Dean Moss - Dean's Team Chicago Real Estate Team

Ready for the weekend, folks? Cold, windy, rainy weather predicted for Chicago - but never a shortage of things to do in Chicago Neighborhoods.

Our Team Member, Cathy Mallers, provides more details in this week's Chicago Neighborhood News. This week, Cathy covers the Chicago Neighborhoods of Portage Park, Lakeview, The South Loop, and Lincoln Square, as well as the Chicago Suburb of Naperville IL.

Have something going on in any Chicago Neighborhood or Suburb you would like us to publicize? Let us know, and we'll get the word out for you!

Dean's Team offers the Number One Rated Active Rain Blog in the City of Chicago!

PORTAGE PARK

You like to fish? You like to eat what you fish? If you do, there's a little known place in Portage Park, Hagen's Fish Market.

Not only do they have fish for you to purchase but they'll cook it for you too. Yep, if you bring in your catch, they'll cook it for you. They specialize in smoked and fried seafood for take-out service. There are no seats inside. There are a couple picnic tables outside.

LAKEVIEW

Perchance Boutique is celebrating its first birthday this evening from 7-9pm at its 3521 N. Southport location.

Find some great fashions, hidden treasures and more at this celebration filled with light bites, wine, DJ Michael Smith and raffle. Be sure to RSVP to joette@perchanceboutique.com and get on the guest list.

SOUTH LOOP

Starting this weekend you can attend an open house for the Motor Row Lofts located at 2303 S. Michigan Avenue in the South Loop. So why is this newsworthy information?

The lofts are being offered at auction on November 15. This is the only day the lofts will be offered at auction by Sheldon Good & Company. The lofts include one-, two- and three-bedrooms with minimum bids ranging from $140,000 to $240,000. A total of 20 unsold units will be available.

LINCOLN SQUARE

The Old Town School of Folk Music is one of the local treasures to Lincoln Square. Located at 4544 N. Lincoln it's just up the street from the Dean's Team new home and

Now you've got the great excitement of seeing Los Lonely Boys this Friday night in two separate shows. They will be playing a special acoustic set but be prepared for their famous "Texican Rock'n'Roll."

They will be joined by special guest Hacienda. They've been given comparisons to the Beach Boys if they grew up Mexican-American on the Texas coast.

NAPERVILLE

Coming this Monday, October 26^th, the Naperville community will be opening a time capsule from 1939 at 4pm.

Earlier this summer, the plaque from the DuPage Centennial Marker in Central Park was removed for cleaning and restoration purposes as part of a larger project to conserve four monuments in Central Park.

When the Conservation of Sculpture & Objects Studio team removed the DuPage Centennial bronze plaque from the granite stone, a time capsule was revealed. The capsule is believed to have been placed behind the bronze plaque at the marker's dedication in September 1939 honoring the county's 100th anniversary.

Here's a link to Cathy's Chicago Neighborhood News Blog Archive, via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

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

BOO, you dogs!

I don't know if you dogs have figured out what you're going to dress as for Halloween. Today, I'm leaning on becoming a Pit Bull (a natural for me, right? You see how tough I look!) My Lil' Sister - Gracie Ella Moss - she's planning on becoming the Wicked Witch of the East - again, she is a NATURAL for that, believe me!

Remember all those big-box stores around Chicago as recently as the last Christmas season? Stores like Circuit City? CompUSA? Linens and Things?

They're all gone, you know. Victims to a weak economy, and perhaps their own poor business models.

But, in their large, open, vacant retail spaces, this Halloween season and for the last several, huge, temporary stores geared specifically for the Scary Holiday have sprouted. These stores have brightly lit - albeit temporary - signage. Orange and black decorations. And, often, large, attention getting inflatable monsters gracing their entrances, vying for attention from driving shoppers who pass by every day.

As reported last week in the Chicago Tribune by Robert Channick, several companies open about 60 Halloween stores each year across the Chicago area, often in retail spaces in shopping malls and strip centers made vacant by the recent economic bust. They open each year just after Labor Day, and stay open until Halloween, with the biggest business days within 10 days of the holiday each year. Despite the recession, the companies predict they'll gross over $5 Billion in sales this season.

Each of the Temporary Halloween Chains employ full-time professionals who spend their "off season" searching for desirable temporary locations for the holiday. The typical rent for a big-box space - as much as $30,000 for the season for the most desirable and visible locations.

Beginning in late Summer, the chains hire an estimated 12,000 seasonal workers to man the stores. They are very profitable, due to low overhead and little, if any, required store build-out.

Some retail landlords are hesitant to rent to stores seeking such a temporary lease arrangement. With the soft economy, and higher-than-unusual vacancy levels, however, many have shown flexibility. They now welcome these Temporaries which draw in traffic to the mall or center, feeding the other stores, and, of course, providing some set-off for the lost rent, not likely to permanently come back any time soon.

The next likely growth area for these seasonal retailers? The Christmas Season! Indeed, Toys R Us plans to introduce up to 240 Holiday Express Stores this holiday season, many in shopping malls where vacant storefronts abound.

Well, it looks like next Friday will be the day Gracie and I will stop in to pick out our costumes, in advance of Halloween, one week from Saturday.

And, please, if we knock on your door - no bad apples! OK?

Trick or Treat!

Please read my post today via BlogChicagoHomes.com

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

Within the last few years, here in Chicago, low and mid-priced condominiums have been the "jumping in" point for first-time homebuyers.

Why?

Condos are far less expensive than houses in the same area. Responsibility for repairs are often shared with the condo association. First-time buyers also typically have smaller families, and can get by with a smaller space.

And, of course, down payments are more affordable than they would be for a single-family home in the same neighborhood.

As recently as 2007, first-time condo buyers with less than the traditional 20% down payment had many financing options, ranging from government-backed loans, to very-high-leverage "piggy back" loans. "Stated Income Loans," in which a buyer could close by merely stating his income - without backup - were often available.

Today, however, buyers with less than 20% down often have only one financing option - an FHA-Backed Loan.

Borrowing with FHA funding requires as little as 3.5% down. Further, the borrower's FICO Credit Score for FHA can be a more-forgiving 620, versus the more stringent 720 score, sometimes greater, for conventional financing.

Here in Chicago, the majority of condo sales our Real Estate Team has closed in 2009 have involved FHA Financing. Nationally, it is estimated that the percentage of all homes financed using FHA Funding is 25% - up from only 2% a few years ago, when more low-down loan options existed.

As reported by Syndicated Real Estate Reporter Don DeBat, in his Home Front blog and columns, new FHA Rules, effective November 2nd, could delay the process of loan approval, at least initially. Gone will be the process of FHA Spot Approval, where an individual condo unit in a building can be approved for financing. Also, every condo building that was certified FHA Approved longer than 2 years ago will have to be re-certified.

Theoretically, the process, long-term, would be streamlined. FHA Direct Endorsement Lenders - large banks and Mortgage Brokers who have been certified to offer FHA Loans - can approve a subject condo building. The timing for such approval, however, is yet to be seen.

Also, the long-standing prohibition against FHA Financing for condos in buildings where the Condo Association has a Right of First Refusal - where associations can exercise the right to purchase an individual unit for the same price and terms as a buyer under contract - is being lifted. Here in Chicago, dozens of buildings not approvable for FHA for this reason alone will now qualify for such financing.

Bowing to a recessionary economy, where many condo units are in foreclosure, or distressed owners are behind in their condo assessments, the new FHA Rules require that no more than 15% of all units in a building or complex be more than 30 days late on their assessment payments.

Other FHA Financing Rules for condominiums -

- A minimum of 50% of the units in the building must be owner-occupied, not purchased as investments and rented to tenants.

- At least 50% of a the condos must be occupied or under contract prior to close for new condo developments. (Previously, this number was 90%)

- No more than 25% of a the floor space of a building can be used for commercial purposes, rather than residential units.

- Depending on the building size, any single owner or entity cannot own more than 20% of the condo units in a building.

Our Team Lending Partners are aware of the rules, but are unsure as to the how lengthy the delays for approval of new FHA Loans will be. As time passes, however, our lenders are confident approval will speed up, as more individual buildings receive approval for FHA Financing.

DEAN & DEAN'S TEAM CHICAGO

Good Morning!

Here's our Chicago Market Stats Update, based on data compiled Sunday evening, October 18, 2009.

This past week, Sales Volume and Closed Properties showed improvement, although we are far from convinced the week-by-week see-saw for these numbers is coming to an end.

Active Listings continue to moderate, typical for this time of year in the North and Northwest Side of Chicago Neighborhoods we serve most frequently. Once again this week, however Average Sales Prices fell, and, encouragingly, so did Average Market Time.

Pending Sales gave back last week's gain, a curious see-saw this time of the year as well.

Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, continues to improve, as does the Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame. During the past week, 44.5% of all listed properties sell during this average marketing time frame - a considerable improvement over the same numbers earlier this year.

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 October 18th 3,888 53 72 27

w/e October 11th 3,925 62 58 37

% CHANGE -0.9% -14.5% +24.1% -27.0%

CLOSED PROPERTIES DATA

AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME

w/e October 18th $244,262 157 DAYS $17,586,864

w/e October 11th $252,672 185 DAYS $14,654,976

% CHANGE -3.3% -15.1% +19.9%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e October 18th - LAST 12 MOS - 14.20 LAST 6 MOS - 11.03 LAST 3 MOS - 10.20

w/e October 11th - LAST 12 MOS - 14.47 LAST 6 MOS - 11.28 LAST 3 MOS - 10.24

PERCENT OF HOMES SELLING IN 180 DAYS -

w/e October 18th - 44.50% (UNSOLD - 55.50%)

w/e October 11th - 43.32% (UNSOLD - 56.68%)

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

Asking Price Reductions on Homes for Sale! A few weeks later - another reduction. Often . . . another!

Across the U.S., according to estimates made by Real Estate Website Trulia.com, as reported by Chicago Tribune Real Estate Reporter Mary Umberger in yesterday's Trib, an estimated $28.4 Billion in asking prices have disappeared since January, 2009.

Here in Chicago, the company estimates about 30% of all homes for sale have seen price reductions, with the reductions reaching a combined total of $210 Million in Chicago and Surrounding Chicago Suburbs.

Several other major Real Estate Websites, including ZipRealty.com and Zillow.com, closely corroborated Trulia data.

So . . . what gives? Homowners losing value? Or, simply, people becoming in tune with reality, and making the necessary adjustments?

I vote for the second choice!

And, these days, embracing the new reality is a good thing - so necessary to help jump start a sometimes lackluster Real Estate Market, here in Chicago, and elsewhere.

Please read our post today via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO