Dean's Team Chicago Real Estate Blog

IS THIS RIGHT? CHICAGO AREA DRIVERS RISK TICKETING For Having GPS Systems, Other Windshield Obstructions!

Wed, 11 Nov 2009 09:08:01 -0600

Is this a case of diligent police officers doing their job? Or, are the cops just getting carried away - and IL Municipalities just seeking more revenue?

Or . . . is the motive even a bit sinister?

According to Dan Simmons, as reported in last Sunday's Chicago Tribune, within the last five years, the number of IL drivers stopped by police for breaking the obscure, somewhat subjective law prohibiting "Windshield Obstructions" has increased 91%. In 2009, roughly 38,000 motorists are expected to receive warnings or citations.

A few police officers defend the law, saying its enforcement makes driving safer. According to IL Law, only government-issued items - such as city revenue and parking stickers, or the I-PASS IL Tollway Transponders, are legal. Last week, Simmons counted cars in the parking lot of the Schaumburg Transportation Center, and found 20 out of 48 had windshield obstructions some police might identify as violations.

But civil rights advocates contend the infraction is merely an excuse to pull over suspect drivers and perform a more thorough search of the vehicle.

Timothy O'Neill, Law Professor at John Marshall Law School in The Chicago Loop, says many of the drivers pulled over for what he considers "trivial offenses" are minorities. He cited a 2008 review of all traffic citations and warnings issued which showed that minority drivers are 13% more likely to be pulled over than non-minorities, and were 8% more likely to receive a ticket.

Downstate IL State Senator Dale Righter goes so far as to suggest the unwritten intent of the windshield obstruction law, and others like it, is to offer police an opportunity to uncover potentially more serious offenses. Righer, a former IL Prosecutor, indicated that many of his criminal prosecutions followed police searches on drivers pulled over for minor infractions.

The broadness of the law concerns many. Last April, an IL Appeals Court threw out the conviction of a downstate woman for possession of a prescription anti-depressant drug, after she was stopped on the grounds of having a small tree-shaped car deodorizer hanging from her rear-view mirror. The court said the sheriff's deputy who stopped the woman failed to identify "reasonable suspicion" that the deodorizer would obstruct the driver's line of vision.

In neighboring MI, the State Senate last month voted overwhelmingly to overturn their own law against items hanging from the driver's rear view mirror. It is now before the MI State House. The Michigan law is very similar to that of Illinois.

Technically, GPS Systems mounted by suction cup on a car's windshield present an infraction. Or those little suction cup note pads. So can Rosary Beads. One MI State Law Maker's daughter got pulled over in Suburban Detroit for having a string hanging from her mirror. She contended she didn't even know the string was hanging off the mirror.

Please read our post via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Is THE GREAT RECESSION For U.S. Housing Nearly Over? Hmmmm . . . Don't Know!

Mon, 09 Nov 2009 00:55:53 -0600

Chicago - Have you survived The Great Recession? Do you still have a job? A home? A little money for the family?

Survival itself is not an insignificant feat!

Last month, U.S. Unemployment shot up to a 26-year-high of 10.25%. Here in the Midwest, workers have absorbed roughly half of job losses nationwide, as many communities still depend on the manufacturing sector for their livelihood.

Housing starts nationwide are more than 60% off their highs of just a few years ago. Here in Chicago, the prices of many single family homes and condos have fallen by 25% or more over the last two years.

But, as reported by Syndicated Real Estate Columnist Don DeBat, the trend might be beginning to turn around.

Starting earlier this year, during the second quarter, home starts have risen in virtually every state versus year-ago levels. In all but a handful of states, home resales have also turned around. Here in Chicago, and in many other areas of the U.S., prices have begun to rebound since last year, although they are still far below the record highs of 2004-2006.

Further, home mortgage rates are still near record lows - in some cases, less than 5% for the best-qualified homebuyers. And these rates are expected to stay affordable for the foreseeable future.

Low interest rates, coupled with depressed home prices, and the Fed Homebuyer Tax Credit, just extended last week to also include some current homeowners, are beginning to motivate some would-be fence sitters to buy now.

Out in California, inventories of sub-$500M homes have become tight, falling to an in-balance three to four month supply late in the summer. The renewed competition has drawn many buyers who fear they might lose out on a true home bargain if they don't act very quickly.

Some experts fear that a new influx of foreclosed and distressed properties to hit the market next year may put further downward pressure on prices, hurting homesellers, while giving potential buyers pause that prices may go even lower.

Only time will tell the adverse effect of these new crop of distressed homes, and whether continued attractive interest rates, coupled with Fed Incentive Money, will be enough to keep the markets vibrant.

Stay tuned!

DEAN MOSS & DEAN'S TEAM CHICAGO

FANNIE MAY OFFERS LIFE LINE TO SOME OWNERS IN DISTRESS - A One Year Lease Option, Rather Than Foreclosure!

Mon, 09 Nov 2009 00:24:21 -0600

Inundated by thousands of homeowners on the brink of losing their homes to foreclosure, giant U.S. Mortgage Investor and Guarantor Fannie Mae has created a program that will allow many of those who face losing their home the opportunity to lease them for up to one year. For most distressed homeowners, that's a far better option than being evicted.

As reported by Nick Timiraos in last Thursday's Wall Street Journal, the new Fannie Mae Deed for Lease Program began last week. It allows the former homeowners, now tenants, to pay a market rent to lease their home for up to twelve months from the day agreement is reached with the lender. Rents would be set at market - in many cases, the new monthly housing payments would be considerably lower than the previous mortgage payments.

Fannie acquired roughly 57,000 houses through foreclosure during the first half of 2009. It's total package of Real Estate Owned now stands at 63,000 distressed properties. Their estimated value - $6 Million!

If the rental program proves successful, Fannie Mae would keep additional foreclosed home inventory from an already saturated distressed property market. Hopes are the market will be stronger at the end of the lease term, and the organization could sell these houses at a higher price one year down the road.

According to Jay Ryan, Vice President of Equity Investments at Fannie Mae, fewer foreclosures on the market will also help the neighborhoods and communities in which these homes are located.

Under the program, the homeowners lender or mortgage servicer would have to prove that the borrower would not be eligible for loan modification or workout programs. Those current in their house payments would not be eligible for the Deed for Lease Program.

Fannie Mae also believes occupied homes would remain in better condition than those turned over, vacant, in foreclosure. The program would also provide some rental income to Fannie, rather than the guaranteed monetary drain of vacant, foreclosed homes.

Earlier this year, Fannie Mae began offering month-to-month leases to some owner occupants who lost their homes to foreclosure. Those foreclosed homes, however, remained on the selling block. This new program takes them off the market during the one-year lease term.

To qualify for the program, former owners will have to establish that the new rent amount will be less than 31% of their adjusted gross income. The one-year leases could be renewed month-to-month at the end of the term, but will return to the market at that time. Houses sold to buyers at that point would receive an assignment of any remaining portion of the lease.

Professional management companies would handle accounting and maintenance tasks.

Freddie Mac, the other major U.S. Mortgage Guarantor and Investor, is considering a Deed for Lease Program for homes in its portfolio - they have some success renting month-to-month to former owners, rather than foreclosing.

Please read our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

AN EXIT PLAN FOR INDEPENDENT CONTRACTORS! Do You Have One?

Sun, 08 Nov 2009 20:24:49 -0600

Hey from Chicago - home of those Hapless Chicago Bears! You see the game? Painful! Very painful!

Less than an hour before the Season Finale of Mad Men . . . so, time to blog!

If you are self-employed for a living - an independent contractor, perhaps in a Real Estate Related Field - perhaps you have asked yourself this question, at one time or another -

"What's my exit plan? And, what will my source of income be after I opt for this plan?"

