Real estate blog entries tagged with chicago real estate alert by Dean Moss, Dean's Team Chicago IL Real Estate Team (Dean's Team - Keller Williams Realty Partners Chicago IL)

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chicago real estate alert: NO, DEAR - These Aren't BUS SHELTERS! - 01/29/08 03:02 PM

Entrepreneurs: Here's the next big construction craze in Illinois -
SMOKING HUTS - THAT'S RIGHT!
When Smoke-Free Legislation was enacted January 1st of this year across Chicago and throughout Illinois, smokers were forced outside, no matter the weather, to enjoy their cigarette breaks.
The new law prohibits smoking within 15 feet of a building entrance or window that opens - so smokers have to "hit the huts." Further, these huts have no doors - smoking is prohibited in any "enclosed area."
This one was recently installed at THK Corporation in suburban Schaumburg IL. The photo was taken by Terry Harris for The Chicago Tribune, … (3 comments)

chicago real estate alert: "THE REAL ESTATE MARKET SUCKS!" Many Clients Say - How Do YOU Respond? - 01/27/08 03:45 AM

Happy Sunday, Gang!
Over the years I have been selling residential real estate here in Chicago, I have found one routine that ultimately makes me more money than anything else. The routine -
CONSISTENT TELEPHONE FOLLOW-UP!
I provide quick news to my clients on market trends here on the North Side of Chicago, check in on the family, and remind them if they need our Team's help, or if they know anyone who does, to call me, or have those they know contact me. Rather soft sell - they know we're always there for them, and, predictably, they call me back when they need … (2 comments)

chicago real estate alert: MORTGAGE RATES MID-TO-HIGH 5%! But Not for Everyone! - 01/26/08 03:03 AM

Oh boy, my clients here in Chicago and the suburbs are reading the papers and surfing the web again!
They remind me 30-Year Fixed Mortgage Rates have dropped - in some cases as low as 5 5/8%, for purchases and re-fi's. With they buyer's market here in Chicago, some want to run right out, pick up a steal of a home, finance it cheaply - and perhaps resell it in a year or two for big money appreciation and profit.
Others simply want to refinance their current adjustable rate home loans, taken our a couple of years ago when they purchased with low … (2 comments)

chicago real estate alert: CHICAGO 2007 MARKET SUMMARY - Sales Down, But Median Prices Increase for Homes, Condos! - 01/25/08 02:29 AM

The U.S. Housing Market news continues to be dower from Wall Street - 2007 units resold down 13%, median sale price down 1.8 percent nationally last year.
Things slowed down in Chicago as well in 2007, but median prices actually INCREASED in the single family home and condo sectors.
A few summary statistics -
A total of 5,046 properties were sold in the North and Northwest Side Chicago Neighborhoods we predominantly serve in 2007 - a decrease of 19.2% versus 2006 resale figures.
The median sales price for Single Family Homes sold and closed last year in these same areas - $477,595. This represents an … (2 comments)

chicago real estate alert: U.S. Economic Stimulus Plan - Real Solution or More Window Dressing? - 01/24/08 12:38 PM

Hey, gang -
I'm not big on talking politics on a public forum like AR - but my frustration level is getting pretty high. Tell me I'm not crazy, or tell me if I am!
Congress and The President are tying the ribbons on a $150 Billion Economic Stimulus Package hoping to revive the economy, big time, quickly. Will it help, or has the horse already left the barn, and has the level of fear in this election year become too much to bear for these Washington politicians?
First, check out the full story in today's Wall Street Journal here.
Three of the key provisions … (1 comments)

chicago real estate alert: Ruptured Chicago North Side Water Main Points Up Cracks in Older City Infrastructure! - 01/23/08 02:42 PM

A Giant Sinkhole, filled with 8-foot sections of Chicago City Sidewalk, complete with parking meters, street signs, and street light poles, and a rushing, river-like torrent of water - all in the middle of a major North Side Chicago street. Very surreal - but very real. Occurring without warning!
About 1:30 on Tuesday Morning, January 22nd, a 36-inch water main burst beneath Montrose Avenue, at Honore Street, in the East Ravenswood Neighborhood of Chicago, roughly 3/4 mile from our Keller Williams office in Lincoln Square.
Luckily, no one was hurt, although several basements were flooded and businesses disrupted on both sides of … (1 comments)

chicago real estate alert: BIG FED RATE CUT! Will it Help Borrowers? Calm Financial Markets? - 01/22/08 12:36 AM

