Alderman acknowledged his ordinance is far from a cure-all. But he added if Mr. Cox was faced with thousands of dollars of driving fines, he might not have been behind the wheel to cause an accident which resulted in a fatality.
Often, in Chicago Politics - common sense is not the leader. On the other hand, it often follows tragedy!
Years ago - many years ago - say, back in the early 1990's, Real Estate Prognosticators predicted a surge in homebuying interest if only mortgage rates fell. They did, and the market climbed!
The broken threshold they were hoping for - 10% - came in 1991, when interest rates for a 30-Year Fixed Rate Home Loan fell to only 9.9%. At that time, 18 years ago, many potential homebuyers reached for their check books (they still used "Check Books" back then), grabbed the Sunday Paper (folks still read Sunday Papers back then - there was scarcely an Internet), and hit the bricks, happily, looking for a New Home Bargain.
Fast forward to 2009! Unemployment is the highest it has been across the U.S. since 1983. Foreclosures and distressed property sales are skyrocketing. Home Values are still falling. And even ultra-low Mortgage Interest Rates can't quickly turn the market around!
Despite the fact that interest rates for the week ending the first week in November, interest in mortgage loans for buying a home dwindled. According to the Mortgage Bankers Association,applications that week for new loans fell a seasonally-adjusted 11.7% from the prior week. That's the lowest level since December, 2000. (See Mary Ellen Podmolik's Chicago Tribune story for more details).
There was a bit of good news for lenders, however, Refinance loans - those looking for a better rate on their current home - increased 11.3% during the same week. The MBA identified 71.5% of loan applications that week as re-fi loans, versus 66.1% the last week in October.
Currently, Mortgage Interest Rates for Fixed-Rate Loans range between 4.90 and 4.97% for the best qualified borrowers. For those without perfect credit and strong down payments or home equity, rates and loan fees are higher.
The rumors of my demise have been greatly exaggerated! I'm still here, and still posting - just getting back into the swing of things after a fun filled week of training and mentoring others here at our Keller Williams Market Center, in the Lincoln Square Neighborhood on the North Side of Chicago.
Now that the week is over, our Printing Press is back in business - as is the lil' press of Famous Blogging Doggie, Buddy Holly Moss, with his post coming soon! Thanks for your patience, folks - please, stay tuned, and Keep The Faith! OK?
In the flood of news recently to extend the very popular First Time Homebuyer's Tax Credit - which offered up to an $8,000 IRS Check to many first time homebuyers beginning last February - some long-time homebuyers also have reason to cheer!
Effective upon President Obama's signature, on November 6th, many existing homeowners looking to find a new home were also given a bit of a financial boost. For those who contract for their home purchase transaction between November 6th and April 30th, 2010, many may qualify for a fairly sizable $6,500 tax credit - either an offset against income taxes due, or a straight tax refund. The new home purchased must close no later than next June 30th. See Kenneth R. Harney's story in the Chicago Tribune for more details.
Similar to the First Time Buyer Credit, however, the credit for current homeowners does have a few strings attached.
First, only those who have resided in their previous home for five consecutive years out of the past eight years qualify for the credit.
Also, the new home must be your new Principal Residence - no credit offered for second homes, vacation homes, or in-town condominiums. However, there is no requirement you must sell your first home - the old homestead can be rented out to a tenant, or your old home can become your new "second" home - you will still qualify for the Fed incentive.
Purchasing a more expensive home is not a requirement - buyers still qualify for the credit if they are buying a smaller or less expensive property.
The new home can cost no more than $800,000, and the credit caps out at 10% of the home purchase price. To receive the full credit, therefore, your new home must cost at least $65,000. In Chicago, that is very easy to do; few homes here sell for less than $65K!
There is an income cap - $125,000 for single taxpayers, $225,000 for married couples filing jointly. This is up significantly from the old First Time Homebuyer Program caps of $75,000 and $125,000respectively.
Virtually any type of residential dwelling will qualify under the program - single-family homes or condos, condominiums, mobile homes, even house boats that would function as your primary residence. Even some two-flat buildings might qualify, if the entire building were to be occupied by the purchasing owner.
If you buy and close before the end of 2009, the credit can either be taken off the '09 Income Tax Return you file next year, or off paid 2008 taxes, by filing an amended return.
Buy in 2010? Again, you can take the credit off of 2009 taxes, or those filed in 2011, for next year's taxes.
Once the credit expires next year, will it again be extended? Those in the know say, "Not Likely!" We happen to agree!
So go for the credit now! Our Team expects a big surge in home buying interest among current homeowners who qualify, especially as the extended deadline approaches next spring.
Chicago - my home town! A strange and wondrous place!
That's especially true each winter, where seemingly-never-ending snows could lead to traffic turmoil, ungodly travel times, or perhaps imprisonment in your own detached garage!
Over the years, Mayoral Elections here have been won or lost on the basis of how effectively streets are plowed. Many of us older Chicago Residents remember back to the storied Blizzard of 1967, which kept all of our roads blocked for days afterward, prompting a Snow Ordinance Revolution from then Mayor Richard J. Daley - the "Old Man", and our current mayor's father.
Twelve years later, then Mayor Michael Bilandic decried, "(God Himself) Couldn't Plow All the Snow from Chicago Streets!" during a multi-blizzard winter. He was dumped as Mayor in April, 1979, by the feisty Jane Byrne, who ran on an "I'll Keep The Snow Plowed" Platform - or, at least, one of the main planks in her platform.
Year, after year, the City of Chicago stockpiles tons of road salt. And they keep dozens of ten-ton trucks at the ready at the first hint of the white stuff falling, with drivers ready to tackle and plow the piling snow to keeps our main streets, our side streets, and our labyrinth of expressways free and clear.
