During the recent housing boom, I often heard from buyers upset that housing prices were rising too fast, homes were selling before they even had a chance to make an offer and sellers were unwilling to budge from their initial asking prices. Well, all that has changed. We are now in the midst of the best buyers’ market I’ve seen in Chicago in years. So, if you’re looking to buy a home in one of Chicago’s top neighborhoods, places like the Gold Coast, River North, Lincoln Park and Lakeview, I have one question: What are you waiting for? Just consider the latest statistics from the Illinois Association of REALTORS®: The median home sales price in the Chicago area during the second quarter of this year stood at $250,000. That may seem like a healthy number, and it is. But in the second qua... 08/19/2008

It’s a huge cause for concern: The number of housing foreclosures across the United States continues to go up. According to RealtyTrac (www.realtytrac.com), a national provider of foreclosed properties, one in every 171 U.S. households received a foreclosure notice in the second quarter of this year. That’s an increase of 121 percent compared to the same quarter one year earlier. This is unacceptable. And the fact that foreclosures continue to go up should worry everyone: Foreclosures can devastate an entire neighborhood. With the country suffering through severe economic doldrums, a wave of additional foreclosures is the last thing we need. Fortunately, last week members of the U.S. House of Representatives finally approved legislation that would provide financial assistance to U.S. ho... 08/19/2008

When considering the purchase of a new home, the choice of location is paramount as one of the factors in deciding where to relocate. This is especially true for those people who are migrating to a place that they are more-or-less unfamiliar with. This can include gathering information about the general aesthetics of a given neighborhood or street, and/or the location of schools, hospitals, and transportation with respect to your future home. Other inquiries can also be as trivial as ensuring a Starbucks© or your favorite restaurant is within close proximity (understandable considering we all love our daily dose of overpriced coffee). To take advantage of such a useful tool, simply click on the Maps section of Google's© home page and search for a particular address. A map will be displa... 08/19/2008

Good morning, Everyone! Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, August 17, 2008 - Pending Sales gave back much of last week's gain in the North and Northwest Side Neighborhoods in Chicago we serve, while Active Listings Inventory remained steady. There was a strong increase in Average Sales Price over the past week, but unsure if this is an aberration, or a definite trend.  Monitoring this figure over the next few weeks will help us answer this question.   Sales Volume jumped in conjunction with the increase in Closed Unit Sales and Average Price. High Average Market Time is still troubling. Absorption Rate, or average inventory turnover, increased 3% this week as well, with current inventory in the areas we serve very cl... 08/18/2008

According to the Standard & Poors/Case-Shiller Index for June, 2008, the Chicago Area Home Sale Price Index fell 9.4% from a year ago. More and more, we're seeing homesellers questioning the value of hiring a Full-Service, Full-Fee Real Estate Practitioner.  Many sellers, already strapped for cash and equity, cannot see the value in paying a Realtor several thousand dollars for something they feel they can completely handle themselves.  On a $400,000 house sold here in Chicago, a Realtor's Fee (never call it "Commission!") deduction can be $20,000, or more, including the co-op to the Buyer's Broker. We don't want to beat a dead horse here, folks!  The topic has been hotly debated - by Real Estate Sales Professionals, Attorneys, and Lenders, as well as family members, competitive lower-c... 08/17/2008

I list and sell a good portion of investment properties but have realized that a lot of first time buyers are purchasing a 2-4 unit building instead of a condo or a home.  This Forum is to help those understand how to manage, identify the right property, proper maintenance of an investment property.  Bridgeview Bank Group at 4553 N. Lincoln Avenue, Chicago, IL will have it's doors open this coming Wednesday at 6:30 p.m. for about one hour of questions and answers on how to manage, identify the right property, learn how to calculate your debt service ratio, and how to run the numbers as tight as you can when you invest in a 2-4 unit. Barb Van Stensel, third generation in a family of real estate investors, will lend insight as to what to look for when you looking for that ideal property a... 08/17/2008

You got that new listing!  As a Listing Agent, knowing how things sell in this market, you know the right price is key - but you offer a little bit of price flexibility when you sign the listing.  In other words, you might take that right-priced $239M listing at $249M - still "bracket priced," but just a hair high, most likely. You have an understanding with your seller that you can reduce the asking price quickly if interest lags - very important these days - yes? You explain your marketing program.  Your extensive web coverage.  Your blog.  Your IDX/VOW.  Visual Tours.  Video.  Dozens of photos.  Etc, etc. The seller understands your fee (never say "commission") structure, and what their money buys them.  Often, they try to negotiate a discount, but you protect your income, defending ... 08/17/2008

