It Ain't All Big Hair and Cadillacs

Some Days'ill Drive Ya To Drink

2008-08-10T13:39:00.000-05:00

Chicago - that t'totallin' town! According to the Chicagoist, the only cities in the US that outdrink us are Austin, San Francisco, Providence and Milwaukee. Ok - Milwaukee is not a huge surprise considering you could take one step in Brewer's Country and essentially fall into a bar.

Providence? PROVIDENCE? I guess if I lived there I'd drink too - heavily.

Austin and San Francisco are interesting. I'd take San Francisco as more of a - er - natural, kinda herbal city. Austin? College town - 'nuf said.

According to the article, "62 percent of Chicagoans had had at least one drink in the last month, 5.4 percent were regular drinkers, and 20.4 percent had consumed five or more drinks on one occasion."

Geesh - PEOPLE! What are you waiting for? A six pack includes 6 individual cans - hence the name - SIX PACK! Why would you stop at 5?

Drink up Chitownians! *hick*!

A Realtor's Life: Deeply Spiritual and Cheesier

2008-08-05T14:16:00.000-05:00

I admit my mind works a little differently than most - I like to write and talk about things that are current - so, in light of the past week’s recent events, I decided that I wanted to correlate last week’s LA earthquake, the current credit crunch and my recent trips to Costco into a meaningful discussion regarding real estate. Surprisingly, there is a high correlation.

I have a habit of sharing my addictions as many of you well know - caffiene - and yes, Costco - sad to say, I often find myself “dining-out” with the combo pizza, occasionally the chicken caesar salad, 2 hotdogs (for my dogs) and let’s face it - the 2 drinks are essentially free. Critical in today’s tough economic times.

You ask - how is this even remotely relevant? Well - after hearing the news regarding the quake, and the follow-up public service announcements locally on the radio questioning what my emergency plan is in the event of an actual emergency - have I made the necessary arrangements for 72 hours of provisions - bottled water, food, batteries etc?

I immediately thought - I need to go to Costco.

Prior to my almost twice weekly adventure - mind you there are 2 of us plus 2 dogs - I checked to see what I needed - a quick scan of the pantry revealed 36 boxes of Mac & Cheese, 24 rolls for toilet paper, 72 bottles of water, two 128 fluid oz bottles of Neutrogena handwash - fridge check - 4 gallons of milk, 36 eggs, 128 oz of mayo and 48 slices of Timberlake muenster cheese. Hmm - no batteries.

Off to Costco.

Being a Sagitarius, I am by nature an optimist, however, in light of my chosen profession, I am becoming intimately familiar with actual emergencies - the professional kind. I’ve negotiated some tough deals, fended off irrate clients - but the emergencies I am speaking of are realtor’s-life threatening. I Twittered briefly today with fellow “hound” Tom Vanderwell regarding Meredith Whitney’s interview on CNNMoney.com regarding the nature of the credit market. She has a fairly solid track record of getting her predictions right. I also recently read Crain’s Chicago Business and its article regarding the latest market statistics in Chicago - their real estate category clearly highlighted how the subprime mortgage fiasco directly affected the Chicago area.

After reading the Crain’s spread, I was unnerved regarding the following statistics:

1. Half of Illinois residents with a subprime mortgage have made a late payment
2. Nearly 80% of the 144,341 subprime mortgages in Illinois as of December, 2007 were in the six county area. Cook County represents 80,800 of the 144,341 of subprime mortgages held in Illinois or 56%.

Statistically, of the subprime mortgages held:

1. 59.6% are current on their payments
2. 10.2% are 30-59 days past due
3. 5.4% are 60-89 days past due
4. 8.0% are 90+ days past due
5. 12% are in foreclosure
6. 4.8% are REO or Real Estate Owned - they have been foreclosed and are currently bank owned.

75% of subprime mortgages issued in Illinois are adjustable rate mortgages. In Chicago and surrounding suburbs, 80% of these loans are scheduled to reset in the next two years.

These latest stats in Chicago, combined with Meredith’s comments regarding the still to continue contraction of capital available for lending due to the downgrading of mortgage backed securities, indicates to me that whatever buyers that are currently active in the market will continue to be pressed with fewer lending options. Yes - lenders are lending - but to a far fewer number of buyers.

Needless to say, the deals aren’t coming together quite as briskly - I’ve put off buying the “wants” versus the “needs” - and even though the 36 boxes of Mac & Cheese sounds like alot, I’m finding it complements the rotisserie chicken quite well. There are some that are saying that some markets are hitting bottom. Quite frankly, at the risk of sounding alarmist - I sense we are not yet into the thick of it.

Granted the recent Federal Housing Bill 3221is intended to assist in providing the necessary capital to keep the mortgage market afloat, however, until lenders work through the write-downs of the assets, i.e. the houses in various stages of foreclosure, I doubt the new Federal housing bill will truly free up money for buyers in the short term. No matter how well staged or well priced a property is, I don’t think it’s going to get any easier to sell. Dropping the seller assisted downpayments will hurt.

This begs the question - while counter intuitive to a market of historically low interest rates, will seller financing become an attractive way to sell real estate? I think for the sellers that still have equity and are in need of selling, it might be worth discussing. If the Chicago statistics are any indication, I’d say we’re in this pickle for at least a good 2 more years.

Needless to say - I sense that my life is going to get a bit more Mac & Cheesier. I’ve been praying alot harder too - I’ve been asking the Man upstairs to please send me cash buyers.

Ok - I guess I’m going to make another trip to Costco. May as well pick up some more Mac & Cheese and candles - for novenas. Does Costco sell plastic injection molders? I thought I’d pick up one of those and crank out a few Saint Joseph statues. I hear he’s been working overtime.

The Rotunda - Construction Update Video Diary

2008-08-03T00:38:00.000-05:00

It was a beautiful day today so I thought I would spend some time on the construction site at The Rotunda - here is my latest video diary:

Views, Glorious Views! Open House Sunday, August 3 from 1pm to 3pm

2008-08-02T17:46:00.001-05:00

Hi All! Just wanted to post my own version of a virtual open house. Traffic today was incredible! 20 people walked through this unit. For those of you who didn't have a chance to visit this great unit, I've included a brief video of the property's highlights.

Just the Facts, Jack - Chicago's Real Estate Facts and Stats

2008-08-01T17:34:00.000-05:00

According to Crain's Market Facts 2008 report, here is the latest and greatest stats regarding Chicago. Some interesting factoids to nibble on:

By 2013, Cook County is the only county in the Chicagoland metro area to have a projected decrease in population:

2000: 5,376,741
2008: 5,392,784
2013: 5,378,813

How old is the median Chicagoan? In 2008, 34.8 years old - increasing 4% since 2000. We must like it here - I guess we're just growing old together.

Highest population growth in Chicago:

1. Near West Side (west of Halsted and south of Van Buren) from 2000 to 2008 = 71.65% increase
2. Near North Side (Halsted south of Division) from 2000 to 2008 = 65.54% increase
3. Near South Side (South of Cermak and Michigan Avenue) from 2000 to 2008 = 28.22% increase.

Highest population decrease in Chicago:

1. Near West Side - because the area may have more than one census tract, the area is also decreasing. From 2000 to 2008 = 5.7% decline Basically, they don't know if they're coming or going.
2. Washington Park - the projected site of the Olympic Village. From 2000 to 2008 = 4.1% decline.
3. Hyde Park - From 2000 to 2008 = 3.6% decline.

While this may not be a shock to most of us who live in this fair city, the cost of living in Chicago is higher than the national average, however, it is still cheaper to live in Chitown than in New York or Los Angeles - um - duh.

An interesting revelation? Where Chicagoans fall in terms of what we earn - we ranked third, not behind New York and Los Angeles, but New York(1) at $49,789 and Houston(2) at $43,174. Chicagoan's per-capita personal income came in at $41,591, y'all.

When it comes to where we spend it? Windy City residents pay a higher percentage of their mulah on entertainment, healthcare and charitable contributions. When you need to stop for cash for that dinner out? Chase has the most bank branches and ATMs in Chicago - second is Bank of America.

Puff out your chests fellow citizens on the lake - ALAS! Chicago as a city ranks third in gross domestic product in the US. The city of Chicago's economy ranks between The Netherlands and Turkey relative to global GDP ranking - our economy is larger than Turkey and Belgium! Drink all the beer you want Belgium, we're still kickin' yer ass.

When it comes to healthcare, just over 1 in 4 people in Chicago are without health care coverage. A pathetic statistic that I truly hope gets addressed under our next administration. On the bright side, if you die in Chicago - regardless of whether or not you're a male or female, it's most likely due to heart disease.

We're darn generous to those who wait on us while we dine and imbibe - Chicagoan's tip an average of 19.1% - the national average is 19%. We eat out an average of 3.2 meal per week, probably while reading "A New Earth Awakening to Your Life's Purpose" - the number one best seller in Chitown.

While all those facts are indeed facinating, let's get to the stuff that really matters, shall we?

REAL ESTATE!

The number of homes sold in the Chicago area in 2007 fell 20.6% on average - 20.1% in Cook County. The median home price - not necessarily the best indictor, remained flat in 2007. Median price in Cook County in 2006 was $255,000 increasing to $266,000 in 2007.

The median monthly cost of ownership without a mortgage in Chicago = $559 With a mortgage is $1,840. Slightly higher here in Chicago without a mortgage than Los Angeles and less than New York and LA with a mortgage.

How did the subprime mortgage fiasco affect Chicagoans?

1. Half of Illinois residents with a subprime mortgage have made a late payment
2. Nearly 80% of the 144,341 subprime mortgages in Illinois as of December, 2007 were in the six county area. Cook County represents 80,800 of the 144,341 of subprime mortgages held in Illinois or 56%.

Statistically, of the subprime mortgages held:

1. 59.6% are current on their payments
2. 10.2% are 30-59 days past due
3. 5.4% are 60-89 days past due
4. 8.0% are 90+ days past due
5. 12% are in foreclosure
6. 4.8% are REO or Real Estate Owned - they have been foreclosed and are currently bank owned.

These statistics alone clearly show that we are far from out of the housing mess in Chicagoland. 75% of subprime mortgages issued in Illinois are adjustable rate mortgages. In Chicago and surrounding suburbs, 80% of these loans are scheduled to reset in the next two years. If you have an adjustable rate mortgage, be sure to find out if you are eligible for the new FHA government backed refinance program.

While there are a number of other statistics worth mentioning, there is one that I found that might just cut both ways. Chicagoan's divorce rate is less than 50% and below the national average.

While that statistic sounds hopeful, I can't help but think that we simply prefer to live in misery? Surely I jest - um - hello?

Mayor Daley Not So Bootylicious

2008-07-31T15:44:00.000-05:00

So - how many outstanding parking tickets do you have? Well, if it's more than 2, pay up or get the boot! The Chicago SunTimes this morning had it all in black and white.

In order to close the widening $400M budget gap in Chicago, Mayor Daley's rather unpopular plan is to subject any person with more than two outstanding parking tickets or two redlight violations the distinct pleasure of having their car incapacitated with the device called the Denver Boot. History has shown that the plan has actually brought in the dough. In 2002, the city reduced the penalty from 5violations to 3 which generated $8.2M smackeroos - that ain't chump change.

City Alderman aren't finding the plan bootylicious - many are concerned that any additional financial burden on their constituents will only worsen the financial strains due to the current economic downturn.

Speaking from personal experience, getting the boot ain't no Rocky Mountain High. It is FAR cheaper to pay the tickets. If you dare to play Russian Roulette with the City's Department of Revenue, just know - according to the SunTimes article, last year, Chicago booted 58,886 vehicles. The booting rate is up slightly this year -- to 29,719 through June 30 -- thanks to vans equipped with automated license plate readers. They stalk the streets at all hours.

Come to think of it - make sure you have your new city sticker too. Um - when I got the boot, I didn't have the new sticker either - again - fun? Not so much.

The Buck Stops Where?

2008-07-28T23:31:00.000-05:00

Ya know - I’ve decided that I want run for Congress - my dilemma: overcoming the paradigm that one aspires to move up and not - um - down. BUT! Just think of all the fun I’d have riding the train under The Capitol - sitting in convertibles waving at my constituents in parades, playing golf with my lobbiest “buddies” - Ahhhh - what a LIFE!

Honestly, though - I think the best part would be sitting in commitees and writing legislation. Imagine sitting in a big room covered in mahogany wainscoting, sitting in a cordovan leather highback chair behind the massive, hand carved desk with my BIG brass name tag in front of me -I might even have a microphone in front of me. My voice would boom while speaking down to the little peop - er - constituents - um - not MY constituents, but constituents nonetheless.

My esteemed colleague would be standing behind me whispering where the guys were going to meet up for drinks after the hearing while the pathetic homeowner in front of me goes on and ON AND ON about how some slick mortgage broker sold him a bill of goods and now he can’t make his mortgage payment. But I feign to listen because it’s only for a few hours and then I get to ride the under ground train with my buds ‘cuz tonight I’m drinkin’ and schmoozing with da bankers!

Just think about it! I’d get to drink single malt scotch while Jimbo Biggidy Big Banker throws his arm around my shoulder, pulls me aside - walks me out on the patio at The Capital Grille, hands me a cigar and tells me that those wacky Wall Street boys - ha ha - you know the type - custom shirts and suits from Hong Kong - well they really blew it. Look at ALL that hell they’ve caused.

Jimbo likes to talk in the third person.

Tommy - Jimbo’s bank is losing money. How was Jimbo supposed to know that people weren’t going to be able to pay for all of those mortgages? I mean housing always goes up - ha ha *slap on the back* right?

I mean - if I have to write down the value of all those assets - well -um - you see Tom, Jimbo and Marge won’t be able to host that ski junket in Vail this year - and we all know how much Tommy LOVES to ski.

Dammit! There is no way in hell I am NOT going skiing in Vail this year.

So Jimbo - let’s just say I get a few of my esteemed colleagues together - write a few rules and regs - make sure my boss covers your ass. You won’t lose a penny more on those declining assets - I mean, if you have to write them down to say - 85%, will that keep Vail in the running? Let’s face it - you can always foreclose - I mean who wouldn’t want to find a bargain?

The Epic Battle Ensues: Realtor vs. Realtwhore

2008-07-25T13:53:00.000-05:00

Not sure if you’ve visited TruliaVoices lately - there is an active thread currently running, at last count, 1,599 responses. I believe that is the longest running thread in Trulia’s fledgling history. The poster has since updated the question with more information qualifying the question due to the overwhelming number of responses, however, the basic question is, “Why should someone buy in this market?”

When initially posted, the question was a legitimate query into an expert’s view as to why someone in the poster’s circumstances should buy in Chicago. Personally, I had a problem with the question - should the response be a multiple choice response?

a. buy low, sell high
b. interest rates are at historically low levels
c. Jill is half as tall as Bill and 3/4 tall as Sally
d. Vicodine
e. There is insufficent data to answer to this question

I like “e” - and for the first time in almost 30 years, I can now fully appreciate the significance of that answer on the SATs. For those of you who found Vicodine to be the logical choice, may I suggest an intervention?

Ok - so I’ve been following the thread from time to time, watching it morph from being a useful discussion to - lately - a discussion regarding the existence of nuclear weapons in Israel. Almost like a game of telephone gone bad. More disturbing to me however is how the question has evolved into a rhetorical question “WHY THE HELL would someone buy in this market? What are you, an idiot?”

If you’re familiar with the TruliaVoices rating scheme, you understand that comments are rated by either a thumbs up or thumbs down. Honestly, I think there’s a conspiracy brewing. As you read the responses of the many realtors who answered the question, “There is no better time to buy!”, many of those responses were met with a burrage of thrumbs down. You can almost hear the resounding “BOO!”, “LOSER!” - you know, while you’re at, why don’t you just poke me and call me fat.

On the flipside, the number of written responses as insults were flying back and forth, discrediting realtors who provided insightful responses to a fairly ambiguous question. Again - thumbs up to the responder who really stuck it to the realtor - thunderous applause - BRAVO!

I think the collective mindset - or groupthink has become, any agent who tells a consumer to buy in this market is nothing but a realtwhore. Of course you want to tell people to buy, otherwise you won’t make your ridiculous commissions.

Well, I don’t think NAR’s national campaign blanket statement, “There’s no better time to buy! Consult your local realtor” has gained us points in the credibility deparment. A good majority of consumers aren’t convinced. Honestly, I did whince at a few responses (some with big hair) - shiney, happy people providing generic responses to a very generic question. Interest rates are low, inventory is high, it’s a buyers market! Buy! Buy! Buy! Sorry - they do kinda sound like realtwhores.

It’s a tough crowd in there, many of whom are well armed - spouting out data statistics from Standard and Poors, the Case Shiller Index, weighted averages etc. Even Fortune magazine wrote an article about the state of the market. Astonishing that Fortune’s article had higher credibility that a broker of greater than 20 years experience who has shared her thoughtful, specific responses throughout the thread. Hmmm - I thought Fortune sold magazines, not real estate? Why is the Case Shiller Index the defacto standard instead of NAR’s market stats? … because NAR’s nothing but a bunch of realtwhores.

I will say I did find a great deal of humor by reading the responses. I’ve been following the thread and have noticed a good number of real estate professionals’ responses. Many continue to dent their armor, they stood their ground - they took a few for the team, but then again, they do this for a living.

I couldn’t help but be struck by one agent’s response who up until then had been fighting the good fight, but then sheepishly admitted, oh I don’t actually use this site as a prospecting tool, I just come here from time to time and “check-in”.

Excuse me?

Let me get this straight - you fill out a profile in detail, providing all of your contact information, designate yourself as a real estate professional, actively participate in discussions, follow a thread that has grown to almost 1,600 responses, share your knowledge and expertise, but you don’t want consumers to think you’re a realtwhore - is that was you mean?

Who are you kidding? After I read that - the groupthink just took a survey: *DING*DING*DING, survey says *REALTWHORE* Suffice it to say - when a potential client now calls said agent, it is their duty to say - oh, I’m sorry, while I appreciate the fact that you enjoyed my knowledge and experience, I was not seeking any potential business - I’m afraid I can’t help you - I’m a realtor, not a realtwhore.

Some how realtors who admit they use social networking sites as prospecting tools are looked upon as less credible. How far from the truth can that be? When you establish a web presence, you’re prospecting. Consumers are using these sites in exponentially increasing numbers. While some consumers enjoy the game of discrediting the experts and the realtwhores, a greater majority are seeking sage advice. They need expertise and knowledge and they are seeking out the experts. Groupthink tells that buying and selling is a do-it-yourself job. For some that very well may be the case - some are not seeking to be converted and you know, that’s ok. Where better to draw the distinction between a realtor and a realtwhore?

Regarding my own TruliaVoices involvement, in my own professional way, I would like to address the few of you who gave me thumbs down on my incredibly insightful responses. No - for you who choose to discredit me - I will not pick up my toys and leave the sandbox. Nope - instead I want you to follow these simple directions:

Apply lips firmly to my right buttock. Pucker and release. Repeat.

Now see? It’s all in the delivery.

What's at Your Core?

2008-07-20T14:20:00.001-05:00

Ok - I have to admit it - I am finding that I have more idle time in my day - clearly my time blogging has not yet resulted in the deluge of qualified buyers and sellers that are promised by the "experts". So, as a social experiment, I have decided to blog more in the attempt to attract more buyers and sellers -

here goes...

Aside from being a self-subscribed caffiene addict, I also realize that I have become unhealthily (is that a word?) addicted to LinkedIn, Twitter, PropertyQube and Trulia - as well as additional social networking sites that serve the real estate community. Facinating! I continue to be drawn into the discussions and quite honestly, I am learning some really great stuff.

In my idle boredom, I decided to throw out my own questions because I am excited about the prospect of learning from my peers as well as possible clients.

I threw out a few questions - what sites do consumers like most when searching for property? - what's the most creative marketing you've done / come across in marketing a property?

and - what I felt was a fairly innoquious question, "What are a real estate agent's core competencies?" I wanted to hear what other agents had to share regarding their skill sets - what ultimately creates value and makes them money. Many of the responses were great. I was surprised, however, that I received so many responses that I honestly felt simply missed the mark. I received one response telling me my question was "odd".

Disclaimer: I do not know everything about buying and selling real estate and I do not profess to be the source of all information. Ok - now that I have that out of the way - people - core competencies are the value-added activities we do - many of which are intangible - that justify getting paid for what we do as real estate practioners. Cha-ching.

I am a practitioner - I continue to practice until I get really, really good at what I do. But practicing is an appropriate word, because as the landscape of the real estate environment changes, we must continue to hone our skills and knowledge. But key to all of that is - finding the intersection between our core competencies and meeting our clients needs.

I referenced the changing landscape of real estate because there are an onslaught of technology solutions hell-bent on eating our lunch. Many of these solutions are meeting the needs of the consumer because we have either failed to understand the need or have neglected to tell the consumer how/why we're valuable.

If a client wants to search for their own property - let them - or perhaps we may be able to do a better job sifting through the rift. If a client wants to do the analysis of the comps - let them - or perhaps we need to expertly assimilate the data in a way that imparts our specific knowledge of the property types, the neighborhood and the specifics regarding where the market is headed.

Sometimes experience and intuition is worth something.

If a client wants to negotiate their own contract - let them - or perhaps we should share with them the skills required to provide a win-win for both parties - so after the ink has dried, the deal still sticks.

Maybe the commission based model isn't in our best interests as real estate practitioners because it fails to articulate the real value-add of the many things we do to get the job done.

Ask yourself - what is at your core? Anyone? Buehler?

Local Latte Lovers Lose Locations

2008-07-20T12:01:00.000-05:00

If the housing turmoil isn't enough, caffiene addicts have more to worry about - the closing of Starbucks locations. While the closings aren't necessarily unexpected, collapsing coffee coffers may be due to Starbucks departure from their discplined approach regarding the selection of locations. Starbucks was considered the master in real estate selection, grinding over demographics, traffic patterns, VPH statistics etc. Growth expectations may have gotten the best of them.

I guess we learn time and time again - stick to the fundamentals - seems they work.

From a realtor's perspective, the advent of a new Starbucks location was a telltale sign of a "hot spot" or an up and coming area - not so much anymore. Many a buyer has told me, "If I can't walk to a Starbucks, I ain't buyin' it." How's that for loyalty?

I am a self-confessed caffiene addict - I like it simple: a venti black-eye. When hearing of the 600 store closures, I was rangled - concerned that my daily routine would be seriously altered - however, I was happy to find out that Chicago and its suburbs dodge the major bullet, Chicago only 5 locales, collectively - Chicago and suburbs 24 locales.

Now - I feel for those now afflicted - let's just say I'm glad I'm not selling real estate in Florida. It's hard enough living in a state where property values are dropping 30%+ in value. Take the Starbucks location away - it may as well be worthless.

Is It Really All About the Data?

2008-07-18T13:52:00.000-05:00

I just read the recent posting to Joel Burslem's blog, Future of Real Estate Marketing, Millions of Listing Oh My regarding the lastest statistics regarding the total number of listings now available online from the real estate search portals.

I read the numbers and I can't help but yawn. So what. So now consumers can have access to all the available properties online - there's plenty of data now available online. But is Web 2.0 solutions for real estate really all about the data?

1000Watt consulting has developed a Real Estate Web 2.0 mindshare map which classifies the players in the real estate technology space and where they play. As a real estate practitioner, I come across both buyers and sellers who are actively engaged on many of the sites on the map searching for their new home - doing the comparisons and grinding out the data. Why do I need a real estate agent when I can do my own search? I can do my own comps - all real estate agents do is look up property on the MLS and drive me around to look at houses I have already found.

Wait one cotton-pickin' minute Guggliomi! Do consumers really think real estate agents just look for property - property listings already available through many of the players on the Web 2.0 map? I think someone with the experience who does the analysis on a day to day basis has a better basis for assimilating the data personally, but that's my opinion.

Regardless, I still don't think the Web 2.0 data driven solutions are the answer. As I scour the map of players, I am struck by the scope of the playing field - and the categories. It simply hit me that there really is no comprehensive solution which is addresses the real estate landscape. No current offering provides an intuitive process approach that follows the natural progression of a real estate transaction.

While many sites such as Trulia allow users to interact and share knowledge and expertise in TruliaVoices, it is generally disjointed and lacks the context within the natural progression of the process of buying or selling real estate.

Why is this important? Because consumer still don't know what they don't know. They think the process is all about the data. Who's fault is that?

In Chicago, Your Boots Best be Made for Walkin'

2008-07-17T18:27:00.000-05:00

Walk Score just ranked Chicago the 4th most walkable city in the US of A. San Fran took numero uno, The Big Apple #2, and Bean Town #3.

The most walkable neighborhoods in Chitown you ask? Why they're The Loop, Near North Side and beautiful Lincoln Park. For those who like to do a walk-about in the city of big shoulders, check out City Walks: Chicago: 50 Adventures On Foot The deck is also available at Climate Home - 2462 N. Clark, 1971 N. Fremont or 1702 N. Damen.

Even for the born and bred Chicagoan, this deck of cards has recommended city walks in 50 neighborhoods throughout the city. I suggest them for dog walkers too.

The cards provide the route in a map format - the flip-side provides points of interest and historical information regarding the area - honestly, one of the best investments for learning more about the Windy City

Social Networking Qube'd

2008-07-16T19:43:00.000-05:00

I just added a new badge on my blog to allow viewers to click to my new profile on PropertyQube - again, a great find due to my twitter trolling. I really love the fact that I was able to syndicate my blog to PropertyQube.