Now, this is a question that those employed in a full-time job may not have to comtemplate. Many of these folks - those that STILL have a full-time job, anyway - have Pension Plans. 401-K Plans. Retirement Accounts.

What do those of us in Real Estate Related Fields have?

Often, investments tied to Real Estate - most of which are worth far less than they were only a couple of years ago!

Retirement plans? Savings Reserves? We Independent Contractors often have them - but, likely, their balances are considerably depleted as compared to a few years ago.

Sometimes, these days, strong sales months simply fill up the hole created during recent lean times. Likely, more lean times lay ahead, early in 2010, and many Real Estate Practitioners will likely again fall in the "living from check to check mentality."

So, many plan to work. As many years as we need to. In order to meet our family's daily needs, and our monthly expenses.

When bills are due, as we all know, excuses often don't work with those we owe money to. We have to pay up - even if, at times, we do so a few days late.

For those younger than 30, the decision on an "Exit Plan" is many years away. Those older than 50 - not so distant.

But, for everyone, the exit decision will hit us sooner or later.

Have you thought about and planned for that? Or . . . is an exit, simply a pipe dream, in today's Real Estate Market?

Would love it if you share!

DEAN & DEAN'S TEAM CHICAGO

THIS WEEKEND IN CHICAGO - November 7-8, 2009

Sat, 07 Nov 2009 13:28:58 -0600

Hey, folks!

Our Team Member Sue Moss just wanted to catch you up on some of the fun things to do in Chicago this weekend.

Hope you can enjoy them!

The Allstate Arena will be welcoming "The Greatest Show on Earth" this weekend - the Ringling Bros. & Barnum & Bailey Circus. There's always fun to be had at a circus for both young and old. For me, it's eating tons of cotton candy until my stomach hurts! Click here for show times and tickets.

The Museum of Contemporary Art in the Gold Coast neighborhood (220 E. Chicago Avenue) offers a Hide and Seek free with general admission. The admissions desk can provide you with a guide containing clues for an art scavenger hunt. Click here for more details.

Don't know a thing about Chicago's theater district? Well, you're in luck! The Broadway in Chicago Historic Theater Touris offered on Saturdays at 11:00 a.m. This tour will enlighten you with folklore and quirky facts about two of the following -- Ford Center for the Performing Arts, Oriental Theatre; the Bank of America Theatre, and the Cadillac Palace. Click here for more information.

Speaking of the Cadillac Palace Theatre (151 W. Randolph Street) in the Loop, this Sunday evening is opening night of Young Frankenstein, you know, Mel Brooks' classic film where Dr. Frankenstein creates The Monster. It'll be interesting to see how well it's been adapted for Broadway. So, click here to get your tickets. It only runs through December 13^th!

Sheffield's(3258 N. Sheffield Avenue) in the Lakeview neighborhood will be hosting their 2^nd Annual Chili Cook-Off this Sunday from 2:00 p.m. to 5:00 p.m. in the beer garden. It's for amateur cooks, so if you wish to compete for the $200 gift card, your entry must be received by 2:00 p.m. on Saturday. Click here for further details.

Since this very well may be the last weekend of mild temperatures and no rain for a while, why not take Bobby's Lakefront Neighborhoods Bicycle Tour, which includes bikes and helmets. In fact, yours truly, took this tour in July and thought it was well worth the price. I had such a great time I'm going to do it again next year! But hurry, this tour only runs through November 30^th, so click here to get more details on this guided tour.

Lastly, there is one Holiday event taking place this Saturday at Noon, and it's Macy's 103^rd annual Great Tree Lighting celebration in the Walnut Room. But don't fret if you can't make it, the tree will be on display through January 10^th. Click here for further information.

Don't live in Chicago? You jealous?

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

Move here!

DEAN & DEAN'S TEAM CHICAGO

CHICAGO NEIGHBORHOOD NEWS - November 7, 2009

Sat, 07 Nov 2009 09:20:53 -0600

Good Morning!

This week, in her Chicago Neighborhood News Post, our Team Member Cathy Mallers covers the Chicago Neighborhoods of Portage Park, Lincoln Park, The Loop, and The Gold Coast, as well as the Chicago Suburb of Evanston IL.

Planning something special in your Chicago Neighborhood or Suburb? Let us know, and we'll help get the word out!

Dean's Team offers the Highest Rated Active Rain Blog in Chicago!

PORTAGE PARK

Make sure you mark your calendars now because coming to Portage Park in 10 days is the Horror Society Film Festival. I have to say better late than never.

The Portage Theater will be showcasing classics like 'The Return of the Living Dead,' 'Fleshbeast,' 'Colin,' 'Zombie Girl' and more.

Be sure to get your tickets now.

LINCOLN PARK

Who doesn't like a good laugh? One of Chicago's favorite locations for fun and frivolity is Second City. With an amazing lineup (including Steve Carrell, Stephen Colbert, Jim Belushi and more) just released this week, tickets are going to be at a premium for the event billed as "The Second City Alumni: One Night Only."

The show will be staged in both of Second City's mainstage and e.t.c. theaters. Tickets go on sale Thursday morning at 10am and will cost $125. Be sure to call early if you want to get tickets because the only show is at 7 pm with the late night slot being private for alumnae only.

LOOP

According to its website, Block 37 is a premier development encompassing an entire city block bordered by State, Randolph, Dearborn and Washington streets in the heart of Chicago's downtown Loop. Block 37 will have direct access from the City's Pedway as well as the CTA Red Line and Blue Line subway system.

The Block 37 building continues to build its resident listings. With new leases totaling 20,700 square feet and featuring tenants such as Sephora, Michelle Tan, Claudia Kleiner Malabar Collection, Simply Thalia, iCandylicious, and more.

Developer Joseph Freed & Associates LLC remains optimistic about filling the 280,000 square foot shopping center. In a recent press release the developer states that Block 37 is "on track to open this new shopping and entertainment destination for consumers before Thanksgiving and to complete Block 37 by the end of 2010."

GOLD COAST

Gentlemen it's now time to update your wardrobe and move out of the t-shirt and jeans look. Local store, aptly named Haberdash, has undergone a complete makeover and is offering new looks to men who want to update their wardrobe.

Of particular note, the shop now carries everything from dress socks to office-ready Hugo Boss suits and even its own exclusive line of vintage-inspired button-downs.

Be sure to stop by the newly remodeled location with its men's club feel and urban chic inventory.

EVANSTON

What if you could write your own story based on illustration only? At the Evanston Public Library in the children's section you can now visit the "Imagination Library" for just that.

On the second and third floors of the library you will see 75 original paintings, sketches and drawings accompanied by a description of what the illustrator envisioned for the story - but the story itself is left up to the imagination of the viewer.

Thanks to the efforts of Jeff Garret, Associate Librarian for Special Libraries at Northwestern, Evanston Public Library was able to showcase the international exhibit which has already appeared in Japan, Greece, and Iran.

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

DEAN & DEAN'S TEAM CHICAGO

Chicago IL Market Statistics Update - November 2, 2009

Fri, 06 Nov 2009 20:07:01 -0600

Good Evening!

Here's our Chicago Market Stats Update, based on data compiled Sunday evening, November 1, 2009.

Don't let the big jump in Sales Closed, Sales Volume and Listings Expired concern you too much! These wild jumps are very typical for the end of the month - and many listings are set by Realtors to expire the end of each October.

Most of the key numbers continued to be flat last week - Active Listings fairly stable, Average Market Time still too high. However, I am encouraged by continuing stability in Pending Sales despite the approach of the dreaded Chicago Winter. Also, the Average Sales Price in the North and Northwest Sides of Chicago Neighborhoods we serve most frequently jumped over 5.5% last week.

Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, fell significantly last week - it's now below 10 months. This is far from the sub-5-month Absorption Rate of a couple of years ago, when the market was far stronger, but the downward trend is very encouraging.

