Dean Moss - Dean's Team Chicago Real Estate Team

THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!

Hey, hey you dogs! Sorry for the delayed post this week - things seemed to get too carried away in my Posting Pen this week. But I'm back now, and ready to type! Thanks for Keeping the Faith!

Oprah Winfrey!

She's saying she'll be ending production of her world-renown show in 2011. Leaving Chicago? Well, that's not known for sure yet. But if she did, it's likely to leave a big hole in the city, and in the West Side of Chicago Neighborhood where her own Harpo Studios, where her show is taped each day, is located.

As reported by Chicago Tribune Reporter Phil Rosenthal in yesterday's Trib, Oprah started her groundbreaking talk show at the Chicago ABC Affiliate - WLS-TV Channel 7 - back in 1984. At that time, she took over as host for low-rated AM Chicago, and began build ratings and her local audience. The Oprah Empire, best as this Lil' White Dog can tell, began to build a couple of years later, in 1986, when the show began its national syndicated run.

Team Leader Dean went to one of those early show tapings by mistake, back in 1985. Walking by the Channel 7 Studios late one spring morning, he was on his way to get a cup of coffee - a morning meeting was canceled. A man in a blazer, with a megaphone, was recruiting audience members for the morning's show - he needed 15 more, and it was 30 minutes before the taping was to begin.

Dean said, "What the heck?" He had some time, and watched the show from the studio audience. He said it was a bit of a scramble for the guy in the blazer to fill the audience - she was not yet popular, even in her home town.

The show dealt with local politics - a major brewhaha between then Chicago Mayor Harold Washington and old-guard alderman fighting the fledgling mayor for city power. Washington was the first African American Mayor of Chicago - and Oprah was just beginning to make her mark here.

As Dean related to this reporting dog, the show did not seem that remarkable. People watched the show, Oprah thanked them afterward, and everyone left.

That's a far cry from today - where loyal viewers wait weeks or months for tickets, or bid them up via the Internet. They come from far and wide to see the show taped at Harpo Studios - and, usually, stick around Chicago to see what else the city has to offer.

Over the years, Daddy Dean and I have gotten many calls from out of towners asking if we could use our considerable clout to get them a ticket to see O. Truth be told, this Lil' White Dog has little pull with the Oprah folks at Harpo.

But Winfrey's presence in Chicago has undoubtedly helped improve the image of our city. She has advocated the city she has called home for so many years - most recently at this year's season premiere - Michigan Avenue was partly closed for this mega-event. Oprah Fans remember all the fanfare!

Before Oprah, the West Side Chicago Neighborhood where Harpo Studios was located was populated by abandoned retail fixture stores, long-vacated warehouses, and ramshackle apartments. Today, it is downright chic - nice restaurants, latte shops, several pricey boutiques. And condos. Many, many luxury and loft condos - with residents attracted by the newfound allure of the community.

Will Oprah actually leave Chicago, as she debuts here Oprah Winfrey Cable Network (OWN) in 2011? If she does, will the neighborhood in which her multi-billion dollar operation is headquartered take a hit? We dogs surely hope not!

In 2009, in a tough economy, the City of Chicago has taken a hit. Several major trade shows announced plans to move their major conventions elsewhere, outside of town. And no one involved can deny that everyone involved was shocked when Chicago did not win the 2016 Summer Olympics. Oprah was one of the major celebrities - along with fellow Chicagoan, President Barack Obama and The First Lady - who pitched for the games. They didn't succeed, as we all know!

So, Oprah, take this plea from me and my fellow canine compatriots: Don't Leave Town! Indeed . . . we need you!

Even though many of us in the four-pawed set often watch Animal Planet when you're on each morning!

See my post today via BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

Good Evening!

Here's our update on Chicago IL Real Estate Market Statistics, based on data compiled and reviewed Sunday Evening, November 15th.

This past week has seen continuing stability in the Housing Market in the North and Northwest Side of Chicago Neighborhoods we serve with great frequency. Active Listings Inventor showed little change. Pending Sales - about the same versus last week.

Average Sales Price is up, however, as is, unfortunately, Average Market Time. Sales Volume rebounded a bit over last week. Units Sold and Listings Expired - generally, steady!

Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, ticked up a very slight amount- it remains just over 9.6 months.

The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame jumped to over 51% this past week. Earlier this year, that percentage was just over 30%! It's been a long time since the number of homes selling during an Estimated Six-Month Market Time eclipsed 50% here in Chicago!

Here are archived annual Chicago Neighborhood Statistics, including Units Sold and Price Trends Data, for 1995 through 2008 courtesy of The Chicago Association of Realtors.

In addition, here is an Interactive Median Price Heat Map, from the Chicago Tribune Real Estate Section, covering Every Chicago Neighborhood. View the map for links to maps for Chicago Suburbs. It is updated as new data becomes available.

Communities and clients we serve, reside, or plan to reside, in the Chicago Neighborhoods of The Chicago Loop, The Gold Coast, River North, Lincoln Park, Lakeview, Uptown, Edgewater, North Center, Lincoln Square, Albany Park, Ravenswood, Wicker Park, and Bucktown.

Also, these Great Chicago Neighborhoods: Logan Square, Rogers Park , West Ridge, Portage Park, Jefferson Park, Norwood Park, Sauganash, Edgebrook,and Edison Park. Plus All Chicago Suburbs.

SINGLE FAMILY, CONDOS, AND SMALL MULTI-UNIT PROPERTIES - NORTH SIDE OF CHICAGO, NORTH OF ADDISON STREET, WEST OF ASHLAND AVENUE

ACTV LISTINGS JUST SOLD CLOSED EXPIRED

w/e November 15th 3,776 42 82 35

w/e November 8th 3,794 47 99 31

% CHANGE -0.4 -1.1% -8.9% +12.9%

CLOSED PROPERTIES DATA

AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME

w/e November 15th $282,077 172 DAYS $27,296,816

w/e November 8th $254,536 142 DAYS $25,199,064

% CHANGE +10.8% +21.1% +8.3%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e November 15th - LAST 12 MOS - 13.38 LAST 6 MOS - 10.21 LAST 3 MOS - 9.62

w/e November 8th - LAST 12 MOS - 13.13 LAST 6 MOS - 9.91 LAST 3 MOS - 9.58

PERCENT OF HOMES SELLING IN 180 DAYS -

w/e November 15th - 51.09% (UNSOLD - 48.91%)

w/e November 8th - 49.10% (UNSOLD - 50.90%)

SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA

Review our Chicago IL Real Estate Stats Pack Archive via BlogChicagoHomes.com.

Call our Team anytime for current trends in any Chicago Neighborhood or Chicago Suburb!

DEAN & DEAN'S TEAM CHICAGO

Folks, it seems pretty obvious that if you want drive an automobile - anywhere - you better have a valid Driver's License. Duhhhhh!

But here, in Chicago, as reported in the Chicago Tribune by John Byrne, 22,904 tickets were issued in the city for driving without a valid Driver's License.

And some of these unlicensed drivers have caused serious, if not fatal, traffic accidents. One such driver without a license, James Cox, was cited for a traffic accident which resulted in the death of a 27-year-old pregnant woman on the West Side of Chicago in October. Records show Cox was cited 12 times for unlicensed driving, with minimal fines imposed.

Alderman Tom Allen, of the 38th Ward on the Northwest Side of Chicago, sponsored the ordinance. It takes effect January 1st. It increases the fine for driving without a driver's license to $500, plus a $165 City Tow Fee to impound and subsequently release the car. Total penalty - $665.

The Alderman acknowledged his ordinance is far from a cure-all. But he added if Mr. Cox was faced with thousands of dollars of driving fines, he might not have been behind the wheel to cause an accident which resulted in a fatality.

Often, in Chicago Politics - common sense is not the leader. On the other hand, it often follows tragedy!

Read our post today via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

Years ago - many years ago - say, back in the early 1990's, Real Estate Prognosticators predicted a surge in homebuying interest if only mortgage rates fell. They did, and the market climbed!

The broken threshold they were hoping for - 10% - came in 1991, when interest rates for a 30-Year Fixed Rate Home Loan fell to only 9.9%. At that time, 18 years ago, many potential homebuyers reached for their check books (they still used "Check Books" back then), grabbed the Sunday Paper (folks still read Sunday Papers back then - there was scarcely an Internet), and hit the bricks, happily, looking for a New Home Bargain.

Fast forward to 2009! Unemployment is the highest it has been across the U.S. since 1983. Foreclosures and distressed property sales are skyrocketing. Home Values are still falling. And even ultra-low Mortgage Interest Rates can't quickly turn the market around!

Despite the fact that interest rates for the week ending the first week in November, interest in mortgage loans for buying a home dwindled. According to the Mortgage Bankers Association, applications that week for new loans fell a seasonally-adjusted 11.7% from the prior week. That's the lowest level since December, 2000. (See Mary Ellen Podmolik's Chicago Tribune story for more details).

There was a bit of good news for lenders, however, Refinance loans - those looking for a better rate on their current home - increased 11.3% during the same week. The MBA identified 71.5% of loan applications that week as re-fi loans, versus 66.1% the last week in October.

Currently, Mortgage Interest Rates for Fixed-Rate Loans range between 4.90 and 4.97% for the best qualified borrowers. For those without perfect credit and strong down payments or home equity, rates and loan fees are higher.

See our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Hey, gang, from Chicago!

The rumors of my demise have been greatly exaggerated! I'm still here, and still posting - just getting back into the swing of things after a fun filled week of training and mentoring others here at our Keller Williams Market Center, in the Lincoln Square Neighborhood on the North Side of Chicago.

Now that the week is over, our Printing Press is back in business - as is the lil' press of Famous Blogging Doggie, Buddy Holly Moss, with his post coming soon! Thanks for your patience, folks - please, stay tuned, and Keep The Faith! OK?

In the flood of news recently to extend the very popular First Time Homebuyer's Tax Credit - which offered up to an $8,000 IRS Check to many first time homebuyers beginning last February - some long-time homebuyers also have reason to cheer!

Effective upon President Obama's signature, on November 6th, many existing homeowners looking to find a new home were also given a bit of a financial boost. For those who contract for their home purchase transaction between November 6th and April 30th, 2010, many may qualify for a fairly sizable $6,500 tax credit - either an offset against income taxes due, or a straight tax refund. The new home purchased must close no later than next June 30th. See Kenneth R. Harney's story in the Chicago Tribune for more details.

Similar to the First Time Buyer Credit, however, the credit for current homeowners does have a few strings attached.

First, only those who have resided in their previous home for five consecutive years out of the past eight years qualify for the credit.

Also, the new home must be your new Principal Residence - no credit offered for second homes, vacation homes, or in-town condominiums. However, there is no requirement you must sell your first home - the old homestead can be rented out to a tenant, or your old home can become your new "second" home - you will still qualify for the Fed incentive.

Purchasing a more expensive home is not a requirement - buyers still qualify for the credit if they are buying a smaller or less expensive property.

The new home can cost no more than $800,000, and the credit caps out at 10% of the home purchase price. To receive the full credit, therefore, your new home must cost at least $65,000. In Chicago, that is very easy to do; few homes here sell for less than $65K!

There is an income cap - $125,000 for single taxpayers, $225,000 for married couples filing jointly. This is up significantly from the old First Time Homebuyer Program caps of $75,000 and $125,000 respectively.

Virtually any type of residential dwelling will qualify under the program - single-family homes or condos, condominiums, mobile homes, even house boats that would function as your primary residence. Even some two-flat buildings might qualify, if the entire building were to be occupied by the purchasing owner.

If you buy and close before the end of 2009, the credit can either be taken off the '09 Income Tax Return you file next year, or off paid 2008 taxes, by filing an amended return.

Buy in 2010? Again, you can take the credit off of 2009 taxes, or those filed in 2011, for next year's taxes.

Once the credit expires next year, will it again be extended? Those in the know say, "Not Likely!" We happen to agree!

So go for the credit now! Our Team expects a big surge in home buying interest among current homeowners who qualify, especially as the extended deadline approaches next spring.

Please see our post via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO