Go Cubs Go, To The Rooftop - 11/30/11 10:04 PM
For anyone who was ever a Chicago Cubs fan, watched the Cubbies on WGN, or even made one or many trips to the friendly confines, your chance to own a piece of history is coming around soon.

Earlier, there was public notice that one of the Wrigleyville Rooftops was going into foreclosure and was slated to be sold at auction.  The owners instead filed bankruptcy to thwart the foreclosure and now it seems that the U.S. Bankruptcy judge overseeing the proceedings is indicating that a sale is coming around.  Go see it, the address is 3633 N. Sheffield, Chicago, Illinois, … (3 comments)

Hey, Is It My 31% OR Your 31% Of Those REOs? - 11/30/11 12:04 AM
In September of this year, there were roughly 800,000 homes that had been repossessed and still in inventory. Of those 800,000, approximately a quarter million were inventory for the federal goverment due to government backed mortgages through Fannie Mae or Freddie Mac. 
Said another way, 31% of Real Estate Owned (REO) properties were actually owned by US taxpayers. To me, this is an alarming number.
However, maybe even more alarming is the fact that the federal government issued a plea to you, yes you, to come up with a solution for handling and unloading the properties.  Possibly you saw the request, … (4 comments)

Condo Sales Still Anemic in Chicago - 11/29/11 08:56 AM
It seems that the change in season did not bring in a change in buyer's activity for condominiums in downtown Chicago. 
Last week, I briefly chatted with Gail Lissner of Appraisal Research Counselors regarding Chicago activity and she noted that it wasn't any better than the prior quarter and activity was less than the same period last year.
Quick summary: if you are looking to buy a condo right now in the downtown area, you will not be overwhelmed by hoardes of people camping outside the doors waiting to get in at 8am the next morning.  Quite the contrary, it may … (0 comments)

Suburban Chicago Rents Climb Higher - 11/28/11 09:31 PM
Right before the holidays, I attended a luncheon by CREC (Chicago REC) that featured Ron DeVries of Appraisal Research Counselors and I can surely say that what may be a bad situation for some is definitely turning out to be a good situation for others.
Ron pointed out that suburban apartment rents have continued to trend higher as would have-been buyers seek the refuge of renting along side former homeowners now relegated to renting due to their inability to buy.
All of that points to continued strength for multi-family and apartment building owners in the suburban markets around Chicago.  Granted, not … (2 comments)

Doing More By Doing Good - 11/28/11 07:31 AM
Now that Thanksgiving has passed, the onslaught of holiday marketing and holiday decorations will adorn nearly every corner.  Yet, one other important holiday occurence is the outreach of many local, and some national, charitable organizations who serve those in our communities.  If it was not for those charitable organizations, then many of those in our communities would not be cared for, attended to, fed, or even given a warm place to rest on cold nights.  This morning, I received a request from Lakeview Pantry, a local organization that cares for those who have less and do not know where their next … (6 comments)

Cook County, Illinois, Second In Nation In Job Loss - OUCH! - 11/27/11 11:54 PM
There are times when you can feel that something is awry, but you cannot always put your finger on it.  In this case, it is the higher than national average unemployment rate in Illinois, in general, and specifically in Cook County.  Cook County has experienced similar stubbornly high unemployment which both directly and indirectly affects the housing market.  It is not too surprising then that Cook County and Illinois, for that matter, are typically pretty high on the tally board for foreclosure activity.  No jobs, no ability to buy a house or much less, keep the house you are in!!!
Based … (3 comments)

Tryptophan Has Already Set In? - 11/27/11 07:19 PM
Granted Thanksgiving is hardly over and people are being called to take action with Black Friday, Small Business Saturday and Cyber Monday, but what of the government and the shadow inventory?  Has tryptophan already set in?  It seems that although the United States government has hardly ever been one to get on board with an existing holiday / action plan, they do come up with some of their own.
Nonetheless, it seems that is not an urge to purge at this time regarding the amount of properties owned via foreclosure, deed-in lieu of foreclosure, etc by the GSEs, Fannie Mae, Freddie … (0 comments)

Foreclosure Investing Success - Black Friday Style - 11/25/11 12:22 PM
Well, there are many who take advantage of Black Friday....namely retail buyers in retail stores...but what about distressed properties...and non-retail real estate investors and buyers....
In just 3 days at just 3 auction sites, 18 properties were sold to real estate investors seeking foreclosure and distressed property opportunities. Thank you to Cherry Picker Investment for sharing the results of some of their client's investing successes!!
Some of the properties were:
 
Cook County
 
4901 Hollywood Drive Country Club Hills Winning Bid: $ 54,900
 
510 Sunset Ave La Grange Winning Bid: $249,000
 
1475 Rebecca Dr #112 Hoffman Estates Winning … (0 comments)

It Is Black Friday: What Sale Will You Make Happen Today¿ - 11/25/11 12:09 PM
Indeed, today is the day after Thanksgiving and for many Americans, it seems that the concept of Black Friday is rooted in 'deals'.  If that is the case, then why swim upstream...why not go with the flow and help create more momentum....
What Sale Can YOU make happen today....
Personally, we are helping two clients confidently place cash offers on properties based on the valuation and appraisal assigments we are completing for them.
YOU....
 
Michael Hobbs, PahRoo Appraisal & Consultancy
… (3 comments)

What If There Were Black Friday Foreclosure Discounts - 11/24/11 04:37 PM
Given the influx of emails and flyers and radio spots which all tout Black Friday specials....what if that same was to occur for the real estate market....
might a good slice of possibly stale inventory suddenly come alive and move off the proverbial shelf of the lenders or banks....
just a thought...
 
Michael Hobbs, PahRoo Appraisal & Consultancy
… (2 comments)

Hopefully Chicago Real Estate Does Not Experience Chicago Bears Fate - 11/23/11 06:08 PM
In an earlier post this year, in a tribute to NFL fans, I proposed the possibility that the NFL teams could be an indicator of their respective city success in the real estate market.
Given the recent news that the Chicago Bears quarterback Jay Cutler has suffered a broken bone in his hand, I am thinking that maybe this earlier suggestion should be nullified....thoughts....
Michael Hobbs, PahRoo Appraisal & Consultancy
… (0 comments)

Chicago - Here Comes Acadia - 11/23/11 05:52 PM
For those who keep an eye on retail developments in the city and surrounding suburbs, they may have noticed a growing trend of top retail locations being purchased by Acadia and other competing retail acquisition groups.
Most recently, after the Borders in Lincoln Park failed, the recently constructed shopping destination was destined for distress.  Yet most recently, Acadia disclosed that it has bought this property along with at least 4 other centers or series of prime retail properties.
What does it mean for those in residential real estate.....well, one would like to think that a real estate fund with that kind … (0 comments)

Thanksgiving Is A Time To Reflect. What Are You Thankful For¿ - 11/22/11 04:08 PM
Indeed Thanksgiving for many conjures up images of gatherings, food, food and more food, and experiences that we are thankful for.  Indeed, in the midst of one of the worst, if not the worst, real estate market in many decades, there are many things to be thankful for.  Politics aside, this country is not as strong as it has been, but it could have been much weaker than it is.
It was not so many years ago, that this country of ours was assaulted viciously, costing thousands of lives, both by natural disasters and man-made terrorism.  Nonetheless, our country and our … (5 comments)

Go West To DuPage County, That's Where The Foreclosure Gold Is! - 11/18/11 06:47 AM
Throughout 2011, Cook County, in Illinois, has led the way in both the quantity of foreclosures and the number of foreclosures.  With that large volume, comes a large quantity of real estate parcels, single family homes, condominiums, commercial properties and busted development deals that are purchased by investors (also known as 3rd party bidders) at foreclosure auctions.
Yet, despite the large volume of available properties in Cook County, real estate investors, developers, rehabbers and foreclosure auction bidders are turning the eyes (and their wallets) west to Dupage County. 
Yes, a number of professionals are hearing that old mantra, 'Go West Young … (0 comments)

Yes, But What Is It? - 11/17/11 03:02 PM
One of the benefits of technology is that a picture can replace 1,000 words (or at least a lot of them).  Take the following house for example.
 
The property looks like most 'Bungalow' style residences in one of many Chicago neighborhoods.  Yet, would you believe this property had not 1 but 3 separate living units it?  From the street, it looks like the rest of the houses on the block...

Take a look at the rear of the rear of the property....

While this may seem like an extreme example, it is not.  Those photos, both exterior and … (7 comments)

The View Matters In East Lakeview - 11/16/11 10:24 AM
Once again the opportunity to see things that are not privy to every passerby makes appraising interesting and educational.  To the unsuspecting individual, it would not seem to be a big deal to buy a condo on a high floor along / near Lake Michigan with beautiful lakefront views.  But what if you overlooked the possibility that someone else closer to Lake Michigan could build?  And what if that 'building' could rise up as high or higher than your unit and then possibly obscure or even block your view? 
Recently, while standing out on the balcony during an assignment, peering out … (0 comments)

Illinois Drops to 7th In Foreclosure Rates - 11/15/11 11:28 PM
There are lies, damned lies and statistics....not my quote, but a great one indeed.  Recent information published by RealtyTrac, considered to be a credible source of information as they track a large quantity of foreclosure filings and data nationwide, pointed out the Illinois slipped to 7th position from previously being in the top 5...Woohoo...progress.  Granted, that is not the type of dance-in-the-streets good news that occurs when say the Chicago Bulls won the NBA championship or the Chicago Bears won the Super Bowl, but it is better news.
What does a change in the rate of foreclosure activity mean?  In general, … (0 comments)

Lake Eleanor: A Hidden Gem in Deerfield - 11/15/11 08:42 AM
One of the benefits to appraising property throughout Northern Illinois is the wide variety of houses and scenery that exist.  Earlier this year, the opportunity arose to provide an appraisal for property tax assessment appeal of a house on Lake Eleanor in Deerfield.  Not surprisingly, with the drop in real estate prices in Deerfield, the real estate appraisal to protest property taxes was quite beneficial for the owner.  The real value was the opportunity to spend time in the backyard of the client while peering out over Lake Eleanor.  A beautiful, peaceful scene indeed.

While specific information regarding the house … (0 comments)

The Price May Be Right; Own A Bar By Wrigley Field - 11/14/11 08:55 AM
If you have ever visited Chicago, or even if you are a regular in the neighborhood of the Friendly Confines, a nickname for Wrigley Field, where the Chicago Cubs of the Major League Baseball play, then you may have walked, er stumbled into, one of the local establishments. 
Last week, Crains Chicago Business announced that two Wrigleyville watering holes with colorful histories are up for sale.

The first one is Wild Hare, a legendary reggae bar at 3530 N. Clark St. that closed in May. The second one is Gingerman Tavern at 3740 N. Clark St.

For different reasons, … (0 comments)

Losing The Ones You Love; It Hurts.... - 11/13/11 07:51 PM
I'm sitting here looking at a United States Savings Bond, issued in Vine Grove, KY (that is near Fort Knox, KY) and it brings back memories of my late grandmother who passed away the year before.  Granted, I received that savings bond quite a long time ago, possibly as a high school graduation present and assumed it was long ago lost.  Yet, while rummaging through the basement for a surge protector, to avoid a trip to the store, I found that savings bond.
And don't you know, just seeing the envelope with the blue words "United States Savings Bond" across the … (5 comments)

Cold November Rain Anything But Cold - 11/12/11 06:03 AM
Location, Location, Location is a mantra repeated over and over and over.  And for many parts of the country, the changing of the seasons from Fall to Winter brings a traditional slow down in real estate sales activity.  Yet, as the market moves into the 'cold months' in many of America's northern markets, the mantra seems to be Price, Price, Price (with a wink to Location).
Earlier this week, I was chatting with Bardan Azari, Cherry Picker Investments, a Chicago-based foreclosure investment advisory firm, and he noted that there has been a significant increase in foreclosure sales in Northern Illinois.  Granted, … (3 comments)

Where Oh Where Have You All Gone? - 11/11/11 11:16 PM
Sometimes you look around and all you see is emptiness.  Maybe you're sitting at your desk.  Maybe you're sitting at your favorite coffee shop.  Maybe you're standing in the line at a local store. 
No matter where you might be, in the middle of all that is going on (or is not going on), there seems to be a growing disconnection of people.  Where oh where have you all gone?  Walking down the sidewalk seeing so many heads looking downward at their mobile device....a good number more possibly chatting away on their phone...and no telling how many more reading Facebook posts.
… (52 comments)

No,You Are The Only! - 11/10/11 06:21 PM
Last week, we received a call from a past client who swore up and down that their house in Glenview, Illinois, which was purchased in 2007, has NOT gone down in value. 
I'm sure that each and every one of you in the Active Rain community has had the pleasure of conducting a similar conversation.
In this case, the former client said that there was no way their house had gone down in value because there had been no foreclosures in the area and no one they knew had done a short sale.  Furthermore, they HAD to get a certain value … (3 comments)

