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Chicago, IL Real Estate News

By Dean Moss, Dean's Team Chicago IL Real Estate Team
(Dean's Team - Keller Williams Realty Partners Chicago IL)
Those nasty POTHOLES are back in Chicago once again.  And, according to the Chicago Department of Transportation, we're only at the beginning of Chicago Pothole Season! For those not as city-fied as those of us here in Chicago, potholes are those growing craters, both large and small, that begin to pop up on our expressways, major thoroughfares, and less-busy residential streets each winter and spring.  They destroy wheel alignment, damage fancy aluminum wheels, and jar the nerves of those who cannot avoid them. Even though winter is officially only a week old, cold weather and snow, intermittently followed by periods of warm up, have pock-marked many road surfaces in the city, and made them not only irritating, but potentially dangerous as well. Near our office in the Lincoln Square Ne...
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By Dean Moss, Dean's Team Chicago IL Real Estate Team
(Dean's Team - Keller Williams Realty Partners Chicago IL)
For homeowners delinquent in their mortgage payments, January, 2009 will usher in a frightening time.  Effective January 9th, the Fannie Mae and Freddie Mac Foreclosure Moratorium, imposed during the holiday season, will end.  Predictions for thousands of new foreclosure filings, fed by a weak U.S. Economy, a continued freeze in the credit markets, declining home values amidst high homes-for-sale inventory, and the ongoing threat of job loss will cause concern, and sleepless nights, for many others trying to stave off delinquency. Several Chicago and Chicago Area assistance groups will be proactive in the New Year, while, at the same time, remaining hopeful that the new Obama Administration will take steps to assist many homeowners facing default. Title Company ATG - Attorneys' Title Gu...
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By Dean Moss, Dean's Team Chicago IL Real Estate Team
(Dean's Team - Keller Williams Realty Partners Chicago IL)
Hope you enjoyed Christmas with your family! I just wanted to share the latest Chicago Neighborhood News, compiled by our Team Member Jennifer Arcand.   This week, Jennifer discusses goings-on in the Chicago Neighborhoods of Lakeview, Lincoln Park, the Chicago Loop, and Norwood Park, and the Chicago Suburb of Naperville IL. LAKEVIEW Even in a slowing economy, nothing will dim the spirits of the aggressively cheerful holiday sweater.  This festive garb has launched an event of its own: the ugly sweater party.  Folks young and old, urban and suburban, gather together with a common goal-to don their ugly sweater and toast each other in good cheer."Everyone has one that their grandma gave them, and they never have any occasion to take it out of their closet," says Jason Erkes, the president...
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By Dean Moss, Dean's Team Chicago IL Real Estate Team
(Dean's Team - Keller Williams Realty Partners Chicago IL)
THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG! Merry Christmas, you dogs!  This week, I decided to post a day early due to the holiday.  I wanted to capture the mood of the Moss-Bartosiewicz Family Christmas, 2008, while all the fragrant memories are still fresh in my mind - and the taste of the end of Prime Rib is still fresh in my lil' belly! To me, Christmas in Chicago is an odd collection of TV ads, classic movies, and dozens of humans heading from store to store, fighting crowds for gifts, and often leaving very stressed out.  (Scouting the stores for this story earlier this week, however, I noticed there were fewer people out shopping, and they seemed to be buying less.  It appears, from this un-scientific Dog's Eye View,...
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By Dean Moss, Dean's Team Chicago IL Real Estate Team
(Dean's Team - Keller Williams Realty Partners Chicago IL)
CURRENT OWNER OF 7244 SOUTH PRAIRIE AVENUE, CHICAGO, TO SELL HOME WITH NOTORIOUS HISTORY THIS SPRING! Perhaps you're the one who already has everything - and everything else all lined up under the Christmas Tree this morning!  Well, just in case you're looking for one more uniquely-Chicago gift, one will be available after the New Year. The early-1900's era two-flat building where Al Capone lived when he first came to Chicago will be for sale!  Its current owner, Barbara Hogsette has plans to relocate out of state in a few months, and needs to sell.  She will be asking somewhere in the mid- $400's.  You interested? Check out Google Street View and you'll find the red-brick building blending right in to the other Chicago-style Bungalows and small apartment buildings up and down the stree...
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By Dean Moss, Dean's Team Chicago IL Real Estate Team
(Dean's Team - Keller Williams Realty Partners Chicago IL)
More snow here in Chicago tonight, slowing everyone's holiday travel plans here.  Be safe in your travels over Christmas! The dark cloud continues over home and condo sales, both here in Chicago, across Illinois, and nationally.  Figures released earlier today by the Illinois Association of Realtors for the City of Chicago indicate the sale of single family and condos sold dropped 41.3% in November as compared to 2007 numbers, while the median home and condo price fell 23.3% during the same period.  The current Chicago Median Price is $222,500, down from $290,000 one year ago. Across Illinois, units sold 33.9% versus one year ago, and the median price fell 13.2%.  The IL and local figures come on the heals of a discouraging report by the National Association of Realtors indicating a uni...
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Today, Freddie Mac and Fannie Mae announced that effective May 1, 2009 a new Code of Conduct for the realiability of Home Valuation for Single Family homes will be implemented May 1, 2009. To strike out and "lash" out at appraisers leading it to be something that may have caused the downfall on bad loans being sold because of false or misleading valuations needs to sent down the Grand River! Where I think the changes need to be in place are: When a SFR property is over $500K in value, then two appraisers who have evidence of appraising upper bracket properties that are filed with the local board, should be the only ones to appraise. An appraiser should be on an apprenticeship like they do in Michigan until they reach a certain level of quality work and number of apppraisals and courses....
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By Dean Moss, Dean's Team Chicago IL Real Estate Team
(Dean's Team - Keller Williams Realty Partners Chicago IL)
It is still freezing here in Chicago!   You want proof?  Watch ESPN for tonight's Chicago Bears-Green Bay Packers football game, and note the steam rising from the field, and from the players on both sides. While you're watching the game - say a prayer that the Bears will pull this one off tonight and keep their post-season hopes alive.  Will ya? Much has been said about Mortgage Loan Modification Programs, and their potential to make it easier for those in financial distress to keep their homes and fend off foreclosure.  Have you heard? Indeed, several large lenders - including Bank of America, J.P. Morgan Chase, Wells Fargo, and Citibank are considering more requests for Loan Mods than they ever have.  Still, however, the process remains cumbersome, and not every loan modification req...
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By Dean Moss, Dean's Team Chicago IL Real Estate Team
(Dean's Team - Keller Williams Realty Partners Chicago IL)
Good Morning! Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, December 21, 2008 -  Falling numbers for Active Listing Inventory and Just Sold (Pending) seem normal for the week before Christmas - they have slowed.  Closed Properties shows many scheduling their usual end-of-month closings early, in advance of Christmas Week.  Expired Properties may be following the same pattern, although comparative numbers are small.  All numbers predictable given the time of year - only a couple of weeks before Christmas, and the Chicago Real Estate Market appears to be slowing, perhaps a bit more than usual, this year. Another increase in Average Sales Price this week - if it keeps up, this is, indeed, an encouraging sign. Absorption Rate, incl...
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By Dean Moss, Dean's Team Chicago IL Real Estate Team
(Dean's Team - Keller Williams Realty Partners Chicago IL)
Rates on 30-Year Mortgages are falling here in Chicago, and they likely are where you are as well.  But those who qualify to re-finance with these new, lower-rate loans - and not every family does - are being quite a bit more cautious with the money they may save each month. Last week, the Mortgage Bankers Association indicated the average new 30-Year Fixed Mortgage had an interest rate of 5.18% for the week ending December 12th - the lowest average rate since the Association began keeping records 37 years ago. There is a bit of a different complexion to today's rush to re-finance, however. First of all, according to several lenders questioned, roughly one-third of all homeowners seeking to refinance fail to qualify, due to new, far tighter underwriting standards for loans. In addition,...
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By Dean Moss, Dean's Team Chicago IL Real Estate Team
(Dean's Team - Keller Williams Realty Partners Chicago IL)
Hey, folks! If you've ever been inside a bank-owned home, especially one in Chicago during the winter, you know the condition can vary greatly.  Some recent foreclosures bear close resemblance to any recently-vacated home - clean and ready to move in. A few, however - well, they could be pretty rough, especially in cases of burst pipes in the wintertime, or when squatter take up temporary residence.   This is a real shame, of course, as the poor condition of many homes re-acquired by banks are intimidating potential buyers, not willing to take on extensive repair and renovation right away. But the sheer number of foreclosed homes continues to increase. Despite the fact that foreclosures across the U.S. declined 7% in November versus October of this year, over 259,000 properties were at ...
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By Dean Moss, Dean's Team Chicago IL Real Estate Team
(Dean's Team - Keller Williams Realty Partners Chicago IL)
Man, is it cold here in Chicago!  We woke up this morning to an official O'Hare Airport low of Minus 6 degrees.  Now, it's a bit warmer - MINUS THREE! It's likely nicer where you are, I would hope - unless your a Dakotan or a Minnesotan, I would assume! More pessimistic predictions from local economists about 2009, I am sorry to report!  Many here are predicting tough times ahead for next year, and no easy recovery in the Real Estate Market, here in Chicago or elsewhere. However, one spirited roofer in the Chicago Suburb of Naperville IL plans to attack the economy head on, and plans to expand his operations next year, rather than cut staff and scale back. Let's get the doom and gloom over with first, folks - but stay tuned for the positive story of the owner of a family-owned roofing b...
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By Alan May, Home is where the hearth is.
(Jameson Sotheby's International Realty)
Okay... as we speak (type), it's minus six degrees, here in Chicago... and the wind has caused snowdrifts in my front yard.  The sidewalk I cleared, was covered again when I arrived at home a few moments ago (around 6:00 p.m.), and there's been no additional snowfall... just high winds and drifting, causing it to feel more like twenty-below. Today, naturally, is the day that my younger daughter chose to have her mom and dad (that's me) help her move into her new apartment.  The Movers are coming tomorrow.. but today was the prep day... get some boxes packed... move over some "breakables" (ie: the computer... television... glassware, dishes)... so that tomorrow.. .the big guys can manhandle the boxes and the furniture up two flights of stairs into her new apartment (remember Friends??? P...
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By Andrea Geller
(HOT PROPERTY® The Chaz Walters Group at Coldwell Banker Residential Brokerage)
Although the interest rates are historically low, the market is very volatile. When prospective buyers are going after the rates that were yesterday's news they don't understand why that rate is no longer available. It can change from hour to hour, minute by minute. The buyer needs to have identified the property they will be closing on order to be able to "lock" into the rate and have a loan application in process. This is where the partnership of the Realtor®, the mortgage professional and the purchaser comes in. The time to start looking is now and getting your loan in order now. I find one of the biggest mistakes the buyer makes is continually shopping lenders after they have gone under contract and losing out on capturing a rate. The inventory level is still high offering a lot of ...
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By ABC Plumbing Heating and Cooling
(ABC)
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By Andrea Geller
(HOT PROPERTY® The Chaz Walters Group at Coldwell Banker Residential Brokerage)
Between property values and interest rates, now is th best time for buyers. They can take advantage of great pricing and historically low rates. There are values throughout Chicago's neighborhoods including Lakeview, Lincoln Park and the Gold Coast. Frank Sommese of American Bank and Trust on this week's action: The government action that took place on Tuesday helped drive the 30 year fixed rate under 5%.  This has caused a rush to refinance mortgages.  I feel that if a homeowner can lock into a rate under 5%, they should jump on it.  These rates may be the lowest we see for a very long time. For information contact Frank Sommese at: American Bank and Trust 312 388-2176 fsommese@ambankqc.com
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By Dean Moss, Dean's Team Chicago IL Real Estate Team
(Dean's Team - Keller Williams Realty Partners Chicago IL)
Good Afternoon, folks!  If you enjoy snow, slush, and extended commutes, Chicago is the place to be today.  Live Back East?  Batten down the hatches - it's all coming your way! Here is this weeks' summary of Chicago Neighborhood News, from our Team Member, Jennifer Arcand.  This week, Jennifer covers the Chicago Neighborhoods of The Chicago Loop,  Edgewater, Lincoln Park, and Logan Square, as well as the Chicago Suburb of Oak Park IL. THE LOOP Railroad reconstruction crews rebuilt a nearly century-old curve along the CTA Loop elevated tracks in about five minutes. The recently completed work replaced about 1,000 feet of track, rail ties and train signals at Wabash Avenue and Lake Street and was in reality, done over the course of one full weekend.  A stunning time-lapse video that was s...
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By Jennifer Ames
(Jennifer Ames Chicago - Coldwell Banker)
If you've still got Christmas shopping to do, why not give your out-of-town family and friends (or even those in town!) a little Chicago flair this holiday season? There is wide selection of great gifts available that capture the essence of the Windy City. These include mail order deep dish pizzas, Intelligentsia coffee gift sets, and even CTA merchandise. Read more at www.liveandplayinchicago.com...
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By Jennifer Ames
(Jennifer Ames Chicago - Coldwell Banker)
With plenty of snow, larger than life Christmas trees, and years of holiday tradition, there's nothing like Christmas in Chicago. The Lincoln Park Zoo Lights, The Christkindlmarket at Daley Plaza, and The Macy's Christmas Displays are just some of the great ways to enjoy this holiday season in the Windy City. Read more at www.liveandplayinchicago.com...
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By Dean Moss, Dean's Team Chicago IL Real Estate Team
(Dean's Team - Keller Williams Realty Partners Chicago IL)
THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG! You dogs:  Do you carry Plastic?  Know what I'm talking about?  Visa.  Master Card. Discover.  Am Ex. I consider myself a responsible canine, and pay cash for most of my own purchases (in this photo, I'm counting my savings for my annual Christmas Eve Shopping Trip, at 4:30 PM, with my Human Dad, Team Leader Dean).  However, I must admit, I do have a couple of Credit Cards in my own lil' wallet. American Express, for example.  "Member since '06."  Visa - both a Credit and a Debit Card.  Got them both on those pre-approved mail offers so common a couple of years ago.  Heck, they were so simple, even a Lil' White Dog could apply.  I put my left front paw print on the application (bet...
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