During the 2008-2009 Snow Season last winter, it seemed the residential side streets got the short end of the stick. Budget cuts and layoffs - in part due to the Teamsters Union not agreeing to contract givebacks and unpaid days off - left many residential streets unplowed immediately after major snows. The snow then froze solid, leaving the side streets in ice-rink condition for several weeks afterward.
For the coming winter, Chicago Mayor Richard M. Daley wanted to privatize side street snow removal - leaving the higher-priced union workers free to hit the major streets and expressways across the city. That plan to privatize - in much the same way as Chicago's much maligned privatization of Parking Meters and the Chicago Skyway Bridge to Northwest Indiana - failed to generate adequate interest. The proposal was shelved.
Instead, as reported in theChicago Tribune last week by reporter John Byrne, the usual, city-blue, ten-ton Chicago Snow Removal Trucks - big dump trucks containing piles of salt and a salt spreader in the rear, and a big plow up front - will patrol all city streets - big and small - this winter.
Bowing to High Technology, the plow trucks will contain special meters measuring out how much salt was actually spread across city streets. Cameras on the streets will monitor plow activity, and, supposedly, keep the drivers honest during their plow shifts.
Should the drivers need extra time to keep all Chicago Streets clear of snow - overtime will kick in! However, Mayor Daley explains that some of the overtime can be completed by Plow Supervisors, not subject to the heaviest overtime rate of pay.
Will this work? Will the City of Chicago keep all of its streets clean and free of snow this winter?
Will long-time city residents keep up the venerable Chicago tradition of saving recently-plowed parking spots with old ironing boards, patio chairs, two-by-fours,, and headless department store mannequins (crazy, but true!)?
Check with us in February, and we'll give you an update!
The First Time Homebuyer Tax Credit has not only been extended until next year - it has been EXPANDED to include certain current homeowners as well.
To date, the National Association of Realtors estimates 1.8 Million Homebuyers have taken advantage of the program. Many more are likely to until the extended purchase deadline - next April 30th. By now, you've read all of the details on the program extension and expansion. We wrote about it the day it happened, via BlogChicagoHomes.com.
The stimulus is incredible - the $8,000 First Time Buyer Credit Continues. Plus, there is a new, separate credit - $6,500 - for qualifying repeat home buyers who have resided in their home five out of the last eight years.
Here in Chicago, Realtors continue to chant, "Get off the fence folks! It's a great time to buy!"
Now, I don't want to be a party-pooper by any means . . . but, what happens as the new deadline approaches next spring, then expires? Will there be a hangover in the Real Estate Market? Perhaps one of staggering, chilling proportions?
Naahh, you say?
What happened with "Cash for Clunkers"? Great spurts in new car sales while it was going on. But now - sales are way down. In some cases, close to the low levels of before the incentive.
Are you old enough to remember the Gerald Ford Price Freezes of the mid-1970s? They were done under the mantra "Whip Inflation Now!" After the Price Freeze Program ended, way back in the day?
Prices on many items skyrocketed - overnight. Inflation - not whipped!
Quite frankly, I'm concerned that the expiration of the program - most feel confident it won't be renewed once again next spring - may chill any housing market rebound happening at that time.
It likely won't kill it - but it might slow it down.
Because eventually, by definition, every"Stimulus Program" must come to an end.
Are we waiting out a ticking time bomb here? Or, am I just a nervous old lady?
As my Down Home Texan Blooging Friends might say, "Howdy" from Chicago!
Halloween is over, the kids are long back in school, and it's just shy of a couple of weeks before Thanksgiving. A bit early for Christmas Cheer . . . but that doesn't mean there aren't lots of things going on in Chicago this weekend.
Here is a partial rundown, from our Team Member, Sue Moss -
In charge of bringing the wine this Holiday Season and haven't got a clue? Well you're in luck. This Saturday from 1:00 p.m. to 5:00 p.m.,Navy Pier will be hosting their 3rd Annual Pinot Days Chicago Grand Festivalfeaturing more than 300 pinot noirs. They'll even have winemakers on standby to assist with a selection. Click here for more details.
In charge of the dog or dogs this weekend? Well, leash ‘em up, put on their best holiday attire and head on over to the Goodman Theatre for Pooch on Scrooge this Saturday from 9:00 a.m. to 11:30 p.m. for a chance to win a Goodman Theatre gift basket with tickets to "A Christmas Carol". Reservations are recommended, so click here, because an advanced registration includes a David Sutton pet calendar!
Have the need, or should I say urge, to shop? Discounts of up to 75% can be had on luxury home furnishings and accessories at theMerchandise Mart in the River North Neighborhood for theirMerchandise Mart Sample Sale. Hurry,click here and get all the details.
In the mood for some music?The Fab Faux will be appearing this Saturday, 8:00 p.m., at the Vic Theatre/Brew & View in the Lakeview Neighborhood. They're a Beatles tribute band who will be performing the entire White Album and much more. Click here for more information.
In the mood for an eight-hour marathon of horror flicks? Then head on over to the Portage Theater in the Portage Park Neighborhood this Saturday from 4:00 p.m. to 2:00 a.m. for the Zombie Outbreak Film Festival. Besides the flicks, there will be a zombie makeup contest, vendors, trivia and much more. So click here for a list of movies being shown and more details.
Looking for something really unique and different to do this weekend? Don't miss theGreat Thanksgiving Turkey Hunt Road Ralley this Saturday at 6:45 p.m. at Woodfield Mall in Schaumburg. Registration begins at 6:00 p.m. and cost is $10 per vehicle. Click here if you're curious to know what this is!
Enjoy the weekend, folks. Hopefully . . . you're here in Chicago!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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