Short Sales: Spinning vs. Finishing - 02/28/10 10:21 AM
This has been "Short Sale" week for some of my favorite pundits. On Friday Tara-Nicholle Nelson wrote in Inman News about The Hidden Costs in Short Sales. Ms. Nelson brings up a good answer to the question of why many short sales aren't approved. "What we've all been missing is the impact of private mortgage insurance (PMI) to offer banks -- especially second mortgage lenders -- an opportunity to recover their total loss if they refuse to allow a short sale and you lose your home". I have been circling around this idea for quite some time. Mortgages are simply financial … (4 comments)

50 Inexpensive Tips to Dramatically Increase the Value of Your Properties - 02/25/10 10:22 PM
This extensive list of ways to improve the "showability" and "sellability" of your home is definitely worth looking at. Any seller who does most of these improvements will have a leg up on the competition. Reblogged with permission from author Tai A. DeSa.
Via Tai DeSa (Significa Corporation):
50 Inexpensive Tips to Dramatically Increase the Value of Your Properties
 By Tai A. DeSa, Significa Corporation
Professional landlords and investors involved in property flipping should constantly seek to improve their property value while keeping costs low.  Below is a list of 50 tips that we shared with our property investment club (the Lehigh Valley … (2 comments)

Does Video Make New Customers, Keep Existing Customers, or Sell More Houses? - 02/25/10 07:44 AM
This morning Bernice Ross has a great article in Inman News on how to Get the most from your real estate Web site. Her #1 recommendation is to use video. She says "After Google, YouTube is the second largest search engine in the world. According to Fox, in September 2009 40 % of the 26 billion Web view were on YouTube".
I have some questions because I wonder if the video brings new customers or gives a better experience to existing customers.
 
1) Are home buyers looking at video through the standard website channels broker sites like bairdwarner.com, agent sites … (1 comments)

Realtors Get Another Dose of Tough Love - 02/24/10 09:25 AM
Home ownership is a unique convergence of economic self-interest and personal desire. Our current "housing crisis" is partially based on the home buyers -- and their Realtors -- who disguised unmitigated desire with a veil of long-term economic interest. Buyers made decisions based on opinions from "friends and neighbors" and the flood of media messages: "Housing Values Increasing, Credit is Easy, Buy Today". Honestly, now that we're living through the mop-up from the 2000s, why would we repeat the same behavior? Should we really base long-term financial decisions on Tweets?
In today's January 24 edition of Inman News, Robert Han asks … (5 comments)

Price Drops For Everyone! - 02/22/10 05:56 PM
Maybe the Rich Really Aren't Different From You and Me
According to February 19 article in the Los Angeles Times, the late Leona Helmsley's estate known as Dunellen Hall has just posted a significant price drop of 52%, from $125 million to $60 million.
Nicolas Cage's 11,817-square-foot English Tudor in Bel-Air has been reduced 50% to $17.5 million from $35 million when it first hit the market in 2006.
Les Baux de Palm Springs, home of Suzanne Somers and Alan Hamel, started at $35 million more than two years ago and was eventually slashed to a reported $12.9 million -- … (4 comments)

Batavia IL January - Mid February Market Report -- Signs of Spring? - 02/19/10 10:58 AM
 In July, 2009 Money Magazine named Batavia as one the top 100 small towns in America.
Homes sales are picking up in 2010. The number of homes under contract points to improving closed rates in March and April. Homes at the lower price points continue to outsell more expensive homes, probably a result of the tax credits and low interest rates.  We are seeing an increase in showings at all price points, which may result in more contracts over the next few weeks.
Data from MRED as of February 19, 2010

For more information on homes for sale in Batvia … (0 comments)

Geneva, IL Market Info: Forecast is an Early but Chilly Spring - 02/14/10 04:05 PM
We may have a foot of snow on the ground and it's 30 degrees but "real estate" Spring is here. Closed sales have increased 400% over January 2009 and there are an additional 38 homes under contract as of February 14.

Data from MRED
Despite this improvement over early 2009, as the number of new listings continue to increase -- due to regular Spring sellers and additional bank-owned foreclosures -- there is universal agreement that sales will slow when interest rates increase (March/April 2010) and the tax credit expires (April 30 2010). As Supply increases and Demand declines, prices … (0 comments)

Google Voice - 02/11/10 05:59 PM
Google Voice sounds wonderful. Does anyone have experience with it?
… (1 comments)

St. Charles IL Home Sales Are Picking Up - 02/09/10 09:19 AM
I've had the sense that market activity in St. Charles IL is picking up and the data supports that feeling. Closed sales in January 2010 are about 20% over closed sales in January 2009. The interesting column is the Under Contract, since it shows that there will be a respectable closing rates for February and March. The best selling price points are up to $300,000. Homes priced from $300,000-$450,000 are also selling better than in 2009. Homes priced over $600,000 continue to have high inventory and slow sales. Difficulty in obtaining jumbo mortgage loans and economy uncertainty are the key reasons … (1 comments)

Are Even Really Good Subdivisions Having BIG $ Problems? - 02/05/10 11:18 PM
Fox Mill is a subdivision in suburban St. Charles, IL about 50 miles west of downtown Chicago. It is an upscale subdivision popular with transferees and local move up buyers. Very surprising to read that the reserve account has $84,000 when it should have $6 million! But where does the $70 million figure come from? This article is from the February 4, 2010 Kane County Chronicle.
 
Fox Mill Sues Former Board for $70 million.
By BRENDA SCHORY - bschory@kcchronicle.com
CAMPTON HILLS – A homeowners association has filed suit against its former board seeking nearly $70 million in damages.According to court … (10 comments)

Real Estate Really is a Good Business in St. Charles, IL - 02/05/10 10:42 PM
Today turned out to be a great day day working in St. Charles, IL real estate...really and truly. It had all the makings of a normal day. Up at 5:30, slammed out reports promised to broker the night before, drove a kid to school, fussed with a sort-of-sick daughter, confirmed showing appointments, re-emailed disclosures for the 3rd time, and wrangled over a counteroffer. All before 10:00 am. Wrestled with conscience over leaving a sort-of-sick kid at home to go show, re-emailed HOAs, updated Sentrilock key and then it happened. My family room ceiling caved in. There was a waterfall in my … (4 comments)