Cost of Commuting? Higher Than You Might Think - 11/09/11 09:18 AM
Granted, we live in America...land of the car, the pickup truck and many, many automobiles.  But how often do you consider the cost of commuting?  What if someone told you it was $15,000 or more?
If you're like me, not very often.  It is just what you have to do.  Yet, over the weekend, I came across an article on lifehacker.com which attempted to quantify the cost of commuting for a single-earner household and dual-earner household.  Needless to say, it caught my attention.  Now, how accurate it is, I am not sure, but nonetheless it is food for thought and it … (0 comments)

Darwin's Rule Prevails in Chicago Area Homebuilding - 11/08/11 08:31 AM
Just when you think that the little guy might be returning to the housing market to deliver local customized residential options, Chicago Real Estate Daily, of Crains Chicago, published an article that noted large, publicly held firms are holding nearly all of the top ten positions.  The article quoted research by Tracy Cross & Assoc.
For anyone looking in the city or suburbs, they will definitely see the shift.  More recently, due to the size and scale of operations in the Chicago metro market, publicly held homebuilders accounted for less than 1 in 10 home sales.  Today, that trend is now … (0 comments)

It's Monday, Do You Know Where Your Clients Are? - 11/07/11 09:21 AM
Definitely one of the more challenging questions that many professionals do no ask, is where are your clients?  Yes, it is Monday.  For many, the beginning of another week of the same thing they've been doing for some long period of time.  For others, the beginning of a new week of opportunity, excitement, challenge or potentially even change.
One thing we have consistently seen over the past decade is that our peers in real estate sales, Realtors, who are really doing an above average job typically achieve this success in one of three ways.  Either they have a high-touch, high-attention approach … (10 comments)

What's the Temperature in Chicago's Neighborhoods? - 11/06/11 09:14 PM
Is it hot in here?  Or do feel that draft?  Maybe I need a jacket to keep warm...depending on which Chicago Neighborhood your paying attention to, you may feel quite differently about the temperature.
Information below is based on statistics comparing Feb. - April, 2010 to Feb. - April 2011. Percentages are based on medians of total sales provided by the Chicago Tribune.
You might be surprised to learn that some of Chicago's hottest neighborhoods are in decline...which is scary...and Halloween is over.  Foreclosures are known to rise when markets are falling. The more declining the market, the higher the probability … (2 comments)

Almost As Good As Stealing A Property? - 11/03/11 10:38 PM
12 properties were purchased on November 1, 2011, by real estate foreclosure investors in Cook, Lake and Dupage counties in Illinois, which included the Chicago metro area. Our client, Cherry Picker Investments, LLC, the top rated foreclosure investing solution service, continues to deliver exceptional results for sophisticated, nimble investors.  "We are seeing a real split in the foreclosure investing market right now as activity heats up due to rising distressed inventories of banks.  The less experienced investors appear to be overpaying due, likely due to their limited knowledge, but the experienced investors are actively acquiring heavily discounted properties for both rental … (3 comments)

Second Chance or Second Place? - 11/03/11 12:33 AM
Today might be your lucky day for a second chance instead of coming in second place.  If you are one of 4 million homeowners foreclosed upon in 2009 and 2010, you are being given an additional lifeline.
From the Federal Reserve, you are able to request an independent review of your foreclosure process. AND it is FREE to you. The banks bear the burden of cost.
If you're the gambling type, chances are in your favor that your bank is one of the 14 lenders targeted for enforcement. These include Chase, Bank of America, Wells Fargo, etc. They must undergo these … (2 comments)

The Sound of Silence - Disappearing Appraisers in Illinois - 11/01/11 09:24 PM
When is enough, enough?  Based on an email from TJ McCarty, a member of ICAP, Illinois Coalition of Appraisal Professionals, a voluntary group of appraisers in Illinois, it seems that many more are saying they've had it! and are tired of being mistreated, disrespected and all around de-valued. As noted below, many more have said the appraisal industry is horrific and they are fed up.
 
"Many of you have been calling me in the past month wondering how many appraisers renewed their licenses in September 2011.  We are down 20% gang, said TJ McCarty, ICAP.  Hence, October 2011 is an … (0 comments)

 
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Michael Hobbs, SRA

Michael Hobbs, SRA, LEED GA, RAA

Chicago, IL

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PahRoo Appraisal & Consultancy

Address: 1707 W. Roscoe Street, Suite 1, Chicago, IL, 60657

Office Phone: (773) 388-0003

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