There are many social networking sites that - ActiveRain for example, however, I can't syndicate my entries - i.e. post once, distribute many. I want one and only one place to blog - thank you PropertyQube.

More About Not Knowing What They Don't Know

2008-07-16T13:28:00.000-05:00

The benefits or Twitter are endless! I found a really great blog written by Joel Burslem - a fellow Twitterer. His recent post refers to the mindscape for technology players for Web 2.0 for real estate - clearly there is no shortage of solutions in real estate - yet, as a real estate professional, I still feel that the solutions seem to be so disjointed.

As I look at the players in the social media space - and from my experience working with clients - time and time again, I am struck by the consumers lack of knowledge of the process of buying and selling - and the basic facts that consumers lack eduction in the process.

There are many tools which address opening the floodgates to the data trapped deep inside the MLS - analytical and search tools abound, however there is again a lack of general knowledge of the process of buying and selling. As I like to say, the consumer simply doesn't know what they don't know - this is the value that realtors provide, yet as a realtor I can say that we don't do the best job in educating the consumer.

I think a void that needs to be filled - and I believe it is a possible social media solution - is a collaborative environment - a wiki - where consumers gain process knowledge.

As My Universe Expands ...

2008-07-16T12:54:00.000-05:00

I have found my new addiction - TWITTER. As first, I wasn't sure what value it provided until I started to stalk - er...follow a few people in real estate and the social media space.

Needless to say, I am an addict. Not only do I have direct access to individuals and leaders who have tremendous mindshare in the social media space, I can TWEET with fellow colleagues about real estate, technology, my dogs - ah, the possibilities are ENDLESS!

This is more than a vehicle for marketing my clients' properties etc, it allows me to learn more about the exponential evolution of technology and its impact on my industry/business, plus I get to connect with some really smart people.

Show Me the Money

2008-07-13T13:42:00.000-05:00

With the significant downturn in the real estate market, where will the real opportunities be?

From a seller of real estate - one who has the equity but needs to sell, perhaps the way to sell is to provide seller financing. The concept of a land contract has not been common during the times of easy money, however, it appears to be a new way for sellers to actually sell their properties. There are still qualified buyers capable of buying properties, but in light of the current credit crunch, they simply may be unable to get a mortgage.

In terms of private equity, there may be a growing market for private mortgages - not seller financing, but perhaps pools of private equity that may be able to bridge the gap.

My gut tells me that mortgage rates are going to climb and probably quickly in the near future, further squeezing out buyers - perhaps the worst is truly yet to come?

When It Comes to Full Disclosure, the Consumer Doesn't Know What He/She Doesn't Know

2008-07-12T17:01:00.000-05:00

I had a light-bulb moment yesterday during a closing - yep a closing - that word has not been spoken alot lately - good news is, real estate is still selling - but I digress...

Here is some background information:

The process was second nature to me, needless to say, things come up during closings that are unforeseen - bottomline, I leave it to the legal professionals to work it out. However, my clients were uncomfortable with the nature in which documents were shuffled, stacked, signed, faxed etc with little or no explanation as to exactly what needed to be read, signed, explained etc. "Just Sign Here."

Unfortunately my buyers' attorney was not present during the closing and hence had to explain the significance of each document - what to sign and where to sign etc via the telephone ... My buyers had a less than ideal experience with the seller's attorney - she was extremely unprofessional and condescending to my clients with her terse explanation of why there was a delay from the seller's side in providing a clear and merchantible title. In addition to the mortgage, there was a lien on title which needed to be removed prior to transferring the title to my buyers.

During the laborious process of signing documents, the closer presented my client with a disclosure form, required by HUD to inform my client that that seller's attorney was an agent of the title company. As per Federal Law (RESPA) requirements, the disclosure informed them that the seller's attorney would be paid a referral fee for referring the closing to their title company.

Perhaps it would not have been an issue had there been a - hmmm - a more pleasant exchange - between my client and the seller's attorney prior to the presentation of the document. My clients questioned the validity of the referral - needless to say, they didn't feel she deserved it. My clients were not even aware of the fact that there was a financial benefit derived by the attorney simply by selecting a title company - and of course the signed document, while in full compliance, required a signature of acknowledgement that a referral was paid - somewhat after the fact.

To be clear, I don't fault attorneys in any way for deriving referral fees from title companies. I often pride myself on how I try to educate my clients thru out the process, trying to be as informative and provide as much information regarding disclosure as possible - however, it simply dawned on me that while this disclosure is relatively insignificant, it highlights the fact that consumers simply don't know what they don't know.

What even prompted this entry was the reading of article related to a study that questions the true effectiveness of RESPA, perhaps allowing the states to better regulate the settlement services.

Laws do not equate to better education or necessarily to better disclosure. Regardless of federal and state laws designed to protect consumers, I as an agent cannot minimize what is significant or insignificant as it relates to disclosing information. Consumer education regarding the purchase and sale of real estate is so critical, yet some many of us as real estate professionals fail to provide in-depth education of the process. Again, what was second nature should have been more thoroughly explained.

Perhaps the best way to leverage new technologies for real estate would be best leveraged in education regarding the PROCESS of buying and selling real estate and not on FINDING property - or maybe combine the two. Hmmm - now that sounds like an idea.

Great Resource Link for Affordable Housing & Foreclosure assistance

2008-07-07T16:40:00.000-05:00

While reading this month's Illinois Realtor Magazine, I came across the following site sponsored by the Illinois Association of Realtors and its foundation, the Partnership for Homeownership. The resources for grants, assistance funds, legal assistance, HUD-approved counselors, senior services and energy assistance programs.

The interactive map allows you to select your county - you'll be provided a list of resources in the categories provided.

For those facing a potential foreclosure or currently in foreclosure, IAR's consumer site, www.YourIllinoisHome.com provides an array of resources for people currently facing foreclosure.

In light of the current real estate market conditions, the Federal and Illinois state governments and other non-profit organizations are offering assistance.

If you are in facing a foreclosure, SEEK ASSISTANCE - there are a number of organizations who can help. Most importantly, call your lender! If you are unable to make your mortgage payment, explain to your lender your situation.

US Housing and Urban Development homeowner counseling: 1-800-569-4287

Federal Housing Administration refinancing program, FHASecure

Illinois Legal Aid

Neighborhood Works America Center for Foreclosure Solutions: 1-800-995-HOPE(4673)

Our Own Home, Illnois Treasurer's Office loan and refinance program: 1-800-803-4663

Why Chicago's a Good Bet When it Comes to Real Estate

2008-07-01T13:21:00.000-05:00

Where's the good news regarding real estate? Here's some counterpoints to why you SHOULD buy and buy with confidence in Chitown - the Windy City - The City of Big Shoulders - ok, you get the picture. I just wanted to pass along the comments my colleague provided regarding why Chicago is a good bet when it comes to buying real estate:

If this city would get some New York attitude, it sure would help the situation.. If people can not make it here, they are losers.... see Wrigley Field... Chicago has no equal .. we are like the 20th largest economy.. IN THE WORLD. this city.. wake up to the gold at your feet.. the cry baby , un informed consumer needs shut up and buck up.... so pop this in their pipe to smoke..

from Wikipedia.... for memorization

Chicago has the third largest gross metropolitan product in the nation — approximately $ 442 billion according to 2007 estimates.[32] The city has also been rated as having the most balanced economy in the United States, due to its high level of diversification.[33] Chicago was named the fourth most important business center in the world in the MasterCard Worldwide Centers of Commerce Index.[34] Additionally, the Chicago metropolitan area recorded the greatest number of new or expanded corporate facilities in the United States for six of the past seven years.[35] In 2006, Chicago placed 10th on the UBS list of the world's richest cities.[36]

Chicago is a major financial center with the second largest central business district in the U.S. The city is the headquarters of the Federal Reserve Bank of Chicago (the Seventh District of the Federal Reserve). The city is also home to three major financial and futures exchanges , including the Chicago Stock Exchange , the Chicago Board Options Exchange (CBOE), and the Chicago Mercantile Exchange (the "Merc"), which includes the former Chicago Board of Trade (CBOT). Perhaps due to the influence of the Chicago school of economics , the city also has markets trading unusual contracts such as emissions (on the Chicago Climate Exchange ) and equity style indices (on the US Futures Exchange ).

In addition to the exchanges, Chicago and the surrounding areas house many major brokerage firms and insurance companies, such as Allstate and Zurich North America. The city and its surrounding metropolitan area are home to the second largest labor pool in the United States with approximately 4.25 million workers.[37] Chicago has the largest high-technology and information-technology industry employment in the United States.[38]

Manufacturing, printing , publishing , and food processing also play major roles in the city's economy. Several medical products and services companies are headquartered in the Chicago area, including Baxter International , Abbott Laboratories , and the Healthcare Financial Services division of General Electric . Moreover, the construction of the Illinois and Michigan Canal , which helped move goods from the Great Lakes south on the Mississippi River , and of the railroads in the 19th century made the city a major transportation center in the United States. In the 1840s, Chicago became a major grain port, and in the 1850s and 1860s Chicago's pork and beef industry expanded. As the major meat companies grew in Chicago many, such as Armour and Company , created global enterprises. Though the meatpacking industry currently plays a lesser role in the city's economy,Chicago continues to be a major transportation and distribution center. Early in the 20th Century, Chicago was part of the automobile revolution, hosting the brass era car builder Bugmobile , which was founded there in 1907.[39]

Chicago is also a major convention destination. The city's main convention center is McCormick Place . With its four interconnected buildings, it is the third largest convention center in the world. Chicago also ranks third in the U.S. (behind Las Vegas and Orlando ) in number of conventions hosted annually.[40] In addition, Chicago is home to eleven Fortune 500 companies, while the metropolitan area hosts an additional 21 Fortune 500 companies.[41] The state of Illinois is home to 66 Fortune 1000 companies.[42] Chicago also hosts 12 Fortune Global 500 companies and 17 Financial Times 500 companies. The city claims one Dow 30 company as well as aerospace giant Boeing , which moved its headquarters from Seattle to the Chicago Loop in 2001.

Interested in Finding Foreclosures Online?

2008-06-27T16:48:00.000-05:00

I've come across 2 websites that provide a list of foreclosures. The first list is for properties in Cook as well as additional counties in northern Illinois:

http://cook.il-foreclosure.com/

The site allows you to purchase the actual foreclosure documents which have been filed. It also lists the auction service, location, time and date of the actual property auction.

The second site is a national list of real-time filings in 35 states for forclosures which have been filed, www.foreclosurepoint.com. The site provides real-time listings, including property type, address and estimated value via Zestimates where available, and date of filing. Owners contact information is available for a fee if you subscribe to the site.

While foreclosures are becoming more and more common, I thought I would pass along the following article regarding purchasing foreclosed properties at auction.

I Just Got "FACED"-booked

2008-06-26T12:14:00.000-05:00

Ever try to communicate with a 16 year old? My son - a super kid mind you - is 16 years old. Keeping in touch with Dad isn't his highest priority. So, in the interest of communicating, I decided the best way to at least make contact was Facebook. Why speak to anyone when you have Facebook, right?

Ok - so I reached out to my son - as a Friend and sent an email - now I realize at 16 Dad's aren't friends, they're Dads, but in Facebook ya gotta go with the flow - just checking in with him - just wanted him to know that I was still alive.
I didn't expect much of a response, maybe a "hey", or a "s'up?" Nope - I got, "um - dad, aren't you too old to use this site?" Personally, I was amazed I got a 10 word response - was I offended? YES!

While I wanted to reponse - "Dude, don't diss me bro" I took the far more mature approach and said..er..texted, "son, when I was your age, I played a video game called PONG - it was a black screen with a single cursor and I liked it - I liked it just fine!" Too old - TOO OLD?? Okay - I'm still waiting for a response. In the interim, however, I decided to look up my high school classmates - GEESHHHH! Do they look...old. Never mind.

You Spin Me Right 'Round Baby, Right 'Round Like a Record Baby ...

2008-06-26T11:17:00.000-05:00

Sorry - I like the song - and after reading the recent comments by Richard F. Gaylord, 2008 NAR President regarding the recent proposed settlement in the case of the United States of America v. National Association of REALTORS, it somehow has new meaning for me.

The lawsuit addressed the rules for sharing data on the internet via a VOW or virtual office website. NAR established rules that gave brokers who operate VOW's control over whether their listings could appear on the websites of other MLS participants.

Richard's comments struck me as odd. The settlement was a win for both REALTORS and consumers. Is it really a win for consumers? His arguement states that the settlement affirms the rights of consumers. The settlement allows consumers to opt out of having their detailed listing information displayed online. "If sellers choose to be online, they can ask that blogging, automated valuations, and false information about their property on an MLS participant's VOW be removed."

How is it a win for consumers to have their information withheld from potential buyers?

It Ain't All Big Hair and Cadillacs

2008-06-25T19:41:00.000-05:00

Ok - so I've decided that I want to take my blog in a new direction. While I currently work at a full-service brokerage, I have been intrigued with the possibility of building a new business model - one that is consumer-centric not agent-centric - hence, my new name - real estate Ain't All Big Hair and Cadillacs, best spoken in a slow Texas drawl.

I know the name is silly - maybe stupid, but my intent is entirely serious. I read alot about the real estate industry and I am really trying to be vigilant about learning more about the new and exciting tools, applications and companies that are out to change the way real estate is bought and sold.

I recently read one article quoting an industry veteran's response to the question, "What do you see happening in the real estate market in 2008?" One of his responses was, "Technology will speed change and facilitate more consumer-driven solutions and alternatives for buying and selling homes."
Considering I used to develop marketing strategies for service companies, I thought - hmmm - why can't I develop consumer-driven solutions and alternatives for buying and selling homes? Ok - so I've decided that I am going to develop consumer-driven solutions and alternatives for buying and selling homes but I need consumers' input.

Kevin Seney's interview was perhaps a light bulb moment, but so were my discussions with Redfin, the recent Department of Justice's settlement with the National Association of Realtors regarding internet-based real estate brokerages
, NAR's proposed project of building a national MLS database etc, etc. Needless to say, consumers want to be in control regarding the process and feel that the current business model - I call it agent-centric business model - does not promote transparency.

I believe the traditional "agent-centric" business model of how real estate is bought and sold is evolving exponentially - ie the rise of companies such as Zillow, Redfin, Trulia etc. Consumers have more access to data that allows them to locate their ideal property and better tools to determine the value of properties. Neither Redfin and Zillow have complete solutions - Redfin's technology model is based on the reduction of the cost of the traditional real estate transaction by providing rebates to consumers. They view themselves as a technology company in the real estate business. Zillow's sophisticated Zestimates help provide a technology solution to what most would consider an agent's key role, but often times it still requires the knowledge of an experience agent to completely interpret the data. Trulia is social networking with some valuation and property search capability.

While there are other solutions gaining traction, the three I mentioned have take the information traditionally locked up in local MLS' and provide real data solutions to consumers and consumers are eating it up and demanding more - but what is the more?

While consumers have more data, they may not necessarily have the experience to best assimilate the information. In the current environment, almost 80% of consumers who are searching for a new home are using the internet to search for their ideal property. However, not all consumers have the knowledge of local customs and experience to negotiate the best price and terms to purchase their property.

Many need education not only about the buying and selling process, but the financing part, the legal part, the actual market conditions part, the title insurance and title data part, the escrow management part, the property tax part, the transfer fees part etc. Surely there are enormous opportunities in and around any of the issues I've stated - or perhaps a total solution that encompasses all of those "parts", a collaborative real estate environment - sounds sort of consulting-ish.

What kind of solutions and alternatives do consumers want to in order facilitate the process of buying and selling a home? What is critical to making the process work for you? Buehler?

Construction is Underway at The Rotunda

2008-06-21T18:27:00.000-05:00

Yep - it's true - The long anticipated project The Rotunda is well under construction at 2741/3 N Sheffield in Lincoln Park - and is slated to delivery in late October, 2008.

The project is an intimate 8 unit elevator building - six 2 bed / 2 bath simplexes all 1,570 sq ft. The additional 2 units are townhomes - one 3 bed / 3.5 bath (2,331 sq ft) and one 4 bed / 3.5 bath (2,896 sq ft). Prices are $499,000, $509,000 & $575,000 for the simplexes - $725,000 for the 3 bed townhome and $750,000 for the 4 bed townhome. All included 1 car garage space.

Click on the title and go to the project webpage for more details.

So You Want to Make Money In Real Estate?

2008-06-20T18:18:00.001-05:00

Ok, ok, ok - so you want to make money in real estate but you don't want to buy - er - real estate. Hmm - I think I understand your dilemma. Everywhere you read someone comments that waiting to buy - or actually buying real estate - is like catching a falling knife. Ouch! But people in real estate keep saying to buy - there's no better time to buy!

Honestly - I'm still on the fence regarding whether or not now is the perfect time to buy. For some properties in some neighborhoods, I agree - there are well priced properties. Not all properties are created equal, however, so I don't believe it is ideal for everyone to buy. If you do buy, make sure you buy smart. Foreclosures and short sales may represent a fairly high percentage of sales in the near term, but not all represent the best deal. Some sellers who are not in financial distress have priced their properties to sell and may be better deals.
Ok - so you still want to make money in real estate, but you still don't want to buy real estate. I think most would people respond by saying - Um - have you taken your meds? I - however - would respond - of course you do! Let's make money in real estate without actually buying real estate.

Ok - I am not Carlton Sheets, nor do I play him on TV. There are ways to actually make money in real estate without outright purchasing a property. Needless to say, this is a tough market in a majority of cities currently. In light of the flood of foreclosures, there are many people in dire financial straights, unable to meet their monthly mortgage obligation, hence forcing a short sale or foreclosure. The deluge of foreclosures is having a significant impact not only on real estate values, it is also putting a strain on local governments in terms of unpaid property tax revenues. Not only are people having difficultly paying their mortgages, in many cases, their property taxes are also in arrears.

This presents an interesting opportunity. While unpaid real estate taxes is not a new phenomenon, the magnitude of unpaid tax bills will have an impact on local government - some bills may go unpaid for a longer than normal period. In order for local governments to generate revenue from unpaid tax bills, state laws allow local entities to sell unpaid taxes at auction.

http://thomasjhall.com/links.php?url=http://www.cookcountytreasurer.com/default.aspx
So - you want to make money in real estate, but you don't want to actually buy real estate? Hmmm - how 'bout buying someone's outstanding tax bill? While this may not make you rich, it may allow you to generate some income while not being fully exposed to the issues related to the purchase of a foreclosure.

Each year the county has an auction for all outstanding tax bills where any qualified individual can bid on the balance due on the available properties with delinquencies. You bid on a rate of return you wish to be paid on the balance of the outstanding tax bill - to be paid as interest. If you win the auction, you pay the outstanding balance. When the property owner pays off the balance, you are paid interest on the balance plus the outstanding balance.

Understand that the owner of the property will in all probability pay the outstanding balance due - if so, you will be paid the balance due plus interest. Here are the details:

http://thomasjhall.com/links.php?url=http://www.cookcountytreasurer.com/default.aspx

Again, this is not a get rich quick investment opportunity - it represents a way to potential make a better than market return on your money in real estate without a full exposure to holding a property that may continue to decline in value.

While still a low probability, you still could actually end up with the property by simply paying for only a portion of an outstanding tax bill. If the balance of any outstanding tax bill is unpaid for a period of 3 years, you can obtain the property as default. Again, a large majority of property owners pay their outstanding balances off, however, in light of the current flood of foreclosures, there may be a slightly greater possibility of actually obtaining a property by simply paying the back taxes.

So - it's not your meds - you actually can make money in real estate without having to actually buy it.

How to Lie With Statistics - What Is the Best Gage for How the Housing Market is Truly Doing

2008-06-11T17:42:00.000-05:00

Often times I've seen the Case-Shiller index quoted as an unbiased benchmark regarding the housing market in the US. I read an interesting article written by Blanche Evans, editor of Realty Times, questioning whether the index is truly unbiased. I don't abdicate that the housing market isn't in decline, I am merely adding this info as a balance to the claims that only NAR is biased.

There is a large discrepancy between the Office of Federal Housing Enterprise Oversight, NAR and Case-Shiller percentage declines - the article raises some very interesting questions.

Robert Shiller a Yale economist and Karl Case a professor of economics at Wellesley are the co-creators of the index. It was launched to provide information originally to hedge funds but has now become the defacto index used by many investors and analysts as the "best gage" for real estate values.

What Blanche writes is interesting - the index is licensed exclusively to Macromarkets LLC for "developing, structuring and trading financial instruments". This is very interesting - Macromarkets' products is the Housing Futures and Options index. According to Blanche's article, this index forms the basis for "directly investing in and hedging US housing on the Chicago Mercantile Exchange, where futures and options on the index are traded.

According to Lawrence Yun, NAR's chief economist., when a CME hedge is made, revenues flow to Macromarkets LLC - people hedge when prices are viewed to be volatile.

The icing on the cake - Shiller is founder and chief economist of Macromarkets LLC.

Could it be construed as a conflict of interest? OFHEO and NAR do not have relationships with hedge funds.

Should I Buy in this Market?

2008-06-11T12:18:00.000-05:00

I often read and post to a question and answer forum on Trulia - a great site for people interested in real estate, whether you're searching for property or if you simply want to learn more about the process, real estate issues etc.

One question that has generated an enormous amount of interest, postings etc. is "Why Should Someone Buy in this Market?" It's a good question - one that I believe is better answered from a client advocacy perspective. Many of the individuals who have posted are real estate professionals - others are active buyers and sellers in their specific marketplaces.

What I have found is that there is a general tone or sense of distrust of the real estate community from many buyers and sellers - often blatant, rarely subtle. Real estate agents/brokers cannot be unbiased in their responses due to their vested interest in selling real estate - if buyers don't buy / sellers don't sell, agents don't get paid. Hence the dilemma in answering the question, if the market is in decline, why should someone buy?

State real estate license law requires that when acting as an agent I have a fiduciary responsibility to my client. In providing sound council, I must keep my client's best interest forefront in my mind. Regardless of what the law states, buyers and sellers aren't always convinced that their agent isn't necessarily focused on their commission.

The fact remains, some agents consider the cooperating commission in the MLS prior to showing particular properties to a client - even if they know the property may be a perfect fit - if the co-op commission is less than ideal, it may simply not be shown. It happens.

I recently attended an office meeting where the discussion focused heavily on the current state of the market - and even more specifically, how to handle short sales. As we discussed the process of negotiating a potential offer with a lender, the discussion turned to fact that in some cases, banks may not agree to compensation in a short sale, i.e. the cooperating commission that may have been stated in the MLS prior to the presentation of an offer may not be honored. The question was raised - "If there is a chance I won't get paid, why would I want to sell a short sale?"

I think it was a fair question, but again, one that is answered from a client advocacy perspective. If a client asks his/her agent to write an offer for a short sale, the agent should write the offer. Client advocacy is at the center of what we do as agents. We have a responsibility to understand the needs of our clients; We are obligated to work in our client's best interests.

The key to being a client advocate however is to ensure that our clients understand that we are not altruistic. Agents are compensated due to the value of the knowledge and services they provide. Some clients don't need the guidance and knowledge of an experienced agent - that's okay. Not every potential buyer has the same level of risk tolerance regarding an investment. To some buyers and/or sellers, the current market conditions may create ideal circumstances for them based upon their own investment objectives. Advising a potential client to buy in today's market may be based upon their client's own objectives, hence fulfilling our role as an advocate - our compensation should reflect our knowledge and experience to identify the best alternatives for an investment.

$15,000 Furniture Allowance / Credit has been Extended at The Rotunda

2008-02-20T12:10:00.001-06:00

Beautiful Updates and Stunning Views - 3180 N Lake Shore Drive, Unit 8E

2008-02-20T12:01:00.000-06:00

4Q07 Illinois Median Price Moves in a Modest Range;

2008-02-14T10:37:00.000-06:00

All is not doom and gloow - take a look at the article. While the market continues to be in the buyers' favor, values remain strong.

FOR IMMEDIATE RELEASE: February 13, 2008
Contact: Mary Schaefer, Ann Londrigan
217/529-2600

4Q07 Illinois Median Price Moves in a Modest Range;
Buyer’s Market Continues in Early 2008

SPRINGFIELD, IL – Illinois median prices closed 2007 in a moderate range, while slower sales activity may be boosted in the months ahead by the federal economic stimulus package that includes important housing provisions recently passed by Congress awaiting President Bush’s signature. According to the Illinois Association of REALTORS (IAR) fourth quarter 2007 report, the Chicago Primary Metropolitan Statistical Area (PMSA) median home sale price was $248,000, up 1.2 percent from $245,000 in 4Q06. Statewide, the median sale price in the fourth quarter was $191,000, down 4.5 percent from $199,900 in 4Q06. The median is a typical market price where half the homes sold for more, half sold for less.

Illinois home sales (which include single-family homes and condominiums) totaled 27,176 in the fourth quarter, down 22.9 percent from 35,254 home sales in the same period a year ago. For the year, total sales were down 16.8 percent with 139,803 homes sold compared to 168,038 sales in 2006. The statewide median home sales price was $201,250 in 2007, down 1.1 percent from $203,500 in 2006.

“Housing provisions included in the economic stimulus package passed by Congress include temporarily increasing loan limits for FHA, Fannie Mae and Freddie Mac and will help to bolster housing market activity by infusing much needed funding into these mortgage options and thus making the dream of homeownership more attainable for homebuyers,” said REALTOR Kay Wirth, president of the Illinois Association of REALTORS. “Homebuyers sitting on the fence now should be looking at the large inventory of homes available and getting their finances in order to make a move while interest rates remain at record lows. Overall, the Illinois economy is performing very well compared to the rest of the Midwest in terms of job activity.”

The 4Q07 interest rate for 30-year, fixed-rate mortgages averaged 6.27 percent in the North Central Region, according to the Federal Home Loan Mortgage Corporation. It was down from 6.58 percent in the third quarter and also down from 6.29 percent a year ago in 4Q06.

Sales and price information is generated from a survey of Multiple Listing Service sales reported by 35 participating Illinois REALTOR local boards and associations. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

In the Chicago PMSA total home sales (single-family and condominiums) were down 28 percent in the fourth quarter to 17,364, compared to 24,120 home sales in 4Q06. For the year, total home sales in the Chicago PMSA reached 92,656, down 20.5 percent from 116,527 sales reported in 2006. The Chicago PMSA median home sale price for 2007 was $254,000, up 2.4 percent from $248,000 in 2006.

“The uncertainty in the national housing market has penetrated into the Illinois economy although the volatility is more muted than for other parts of the country, especially the major metropolitan areas and states like Florida,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. “In terms of prices, the Springfield MSA looks to be stellar during the first quarter of 2008 with other metropolitan areas of the state experiencing the effects of uncertainty at the national level.”

Adds Hewings: “Most metropolitan statistical areas in the state can expect to see the usual rebound in sales in March.”

A sample of counties in the Chicago PMSA with increases in the median home sale price in the fourth quarter compared to the same period a year ago include Cook, up 4.0 percent to $260,000; Kane, up 0.4 percent to $229,990; and Lake, up 1.8 percent to $252,000.

A sample of counties around the state where the median home sale price increased in the fourth quarter include Sangamon, up 16.2 percent to $115,000; Peoria, up 6.9 percent to $112,250; Champaign, up 1.9 percent to $147,627; Jo Daviess, up 5.4 percent to $160,450; McLean, up 1.5 percent to $149,150; Rock Island, up 5.0 percent to $95,000; and Tazewell, up 9.9 percent to $128,000.

“Some areas weathered the fourth quarter well despite the climate of mortgage tightening, lower consumer confidence due to economic concerns and the expected seasonal slowdown,” said Wirth, a broker with Re/Max Unlimited Northwest in Crystal Lake.

“Other downstate areas that saw sales increases in the fourth quarter include Sangamon County (Springfield), Macon County, (Decatur), Iroquois and Kankakee counties and Jackson County (Carbondale),” said Wirth.

In the latest forecast from the National Association of REALTORS, chief economist Lawrence Yun said sales activity is expected to remain soft through the first half of the year despite a generational low in mortgage interest rates. “Household formation was only half of what it should have been last year given the demographics of a growing population and sustained job growth, so there clearly is a pent-up demand from buyers who are on the sidelines,” said Yun.
4Q07 Condominiums

Fourth quarter condo sales across the state were down 28.6 percent to 7,962 condos sold compared to 11,157 in 2006; 43,476 sales were reported for the year, down 17.6 percent from 2006. The median price for a condominium in Illinois in the fourth quarter of 2007 was $225,000, up 5.9 percent from $212,500 a year ago. The median price for a condominium in Illinois for the entire year of 2007 was $223,000, up 4.1 percent from $214,200 a year ago.

In the Chicago PMSA, condo sales were down 28.4 percent to 7,614 units sold during the fourth quarter of 2007, compared to 10,632 in the same period of 2006. The fourth quarter condo median price in the Chicago PMSA was $230,000, up 6.0 percent from $217,000 in the fourth quarter of 2006. For the year, Chicago PMSA condo sales were down 17.4 percent to 41,703 units sold during 2007, compared to 50,488 sales 2006. The year-end Chicagoland condo median price was $228,000, up 4.2 percent from $218,893 in 2006.

The Illinois Association of REALTORS is a voluntary trade association whose 60,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS works to protect the rights of private property owners in the state by recommending and promoting legislation that safeguards and advances the interest of real property ownership.

Why Rent When You Can Buy?

2008-02-14T10:31:00.000-06:00

Saw this article on the Illinoic Association of Realtors website and I thought it might be of interest.

Turning the dream of homeownership into a reality can be both exciting and daunting at the same time. Many renters don’t realize they have the means to purchase their own home or the benefits of homeownership as compared to renting. Whether it’s building equity or getting tax advantages, owning a home can be a great investment for your future. For the majority of Americans, their home is their largest financial asset and a major player in their investment portfolio.

Building financial equity is one of the greatest advantages of owning a home. According to the National Association of REALTORS® (NAR), during the past three decades, home values have increased an average of 6.6 percent per year. If you compare this rate to that of stocks or bonds, you are investing in something with a much steadier rate of return.

NAR estimates that on average, the value of a home nearly doubles every ten years. As a homeowner you earn appreciation on your purchase price, something you cannot earn as a renter. In Illinois, the median home price has increased more than $40,000 since 2002. This value, paired with low interest rates and plentiful inventory makes now the perfect time to transition from renter to owner.

In addition to equity, homeownership has tax advantages that can help you save a great deal of money, something that renters cannot enjoy. According to the Federal Reserve Survey of Consumer Finances, the average homeowner today has 36 times the net worth of the average renter. By taking advantage of federal income tax deductions on property taxes and mortgage interest, you can save thousands annually.

Here are some other advantages to buying a home:

Control over your property
Freedom to decorate and landscape how you like
Fixed mortgage payments
Pride and comfort in owning your own home
Housing security

Renters are the ideal clients for sellers because their offers are not dependent on selling their own home first. The Illinois Association of REALTORS Partnership for HomeOwnership has a number of mortgage and downpayment assistance programs created specifically for first-time homebuyers.

And owning a home has intangible benefits too. Owning a home adds value to communities and gives you a setting to enjoy your lifestyle with the ones you care about.

Copyright, all rights reserved, Illinois Association of REALTORS®
REALTOR® is a registered trademark of the National Association of REALTORS®

Stunning GVP Built Lakeview Condo with Uncomparable Outdoor Terrace

2008-02-06T14:26:00.000-06:00

When Is a Good Time to Sell / List?

2007-12-16T14:58:00.000-06:00

I have had a number of clients contact me recently asking when is a good time to list and sell their property? Traditionally around the holidays, the market tends to be slower - fewer buyers are looking, however, there are motivated buyers in the market at all times of the year.

Needless to say, consumers are being bombarded with media reports stating that the real estate market is in the tank - getting worse by the day. Bottomline, all real estate markets are local. They respond to the factors relevant to the local economy, strength of the job market etc.

Chicago real estate is doing okay - while inventories are up, property is selling. For properties that have been on the market longer, sellers are realigning expectations with market conditions. Market times are longer with the availability of inventory at a high. For motivated buyers, this is an opportunity to find more within your price range than has been the case in several years.

To answer my sellers' question - when is a good time to sell / list my property? I tell them list your property to sell when you are truly motivated to sell and move on. That may strike many as an obvious answer, however, the answer assumes that sellers understand the nuances of the current market.

First step prior to listing - determine the facts. What have similar properties SOLD and CLOSED for in the past 3 to 6 months? Recent past sales are generally the best indicators for what the value of your property will be. While that may be the best indicator, the ultimate sale price of your property will be determined by what ready and able buyers will put in writing when they submit a contract. In many cases some negotiating will allow both buyer and seller to arrive at a mutually acceptable price.

What is key to selling your property in a timely fashion is pricing your property at a reasonable and appropriate price. Regardless of the time of year, there are always motivated buyers. Truly motivated buyers will write offers on property that is appropriately and reasonably priced. While current market conditions currently indicate longer market times, it is not unreasonable to expect that appropriately priced property will sell more quickly.

Clearly there are some buyers currently in the market seeking deals and may be motivated to write a "low-ball" offer. Understand not all buyers have the same perceived value of a property. However, if multiple buyers write offers that are in the same of similar price range on a property that is significantly lower than your perceived value, the market is telling you something. Under current market conditions, you may not have the luxury of multiple buyers - you may likely only get one buyer. If you are not priced appropriately, you are likely to have NO buyers.

Again, past sales are the best indicator, however under these market conditions, buyers may be establishing new perceived values due to the available inventory. This is an important factor to consider when you are ready to sell. If you are not ready to listen to the market, you are not ready to sell.

Again - with some understanding of the current market conditions, list your property when you are truly motivated to sell - and be prepared to listen to the market.

Come See the Stunning Finishes & Available Floorplans for The Rotunda

2007-12-11T15:17:00.001-06:00

The Current Real Estate Market in Chicago: A Fresh Perspective

2007-11-28T13:48:00.000-06:00

3180 N Lake Shore Drive - Featured on WGN's Real Estate Deal of the Week

2007-11-14T08:57:00.000-06:00

3180 N Lake Shore, Unit 4A was recently showcased by Dennis Rodkin from Chicago Magazine as being one of Chicago's deal of the week. Dennis spoke about this property this morning at 8:40am on WGN.

Check it out!

http://www.chicagomag.com/Radar/Deal-Estate/November-2007/This-Week-on-SpikeaNovember-14-price-cuts/

Waguespack rejects Orloff garage

2007-11-10T22:39:00.001-06:00

11/9/2007 2:17:00 PM Email this article • Print this article
Waguespack rejects Orloff garage
Alderman says size, neighbor opposition influenced decision

By TIMOTHY INKLEBARGER
Editor

Web Extra!

A controversial parking garage proposal by a luxury car dealership in Bucktown was rejected today by 32nd Ward Alderman Scott Waguespack.

The four-story garage proposed for the corner of Cortland and Hermitage by Howard Orloff Imports was already turned down by the Bucktown Community Organization's zoning subcommittee and the East Bucktown Neighbors, a group that formed earlier this year in opposition to the proposal.

"The community as a whole was vehemently against it," Waguespack said. "They had concerns regarding the damage the project would have done to the predominantly single-family neighborhood, and that's something I can't ignore."

Orloff has argued the garage would help consolidate its fleet of Jaguars, Land Rovers and Volvos that are now stored at various parking lots throughout the neighborhood. Orloff representatives could not be reached by press time.

Orloff has said the company still can build a smaller garage under the existing zoning, but it will not include many of the enhanced design features community organizations have bargained for under the four-story garage proposal.

Philip Edison, chairman of the BCO zoning committee, said the full membership has still not weighed in on the company's request for increased zoning.

"It was rejected [by the BCO zoning committee] really for the overall reason of the building is just too big," Edison said. "We felt the benefit the Orloff guys were getting from a zoning perspective was greater than the benefit the public was getting from the improvements of the garage being there."

He said his committee would reconsider its vote if the car dealer agrees to bring the building down a level by excavating or taking one story off the top.

"We do believe that the idea of building a garage and bringing cars in, rather than having them spread over the neighborhood, would have been improvement," he said.

CONTACT: timinklebarger@chicagojournal.com

Chicago Real Estate Market Statistics for October, 2007

2007-11-07T19:14:00.000-06:00

Real data regarding the real estate market in Chicago for October, 2007 is not doom and gloom. According to ChicagoCondosOnline.com, based on year to date figures compiled through October, 2007, the city unit sales are down 6% YTD, but the good news is median sales prices are UP 5% compared to 2006.

For detailed charts on Month Over Month and Year Over Year: Go now to:

http://www.chicagocondosonline.com/marketoverview.html

As I advise all of my clients, when hearing and reviewing the data regarding home sales and the overall real estate market, it is very important to maintain proper perspective. When comparing 2007 sales to 2006 sales, one must keep in mind that real estate transactions were historically high in 2006. A 6% decrease in real estate sales in 2007 compared to 2006, a historic year for transactions, that number is not all bad.

If you are looking to purchase a new home, now is a good opportunity to look and purchase. The inventory of available properties is high and selection is at its best. Not only is selection high, interest rates remain at historically low rates. While the sub-prime mortgage collapse has impacted the mortgage business, it has not impacted credit-worthy buyers with substantial downpayments.

If you are looking to sell your home, the key is be patient and realistic. Market times are high because the inventory of available competing properties is high. If you are motivated to sell quickly, you must be realistic with your asking price. Contrary to what you may hear on the news or read in the paper, home/condos are selling. As is the case under any market conditions - properly priced property generally sells in the shortest period.

TRAC PRESS CONFERENCE A SUCCESS

2007-10-31T18:51:00.000-05:00

TRAC PRESS CONFERENCE A SUCCESS

Reyna Luna and John Kane speak at the TRAC Press Conference with this message: "Take Property Tax Hikes off the table"

The Tax Reform Action Coalition (TRAC) PRESS CONFERENCE at City Hall succeeds in bringing our message:

TAKE PROPERTY TAX HIKES OFF THE BUDGET TABLE

Now you can carry the message even farther.

CALL YOUR ALDERMAN
Click here to find you Alderman

CALL YOUR COOK COUNTY COMMISSIONER
Click here to find your Commissioner

CALL MAYOR RICHARD DALEY
312-744-3300

CALL PRESIDENT TODD STROGER
312-603-6400

STOP TAXING US OUT OF OUR HOMES

As a result of politics in Springfield, homeowners in Cook County will receive minimal and short-lived relief. The property tax increases proposed by Mayor Daley and President Stroger could eliminate any miniscule tax break. TRAC demands that these proposed property tax increases be taken off the table.

For more on the Tax Reform Action Coalition visit www.trac-il.org

PASS THIS EMAIL AROUND
MAKE THOSE PHONE CALLS
TODAY

PROPERTY TAX BILLS
Expect your tax bills to go out in the mail during the first week of November.

Your second installment PROPERTY TAX BILLS will be due December 3, 2007.

THERE IS NO BETTER TIME THAN NOW TO DEMAND REAL PROPERTY TAX REFORM

TRAC calls for FAIR and PREDICTABLE PROPERTY ASSESSMENTS.
LEARN about a better plan for real property tax reform:

ACQUISITION BASED ASSESSING = FAIR and PREDICTABLE property assessments

Learn about TRAC's campaign to implement ABA at the Cook County level.

For information contact: trac.president@gmail.com

ABA = FAIR and PREDICTABLE

Call or e-mail your legislator today and urge them to vote against the proposed Real Estate Transfer Tax for the CTA/RTA

2007-10-29T17:07:00.000-05:00

Call or e-mail your legislator today and urge them to vote against the proposed Real Estate Transfer Tax for the CTA/RTA. Even if you've taken action in the past month, please do so again. This issue is being considered again.

A VOTE ON THIS PROPOSAL COULD TAKE PLACE IN THE ILLINOIS LEGISLATURE ANY DAY NOW.

Senate Bill 572, as amended includes the authority for the Regional Transportation Authority (RTA) and the City of Chicago to impose a real estate transfer tax of $3 per $1,000 within the city of Chicago WITHOUT VOTER APPROVAL.

The Illinois Association of REALTORS and the Chicago Association of REALTORS STRONGLY OPPOSE this proposal and urge you to contact your Representative and Senator and urge them to REJECT this proposed transfer tax increase.

There are other revenue proposals being considered at this time. Legislators do not have to make property owners pay more.

This is ANOTHER LAYER OF TAXING authority on property owners in Chicago where a very high home rule municipal real estate transfer tax is already in place ($7.50 per $1,000 paid by the buyer) in addition to the State and county real estate transfer tax (combined $1.50 per $1,000 on the seller).

Illinois law also is very clear in that VOTER INPUT is required to impose a new or to increase an existing home rule real estate transfer tax. This proposal contravenes that public policy.

As you are well aware, the real estate transfer tax is a "hidden" property tax because most property owners are not aware of it until they buy or sell property.

PLEASE CALL YOUR LEGISLATOR AND URGE A NO VOTE. ASK THEM WHY PROPERTY OWNERS ARE BEING REQUIRED TO BAIL OUT THE CTA.

To send an e-mail to your Senator and Rep., follow the prompts below.

To call your STATE legislator, go to www.ilga.gov to find your legislators' Springfield phone numbers (the one with a 217 area code). Click on "Legislator Look-up" Or, dial 217/782-2000(Capitol switchboard) and ask to be transferred to your legislator's office if you know the name.

Click the link below to log in and send your message:
http://votervoice.net/target.aspx?id=ilar:19234796

You have received this message because you have subscribed to a mailing list of Illinois Association of REALTORS. If you do not wish to receive periodic emails from this source, please click below to unsubscribe.

Immediate Action Needed - Help Save the CTA

2007-10-27T19:10:00.000-05:00

IMMEDIATE ACTION NEEDED - HELP SAVE THE CTA

Without immediate state funding, 53 percent of all CTA bus routes will disappear in less than three months - including every lakefront express currently serving Edgewater.

Without funding, some of the routes will be dropped in early November, others in January. If nothing is done, you can say goodbye to the #136 Sheridan/LaSalle and the #147 Outer Drive Express - and enjoy the sole remaining lakefront route, the #151 Sheridan, and the Red Line, both of which are sure to be slower and more crowded than ever.

Other important buses, including the #92 Foster and many other east-west routes on the north side, will also vanish, and fares will rise between 11 and 63 percent. All told, the CTA's current funding crisis will result in the most devastating transit cuts in history. This will be a double whammy for Edgewater because more of the additional traffic from the North and West will be traveling through, and increasing pollution to,our community.

There is still time to stop this nightmare scenario from happening - but the General Assembly and Governor Blagojevich must enact a permanent solution before the first round of cuts on November 4. Our local representatives have been working to prevent these cuts. However, the governor and the legislative leadership needs to hear from you. NOW is the crucial time to make your voice heard, as the legislature is reportedly scheduled to reconvene on November lst to address public transit and other funding issues.

Please email, fax or call the statement below to the individuals listed and tell them that these transit cuts and fare increases will devastate Edgewater, the City of Chicago, and indeed the entire region.

As a resident of the Edgewater Community in Chicago, I implore you to find a permanent solution to the mass transit financial crisis - not another bail-out or quick fix - before the November 4 CTA cuts and fare increases go into effect. I sincerely hope that you will join together to solve this issue that will severly impact hundreds of thousands of people across the city and region and damage the economy and the region's world-class status.

Governor Rod Blagojevich
www.illinois.gov
Phone: 217-782-6830
FAX: 217-558-0897

House Speaker Michael Madigan
mmadigan@hds.ilga.gov
Phone: 773-581-8000
FAX: 773-581-9414

Senate President Emil Jones, Jr.
jjones@senatedem.state.il.us
Phone: 217-782-2728
FAX: 773-995-9061

Senator Carol Ronen
ronen@senate.dem.state.il.us
Phone: 773-769-1717
FAX: 773-769-6901

Representative Harry Osterman
hjo17@aol.com
Phone: 773-784-2002
FAX: 773-784-2060

Representative Greg Harris
greg@gregharris.org
Phone: 773-348-3434
FAX: 773-348-3475

###

* * *

Edgewater Community Council

What does the value chain look like for the purchase and sale of real estate?

2007-10-24T14:19:00.001-05:00

With the advent of companies currently looking to drive down the cost of the real estate commissions earned by real estate agents/brokers, the focus appears to be solely on costs.

From a consumer's perspective, where does the value lie in the process? What does the value chain look like?

posted 14 hours ago in Supply Chain Management, E-Commerce | Clarify my question

What Are the Future Trends that will Redefine the Way We Buy and Sell Real Estate?

2007-10-23T21:44:00.000-05:00

I am facinated with new tools and processes which improve the way I can do my job - but also, how my clients can better educate themselves with the process of buying and selling real estate.

Redfin and Zillow are two excellent examples of companies which are focused on reducing the transaction costs of buying and selling real estate by empowering the consumer with information and tools.

While I am a strong believer that an experienced real estate agent / broker adds tremendous value, what in your opinion are the future trends that may fundamentally change the way we transact the purchase and sale of real estate?

Where are the opportunities today?

Community Planning Meeting on the Re-use of Ridge Fire Station

2007-10-16T12:26:00.001-05:00

Edgewater Community Council, Inc. ¨ 6044 N. Broadway ¨ Chicago, Illinois 60660 ¨ 773-334-5609

Edgewater Community Council (ECC) is a 501(c) (3) not-for-profit and voluntary membership organization formed in 1960 to improve the quality of life in the diverse Edgewater community. The Edgewater community is located between Foster Avenue (5200N) and Devon Avenue (6400N), and between Lake Michigan and Ravenswood Avenue (1800W)

Community Planning Meeting
on the Re-use of the
Ridge Fire Station

Thursday, October 18, 2007
Edgewater Baptist Church
1401 West Hollywood at Glenwood
7:00 p.m.

We are asking all who are interested to join neighbors and community groups to provide input on the future of the Ridge Avenue Fire Station. A new firehouse is being constructed and this historic building will be available for some other use. Alderman Mary Ann Smith has stated that she would like to see the station preserved and that a new use be found that would bring local people in and allow them to enjoy the building.

Under the sponsorship of ECC, Mike Rohrbeck has agreed to facilitate a community planning process to examine how this facility can continue to be an asset to the Edgewater Community.

The planning sponsor for this meeting is the Edgewater Community Council and the meeting host is the ETNA Block Club. Refreshments are provided courtesy of the Edgewater Baptist Church.

For more information, contact Sue Morales at 773-728-2573 or via email at mail@etnabc.org

Property Relief Gets Hit by Tax Hike

2007-10-16T11:28:00.000-05:00

PROPERTY RELIEF GETS HIT BY TAX HIKE

"Oh great. Mayor Daley was waiting for the state to pass a property tax relief bill before he dared to push the biggest property tax increase in Chicago history.

Lawmakers complied Friday -- but picked the version that gives the least relief to battered homeowners. The bad news just keeps coming..."

Click here to read more in the Sun Times

REACTION TO THE PROPERTY TAX RELIEF EXTENSION...

"We're held over a barrel because of the legislative Ping-Pong that has gone on and because of a conflict of interest," said state Sen. Kwame Raoul (D-Chicago).

Raoul was referring to Madigan's side business representing downtown building owners, who said Blagojevich's version of the tax-relief plan would shift even more tax burden from homeowners to them."

Read more... (click here for the Sun Times article)

PROPERTY TAX BILLS
Expect your tax bills around November 1, 2007. They will be due for payment within 30 days of the mailing date.

Stay tuned for a protest rally! Details will follow...

THERE IS NO BETTER TIME THAN NOW TO DEMAND REAL PROPERTY TAX REFORM

TRAC calls for FAIR and PREDICTABLE PROPERTY ASSESSMENTS.
LEARN about a better plan for real property tax reform:

ACQUISITION BASED ASSESSING
= FAIR and PREDICTABLE property assessments

Learn about TRAC's campaign to implement ABA at the Cook County level.

For information contact: trac.president@gmail.com

ABA = FAIR and PREDICTABLE

Attention Investors Seeking Strong Cashflow - Vintage 3 Flat in Lakeview

2007-10-08T15:30:00.000-05:00

Chic and Sophisticated 2 Bed / 2 Bath Concrete Loft in Booming University Commons

2007-09-27T16:16:00.000-05:00

Some Good News Regarding the Housing Market in Chicago

2007-09-27T16:15:00.000-05:00

Midwest home sales up in August despite national slide

By Lorene Yue
Sept. 27, 2007

(Crain’s) — More new Midwest homes sold in August compared to July, a striking contrast to the national trend where sales fell last month to the lowest level in seven years.

Roughly 135,000 new homes sold in the 12-state Midwest region, a 20.5% increase from July, according to figures released Thursday by the U.S. Department of Commerce. On a year-to-year comparison, Midwest sales are lagging last year by 11.2%.

Across the nation, sales fell 8.3% in August from July or a seasonally adjusted rate of 795,000 homes. That was the lowest national level since June 2000, when sales clocked in at a pace of 793,000.

Analysts chalked up the Midwest's fortune as a combination of aggressive discounting by homebuilders, a credit crunch that has had a greater negative impact on either coast and data anomaly.

"In a monthly number, I wouldn't put too much weight in it," said Diane Swonk, chief economist for Mesirow Financial. "It can be a quirk in the data."

Kevin Thorpe, manager of housing statistics for the National Association of Realtors, said the Midwest gain could be a bounce back from low July numbers. The Midwest posted a decline in July home sales from June while the rest of the nation saw increases.

The home sales report came on the same day that the government reported a relatively brisk business growth rate in revised figures for the second quarter. But the 3.8 percent pace was less than previously estimated and it occurred before the credit crisis and its repercussions across the broad spectrum of the economy had taken hold.

The national median sales price in August fell by 7.5 percent from a year earlier to $225,700.

That was the biggest drop in percentage terms in nearly 37 years. The median price is the middle point at which half sell for more and half for less. The average sales price dropped by 8 percent in August from a year earlier to $292,000. That was the biggest decline in 17 years.

Sales fell in the South and the West in August compared with July. Sales in the Northeast rose 43.2% in August from July.

The new-homes sales report, combined with other recent economic reports showing a sharp drop in demand for big-ticket manufactured goods in August, suggested the U.S. economy lost momentum as it headed into the fall.

On Wall Street, investors looked to the weak home sales report as justification for another rate cut by the Federal Reserve. The Dow Jones industrial average was up slightly in afternoon trading.

(Associated Press contributed to this story.)

Call To Action Regarding Cook County 7% Property Tax Cap

2007-09-26T17:07:00.000-05:00

We need your help

Please read below and make the calls! Homeowners are caught in the middle...we need our State Rep's to know that we want this bill passed with the changes that the Governor made last week! It raises the exemption up to $40,000 and makes it PERMANENT

Please make the calls and pass it along. The legislature will be back in session next week. We only have 2 weeks to get this done...Please make these calls...we could end up with nothing which would mean HUGE increases for everyone

Thank you.

Barb Head

T R A C NEWS
ABA = Fair and Predictable
September 26, 2007

In This Issue
Make these CALLS
_____________________
Fair and Predictable Property Assessments

Click here to join our mailing list

REMEMBER to use the "Forward email" below.
Your personalized touch will help spread the word

TRAC CALL TO ACTION!
The Governor sent an Amendatory Veto to the House of Representatives calling for a permanent 7% property assessment cap with a maximum $40,000 alternative general homeowners exemption.

Read the press release
Read the story

But the changes must be approved by both the House and the Senate and there are TWO things you must do today:
1) Contact your State Representative
http://www.elections.il.gov/DistrictLocator/ (follow this link to find your State Rep)

Ask for QUICK ACTION on HB 664 - the 7% CAP, say that you want the legislature to PASS the Amendatory Veto
and provide a permanent $40,000 Homeowners Property Tax Exemption
2) CONTACT THE SPONSOR OF HOUSE BILL 664 - the 7% cap

State Representative Barbara Flynn Currie
DISTRICT OFFICE:
1303 East 53rd Street
Chicago IL 60615
773-667-0550
773-667-3010 (fax)
SPRINGFIELD OFFICE
217-782-8121
217-524-1794 (fax)

PASS the Governor's Amendatory Veto

TRAC calls for FAIR and PREDICTABLE PROPERTY ASSESSMENTS in Cook County
TRAC has a better plan for real property tax reform:

ACQUISITION BASED ASSESSING
= FAIR and PREDICTABLE property assessments

Learn about TRAC's campaign to implement ABA at the Cook County level.

For information contact: trac.president@gmail.com

ABA = FAIR and PREDICTABLE

TRAC | 867 W. Buckingham Place | Chicago | IL | 60657

Looking for Commercial Land

2007-09-15T08:38:00.000-05:00

In Need of Commercial Land

My client is actively seeking commercial plots of land that are NOT currently listed or not officially on the market with the following requirements:

a minimum of 15,000 square feet or greater
zoned ideally C1 or greater (automotive use) - will consider mixed use
high traffic area - ideally at major intersection or along high traffic thoroughfare
vacant or existing structure(s)
within 60 mile radius of Chicago Loop, excluding Northern Indiana
If you have a pocket listing for commercial land that meets the above requirements, please contact me at thall@rubloff.com or 773 572 4418.

Thanks!

Tom

The Perfect Urban Oasis

2007-08-31T14:54:00.000-05:00

Knock Out Lake Shore Drive

2007-08-31T14:53:00.001-05:00

Uber Urban Concrete Loft in Edgewater in the Heart of Bryn Mawr Historic District

2007-08-31T14:51:00.000-05:00

Introducing The Rotunda - Lincoln Park's Newest Luxury Address

2007-08-31T14:49:00.000-05:00

Rally to Save Mass Transit

2007-08-24T12:33:00.000-05:00

Transit is key to Edgewater's and all of Chicago's current and future livelihood. We must continue to push for the appropriate support for transit, and here is another opportunity for us to keep transit and Edgewater moving forward together. See below for more details.

Rally to Save Mass Transit

Join Mayor Richard M. Daley, DuPage County Chairman Robert Schillerstrom, House Mass Transit Committee Chair Representative Julie Hamos, House Mass Transit Committee Minority Spokesperson Representative Sid Mathiasand fellow advocates in support of transit funding and reform.

Tuesday, August 28th, Rally begins at 11:30 a.m.James R. Thompson Center - outdoor plaza
100 W. Randolph - Chicago, IL

Dear Partner for Transit:

Join elected officials, representatives from the civic, business and labor communities and transit advocates from across the region in support of Senate Bill 572 on Tuesday, August 28th at 11:30 a.m. at the Thompson Center's outdoor plaza, Clark and Randolph streets in Chicago.

The General Assembly must act quickly to avoid fare hikes and service cuts that are scheduled for September. Show your support for transit investments and urge elected officials to act now!
Support Senate Bill 572 and Save Mass Transit!

For more information on how you can save mass transit please visit: http://movingbeyondcongestion.org/

Edgewater Development Corporation www.edgewaterdev.org info@edgewataerdev.org 773-506-4016

Edgewater Community Council Wish List

2007-07-30T15:20:00.000-05:00

ECC WISH LIST

As a community based non-profit, ECC is always looking for ways to defray internal expenses so that ourdollars can be used to serve the community. If you can assist us in donations, please call the ECC office at 773-334-5609.

Some items that would be helpful to the organization and its' programs are:

· Office supplies-pens, copy paper, 9x12 mailing envelopes,other general office supplies, etc...
· Digital Camera
· Color Printer
· Donations of services such as plumbers, electricians, etc.
Our Youth Arts Program would benefit greatly from donations of the following:
· Paints and Markers
· Colored Pencils
· Mat paper
· Paper
· Shelving units is good shape
· Storage Units with locks in good working condition
· Tables and chairs for use during art projects
· PC computers and screens-no more than one year of age

Our Balkan Outreach Program is in need of the following for their Tuesday morning sewing classes:
· 5 portable sewing machines in good working order

All donations are fully tax deductible in accordance with the law. All donors will be sent letters for tax purposes and as a thank you for your donation

48th Ward Zoning and Planning Votes to Support TIF

2007-07-30T15:18:00.000-05:00

48TH WARD ZONING and PLANNING VOTES TO SUPPORT TIF

On June 27th, the 48th Ward Zoning and Planning Committee voted in support of the Edgewater TIF. The establishment of a new Tax Increment Finance District was recommended by Alderman Mary Ann Smith. The Committee first voted to establish an oversight committee on all 48th Ward TIFs.

The first TIF expense will be to renovate the 190 units of low income housing for seniors at Hollywood House. The proposed cost for this renovation will be over $6 million dollars.

The Edgewater TIF is generally bounded by Rosemong Avenue on the north to Ainslie on the south, running principally along the frontage of Broadway on the west to Sheridan and Marine Drive on the east.

Make a Difference - Volunteer

2007-07-30T15:17:00.000-05:00

MAKE A DIFFERENCE-VOLUNTEER

Have you been looking for something to do that will make a change for the better in your life and the life of your community? You have already made a commitment to Edgewater by living here-have you thought about how you, your family, and friends can contribute to making a difference for the better in our community? The Edgewater Community Council has numerous volunteer opportunities for everyone of all ages. Are you interested in neighborhood safety? in public transportation issues? in beautifying the neighborhood?, are you interested in donating a few hours a week to assisting in office work? - if so, the Edgewater Community Council may be your answer.

You decide how involved you want to be-you might choose to join one the task force committees of ECC-Transportation, Safety, Planning & Development, Edgewater Beautiful, Communications, Fundraising, Education-there are many opportunities. You might also think about a time limited project through many of our on-going activities such as Edgewater Beautiful-planting flowers, cleaning up near the "L" stops, a few hours of your time with family, friends and neighbors makes a world of difference in the community and for all its residents.
You can pick and choose what you would like to do - it's a great way to become involved and see the results of your efforts.

Since 1960, the Edgewater Community Council has linked residents, businesses, elected officials with shared interests and concerns to enhance the lives of the diverse group of residents who compose the neighborhood of Edgewater. When concerned people join together they become a community, the community then acts, and when they act, they make a positive change for all residents.

Some upcoming volunteer activities include the following:

Assisting in answering phones in the Edgewater Community Council, 6044 North Broadway
· Assist in the preparation of mailing
· Help with setup and clean up for National Night Out-August 7th
· Participate in one of the task force committees of the Board- Safety, Transportation, Edgewater Beautiful, Planning & Development, Communications, & Fundraising
· Assist in planning the Fall ECC Fundraiser
· Other opportunities coming up!

If you want to make a difference, and want to volunteer on a local level, please contact the Edgewater Community Council at 6044 North Broadway, 773-334-5609

You will be amazed at how your volunteer efforts enhance your life and the life of your community.

Edgewater Back Alley Jazz Festival - September 8

2007-07-30T15:16:00.000-05:00

EDGEWATER BACK ALLEY JAZZ FESTIVAL
TO BE HELD ON
SATURDAY, SEPTEMBER 8, 2007

What started out as a tiny block club fest has blossomed into a much larger festival that has created a greater sense of community within Edgewater. The Back Alley Jazz Festival will be held on Glenwood Avenue between Devon and Rosemont Avenues on Saturday, September 8, 2007. The Festival hours will be 2:00 p.m. until 11:00 p.m. Entertainment will include The Dale Prasco Band and Lubrifoni, along with other exciting artists including fire dancers, the Rickover Naval Academy jazz band and color guard. The festival will also include artisans showcasing and selling everything from homemade candles to hand-crafted jewelry to one-of-a-kind works of art.

This is a kid friendly event that will have many activities for children from 2:00 p.m. until 5:00 p.m. including face-painting. Food and drinks will be sold by area restaurants including Edgewater's newest neighbors, Uncommon Ground.

Tickets for the event are $5.00 for ages 16 years and older. Any profits from the Back Alley Jazz Festival will be donated to the Care For Real Edgewater Food Pantry.

For additional information contact Tom Opper at topper@revgen440.com or Troy McMillan at t8mcmillan@gmail.com

Call Your Legislator - Oppose The Proposed Real Estate Transfer Tax for the RTA

2007-07-30T15:01:00.000-05:00

Call and write to your legislator today and urge them to vote against the proposed Real Estate Transfer Tax for the RTA. Even if you've taken action in the past month, please do so again. This issue is being considered again!

Senate Bill 572, as amended includes the authority for the Regional Transportation Authority (RTA) to impose a real estate transfer tax of $3 per $1,000 within the city of Chicago WITHOUT VOTER APPROVAL.

The Illinois Association of REALTORS and the Chicago Association of REALTORS STRONGLY OPPOSE this proposal and urge you to contact your Representative and Senator and urge them to REJECT this proposed transfer tax increase.

It is very troubling to give this statutory authority to levy a real estate transfer tax to a special taxing district governed by an APPOINTED Board.

This is ANOTHER LAYER OF TAXING authority on property owners in Chicago where a very high home rule municipal real estate transfer tax is already in place ($7.50 per $1,000 paid by the buyer) in addition to the State and county real estate transfer tax (combined $1.50 per $1,000 on the seller).

Illinois law also is very clear in that VOTER INPUT is required to impose a new or to increase an existing home rule real estate transfer tax. This proposal contravenes that public policy.
As you are well aware, the real estate transfer tax is a "hidden" property tax because most property owners are not aware of it until they buy or sell property.

SB 572 is sponsored by Representatives Julie Hamos, Paul Froehlich and Kathy Ryg and Senator John Cullerton and Ira Silverstein. To send an e-mail to your Senator and Rep., follow the prompts below. To call your STATE legislator, go to https://email.rubloff.com/exchweb/bin/redir.asp?URL=http://www.ilga.gov to find your legislators' Springfield phone numbers (the one with a 217 area code). Click on "Legislator Look-up" Click the link below to log in and send your message:http://votervoice.net/target.aspx?id=ilar:17793562

You have received this message because you have subscribed to a mailing list of Illinois Association of REALTORS. If you do not wish to receive periodic emails from this source, please click below to unsubscribe.
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Illinois Association of REALTORS I 3180 Adloff Lane, Suite 400 I Springfield, IL 62703 Ph. 217/529-2600 I FAX 217/529-3904 I https://email.rubloff.com/exchweb/bin/redir.asp?URL=http://www.illinoisrealtor.org I IARaccess@iar.org

National Night Out Event in Edgewater

2007-07-19T17:18:00.000-05:00

NATIONAL NIGHT OUT EVENT

Sponsored by the Edgewater Community Council and State Representative Harry Osterman

*SEND A STRONG MESSAGE TO CRIMINALS TO STAY AWAY FROM EDGEWATER AND OFF OF OUR STREETS*

TUESDAY, AUGUST 7, 2007

7:30 PM - NEIGHBORHOOD WALK - Meet at Edgewater Library, 1210 W. Elmdale

8:l5 PM - ROLL CALL BY OFFICERS OF THE 20TH AND 24TH DISTRICTS led by District Commanders Kathleen Boehmer and Bruce Rottner. 1000 W. Thorndale at the Corner of Thorndale and Winthrop.

MEET AND GREET - Immediately following the ROLL CALL. Swift School Playlot, complimentary food, soft drinks, prizes for the best poster and more . . .

Opportunity to meet your neighbors, person living down the street and the Police Officers that serve our area and have some fun.

National Night Out is a nation-wide event started 23 years ago to heighten crime and drug awareness, generate support for anti-crime programs and strengthen community and police partnerships in fighting back crime.

BRING YOUR FLASHLIGHTS AND ENJOY THE NIGHT!

* * *
www.edgewatercommunitycouncil.org
Edgewater Community Council, Inc. ¨ 6044 N. Broadway ¨ Chicago, Illinois 60660 ¨ 773-334-5609

Edgewater Community Council (ECC) is a 501(c) (3) not-for-profit and voluntary membership organization formed in 1960 to improve the quality of life in the diverse Edgewater community. The Edgewater community is located between Foster Avenue (5200N) and Devon Avenue (6400N), and between Lake Michigan and Ravenswood Avenue (1800W).

* * *

Edgewater Community Council

You're Invited to a Beer Tasting

2007-07-10T08:35:00.001-05:00

YOU'RE INVITED TO A BEER TASTING

The Edgewater Community Council cordially invites you, your neighbors, and friends to a Beer Tasting Event to be held on Wednesday, July 18th at Hopleaf bar located at 5148 North Clark Street.

This fun evening will consist of the learning and tasting about some of the best beers around, great food, and a raffle. This is a great way to meet new people, enjoy the company of old friends, and have a wonderful evening in a great Edgewater location.

Tickets are strictly limited to 40 persons and the cost of each ticket is $50.00 - to reserve your tickets, or to find out more about the event, call the Edgewater Community Council at 773-334-5609 during regular business hours.

What: A Beer Tasting

Where: Hopleaf Bar
5l48 North Clark Street

When: Wednesday, July 18th, 2007
6:30 p.m. until 8:30 p.m.

Sponsor: The Edgewater Community Council
6044 North Broadway
Chicago, Illinois 60660

Tickets &
Information: Tickets are $50.00 per person and the event is
limited to 40 people. For ticket reservations and
additional information contact ECC at
773-334-5609

Don't miss out on this great evening! call 773-334-5609

Illinois Home Sales in May Up from Previous Month

2007-06-27T20:50:00.000-05:00

May home sales in Illinois up from previous month.

Total home sales rose 10.9 percent in May 2007 to 14,349 homes sold compared to 12,932 homes sold in April 2007. Sales were 18.6 percent below the 17,622 homes sold in May 2006. The Illinois median home price was $205,000, equal to the median price a year earlier.

Illinois Housing Statistics
May Illinois Home Sales Up from Previous MonthStatewide Median Price Remains $205,000
May home sales in Illinois rose for the fourth consecutive month in 2007 yet are lower than sales from May 2006. According to the Illinois Association of REALTORS latest report, total home sales (which include single-family and condominiums) were up 10.9 percent in May 2007 to 14,349 homes sold compared to 12,932 homes sold in April 2007. Sales were 18.6 percent below the 17,622 homes sold in May 2006. The Illinois median home price in May was $205,000, equal to the median price a year earlier. Year-to-date, sales were down 14.7 percent to 56,775 homes sold in 2007 compared to 66,575 homes sold January through May 2006.

“Overall sales are improving each month and we are still seeing positive gains in the median home sale price in many market areas in the state despite the overall housing market adjustment we are experiencing. Illinois REALTORS are reporting homes that are priced correctly and in move-in condition are selling,” said Robert Zoretich, president of the Illinois Association of REALTORS. “We continue to be in a strong buyers’ market with interest rates inching up and inventory levels giving buyers a greater variety of homes. Sellers are gradually becoming more realistic and flexible in the pricing of their properties.” Read the full release.
Illinois Median Price Slightly Higher in the First Quarter of 2007; Sales Down 14.2 Percent from a Year Ago

Home prices in Illinois held steady as weather in the first quarter of 2007 dampened sales activity. Total home sales (which include single-family homes and condominiums) totaled 29,390, down 14.2 percent from 34,235 home sales in the first quarter of 2006. The first quarter median home sale price was $197,000, up 0.5 percent from $196,000 a year earlier. The average sale price was $251,375, up 1.9 percent from $246,610 for the same period a year ago.

“Like the rest of the nation, the Illinois housing market took a hit from extreme winter weather in the first few months of the year but we should see activity picking up as buyers take advantage of the dynamics in place with this market including solid inventory levels, low interest rates and a range of housing options available across the state,” said Robert Zoretich, president of the Illinois Association of REALTORS. “As home sales moderate, overall home prices will be essentially flat this year. It’s too early to measure a significant impact from tighter lending standards due to the subprime fallout, which could moderately dampen activity, but we’re still looking for existing-home sales to gradually improve during the last half of 2007.” Read the full release.
Link to the 1Q07 release and detailed first quarter reports.

Introducing The Rotunda, Lincoln Park's Newest Luxury Address

2007-06-25T22:04:00.000-05:00

Introducing The Rotunda, Lincoln Park's newest luxury address! Spectacular 8 unit building in the heart of Lincoln Park.

Stunning new contruction located in the heart of Lincoln Park - at Diversey and Sheffield.

This intimate 8 unit, elevator building boasts stunning, contemporary design. Unbelievable living space - 2 bedroom simplexes with 1,570 square feet - 2 townhomes with 3 & 4 bedrooms with 2,330 to 2,896 square feet.

Truly unlike any new construction in Lincoln Park - uncomparable finishes including Professional Grade appliances, custom-quality cabinetry, 1.25" granite countertops, hardwood throughout, steam shower in master bath and garage parking. Gracious floorplans with incredible scale, allowing true dining space as well as great living space. Two outdoor spaces with a front terrace off of the living room as well as elevator access to a common rooftop deck. Penthouse units enjoy their own private deck with spectacular city vistas.

Prices start at $525,000 with parking for 2 bedroom, 2 bath simplex up to $775,000 with parking for 4 bedroom, 3.5 bath townhome. Delivery scheduled for early 2008.

Preliminary Specifications (Subject to Change) :

The Rotunda: 2741 N. Sheffield Building Features:

+ Intimate elevator building including rooftop service

+ All masonry brick construction

+ Limestone front detail

+ Pella windows throughout

+ Contemporary entry with stone detail

+ Security and intercom system

+ One garage parking space included with each unit

+ Large front terraces

+ Finished stone paver common roof top deck for units 2N, 2S, 3N, 3S, Townhouse 1 & 2

+ Finished stone paver private roof top decks for Penthouse units North & South Unit

Unit Features:

+ Oak hardwood flooring with stain throughout entire unit(s)

+ 12' ceiling heights in Penthouse Units

+ Pre-wired for telephone and cable TV in multiple locations

+ Individual smoke and carbon monoxide detectors

+ Premium Millwork trim package

+ 5" crown molding and baseboard

+ 3.5" casings around windows and doors

+ Crown molding in living & dining rooms

+ Wainscoting in living & dining rooms

+ Solid core paneled interior doors

+ Schlage rub oil bronzed door hardware

+ Generous closet space throughout unit

+ Pre-wired for stereo and plasma TV in living room (family room in Townhomes)

Kitchen:

+ Custom 42" cabinets

+ Custom crown molding above cabinetry (depending upon cabinet style)

+ Under cabinet lighting

+ Granite countertops and backsplashes (per builder's selections)

+ Stainless steel professional grade appliances

+ Garbage disposal

+ Hanging light fixture(s) above kitchen island

+ Cabinet hardware

Living Room / Family Room Features:

+ Gas burning fireplace with stone surround and wood mantle

+ Recessed lighting

+ Pre-wired for stereo and plasma TV

Master Bath:

+ Custom cabinetry + Granite / Natural Stone countertops

+ Under mount double-bowl sinks

+ Natural stone flooring

+ Whirlpool tub with natural stonesurround & professionally designed tile

+ Separate custom steam showers with glass enclosure & body sprays

+ Exhaust fans

+ Flat panel mirror above vanity

Guest Bath / Powder Room:

+ Custom cabinetry

+ Mirror with custom lighting

+ Natural stone tub surround

+ Natural stone flooring (Oak flooring in Townhouse Powder Room)

+ Exhaust fans

Construction, Mechanicals & Paint:

+ Sound barrier attenuation between floors

+ Sound proofing:

+ Blown insulation

+ 3/4" Plywood

+ 2" Lightweight concrete

+ 3/4" Plywood

+ 3/4" Oak Flooring

+ Carrier Central Air-Conditioning

+ Carrier gas forced air heating system with humidifier

+ 100 amp circuit breaker electrical service

+ 50 gallon water heater

+ All copper water supply piping

+ One coat finish flat paint over one coat primer/sealer

+ Trim and doors painted semi-white gloss

+ Paint: walls to be finished in flat off-white color. Trim, millwork and doors to be semi-gloss white

Unit Pricing:

Townhome Unit 1 (West-facing w/ Northern Exposure) + 2,896 sq ft. 4 bedroom, 3.5 bath, shared common roof deck with garage parking + $775,000 with garage parking + Assessments: $250

Townhome Unit 2 (West-facing w/ Southern Exposure) + 2,331 sq ft. 3 bedroom, 3.5 bath, private roof deck above garage with garage parking + $750,000 with garage parking + Assessments: $250

Simplex Unit 2N (West-facing w/ Northern Exposure) + 1,570 sq ft. 2 bedroom, 2 bath, shared common roof deck with garage parking + $525,000 with garage parking + Assessments: $175

Simplex Unit 2S (West-facing w/ Southern Exposure) + 1,570 sq ft. 2 bedroom, 2 bath, shared common roof deck with garage parking + $525,000 with garage parking + Assessments: $175

Simplex Unit 3N (West-facing w/ Northern Exposure) + 1,570 sq ft. 2 bedroom, 2 bath, shared common roof deck with garage parking + $550,000 with garage parking + Assessments: $175

Simplex Unit 3S (West-facing w/ Southern Exposure) + 1,570 sq ft. 2 bedroom, 2 bath, shared common roof deck with garage parking + $550,000 with garage parking + Assessments: $175

Simplex Penthouse Unit North (West-facing w/ Northern Exposure) + 1,570 sq ft. 2 bedroom, 2 bath, private, finished roof deck with garage parking + 12' ceilings + $599,000 with garage parking + Assessments: $200

Simplex Penthouse Unit South (West-facing w/ Southern Exposure) + 1,570 sq ft. 2 bedroom, 2 bath, private, finished roof deck with garage parking + 12" ceilings + $599,000 with garage parking + Assessments: $200

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but is not guaranteed and should be independently verified through personal inspection and/or with the appropriate professionals. The information at this site is provided solely for informational purposes and does not constitute an offer to sell, rent, or advertise real estate outside the state in which the owner of the site is licensed. The owner is not making any warranties or representations concerning any of these properties including their availability. Information at this site is deemed reliable but not guaranteed and should be independently verified.

Illinois Supreme Court Upholds Edgewater Community Liquor Referendum

2007-06-04T12:50:00.000-05:00

ILLINOIS SUPREME COURT UPHOLDS EDGEWATER COMMUNITY LIQUOR REFERENDUM- DRY VOTE GOES INTO EFFECT ON MAY 5TH, 2007

The dry vote finally went into effect Friday, May 5th and prohibits retail sales of alcohol of any kind in the 32nd precinct of the 48th ward (Rosemont to Glenlake on Winthrop and Granville to Glenlake on Kenmore (west side), except for liquor served in a restaurant (incidental). The successful vote dry referendum election was held on February 25th, 2003, but its effect were delayed for 4 years by liquor stores who filed two lawsuits.

The Edgewater Community Council spearheaded the proposed referendum in 2003 and has continuously worked to secure its passage. ECC began a petition drive, sent letters to voters, and begin a tireless effort to ensure the passage of the referendum. With the pro bono assistance of Mayer, Brown, Rowe & Maw, LLP and attorney Patricia Sharkey, fours years of litigation including filings and appeals in the Illinois Circuit Court, the Illinois Appeals Court, cumulated in Patricia Sharkey arguing the case before the Illinois Supreme Court in November of 2006. The Illinois Supreme Court's decision was rendered in January of 2007. The Mandate of the Supreme Court ordering a reversal of the Illinois Circuit Court decision was issued on April 30, 2007.

On May 5th, 2007, the City of Chicago Department of Permits and Licenses issued an order revoking the liquor licenses of Granville and Sun Liquors (the only liquor stores in the precinct). That order was served by the 24th District Police on the owners at approximately 2:30 p.m. on the 5th. From that moment, the liquor sales were prohibited and the stores had a brief period of time to remove all liquor from the premises.

For over 20 years community residents have had problems with these liquor store owners and the public drinking, drug dealing, and prostitution that circled around their establishments. Edgewater Community Council began tackling this issue over four years ago-and with the persistence and dedication of Patricia Sharkey, Mayer, Brown, Rowe & Maw LLP, and the dedication of community residents who supported our efforts, we are grateful that this matter has been resolved in the courts.

Throughout this four year battle-Mayer, Brown, Rowe & Maw, LLP, allowed attorney Patricia Sharkey to represent the Edgewater Community Council and the individual citizen intervenors on a pro bono basis by funding hundreds of legal hours. The Edgewater Community Council is deeply indebted to Mayer, Brown, Rowe & Maw, LLP and very grateful for the commitment and dedication of Patricia Sharkey. Also, Ms. Sharkey serves as the President of the ENN, Block Club, Edgewater.

National Night Out Scheduled for Tuesday, August 7, 2007 in Edgewater

2007-06-04T12:49:00.000-05:00

NATIONAL NIGHT OUT SCHEDULED FOR TUESDAY, AUGUST 7, 2007 IN EDGEWATER

The Edgewater Community Council invites you to attend the annual "National Night Out" on Tuesday, August 7th, 2007. ECC is organizing a "Neighborhood Meet and Greet" at the Swift School play lot and all are welcome.

Last year's "National Night Out" involved citizens, law enforcement agencies, civic groups, businesses, neighborhood organizations and local officials from over 10,000 communities from all 50 states, U.S. territories, Canadian cities and military bases worldwide. In all, 34 million people participated in "National Night Out" in 2006. ECC for its' part had a "Neighborhood March" along trouble spots on Kenmore, Winthrop, Granville and Thorndale. The event was concluded with a Roll Call of the 20th and 24th Police District.

"National Night Out" is designed to:Heighten crime and drug prevention awareness;
Generate support for, and participation in, local anticrime partnerships; and
Strengthen neighborhood spirit for, and participation in, local anticrime programs
·Send a message to criminals letting them know that neighborhoods are organized and fighting back

For more information on the event, please contact Aida Kulasic at 773-381-1345 or by email aidakulasic@edgewatercommunitycouncil.org You can also find more information about the "National Night Out" at www.nationalnightout.org.

Edgewater June Calendar of Events

2007-06-04T12:42:00.001-05:00

JUNE CALENDAR OF EVENTS

AA and Al Anon meetings:

North Shore Baptist Church, 5244 N. Lakewood, 773-728-4200: AA Sat. 10 am, 4 pm; Youth AA, Wed. 6:30 pm; AA/Alanon, Wed. 8 pm; Immanuel Lutheran Church, 1500 W. Elmdale, 773-743-1800: Al Anon Fri. 10:15 am; St. Gertrude Ministry Center, 6214 N. Glenwood: 773-561-5343: Al Anon Thurs. 7:30 pm, St. Ita's Church,5500 N. Broadway, 773-561-7343 : AA Tue. 7 pm; Ebenezer Lutheran Church, 1650 W. Foster, 773-334- 5609: AA Mediation, Tue. 7:45 pm, AA Thur.7:45 pm, AA Fri. 7:30 pm, AA Sat. 7 pm, Women's A A, Sun. 6 pm, Men's AA Sun. 6 pm.; Church of the Atonement 5749 N. Kenmore, 773-271-2727: AA Mon: 8 am, 7pm;CA, 8 pm; NA Tue., 7:30 pm; AA Wed. 6 pm, AA Thurs. 7 pm, AA, Fri., 7 pm.

Chicago Public Library's High Speed Wireless Internet System, Edgewater Library, 1210 W. Elmdale.

All you need is a wireless enabled laptop computer, tablet PC or PDA. Library's network is open to all visitors and free of charge without filters. 312-744-0718

Neighborhood Walks are conducted every Monday by the EPIC Block Club and North Edgewater Beach Association. Cellular phones are used for 311 and 911 calls. Walks begin at 8:00 pm northeast corner of Thorndale and Broadway. Dogs on leashes are welcome. Information 773-381-1345

Dog Walking/Safety Patrol, 6 pm, every Thursday, meet in front of Swift School, 5900 N. Winthrop,773-334-5609

Edgewater Historical Society Museum, Open every Saturday, 1-4 pm, 5358 N. Ashland, 773-506-4849

Sewing Classes Every Tuesday, 10 am -12 pm, 6044 N.Broadway, 773-381-1346
Teacher in the Library, Mon., Tue, Thur.,3:30-7:00 pm, Wed., 5:30 pm, Help with Homework, Edgewater Library, 1210 W. Elmdale, 312-744-0718

Cellphone/Printer Cartridge Recycling Program, Gerber/ Hart Library, 1127 W. Granville, accepts expired cellphone and computer printer cartridges, 773-381-8030

Llinnaeus Birthday Celebration: Floral Families, Folk Fashion, Fine Art, continuing through June 10, Swedish American Museum Center, 5211 N. Clark, 773-728-8111

Edgewater Neighborhood Garage Sale, 9 am-4 pm, Broadway to Clark, Ridge to Granville,sponsored by BARGE, EGA, EPIC, NET block clubs, 773-271-2909

Saturday Book Club, Call Library for Book Title, 11 am, Edgewater Library, 1210 W. Elmdale, Book available at Library, 312-744-0718

Edgewater Glen Association Monthly Open Meeting,7 pm, 6044 N. Broadway, 773-334-5609

Community Policing Beat 2433 Meeting, 7 pm, Edgewater Library, 1210 W. Elmdale, 773-334-5609

ECC Membership Committee Meeting, 7 pm, 6044 N. Broadway, 773-334-5609

ECC/EDC Planning/Development Committee Meeting, 7 pm, 6044 North. Broadway, 773-334-5609

Griffin Theatre Company Annual Benefit, 6 pm, Mary's Attic, 5400 N. Clark, $40 per person , $70 per couple, in advance,$50 per person at door, Reserve tickets by June 1, 773-769-2228

Women's Book Discussion Group, " The Color Purple" by Alice Walker, 7:30-9 :00 pm Gerber/Hart Library, 1127 W. Granville, 773-381- 1030

Andersonville Midsommerfest, 10 am - 4 pm, Art, Entertainment, Food, on Clark Street, in the Heart Andersonville, 773-778-2995, ext. 2

Thorndale L Painting/Repair/Cleanup, 8:30-11:am, hosted by EPIC,NEBA, TAHBS block clubs, Volunteers call 773-334-5609

Edgewater Library Summer Reading Program Kickoff, 11 am, Edgewater Library, 1210 W. Elmdale, 312-744-0718

Arts & Crafts for School Aged Children, 3:30-4:30, Edgewater Library, 1210 W. Elmdalle, Also June 18 & 25, 312-744-0718

Hayt School Local School Council Meeting, 7 pm, Hayt School , 1518 W. Granville, 773-534-2040

Community Policing Beat 2022 Meeting, 7 pm, Church of the Atonement, 5749 N. Kenmore, 773-334-5609

TAHBS Association Meeting,After Beat 2022 Meeting, 773-334-5609

"Get Wild About Reading", Program by Hull House11 am, Edgewater Library, 1210 W. Elmdale, 312-744-0718

Community Policing Beat 2012, 7 p.m. St. Gregory Gym, 1609 West Gregory, 773-334-5609

Edgewater Triangle Neighbors Association Meeting, 7 pm, Edgewater Baptist Church, 1401 W. Hollywood, 773-334-5609

ECC Edgewater Beautiful Committee Meeting, 10 am, 6044 N. Broadway, 773-334-5609

Dance Moves: Learn Dance Steps, 1-2 pm, St. Andrew's Church, 5649 N. Sheridan, also June 21, 28, $12 for 3 classes, Sponsored by Mather Edgewater, Reservations required, 1-888-600-2560

Writers at Heart, 1 pm, Edgewater Library, 1210 W. Elmdale, 312-744-0718

Greek Festival sponsored by Mather Edgewater, 11:30 am, $6, Lunch & Entertainment, St. Andrew's Church, 5649 N. Sheridan, Reserve by June 13, 1-888-600-2560

ECC Education Committee, 7 pm, Edgewater Library, 1210 W. Elmdale, 773-334-5609

ECC Board of Directors Meeting, 7 pm, 6044 N. Broadway, 773- 334-5609

Care for Real Committee Meeting, 7 pm, 6044 N. Broadway, 773- 334-5609

Community Policing Beat 2013 Meeting, 7 pm, Philadelphia Church, 5445 N. Clark, 773-334-5609

ECC Book Club, "Inheritance of Loss " by Kiran Desai, 7 pm, Pause Café, 1107 W. Berwyn, Book available at Edgewater Library, 1210 W. Elmdale, 773-334-5609

Northside Players present "The Audition", 8 pm, North Lakeside Cultural Center, 6519 N. Sheridan, $20, Audience space limited, reservations required 773-293-1358, Parking, $3, Must request with reservation. Continues through July 28

Home Expo II (Grant Mortgage Programs), 10 am-2 pm, Free, sponsored by Edgewater Neighbors Block Club and Edgewater Community Council, 773-386-4565

Tuesday Morning Book Club, " Nazi Officers Wife" by Edith Hahn-Beer, 10 am, Edgewater Library, 1210 W. Elmdale, book available at Edgewater Library, 312-744-0718

Edgewater Beach Neighbors Association Meeting, 7 pm, Edgewater Presbyterian Church, 1020 W. Bryn Mawr, 773-334-5609

Men's Book Discussion Group, "The Line of Beauty" by AlanHollinghurst, Booker Prize Winner,7:30-9 pm, Gerber/Hart Library, 1127 W. Granville, 773-381-8030

ECC Safety Committee Meeting, 7 pm, 6044 N.Broadway, 773-334-5609

Edgewater Beach Neighborhood Association Home Expo

2007-06-04T12:41:00.001-05:00

EBNA 2007 HOME EXPO II

The Edgewater Beach Neighbors' Association invites you to be a part of a community event we will be hosting for buyers and sellers of real estate. The EBNA 2007 Home Expo II will beheld on June 23, 2007 from 10:00 a.m. until 2:00 p.m. at the Epworth Church, 5253 North Kenmore Avenue.

The EBNA 2007 Home Expo II will be a one-stop information source for people interested in learning about purchasing, selling or refinancing real estate. The EBNA 2007 Home Expo II is looking for businesses that provide supportive services to home owners and who are willing to spend some time answering questions and providing information. Topics will include financing, home inspections, appraisals, legal and insurance services, and sponsor's gallery where you can offer information to participants. EBNA Home Expo II is seeking mortgag brokers, bankers, inspectors, insurance brokers, tax specialists and attorneys. Local developers in the Edgewater area are also encouraged to attend.

The EBNA 2007 Home Expo II is free to the public.

Various sponsorship opportunities are available For information on purchasing a table at the event for $125.00 contact the Vice President of the EBNA Block Club, Killian Walsh at 773-386-4565.

April Homes Sales in Illinois Rose for Third Consecutive Month in 2007

2007-06-04T12:38:00.000-05:00

April home sales in Illinois rose for the third consecutive month in 2007 .

According to IAR's latest report, total home sales (single-family and condos) were up 9.6 percent in April 2007 to 12,932 homes sold compared to 11,797 homes sold in March 2007. Sales were 12.1 percent below the 14,718 homes sold in April 2006. The Illinois median home price in April was $201,000, off 0.5 percent from $202,000 a year earlier.

"The Illinois housing market continues to progressively up-tick month-to-month. Location and pricing are key factors for getting a home sold,” said IAR President Robert Zoretich. “Recent news regarding economic factors including rising energy costs and tighter lending standards due to the subprime situation has added to the tentativeness factor for buyers leading some to delay home-purchase decisions.

This remains, however, a good time for buyers to view a larger inventory and take advantage of attractive mortgage interest rates and flat prices in some areas.”

Source: IAR Weekly Connection

A List of Summer Festivals, Courtesy of Chicago Sun Times

2007-06-01T13:26:00.000-05:00

Summer festivals

Courtesy of Chicago Sun Times, June 1, 2007

JUNE

1-3: Chicago Gospel Music Festival, Millennium Park. (312) 744-3315;www.chicago gospelmusicfestival.us.
1-Sept. 30: Cool Globes: Hot Ideas For a Cooler Planet, Lakefront between the Field Museum and E. Balbo. Free. www.coolglobes.org.
2-3: Arlington Heights Promenade of Art, Downtown Arlington Heights. Free. (847) 926-4300; www.amdurproductions.com.
2-3: Belmont-Sheffield Music Festival, Sheffield from Belmont to School. $5 donation. (773) 868-3010; www.chicagoevents.com.
2-3: Community Art Fair, Bixler Park, 57th and Kenwood. Free. (773) 363-8282.
2-3: East Troy Electric Railroad Centennial Celebration Weekend, 2002 Church, East Troy, Wis. (262) 642-3263; www.easttroyrr.org.
2-3: Richton Park's Blues and Bones Fest, Sauk Trail and Governors Highway, Richton Park. $15. (708) 481-8950; www.richtonpark.org.
3: United Run for the Zoo, Lincoln Park Zoo, Cannon and Fullerton. $14-$30. (773) 868-3010; www.chicagoevents.com.
5-Sept. 3: Millennium Park Family Fun Festival, Millennium Park. Free. (312) 742-1168; www.millenniumpark.org.
6-Sept. 3: Cirque Shanghai: Bai Xi, Navy Pier. (773) 205-9600; www.navypier.com.
7-10: Chicago Blues Festival, Grant Park. (312) 744-3315; www.chicagobluesfestival.us.
8-10: Pride of the Fox Riverfest, Downtown St. Charles. (630) 557-2575; www.prideofthefox.com.
8-9: Summerfest, Madison between Besplaines and Harlem, Forest Park. Free. (708) 366-2543.
8-10: Skydiving for MS, Chicagoland Skydiving Center, 12637 US Route 30 West, Hinckley. (800) 404-5867; www.skydivingforms.com.
8-10: SportsFest Collectibles Show, Renaissance Schaumburg Hotel, Schaumburg. $10. www.sportsfestshow.com.
9: Country Western Night Festival, Our Lady of Knock Parish Hall, 497 163rd, Calumet City. $10. (708) 862-3011.
9-10: Ribfest Chicago, Lincoln between Irving Park and Warner. $5 donation. (773) 525-3609.
9-10: Wells Street Art Festival, N. Wells between North and Division. $7-$10 donation. (773) 868-3010; www.chicagoevents.com.
9-24: American Spanish Dance Festival, Northeastern Illinois University, 3701 W. Bryn Mawr. $25-$45. (773) 442-5916; www.neiu.edu/~eespanol.
9-Oct. 7: American Players Theatre Summer Theater Festival, 5950 Golf Course, Spring Green, Wis. $35-$53. (608) 588-2361.
10: Palos Community Hospital's Band on the Run Run, Palos Health and Fitness Center, 153rd and West, Orland Park. $8-$22. (773) 868-3010; www.chicagoevents.com.
14: Hackensaw Boys, James Park, Dodge at Mulford, Evanston. (847) 448-8058; www.cityofevanston.org/arts.
14-17: Festa Pasta Vino, Oakley just south of Cermak. Free. (847) 233-9966; www.festapastavino.com.
15-16: Highland Games and Scottish Festival, Oak Brook Polo Grounds, Oak Brook. (708) 447-5092; www.chicago-scots.org.
15-17: Bloomington Gold Corvette Show, Pheasant Run Golf Course, St. Charles. $15-$40. (309) 888-4477; www.bloomingtongold.com.
15-17: Darkmoon Faire, Renaissance Schaumburg, 1551 N. Thoreau, Schaumburg. Free. www.ude.com.
15-17: Great Galena Balloon Race, Eagle Ridge Resort and Spa, 444 Eagle Ridge, Galena. (815) 777-2444; www.greatgalenaballoonrace.com.
15-17: Lake Meadows Art Fair, Lake Meadows Shopping Center, 35th and King. Free. (312) 225-5692.
15-17: Prairiefest, 91 Plank, Oswego. (630) 554-1010; www.prairiefest.com.
15-17: Taste of Randolph Street, Randolph between Peoria and Racine. $10 donation. (312) 458-9401; www.jamfests.com.
16: Juneteenth, Sankofa Cultural Arts and Business Center, Chicago from Menard to Mayfield. Free. (773) 626-4497.
16: Puerto Rican Pride Parade, Columbus from Balbo to Monroe.
16: Unity Day, Village Green, Hoffman Estates. (847) 882-9100.
16-17: Cantigny Fine Art Festival, Cantigny Park, Wheaton. Free. (847) 926-4300; www.amdurproductions.com.
16-17: Custer's Last Stand, Main Street and Chicago, Evanston. $1 donation. (847) 328-2204; www.custerfair.com.
17: Garden Prairie Strawberry Festival, Susie's Garden Patch, Highway 20, Garden Prairie. Free. (815) 597-3011.
17: Ruralfest, Lisle Station Museum, 921 School, Lisle. $20. (630) 968-0499; www.ruralfest.com.
17-Aug. 26: Chicago Outdoor Film Festival, Grant Park, Butler Field, Monroe and Lake Shore. Free. (312) 744-3315.
19: Lucy Smith, Butler Bark, Canal and Dempster, Evanston. Free. (847) 448-8058; www.cityofevanston.org/arts.
19-24: Midsommar Festival Swedish Days, Downtown Geneva. (630) 232-6060; www.genevachamber.com.
20-24: Country Fair, Church of the Holy Spirit, 1451 Bode, Schaumburg. (847) 882-7580; www.churchoftheholyspirit.org.
21: Question Mark and the Mysterians, James Park, Dodge at Mulford, Evanston. Free. (847) 448-8058; www.cityofevanston.org/arts.
21-Aug. 18: Northwestern Summer Music Theatre Festival, Northwestern University, 20 Arts Circle Drive, Evanston. (847) 491-7282; www.northwestern.edu.
22: Chicagoland Ukulele Jam Festival, 1300 Maybrook, Maywood. $10. (708) 615-9000.
22-23: Berwyn's Cartopia, Cermak and Harlem, Berwyn. (708) 788-8100; www.berwyncartopia.com.
22-23: Cans Music Fest, 1640 N. Damen. $5 donation. (773) 276-7582.
22-24: Close Up 2 Smooth Jazz Summer Festival, Pritzker Park, State and Van Buren. Free. (312) 385-1111.
22-24: Downers Grove Heritage Festival, Main and Curtiss, Downers Grove. Free. (630) 434-5555.
22-24: Taste of Greece on LaSalle Street, Annunciation Cathedral of Chicago, 1017 N. LaSalle. (312) 664-5485.
23: Chicago Pride Fest, Waveland and Halsted. $5 donation. (773) 868-3010; www.chicagoevents.com.
23: Villa Park Summerfest, Cortesi Veterans Memorial Park, 320 E. Kenilworth. Free. (630) 834-8500.
23-24: Belmont Arts and Music Festival, Belmont between Damen and Leavitt. $5 donation. (773) 327-5123; www.rvcc.biz.
23-24: Fountain Square Art Festival, Downtown Evanston. $5. (773) 868-3010; www.chicagoevents.com.
23-24: St. Andrew the Apostle Parish SummerFest, 768 Lincoln, Calumet City. (708) 862-4165.
23-Sept. 30: Morton Arboretum Summer Concert Series, Morton Arboretum, 4100 Route 53, Lisle. $6-$15. (773) 868-3010; www.chicagoevents.com.
24: Garage Sale Sunday, Harlem-Foster Shopping Center, 7240 W. Foster. (773) 631-4000.
24: Gay and Lesbian Pride Parade, Halsted and Belmont. Free. (773) 348-8243; www.chicagopridecalendar.org.
28: Dub Dis, James Park, Dodge at Mulford, Evanston. Free. (847) 448-8058; www.cityofevanston.org/arts.
28-Aug. 2: Plaza del Lago Concert Series, 1515 N. Sheridan, Wilmette. (847) 884-0000; www.plazadelago.com.
29-July 1: Crystal Lake Gala Festival, 401 Country Club, Crystal Lake. $5. www.clgala.com.
29-July 1: Des Moines Arts Festival, Western Gateway Park, Des Moines. (515) 286-4950; www.desmoinesartsfestival.org.
29-July 1: Jeff Fest, Higgins and Milwaukee. $5 donation. (773) 868-3010; www.chicagoevents.org.
29-July 1: Pizza Fest, Racine and Fullerton. $5. (773) 868-3010; www.chicagoevents.com.
29-July 4: Lisle Eyes to the Skies Balloon Festival, Lisle Community Park, Lisle. $10. (630) 575-9798; www.eyestotheskiesfestival.com.
29-July 8: Taste of Chicago, Grant Park. (312) 744-3315; www.tasteofchicago.us.
30: Chicago Antique Market, W. Randolph. $8. (312) 951-9939; www.chicagoantiquemarket.com.
30-July 1: Chicago Country Music Festival, Grant Park. (312) 744-3315; www.chicagocountrymusicfestival.us.
30-July 1: Joliet Fine Art Festival of the Masters, Chicago Ave. near Rialto Square Theatre. Free. (847) 926-4300; www.amdurproductions.com.
30-July 4: Naperville Ribfest, Knoch Park, Naperville. $10. (630) 548-5215; www.ribfest.net.

JULY

1: International Festival, The Lighthouse Church of All Nations, 4501 W. 127th, Alsip. Free. (708) 385-6020.
3: Independence Eve Fireworks Spectacular, Grant Park. (312) 744-3315.
3-4: Wheeling Freedom Fest, Park District Field, 333 W. Dundee, Wheeling. (773) 868-3010; www.chicagoevents.com.
3-8: Lions Village Fair and Taste of Mt. prospect, Melas Park, Central and Busse, Mt. Prospect. Free. www.mtprospectlions.com.
4: Fireworks and Peter Frampton, Hamilton Lakes, Thorndale and Rt. 53, Itasca. Free. (630) 773-0835.
4: Hinsdale Independence Day Show, Third and Washington, Hinsdale. Free. (630) 325-8080.
4: Lake Forest Festival and Fireworks, Deerpath Community Park, Deerpath and Hastings, Lake Forest. Free. (847) 234-6700; www.chicagoevents.com.
5: Picante, James Park, Dodge at Mulford, Evanston. Free. (847) 448-8058; www.cityofevanston.org/arts.
5: Sidewalk Sale, Harlem-Foster Shopping Center, 7240 W. Foster. (773) 631-4000.
6-8: Peace Fest, 1660 N. Stockton. Free. (708) 212-2035.
7: Exotica 2007, FitzGerald's, 6615 Roosevelt, Berwyn. $35. (219) 923-4748.
7: Wrigleyville Summer Fest, Resurrection Lutheran Church, Seminary between Roscoe and School. $5. www.wrigleyvillesummerfest.com.
7: Bristol Renaissance Faire, Russell Road, Kenosha, Wis. (847) 395-7773; www.renfair.com.
7: Party in the Park, Unity Park, 2636 N. Kimball. Free. (773) 478-1410.
7-8: Lake View Music Fest, Barry and Ashland. $5 donation. (773) 868-3010; www.chicagoevents.com.
7-8: Lincolnshire Fine Art Festival, Village Green, Lincolnshire. Free. (847) 926-4300; www.amdurproductions.com.
7-8: Skokie Art Guild Annual Art Fair, Skokie Village Green, 5211 W. Oakton, Skokie. Free. (847) 677-8163.
7: Summer Soiree, North Berwyn Park District, 1619 Wesley, Berwyn. Free. (708) 749-4900.
10: Hot 8 Brass Band, Twiggs Park, Simpson at Dodge, Evanston. Free. (847) 448-8058; www.cityofevanston.org/arts.
11: Sunset Cinema, Lincoln Park, Lake Shore and Waveland. $10. www.sunsetscreenings.com.
12: Gin Palace Jesters, James Park, Dodge at Mulford, Evanston. Free. (847) 448-8058; www.cityofevanston.org/arts.
12: Niketown Bastille Day 5K Run, Walk and Block Party, Jackson and Aberdeen. $25-$30. (773) 868-3010; www.chicagoevents.com.
12-15: Lincolnwood Fest, Proesel Park, 6900 Lincoln, Lincolnwood. (847) 679-5760; www.lincolnwoodfest.com.
12-15: St. Symphorosa Parish Family Fest, St. Symphorosa, 6135 S. Austin. Free. (773) 767-1523.
12-15: West Chicago Railroad Days, Reed-Keppler Park, Arbor and Hawthorne, West Chicago. Free. (773) 868-3010; www.chicagoevents.com.
13-15: Irish Fest, Irish American Heritage Center, 4626 Knox. $12. (773) 282-7035 Ext. 10.
13-15: Magnificent Mile Art Festival, Pioneer Court, N. Michigan. Free. (954) 472-3755; www.artfestival.com.
13-15: Michigan Peace Festival, Willow Ranch, Lacota, Michigan. $30. (269) 253-4306; www.michiganpeacefest.com.
14: Kicks for Kids, Hutchinson Field, Grant Park. (773) 868-3010; www.chicagoevents.com.
14-15: Buffalo Grove Invitational Fine Art Festival, Buffalo Grove. Free. (847) 926-4300; www.amdurproductions.com.
14-15: Chicago Folk & Roots Festival, Welles Park, 4400 N. Lincoln between Montrose and Sunnyside. $7. (773) 728-6000; www.oldtownschool.org/festival.
14-15: DuSable Museum of African American History Arts and Crafts Festival, 740 E. 56th Place. Free. (773) 947-0600; www.dusablemuseum.org.
14-15: Mayor's Cup Youth Soccer, Lincoln Park, Montrose and Lake Shore. (312) 744-3315.
14-15: North Shore Art Festival, Westfield Old Orchard parking lot, Skokie. Free. (773) 868-3010; www.chicagoevents.com.
14-Aug. 25: Puerto Rican Film Festival, Humboldt Park Boat House, 1440 N. Sacramento. (773) 486-8345; www.iprac.org.
17: Brute Force, Dawes Park, Sheridan at Church, Evanston. Free. (847) 448-8058; www.cityofevanston.org/arts.
19: The 1900s, James Park, Dodge and Mulford, Evanston. Free. (847) 448-8058; www.cityofevanston.org/arts.
20: The Ultimate Coffee Break, 2 N. Riverside Plaza. Free. (312) 920-9802.
21: The Silver Room's Sound System Block Party, Evergreen and Milwaukee. Free. (773) 278-7130.
21-22: St. Barbara Family Fest, 2859 S. Throop. Free. (312) 842-7979.
21-22: Southside Art and Music Festival, Halsted between 32nd and 35th. $5 donation. (773) 927-7373; www.chicagoevents.com.
21-22: South Side Art and Music Festival, 35th and Halsted. $5 donation. (773) 868-3010; www.chicagoevents.com.
23-Aug. 5: Chicago Human Rhythm Project's Rhythm World Festival, Chicago Cultural Center, 78 E. Washington and Northwestern University, 1979 S. Campus, Evanston. (773) 281-1825; www.chicagotap.org.
24: Instant Karma Band, Dawes Park, Sheridan at Church, Evanston. Free. (847) 448-8058; www.cityofevanston.org/arts.
25-29: DuPage County Fair, DuPage County Fairgrounds, 2015 W. Manchester, Wheaton. $7. (630) 668-6636; www.dupagecountyfair.org.
28: Chicago Antique Market, W. Randolph. $8. (312) 951-9939; www.chicagoantiquemarket.com.
28-29: Geneva Arts Fair, Third Street, Geneva. (630) 232-6060; www.genevachamber.com.
28: Palmer "Mud Queens" block Party, Palmer between Leavitt and Bell. Free. (773) 852-8990.
28: Venetian Night, Lakefront.
28-29: Greek Festival, St. Peter and Paul Greek Orthodox Church, 1401 Wagner, Glenview. $3. (847) 729-2235; www.glenviewgreekfest.com.
28-29: Taste of Lincoln Avenue, N. Lincoln between Fullerton and Wrightwood. $7-$10 donation. (773) 868-3010; www.chicagoevents.com.
28-Aug. 12: Woodstock Mozart Festival, Woodstock Opera House, Woodstock. (815) 338-5300; www.mozartfest.org.
31: Hobex, Dawes Park, Sheridan at Church, Evanston. Free. (847) 448-8058; www.cityofevanston.org/arts.

AUGUST

1-4: Jazz Dance World Festival, The Harris Teater for Music and Dance in Millenium Park, 205 E. Randolph. $45-$60. (312) 334-7777; www.harristheaterchicago.org.
3-5: Gold Coast Art Fair, River North. free. (847) 926-4300; www.amdurproductions.com.
3-5: Lollapalooza, Grant Park. www.lollapalooza.com.
3-5: Sugar Creek Symphony and Song, Cherry Street Art Fest, Watseka. (815) 432-1111; www.sugarcreekfestival.org.
4: 37th Ward, Back-to-School Gospel Fest, LaFollette Park, 1333 N. Laramie. Free. (773) 745-2894.
4: Glory to Glory Family Christian Center Inspiration of Love Community Festival, 122 S. Parnell. Free. (773) 568-0074.
7: Elana James, Dawes Park, Sheridan at Church, Evanston. Free. (847) 448-8058; www.cityofevanston.org/arts.
8-12: Crestwood Fest, 141st and Kenton, Crestwood. Free. (708) 371-4800; www.crestwoodrecreation.com.
9: Occidental Brothers Dance Band International, Twiggs Park, Simpson at Dodge, Evanston. Free. (847) 448-8058; www.cityofevanston.org/arts.
9: Race Judicata, Grant Park. $31-$38. (773) 868-3010; www.chicagoevents.com.
9-12: Mendota Sweet Corn Festival, Downtown Mendota. Free. (815) 539-6507; www.sweetcornfestival.com.
10-12: Taylor Street Festa Italiana, Taylor between Ashland and Loomis. $10 donation. (312) 458-9401; www.jamfests.com.
11-12: Alexian Brothers Tour of Elk Grove, Elk Grove. Free. (773) 868-3010; www.tourofelkgrove.com
11-12: Art at the Glen Town Center, Glen Town Center, Glenview. Free. (847) 926-4300; www.amdurproductions.com.
11-12: Northalsted Market Days, N. Halsted between Belmont and Addison. $6 donation. (773) 868-3010; www.chicagoevents.com.
12: Prairie Trail Storytelling Festival, Lake Ellyn Park, Lenox Road, Glen Ellyn. Free. (630) 469-0879; www.gepl.org.
14: Indigo, Dawes Park, Sheridan at Church, Evanston. Free. (847) 448-8058; www.cityofevanston.org/arts.
14: Reggae Cowboys, Dawes Park, Sheridan at Dawes, Evanston. (847) 448-8058; www.cityofevanston.org/arts.
18-19: Chicago Air and Water Show.
18-19: National Championship of Cycling, Main and Curtiss, Downers Grove. Free. (773) 868-3010; www.dgcycling.com.
24-25: AnnunciataFest, Annunciata Church, 11128 S. Avenue G. (773) 592-4186; www.annunciataonline.com.
24-26: Skokie's Backlot Bash, Oakton and Floral, Skokie. Free. (847) 674-1500.
25: Chicago Antique Market, W. Randolph. $8. (312) 951-9939; www.chicagoantiquemarket.com.
25-26: Glenwood Avenue Arts Festival, Glenwood between Farwell and Lunt. Free. (773) 262-3790; www.rogerspark.com.
25-26: Port Clinton Art Festival, Highland Park. Free. (847) 926-4300; www.amdurproductions.com.
25-26: Viva! Chicago Latin Music Festival, Grant Park. www.vivachicago.us.
26: Polka Fest 2007, Bicentennial Park. Free. (815) 724-3760.
30-Sept. 3: Buffalo Grove Days, Lake Cook and Raupp, Buffalo Grove. (847) 459-2500; www.vbg.org.
30-Sept. 2: Chicago Jazz Festival, Grant Park. www.chicagojazzfestival.org.

SEPTEMBER

1-2: Bash on Wabash, 1300-1500 S. Wabash. $5. (773) 868-3010; www.chicagoevents.com.
7-8: Windy City Wine Festival, Daley Bicentennial Plaza, Grant Park. $25. (847) 382-1480; www.windycitywinefestival.com.
7-9: Mokena Downtown Merchants Association, Wolf and Front, Mokena. $2. (773) 379-7759.
8: For the Love of Art Street Fair, Downtown Whiting, Ind. (219) 659-0901.
8-9: Lake View East Fine Art Festival, Broadway from Belmont to Roscoe. Free. (847) 926-4300; www.amdurproductions.com.
9: Guinness Oyster Fest, Roscoe Village. $5 donation. (773) 868-3010; www.chicagoevents.com.

9: Misericordia Family Fest, 6300 N. Ridge. $7. (773) 273-2766.
13-16: Festival de la Villita, 26th and Kostner. (773) 868-3010; www.chicagoevents.com.
14-16: Festival of the Vine, Downtown Genveva. Free. (630) 232-6060; www.genevachamber.com.
14-15: Naperville Wine Festival, Naper Settlement, Naperville. (847) 382-1480; www.napervillewinefestival.com.
15: AIDS Run and Walk Chicago, Grant Park. $20-$25. (312) 334-0946; www.aidschicago.org.
15: The Wine Crush in Old Town, North and Wells. $5 donation. (773) 868-3010; www.chicagoevents.com.
20-23: Italian Style 2007, Crystal Gardens at Navy Pier. Free. (312) 553-9137.
29: Chicago Antique Market, W. Randolph. $8. (312) 951-9939; www.chicagoantiquemarket.com.
29: Johnny Appleseed Festival, Downtown Crystal Lake. Free. (815) 479-0835; www.downtowncl.org.

OCTOBER

6-7: Midwest Literary Festival, Aurora. Free. (630) 844-4731; www.midwestliteraryfestival.com.
27: Chicago Antique Market, W. Randolph. $8. (312) 951-9939; www.chicagoantiquemarket.com.
Note: All events are subject to change without notice. Information was accurate as of press time.

Taxation Without Representation - Oppose the Real Estate Transfer Tax for the RTA

2007-05-31T11:25:00.001-05:00

Call and write to your legislator today and urge them to vote against the proposed Real Estate Transfer Tax for the RTA.

Senate Bill 572, as amended includes the authority for the Regional Transportation Authority (RTA) to impose a real estate transfer tax of $3 per $1,000 within the city of Chicago WITHOUT VOTER APPROVAL.

The Illinois Association of REALTORS and the Chicago Association of REALTORS STRONGLY OPPOSE this proposal and urge you to contact your Representative and Senator and urge them to REJECT this proposed transfer tax increase.

It is very troubling to give this statutory authority to levy a real estate transfer tax to a special taxing district governed by an APPOINTED Board.

This is ANOTHER LAYER OF TAXING authority on property owners in Chicago where a very high home rule municipal real estate transfer tax is already in place ($7.50 per $1,000 paid by the buyer) in addition to the State and county real estate transfer tax (combined $1.50 per $1,000 on the seller).

Illinois law also is very clear in that VOTER INPUT is required to impose a new or to increase an existing home rule real estate transfer tax. This proposal contravenes that public policy.
As you are well aware, the real estate transfer tax is a "hidden" property tax because most property owners are not aware of it until they buy or sell property.

SB 572 is sponsored by Representatives Julie Hamos, Paul Froehlich and Kathy Ryg and Senator John Cullerton and Ira Silverstein. To send an e-mail to your Senator and Rep., follow the prompts below. To call your state legislators, go to www.ilga.gov and look in the "Members" section for your legislators' Springfield phone numbers (the one with a 217 area code)

Click the link below to log in and send your message:

7% Property Tax Cap Passes in Illinois House - Goes to Senate

2007-05-31T11:25:00.000-05:00

HOUSE passes version of the 7% bill Late Wednesday night (Thursday morning) the Illinois House passed House Amendment #1 to SB13.

The votes:
101 Aye
9 No
6 Present
Click HERE to see the Votes

The bill now goes to the Senate, with expectations that it may be called for a vote today (Thursday).

The language of this bill became available to us Wednesday morning, and has MANY components. TRAC will need time to review and fully understand the bill.

In essence, House Amendment #1 increases the Alternative general homestead exemption (the 7% cap) to $30,000 in the first year (previously $20,000); $24,000 in the second year; and $18,000 in the third year.

The bill aslo includes:
- Disabled veterans exemption
- Returning Veteran's homestead exemption (one-time benefit)
- Disabled persons' homestead exemption
- Disabled veterans standard homestead exemption
- An increase to the senior citizens homestead exemption
- An increase in the senior citizens assessment freeze homestead exemption
- An increase in the general homestead exemption
- The long-time occupant homestead exemption
- An abatement for the residence of a surviving spouse of a fallen police officer or rescue worker

The bill also establishes a Property Tax Reform and Relief Task Force selected from the House and the Senate.

There is a lot to review in this bill - and we look to have more information as it passes the Senate and makes its way to the Governor for his signature.

P.S. the House also passed a budget bill last night.

Final Red Line Meeting this coming Monday - Edgewater Red Line Stations

2007-05-05T11:20:00.000-05:00

May 2007 - 2nd Edition

Edgewater Developments

Greetings

Red Line Meetings are your chance to create better Red Line Stations and craft a vision for the retail districts around the stations.

Final Red Line Meeting this coming Monday
by Adam Burck

Focusing on Thorndale & Granville Stations

This coming Monday, 5/7, we are holding the final meeting for the community to refine its vision for the Thorndale & Granville Red Line Stations. At the last meeting in March, over 50 people provided input on what they want the Granville & Thorndale to be like when the Red Line is revamped. Come out and help finalize that vision as well as your vision for the retail districts adjacent to the stations.

EDC has partnered with the UIC's City Design Center and Voorhees Center to create these charrettes, which are a form of community planning meetings. The results of the charrettes will be compiled in a final report that will be provided to State Representative Harry Osterman and our other elected officials to help them secure the funding to renovate the Red Line. We thank Harry Osterman for his help in securing the funding for these charrettes.

We welcome and encourage all community members to participate in the second round of charrettes. There is no need to have participated in the first charrettes. Refreshments will be served at 6:30 and the charrettes will begin at 7 p.m. See below for the details:

Thorndale & Granville Stations:

Monday, May 7th, 7 to 9 pm, Loyola University's Simpson Living & Learning Center, 6333 N Winthrop

Contact Information
email: info@edgewaterdev.org
phone: 773-506-4016
web: http://rs6.net/tn.jsp?t=fydmq4bab.0.4ipg7jbab.evywm8n6.2241&ts=S0238&p=http%3A%2F%2Fwww.edgewaterdev.org

May 2007 Edgewater Developments

2007-04-29T21:42:00.000-05:00

Greetings!

Red Line Meetings are your chance to create better Red Line Stations and craft a vision for the retail districts around the stations. Read below for more information.
EDC has a brand new and improved web site, thanks to a generous grant from Harris Bank.

More details below.

Red Line Meetings next two Mondays!!
by Adam Burck

This coming Monday, 4/30, and the following Monday, 5/7, we are holding the final meetings for the community to refine its vision for the Red Line Stations in Edgewater. At the last two meetings in March, 100 people provided input on what they want the Red Line Stations to be like when the Red Line is revamped. Come out and help finalize that vision as well as your vision for the retail districts adjacent to the stations.

EDC has partnered with the UIC's City Design Center and Voorhees Center to create these charrettes, which are a form of community planning meetings. The results of the charrettes will be compiled in a final report that will be provided to State Representative Harry Osterman and our other elected officials to help them secure the funding to renovate the Red Line.
We welcome and encourage all community members to participate in the second round of charrettes. There is no need to have participated in the first charrettes. Refreshments will be served at 6:30 and the charrettes will begin at 7 p.m. See below for the details:

Berwyn & Bryn Mawr Stations:

Monday, April 30th, 7 to 9 pm, St. Andrews Church, 5649 N Sheridan Rd

Thorndale & Granville Stations:

Monday, May 7th, 7 to 9 pm, Loyola University's Simpson Living & Learning Center, 6333 N Winthrop

Illinois Home Sales Rise Again in March; Statewide Median Price at $198,000

2007-04-25T14:51:00.000-05:00

Contact: Mary SchaeferDirector of Communications
MSchaefer@iar.org
217/529-2600

Illinois Home Sales Rise Again in March; Statewide Median Price at $198,000

SPRINGFIELD, Ill. — March home sales in Illinois rose for the second consecutive month in 2007 while a mix of factors including weather and consumer confidence add up to a drop in sales compared to the record for March set in 2006. According to the Illinois Association of REALTORS latest report, total home sales (which include single-family and condominiums) were up 36.2 percent in March 2007 to 11,979 homes sold compared to 8,792 homes sold in February 2007. Sales were 20.3 percent below the all-time high for March of 15,024 homes sold in March 2006.

The Illinois median home price in March was $198,000, up 0.1 percent from $197,900 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less.

Year-to-date, home sales were down 14.2 percent to 29,390 compared to 34,235 homes sold January through March in 2006.

“In March we experienced the usual jump into the spring season with sales up well over February but we’re definitely in a market that is still finding its legs. The severe weather in February and March certainly took a toll on housing activity in Illinois,” said Robert Zoretich, president of the Illinois Association of REALTORS. “Tentative buyers and sellers are still trying to read the market and are taking their time in deciding whether to list or buy. This is a time when market conditions including favorable mortgage interest rates and inventory levels bode well for those who are ready to purchase.”

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 6.19 percent in March 2007, down 0.06 points from the 6.25 average rate during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in March it averaged 6.40 percent.

The statewide average home price in March was $256,185, up 4.0 percent from $246,434 a year earlier.

In the Chicagoland Primary Metropolitan Statistical Area (PMSA), home sales totaled 8,087 in March 2007, down 22.1 percent from 10,387 home sales in the same month last year.
The median home price for the Chicagoland PMSA was $245,000, up 0.4 percent from $244,000 in March 2006. The average home price for Chicagoland was $319,434, up 6.0 percent from $301,324 in March 2005.

“With home sales moderating, we expect to see smaller gains in price appreciation for now,” said Zoretich, broker-owner of Zoretich Realty Group in Chicago. “Spring is when many people begin to look at homes and with the season comes better weather and more activity in the housing market. REALTORS remain optimistic that this year will offer buyers a very good opportunity to begin their dream of homeownership. Buyers should look at housing as an excellent long-term investment.”

Sales and price information is generated from a survey of Multiple Listing Service sales reported by 35 participating Illinois REALTOR local boards and associations. The Chicagoland PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

The Illinois Association of REALTORS is a voluntary trade association whose over 60,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS works to protect the rights of private property owners in the state by recommending and promoting legislation that safeguards and advances the interest of real property ownership.

The Gender Gap is still around in buying a home

2007-04-23T12:26:00.000-05:00

The gender gap still around in buying a home

Differences show up in dramatic fashion
By Lew Sichelman
United Feature Syndicate
Published April 15, 2007

WASHINGTON -- Single men and women make up about one-third of the nation's 111 million households. Toss in unmarried moms and dads living with children younger than 18, and singles account for almost half.But when it comes to housing, about the only thing the 55 million single households have in common is that they are not married.Face it: Men and women are different. And when housing is concerned, the incongruities rise to the same level as how the two genders use TV remote controls, ask for directions, judge distances and hunt or gather.For example, they operate differently in the buying process.

Guess which sex wants to make a decision as quickly as possible and which one wants to take more time?According to a small survey taken early this year by Countrywide Home Loans, men run while women saunter. In fact, nearly half the women polled said they did not take enough time when they bought their current residence while almost a quarter of the men surveyed said the process took way too long.Countrywide's findings are based on a telephone poll of just 219 owners, so they are not statistically significant.

But plenty of other evidence shows how differently the genders approach housing and homeownership. And none of it surprises Wanda McPhaden, a partner in BCA Real Estate Investments, a female-centric company in New York City.BCA, which stands for believe, create and achieve, was created to show women how they, too, can create wealth by investing in real estate."Women usually don't think about the benefits of homeownership until they are older," says McPhaden, a 20-year real estate veteran whose new company is working with a female builder in Westport, Conn., and is backed by several women investors. "Men get it because they are taught very early on.

Women aren't."Perhaps that's why male buyers tend to be younger than their female counterparts. The median age of single men who purchased houses between 2000 and midyear 2003 was 37, according to the U.S. Census Bureau. In the same period, the median age of single female buyers was 42.An even deeper look at the numbers shows that men account for the largest share of single buyers younger than 25, while women make up the largest share of single purchasers in the 45-to-64 age group and the older-than-65 set."My theory is that women don't think they can be homeowners until they are older," says McPhaden, who is also starting a small investors club for women with less than $50,000 to put into real estate.A lot of that has to do with money, she believes.

Of course, there are no mortgage products aimed specifically at one sex or the other. Men and women are supposed to be treated equally when it comes to financing. But the investment adviser maintains that men instinctively know how and where to find financing while women have to be taught.Here's another big difference between the sexes: In the same 3 1/2-year period, the census found that 53 percent of the male buyers had never been married versus 35 percent of the female buyers.

Indeed, the largest group of single female buyers, 49 percent, were divorced or separated versus 41 percent of the men. The rest were widowed.Everyone knows by now that women are paid less than men, though they are sometimes doing the very same work as the guy in the next cubicle. But Harvard University's Joint Center for Housing Studies put an exclamation point on that fact in last year's report that found more than an $11,000 disparity on the median incomes of male and female home buyers -- $48,000 for the men, $36,800 for the women.Looking at income a little differently, the Joint Center found that 62 percent of the women purchasers earned less than 80 percent of the median for their areas compared to 49 percent of the men. On the other side of the spectrum, 28 percent of the males earned more than 120 percent of the median versus 17 percent of the women.

Despite it all, single female buyers outnumber the males. Always have, says the National Association of Realtors. But in 2006, NAR's annual survey of buyers and sellers found the gap has widened to its greatest spread ever -- 22 percent of all buyers were single and female, and just 9 percent were unmarried males.According to another piece of research, this one by the Brookings Institution, a Washington think tank, the suburbs now contain the largest portion of non-family households, which includes singles, roommates and elderly people living alone. And just like married folk, singles buy mostly single-family houses.In fact, according to Rachel Drew's analysis of unmarried female home buyers for Harvard's Joint Center, single women bought 3.1 million houses between 2000 and midyear 2003 and men purchased 2.7 million.

That single-family houses are more popular than condominiums among unmarried people runs contrary to popular perception. But singles also bought a lot of condos. Women purchased 554,000 condos in the 3 1/2-year study period, and men purchased almost 380,000.McPhaden, who has taught real estate at Norwalk (Conn.) Community College for 14 years and is active where she lives in Ridgefield in an organization aimed at improving the lives of young inner-city women, understands this phenomenon, too.Men often don't want the aggravation of taking care of a large house or apartment, she says. "They look at their pads as places to entertain women."Women, on the other hand, tend to see their houses as homes, as places to live."They may never get married, but they want a home to live in because they are much more social," McPhaden maintains.

The NAR's annual survey of buyers and sellers confirms what McPhaden senses. While half the unmarried buyers told researchers they bought a house because of the desire to own the roof over their heads, women placed more importance on living near family and friends. Men, on the other hand, placed more weight on living close to work or school.And finally, there's this other difference between the sexes. Women, according to NAR's research, are more likely to compromise on the size and cost of the houses they buy to obtain "other characteristics" that are more important to them.

----------You may write to Lew Sichelman c/o Chicago Tribune, Real Estate, 435 N. Michigan Ave., 4th floor, Chicago IL 60611. Or e-mail him at realestate@tribune.com. Sorry, he cannot make personal replies. Answers will be supplied only through the newspaper. E-mail this story
Copyright © 2007, Chicago Tribune

Second Set of Red Line Planning Sessions

2007-04-23T12:21:00.000-05:00

On March 5th and 12th, the Edgewater Development Corporation, with the assistance of the UIC City Design Center and State Representative Harry Osterman, hosted the first round of the Edgewater Red Line Corridor Revitalization Charrettes. Both Charrettes were incredibly successful with a high level of community attendance and participation.

The charrettes took the form of casino games, with three different themes. The first game quantified participants' desires for potential red line station improvements. Players were allotted a certain amount of money and had to negotiate with one another and the "dealer" to create a vision for the stations. The second game focused on the urban design of the corridors surrounding the red line stations. Players worked together to build their ideal physical design for the area, including green roofs, parking structures, and new buildings. The third game allowed players to work together to create a preferred mix of retail options such as coffee shops, bookstores, hardware stores, etc.

At the second round of charrettes, the community will review and refine the findings from the first charrettes. This will result in a final report that EDC and our elected officials will use to advocate for the renovation of the stations and to guide our retail attraction and development review efforts.

We welcome and encourage all community members to participate in the second round of charrettes. There is no need to have participated in the first charrettes.

Berwyn & Bryn Mawr Stations:

Monday, April 30th, 7 to 9 pm, St. Andrews Church, 5649 N Sheridan Rd

Thorndale & Granville Stations:

Monday, May 7th, 7 to 9 pm, Loyola University's Simpson Living & Learning Center, 6333 N Winthrop

The Four Key Criteria for Evaluating an Investment Property

2007-04-07T18:25:00.000-05:00

The Four Key Criteria for Evaluating an Investment Property
by Thomas Hall GRI ABR QSC, Broker Associate

So often when I speak to potential clients seeking investment property, I ask them to explain to me their process for evaluating income-producing property. A significant majority of these investors tell me they look solely at the capitalization rate of the property – the percentage of net income over the purchase price of a potential investment.

Cap rate is definitely a strong metric in measuring the value of an investment candidate, but it should not be the sole metric for measuring the strength of an investment. Evaluating an income producing investment property should not be one-dimensional.

Critical to evaluating any investment property’s fit in your overall investment strategy, it is important to understanding the four key criteria used to better understand the big picture. Solely relying on one financial metric does not provide an accurate picture of the viability of a particular investment property. Think of the four criteria as legs on a chair – the fewer the legs, the less stable the chair. By not evaluating one or more of the four criteria, you may not be making the most informed decision.

Ideally, the savvy investor evaluates all of the key criteria that make income producing investments attractive and evaluates the big picture – they determine how all of the above fit into their investment strategy.

When evaluating an income producing property, be sure to review the following criteria:

1. Cash flow
2. Principle Reduction
3. Tax Advantages
4. Appreciation

Cash Flow

Simply put cash flow measures the inflow of cash generated by an income producing property, i.e. rents less the outflow of cash, i.e. expenses generated by a property over a period of time. Ideally, cash flow is measured before taxes and depreciation.

Prior to identifying an investment property, it is important to understand what are your financial objectives. To some investors, cash is king – therefore their primary objective is to purchase property that provides a positive cash flow.

While positive cash flow sounds attractive, some investors may be looking to shield income, therefore, a positive cash flow may not be their primary objective – their search may be to seek income producing property with a cash neutral or even slightly negative cash flow for the attractive tax advantages.

Principal Reduction

One of the best advantages of holding income-producing property is that your tenant(s) are paying down a portion of the principal balance of your mortgage over time. In some cases, however, if your potential property has strong prospects of significant appreciation, it may make sense to explore financing with an interest only product – allowing the prospects of appreciation to offset the principal reduction paid by your tenants.

Tax Advantages

Depreciation is a non-cash expense, however, it has a significant impact on an income producing property’s cash flow. Because all assets lose value over time due to wear and tear and general obsolescence, depreciation accounts for the loss of value by lowering a property’s net income, hence lowering an investor’s tax liability as well.

As a current or future owner of investment and income producing investment property, here is some food for thought.

When you begin the process of completing your Schedule E, are you and/or your accountant depreciating just the value of your building, or do you bifurcate the value of the land, land improvements and personal property in your building(s)? If you are simply depreciating the value of your building, you may be losing enormous tax advantages.

IRS tax laws allow owners of residential income producing investment properties to depreciate the value of your building, land improvements (i.e. value of curbs, sidewalks, parking lots etc.) as well as the value of the personal property in the building (i.e. carpet, window treatments, lighting fixtures, appliances etc.). The cost recovery for personal property percentage in year one alone is 20% and can be depreciated over 5 years. The cost recovery percentage for land improvement is 5% in year one and can be depreciated over 15 years. You may even be able to file an amended tax return and perhaps get money back. Your potential refund can be reinvested in additional real estate. Consult a financial professional or call me, I can point you in the right direction.

Some addition thoughts as we close out the year: Do you and/or your accountant calculate the return on your equity in the property(s) you own on a year-to-year basis? If not, you may want to calculate your return in order to best understand whether or not your investment is providing the best return possible. As you begin to lose the tax advantages over time, your money may be better used in purchasing additional investment properties with better returns. You may not even need to sell your current investment. Perhaps borrowing against your equity may be a better solution. Either way, it’s important to understand how your money is working for you.

In order to best demonstrate the attractive tax advantages of income producing property, please see the following example:

Depreciation Illustration:

You purchase a building for $600,000 of which the land value is $100,000.

Your net income for the year is $24,800.

For purposes of a simplified illustration, the cost of debt service is not included in the calculations.

Building: Recovery Period for Residential Property = 27.5 years
Recovery Percentage for Residential Property for Year 1 = 3.48%

Land Improvements: Recovery Period for Land Improvements = 15 years
Recovery Percentage for Land Improvements for Year 1 = 5.00%

Personal Property: Recovery Period for Personal Property = 5 years
Recovery Percentage for Personal Property for Year 1 = 20.00%

Without bifurcation:

Purchase Price: $600,000
Building Value: $500,000
Land Value: $100,000

Total Depreciation = $500,000 x 0.0348 = $17,400

Net Income: $24,800
Depreciation: $17,400

Cash flow before tax = $24,700 - $17,400 = $7,400

With bifurcation:

Purchase Price: $600,000

Building Value: $400,000

Land Value: $100,000

Land Improvement: $50,000

Personal Property: $50,000

Total Depreciation:

= ($400,000 x 0.0348) $13,920 + ($50,000 x .05)$2,500 +($50,000 x 0.2)$10,000 = $26,420

Net Income: $24,800

Depreciation: $26,420

Cash flow before tax = $24,800 - $26,400 = -$1,620

Tax Tips for Income Producing Properties

2007-04-06T12:48:00.000-05:00

As April 17, 2007 fast approaches, time is running out on preparing and filing your taxes for the 2006 tax year. As an owner of investment and income producing investment property, I wanted to follow up with you to provide some food for thought.

As you begin the process of completing your Schedule E, are you and/or your accountant depreciating just the value of your building, or do you bifurcate the value of the land, land improvements and personal property in your building(s)? If you are simply depreciating the value of your building, you may be losing enormous tax advantages.

IRS tax laws allow owners of residential income producing investment properties to depreciate the value of your building, land improvements (i.e. value of curbs, sidewalks, parking lots etc.) as well as the value of the personal property in the building (i.e. carpet, window treatments, lighting fixtures, appliances etc.). The cost recovery for personal property percentage in year one alone is 20% and can be depreciated over 5 years. The cost recovery percentage for land improvement is 5% in year one and can be depreciated over 15 years. You may even be able to file an amended tax return and perhaps get money back. Your potential refund can be reinvested in additional real estate. Consult a financial professional or call me, I can point you in the right direction.

Some addition thoughts as we close out the year: Do you and/or your accountant calculate the return on your equity in the property(s) you own on a year-to-year basis? If not, you may want to calculate your return in order to best understand whether or not your investment is providing the best return possible. As you begin to lose the tax advantages over time, your money may be better used in purchasing additional investment properties with better returns. You may not even need to sell your current investment. Perhaps borrowing against your equity may be a better solution. Either way, it’s important to understand how your money is working for you.

I want to reiterate to you my interest in developing a working relationship with you. Please contact me if you are interested in discussing the possibility of selling your property or purchasing additional property. To reach me directly, call 773 791-2154 or thall@rubloff.com.

Update on 7% Property Tax Cap for Cook County

2007-03-26T19:19:00.000-05:00

The Civic Federation came out with an extensive study on the 7%. Their conclusion is - median increase across the city - 44% tax hike on residential properties...if the 7% is not renewed.

They gave examples in some areas like Englewood - TAX INCREASES OF 162%...we are not talking assessment increases - we are talking actual tax increases.

IAR and CAR oppose this renewal. The Civic Federation wants the 7% renewed with only the $20,000 "cap"...with tax increases on the average of anywhere from $2,000 to $5,000 (increases added onto a bill)
TRAC is saying, along with the Assessor and the Mayor - $20,000 is not enough. We want to see the cap increased to $60,000 which the Civic Federation said would result in a 2% DECREASE in residential property taxes. Sounds good to us!

This is just an FYI...no call to action yet...

Reminder - Forum on Community Service and Safety Initiatives, Saturday, March 31

2007-03-26T15:43:00.001-05:00

Reminder ♦ Forum on Community Services and Safety Initiatives

Saturday, March 31

Where: Nicholas Senn High School When: Saturday, March 31, 2007
5900 N. Glenwood Avenue 10:00 a.m. until 2:00 p.m.
West Parking Lot entrance

Representatives from the Aldermen's Offices will explain their role in service for the community, and representatives from various city and county agencies will also be on hand with materials describing their work and services offered to the community.

Please join us for the three session themes during the forum:

1. Safety tips for children and seniors, street safety, self defense tips and recognizing gang activity and signs;
2. Various ways members of the community can actively participate in improving neighborhood safety through the CAPS and Court Advocacy Programs, and tips on when and how to use 311 and 911 services;
3. Demonstration of privately funded surveillance cameras, an important aspect of the ECC Safety Initiative.

In addition, ECC will present special recognition awards to the 20th & 24th District Police for their continued dedicated service in Edgewater.

The forum is sponsored by Edgewater Community Council and the 48th/ 40th Ward Aldermanic Offices.

www.edgewatercommunitycouncil.org

Edgewater Community Council, Inc. ¨ 6044 N. Broadway ¨ Chicago, Illinois 60660 ¨ 773-334-5609

Edgewater Community Council (ECC) is a 501(c) (3) not-for-profit and voluntary membership organization formed in 1960 to improve the quality of life in the diverse Edgewater community. The Edgewater community is located between Foster Avenue (5200N) and Devon Avenue (6400N), and between Lake Michigan and Ravenswood Avenue (1800W).
* * *

Edgewater Community Council

Reminder - Forum on Community Service and Safety Initiatives, Saturday, March 31

2007-03-26T15:43:00.000-05:00

Disruptions in CTA Service - April 2

2007-03-22T16:43:00.000-05:00

Are You Ready?

- A P R I L 2 -

Massive Disruptions in CTA Service!

The CTA has scheduled MAJOR construction at the Fullerton and Belmont stations beginning April 2 that will adversely impact the Red Line.

As a result, the CTA will reduce the number of trains by 25% during construction and has warned -

· Commuters northbound from the Loop may expect trip time to double.

· Trip time into the Loop may increase up to 50%.

· Construction is scheduled to last for three years.

The CTA has planned NO viable alternatives for commuters-except to add a few extra buses. At the same time, current "slow zones" will continue in full effect.

This will have a MAJOR impact on Edgewater residents and businesses:

· Significantly increased commute time for residents;
· Extremely overcrowded trains, train platforms, buses and bus stops;
· Dangerously increased traffic moving through Edgewater.

As a result, ECC is making a major effort to:
1. Put pressure on the CTA to delay the beginning of the construction and to work with affected communities to come up with a real plan.
2. Gather ideas and generate community discussion on what can be done to help alleviate the impact on Edgewater.
3. Coordinate with other affected organizations inside and outside of Edgewater.

Time is very short-We all need to speak up!
ECC is implementing a postcard/letter campaign to Mayor Daley asking him to exert his influence on the CTA to delay the 3-year project until an acceptable plan is developed with the affected communities along the Red Line.

Please. Send the attached letter to Mayor Daley.

Edgewater Community Council, Inc. ¨6044 N. Broadway ¨ Chicago, IL 60660 ¨ 773-334-5609

Edgewater Community Council (ECC) is a 501(c) (3) not-for-profit and voluntary membership organization formed in 1960 to improve the quality of life in the diverse Edgewater community. The Edgewater community is located between Foster Avenue (5200N) and Devon Avenue (6400N), and between Lake Michigan and Ravenswood Avenue (1800W).

Letter Link* * *

Edgewater Community Council

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Edgewater Community Council 6044 N. Broadway Chicago IL 60660

Edgewater Community Council Website

2007-03-20T13:41:00.000-05:00

www.edgewatercommunitycouncil.org

We are very pleased to announce the new Edgewater Community Council Web site.

Timely Safety Information ¨Just-In-Time Community News ¨Up-to-Date Program Details
ECC Newsletter ¨Monthly Calendar of Events ¨Block Club Locator
Easy Navigation ¨Useful Links

Stay informed. Visit the site regularly. Make a difference - be involved.

Edgewater Community Council, Inc. ¨ 6044 N. Broadway ¨ Chicago, Illinois 60660 ¨ 773-334-5609

Edgewater Community Council (ECC) is a 501(c) (3) not-for-profit and voluntary membership organization formed in 1960 to improve the quality of life in the diverse Edgewater community. The Edgewater community is located between Foster Avenue (5200N) and Devon Avenue (6400N), and between Lake Michigan and Ravenswood Avenue (1800W).

Please OPPOSE Legislation to Increase the Illinois Real Estate Transfer Tax

2007-03-13T12:25:00.000-05:00

Please OPPOSE Legislation to Increase the State Real Estate Transfer Tax

Recently, two bills increasing the state transfer tax were introduced in the Illinois General Assembly. The Home Builders Association of Illinois is opposed to both HB 728 and SB 445.

These bills increase the state's tax on the sale and transfer of real estate property on a graduated basis. The tax could increase from $1 per $1000 up to $10 per $1000, depending upon the sale price of the property. The money generated by the real estate transfer tax is dedicated to open space land acquisition and affordable housing. Both of these funds were recently swept by the Governor for other state budgetary purposes; using your property taxes to fund general state operations.

In addition, in 2005, the Home Builders Association of Illinois supported a $10 fee on the recording of all property transfers. That revenue is dedicated to affordable rental housing. Now, the same housing advocates are back with their hands in your pockets.

Contact your legislator today to oppose HB 728 and SB 445!

Click the following link to take action on this issue.http://votervoice.net/Groups/HBAIL/?Screen=Alert&IssueID=9792

Chicago Condo Market Overview for February, 2007

2007-03-05T13:31:00.000-06:00

Below is our monthly report on February sales, which were down 7% over January and down 5% compared to February 2006.

Market time in February was up 10% over January but down 2% compared to a year earlier.

For detailed charts on Month Over Month and Year Over Year: Go now to Market Overview.

Ric Cox, President & CEO

Red Line Meetings Start This Monday

2007-03-04T20:01:00.000-06:00

Red Line Meetings Start this Monday

Edgewater Red Line Corridor Revitalization
Are you interested in the future of your Red Line Station? The local non-profit community development organization, Edgewater Development Corporation, is partnering with the University of Illinois at Chicago to cultivate a community vision for Edgewater's four Red Line stations and surrounding retail districts.

We invite you to help form the vision at the following community design charrettes. The charrettes take place in two stages over two dates: the first involves gathering vision from the community; and the second involves presenting various options based on input from the first charrette and receiving additional community feedback.

This all leads to a final proposal to be released over the summer. Our elected officials will use this vision to advance the revamp of the north branch of the Red Line. Space is limited, so please RSVP to the number or e-mail listed below:

Berwyn & Bryn Mawr Stations:

Monday, March 5th, 2007 St. Andrews Church, 5649 N Sheridan Rd
Monday, April 30th, 2007 St. Andrew's Church, 5649 N Sheridan Rd

Thorndale & Granville Stations:

Monday, March 12th, 2007 Loyola University, 6333 N Winthrop
Monday, May 7th, 2007 Loyola University, 6333 N Winthrop

Light refreshments will be served from 6:30-7pm.

Charrettes will take place from 7-9pm.

To RSVP or get additional information, contact Adam Burck at Edgewater Development Corporation,
e-mail info@edgewaterdev.org , call 773-506-4016, or visit: www.edgewaterdev.org

Can't attend a charrette but still have ideas to share? Go to https://email.rubloff.com/exchweb/bin/redir.asp?URL=http://rs6.net/tn.jsp?t=4psgh6bab.0.sqdeh6bab.evywm8n6.2241%26ts=S0231%26p=http%253A%252F%252Fwww.edgewaterdev.org%252F to take our survey about these stations and retail districts.

Event Sponsors:

HARRY OSTERMAN
STATE REPRESENTATIVE
14TH District

March Calendar or Events - Edgewater

2007-03-01T13:03:00.000-06:00

March Calendar of Events

AA and Al Anon meetings: North Shore Baptist Church, 5244 N. Lakewood, 773-728-4200: AA Sat. 10 am, 4 pm; Youth AA, Wed. 6:30 pm;

AA/Alanon, Wed. 8 pm; Immanuel Lutheran Church, 1500 W. Elmdale, 773- 743-1800: Al Anon Fri. 10:15 am; St. Gertrude Ministry Center, 6214 N. Glenwood: 773-561-5343: Al Anon Thurs. 7:30 pm, St. Ita’s Church,5500 N. Broadway, 773-561-7343 : AA Tue. 7 pm; Ebenezer Lutheran Church, 1650 W. Foster, 773-334-5609: AA Mediation, Tue. 7:45 pm, AA Thur. 7:45 pm, AA Fri. 7:30 pm, AA Sat. 7 pm, Women’s A A, Sun. 6 pm, Men’s AA Sun. 6 pm.; Church of the Atonement , 5749 N. Kenmore, 773-271-2727: AA Mon: 8 am, 7pm;CA, 8 pm; NA Tue., 7:30 pm; AA Wed. 6 pm, AA Thurs. 7 pm, AA, Fri., 7 pm.

Chicago Public Library’s High Speed Wireless Internet System, Edgewater Library, 1210 W. Elmdale. All you need is a wireless enabled laptop computer, tablet PC or PDA. Library’s network is open to all visitors and free of charge without filters. 312- 744-0718

Neighborhood Walks are conducted every Monday by the EPIC Block Club and North Edgewater Beach Association. Cellular phones are used for 311 and 911 calls. Walks begin at 8:00 pm northeast corner of Thorndale and Broadway. Dogs on leashes are welcome. Information 773-381-1345

Dog Walking/Safety Patrol, 6 pm, every Thursday, meet in front of Swift School, 5900 N. Winthrop,773-334-5609

Edgewater Historical Society Museum, Open every Saturday, 1-4 pm, 5358 N. Ashland, 773-506- 4849 Sewing Classes Every Tuesday, 10 am –12 pm, 6044 N. Broadway, 773-381-1346

Teacher in the Library, Mon., Tue, Thur.,3:30- 7:00 pm, Wed., 5:30 pm, Help with Homework, Edgewater Library, 1210 W. Elmdale, 312-744- 0718

Cell phone/Printer Cartridge Recycling Program, Gerber/Hart Library, 1127 W. Granville, accepts expired cell phones and computer printer cartridges, 773-381-8030

Continuing Fridays in March, Lenten Fridays- Stations, Soup, and Taize Prayers, 6 pm, St. Ita Church. 5500 N. Broadway, 773-561-5343

Continuing through March 3,“Stop Kiss” presented by Raven Theatre, 8:30 pm, Fri. & Sat., 3:30 pm, Sun.,$15, Students/Seniors $12, 773-338-2177

Continuing through March 18, “Mother and Son : Nordine Sculptures and Painting”, Swedish American Museum, 5211 N. Clark, Tue-Fri 10 am -4 pm, Sat.-Sun. 11 am-4 pm.; $4 adults, $3 Children/Students/Seniors.773-728-8111
Illinois Secretary of State’s Mobile Drivers Service Facility, 9:30-am till 2:30 pm, Bridgeview Bank, 4753 N. Broadway
ECC/EDC Planning/Development Committee Meeting, 7 pm, 6044 N. Broadway, 773-334-5609 (Canceled)
Saturday Book Club, “Shadow in the Wind”by Carlos Ruiz Zafon , 11 am, Edgewater Library, 1210 W. Elmdale, book available at Library, 312-744- 0718
Edgewater Glen Association Monthly Open Meeting, 7 pm, 6044 N. Broadway, 773-334- 5609
Visit and Tour Hayt School, 9:30 am to 10:00 am,1518 W. Granville, also March 27
Storytime for Little Ones!, 10:30 am, Edgewater Library, 1210 W. Elmdale, for children 18-36 months old and their caregivers, also March 14, 21, 28, 312- 744-0718
Community Policing Beat 2433, Edgewater Library, 1210 W. Elmdale, 773-334-5609
ECC Edgewater Beautiful Committee Meeting, 10 am. 6044 N. Broadway, 773-334-5609
Community Policing Beat 2023 Meeting, 7 pm, Kenmore Plaza, 5225 N. Kenmore, 773-334-5609
Edgewater Historical Society New Member Drive, 6 pm, Edgewater Historical Society, 5358 N. Ashland, wine, champagne, “Wonderful Evening of the Golden 30’s”, $10, free if you become a , new member or if you are a current member & bring a guest who becomes a member, the event will be free for both of you , 773-506-4849
After School Story and Craft , 3;30 pm, Edgewater Library, 1210 W. Elmdale, 312-744- 0718
ECC Housing Committee Meeting, 6:30 pm, 6044 N. Broadway 773-381-1340
13 Families Together Cooperative Nursery School Admissions Coffee, Visit classrooms, Immanuel Lutheran Church,
North Edgewater Beach Association Meeting, 7 pm, Thai Grill, 1040 W. Granville, Housing Issues, 773-334-5609
Women’s Book Discussion Group, “Beyond the Pale”by Elana Dykewoman, 7:30-9 :00 pm, Gerber/Hart Library,1127 W. Granville, 773-381- 8030
Care for Real Committee Meeting, 7 pm, 6044 N. Broadway, 773-334-5609
Edgewater Triangle Neighbors Association Meeting, 7 pm, Edgewater Baptist Church, 1401 W. Hollywood, 773-334-5609
Hayt School Local School Council Meeting, 7 pm.Hayt School , 1518 W. Granville, 773-534-2040
Community Policing Beat 2013 Meeting, 7 pm, Philadelphia Church, 5445 N. Clark, 773-334- 5609
Writers at Heart, 1 pm, Edgewater Library, 1210 W. Elmdale, 312-744-0718
18 Chicago Symphony Community Choral performs works of Beethoven, Copland and others, 3 pm, St. Ita Church, 5500 N. Broadway
ECC Book Club, “Sometimes I Dream in Italian” by Rita Cireasi, 7 pm, Pause Café, 1107 W. Berwyn, Book available at the Edgewater Library, 1210 W. Elmdale, 773-334-5609
ECC Board of Directors Meeting, 7 pm, 6044 N. Broadway. 773-334-5609
Community Policing Beat 2013 Meeting, 7 pm, Philadelphia Church, 5445 N. Clark, 773-334- 5609
Raven Theatre production of “The Seagull”by Anton Chekhov, 6:30 pm, ECC benefit, 773-334- 5609
"Edgewater History” presented by Kathryn Gemperle, 10 am, 2007, EHS, Annual Meeting, Election of Officers follows, 773-506-4849
Jazz Supper Club, Charlotte Foster, Vocalist, Doors open at 6:30, North Lakeside Cultural Center, 6219 N. Sheridan, $35, Libations, Food, Company, 773-743-4477
Northside Catholic Academy Middle School Open House, 10 am-1 pm, School Campus, 5525 N. Magnolia, 773-271-4310
Tuesday Morning Book Club, ” March” by Geraldine Brooks, 10 am, Edgewater Library, 1210 W. Elmdale, book available at Edgewater Library, 312- 744-0718
Edgewater Beach Neighbors Association, 7 pm, Edgewater Presbyterian Church, 1020 W. Bryn Mawr,
ECC Safety Committee, 7 pm, 6044 N. Broadway, 773-334-5609
FORUM ON COMMUNITY SERVICES AND SAFETY INITIATIVES, 10 am, Broadway Armory, 5917 N. Broadway, 773-334-5609

Please pass the Newsletter on to other who might be interested and post in common areas for those without Internet access.
Sincerely,
Aida Kulasic
Edgewater Community Council
email: info@edgewatercommunitycouncil.org
phone: 773-334-5609
fax: 773-508-4970

Landlord Training - City of Chicago - Time, Dates and How to Register

2007-03-01T13:00:00.000-06:00

Landlord Training

The City of Chicago Department of Buildings in conjunction with the Chicago Police Department regularly conducts landlord training classes throughout the city and ECC encourages local landlords to attend.

This program teaches building owners, managers and residents how to: keep criminal activity out of their buildings, screen tenants properly, become a part of CAPS (Chicago Alternative Policing Strategy) partnership, recognize dishonest tenants, maintain buildings that are free of building code violations and illegal activity, and to become knowledgeable about crisis resolution, the eviction process, contracts and leases, and City services.

The City’s Landlord and Tenant Ordinance holds landlords accountable for criminal activity that occurs in buildings over an extended period of time. If a landlord permits or encourages illegal activity on his/her property, he/she can be fined up to $500 a day.

This class is free and lasts approximately 3 hours. It will be held at the17th District Police Station, 4650 N. Pulaski Road.

Dates are March 6 (in Spanish only), April 3, May 1, June 5, July 3, August 9, Sept. 4 (Spanish only), Oct. 2, Nov. 6, Dec. 4

Registration starts at 6pm. All classes begin at 6:30pm. There will also be a Landlord Training
Class sponsored by Rogers Park Community Council on Thurs., March 15, 6:30pm - 8:30pm;call 773-338- 7732, Ext. 26, for more info or to register.

If there is enough of a demand for the Landlord Training in Edgewater, a local class can be arranged.

If you are interested, please call Ginger Williams, Housing Director, 773-338-1340 or email ginger@edgewatercommunitycouncil.org so we can determine if we have the minimum number needed to schedule a class.

March 2007 Edgewater Community Council Newsletter

2007-03-01T12:56:00.000-06:00

Property Tax Update

On Friday, February 23, 2007 the Illinois Senate passed Senate Bill 13, for the reenactment of the 7% Property Assessment Cap. The bill has been sent to the House Rules Committee for further consideration. SB 13 - Creates the Returning Veterans' Homestead Exemption - Seniors need not reapply for the Senior Homestead Exemption - Increases the Alternative General Homestead Exemption from $20,000 to $60,000.

ECC Spring Fundraiser

Join ECC at the Raven Theater Friday March 23. Discounted tickets to March 15.Support ECC while you experience the latest Raven Theater production, Chekhov’s “The Seagull”. The date is Friday, March 31 at 7:00 p.m. Tickets include a light dinner of hors d’oeuvres and dessert plus wine and beer. The Seagull, Chekhov’s dark comedic masterpiece depicting the original dysfunctional family, takes jabs at situations which today's audiences can relate to: hating your job, loving someone who doesn't love you back, keeping a family together and wishing you were famous! This will be a terrific evening that includes meeting neighbors and supporting two Edgewater institutions. Tickets are $35 per person if purchased by March 15, $45 afterward.

Please call 773-334-5609 to order tickets. Cash, check and credit card accepted. The Raven is located at 6157 North Clark Street, Chicago.

Transportation

ECC Forms Transportation Committee to Address Red Line Delays Upcoming delays on the CTA redline are likely to have a serious impact on Edgewater’s quality of life due to significantly longer commutes and lots more traffic moving through our neighborhood. The delays are tentatively scheduled to begin on Monday, April 2 and will continue until the Brown Line capacity expansion project is completed in 2009.

During this time, trains serving the Belmont and Fullerton stations will be sharing three tracks instead of four to allow for installation of elevators and expansion of platforms. Initially, the greatest impact will be on the northbound trip. ECC recognizes that current CTA plans to address the situation are inadequate and that we can play an important role in educating, organizing and advocating for Edgewater.

ECC recently formed a Transportation Committee to spearhead our efforts. While we cannot avoid red line delays, the impact could be mitigated by such things as adding bus service, organizing car pooling, HOV lanes on Lake Shore Drive and/or shopping shuttles. The committee will be seeking community input and ideas. Watch for announcements on its activities.

The CTA also has planned some community meetings to provide proposed service details. The closest one to Edgewater is scheduled for Monday, March 19 from 6 to 8 p.m. at Truman College Cafeteria, located at 1145 West Wilson Avenue.

If you would like to sign up to receive email announcements please contact Aida at aidakulasic@edgewatercommunitycouncil.org .

Save the Dates-

“Help Push for Revitalized Red Line Stations and Shopping Districts” Are you interested in the future of your Red Line Station? The local non-profit community development organization, Edgewater Development Corporation, is partnering with the University of Illinois at Chicago to cultivate a community vision for improving the areas near Edgewater’s four red line stations.

We invite you to help form the vision at the following community design Charrettes: March 5th (St. Andrews Church), March 12th (Loyola Univ.), April 30th (St. Andrews Church), May 7th (Loyola Univ.). The vision developed at these meetings will then be advanced by our elected officials in order to secure the funding and approvals to move forward with rebuilding the CTA stations. In addition, EDC will work to also advance the vision expressed for the surrounding retail districts.

Space is limited, so please RSVP to the number or e-mail listed below: Adam Burck 773-506- 4016 or adamdurck@edgewaterdev.org.

Safety

Please join the Edgewater Community Council for a forum on community services and safety initiatives.

Where: The Broadway Armory5917 North BroadwayWhen: Saturday, March 31, 200710:00 a.m. until 2:00 p.m.

An ECC representative will discuss the work of the organization, particularly safety. Representatives from the Alderman’s Office(s) will explain their role in and service for the community. Safety is one of ECC’s main priorities and while not all incidents can be prevented, everyone can take certain measures to safeguard themselves. In that vein, you should be aware of the following Northside incidents.

In the past month we received reports about people trying to gain access into people’s homes by misrepresenting themselves as utility workers. While most of the time there is nothing to be concerned about, make sure that they have proper identification. Call your utility company to check if they are scheduled to visit or 911 Emergency if the person is making you uncomfortable and refusing to show identification.

Your safety concerns will not inconvenience the utility company or the police.
If somebody calls to tell you that they will be coming to your home to check you meter or check your pipes, ask a neighbor or family member to be present. Do not tell a random caller that you will not be home during certain hours.

On a sad note we report that due to the Cook County budget cuts, all 5 of the Community Prosecutions offices are closing. We were fortunate enough to have one in our community and would like to recognize all the great work Joy Repella and her staff have done.

Please join our next Safety Committee meeting March 29, 7:00PM at 6044 N. Broadway.

Chicago Association of Realtors Market Update

2007-03-01T12:49:00.000-06:00

Quarterly Housing Stats by Chicago NeighborhoodsType 1 (SF detached), Type 2 (SF attached) and Type 3 (2, 3 & 4 flats): http://www.chicagorealtor.com/displaycommon.cfm?an=9

Quarterly Leasing & Rental BarometersDowntown & Suburban Office; Industrial: http://www.chicagobusiness.com/cgi-bin/portal.pl?id=44

Apartment Rentals: http://www.chicagotribune.com/classified/realestate/renting/chi-rentalsurvey.htmlstory

*The top two graphs include 77 Chicago neighborhoods and nearly 300 suburbs.*The Chicago listings and closings charts below include only the 77 City of Chicago neighborhoods

To view the entire market update, click here.

Chicago Association of REALTORS® email: kloader@chicagorealtor.comweb: http://www.chicagorealtor.com

Monthly Home Sales Reach 7-Month High

2007-03-01T12:37:00.000-06:00

Daily Real Estate News February 27, 2007

Monthly Home Sales Reach 7-Month HighSales of existing homes rose in January, reaching the highest level in seven months, according to the NATIONAL ASSOCIATION OF REALTORS®.

Total existing-home sales — including single family, townhomes, condominiums, and co-ops — increased 3 percent to a seasonally adjusted annual rate of 6.46 million units in January from an upwardly revised pace of 6.27 million in December. Sales were 4.3 percent below the 6.75 million-unit level in January 2006.

David Lereah, NAR’s chief economist, says observers shouldn’t overreact to the sales gain or to other short-term effects. “Although we’re expecting existing-home sales to gradually rise this year, and buyers are responding to the price correction, some unusually warm weather helped boost sales in January,” he says. “On the flip side, the winter storms that disrupted so much of the country in February could negatively impact the housing market.“Although the data is seasonally adjusted, these weather events are unusually large — many transaction closings were postponed in February, and home shopping was essentially shut down for about a week in many areas,” he says. “We shouldn’t be surprised to see a near-term sales dip, but that will be followed by a continuing recovery in home sales.”

Inventories Drop

Total housing inventory levels rose 2.9 percent at the end of January to 3.55 million existing homes available for sale, which represents a 6.6-month supply at the current sales pace — unchanged from the revised December level.

Supplies peaked at 7.4 months in October 2006. “Inventories are looking better, but price softness should continue until spring when the market is expected to become more balanced,” Lereah says.

What Happened Regionally

Here’s a breakdown of home sales by region:

West Coast:

Existing-home sales in the West rose 5.6 percent to an annual pace of 1.32 million in January but were 9.6 percent lower than a year ago. The median price in the West was $321,300, down 4.6 percent from January 2006.

Midwest:

Existing-home sales increased 4.8 percent in January to a level of 1.53 million, and were 0.6 percent lower than January 2006. The median price in the Midwest was $162,600, which is 3.5 percent below a year ago.

South:

Existing-home sales in the South rose 2 percent to an annual sales rate of 2.54 million in January, but were 7.3 percent below a year ago. The median price in the South was $174,600, which is 1.7 percent below January 2006.

Northeast:

Existing-home sales in the Northeast were at a level of 1.07 million in January, unchanged from December, and were 5.9 percent higher than January 2006. The median existing-home price in the Northeast was $260,700, down 1.2 percent from a year earlier.

National Single-family and Condo Home SalesSingle-family home sales rose 3.5 percent to a seasonally adjusted annual rate of 5.69 million in January from an upwardly revised 5.50 million in December. But that still accounts for 4.2 percent below the 5.94 million-unit level in January 2006. The median existing single-family home price was $209,200 in January, down 3.5 percent from a year earlier.

Existing condominium and cooperative housing sales slipped 0.1 percent to a seasonally adjusted annual rate of 767,000 units in January from a downwardly revised pace of 768,000 in December. Last month’s sales activity was 5.7 percent below the 813,000-unit pace in January 2006.The median existing condo price was $222,200 in January, up 0.5 percent from a year ago.

NAR President: Market is Stabilizing

The national median existing-home price for all housing types was $210,600 in January, down 3.1 percent from January 2006 when the median was $217,400. The median is a typical market price where half of the homes sold for more and half sold for less.NAR President Pat Vredevoogd Combs, from Grand Rapids, Mich., says a broader view shows the housing market stabilizing. “The market is trending up from its low last fall, and that is important in restoring confidence to buyers who’ve been on the sidelines,” Combs says. “Since buyers can find more favorable terms, and they are looking for a place to call home for some years to come, getting into the market now makes sense. It’s a choice many didn’t have during the boom period of bidding wars in much of the country.”

— REALTOR® Magazine Online

For more housing market statistics and research reports, visit NAR's Research Department at REALTOR.org.

Low Mortgage Rates Keep Buyers in Illinois Housing Market

2007-03-01T12:34:00.000-06:00

Low Mortgage Rates Keep Buyers in Illinois Housing Market

RISMEDIA, Feb. 28, 2007-Low mortgage interest rates keep buyers in the market despite the extreme winter weather in January, a typically slow month for the housing market in Illinois. According to the Illinois Association of Realtors(R)' latest report, total home sales (which include single-family and condominiums) were off 6.8% in January 2007 to 8,584 homes sold compared to 9,206 homes sold in January 2006.

The Illinois median home price in January remained unchanged from a year earlier, at $200,000. The median is a typical market price where half the homes sold for more, half sold for less.

"The current economy provides a strong base for the housing market to recover this year with growth in GDP, employment and income, and interest rates that are low by historical standards," said Robert Zoretich, president of the Illinois Association of Realtors. "As the year goes on, home sales should steadily improve. Realtors anticipate that the housing market will continue in this transitional phase during the remaining winter months and pick up as spring approaches."

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 6.29% in January 2007, up 0.09 points from the 6.20 average rate during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in January it averaged 6.23%.

In the Chicagoland Primary Metropolitan Statistical Area (PMSA), home sales totaled 5,950 in January 2007, down 10.6% from 6,652 home sales in the same month last year. The median home price for the Chicagoland PMSA was $245,000, up 2.1% from $240,000 in January 2006.
"According to economists with the National Association of Realtors, we experienced the worst of the housing sales recession at the end of 2006 but we're still in an atypical year from inventory levels carrying over to this year," said Zoretich, broker-owner of Zoretich Realty Group in Chicago. "Fortunately, the housing market in Illinois is not as fragile to fluctuations in market conditions as other parts of the country."

Sales and price information is generated from a survey of Multiple Listing Service sales reported by 35 participating Illinois Realtors local boards and associations. The Chicagoland PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

For more information, visit http://www.illinoisRealtor.org.
RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Update on 7% Property Tax Cap

2007-02-27T16:45:00.000-06:00

Update on the 7%...

It was passed by a majority in the Senate on Friday, February 23, 2007. It has been sent over to the House...the one that Madigan rules...again an up hill battle.

The Senate (SB13) bill raised the exemption amount from $20,000 to $60,000,gave some financial aide to returning vet's from Iraqi and Afghanistan, and makes a senior exemption automatic instead of having seniors renewing every year (what did they think - they'd get younger?)

TRAC will keep you posted on the progress in the House...and calls to action!

URGENT CALL TO ACTION - Please OPPOSE Legislation to Increase the State Real Estate Transfer Tax

2007-02-27T12:26:00.000-06:00

URGENT CALL TO ACTION

Please OPPOSE Legislation to Increase the State Real Estate Transfer Tax

Recently, two bills regarding the state transfer tax were introduced in the Illinois General Assembly, and IAR strongly opposes both bills-House Bill 728 and Senate Bill 445. These bills increase the state's transfer tax on a graduated basis. The current tax is $1 per thousand of property sale price; these bills increase the rate in the following manner:

For properties with a sales price of $500,000 to $1 million, the rate would be $3 per $1000;

For properties with a sales price of $1 million to $3 million, the rate would be $7 per $1,000;

For properties with a sales price of $3 million or more, the rate would be $10 per $1000.

For properties with sales prices less than $500,000, the tax would be slightly lowered from the current rate of $1 per $1000 to 80 cents per $1000.

The additional $99 million that is raised from this proposal would be allocated to the state's open lands acquisition and affordable housing trust funds-the same allocation that currently exists for revenue from the transfer tax.

We need your help in defeating this transfer tax increase! Please CALL your state legislator and urge opposition to this proposal. See attached list for the names of all legislators and their district phone numbers. (Both bills increase the state transfer tax in the same manner.)

We oppose this tax for the following reasons:

It's a tax increase on property. Property owners already pay more than fair share to fund municipal and state governments. In addition to the regular property tax payments, property owners pay transfer taxes at the local level.
Most home rule units in Illinois already collect a transfer tax; this state transfer tax is on top of those taxes. In some cities(Chicago included) the total transfer taxes would add up to 2% of the value of the property.

Because of the strong real estate market in the last 10 years, the transfer tax has brought in a significant amount of revenue-an amount that increases each year. Between 1996 and 2006, the revenue has increased by 300%! That's without ever increasing the rate; it's all natural revenue growth.

The affordable housing and open space funds were recently swept (in 2005) for other state budgetary purposes. This proposal amounts to a general tax increase.

While this proposal might be portrayed as a tax on "the wealthy," it's really a tax on small businesses, farms, apartment buildings and middle-class home sellers.

In some parts of the state, such a huge transfer tax could cause disinvestment, particularly with small businesses in areas that already have high property tax rates. Also, the rental housing stock, particularly in Cook County, would shrink as a result of this proposal. This is counter-productive in any effort to retain affordable rental housing.

In 2005, a new recordation fee of $10 on all property transfers went into effect. That revenue is for affordable rental housing, and now the same housing advocates are back asking for more money for sellers to pay.

While this proposal does include a small lowering of the tax on properties under $500,000, the state legislature can re-visit that rate anytime in the future, make a "slight increase"-back to the $1 rate--and that increase could be hard to stop.

The bottom line: Legislators should not turn to property owners who are already overburdened in this state with property taxes and transfer taxes.

Please contact your state legislators and urge them to vote "NO" on these proposals!Click the link below to log in and send your message:http://votervoice.net/target.asp?id=ilar:12199933

Illinois Condo Sales Close Second Best Year on Record in 2006

2007-02-15T13:57:00.000-06:00

For Immediate Release: February 14, 2007Contact: Mary Schaefer, Ann Londrigan217/529-2600

Illinois Condo Sales Close Second Best Year on Record in 2006; Fourth Quarter Statewide Median Price at $199,900

SPRINGFIELD, IL – Condominium sales help bolster an Illinois housing market in transition throughout 2006, while fourth-quarter sales figures were down compared to the same period a year ago. According to the Illinois Association of REALTORS (IAR) fourth quarter report, total home sales (which include single-family homes and condominiums) totaled 35,186, down 16.0 percent from 41,883 home sales in the fourth quarter of 2005. For the year, total sales were down 8.9 percent in 2006 with 167,860 homes sold compared to 184,199 sales in 2005.

The year-end Illinois median home sale price for 2006 was $203,900, up 1.5 percent from $200,900 in 2005. The median is a typical market price where half the homes sold for more, half sold for less. The fourth quarter 2006 median home sale price was $199,900, down a slight 0.5 percent from $201,000 a year earlier.

“The Illinois housing market reported a modest slowdown in sales compared to other regions of the country which had sharper declines due to overheated market conditions. Although local markets will vary, REALTORS are reporting signs of the market picking up and are looking for slow, steady gains in both home sales and price appreciation in 2007,” said Robert Zoretich, president of the Illinois Association of REALTORS. “The homeownership rate in Illinois reached 70.8 percent in the fourth quarter of 2006 and is slightly ahead of the national rate of 68.9 percent. Conditions in Illinois are promising for long-term demand going forward.”

The fourth-quarter interest rate for 30-year, fixed-rate mortgages averaged 6.29 percent in the North Central Region, according to the Federal Home Loan Mortgage Corporation. It was down from 6.61 percent in the third quarter of 2006 and 6.32 percent from fourth quarter 2005.

Sales and price information is generated from a survey of Multiple Listing Service sales reported by 35 participating Illinois REALTOR local boards and associations. The Chicagoland PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

In the Chicagoland Primary Metropolitan Statistical Area (PMSA), total home sales (including single-family and condominiums) were down 19.5 percent in the fourth quarter to 24,115, compared to 29,942 home sales in 2005. The median home sale price in the Chicagoland PMSA increased 0.8 percent to $245,000 in the fourth quarter of 2006 compared to $243,000 in the same period one year ago. For the year, total home sales in the Chicagoland PMSA reached 116,463 in 2006, down 12.6 percent from 133,305 sales in 2005. The 2006 median sale price in the Chicagoland PMSA was $248,000, up 2.9 percent from $241,000 in 2005.

A sample of counties in the Chicagoland PMSA that saw increases in median home sale prices in the fourth quarter include De Kalb, up 4.3 percent to $182,500; DuPage, up 2.6 percent to $273,000; Kane, up 3.2 percent to $229,000; and Will, up 2.8 percent to $220,950.

A sample of counties around the state that saw median home sale price increases in the fourth quarter include Adams, up 1.4 percent to $87,750; Boone, up 9.3 percent to $187,950; Champaign, up 3.5 percent to $144,893; Kankakee, up 3.4 percent to $128,750; Macon, up 4.4 percent to $88,750; Madison, up 7.5 percent to $121,450; Saint Clair, up 8.3 percent to $130,000; Tazewell, up 2.6 percent to $117,000; and Winnebago, up 4.8 percent to $129,900.

Condominiums

The Illinois condominium market showed continued strength in 2006 with 52,787 units sold, the second highest annual level of condo sales reported by IAR and off just 7.6 percent from the record level of 57,155 condos sold in 2005. Fourth quarter condo sales across the state were down 12.9 percent to 11,156 condos sold compared to 12,804 in 2005.
In the Chicago PMSA, condo sales were down 13.4 percent to 10,635 units sold during the fourth quarter of 2006, compared to 12,287 in the same period of 2005. The median price for a condominium in Illinois in the fourth quarter of 2006 was $212,500, up 3.4 percent from $205,500 in the fourth quarter of 2005. For the year, the median condo price statewide was up 4.6 percent to $214,368 compared to $205,000 in 2005.

In the Chicagoland PMSA, the fourth quarter median price for condominiums was $217,000, up 3.3 percent from $210,000 in the same period in 2005. For the year, the Chicago PMSA median price of a condo increased 4.3 percent to $218,900 compared to $209,800 in 2005.

“Over the last several years we have witnessed the rise in popularity and availability of the condo for all types of homebuyers in both urban and suburban areas, and price appreciation for condos has remained strong throughout the year,” said Zoretich, broker-owner of Zoretich Realty Group in Chicago. “Homeownership is a safe, secure way to build long-term wealth. REALTORS have the experience to help sellers protect their investment and help buyers build theirs.”

The Illinois Association of REALTORS is a voluntary trade association whose 60,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS works to protect the rights of private property owners in the state by recommending and promoting legislation that safeguards and advances the interest of real property ownership.

Ward 49 Newletter - Rogers Park Slumlord Brought to Justice

2007-02-14T13:18:00.000-06:00

Rogers Park Slumlord Brought to Justice

Dear Neighbor,

I'm pleased to report that notorious Rogers Park slumlord Michael Kakvand pleaded guilty yesterday in federal court to fraud stemming from a series of fraudulent condominium conversions involving 30 Chicago apartment buildings, including 12 buildings in the 49th Ward. The successful conclusion of the Kakvand saga is powerful testament to the fortitude of our neighborhood and the strength of community policing. A Chicago Sun-Times account of the guilty plea is below.

The story highlights the fraudulent activity, which consisted of setting up phony condo conversions, selling the "converted" condominiums to "straw" buyers, and then defrauding banks of mortgage loans. Kakvand exercised no tenant screening and did little to upkeep the buildings. The buildings became some of the worse sources of crime in the neighborhood.

Tenants were victimized by the poor conditions and many were forced to leave their homes when lenders foreclosed on their units. Other Kakvand buildings remained vacant and began to fall into disrepair, with broken windows and entry locks, overgrown grass and shrubbery and accumulating trash. Many became home to squatters, creating a serious public safety concern for the neighborhood. Kakvand's scheme was first uncovered in 1999 by Mary Jane Haggerty at the Rogers Park Community Council, who noticed that units in several of Kakvand's buildings had changed hands multiple times in a very short time period, and that the same individuals were purchasing numerous units at his various buildings.

Mary Jane contacted my office, and together we began to look more closely at Kakvand's buildings. It soon became apparent that some fraudulent scheme was at work. My office notified the authorities, and I immediately convened a task force of neighborhood residents, community organizations and city officials to explore the extent of the looming problem, and arrive at solutions.

The group consisted of my Chief-of-staff Kevin Cosgrove, Police District police officers, representatives from the Community Policing Office, the 49th Mary Jane Haggerty, attorneys form the Gang and Drug House Division of the City's Law Department, 24th Ward Streets and Sanitation Ward Superintendent, representatives of block clubs, and several 49th Ward residents. Eventually, the Task Force expanded to include the Community Investment Corporation, representatives from Banks that held mortgages on these properties, responsible developers and landlords, and outside attorneys with expertise in condominium and property transfer law.

At my behest, the Chicago Law Department initiated cases against Kakvand and his partners. We also shared information about Kakvand's fraudulent practices with State and Federal authorities. City attorneys obtained court orders to vacate and board up properties that were illegally occupied and not properly secured. The Department of Streets and Sanitation devoted extra resources to keeping the areas around these properties from becoming eyesores, and members of the 24th Police District devoted extra personnel to ensure that the community was protected from criminal activities.

The case was complicated by the fact that it involved 153 individual apartment units with mortgages spread throughout the country. In order to secure these properties it was necessary to control at least half of the units in each of the properties. The task force worked with representatives of the various banks, and with responsible developers. The banks were very cooperative with my task force once they realized what had occurred. Over the course of one year, we made sure the buildings were acquired by responsible landlords and developers, and now all of Kakvand’s former buildings are neighborhood assets.

One prominent real estate attorney who donated time to work with my task force estimated it might take up to three years to properly secure the properties. We accomplished that goal in under a year. Mr. Kakvand and his associates were forced to spend several weeks in jail, pay tens of thousands of dollars in fines, and perform community service work clearing garbage with employees of the Department of Streets and Sanitation. After the task force disbanded, I continued to work with the U.S. Attorney's Office and with the FBI to ensure that Kakvand and his associates were charged with federal crimes.

Thanks to those efforts, Kakvand now faces the possibility of serving as much as 30 years in prison. Our successful effort against Kakvand is a prime example of community policing at its best, with all branches of government and community residents and organizations working together. We rid our neighborhood of a notorious slumlord and brought him to justice.

Congratulations to everyone involved!

Joe Moore

Guilty plea in mortgage scam (http://www.suntimes.com/business/254101,CST-FIN-fraud13.article )

February 13, 2007 BY MARY WISNIEWSKI

Business Reporter Mohammad "Mike" Taghie Kakvand, the ringleader in a mortgage scheme that resulted in abandoned Chicago apartment buildings, pleaded guilty in federal court Monday. Kakvand bought 33 apartment buildings in Rogers Park and on Chicago's South Side, but didn't renovate them, according to the indictment. Units were sold as rehabbed condos at inflated prices, using straw buyers who defaulted on $29 million in loans. The plot displaced renters and left decaying, crime-plagued buildings, according to community leaders. "There is no punishment too severe for Michael Kakvand," said Ald. Joe A. Moore (49th). "He preyed on our neighborhood, he took advantage of people, and the damage he did took years to unravel."

Kakvand, 54, of Park Ridge, wore an orange prison uniform as he entered a plea of guilty to one count of wire fraud before U.S. District Judge William Hibbler. He has been in custody since late 2005, when he was arrested in Canada after being on the run for more than a year. Also charged were Syed Ali Mohammed Razvi, a fugitive, and real estate appraisers Thomas M. Groh, Eric L. Dorsey and Britt J. Pierre, who have already pleaded guilty. The scheme took place between 1997 and 2004. According to the government, Kakvand would buy apartment buildings with the stated intention of converting them to condos. Then he and others recruited individuals to buy condos in the buildings. The buyers were promised they would not have to use their own money, and were offered at least $1,000 for each condo they agreed to buy.

Kakvand and others prepared false mortgage applications, listing incorrect job titles and incomes for the applicants, according to the government. False appraisals misrepresented the condition of the condos, making it seem they had been rehabbed. Relying on the false documents, lenders such as Washington Mutual and Wells Fargo issued loans on the condos. The money went to the defendants. Meanwhile the "buyers" defaulted, and the buildings became vacant. People who had rented apartments in the buildings suddenly found no one was collecting their rents, and they had to leave when lenders foreclosed on the units, according to

Mary Jane Haggerty, housing action program director at the Rogers Park Community Council. She started taking calls from angry renters in 1999, and the council became suspicious when it found that the same names bought up so many condos in troubled buildings. "You could go and look at these buildings and know that no person in their right mind would have paid condo prices," according to Haggerty, who said the units were being sold for up to $175,000. Moore said a building in the 7600 block of Greenview was the scene of "open and notorious" criminal activity. "It was a complete and total mess," Moore said. He said his office worked with community groups and the city to identify the lenders who owned the units and find legitimate developers to return the buildings to use. Haggerty said one of the continuing legacies of the scheme was the artificial inflation of home prices in Rogers Park and the related increase in property taxes. The scheme also decreased the amount of rental housing available. Kakvand has not yet worked out a sentencing agreement with the government.

The maximum sentence is 30 years in prison, plus fines and restitution. He will be sentenced May 9.

mwisniewski@suntimes.com

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Chicago Market Overview - 4,425 units listed in January, up 18% over 1/06

2007-02-07T16:36:00.000-06:00

The monthly report on January sales, which were down 17% over December and down 6% compared to January 2006.

Market time in January was down 2% over December but up 17% compared to a year earlier.For detailed charts on Month Over Month and Year Over Year: Go now to Market Overview.

Ric Cox, President & CEO Chicagocondosonline.com

Illinois Homeownership at 70.8% at end of 2006

2007-02-06T22:01:00.000-06:00

Illinois homeownership at 70.8 percent in the fourth quarter of 2006, according to the U.S. Census Bureau. U.S. homeownership rate reached 68.9 percent in the fourth quarter.

Regionally, the homeownership rate was 73 percent in the Midwest, 70.8 percent in the South, 65.3 percent in the Northeast, and 64.5 percent in the West. The homeownership rate for non-Hispanic whites was 76 percent, versus 49.5 percent for Hispanics and 48.2 percent for blacks, according to the Census.

TRAC - BREAKING NEWS

2007-02-02T14:39:00.000-06:00

BREAKING NEWS

Monday, January 29, 2007, President of the Senate, Emil Jones, announced the Senate's intention of "fast tracking" the 7% bill in the opening days of the Legislature, passing it with a majority and sending it over to the House. The content of the bill is important. It raises the "cap on the cap" from $20,000 to $60,000 and benefits service men and women returning from Iraq and Afghanistan. This is the bill that the Senate passed last spring. This is also the bill that Speaker of the House, Mike Madigan buried in the Rules Committee.

Let's see if Speaker Madigan can be persuaded by our Representatives (call them), Governor Blagojevich and hopefully Mayor Daley, to pass this bill in time for it to be reflected on our 2 nd installment property tax bills. As Representative John Fritchey said recently, "The doomsday property tax clock is ticking. There is no need to wait until the 11th hour to pass this bill."

Both Houses gave us this relief back in 2004. Now it would appear that they are trying to take it away from us! Don't let that happen. Keep making those phone calls….

In a related move, Speaker Madigan issued his own press release with a letter to Assessor Houlihan asking for the NAMES, ADDRESSES, VALUE, AND PIN numbers for all of the taxpayers/homeowners in the entire county of Cook that received the maximum benefit from the 7%. He wants this information, according to him, to determine whether or not the 7% should be passed again.

A couple of questions come to mind:

1. Why does he need your name, your neighbors name…what is he going to do with these names? Who is going to see this "database"?

2. Why did he wait so long to ask for this information? He has known about this bill for almost a year now.

3. And the kicker is, he doesn't want to pay for this Freedom of Information Request because of WHO HE IS…an elected official that is asking for a freebie from our county government that is already swimming in debt. Go figure.

We will keep you informed as this bill moves through the Legislature which starts February 6, 2007.

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