Hope you're enjoying the weekend folks! Here in Chicago, one of the silver linings in the increased gas price cloud is a spike in the use of Public Transportation.  CTA Buses and El Trains, PACE Suburban Buses, and METRA Commuter Trains have all seen surges in ridership as the price of a gallon of regular gas in the city has climbed to over $4.50/gallon in some Chicago Neighborhoods. Public transit is in two of the Northern Suburbs of Chicago will soon be a bit easier, however.   On the CTA Yellow Line, known more commonly as the Skokie Swift, a new station stop at Oakton Street will be built next year, and opened no later than 2010.  The station stop will serve Downtown Skokie IL a few blocks away from dozens of new condos and townhouse, and many recently-opened businesses. Check Googl... 08/17/2008

Maintaining your dryer and dryer vent system is of utmost importance to prevent dryer fires. The US Fire Administration lists clothing dryer fires as the cause of over 15,000 fires annually. Such fires cause structural damage, injuries, and around 15 deaths per year. "Failure to clean" is the leading contributor to clothes dryer fires. Proper dryer and dryer vent maintenance ensures your household will not fall victim to fires resulting from "failure to clean".   Some useful tips for properly maintaining dryer and dryer vent systems follow. •·         Clean lint traps before and after each use •·         Wash lint screens monthly with soap and water to prevent residue buildup •·         Refrain from drying fabrics covered in combustible substances •·         Store flammable items far aw... 08/16/2008

In my family, that request came once.  Second time around - we were sitting in the dining room, in chairs, in the corners and could not move.  Today's  language - it was considered a "time out".  That time out could be anywhere from 2 -4 hours.  Move and I mean change a finger position and our time out started all over again! What's this got to do about real estate?  Plenty.  I've been trying to get one of my clients to empty their house out for the last four weeks.  They have moved but left the stuff that doesn't allow the imagination to flow and hence - I'm wasting my time, money and energies on trying to get an offer when the buyer's can't see beyond your "leftovers". If I could, I would put you all in corners and make you realize what you are doing by delaying in your actions.  Mark... 08/15/2008

MAY 2008 Agent Profile: Akos StraubSelling residential real estate is not as easy as it has been in years past. Succeeding in real estate takes incredible amounts of hard work, time, dedication and knowledge. We all know, there are no shortcuts for achieving this success. Akos Straub is one of the top real estate agents who've made it look easy. Akos Straub with the CRF Marketing team at Koenig & Strey is one of the top producing real estate teams nationwide. The team’s sales volume exceeds $240 million a year.For Akos, he treats this profession as a full-time job even when he has some free time. Every minute he is doing something for his business. He has differentiated himself from the competitors by thinking outside the box. He is constantly looking to use advancing technology to stay... 08/15/2008

Chicago, August 1, 2008. Two of Chicago's most successful real estate organizations announced today that they are joining forces. Christopher Feurer, the principal of the Feurer Companies, and Michael Sato, his partner in CRF Marketing, the sales and marketing arm of the company, are joining forces with the principals of the Jameson Realty Group and prominent Chicago real estate developers Steven Golovan, Charles Mudd and John Lally to create a new brokerage powerhouse known as Jameson LLC. Feurer and Sato will become CEO and president respectively of the new Jameson, while Jameson founders Charles and Harry Huzenis will be actively involved with the ongoing operations of the firm and have been appointed members of the Jameson Board. Robert Flannery, currently Director of Project Devel... 08/15/2008

Sedgwick Development and JAMESON Real Estate is offering a progressive incentive to sell out the remaining units at the Marquee... Delivery available now! Move in immediately... The incentive is to "Live for FREE until 2009!" See the ad below. For more information, visit MarqueeChicago.com. Should you have any questions, visit me at StraubHomes.com To view the newest development, visit Terrazio.com - amazing prices and beautiful selections. Delivery Summer 2009. 08/15/2008

THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG! I'm just about set to go cruisin' for babes once again!  Now, if I only had some money to buy gas! About a month ago, many of the gas stations near the Dean's Team Chicago World Headquarters, in the Lincoln Square Neighborhood on the North Side of Chicago, were charging upwards of $4.50 for a gallon of regular. As a dog, you might logically assume that such high prices would cause us, as well as our human friends, to drive less to save money.  And, you would be right, according to a study conducted by the Federal Highway Administration. The study indicates that we in the U.S. drove 12.2 Billion miles less this past June, versus June, 2007.  Since gas prices began to climb last Nove... 08/14/2008

Good Afternoon, AR! The Internet and News Radio has been buzzing here in Chicago this afternoon as Mayor Richard Daley announced his estimated budget for 2009.  As you can imagine - it will be big - and, there is a large anticipated budget shortfall next year. How much of a projected shortfall?  Roughly, $420 Million.  Problem is, State of Illinois Law prohibits unbalanced municipal budgets across the state.  Therefore, it will have to be balanced. How so?  Perhaps severe job cuts of city employees - maybe as high as 1,800 layoffs are possible, according to Chicago 12th Ward Alderman George Cardenas, and Chicago Chief Financial Officer, Paul Volpe. The other alternative?  You guessed it - higher taxes(don't fall off your chair now!)  But Volpe says Mayor Daley has ruled out yet another ... 08/14/2008

I just reviewed an appraisal from two years ago, at the request of the bank.  What I found were inconsistencies, inadequate or non-confirmed information.  The interesting part was that within the debt service ratio where the bank reviews the expenses, the appraiser stated "free from the city" for the water service!  While it is a little "oops" that "oops" runs the owner $80/month and that figure wasn't calculated into the expense portion for the qualification of the property.  At no time in this report, did the appraiser state that the rents for the building were under market rent due to the size, condition and/or location.  Yet, while that might not play on something, the owners didn't know that they were getting below market rents for 1,900 square feet in prime Chicago neighborhood!  ... 08/14/2008

In Chicago, people are thinking about investing in the short sales, fast track properties, estate properties for their future.  It's not just about looking at the location of the building, but the style, the appeal, the numbers for the debt service ratio for the property, to the current leases, their terms and the anticipated rents in the future based upon the market and the location of the property. Buy & Hold: Market Value                                           $            Discount/Profit                             %Purchase Price                                         $             Amount Financed                       (-)             Down Payment                           (=)            Cost of Purchase (COP)               (+)            Cost of Repair (COR)                  (... 08/14/2008

Are You a Carnivore? If you are, and you live in Chicago, here comes a treat for you! Next month, in the South Chicago Suburb of Orland Park IL - Fatburger is coming to Chicago! California and the West Coast have several iconic hamburger chains - the world-renown In & Out Burger, complete with 1950's car-culture motif and assembly-line accuracy, and Jack in the Box - a chain that tried out the Midwest a quarter-century ago, but never quite succeeded here, and left us. But many in the know - those who have lived in or visited California - find Fatburger burgers are among the best.  They're among the biggest anyway - including the 1/2 pound Kingburger - juicy, and tasty!  Great fries, and hand-scooped shakes as well. Ten Fatburger Restaurants are coming to the Chicago Metro Area, under li... 08/14/2008

Recently I fought in a white-collar boxing competition, a popular event with people in traditional white-collar professions. A crazy sport like boxing isn’t the sort of thing you would expect from “shirt and tie guys”. Throughout the experience, or experiment, I got to asking; what’s the difference between being a white collar professional and white-collar boxer?   I gradually transitioned into real estate after years of working in advertising and I’ve always been a fan of boxing. When I heard of white-collar boxing I thought it was a perfect fit. I enjoy competition, a challenge, planning for something big and the other “fun” stuff. You’re just not living unless you have a little stress, pressure or head trauma.   The effects of stress as a realtor are mainly mental & emotional, were a... 08/13/2008

We just got the news that sales were down 29% for the second quarter.  Now, one can say this is just awlful or start looking at the fact that homes are no longer selling before the sign gets put in the ground and that now and hopefully, we have learned our lessons that 100% financing just doesn't cut it anymore.  With realistic and responsible financing for homes, and even though sales are down, the balance will come back into place.  On the other side of the coin, a lot of real estate agents and Realtors have dropped out of the industry because (a) they couldn't afford it; (b) it was too hard; (c) they liked the easy street where the consumer was held hostage and they had control; (d) they just didn't apply themselves.  I have some good friends that did care, that were producers, that ... 08/13/2008