In a dramatic move, the U.S. Federal Reserve Board cut its benchmark Fed Funds rate 3/4 percent today, to 3.50%. It also dropped the Discount Rate to 4.00% - 0.75% as well.
As we know from recent press, the Fed price reduction was anticipated - at the end of the month, and at their next regularly scheduled meeting. But the emergency move today comes in reaction to huge selloffs in foreign equity markets, built on fears of a recession here in the U.S. Considerable volatility, and perhaps a substantial early NYSE selloff, had been predicted this morning - as Dow stock futures … (4 comments)

chicago real estate alert: LIGHTING UP? In Your Own Apartment - MAYBE NOT! - 01/20/08 03:31 AM

Is it illegal to ban apartment tenants from smoking in their own apartments?
Of course, consult your own attorney, folks.
But, in most cases, smoking CAN be prohibited in rentals - if a written clause in the lease addresses it. There is no discrimination involved, as those who smoke are not a "protected class" in Fair Housing laws.
In the U.S. the American Non-Smokers' Rights Foundation finds 2,671 municipalities across the country where smoking is prohibited or restricted indoors. As of the New Year, 2008, 23 states ban indoor smoking. Smoke Free Illinois, which took effect here in IL and across Chicago the … (0 comments)

chicago real estate alert: TOO-HIGH ASK PRICE? SHOPPER'S REMORSE? It's all Psychological! - 01/20/08 02:19 AM

Hey, folks! It's Sunday Morning in Chicago, and it is 3 below zero! Honey, pull out the old parka - I'm headed out for provisions! And, don't worry - I'll watch out for stray polar bears!
How many times have you had a seller tell you he has already decided on a "floor price" for his home - one that they won't go below no matter what? The market - irrelevant to them! Home not updated or poorly decorated - doesn't matter! Challenged location - didn't bother me when I bought the place years ago!
Or, buyers - no matter what price advice … (2 comments)

chicago real estate alert: In Chicago, Transit Crisis Averted - Seniors to Ride Free, But Everyone Will Pay! - 01/18/08 05:18 AM

LOCAL NEWS FLASH, FOLKS!
Yesterday, the IL State Legislature barely passed a Transit Reform Package. It impacts transit systems and transportation across the state, but it's main impact will be felt in the City of Chicago, and the surrounding counties in Northeastern Illinois.
The bill raises general sales taxes in the City of Chicago, Suburbs in Cook County, and towns in the outlying counties of Chicago - Lake, DuPage, McHenry, Will, and Kane. The sales tax will increase within the Chicago to 9.50% (still 2.00% on food and medicine - clothing taxed at the higher, 9.50% rate). Suburban taxes, depending on the county … (0 comments)

chicago real estate alert: EARLY VOTING - New Procedure in IL Can Revolutionize the Way we Vote! - 01/15/08 01:02 AM

Good morning, everyone! Hope those of you in the Northeast have successfully dug out from yesterday's snow!
In the State of Illinois, and all across Chicago, new election rules, beginning with the upcoming Illinois Primary on Tuesday, February 5th, to vote early - through January 31st - in designated Early Voting Centers across the state. The votes will be recorded electronically, but not counted until after the February 5th IL Primary Election.
In the past, the only early option was to vote by Absentee Ballot. Voters had to declare a reason why they could not vote on Election Day. No such explanation is … (2 comments)

chicago real estate alert: A Few 2008 Chicago Real Estate Market Predictions - Could Apply to YOU, too! - 01/08/08 12:43 AM

Good Morning, from a very damp Northwest Side of Chicago!
Just wanted to review a few statistics, thoughts, and predictions gleaned from Anne Brennan's article in The Chicago Tribune last Sunday, January 6th. Also, please check out our posting in yesterday's BlogChicagoHomes.com.
1. Median Chicago-area home prices increased 0.8% between November, 2006 and November, 2007. At the same time, Illinois median prices statewide dipped 3.0 percent. The median price of a home in the Chicago area last November was $247,000.
2. Many buyers will delay their purchases and sales past 2008, according to Bill Hummer, or Wayne Hummer Investments in Chicago. He, personally, doesn't see a considerable … (3 comments)

chicago real estate alert: VOTERS IN CHICAGO, ACROSS ILLINOIS - Are you registered to vote in the February 5th Primary Election? - 01/06/08 04:39 AM

Hope you're enjoying your Sunday afternoon, everyone!
Just wanted to remind you - here in Illinois, and perhaps where you live, the Voter's Registration Deadline for the February 5th Illinois Primary Elections is fast approaching! The deadline here in Chicago, and all over the State of Illinois, is this Tuesday, January 8th.
Here in the City of Chicago, there are several options to register to vote - the easiest being at your closest Illinois Secretary of State Drivers License Facility. Click here for a list of facility locations.
Cook County residents can also go to Downtown Chicago to register - at the Offices … (1 comments)

chicago real estate alert: Contractor Down Payments - Be Careful Before You Hand Over Big Money! - 01/04/08 03:55 PM

Hope you're enjoying the weekend, people!
We all have scary stories about contractors not performing their work in a professional, workmanlike manner. My own brother-in-law, in Warrenville IL, is still in court for some shoddy work on his home addition improperly completed 8 years ago. When I first got married, back in the 80's, our six-week basement finishing job turned into a five-month ordeal.
In Illinois, as in many other states, there are no regulations concerning the maximum down payment to be paid to contractors starting a home improvement project. (A few states, such as California, actually limit the initial contractor down payment … (1 comments)

chicago real estate alert: More Rate Cuts Possible, says FED in December, 2007 Meeting Minutes - 01/03/08 03:20 AM

When the Federal Reserve Board Open Market Committee reduced the benchmark Fed Funds and Discount Rates last month, to 4.25% and 4.75% respectively, they left open the possibility of further rate cuts in the near future. Their concern - continued sluggishness in the credit and housing markets has continued to impact overall consumer spending.
Some of the members of the Open Market Committee saw the recent downturn in the financial markets and the economy suggestive of a "substantial further easing of policy."
As we know, some, but not all, adjustable consumer mortgage rates are directly affected by Fed interest rate policy, and their … (0 comments)

chicago real estate alert: Chicago and Illinois Condo Owners Face New Rules in New Year! - 12/31/07 03:52 AM

Happy Monday, everyone. Enjoy the last day of 2007!
Here in Chicago, and in Illinois, condo owners will face several new rules in 2008. One, in particular, will save condo owners and associations in the City of Chicago, considerable money. Here are a few of the changes. Also see our post today on BlogChicagoHomes.com, as well as Pamela Dittmer McKuen's article in the December 27th edition of the Chicago Tribune.
1. The Chicago City Council has approved a measure to lengthen the inspection times for the facades of buildings in the city more than 80 feet high. Complete facade inspections need now only … (0 comments)

chicago real estate alert: PMI Deduction Extended - Silver Lining for Many Highly-Leveraged Borrowers! - 12/30/07 05:40 AM

Hey, gang - we're stockpiling Champagne for the big celebration Monday night!
The news isn't all bad for highly-leveraged borrowers in today's housing market - in Chicago and elsewhere. Congress this week extended, through 2010, the Income Tax Deduction for Private Mortgage Insurance. This will help out many middle-income borrowers who originated their loans beginning in 2007.
Realtors, spread the word to your buyers - and you might even get a New Year's kiss from them!
Here in Chicago, our Team has several buyers that would be impacted by this deduction extension. One has monthly PMI payments approaching $150. Although many borrowers, beginning a … (1 comments)

chicago real estate alert: Chicago Better Off Than Many Metros in Home Price Decline - 12/27/07 02:06 AM

Spotted in article this morning in the Chicago Tribune, written by Susan Diesenhouse - while the U.S., as a whole, has suffered a 6.7% average decline in resale prices between October, 2006 and October, 2007, resale prices here in the Chicago Area have declined, but not as much - 3.1%, on average.
It's anybody's guess as to why, here, we typically are more stable during housing downturns nationwide. Some say there is less specuation by outsiders here, and the old-catch all - "Solid Midwestern Values". Still, the downturn is scary!
Here are a few of the numbers from the Standard & Poors/Case-Shiller Index, comparing … (0 comments)

chicago real estate alert: Chicago to Bring "Eco-Friendly" to it's Alleys! - 12/26/07 08:08 AM

To those of you just waking up after a long Christmas celebration yesterday -
GOOD MORNING!
Green Alleys! No, this is not another Chicago publicity thing to draw attention - we DO dye the Chicago River BRIGHT GREEN for St. Patrick's Day every year, you know!
This pilot program involves installing new permeable asphalt or concrete, or a more sophisticated drainage and heat abatement system, into the over 1,900 miles of public alleys that parallel Chicago residential and commercial streets. (Apparently, Chicago has more miles of alleys than any other city in the world!)
Alleys, of course, do perform an important public function. They provide convenient … (1 comments)

chicago real estate alert: Home Equity! It's on the Decline - and Being Irresponsible with it Can Hurt You! - 12/23/07 04:27 AM

Hope you're enjoying your Sunday afternoon, everyone. All of your Christmas Shopping done?
In scanning today's Chicago Tribune, and today's column by Real Estate Editor Mary Umberger, I read an interesting couple of paragraphs that average home equity across the U.S. has fallen by 10% since 2001. According to FED figures in their recent Flow of Funds study, average home equity six years ago was 56%. In the Third Quarter, 2007, the average equity figure, or current appraised market value minus total outstanding mortgage debt, fell to 50.4%.
Please click here to review Umberger's column today - here comments on the Home Equity Slide … (3 comments)

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