Chicago's condo boom

Here's a piece from today's Trib. about the condo boom in Chicago and it's impact on available apartment stock in the city. The piece says that from '89 to '04 the City lost 8% of small (2-6 units) apartment buildings and 31% of large apartment buildings. Question, what percentage of condos allow renters? I don't have the answer to that but many do.

Fellow blogger reception...

Note below...help Eric out. Is this type of an event an effective client generator? Just wondering...it's a reception with a Realtor, lawyer, general contractor and mortgage broker. Sounds fun, curious about the fiscal return too though.


Hi Everyone,

I hope this spring finds you happy in your homes (or excited about buying a new one!). Please view the attached invitation to my next client event... we've sailed and tasted wine in the past. Now it's time for a fiesta! This is all about food and drinks at a great Lincoln Park spot. Of course, my team of experts will be there as well to answer any mortgage, legal, or home improvement questions.

Check out the attached invite and save the date for Friday night May 11th at the Mayan Palace, 2703 N Halsted from 7:00PM to 11:00PM.
Please RSVP my Wednesday, May 9th.

All the best,

Eric

Eric Rojas
Real Estate Consultant
Chicago Home Estates
916 W. Diversey
Chicago IL 60614
Office: 773-975-2123
Fax: 773-913-6536
Cell: 773-510-1597

*View my real estate blog and search properties at:
www.ChicagoRealEstateLocal.blogspot.com

Hungy agent?

Anyone used Hungryagents.com? Agents? They report having some 350 agents signed up in the Chicago area. It's a bidding site to try and get the best priced real estate agent.

Informative earnest money dispute case...

Take a look here...Chapman v. Engel. Interesting appellate case from the second district. Brief facts, plaintiffs entered into contract to purchase defendant's home for $555,000. At final walk-thru, the property was not in the same condition as when the contract was signed. P's requested a credit or a repair escrow and D's refused. $55k was held in escrow as earnest money. Home eventually sold for $520,000 to another Buyer.

Court ruled that earnest money should go back to the P's. Interesting case, the appellate court really dealt with what the definition of a "prevailing party" is. The case transcript didn't get into how the home was no longer in the condition that it had been when the contract was signed. I wonder what the issue was.

NEVER do not do a pre-closing walk-thru! I see people who don't but I think about 1/4 of the time I'll hear of problems...usually minor but every $$ counts.

Video tips for eviction defendants

Saw a nugget in the Trib. today reporting that a new DVD is being shown at the Daley Center to teach people about legal proceedings in eviction cases. The DVD was filmed and produced by Illinois Legal Aid. Sounds a little bit too pro-tenant to me. I guess I'll have to improve my lawyering.

Mortgage firms to offer loan aid

Freddie Mac, Fannie Mae and Washington Mutual, Inc. have made announcements recently regarding various programs to help subprime lenders who are in financial straights. Might be some client advise if they're facing a rate reset.

Top U.S. land holders

Very interesting read here from The Land Report...its their listing of the top 100 landholders in the U.S. I always enjoy reading about the different success and failures of successful business people. This is the top 100 by land size not necessarily value. Who do you think's #1? Think CNN and Atlanta Braves.

NYTimes advice: Rent

Did you see this piece from the Times? I think it may be a bit too critical of those of us "in" the real estate industry, but it's thoughtful. I admit I cringe a bit when I see any of the Nat'l Assn. of Realtor ads promoting the wonderful real estate market.

State policy options...

Here's a piece that gives a nice overview of the many ways that states are reacting to the foreclosure/sub-prime "crisis."

HB 4050 is back

Did ya see here that the controversial House Bill 4050 got reintroduced? Now it applies to all of Cook County.

Call your lender before he calls you...

Here's a nice overview from the Times about how to react if you're getting behind on a mortage or if your ARM is set to adjust. Here's an critical excerpt:

But know this: lenders do not want to get stuck with a property. They have to maintain it and then try to sell it on the open market, usually at a loss. Some industry analysts say that it costs a bank an average of $40,000 to foreclose on a loan. That amount gives the borrower that much more room to negotiate.

If possible, keep your wits about you. One of the toughest things about a potential foreclosure is that human tendancy to ignore or not deal with negative information head-on. Deal with it! These situations have solutions.