The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame also improved - to 47.09% this past week.

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 November 1st 3,804 58 131 72

w/e October 25th 3,887 59 68 12

% CHANGE -2.2 -1.7% +92.6% +500.0%

CLOSED PROPERTIES DATA

AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME

w/e November 1st $257,178 139 DAYS $33,690,318

w/e October 25th $243,523 138 DAYS $16,559,564

% CHANGE +5.6% +0.7% +103.4%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e November 1st - LAST 12 MOS - 13.65 LAST 6 MOS - 10.39 LAST 3 MOS - 9.83

w/e October 25th - LAST 12 MOS - 14.19 LAST 6 MOS - 10.95 LAST 3 MOS - 10.27

PERCENT OF HOMES SELLING IN 180 DAYS -

w/e November 1st - 47.09% (UNSOLD - 52.91%)

w/e October 25h - 45.36% (UNSOLD - 54.64%)

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

Fed To Keep Interest Rates Low . . . for the Time Being!

Fri, 06 Nov 2009 19:22:42 -0600

The U.S. Economy is improving, despite a 26-year high in the U.S Unemployment Rate. Interest Rates are low - less than 5% for some borrowers. President Obama today extended the popular First Time Homebuyers Creditwell into 2010, and extended to program to include many existing homebuyers as well.

But inflation is low. The Real Estate Market is still sluggish, here in Chicago, and across the U.S. And the Fed, it seems, is not planning to upset the apple cart by raising rates at this time, as reported in the Wall Street Journal yesterday by reporter Jon Hilsenrath.

The reason the Fed would eventually increase their key Federal Funds Rate - the rate at which banks lend to each other overnight - would be to curb inflation. However, at this point, inflation has not taken a foothold, despite an economic recovery in some sectors.

Currently, the Fed Funds Rate is close to zero, and many mortgage interest rates tied to it - especially rates on Adjustable Rate Mortgages and Home Equity Lines of Credit - have seen significant declines over the past year.

Alternatively, it is possible that keeping interest rates so low for an extended period, coupled with a heavy pumping of Federal Funds into the U.S. Financial System, could eventually create inflationary pressure in and of itself.

At last week's meeting of the Federal Reserve Board, the Fed elected to purchase $175 Billion in Corporate Debt issued by U.S. Mortgage Investors and Guarantors Fannie Mae and Freddie Mac. Their original plan was to buy $200 Billion of such debt.

To date, the Fed has completed its early 2009 plan to purchase $300 Billion of securities from the U.S. Treasury. It plans to complete purchase of roughly $1.25 Trillion in Mortgage-Backed Securities by next March. These moves are designed to put more money in the U.S. Financial System, and encourage lending by big banks.

Is the plan achieving the Fed's desired outcome. Some experts feel - not yet!

But low interest rates for mortgage loans, despite what seems to be ever-tightening standards for home financing - have helped spur home purchases by qualified borrowers, although not to the extent those in the real estate industry would like to see.

See our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Lil' Buddy's Blog: Oh, Nooooo! New Chicago Telephone Area Code Could Create Mass Chaos Here!

Fri, 06 Nov 2009 18:19:13 -0600

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

I am so sorry I am tardy with my weekly post, you dogs! Over the last several days, I have been a bit under the weather. My Human Mom, Dean's Team Member Sue Moss, told me that sleep would be the best remedy.

As you see here, I am actually sleeping, while completely awake!

Most dogs I know do have a programmable cell phone - although text messaging is a bit hard for those of us with no opposable thumbs in our paws. Virtually all of us have land line phones with a Speed Dialing Feature.

Starting tomorrow here in Chicago, however, we all expect a bit of chaos to ensue.

As reported in yesterday's Chicago Tribune by Reporter Kayce T. Ataiyero, the City of Chicago is getting a new area code, the first new area code in city limits since 1997, when the 773 Area Code came to Chicago Neighborhoods outside of Downtown Chicago and The Chicago Loop. Many longtime Chicago residents curse the day they lost Area Code 312.

This new three-digit code - 872 - will be assigned only to new numbers in the city itself - current numbers in the in-city 312 and 773 area codes will not be changed.

However, thousands of cell and land line phones currently programmed to speed dial only 7 digits for numbers in a user's own area code will have to be re-programmed to now dial 10 or 11 digits.

Effective early tomorrow, everyone dialing within the 312 and 773 codes will have to dial that area code before the seven-digit phone number. Land line users will have to enter "1" before the area code.

Although 10 or 11 digit dialing has been standard in most Chicago North and Northwest Suburbs for years, City of Chicago Residents have been spared this added inconvenience. But that is about to end!

As of tomorrow, the Chicago Metro Area will have a total of 10 area codes. The City of Chicago itself will have three - 312, 773, and 872. The Northwest Suburbs now have two - 847 and 223. The Western Suburbs - 630 and 331. The Southern Suburbs, and some close-in Western Suburbs - 708. Further West - two area codes, 815 and 779.

A bit of nostalgia, you dogs! Up until 1988, Chicago and most of the Chicago Suburbs only had ONE area code - 312. My Human Dad, Team Leader Dean, longs for those wistful, simpler times.

You folks out in Wyoming, where there is only one area code for the ENTIRE STATE - we envy you!

Enjoy the weekend, you dogs! Dial carefully!

Please read my post today via BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

It's Done! First Time Homebuyer Tax Credit Extended, Program Expanded into 2010!

Fri, 06 Nov 2009 17:40:03 -0600

Earlier today, the drama on whether theFederal First Time Homebuyer Tax Credit would be extended into 2010 came to an end.

As reported on CNN Money.com, by reporter Tami Lubby, President Barack Obama signed a program extension which gives First Time Buyers an $8,000 Federal Income Tax Credit, provided they contract for their new home on or before April 30, 2010 (the transaction must close on or before June 30th).

The extension of the popular First Time Buyer Credit was attached to a bill extending Unemployment Benefits, on a day when the U.S. Unemployment Rate was reported at a 26-year high 10.25%.

It also provides an incentive to purchase another home to many existing homeowners - those who have lived in their homes at least five of the past eight years - of up to $6,500.

For purposes of this legislation, the definition of a First Time Homebuyer is unchanged - the purchaser must not have owned a home within the last three years.

Under the new program, the maximum adjusted gross income for qualifying homebuyers increases to who $125,000 for single taxpayers, $225,000 for married buyers who file joint tax returns. The previous limits on income were $75,000 and $150,000 respectively.

The maximum home price to qualify for the tax refund under this program - $800,000.

Our Chicago Real Estate Team has helped over a dozen first-time buyers find new homes and take advantage of the straight tax refund program thus far in 2009. For many, the credit meant the difference between buying now, or staying on the sidelines to see if declining Chicago Home and Condo Prices would fall any further.

In the last couple of weeks, as the chances for a timely closing before the November 30th credit deadline waned, several of our buyer clients slowed down their home searches, waiting to see if the credit would be extended. This afternoon, our Team received several calls from buyers wanting to resume their search now that the credit extension has been solidified.

Nationally, the National Association of Realtors estimates the First Time Homebuyer Credit has been used by over 1.8 million families. They calculate that roughly 355,000 of these buyers may not have purchased if not for the credit.

Through September, according to the Internal Revenue Service, 1.4 Million taxpayers filed for the credit. Some of these home buyers, however, took advantage of an earlier $7,500 tax credit, in effect in late 2008 and early 2009. This earlier credit required repayment over 15 years, or when the home was sold. The current program requires no repayment.

NAR First Vice President Ron Phipps credits the program with increasing sales to over the 5 Million Units mark. It also has trimmed homes-for-sale inventory, although he was not specific as to number.

The estimated cost of extending the tax credit - roughly $10.8 Billion over the coming 10 years, according to the Joint Committee on Taxation.

Please read our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

TURN UP THE VOLUME - Does Increased Lead Generating Activity Work For Sales Consultants?

Mon, 02 Nov 2009 01:15:56 -0600

Hey, folks!

It's the middle of the night, I'm on the Second Floor of a Bungalow on the Northwest Side of Chicago, and I'm composing a blog post!

Am I a die hard . . . or what?

Do you sell for a living? Real Estate? Something else?

Well, if you're in any kind of relationship-based selling or consulting business, where most of your income is derived from what you sell, rather than how many hours you work, you've heard the following words -

LEAD GENERATION! Or, as some prefer . . . PROSPECTING!

Every day, we each go into our offices, or stick our Bluetooth Headsets in our ear and head to the car, or to the local Starbucks, list of prospects in hand, and hit the phones.

We try to mine for gold from the clients we currently serve. Or have served. Or those prospective clients we met casually - at a networking event, at a party, or on the street.

But what do you do if business is down. Further, what is the next step if calls to those you have worked with, or those you know closely, bear little fruit?

Those in the Real Estate Business have recently seen buyers move back to the sidelines pending extension of the Federal First Time Homebuyers' Tax Credit. Or, they are waiting to see if the current, set to expire the end of this month, will be expanded to current homeowners, not just first-timers.

Sellers - if they are not truly motivated - either by wanting to move voluntarily, or, unfortunately, involuntary, due to financial hardship - are delaying going to market until things get better. When? No one knows!

Several top Realtors in our Keller Williams Lincoln Square, Chicago office are taking a very successful paradigm-shifting class called BOLD. This seven-session, once-a-week class is geared to instill the habits, skills, and attitude necessary to succeed in the real estate business today.

And one of the things the class emphasizes is LEAD GENERATION . . . and lots of it!

Each class participant is required to make at least 100 Phone Contacts each week. Not just calls to voice mails or answering machines, folks. Actual calls, and attempt to get actual listing appointments - at least 5 each week!

Sounds good, doesn't it! Those who know me know I prospect or lead generate religiously - and I only call 15 people each morning - about 75 each week. Contacts - about half that number. Usually, one or two listing appointments each week - hopefully, I will land 2 or 3 listings each month - my average.

But hard core, intense lead generating via phone - to warm leads around a listing or a listing just sold - does this really work these days? Will any appointments gotten be qualified, or just weak, casually-interested leads who just want to talk to a salesperson because they are lonely?

Indeed, those in our office participating in the Keller Williams BOLD Program are contacting people, and getting appointments. The conversion ratio - the jury is still out on that one!

But perhaps it's all a numbers game. A bit like hockey. You take enough shots on goal - you eventually land a few.

So . . . what say you? We all need to expand our business. Will heavy, telephone-based lead generation do the trick? Or, is there something else that might work better.

Please, share your experience with us! There are a lot of nearly-starving sales consultants dying to know!

DEAN & DEAN'S TEAM CHICAGO

THIS WEEKEND IN CHICAGO - October 31 - November 1, 2009 - CHICAGO HALLOWEEN 2009

Sat, 31 Oct 2009 13:32:04 -0500

Hey, folks! Boooooooo . . . and Happy Halloween!

It's still not to late to enjoy Halloween in Chicago. From our Team Member Sue Moss, here's a rundown on what's going on in the City of Chicago today.

Scary, boys and girls!

Dance with the Dead in the West Loop neighborhood at Bon V (1100 W. Randolph Street). It's a creepy fun house with clowns, a spider farm and more. Click here for more details.

Haunting in the Square takes place in an outdoor courtyard in the West Town neighborhood at Firehouse Square (459 N. Wolcott Avenue). Plenty of ghost stories will be told along with a costume contest, pumpkin carving and more. Click here for the Haunting Friday and Saturday schedule.

X-ecutioner's Ball VIII in the River North neighborhood at Excalibur (632 N. Dearborn Street) will be awarding $1,000 - largest individual cash prize - for best costume as well as other prizes. Click here to learn more.

North Halsted Street Halloween Parade begins 6:00 p.m. on Saturday evening at Halsted Street and Belmont Avenue. You must register at Spin between 4:00 p.m.-6:00 p.m. if you wish to participate in the costume contest. And, yes, pets are welcome to join in the costume contest as well. Click here for more information.

Wicker Park Halloween Prowl will gather in the East Village/Ukrainian Village neighborhood at Ashland Avenue and Division Street this Saturday at Noon for its sidewalk costume parade. Want to join them? Put on a costume! Click here for further details.

Halloween at Chief O'Neill's is located in the Irving Park/Avondale neighborhood at Chief O'Neill's Pub (3741 N. Elston Avenue). Party outside in the garden or inside by bobbing for apples, pumpkin carving, a costume contest, ghost stories, a sing-along and much more, so click here.

Nightmare on Wells Street . . . Parts I, II, III & IV takes place in the River North neighborhood at Bull & Bear (431 N. Wells Street) with themed drink specials, a costume contest and more. Clicking here you'll learn more.

Lastly, there's the Doggie PUPkin Party in the Irving Park/Avondale neighborhood at Brands Park (3259 N. Elston Avenue) on Saturday from 9:00 a.m. to 12:00 p.m. BEWARE -- there will be a dog-owner lookalike contest - how spooky is that, a pet parade and more, so click here to find out more.

Oh, if you truly want the "FRIGHT" of your life, watch the Bears game!! They're at home Sunday and will be haunting the Cleveland Browns.

Enjoy the weekend . . . and hope you're spending it in Chicago!

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

DEAN & DEAN'S TEAM CHICAGO

CHICAGO NEIGHBORHOOD NEWS - October 30, 2009

Fri, 30 Oct 2009 12:01:54 -0500

Will this rain in Chicago ever stop? Quite gloomy, and quite depressing!

Here's our Team Member Cathy Mallers latest update on Chicago Neighborhood News. This week, she covers the Chicago Neighborhoods of Lakeview, Lincoln Park, The South Loop, and Lincoln Square, as well as the Chicago Suburb of Naperville IL.

Got something going on in any Chicago Neighborhood you would like us to publicize for you or your group? Let us know - we'll help get the word out!

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

LAKEVIEW

Plan ahead this time because it's sure to sell out. Dos Equis is hosting "The Most Interesting Show in the World," on November 6 at the Park West.

Earlier this year, they hosted a party at the Museum of Science and Industry. Now they are looking to outdo themselves again with another great lineup. Expected to attend are burlesque singer Melody Sweets, contortionist Mei Ling, a human Slinky, The World's Most Dangerous Comic Mark Faje, Butterscotch, also known as The Human Beat-Box, and the crossbow tango duo Mr. and Mrs. G.

Stay thirsty my friends!

LINCOLN PARK

Like Pottery Barn? Do you have Pottery Barn kids? Guess what?

PB Teen just opened a new location at 2111 N. Clybourn Ave. Before you could only get their products online or through catalog. Chicago has now joined the ranks of Atlanta and New York as the only other city (thought to be final city) to shop for PBteen.

SOUTH LOOP

Start rubbing elbows with Chicago sports team members.

This evening at The Shrine, you can meet Jerry Azumah, Tyrus Thomas and many more athletes scheduled to attend this reception, concert and raffle for Athletes Across Borders. The event is scheduled for 6 - 10 p.m. Tickets range from $25-$100, with the VIP level offering access to an exclusive meet and greet with the players.

LINCOLN SQUARE

With this crazy fall weather, now is the time to invest in a good pair of boots not to mention some great walking shoes.

Locals from Lincoln Square just love The Dressing Room and now, they can enjoy The Dressing Room Shoes located just down the street. Showcasing affordable and upscale, the selection is not to be missed. Be sure to check out the "looks for less" suggestions.

NAPERVILLE

So much is happening in Naperville over the next couple days, we had to share it all with you here. First, this evening North Central College ensembles present the annual Choral Invitational at 7:30 p.m. in Went Concert Hall at the Fine Arts Center.

Thursday you can North Central College will host the screening of the film "Sierra Leone's Refugee All Stars." Also on Thursday Dave Barry & Ridley Pearson, authors of "Peter & the Sword of Mercy," will speak at 7 p.m. at Anderson's Bookshop.

Saturday enjoy a 30-minute horse-drawn hayride through the prairies and woodlands of Dandy Forest Preserve, and learn about the features of this historic preserve from noon to 3:45 p.m. at Danada Equestrian Center.

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

DEAN & DEAN'S TEAM CHICAGO

Lil' Buddy's Blog: Some Chicago High-Fashion Boutiques Fall Victim to Recession!

Thu, 29 Oct 2009 23:42:50 -0500

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

Hey, you fine dogs! Just me, Gracie Ella Moss - Lil' Buddy's younger sister.

I'm filling in for Buddy tonight, as he won't be home until very late. He's coming back from a Team Building Workshop for Keller Williams Top Dogs in Lafayette IN - just got his text message from the road, asking me to handle his posting duties tonight.

So tonight, it's lady's choice - and my topic tonight: fashion!

Actually, a bit of a sad note for we Canine Fashionistas, who frequent those little Trendy Boutiques in well-to-do Chicago Neighborhoods like Lincoln Park, and Wrigleyville.

As the recession here in Chicago has deepened, and well-heeled high fashion buyers here in the city begin to pinch their pennies tighter, several of those trendy boutiques you may have seen - and shopped at - over on Southport Avenue, or Oak Street, or Armitage Avenue - have seen their business fall to critical levels. Many have closed!

As reported in today's Chicago Tribune by Reporter Sandra M. Jones, some shops, including the high-style Ciao Bella on Southport Avenue near Wrigley Field, used to be a place where baseball players wives shopped frequently each summer, while their wealthy husbands were challenged by that little white ball just a few blocks to the east.

Today, however, the shop's owner, Amy Lechelt-Basta, is closing for good this Sunday, after having to discount her merchandise to the bone to even draw customers.

In the tony Lincoln Park Neighborhood of Chicago, about two miles south of the Southport Shopping District, about two dozen small shops have gone out of business on trendy Armitage Avenue, between Halsted and Racine Streets, over the last couple of years including Moonlight Graham, Fresh or Faux, and Entendre Couture. Some are now far-less-trendy resale shops.

Several years ago these Chicago Neighborhoods were adding to our city's allure as a fashion destination. Now, with many of the shops gone or closing, due to a weak economy, the seeds of Fashion Chicago may have been put back in the seed package, at least for a while.

Today, some of the remaining stores have stayed alive by offering a few discount lines, and really enhancing their customer service. Some stores now deliver merchandise to their customers, or take shopping direction over the phone. Others are emphasizing their online businesses, laying in wait for the time when the economy improves, nearby condos and art galleries begin to fill once again, and high fashion shoppers will likely return.

But, for now, looks like I'll have to borrow at least some of my clothes from my Human Mommy Sue Moss. She does have some real cute looking outfits, you know - although her shoe size is a little bigger than my lil' paws!

Enjoy the weekend, you dogs! Buddy's back next week!

YOUR ACE REPORTER ON FOUR PAWS,

GRACIE ELLA MOSS & DEAN'S TEAM CHICAGO

(Filling in for Buddy Holly Moss this week!)

Exodus from Chicago, Cook County IL Wanes, in Depths of Great Recession!

Thu, 29 Oct 2009 23:07:29 -0500

Back in the old days - the Ronald Reagan Days of deteriorating northern Rust Belt Cities, and unyielding urban sprawl - all it took was a bit of Hard Times to get Chicago Residents to consider packing their bags and leaving town. They would move to cities with warmer climates - and new jobs.

Or, if not that far, to distant Chicago Suburbs, just off our Expressways and Tollways, where industry was growing.

Not so much any more, apparently.

In 2009, deep in the grip of what many consider the worst Economic Downturn since the Great Depression began with the Stock Market Crash on October 29, 1929 - exactly 80 years ago today - outside jobs in places like California, Arizona, or Nevada are hard to come by.

And those Bargain Priced Houses in far-flung exurbs - like Lockport, or Shorewood, or Round Lake Beach - have lost, in some cases, as much as 40% of their value. or more!

Here in Cook County IL, Chicago and the nearby Chicago Suburbs have seen steady growth since 2006. The number of those leaving the county has fallen by 17% within the last three years.

And the stay-put trend is not unique to Chicago! According to University of New Hampshire Senior Demographer Kenneth Johnson, as quoted in a story by Chicago Tribune Reporter Greg Burns last Sunday, the total number of people leaving most larger cities in the Midwest and the Northeast have slowed considerably since the onset of our latest economic downturn.

As recently as 2005, home ownership in the U.S. approached 69%. Today, however, those purchasing recently can't sell their equity-depleted properties, and are hesitant to move anywhere.

Another factor to the downturn in local migration - our aging population. Many older adults have taken a disproportionate hit recently in their retirement accounts, and many no longer have the money to move to that retirement are out west, or down in Florida. Since 2006, those leaving the Chicago Area to move to Phoenix AZ have fallen by 17%. Folks packing up for Nevada - down 15% during the same period.

And those Chicago Renters looking for cheap housing in Will County, one of the more distant counties in the Chicago Metropolitan Area? Those exiting Cook County IL for Will County towns like Joliet - down 33% in the last three years.

Will the trend to leave increase again, as the economy begins to turn around?

Yes, says Demographer Johnson - but, likely, at a far lower level than before.

Please read our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Fed First-Time Buyer Credit to be Extended? Expanded? Not Done Yet - But Cross Those Fingers!

Thu, 29 Oct 2009 07:02:33 -0500

For the last few weeks, First Time Homebuyers and Real Estate Practitioners have been holding their breath. Crossing their fingers.

Will the $8,000 Federal Income Tax Credit, enacted earlier this year by the Barack Obama Administration, and set to expire at the end of November, be extended? Perhaps extended to existing homeowners as well?

This year, our Chicago Real Estate Team has closed 13 transactions in which at least one party has taken advantage of the credit. Would these folks have purchased if their were no credit? Can't know for sure - but, at minimum, this sizable stipend factored into their home buying decision.

Over the last couple of weeks, as the window for finding a home, finalizing a contract on it, and completing the closing has been less likely, a few of the first-time buyers we are working with have seemed almost resigned to missing the credit, and have delayed their new home or condo searches. There's been a bit in a lag in our business as a result.

Under a proposal in the U.S. Senate, however, as reported in today's Wall Street Journal by reporters Corey Boles and John D. McKinnon, the First Time Buyer Credit would not only be extended. It would be expanded as well - to current homeowners who have lived in their homes at least five out of the last eight years.

Still in negotiation by lawmakers, the proposal would extend the first-time buyer credit, beginning immediately after the current November 30th program expiration, to April 30, 2010. To receive an $8,000 tax credit, first-time buyers must have an accepted contract before that date. The closing must take place before July 1, 2010.

In addition, current homeowners who have lived in their current residence for at least 5 of the last 8 years would be eligible for a reduced $6.500 tax credit, under the same time limitations.

Income limits to qualify for the credit would be increased to $125,000 for a single taxpayer, $250,000 for a couple filing jointly - up from the current $75,000 and $150,000 income caps. For those earning more, the credit would quickly phase out.

Many in real estate attribute the First Time Buyer Credit with boosting real estate sales in a sluggish market. The new proposal would allow more buyers to benefit, without creating a boondoggle for flippers or real estate investors.

Although support for the extension and expansion proposal has met with approval by many in the Senate - Democrats and Republicans alike - a few are concerned about the its cost. Approval is far from certain at this point - but the fact that both extension and expansion of the current is under serious discussion is quite encouraging.

See our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

CHICAGO and COOK COUNTY IL HOMEOWNERS Likely to Receive Substantial Real Estate Tax Bill This Week!

Wed, 28 Oct 2009 19:02:18 -0500

Do you live in the City of Chicago? Suburban Cook County IL?

Brace yourselves, homeowners - REAL ESTATE TAXES ARE GOING UP, for the Second Installment, 2008 of the Cook County Real Estate Tax Bill, with payment due December 1, 2009.

What? This does not surprise you, despite the fact that property values across Cook County - the county which includes the City of Chicago - have declined over 25%, in many neighborhoods and suburbs, within the past 18 months.

It appears a political stalemate on a Cook County Assessment Cap, enacted several years ago and since repealed, is the biggest culprit. Likely, this month's semi-annual real estate tax bill, due in mailboxes within the next week, will reflect a tax increase in excess of 10%, some considerably higher,in certain areas.

Cook County Tax Assessor James Houlihan, and Chicago Tribune Reporter Bob Secter in last Monday's Trib, chronicles the story.

Back in 2004, the flaming-hot real estate market was driving property values skyward, and taxes along with it. Lawmakers in the IL State Capital of Springfield imposed a 7% cap on real estate tax assessment increases for residential property owners that year - a move that was soundly criticized by the owners of commercial, investment, and industrial properties, who made of the difference caused by the residential tax reductions.

Under heavy pressure from commercial real estate owners, and residential investors, the IL Legislature began rolling back the cap in 2007 - the cap will be completely eliminated across Cook County for Real Estate Tax Year 2010, and taxes due in 2011.

Assessor Houlihan fought the rollback in 2007. At that time, however, no one foresaw the steep recession to come, and the price implosion for most residential and commercial property. No one predicted what was then considered to be the unlikely outcome that tax bills might rise, while the values of the underlying properties themselves would fall.

Few would have seen the resultant thousands of Chicago and Cook County IL Homeowners now falling behind on their monthly mortgage payments - or, worse, heading to foreclosure and loss of their homes.

The phase out of the the assessed value caps is also hitting different areas differently, as different parts of Cook County have been re-assessed at different times over the last three-year assessment period.

For the 2008 Second Installment Real Estate Tax Bill, some city neighborhoods closest to Lake Michigan will see nominal tax increases, while others will see increases in the double digits. One City of Chicago Neighborhood abutting O'Hare International Airport may actually see real estate tax bills fall this payment cycle, due to the difficult-to-comprehend Cook County Triennial Reassessment Cycle.

Citing some examples, Houlihan sees a median 46% tax bill increase in the West Side of Chicago Neighborhood of West Garfield Park - an area struggling of late with high numbers of foreclosures, and an increasing rate of property abandonment. The median increase in the Englewood Neighborhood on the South Side of Chicago - 25%. In President Obama's Kenwood Neighborhood, near the University of Chicago, also on the South Side of Chicago, the median expected rise in tax bills - 9%.

On the other hand, the tony Chicago Neighborhood of Lincoln Park, on the North Side, shows only a median 3% real estate tax increase. Lakeview, the Neighborhood which includes Wrigley Field, is predicted to have modest 2.1% median tax increase.

Cook County IL Suburbs are not immune from the wild likely tax bill variances!

The Real Estate Tax Bills in the Western Chicago Suburb of Franklin Park will jump by as much as 20%. Nearby Schiller Park - 18%.

The Chicago Suburbs of Skokie and Elmwood Park - in the Northern Assessment Zone of Cook County - will see median tax jumps of 13 and 12% respectively. Chicago Suburbs further south will see less of a tax jump. South Suburban Chicago Heights will see a median tax bill DROP of 3.1%. Alsip Tax Bills will have a median increase of 2.8%; La Grange Park bills - up around 2.5%.

The Chicago Suburb of Northlake straddles the Cook County Northern and Southern Assessment Zones. In this community, those living north of North Avenue will see a median tax increase of 20.9%. Those living below that major arterial street - only an 8.7% median jump in tax bills.

Confusing? Thought so?

See Secter's story for more detail, as well as links to heat maps showing average Real Estate Tax Bill Changes in the City of Chicago, and surrounding Cook County IL Suburbs.

Any money in your wallet? Come the December 1st due date for Cook County IL Real Estate Taxes - there will be less of it!

Ugggghhh!

Here's a link to our post today via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

CHICAGO TROPHY HOME - Next Door To President Obama's - Listed For Sale on MLS!

Mon, 26 Oct 2009 22:40:30 -0500

In the Kenwood Neighborhood on the South Side of Chicago, the Obama Family House sits on a large, wooded lot (left, in photo). Is extensively renovated. Over 100 years old.

But it's not for sale!

In fact, it has been for sale for nearly a couple of months already - privately, not listed. Take heed, Realtors and Homesellers - even a house located right next to The Leader of The Free World won't sell if it is not exposed on the Multiple Listing Service!

Well, starting Tuesday, it will be listed!

As reported today by Chicago Tribune Real Estate Reporter Mary Ellen Podmolik, the house needs extensive renovation, but contains much of the hand-carved woodwork and vintage features typical of a Federal-Style House built in the late 1800's for the well-heeled. It has a romantic front porch. A parlor, separate living and dining rooms, a big kitchen. Seventeen rooms in all! (Here are a few interior photos, courtesy of The Trib).

And, think about this!

When the Grimshaw's bought this house back in 1973, virtually no one on earth heard of a man named Barack Obama. Well . . . he was only 12 years old at the time!

Larger, mansion-like homes in the Kenwood Neighborhood, as well as the affluent Hyde Park Neighborhood immediately south, can sell for upwards of $2.5 Million in move-in condition, even in a weak Chicago Real Estate Market, assuming one can find a Jumbo Mortgage Loan. A few local Real Estate Brokers peg the estimated value of the highly-upgraded Obama Residence at nearly $5 Million, although that famous owner may have moved its value up a notch or two

Wanna see the Grimshaw house? You'll have to get Security Clearance from the Secret Service first. Traditional Public Open Houses? Sorry, not happening!

Need some extra yams for your Thanksgiving dinner?

You'll have to yell over the back fence and ask Michelle!

See our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Chicago IL Market Statistics Update - October 26, 2009

Mon, 26 Oct 2009 01:21:56 -0500

Good Morning!

Here's our Chicago Market Stats Update, based on data compiled Sunday evening, October 25, 2009.

Most of the key numbers were flat this past week, although Expired Listings show their usual mid-month drastic dip. I am somewhat encouraged, however, by a seemingly-positive trend in Pending Sales, although at far lower prices than even one year ago.

Active Listings remain stable in the North and Northwest Side of Chicago Neighborhoods we serve most frequently. Average Sales Prices were level as well during the past week. Once again, however, Average Market Time fell - good news!

Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, edged back up a bit this week, but not enough to cause alarm. The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame also improved - to 45.3% this past week.

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.

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 October 25th 3,887 59 68 12

w/e October 18th 3,888 53 72 27

% CHANGE +-0.0% +11.3% -5.6% -55.6%

CLOSED PROPERTIES DATA

AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME

w/e October 25th $243,523 138 DAYS $16,559,564

w/e October 18th $244,262 157 DAYS $17,586,864

% CHANGE -0.3% -12.1% -5.8%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e October 25th - LAST 12 MOS - 14.19 LAST 6 MOS - 10.95 LAST 3 MOS - 10.27

w/e October 18th - LAST 12 MOS - 14.20 LAST 6 MOS - 11.03 LAST 3 MOS - 10.20

PERCENT OF HOMES SELLING IN 180 DAYS -

w/e October 25th - 45.36% (UNSOLD - 54.64%)

w/e October 18th - 44.50% (UNSOLD - 55.50%)

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

CHICAGO HOME RESALES CONTINUE TO GAIN . . . But Median Prices Continue Down!

Mon, 26 Oct 2009 00:31:30 -0500

Here in Chicago, September, 2009 Housing Resale Figures mix good news with bad news!

The combined Units Sold total for condominiums and single-family-detached homes rose 5.9% last month, to a total of 6,862 homes, according to the Illinois Association of Realtors, in a story reported by Chicago Tribune Real Estate Columnist Mary Ellen Polmolik.

On the other side of the coin, however, median sales prices continued their free fall.

Across the nine-county Chicago Metro Area, the median sales price of homes and condos stood at $199,000 at the end of last month. That's down 10.8% from the same time last year, and is 22.7% lower than September, 2007 - two years ago.

Far-suburban Kendall County exemplified the opposite numbers. In Kendall, Condo and Single-Family-Home units sold climbed 26.2% for the month ending September 30th versus last year. However, the median home price county-wide fell 22% over September, 2008 - to $177,000.

In the City of Chicago, the number of units sold rose 5.8% last month, to 1,918 total properties closed. Since September, 2008, the median price for homes and condos sold in Chicago has fallen 16.2%.

Why the key numbers heading in different directions?

Many of the sold homes are held by distressed owners, many facing imminent foreclosure. Many other homes have already been foreclosed by the bank. Most sell to first time homebuyers, flush with promised cash from the Fed First Time Homebuyer Tax Credit of up to $8,000. That credit is due to expire on November 30th, unless extended or expanded by the U.S. Congress.

With no current house to sell, these first-time buyers have greater purchase flexibility, and more liquid funds, than move-up buyers needing to sell their old home before they pack up and move. According to National Association of Realtors Estimates, First-Time Buyers make up roughly 45% of all home purchases nationally over the past year.

How will the numbers fare in coming months? Will prices begin to turn up in addition to sold units.

Much depends on the improvement of the economy, reducing unemployment, and the level of increased stringency of mortgage lenders, hoping to make sure our credit crisis does not re-ignite once again.

Please read our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

DO YOU SELL FOR A LIVING? Be PROUD, Not Embarrassed! EVERYONE SELLS! EVERYONE!

Sun, 25 Oct 2009 23:33:39 -0500

Hope you had an enjoyable, relaxing weekend, folks. It's been cold in Chicago - but at least we got to see a bit of sunlight. Truth be told, however - Tom Skilling, the famous WGN TV Chicago Weatherman, says the clouds will be back soon, and for the rest of the week! Booooo!

It seems a bit curious to me when my wife and I go to parties, and folks start talking about what line of work they are in. The engineers, the lawyers, the doctors and accountants around the table seem a little proud of what they do.

Many Professional Salespeople, however, are a bit low key. Answering a little sheepishly. Perhaps a little embarrassed. Intimidated!

Kind of like what they do requires no skill, while the other professionals have finely-honed, learned skills.

Perhaps, in their minds, their hearing their friends think out loud, "Selling! I don't sell! I have a skill! Specialized training! I am a true PROFESSIONAL!"

If you've sold for a while, you know that is BUNK! Selling takes its own set of specialized skills, and often comes with a negative pre-disposition built in. In most situations, it is HARD, MIND-NUMBING WORK, and the good compensation the best of us earn does not provide complete comfort!

Consider an imaginary group of six professionals sitting in chairs at one side of a room. A doctor. An engineer. An attorney. A minister or priest. A CPA. And, lastly, a Professional Salesperson.

Most in the room would conjure all sort of top-of-mind images for the other professionals. Educated. Details-oriented. A shrewd business person. A trusted adviser. A numbers wizard.

But, that Professional SALESPERSON?

Only out to make a buck! Nothing special here!

Until you realize . . . EVERYONE SELLS! And I mean everyone!

The Doctor, selling you a course of treatment you are unsure about. The Attorney, not only to the judge and jury, but to the often-afraid and skeptical client. The religious leader - on morality, purity of thought, and compassion for your fellow man. The CPA - espousing the most profitable, but wholly legal, course of action among several options.

Do you have a SPOUSE? Most people our age do!

How did you get her (or him) to marry you! Likely, it wasn't because of your looks and charm alone. C'mon . . . a bit of good ole' salesmanship was involved here, wasn't it? Be honest!

So, if EVERYONE has to sell, EVERYDAY - why is it that Trained Sales Professionals often have such a bad rep? Makes no sense!

Inquiring minds want to know, as they used to say! Please share your thoughts!

DEAN & DEAN'S TEAM CHICAGO

THIS WEEKEND IN CHICAGO - October 23-25, 2009

Fri, 23 Oct 2009 22:30:18 -0500

HALLOWEEN IS JUST OVER A WEEK AWAY, but it's not too busy to find Halloween Happenings here in Chicago. Our Team Member Sue Moss provides a rundown for Pre-Halloween Week, 2009.

Franken Plaza at the Daley Plaza will feature performances, movie nights and arts & crafts from October 23^rd through October 31^st. Don't miss the Monster Bash this Saturday along with trick or treating, hayrides and, of course, a costume contest. Click here for more information.

Monster Film Festival at Portage Theater (4050 N. Milwaukee Avenue) will be featuring the 1931 version of "Dracula" Friday evening at 7:00 p.m., with a special appearance by Svengoolie, and on Sunday, "Abbot and Costello Meet Frankenstein" followed by "Creature from the Black Lagoon". Click here for more information.

Trails of Terror at Peterson Park (5801 N. Pulaski Road) in the North Center/Sauganash neighborhoods of Chicago. Please note these trails are not suitable for young children. Click here for more details.

No Scare Children's Trails this Saturday from 10:00 a.m. to 1:00 p.m. at Peterson Park. Click here for more details as well as a complete listing of all the Chicago Park District Halloween activities.

Nightmare at 63^rd Street Beach House is a horror movie-themed haunted house located at the 63^rd Street Beach (6300 S. Lake Shore Drive) in the Washington Park/Woodlawn neighborhoods of Chicago. Need more info - click here.

Disturbed is an audience participation theater event at the Oracle Theatre (3809 N. Broadway). Shows begin every 30 minutes. Curious about this one? - click here.

And now, Chicago suburban pre-Halloween activities -

Brookfield Zoo is scaring up the weekend with their Boo! at the Zoo and Dino Nites. Interested in attending both events? Click here for more information on purchasing a combo ticket.

HallowFest at the Chicago Botanic Garden in Glencoe. All aboard their "ghost train"! Click here for more details.

Haunted Harvest features a miniature golf graveyard, kids' activities, a haunted house and more at Lambs Farm in Libertyville. Click here to get more details.

Dream Reapers Haunted House in Melrose Park at 1945 Cornell Avenue. BEWARE of the unexpected! Click here for more specifics.

All Hallows Eve: A 19^th Century Halloween at the Naper Settlement in Naperville (523 S. Webster Street). Not recommended for children under 8! Click here for more details.

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

Enjoy the weekend! Hope you get to spend at least a part of it here in Chicago!

DEAN & DEAN'S TEAM CHICAGO

CHICAGO NEIGHBORHOOD NEWS - October 23, 2009

Fri, 23 Oct 2009 22:21:05 -0500

Ready for the weekend, folks? Cold, windy, rainy weather predicted for Chicago - but never a shortage of things to do in Chicago Neighborhoods.

Our Team Member, Cathy Mallers, provides more details in this week's Chicago Neighborhood News. This week, Cathy covers the Chicago Neighborhoods of Portage Park, Lakeview, The South Loop, and Lincoln Square, as well as the Chicago Suburb of Naperville IL.

Have something going on in any Chicago Neighborhood or Suburb you would like us to publicize? Let us know, and we'll get the word out for you!

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

PORTAGE PARK

You like to fish? You like to eat what you fish? If you do, there's a little known place in Portage Park, Hagen's Fish Market.

Not only do they have fish for you to purchase but they'll cook it for you too. Yep, if you bring in your catch, they'll cook it for you. They specialize in smoked and fried seafood for take-out service. There are no seats inside. There are a couple picnic tables outside.

LAKEVIEW

Perchance Boutique is celebrating its first birthday this evening from 7-9pm at its 3521 N. Southport location.

Find some great fashions, hidden treasures and more at this celebration filled with light bites, wine, DJ Michael Smith and raffle. Be sure to RSVP to joette@perchanceboutique.com and get on the guest list.

SOUTH LOOP

Starting this weekend you can attend an open house for the Motor Row Lofts located at 2303 S. Michigan Avenue in the South Loop. So why is this newsworthy information?

The lofts are being offered at auction on November 15. This is the only day the lofts will be offered at auction by Sheldon Good & Company. The lofts include one-, two- and three-bedrooms with minimum bids ranging from $140,000 to $240,000. A total of 20 unsold units will be available.

LINCOLN SQUARE

The Old Town School of Folk Music is one of the local treasures to Lincoln Square. Located at 4544 N. Lincoln it's just up the street from the Dean's Team new home and

Now you've got the great excitement of seeing Los Lonely Boys this Friday night in two separate shows. They will be playing a special acoustic set but be prepared for their famous "Texican Rock'n'Roll."

They will be joined by special guest Hacienda. They've been given comparisons to the Beach Boys if they grew up Mexican-American on the Texas coast.

NAPERVILLE

Coming this Monday, October 26^th, the Naperville community will be opening a time capsule from 1939 at 4pm.

Earlier this summer, the plaque from the DuPage Centennial Marker in Central Park was removed for cleaning and restoration purposes as part of a larger project to conserve four monuments in Central Park.

When the Conservation of Sculpture & Objects Studio team removed the DuPage Centennial bronze plaque from the granite stone, a time capsule was revealed. The capsule is believed to have been placed behind the bronze plaque at the marker's dedication in September 1939 honoring the county's 100th anniversary.

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

DEAN & DEAN'S TEAM CHICAGO

Lil' Buddy's Blog: Chicago Big-Box Stores, Many Now Vacant, Home To Temporary Halloween Outlets!

Fri, 23 Oct 2009 01:49:55 -0500

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

BOO, you dogs!

I don't know if you dogs have figured out what you're going to dress as for Halloween. Today, I'm leaning on becoming a Pit Bull (a natural for me, right? You see how tough I look!) My Lil' Sister - Gracie Ella Moss - she's planning on becoming the Wicked Witch of the East - again, she is a NATURAL for that, believe me!

Remember all those big-box stores around Chicago as recently as the last Christmas season? Stores like Circuit City? CompUSA? Linens and Things?

They're all gone, you know. Victims to a weak economy, and perhaps their own poor business models.

But, in their large, open, vacant retail spaces, this Halloween season and for the last several, huge, temporary stores geared specifically for the Scary Holiday have sprouted. These stores have brightly lit - albeit temporary - signage. Orange and black decorations. And, often, large, attention getting inflatable monsters gracing their entrances, vying for attention from driving shoppers who pass by every day.

As reported last week in the Chicago Tribune by Robert Channick, several companies open about 60 Halloween stores each year across the Chicago area, often in retail spaces in shopping malls and strip centers made vacant by the recent economic bust. They open each year just after Labor Day, and stay open until Halloween, with the biggest business days within 10 days of the holiday each year. Despite the recession, the companies predict they'll gross over $5 Billion in sales this season.

Each of the Temporary Halloween Chains employ full-time professionals who spend their "off season" searching for desirable temporary locations for the holiday. The typical rent for a big-box space - as much as $30,000 for the season for the most desirable and visible locations.

Beginning in late Summer, the chains hire an estimated 12,000 seasonal workers to man the stores. They are very profitable, due to low overhead and little, if any, required store build-out.

Some retail landlords are hesitant to rent to stores seeking such a temporary lease arrangement. With the soft economy, and higher-than-unusual vacancy levels, however, many have shown flexibility. They now welcome these Temporaries which draw in traffic to the mall or center, feeding the other stores, and, of course, providing some set-off for the lost rent, not likely to permanently come back any time soon.

The next likely growth area for these seasonal retailers? The Christmas Season! Indeed, Toys R Us plans to introduce up to 240 Holiday Express Stores this holiday season, many in shopping malls where vacant storefronts abound.

Well, it looks like next Friday will be the day Gracie and I will stop in to pick out our costumes, in advance of Halloween, one week from Saturday.

And, please, if we knock on your door - no bad apples! OK?

Trick or Treat!

Please read my post today via BlogChicagoHomes.com

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

FHA Lending Rules to Change, Complicating Picture for Condo Financing!

Thu, 22 Oct 2009 01:11:45 -0500

Within the last few years, here in Chicago, low and mid-priced condominiums have been the "jumping in" point for first-time homebuyers.

Why?

Condos are far less expensive than houses in the same area. Responsibility for repairs are often shared with the condo association. First-time buyers also typically have smaller families, and can get by with a smaller space.

And, of course, down payments are more affordable than they would be for a single-family home in the same neighborhood.

As recently as 2007, first-time condo buyers with less than the traditional 20% down payment had many financing options, ranging from government-backed loans, to very-high-leverage "piggy back" loans. "Stated Income Loans," in which a buyer could close by merely stating his income - without backup - were often available.

Today, however, buyers with less than 20% down often have only one financing option - an FHA-Backed Loan.

Borrowing with FHA funding requires as little as 3.5% down. Further, the borrower's FICO Credit Score for FHA can be a more-forgiving 620, versus the more stringent 720 score, sometimes greater, for conventional financing.

Here in Chicago, the majority of condo sales our Real Estate Team has closed in 2009 have involved FHA Financing. Nationally, it is estimated that the percentage of all homes financed using FHA Funding is 25% - up from only 2% a few years ago, when more low-down loan options existed.

As reported by Syndicated Real Estate Reporter Don DeBat, in his Home Front blog and columns, new FHA Rules, effective November 2nd, could delay the process of loan approval, at least initially. Gone will be the process of FHA Spot Approval, where an individual condo unit in a building can be approved for financing. Also, every condo building that was certified FHA Approved longer than 2 years ago will have to be re-certified.

Theoretically, the process, long-term, would be streamlined. FHA Direct Endorsement Lenders - large banks and Mortgage Brokers who have been certified to offer FHA Loans - can approve a subject condo building. The timing for such approval, however, is yet to be seen.

Also, the long-standing prohibition against FHA Financing for condos in buildings where the Condo Association has a Right of First Refusal - where associations can exercise the right to purchase an individual unit for the same price and terms as a buyer under contract - is being lifted. Here in Chicago, dozens of buildings not approvable for FHA for this reason alone will now qualify for such financing.

Bowing to a recessionary economy, where many condo units are in foreclosure, or distressed owners are behind in their condo assessments, the new FHA Rules require that no more than 15% of all units in a building or complex be more than 30 days late on their assessment payments.

Other FHA Financing Rules for condominiums -

- A minimum of 50% of the units in the building must be owner-occupied, not purchased as investments and rented to tenants.

- At least 50% of a the condos must be occupied or under contract prior to close for new condo developments. (Previously, this number was 90%)

- No more than 25% of a the floor space of a building can be used for commercial purposes, rather than residential units.

- Depending on the building size, any single owner or entity cannot own more than 20% of the condo units in a building.

Our Team Lending Partners are aware of the rules, but are unsure as to the how lengthy the delays for approval of new FHA Loans will be. As time passes, however, our lenders are confident approval will speed up, as more individual buildings receive approval for FHA Financing.

DEAN & DEAN'S TEAM CHICAGO