Lake County's Current Market Conditions

These are the newest Market Conditions for Lake County Il. Foreclosures are up so make sure you talk to one of the top REO teams in the entire North Shore & North Suburban Areas. Real Estate is a constantly changing opportunity where you can invest for your future. Give GetREOsSold.com a call today and let us help you understand what your options are in today's market !

Chicago Tribune reports about Chicago Bears quarterback Jay Cutler, who is renting a house in Lake Forest, Il. for $3,750 per month. Cutler also has two houses in Colorado on the market, one for $1,675,000 and another for $699,900.




Also retired hockey star Alexei Zhamnov, who just sold a house in Chicago’s Lincoln Park for $2,725,000; and noted Chicago lawyer Thomas Demetrio, who is trying to sell a house on Chicago’s Gold Coast (just two doors down from actress Joan Cusack) for $4,300,000.


If you are interested in a REO property ( bank owned or Foreclosure) contact www.GetREOsSold.com. This REO Team has written more than $575 MILLION dollars worth of business and is ONTOP of today's REO market!

If you are looking for Residential properties, weather it's an upgrade, paralell move or even an investment then go to www.AlanLurie.com

MUNICIPAL SERVICES BUILDING AT NEW LOCATION

The City of Lake Forest municipal operations (previously located at 110 East Laurel Avenue) have moved to 800 North Field Drive (north end of Conway Office Park adjacent to the Tollway). It is a LEED certified facility that meets the criteria of reducing energy needs throughout the building.

Public Works, Community Development, Finance, Human Resources, Information Technology, and the Parks Section of the Parks and Recreation Department are located in the new facility.

For resident convenience, some of the services currently available at the Municipal Services Building are also provided at City Hall (220 E. Deerpath). Using a convenient computer kiosk, residents will be able to register for Recreation Center and Lake Forest Fitness Center programs, purchase vehicle stickers, and pay for parking violations. Garage sale permits and new resident informational packets can be obtained, and event signs for posting at the community sign corners may also be dropped off.

SEASONAL Flu AND H1N1 VACCINE Update for Lake County

UPDATE December 10, 2009
from the Lake County Health Department


Earlier today, the Illinois Department of Public Health announced that all Illinoisans will be eligible to receive the H1N1 flu vaccination beginning December 15. This announcement increases access to the H1N1 vaccine for Lake County residents, but local providers will have flexibility to determine if it is necessary to continue prioritizing the vaccine for the at-risk populations, based on their needs. The announcement also mentions that pharmacies that have ordered vaccine should be able to provide H1N1 flu vaccinations in the coming weeks.

In light of these changes, the Health Department will expand vaccine availability at its Gurnee clinic beginning December 15.

Appointments for H1N1 vaccinations will be available to all people, six months of age and older, at this location. Please note that many of these appointments have already been filled, but appointments will continue to be accepted and vaccine will continue to be provided at least through the end of January. The vaccinations are offered at no charge.

Gurnee
Advocate Condell Medical Building
1425 Hunt Club Road, Suite 103

Dates: Opening Friday, December 11, and continuing at least through the month of January
Hours: Monday – Friday: 4:30 p.m. to 8:30 p.m. Saturday – Sunday: 8 a.m. to 1 p.m.

The patience of all those who have been waiting has been appreciated. It is still very important that people in high priority groups continuing to make appointments either with the Health Department or with their providers to get the vaccine. The vaccine should be available at many more local health care provider facilities, such as retail pharmacies, very soon.



--------------------------------------------------------------------------------

Also, please watch our latest video on the H1N1 flu that was produced by LCTV, the County’s cable television station.

The high priority target population groups for the H1N1 vaccine include:

• Individuals 6 months to 24 years of age
• Caretakers and household contacts of children under 6 months of age
• All pregnant women
• Healthcare and emergency medical services employees
• People 25 to 64 years of age with underlying medical conditions, such as asthma or
diabetes, which put them at high risk for flu-related complications.

H1N1 vaccinations have been produced in several forms such as nasal spray and shots. Health Department vaccination clinic staff will work with residents to determine the best form of vaccine for each individual, based on health needs and vaccine availability. It is also very important that anyone who received a seasonal flu shot this year to bring a record of that vaccination to the H1N1 clinic so staff can determine the best form of vaccine to provide.

Vaccination is the best way to protect yourself and your family against this illness. The H1N1 vaccine is being produced the same way as the seasonal flu vaccine.

We expect the 2009 H1N1 influenza vaccine to have a similar safety profile as seasonal flu vaccines, which have a very good safety track record. Over the years, hundreds of millions of Americans have received seasonal flu vaccines. The most common side effects following flu vaccinations are mild, such as soreness, redness, tenderness or swelling where the shot was given. The Centers for Disease Control and Prevention (CDC) and the Food and Drug Administration (FDA) will be closely monitoring for any signs that the vaccine is causing unexpected adverse events and we will work with state and local health officials to investigate any unusual events.

The CDC has created a series of Frequently Asked Questions about the 2009 H1N1 Influenza A Vaccine Safety, including information on Guillain-Barré syndrome (GBS) and Thimerosal.

General Questions and Answers on 2009 H1N1 Influenza A Vaccine Safety
Will the 2009 H1N1 influenza vaccines be safe? Are there any side effects to the 2009 H1N1 influenza vaccine? Are there some people who should not receive this vaccine? How will the 2009 H1N1 influenza vaccines be monitored for safety? Will the 2009 H1N1 vaccines that are currently recommended contain adjuvants? More…

General Questions and Answers on Guillain-Barré syndrome (GBS)
What is GBS? What causes GBS? Who is at risk for developing GBS? Do vaccines cause GBS? How common is GBS, and how common is it after people are vaccinated for seasonal influenza? What happened in 1976 with GBS and the swine flu vaccine? Why did some people develop GBS after they received the 1976 swine flu vaccine? More…

General Questions and Answers on Thimerosal
What is thimerosal? What are preservatives and why are they used in vaccines? Will the 2009 H1N1 influenza vaccine contain thimerosal? I have concerns about the use of thimerosal. Is thimerosal still being used? Is thimerosal safe when used as a preservative in vaccines? More…

What You Can Do

Practice Healthy Habits
In addition to getting your seasonal flu shot, help prevent the spread of flu in the workplace, schools and throughout the community by:

• Washing your hands frequently
• Staying home if you are sick
• Covering your cough and sneeze

People with flu-like symptoms should stay home from school, work and social gatherings until 24 hours after resolution of their fever. People are more contagious when they have a fever, so staying home during this time is especially important to not spread the flu to coworkers, friends or fellow students.

Volunteer The Health Department is also recruiting volunteers for its Lake County Medical Reserve Corps to help with H1N1 flu prevention. For more information, call: (847) 377-8358.

Access Reliable Information
http://www.lakecountyil.gov/Health/H1N1.htm
http://www.flu.gov/
http://ready.illinois.gov
The Health Department’s H1N1 hotline number is: 847-377-8350.

IT'S GOING TO GET REALLY COLD...

IT'S GOING TO GET REALLY COLD...and these are hints on HOW TO PREVENT FROZEN PIPES

Frozen pipes can be the source of costly damage and necessite extensive repairs to many homes in the midwest each winter.There are several things that can be done to help prevent freezing and the possibity of major damage.

1. REMEMBER TO REMOVE GARDEN HOSES AND ATTACHMENTS FROM THR OUTSIDE
SILCOCKS/FAUCETS.

2. FILL GAPS AND CRACKS AROUND THE OUTSIDE OF YOUR HOME WITH FIBREGLASS
INSULATION, EXPANDING FOAM, MORTAR, CAULK, OR A COMBINATION OF THE ABOVE TO
MINIMIZE COLD AIR INFILTRATION TO THE OUTSIDE OF THE HOME.(THIS WILL HELP
KEEP BOTH INSECTS AND RODENTS LOOKING FOR A WARM PLACE TO SPEND THE
WINTER).

3. INSULATE WATYER PIPES EXPOSED TO COLD TEMPERATURES INSIDE YOUR HOME WITH FOAM
INSULATION. THIS IS ESPECIALLY IMPORTANT IMPORTANT IN OLDER HOMES WITH
UNHEATED CRAWL SPACES OR CELLARS.

The first clue of a frozen pipe is reduced water flow to a certain area of the home. This could be a faucet that will not deliver water or possibly a dishwasher or icemaker that stops working. As water in the pipe freezes, it expands to form a "plug" inside the pipe. Thyis plug can easily expand enough to burst a copper pipe. It is usually when this plug starts to thaw that the water begins to flow freely from the burst pipe.

IF YOU SHOULD NOTICE EVIDENCE OF A FROZEN PIPE OR IF YOU DISCOVER A LEAK , TURN THE WATER OFF AT THE METER AND STOP THE FLOW OF WATER TO THE HOUSE. LEAVE THE FAUCETS OPEN IN ALL THE SINKS AND TUBS TO ALLOW EXCESS WATER TO DRAIN OUT.

NEVER TRY TO THAW FROZEN PIPES WITH A TORCH OR OPEN FLAME. OFTEN TIMES, A HAIR DRYER CAN BE USED TO THAW A FROZEN PIPE. ALWAYS CONTACT A LICENCED PLUMBER TO MAKE REPAIRS TO DAMAGED WATER PIPES IN YOUR HOME.

9 GOOD REASONS TO LIST YOUR HOUSE DURING THE HOLIDAYS...

9 GOOD REASONS TO LIST YOUR HOUSE DURING THE HOLIDAYS...

It's the season for holiday cheer and excitment...and it's also the time to consider putting houses on the market or not taking them off, which is contrary to some seller's thinking.

Here are some thoughtful reasons for consideration.

1. People who are looking for a home during the holidays are usually serious buyers.

2. Serious buyers have fewer houses to choose from during the holidays, so sellers will have LESS competion.

3. Houses show better when decorated for the holidays. Sellers traditionally take special pains to make their houses attractive during the holidays and the exterior really "sparkels" from roof lines to shrubs.

4. Holiday decorations add warmth and aromas to the interior of a home during the holidays...baking, candles, the smell of trees and the site of gifts add that something special.

5. Buyers have more time to look for a home during the holidays due vacations, and shorter work weeks.

6.Many people want to buy before the end of the year for tax reasons.

7. January is traditionally the month for TRANSFERS. Transferees can wait until spring to buy.Houses need to be on market to capture thoses potential buyers.

8. Bonuses...bonuses...bonuses.

9. While a contract in hand, you'll have greater opportunity in the spring when more homes are on the market.

RENT TO BE ALLOWED OVER FORECLOSURE

Fanny Mae has announced a new policy allowing borrowers approaching forclosure the option of renting their homes from Fannie.

The program...DEED FOR LEASE... will let borrowers transfer ownership to Fannie Mae and sign a 1 year lease with month to month extensions after that. The plan will keep families in the homes and stabilize neighborhoods. In the 1st half of the year, Fannie took back almost 12,000 properties thru this process, while repossesing 57,000

Freddie Mac has a similar rent back program in place since March

WHAT IT COSTS TO RUN YOUR...

WHAT IT COSTS TO RUN YOUR APPLIANCES....

An article ran today which I thought you might find "enLIGHTENING"...

Here's a breakdown of some costs for the used of your home appliances...Extrapolate for size and State

REFIGERATORS...
Models that are larger or include auto-defrostcost sigificantly more to run
Freezer:( 16cu ft-manual defrost):30 cents/day
Freezer:( 16cu ft-auto defrost) :37 cents/day
Refrig/Freezer:(18 cu ft /auto defrost) 56 cents /day
Refrig/Freezer:(24 cu ft /auto defrost) 77 cents/day

Cooking...These appliances run the gamut in terms of energy cosumption.
Oven: 25 cents/hour
Range-top burner: 9 cents/hour
Toaster: 9 cents/hour
Toaster oven: 4 cent/hour

Cooling...Look at the costs to run a ceiling fan

Central Air: $2.80-$3.76 per day (1200-1600 sq ft)
Room Unit: $1.46/day (1 ton, 12000 BTUs)
Ceiling Fan $00.05 cent/hour

Cleaning...when it comes to doing laundry, cold is best! Hot water can double the cost of a load. Suggest you damp dry to get wrinkles out, and hang when practical.

Washer...HOT: 53 cents/load
Warm wash/cold rinse: 12cents/load
Cold: 4 cents/load
Dryer: 25 cents/load
Dishwasher: 29 cents/load
Iron and Vacuum: 7 cents/hour

Home entertainment...
Computer: 00.005/hour
Radio: 00.005/ hour
CD player: 00.01/ hour
TV : 00.02/hour

MEN ARE FROM MARS...

MEN ARE FROM MARS...

The following post has been copied in full from CRS Magazine(Nov 2009)...

Gender and Home Buying Decisions
When it comes to making home buying decisions, men and women often have different priorities. A Coldwell Banker survey finds that most women are able to select a home much more quickly than men. almost 70% of women need only 1 visit to a new home to decide that it's right for them, compared with 62 percent of men. About one third of men (32%) need two or more visits.

More than half (55%) believe it's more important to live closer to their extended family than to their job, compared with only 37% of men. Women are also more likely than men (65% compared with 51%) to loose intrest in the home of their dreams if there are concerns about the home's security.

IF YOU'RE THINKING OF LISTING A SHORT SALE PROPERTY...

If you are a Real Estate agent thinking or beginning to consider the listings of short sales...do sign up for a few classes. You'll never have taken to many because each lecturer brings something new to the table, and each will prepare you for the frustrations associated ...That said

1st... Find out whether you are a Judicial State or not, and become familiar with it's impact on Foreclosure,which may follow your attempted short sale...also find out if your client has property in another state and how ownership of that property may impact their asset position in your state...and where they are financially with that property.

2nd , Become familiar with "Deficiency Judgements"...and how they may effect your selling client. Just learn about them...then always reffer your client to his /her attorney. Don't practice LAW.

3rd. Learn everything you can about Short Sale Packages...again, always deffer to an attorney but... become familiar with the elements of the package...ie, hardship letters, need for financials, et. you are expected to know about them!!!

4th. Then as a selling agent or a Buyer's agent , be prepared to WAIT...

WANT TO HAVE A TAJ MAHAL OF YOUR OWN??

Want to have a Taj Mahal of your own? Then be ready to shell out at least USD 6.265 million for the modern version of the monument of love. BY: Times of India

The "Villa Taj" in Burr Ridge in the US state of Illinois, which has been dubbed by its owner as his Taj Mahal, is about to be auctioned off with a starting bid of $6.265 million on November 4, The Chicago Sun-Times reported.

The 30,000 square-foot property featuring distinctive Indian, Spanish, Egyptian and Moroccan styles is also being marketed to potential buyers in India, Europe and Middle East.



It took five years and an estimated $18 million to build the structure, which is located at the busy intersection of County Line and Plainfield roads in Burr Ridge.

According to the real estate broker and auctioneer Mike Berland, the home briefly was listed on the market for $25 million but got no takers.

Berland said the home owners -- dentist Husam Aldairi and his wife Rawaa Atta-Aldairi -- decided to sell the property as the woman thought she could not stand the Chicago winters anymore and the couple moved to Florida.

As far as special features of the property are concerned, it includes 15,000 sq ft of exterior terraces, 160 tonnes of Jerusalem limestone, a 20-car garage and nine fireplaces. It has six master bedroom suites, one clocking in at 2,400 square feet, and marble stairs leading to a mammoth Jacuzzi tub.

"It's not going to appeal to everybody, but for a person who likes this kind of thing, they're just going to be wowed by it," Berland said.

If your interested in this property, or any property in IL, or if you have ever thought about upgrading / buying a new home or selling your current home Call or Email me and let's talk about what options you have in today's market. Direct:(312) 882-4561 Email: alan@AlanLurie.com

HOW BIG AND HOW EXPENSIVE ARE CEOs HOUSES

HOW BIG AND HOW EXPENSIVE ARE CEOs HOUSES....

I found this Factoid published in the Chicago Tribune interesting...

Business researchers at Ohio State University and Claremont -McKenna College in California peeked into public records of 1351 CEOs,circa2005.

They found the average CEO had bought his home for 1.65M (prices adjusted to 2005 levels). That "average" house had 5180 sq ft ...

...and that 67% carried mortgages...borrowing 67% LTV.

TRIVIA...

FORECLOSURE vrs. SHORT SALES...3rd POSTING

In my 1st 2 posts on this subject I outlined the consequences of short sales vrs. foreclosures on credit scores and credit histories...

TODAY'S POST LOOKS AT THE IMPACT OF BOTH ON FUTURE LOANS...

1st, regarding FORECLOSURE...the question on any future 1003 loan application , the prospective borrower will have answer "yes" to question C in Section VIII...that asks if the applicant had property foreclosed upon or if title had been given in lieu thereof in the last 7 years. This answer will affect both future rates and the ability to secure new lending.

...as regard a SUCCESSFUL SHORT SALE...no such declaration or question need be answered .

2ndly, a homeowner who loses a home to FORECLOSURE is ineligible for a Fannie Mae backed mortgage for a Primary Residence for a period of 5 years.

...but if a homeowner successfully negotiates and closes a Short Sale...that homeowner will be eligible for a Fannie Mae backed Mortgage for that same Primary Residence after only 2 years.

Regarding non -primary residences.... the period of ineligibility is 7 years regarding a foreclosure history vrs. 2 if a Successful Short Sale was negotiated and closed.

MY SUGGESTION IS TO CALL A LENDER FOR MORE INFORMATION REGARDING THESE INTERPRETATIONS OF THE LENDING PRACTICE.

8 BIG MISTAKES TO AVOID... READ ME PLEASE

These are 8 of the biggest mistakes that you can ever make while shopping for a new home. First thing to go will be your cool... soon followed by your budget! so beware.

Mistake #1. Falling in love with a house you can't afford.

If your reading this, then you know what I'm talking about ;) Buying a home needs to be a sound decision because let's face it, your home is probably one of the biggest investments your ever going to make. Let's make it a good one!

Mistake #2. Thinking that a particular house is the only one that will suit you.

Listen to your Real Estate Agent, this is what we do for a living. We know the area, the comps, the neighborhood, the laws etc.. Trust us with helping you find the perfect fit for you. There is no harm in looking and sometimes there is harm in NOT looking ;)

Mistake #3. Being so desperate to become a homeowner that you buy a place that doesn't suit you.

Buying a house is very much like buying a pair of shoes, if you don't get one that " fits you".. it's gonna be a very uncomfortable walk ;)

Mistake #4. Overlooking important flaws in the structure, appearance or location of the house.

It's very important to take the advice and expertise of your Real Estate Agent, We are trained and experienced to point out all of the flaws and benefits of the home. We will not overlook things that will cost you money or peace of mind later.

Mistake #5. Thinking you're a handyman when you're not.

Sometimes it's OK to hire a handyman for a job that you might have been able to do. It's all about working smart vs. working hard. There is never harm in getting a free estimate from a professional handyman, then make a decision at that time as to if you can fix it or if you want to just hire him and be done with it.

Mistake #6. Putting in an offer before carefully considering all the pros and cons of the property.

This is a very important one, you hired a Professional Real Estate Agent, now listen to my advice. It could prove very beneficial to your purchase.

Mistake #7. Being too slow to pull the trigger.

In a market like today it is important to be prepared to buy a house when you start looking, I will provide you with a step by step guided game plan so that when the time comes to make a decision, you will already have all your ducks in a row and therefore be prepared to make your decision in a timely manor. There are alot of good deals out there right now, let's make sure that when we find something that you like, let's proceed before someone else takes advantage of it.

Mistake #8. Offering more than a house is worth.

As a Real Estate Professional I am a wealth of knowledge...USE ME !! lol Don't let emotion play a part in buying your home, just remember, when you purchase a house, you want to always look at resale value, the old saying goes something like this... " Buy low... sell high" ;)

Conclusion

Even knowing all of these things, it's still hard to act on them. You may still find yourself making decisions based on emotion during the home-buying process. Slow down, overcome your emotions and, ultimately, make a home-purchase decision that's good for both your feelings and your finances.

If you have ever thought about upgrading / buying a new home or selling your current home Call or Email me and let's talk about what options you have in today's market. Direct:(312) 882-4561 Email: alan@AlanLurie.com

House Committee Weighs Scrapping HVCC

THE FOLLOWING POST, SHOULD IT BE ADOPTED, MAY HAVE SOME SIGNIFICANT EFFECT ON APPRAISAL VALUES AND THE RETHINKING OF MORTGAGORS USING APPRAISERS UNFAMILIAR WITH AREAS IN WHICH THEY'VE RECEIVED ASSIGNMENTS.

House Committee Weighs Scrapping HVCC... (HOME VALUE CODE of CONDUCT)


The appraisal system imposed by Fannie Mae and Freddie Mac last May is under attack by the House Financial Services Committee and could be on its way out.

The “Home Valuation Code of Conduct” could be terminated by the proposed Consumer Financial Protection Agency under a bipartisan amendment approved by the House committee.

The amendment would require the new agency’s director to replace the code with a set of rules developed through regular administrative procedures and public comment periods used by all federal agencies. The valuation code was the product of a settlement among New York Attorney General Andrew Cuomo, Fannie Mae and Freddie Mac, and the Federal Housing Finance Agency.

Critics say the code created more problems than it solved and has encouraged lenders to use inexperienced appraisers who don’t know the areas where they are doing the work, which is resulting in lowball valuations as well as higher fees.

The legislation under which this code would be scrapped is likely to pass the full House, but may have a tough road in the Senate.

Source: The Washington Post Writers Group, Kenneth Harney (10/30/2009)

SENATE NEGOTIATORS REACHED A TENTATIVE DEAL TO EXTEND A TAX CREDIT FOR FIRST TIME HOME BUYERS !

WASHINGTON -- Senate negotiators reached a tentative deal to extend a tax credit for first-time home buyers, but its passage remains uncertain.

The agreement would extend the existing credit for first-time home buyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit would be available to all home buyers who have been in their current residence for a consecutive five-year period in the past eight years.

The new provisions are aimed at broadening availability of the credit beyond first-time buyers and giving the weakened real-estate market a bigger boost while preventing real-estate investors from benefiting.

Many property experts have cited the credit as a reason for signs of recovery in the housing market in recent months. But that recovery was somewhat undercut by the September drop in new-home sales reported Wednesday.

The credit would be extended from its current expiration date of Dec. 1 to all contracts entered into by April 30, and closed before July 1. It is expected that income limits on people claiming the credit would be increased to $125,000 for singles and $250,000 for couples, from the current $75,000 and $150,000, aides said. The credit phases out for people making more than those amounts.

While Senate lawmakers appear to have reached a deal on the substance of the tax credit, they are still at odds over how it would be brought to the Senate floor. Senate Majority Leader Harry Reid (D., Nev.) hopes to add it to a bill currently on the Senate floor to extend federal unemployment insurance benefits. But agreement on that hasn't been finalized.

While Senate Republicans are likely to support the measure, House Democrats have raised concerns that it carries a high cost to the government. The Internal Revenue Service is examining the program for alleged abuse.

LIMITED TIME ONLY $25 AIRLINE TICKETS !!

SOUTHWEST AIRLINES INTRODUCES $25 AIRLINE TICKETS

check it out at www.SouthWest.com


For 72 hours you can score some of our most incredible deals of the year for travel Dec. 2 - Dec. 16, 2009 and Jan. 5 - Feb. 10, 2010.

THE IMPACT OF FORECLOSURE vrs. SHORT SALE...2nd entry!!!

THE IMPACT OF FORECLOSURE vrs. SHORT SALE...the 2nd Installment deals with CREDIT HISTORY

A FORECLOSURE WILL REMAIN PUBLIC RECORD ON A PERSON'S CREDIT HISTORY FOR 10 YEARS OR MORE.

IN A SUCCESSFUL SHORT SALE , THE SHORT SALE IS NOT REPORTED ON A CREDIT HISTORY. THERE IS NO SPECIFIC REPORTING ITEM FOR "SHORT SALE'. THE LOAN IS TYPICALLY REPORTED 'PAID IN FULL, SETTLED'.

Real Estate Trivia of The Day !

Question. Who is the world's largest landowner?

Answer. The United States goverment, with holdings of 728.8 million acres of land.

Fewer McMansions on the Horizon

Builders Have Little Incentive to Create More McMansions and Hardly Anyone is Buying. There are Deals Out There, But You Better Act Fast.
By JUNE FLETCHER

If you're looking to buy a brand-new McMansion in the 'burbs, you'd better act fast. With home prices this low there's not much incentive for builders to start new houses. And inventories are getting razor-thin: Economists and analysts at the National Association of Home Builders fall construction conference in Washington, D.C. on Wednesday pointed out that the current 7.3-month supply of new homes is the lowest it's been since 1992.

Moreover, most of the summer's pickup in home sales and starts, which has since abated, could be attributed to the $8,000 first-time home buyer's tax credit. With that credit slated to end on Nov. 30—and with continuing problems securing money to build—builders have little incentive to ramp up their production of new homes.



Many places will take years to rebound. Rockville, Md. builder Robert Mitchell says these days he'll only build a home when he has contract in hand, because his lenders won't advance money for speculative building. "We sold off our standing inventory," he says.

Before the drought: Construction workers build a new home in August 2006 at a new sub-division in Sugar Grove, Ill., a suburb outside of Chicago.
Normally, short supply means higher prices. But consumers have been so battered by job losses and falling home equity, many are unwilling to commit to buying. Mark Zandi, chief economist of Moody's Economy.com, notes that "homes are as affordable as they've ever been," based on household income. However, he says that continuing layoffs and foreclosures will continue to depress prices, which have fallen 32% since their 2006 peak, according to S&P/Case-Shiller's composite 10-city index. He predicts that prices will fall another 5% to 10% before stabilizing in the middle of next year.

When the market does start to pick up, the NAHB sees that happening two years from now, the landscape will be changed, literally. After a long run-up in median new home size, peaking at 2,309 square feet in 2007,home sizes shrank to 2,091 square feet in 2009. "It's the largest decline ever seen," said NAHB's chief economist David Crowe. Since first-time buyers and their parents, the empty-nesters, will be the dominant demographic groups over the next decade, builders will cater to those groups more modest needs. Already, big builders like Toll Brothers have introduced models that look more like cozy carriage homes and four-squares than their usual English manor-style homes.

THE IMPACT OF FORECLOSURE vrs. SHORT SALE

Every day, for the next week, I plan to post the consequences that will impact a homeowner should they, by circumstance, have to choose one of the the two alternatives (either a loss by short sale vrs. a loss by foreclosure).

Today's subject is the impact of both on a CREDIT SCORE

FORECLOSURE MAY LOWER A CREDIT SCORE ANYWHERE FROM 250 TO OVER 300 POINTS. TYPICALLY THIS REDUCTION WILL AFFECT A SCORE FOR OVER 3 YEARS.

A SUCCESSFUL SHORT SALE WILL LOWER THE SCORE BY AS LITTLE AS 50 POINTS IF ALL OTHER INSTALLMENT PAYMENTS ARE BEING MADE. A SHORT SALE'S EFFECT CAN BE AS BRIEF AS 12 TO 18 MONTHS...AND THE LATE PAYMENTS THAT GOT A SELLER TO THAT PLACE WILL BE REPORTED AS PAID OR NEGOTIATED.

Home Crisis Investigation 2009

The Daily Show With Jon Stewart	Mon - Thurs 11p / 10c
Home Crisis Investigation
www.thedailyshow.com
Daily Show Full Episodes Political Humor Health Care Crisis

BUYER BEWARE OF SOME DEADLY SINS...

Earlier this month, I read an article in THE REAL ESTATE PROFESSIONAL written by Julie Garton-Good, in which she suggests that there are 7 Deadly Sins facing buyers which can stifle or derail the home buying experience...
I think there to be 4 which I think are most important...

1...Failing to check your credit in advance of house hunting...
I really think that knowing how strong your scores are will help keep your feet on the ground...anything less than a 700+ score can either cost you money or kill your chances to get good financing rates.

2...Not working with a buyer's agent...
I believe that trying to navigate a buy without YOUR OWN agent is a precursor to trouble. I urge all buyer's to stay away from dual agency. Simply stated...dual agency removes and prohibits advocacy for either party to a transaction.

3...Failure to get pre-approved as early in the search as possible.
I preach learning how much you can be approved for...and discussing how much of a buy fits you....be pragmatic. Don't get in over your head!

4...check out your lender...really check them out.
Select a lender who is not only here today, but will be here tomorrow. The mortgage meltdown has caused casualties among mortgagors. Learning that you can't get your loan funded late in the process is a stress builder and potentially can throw a time for excitement into chaos.

These are the sins which both Julie and I would like to have YOU avoid...call me and I can help you navigate a joyful time...312.882.4561

WHO'S REALLY THE ENEMY?

THE ENEMY OF A REALTOR IS NOT COMPETITION...IT'S OBSCURITY!!!

FINDING HUMOR IN THE SUBPRIME CRISIS

THE DIFFERENCE BETWEEN DOGS AND CATS...

WHAT A DOG THINKS...Feed Me, Pet Me, Love Me...YOU MUST BE GOD!

WHAT A CAT THINKS...Feed Me, Pet me, Love Me...I MUST BE GOD!

5 GREAT REASONS TO BUY NOW

5 REASONS TO BUY NOW

1. There is an abundance of inventory
2. Homes are on sale...Today's prices are same as they were in July of '03
3. We may be at or near the bottom of the market decline
4. Uncle Sam is feeling generous...at least he is if you're a 1st time home buyer
5. Mortgage interest is on sale too

Oh, there is a 6th...The Affordability Index is heavily weighted in your favor...

IF YOU'RE READY TO EXPLORE ANY ONE OR ALL OF THESE GREAT REASONS TO BUY...PLEASE CALL ME AND WE CAN TALK ABOUT THEM. MY PHONE IS...312.882.4561.

ACTING NOW MAY WELL BE THE BEST HOME BUYING DECISION YOU'LL EVER MAKE!!!

New LFC athletic facilities on track to be ready by spring

For the first time in more than 40 years, Lake Forest College is undergoing a major expansion of its athletic facilities.

The existing Sports Center complex was constructed in 1968 and has had little more than "creative retrofitting" until now, college officials said. The construction process began in May and is on track to be completed by April 1, 2010. Currently, steel roof trusses are being installed, and then the pre-cast exterior walls will go up.

On Oct. 9, the college hosted a topping-off ceremony, which marks a milestone in the construction phase of a project - the point at which a structure has been completed up to its highest point. Prior to this last steel beam being lifted into place, it is signed by individuals involved with the project. It is later lifted to the highest point in the structure. Students and community members signed the beam as they walked through campus Oct. 9.

Mario Baldassari, student body president at the college, said he's thrilled with what the new facilities will provide for students.

Ties that bind
"I hope it will be a whole new gathering place for students," said Baldassari, a junior. "It will help us make ties between athletes and non-athletes. It's just one more thing that will enrich the experience of being at Lake Forest College."

The 63,440-square-foot facility is anticipated to cost about $17 million, college officials said, and is being funded through contributions and gifts from alumni, parents and friends of Lake Forest College.

A 3 COMMUNITY REAL ESTATE OVERVIEW

SOME QUICK STATS FOR YOU TO CONSIDER...PLEASE CALL ME IF I CAN HELP EXPLAIN HOW THESE NUMBERS AFFECT YOUR CONSIDERATIONS TO EITHER BUY OR SELL IN TODAYS MARKET...

LAKE FOREST REAL ESTATE OVERVIEW

Average price per square foot for Lake Forest IL was $262, a decrease of 18.9% compared to the same period last year. The median sales price for homes in Lake Forest IL for Jul 09 to Sep 09 was $750,000 based on 55 home sales. Compared to the same period one year ago, the median home sales price decreased 28.6%, or $300,000, and the number of home sales decreased 19.1%.

There are currently 480 resale and new homes in Lake Forest on Trulia, including 30 open houses, as well as 49 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Lake Forest IL was $1,656,495 for the week ending Sep 30, which represents a decrease of 2.9%, or $49,823, compared to the prior week.

LAKE BLUFF REAL ESTATE OVERVIEW

Average price per square foot for Lake Bluff IL was $205, a decrease of 18% compared to the same period last year. The median sales price for homes in Lake Bluff IL for Jul 09 to Sep 09 was $342,500 based on 21 home sales. Compared to the same period one year ago, the median home sales price decreased 29.7%, or $145,000, and the number of home sales decreased 38.2%.

There are currently 164 resale and new homes in Lake Bluff on Trulia, including 13 open houses, as well as 18 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Lake Bluff IL was $1,033,204 for the week ending Sep 30, which represents an increase of 2.9%, or $29,424, compared to the prior week.


LINCOLNSHIRE REAL ESTATE OVERVIEW

Average price per square foot for Lincolnshire IL was $181, a decrease of 44.3% compared to the same period last year. The median sales price for homes in Lincolnshire IL for Jul 09 to Sep 09 was $421,500 based on 12 home sales. Compared to the same period one year ago, the median home sales price decreased 26.4%, or $151,500, and the number of home sales decreased 47.8%.

There are currently 120 resale and new homes in Lincolnshire on Trulia, including 9 open houses, as well as 23 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Lincolnshire IL was $670,677 for the week ending Sep 30, which represents a decrease of 0.5%, or $3,543, compared to the prior week.


THE MESSAGE IS SIMPLE...IF YOU WANT TO SELL, PRICE IT RIGHT..IF YOU WANT TO BUY...BUY NOW!!!

15 minutes will mean MONEY...

I'm really going outside the comfort zone of most of my colleagues by developing a pre-listing DVD/CD for potential home sellers. It's intended to provide potential listers answers to questions and an examination of my style, PRIOR to an actual listing appointment. The client gets the DVD to view on their terms and time before any face to face is had.


It'll run about 15 minutes but it will be chuck full of all that I tell prospective client's in my presentation. In it will be a marketing plan, the rationale for listing with me...slides of forms to be signed, website info ...and answers to all of the questions that a seller-client has but has never asked.

If your even thinking of selling/listing viewing this DVD may well be the most rewarding 15 minutes you could spend both educationally and financially...

CALL ME FOR YOUR COPY...312.882.4561

DO YOU WANT PEACE OF MIND...

RECENTLY PURCHASE A HOME? THEN GET SOME PEACE OF MIND…


As a concerned Real Estate agent who has helped both buyer and seller, I always recommend that “someone” purchase a home warranty. That "someone" can be either the seller or the buyer.

What’s a home warranty?

Most simply defined…it’s an insurance policy, issued by an insurer, the covers the repair or replacement of the major appliances and systems in that new home you just bought. It’s also a “peace of mind” item that can also be bought by a homeowner for those same items in his home, even if he/she has no intention of selling (I own one on my house)…


Generally, the items covered are …the furnace, air conditioner, hot water heater, stove, microwave, disposal, and the sump pump. Additionally, some plumbing systems as well as some electrical wiring are cover for the repair or replacement for a specific amount of time…usually a year from purchase of the policy. There are riders that’ll also provide protection for the refrig and icemaker, and both the washer and dryer. Additionally, doorbells, garage door openers, swimming pool motors can also be insured (I don’t personnally know of anyone who has purchased this last 4 items).


This type of insurance policy has existed for several years, but only recently have they been modified to insure over pre-existing conditions and improperly maintained items. Additionally, the newer policies cover some removal and permits but for a full disclosure of limitations and policy provisions, I would urge a purchaser to review the contract.


My brokerage, Coldwell Banker, and I endorse only 1 carrier…American Home Shield, which is owned by ServiceMaster, although there are several other similar policies in the market place but I know little of their terms and conditions. Candidly, I’ve used AHS's policy…so I’m a believer.



Benefits Of A Home Warranty

Benefits to Home Sellers:

1. Having a home owners warranty enables you to attract more buyers for your home. Your home becomes more appealing to prospective buyers as they do not have to worry about repair costs for the major appliances.

2. Without a home warranty, you may have to deal with angry home buyers who knock on your door because you sold them a house which you knew had defective appliances. Consider the legal issues here. The low cost of buying a home warranty is much preferable than having to settle issues with your home buyer.

3. If a home buyer is deliberating over buying your home because the appliances and systems are old, having a home warranty will give confidence to the buyer to buy your property.

4. If you purchase the home warranty while selling your home, you will have to pay for it only at closing and thus need not shell out your own money.

Benefits to Home Buyers:

1. After closing the deal for a new home, buyers are typically low on cash. In such a situation, you definitely don’t want to have to spend large sums of money in repairing major appliances. This is where a home buyer warranty can be very useful.
2. In most cases the home seller will buy the home warranty, but if they don’t, you can ask them to purchase a home warranty. Most sellers will oblige in a bid to sell their homes. You will therefore not have to pay for the home warranty.
3. As a buyer you can have the satisfaction of knowing that the home seller is not trying to sell you a home with bad appliances which may break down and need repairs as soon as you move into your new home.

You have two choices when it comes to buying a home warranty:

1. You can buy the home warranty from a home warranty provider
2. Your gas or electric company may offer appliance service plans to customers for a modest monthly premium. These plans protect you against repair and replacement costs up to the period of the plan.

The basic American Home Shield home warranty can be bought for $420.00 per year but a policy with the additional optional coverages can be bought for $600-$700 depending on how many extra you wish to insure. ... Considering the rising costs of appliance repair and replacement, a home warranty is an absolute must for home sellers and buyers!.

I PROMISE TO TELL THE TRUTH...

No matter if I'm perceived as a DEBBIE DOWNER or not, I think that as a Real Estate professional, my obligation is too call it as I see it...

Everyday, the news that we're privy to seems conflicted. I really think it's about who's ox is being gored!

Our Association (NAR) and our Brokers want good news to told...but a group of economists seem to be singing a different tune...again, there are some indicators that project a stabilizing...while the flip side prognosticators predict another wave of foreclosures and a downward pressure on prices, as well as increase in higher priced inventory.

I'm here to sell houses, and I think I'm very good at it...but I'm not yet a believer that we are close to coming out of our malaise.

I submit two interviews...both as links...for you to consider...they are and

I really want to be positive...but the advise I'm giving my sellers is to understand what their needs are and then proceed with no delusions . If they listen, I WILL HAVE DONE MY JOB.. and think I can get their homes sold, even against the tide of rising foreclosures.

WHAT'S a "WOW" house?

a "Wow" house vs. a "But" house

In my blogging of the last month it might seem that I’m on a mission to get sellers to ‘energy’ price their homes…meaning simply, to price their homes “to the market”.

The fact is I AM! I’m committed to help my Seller’s SELL their homes…a house that languishes on the market for any reason has a negative effect on the psyche of both the seller and the agent…and as days/months on-market increase, the once positive relationship that existed between the two soon becomes tested and eventually strained. I know…because I’ve seen it happen all too often!

High Supply (which we all acknowledge we have ) combined with Less Demand (again, an acknowledge fact) = LOWER PRICES/LESS VALUE.

The only answer I know to the current doldrums is to be positiond correctly IN the market! In the words a of a successful colleague( #1 NANCY )…"IF THE MARKET IS GOING SOUTH, YOU DON’T WANT TO BE NORTH!!!"

In earlier postings, I suggested having a pre-listing appraisal…which I am again advocating…Call me @ 312.882.4561 and I’ll explain my reasoning.

When pricing…we want buyers to say…” WOW, This is a really good deal" vs…"It's a nice house BUT it needs work" or "it's over-priced".

Pricing correctly will help go along way to eliminate the "BUT" response…

WHAT'S A HELOC...and what does "freezing it" mean?

The following article,reproduced in totality, was published in REALTY TIMES(Sept 10,2009)...

What Should You Do When Your HELOC Freezes Over?
by Broderick Perkins

Lenders are freezing, slashing, and cutting off home equity lines of credit (HELOC), but there's a growing manual of strategies you can use to avoid or mitigate what could be financially debilitating.

Some say it's better to take the equity money and run before lenders make a move. And why shouldn't you prudently cover your assets?

After all, lenders cover their assets when they reduce your home equity line of credit (HELOC).

When your lender issued you the credit card-like line of credit backed by your home, chances are, your home value was much higher.

Now with shrinking values, lenders want to shake you down to reduce the chance they won't get paid should you default on your home -- which now may be worth less than the total of your outstanding mortgages.

Consider it a home equity loan meltdown as home equity stakes have been stumped.

Maybe you didn't use proper home equity protection practices.

In any event, the Federal Reserve offers the latest come-to-your-rescue tips for dealing with home equity that's been hammered.

• Read the notice your lender sends you. Your HELOC lender must provide you a written notice if they have frozen or reduced your HELOC. Your lender must send the notice to you no later than three business days after the freeze or reduction. The notice also must include information about any other changes to your HELOC.

• Call your lender. Even if you have a good payment record, if your home's value has fallen, your lender may freeze or reduce your HELOC. Contact your lender if you have questions or concerns about a freeze or reduction.

• Learn why your lender froze or reduced your HELOC. A freeze or reduction notice should include specific reasons for the action. The most common reasons for a HELOC freeze or reduction are, again, a decline in the value of your home, or a change in your financial circumstances.

Understanding your lender's reasoning may help if you want to take steps to have your credit line reinstated to its original amount. For example, a lender may not be aware that you made significant equity saving home improvements to help shore up the value of your home and its equity.

Or, if your financial circumstances changed for the worse and that change resulted in a lower credit score, investigate ways to rebuild your credit.

• Ask your lender how to have your HELOC reinstated. Your lender must reinstate your credit privileges when the conditions permitting the freeze or reduction no longer exist. You may need to put in writing your request to have your line of credit reinstated. Once your lender receives your written request, they must promptly investigate and determine whether your HELOC can be reinstated.

• Remember that your lender can impose fees for reinstating your HELOC. Fees include costs for an appraisal or credit report. Your lender cannot, however, charge you a fee to reinstate your credit line once the condition that caused them to freeze or reduce your HELOC no longer exists.

For more information: New federal consumer protections for HELOCs are in the pipeline.



--------------------------------------------------------------------------------

Copyright © 2009 Realty Times. All Rights Reserved.

What is Money Magazine saying about Lake Forest??

Here is a little 411 on Lake Forest that you probably didn't know. Over the past 150years, The City of Lake Forest has planned the community and business district to create a unique retail environment. In fact, Lake Forest's 1919 Historic Market Square was one of the first automobile squares in America.

Over the years, the Lake Forest City Council has engaged and updated the Comprehensive Plan for the City, with the Central Business District and the West Side of Lake Forest designed for commercial business.

CNN's Money magazine recognized Lake Forest as the #3 in the 25 top most desirable places to live. With a town plan heavily influenced by English gardens, Lake Forest is home to mansions and vast estates seated on the bluffs overlooking Lake Michigan.

If you would like more information on Lake Forest or the North Shore area, give me a call and let's talk about what your options are in Today's Real Estate Market! Direct:(312)882-4561 or Email: alan@AlanLurie.com

CREDIT REPORTS UNDER EXTRA SCRUTINY

I'VE JUST READ THIS ARTICLE AND THOUGHT IT ESPECIALLY INTERESTING FOR 1stTIME HOME BUYERS...

Credit Reports Under Extra Scrutiny

Buyers who are under contract and hoping to close before Nov. 30 when the first-time home buyer credit expires should refrain from buying furniture and other things on credit.

Lenders are running credit checks prior to closing day and any increase in credit card or other debt can jeopardize the loan, says Lew Reich, an associate with Keller Williams Realty in Plano, Texas.

Reich warns buyers to even refrain from checking out a new large purchase because even an inquiry on a credit report could scare a lender.

Reich tells borrowers: “If someone’s squeaking by and, all of a sudden, they may be looking at increasing debt, the lenders will have a keener eye in looking at your loan,” he says.

“Don’t look until you’ve closed is basically what it comes down to. That’s the safest way. Stay out of the stores,” he adds.

Source: The Associated Press, Dawn Wotapka (09/18/2009)

THE WOES of the DEVELOPER

Several days ago , a builder-client asked me about the number of new constructions currently on market in Lake Forest and more particularly, the number that have sold in the last 12 months.

Curiosity caused me to expand my inquiry to include both Lake Bluff, and Lincolnshire to that search...the numbers are eye openning.

Currently, there are 25 new constructions either finished or in some state of being built...with an average market time of 223 days. compared to 4 homes that have closed during that same period.

These numbers re-inforce the National Association of Realtors and the FEDS' analysis of this classification...but my study is narrowly focused to our communities, and gives rise to the recognition of the problems of our neighbors and friends in the building trades and their employees.

Now I understanding why there are few if any "specs"...

CONDOS FORCED INTO CREATIVE ACTION...

Condo associations and their financing partners are trying innovative tactics to save the value of their properties as the foreclosure crisis widens...

In essesence, some condominium associations plan to use their reserves to buy pre-foreclosed units within their development before the foreclosures negatively impact the value of other units within their project...they then plan to "rent" them and eventually resell those units when the market improves.

The move prevents foreclosed units from being sold far below market value and protects the "comp" values. The rental income can be used to help pay monthly association fees and help defer any special assessments that might follow due to the short fall which most probably will erode the reserves of the development.

This and other tatics ...invoking hardship rules to allow for waiving previously banned rental prohibitions are but a few of the practices being considered to prop up the condo market...

You as a buyer should invesigate the financial condition of ANY development in which you plan to buy...either as a primary residence or an investment. A good lawyer and real estate agent can be helpful...

SHORT AND SWEET...

The keys to selling your home more QUICKLY than the houses with which your competing are clear:

1...HIRE THE VERY BEST AND SAVVY AGENT YOU CAN( IF YOU'RE ON THE SHORE, I'M YOUR MAN, MY PHONE IS 312-882-4561 .

2...GET A PRE-PRICING APPRAISAL.
An appraisal will provide you insight as to what a mortgage company will lend your buyer.

3...TOUR YOUR COMPETITION
Intellectually become a buyer, and objectively compare your house to those with which you'll be competing( Your agent is the key to this point).

4...PRICE YOUR HOME CORRECTLY
A "WOW" price developed after considering what was learned in steps 2 & 3 in consort with your agent will guaranty the proper positioning of your house IN the market and then take prudent reductions if and when needed.

5...GET YOUR HOUSE SPRUCED UP.

6...GET BOXES AND CALL YOUR MOVERS

DON'T DISMISS MY URGING TO HIRE THE "RIGHT" AGENT...he/she can help reduce these 6 steps into a manageable few!

WHERE DO MY POSTS COME FROM...

When I'm not penning my own thoughts, my posts are the product of restating relevant articles which I thing important to present to readers of my bloggs.

That disclaimer said...

Recently I read an article by Phoebe Chongchua who writes for REALTY TIMES. The subject to which I gravitated was about some tips if your considering a lease-to-own rental. Her thoughts were influced by Wendy Patton, who wrote "RENT TO BUY", which is out this month.

She suggests that if "rent-to-own" is a consideration...

1. Find your rentals either in Craigslist or the newspaper.
I suggest calling your Realtor...or me @ 312-882-4561.
2. Finding homes that have been on the market more than 120 days are a good starting place.
3. Find out if the house is vacant. Knowing this can allow you to put pressure on the home-owner to consider a rent-to-own option).
4. Make sure that the owner is not upside down (under water)...or will be going into forclosure during the option period.
5. Discuss how repairs will be handled.
6. Have a home inspection
7. If your credit is the the reason you are not BUYING , but instead considering this option...USE THE RENTAL PERIOD TO BUILD OR CLEAN UP YOUR CREDIT.

If you need help trying to execute this game plan, call me. Maybe I can help.

KEEP YOUR FINGERS CROSSED...

REALOGY CORPORATION, the parent of COLDWELL BANKER RESIDENTIAL, announced its support of a bi-partisan Senate bill(S.1678) introduced last night that would create a six-month(6) extension of the $8000 federal tax credit for 1st-time home buyers, and move the current expiration date forward to June 1, 2010.

The current tax credit provision for 1st-time home buyers, passed as part of The American Recovery and Reinvestment Act, expires December 1,2009.
According to the most recent data nearly 530,000 Americans have applied for the tax credit to help them purchase their 1st home. It's estimated that as many as 40% of all home buyers will be eligible for the tax credit.

The REALOGY family of companies supports expanding the tax credit..."TO ALL HOME BUYERS OF A PRINCIPAL RESIDENCE,INCREASING THE SIZE OF THE TAX CREDIT, AND ELIMINATING THE EXISTING INCOME ELIGIBILITY CAPS all of which we believe are critical to the 'move-up' or repeat buyers who we expect will drive the essential second phase of a housing recovery".

PLEASE CALL ME IF YOU STILL WANT TO TAKE A RUN A GETTING IN UNDER THE WIRE, OR POSITION YOURSELF IF THE EXTENTION IS INDEED PASSED
MY CELL PHONE IS...312-882-4561

One of the Best Restaurant's in Chicago, IL....Mobile 5 Star

One of the Best Restaurant's in Chicago, IL.

Alinea is more than a restaurant, it is a multi-sensory experience. The post-modern decor reflects Chef Grant Achatz's (a Thomas Keller protege) bold, high-tech $145 tasting menu. The service throughout this long, progressive meal, is impeccable. The traditional rules of sweet and savory match-ups are broken and redesigned. Achatz flawlessly executes everything from seafood to meat to fruit to chocolate. The wine pairings are equally wowing for connoisseurs. Dining at Alinea is formal--jackets are recommended for gentlemen.

Alienea Restaurant

Enjoy !

A LAZY MAN'S NEW WAY TO POST...

I found this interview to be "dead-on"...if you'd like to get more relevant informatiom, please e-mail me at ...alan @alanlurie.com. Until then , please click on the link in the next paragraph...

Have you been waiting for the Real Estate Market to bottom out? This is a MUST SEE VIDEO. Make sure and turn your speakers on and watch this short video about Buying at the Bottom. WATCH VIDEO NOW CLICK HERE

IF SELL YOU MUST...

IF SELL YOU MUST...
If a life syle change or the effects of the current economy are/will necessitate the sale of your home, the following are some "tips" offered to help.
I really do believe that...

1st... HIRE THE BEST AGENT YOU CAN...even if that agent isn't a friend, relative, church member or the like. Being the #1 volume agent in an office isn't always the best agent...LOOK FOR TRANSACTIONS!
In today's turbulent market hiring an seasoned agent who's been in the business full time at least 8 years...an experienced agent has been thru market changes and should be able to get ahead of what the Market is telling US.
2. HIRE SOMEONE WHO REALLY KNOWS HOW TO MARKET...agents that use template marketing as their own shouldn't be the agent for you.
3...MAKE SURE YOUR AGENT IS A STRONG NEGOIATOR...he/she represents your money! Don’t fall prey to believing that every agent is as an experienced negotiator.
4...with very few exceptions, NEVER allow your agent to become a "Dual Agent"

Dual Agency is allowed in some states, but the net effect of this practice, changes your relationship with your agent at a time when you need representation the most.( ask you agent to explain the change in his or her roles...if you’re in Illinois, and not yet "hired " an agent , you can call me for an explanation of my concerns.

PLESE UNDERSTAND THAT THIS IS MY PERSONAL CONVICTION, NOT LAW IN ILLINOIS!

5...CONSIDER GETTING A PRE-MARKETING APPRAISAL...you may not like the numbers, but you'll be armed with a better understand of what a lender will do when a buyer gets their mortgage approval....it will also help you
6...PRICE YOUR HOME RIGHT. Enough said!
7... DEMAND FEED BACK. Hold your agent accountable.
8...HIRE SOMEONE WHO "LISTENS" AND MAKE GOOD EYE-CONTACT.
9...LISTEN TO YOUR AGENT’S REASONING before you make any decisions...
10...If you're in Illinois, call me and I’ll help clarify any of these tips.

I practice Real Estate ONLY IN ILLINOIS, but I can refer you to an excellent agent almost anywhere.

DO YOU WOOT ??

Woot.com is an online store and community that focuses on selling cool stuff cheap. It started as an employee-store slash market-testing type of place for an electronics distributor, but it's taken on a life of its own. We anticipate profitability by 2043 – by then we should be retired; someone smarter might take over and jack up the prices. Until then, we're still the lovable scamps we've always been. But don't take our word for it: see what the online community has to say at this Wikipedia article.

What is the schedule for new items?
The short answer: we offer a new item every single day. The details: a new product is released every morning at 12am central time, seven days a week. (If you're not a morning person, this can be described as every night at midnight. Better?) If a product sells out during its run, a new item will not appear until the next release time. You will know if a product is sold out, because the main page says "SOLD OUT" instead of "I want one". (Clever, eh?)

FRESH PRODUCE = AMAZING MEALS !!

Visit The famous Lake Bluff Illinois Farmers’ Market. Known for it's fresh produce and lively ambiance, people visit from all over. Come early and have a fresh cup of gourmet coffee while you walk around and plan tonights dinner. For more info visit our website Farmer's Market.

It is conveniently located on the west side of East Center Avenue and the south side of Scranton Avenue adjacent to the Village Green. The Market is scheduled to take place each Friday, from June through October (7:00 a.m. to 12:00 p.m.).

Located @ West Side of East Center Avenue and the South Side of Scranton Avenue Lake Bluff, IL 60044

Map to Farmers Market

WHAT DOES "UNDERSTANDING YOUR PERSPECTIVE" REALLY MEAN

Aside from the necessity to listen completely...my definition of "Understanding Your Perspective" has at its origin...
Understanding that...
... my clients are the most important people in my business
...clients are not an interruption of my work: they are the purpose of my work
...my clients are not dependant on me; I am dependant on them.
...I am not doing them a favor by serving them; they are doing me a favor by allowing me the opportunity to do so.

Please let me know what other "values " beside professionalism, market knowledge, and honesty that you expect from YOUR Realtor?

GOT SCHOOL??

Relocating is a strain on any family. That's why Alan has put together a helpful kit to make your next move as smooth as possible. Request your copy now!

Lake Forest, Illinois, is located in beautiful Lake County. 7 miles south of Waukegan and 29 miles North of Chicago and a booming part of the surrounding Chicago Metro area. Lake Forest is a well planned city and among one of the most desired affluent communities in the United States. Home to more than 20,000 people, Lake Forest schools are rated amongst the highest rated public schools in the country.

I understand how important picking the right school is for your families future, as a member of this community I can share with you the in's and out's of Lake Forest. Give me a call or email me today and let's talk about what your options are in today's changing market. http://www.alanlurie.com/

PLEASE READ ON ABOUT...BUYER HESITATION DISSOLVING...

Buyer Hesitation Is Dissolving
ECONOMIC
By Robert Freedman September 2009
After four years of declines, home sales on a national basis finally appear to be turning around. Closed sales, which have risen three straight months, and pending contracts, up for five straight months, are at levels above normal spring and summer increases.


First-time buyers in particular have stepped up to take advantage of deeply discounted prices, low mortgage rates, and the buyer tax credit. In a few markets, the rebound has been quite heated, with sales doubling from year-ago levels. In some cases there's even multiple bidding—though mostly over foreclosed and other distressed properties. Nonetheless, it's clear that buyers are returning.

What's more, home prices and mortgage payments in relation to income are comfortably below historical levels, at least in many markets. That suggests home prices have overcorrected downward.

Some markets, as a result, could experience a snap back in home prices, with price gains in the high single digits or low double digits, compared with historical average annual price appreciation of 4 percent. Houston, Denver, and San Diego are among the markets on track to have better-than-average price gains in the next two years.

Still, the housing market is far from being out of the doldrums.

The economic rebound will be one of the most tepid we've ever seen. Consumers are being extra cautious, saving more to pump up their depleted retirement accounts. The unemployment rate in 2010 is expected to be at around 10 percent. The federal budget deficit will force up mortgage rates next year, though not alarmingly.

But because consumers' view of home values is fundamentally changing, the momentum of rising home sales will likely continue in 2010. Buyers are no longer hesitant about home purchases on the fear of further price declines. And that sets the stage for a steady release of pent-up housing demand.
___________________________________________________________________
Robert Freedman is a senior editor of REALTOR® magazine. He can be contacted at rfreedman@realtors.org.

$8000 Homebuyer TAX CREDIT will be ending soon

NEW YORK (CNNMoney.com) -- Use any metaphor you want: the ticking clock, sands running through the hourglass or pages falling away from the calendar. The fact is, time is running out to claim the $8,000 first-time homebuyers tax credit.

Passed earlier this year as part of the economic stimulus package, the credit is good for up to $8,000, or 10% of the purchase price, and applies to people who have not owned a home in the previous three years. (There are some income restrictions.) The best part: Unlike a similar program from 2008, the credit does not have to be repaid.
The bad part: It ends on Dec. 1.

Because it usually takes around 90 days to close on a house after a contract is signed, buyers have very little time left to act. As of Thurs., Aug. 27, there were only 96 days left before the credit ends.

"Buyers have to get a home under contract very, very soon," said Tom Kunz, CEO of Century 21. "They probably should get out looking."

SALES ARE BEING MADE...

Sunday...
In the last few days there has not been a lot to write about...but thought I'd share the over-riding sense of the market as exchanged by a lot of agents...

Most of my colleagues up and down the Shore do think that there is more activity in the last few weeks than we have seen in many months...that's a good sign. BUT there doesn't seem to be any sustained strengthening on the price side of the equation.

Consistent with my earlier writings..foreclosures and short sales still dominate the market on a National basis... Locally, there has been a slight increase in units sold in Lake Forest over the last 3 month...June saw 14 single family homes sold, while July and Aug saw 19 each month.

Lake Bluff and Lincolnshire did not fair as well...Lake Bluff went from 6 up to 9 and back to 6 in Aug. Lincolnshire went from 12 down to 5 then up to 6 in Aug. Market time was a function of realistic pricing on the seller's side.

These figures reflect units sold in ALL price points...so no trend can yet be seen. Every once in awhile an upper bracket home was sold...but that was the exception to the rule.

Again, I implore sellers to be sensitive to what the market is telling them about their pricing. Homes that are energy priced are selling...if you are considering putting your house on the market, I'd like to help you...but, in the end, regardless of who you use...consider my advice. You'll get your home sold much more quickly. Market time is the cause of angst.

Tomorrow, I'll share a thought or 2 on how to determine an energy price!

I'M NO BROWN COW...

THINK METAPHORICALLY... (think... Realtor)

To quote directly from the synopsis penned about the introductory premise of Seth Godin's wildly acclaimed marketing manifesto entitled " THE PURPLE COW" (Penquin Group,2003)... It was written ...

"...Cows, after you've seen one, or two or ten, are boring. A PURPLE COW , though...now that would be something. PURPLE COW describes something phenomenal, something counterintuitive and exciting and flat out unbelievable. Every day, consumers come face to face with a lot of boring stuff...a lot of brown cows...but you can bet they won't forget a PURPLE COW. And it's not a marketing function that you can slap on to ...a product or service...
PURPLE COW is inherent. It's built right in, or it's not there. Period"

"Among the herds of 'cows' grazing in the green fields, there was one PURPLE cow among the brown ones..."

...AND I WOULD RATHER BE IT, THAN SEE IT...

HOUSING CONTINUES TO BE A TEETER-TOTTER

Although I've been a REALTOR for over 8 years, this year seems to the year that continues to be among the most difficult to see a sustainable pattern on which we can hang our hats.

Depending on whom you've heard or read last , conclusions regarding the 'bottoming out' seem to to waiver daily. I, as a studious agent, am afraid to speak with any real sense of confidence because my clients are searching for and expect me to give them something more definitive than a guess . That said...A recent forecast made in the Kiplinger letter (Aug 7,2009) is the one which most closely is akin to my own convictions.

Paraphrasing their early August writings...Kiplinger thinks that the rebounds we are now seeing really mask a continuing decline...their words were "big problems". They believe that the market will still drop another 5-8% before we find a firm bottom...and once reached, the decline may be as deep as a 40% retraction from the 2006 market highs. Another authoritative source is Case-Shiller whose statistics tell us that today's pricing is that of mid-2002.

Kiplinger further suggest that the recovery to previous peaks "will take years'. They continue in their forecast to say that "in most of the country it may take 7-12 years to regain lost ground".
To that, without an inflationary spike ...I CONCUR...at 3% per year increase, the arithmetic is easy. Factored into their forecast is the rising joblessness and the high supply of unsold inventory.

They continue to conjecture that if prices do rise...the glut of sellers who were waiting for that to happen will put their homes on the market in a manner which will again gives us an over-inventory...and a continuation of the current cycle. Those new market inventories and the new foreclosure will dampen whatever short term "excitement" we'll see.

Still...I DO believe that the end to the decline is in sight...we'll just be flat for some 9-12 months and then ...the corner will be turned and we'll be in a more predictable and normal market. To help effect that The Fed will work to keep mortgage rates low...and better housing days will be on the horizon!

So if you are a buyer...BUY, and if you are a seller...PRICE YOUR HOME RIGHT. Getting an appraisal wouldn't hurt. You'd then have a better sense of what a lender might do.

More Industry Statistics

Fran Brode, our well read President, regularly sends relevant news items to her agents in order to provide us a studied overview of what's happening in our market place( just in case we didn't see them ourselves)...the following is a direct extraction of stats from a very recent Wall Street Journal article...

Readers can certainly find glimmerings of a silver lining in this article, but I, as do any number of more learned economists, have opined in earlier blogs, still look for a protracted flatness in the market for many more months (the 'L' shaped effect). So I believe that...Astute Pricing is the key to Quick Sales.

In a future posting...I'll attach thoughts developed in a recent Kiplinger Letter which suggests that it may take some real patience and time before we see a sustainable upward movement...but I do believe it will come.

Please read on..and if I can be of any help do let me know.
________________________________________________________
WASHINGTON -- New-home sales climbed more than anticipated in July, staging their fourth straight month of strong gains to add to evidence that the housing market is emerging from its long slump.
Sales of single-family homes increased by 9.6% to a seasonally adjusted annual rate of 433,000 compared to the prior month, the Commerce Department said Wednesday. That was the highest number sold since September 2008 and well above projections for a 1.6% gain to 390,000 by economists surveyed by Dow Jones Newswires. The increase was the fifth in seven months, as buyers are returning to the market in search of bargains.
The market for new homes appears to have bottomed in January, when sales hit 329,000. Home construction unexpectedly fell 1% in July, however, according to data released earlier in the month.
June new-home sales were revised up to an annual rate of 395,000, a 9.1% increase, Wednesday's data showed. Originally, the government had reported an 11% jump in June sales to 384,000, though May sales were also revised up to 362,000 from 346,000.
Year over year, July new-home sales were still down 13.4%, however.
The market for new homes is expected to continue to lag sales of used homes, where foreclosures have dragged down prices.
The median price for a new home was $210,100 in July, down 11.5% from $237,300 the same month a year ago. On a monthly basis, the price edged down 0.1% from $210,400 in June.
Oversupply has been is one factor keeping prices down, though there was significant improvement in that area, as well. The ratio of houses for sale to houses sold in July was 7.5, the lowest level since April 2007 and down from 8.5 the month before. At the end of July, there were an estimated 271,000 homes for sale, the smallest number since March 1993. That compares with 280,000 in June.
Regionally last month, new-home sales jumped 32.4% in the Northeast and 16.2% in the South, with sales up 1% in the West. Sales were down 7.6% in the Midwest.

SOME COMMUNITY UPDATING...No Real Estate News

Hopefully, you'll find this posting a reprieve from the daily ups and downs of the housing market. I'm convinced that in the media's pursuit to fill time/space...they find pleasure in taking us on a roller-coaster ride. When things begin look a bit brighter, they seem to always drop the other shoe... They seem to know how to grab our attention, don't they?

So... today I'll joyfully share information about our collective areas' community festival...

Linconshire's 8th annual "Taste of Lincolnshire", a really happening, is this weekend, Aug 28,29,and 30th.
Great tastes from popular local eateries include roasted corn on the cob, lamb chops, falafel, sushi, wine & beers, Mai Tais, pulled pork, kabobs. Music, entertainment and great people watching is the fare for the weekend. New this year is a Lincolnshire Idol Talent Contest as well as a pet parade.

Where: Lincolnshire Commons...right next to Kona Grill and across of Flemings (Milwaukee and Aptikisic )
When: Friday, 11:30-10PM
Saturday 10-10 PM
Sunday Noon-6PM

Come one, come all...this promises to be the best 'TASTE' ever!!!

See...no Real Estate information today...but Tomorrow? Who knows...it's another day...

TO BUY OR NOT...

Hi...

Today was a combination of 3 or 4 tasks all of which were Real Estate related, in one way or another.

As disclosed in yesterday's BLOG, I spent the morning hours being interviewed by a reporter and her camera man from one of the Real Estate networks...it was a fun way to field questions about how and what I do to separate myself from the other 3000+ North Shore agents. The network people are going to provide me video files that can be linked to some of the social network vehicles like FACE BOOK and LINKED-IN. The files will also be posted to YouTube within the next few days. I really would appreciate any comments once posted, which should be mid-next week...critical or complimentary. So, fire away...I'd appreciate your candor(within limits). If I came out looking good, then I'll also post the interview to my website, this blog and my property listings.

During the rest of the day, I had occasion to try to explain to some sellers what they could do to help stimulate new buyer interest in their homes...2 of the questionnaires were not MY clients, so the answers given them were most sensitive to my ethical responsibilities as outlined by OUR 'code of conduct'. Candidly, I suggested that they talk to to their agents ...giving advise to someone else's clients is a slippery slope from which I plan to stay away, as should any responsible Realtor.

3rdly...I Took another rental listing.

A closing thought... Now is really a great time to buy a home. Interest rates for a 30 year fixed mortgage are at their lowest levels since last May. According to Freddie Mac the average rate hovers around 5.125%...but you should check out that rate with YOUR mortgage supplier. The 5/1 adjustable ARM which offers a fixed rate for 5 years and then adjusts was 4.75.according to Freddie Mac..a low water mark since January 2005. Again...check with your mortgage people!

A 2nd reason is tied to the 1st time home buyers tax credit. Unless extended , it goes away in December...but the definition of a 1st time home buyer and income limits are clearly spelled out. If you or someone you know on the Shore has any questions, I'm but a telephone call/e-mail away.

Food for thought...

Optimistic numbers but...

Aug 24th...
Almost the end of Summer and professionally, almost the end of the Spring/Summer Real Estate buying season for those home buyers who intended on being in a new home BEFORE school started. We, as Realtors, didn't see the "normal" school spike we had hoped for...not to say that we didn't see some increase in activity, we did... but frankly, we expected those sales and more...

Although the July housing Sales figures just released by the Fed showed a marked increase in July to July figures and the rise by percentage was the strongest we've seen in recent years, it's important to recognize that those figures included foreclosures, short sales, and tax incentivized 1st time home buyers, as well as bargain sales weighted heavily from the distressed markets of California, Nevada, and Florida, to name but a few of those markets. All that said, if the numbers were adjusted to discount those new kinds of "sales " that weren't known or analyzed years ago , things would not look so rosey as the 7.2% indicated.

So... going forward a few months...If housing inventories show an increase when some of the new and anticipated foreclosures come on market... look to a continued flatness in prices. Sales may increase driven by bargain hunters , but prices will continue to reflect the "bath tub or L shaped" recovery which experts have been forecasting.

Again...If I sound foreboding, don't totally despair. Houses correctly priced and perceived by buyers as values WILL sell much more quickly than homes whose sellers are married to yesterday's less than realistic prices. Priced right = faster sales, and homes priced correctly will pass the appraisers "acid" test.

My expertise and insight is for Chicago's North Shore buyers OR sellers...but the fundamentals are national! Remember...Price right, stress curb appeal and remain optimistic and don't dump one agent for another without GOOD reason. If you hired a smart agent, ride the wave with him/her...and remember friends or relatives are not always the BEST agents.

Sellers still have time to sell THIS year...and buyers, with proper representation, can profit from the current condition of the market...be it here, there or anywhere!

What's Marketing anyhow?

Today's Friday...
Spent part of the day designing a new graphic for the rear window on my vehicle...it now asks ...Do You Want an Outstanding Realtor? and gives my contact information.
The balance of the day included taking a listing of a rental

Next week I'm being interviewed and filmed for a YouTube web cast which is part of a series identifying outstanding Realtors, both on Chicago's North shore and in the City...
More to come...

Setting up a profile ...trying to give one a window into who I am... is much more challenging than I had imagined...but rethinking books read, recording artists that I'd consider favorites and the like, has given me some moments to relive my time with them... like Johnny Mathis when I was in my late teens...the girl friends I had then...etc. What fun thoughts/memories.

If Blogs are to be windows into our day or career...then today was a mixture of a marketing forum with some top producing Coldwell Banker agents and participation in a golf outing of my office associates in order to to nurture synergism. Both were productive and in a word successful, except for a poor showing on the links.

My goal now...besides trying to do more business immediately... is to develop a forward thinking marketing plan. Like thousands of agents, we have to ask ourselves the question...where is my business going to come from and how do I build a stronger and sustainable referral base...that's my project for the foreseeable future...I've done and am still doing the Buffini thing, so that should be a basis from which to build.