Chicago Real Estate

If you’re out and about in Pilsen this weekend don’t forget to stop by the Nation Mexican Fine Arts Museum for Mercado Navideno 2009.  A great oportunity to get some authentic Mexican folk art crafts.

Don’t think you’re stuck shopping for the same old gifts and stocking stuffers this holiday season.  A visit to  Chicago’s National Museum of Mexican Art’s Mercado Navideno holiday market will reveal all the colorful options to spice up your shopping.  The Mercado Navideno runs November 27-29 and offers an array of authentic Mexican folk art gifts. Choose papier mache figurines, pottery, vividly-colored textiles, paintings, carvings or silver jewelry to thrill your friends and family. Don’t miss a visit to the overflowing gift store, Tienda Tzintzuntzan.

Courtesy of Rosalind Cummings-Yeates

www.Uptake.com

FDIC Quarterly report is out

Link
http://www2.fdic.gov/qbp/2009sep/qbp.pdf

Ok so the number of home sales increased but lending has certianly decreased. Largest banks were responsible or 75 percent of the drop– a decline of 2.8 percent.

Ds News wrote the following analysis:
In the Tuesday release of the FDIC’s quarterly assessment of the nation’s banking landscape, the agency also reported that banks’ cut lending in Q3 by the largest amount since the government began tracking loan activity in 1984, with declines recorded in every loan category, from commercial and real estate mortgages to small business and corporate funding.
Total loan balances of FDIC-insured institutions fell by $210.4 billion, or 2.8 percent, compared to the second quarter of this year, indicating that banks are still reluctant to extend credit which analysts agree is an essential element of an economic recovery. According to the report, large banks were responsible for 75 percent of the decline. It’s these institutions that hold more than half of the industry’s assets and were the primary recipients of the government’s bailout program – funding intended to jumpstart lending.

Workshop: Annie Novotny opens a store in Pilsen
BY REBECCA LITTLE

After four years of wholesaling her eco-friendly line Frei Designs, Annie Novotny hit a snag. The economic downturn meant that some boutiques had shuttered, while others were ordering more conservatively. “For the first time, I had a lot of overstock,” Novotny says.
She took the overstock from her spring collection, created a few more garments, and, in August, turned the front half of her Pilsen workshop into a store. Meanwhile, interest in her custom work—particularly wedding dresses—was growing. “I needed an atelier where people could come see me,” she says.
Novotny’s fall line, inspired by Victorian mourning photos, is not as downbeat as it may sound. The Gothic influence is in the palette, such as a brown wrap skirt ($220) with a tiered detail, a batik shell with a sheer gray overlay ($190), a cap-sleeve silver tunic ($230), and a wool melton coat with a silk lining ($695). For holiday events, she offers a black organic wool wrap ($525) and a silk chiffon metallic top ($230).
The entire collection adheres to Novotny’s eco-friendly philosophy. Her raw materials are sustainable and fair trade; she uses only natural dyes, and the end results are locally produced in Chicago. “The consumer is supporting an ecosystem of conscientious creation,” she says. But, she adds, “the line is fashion forward as well. It’s not just a big hemp sack. I like to say it’s ‘not your mother’s hemp.’”
A graduate of the School of the Art Institute of Chicago (where she now teaches design classes), Novotny, 28, moved to New York after graduation and worked for the designer Gary Graham. She came home a few years later to work for the Bucktown shop owner Robin Richman. “I started to design some pieces, and she let me sell on consignment,” Novotny says. At Richman’s insistence, she started her own line.
In addition to her own work, Novotny carries a selection of accessories from local artists and restored Danish modern furniture, which she sells on consignment. (An Eames rocking chair is $525.)
Besides being an avid participant in the 2nd Fridays Pilsen neighborhood walks, Novotny intends to fill the space with literary readings, music shows, and sewing workshops. “I plan to make the overhead work for me,” she says.

WHERE 818 W. 18th St.; 312-226-9000workshopchicago.com
PRICE RANGE Leather earrings for $12 up to a wool melton coat with a silk lining ($695)
EXCLUSIVES Everything is exclusive to the store except Chicago Honey Co-Op goods.
EXTRAS Novotny creates eco-friendly wedding gowns. Call first for a consultation.
PARKING Ample street parking
HOURS Friday to Sunday, 11 a.m. to 6 p.m., Monday to Thursday by appointment

PHOTOGRAPHY: CHRIS LAKE

This article appears in the November 2009 issue of Chicago Magazine.

PR: wait… I: wait… L: wait… LD: wait… I: wait… wait… Rank: wait… Traffic: wait… Price: wait… C: wait…

Interested in discovering everything that Wicker Park and Bucktown are famous for? Click on the link below and find out great restuarants, cool stores, and other fabulous places to go in this great area!

Wicker Park and Bucktown

-Phil Buoscio

Interested in finding out all that Logan Square and Roscoe Village have to offer? Click on the link below and read up on a variety of topics ranging from what these neighborhoods are famous for, great restuarants, and other awesome places to visit!

Logan square and roscoe village

-Phil Buoscio

Center for Responsible Lending – 2009 Foreclosures at 2.9 Million

The Mortgage Bankers Association (MBA) reported that a record number of loans — 1 in 7 — is delinquent, up from 1 in 10 a year ago. The numbers also show that 1 in 22 families in the United States is in the process of losing their home, up from 1 in 34 this time last year- that’s gonna rack up 29 million Foreclosures.

In my opinion 29 Million foreclosures demonstrates the need for a Consumer Financial Protection agency that Obama proposed. Hopefully well get one in 2010.

Below you will find a brief summary of market statistics for the area of Pilsen (Area 8031 on MLS). The statistics are based on data over the last 6 months.

The single family home market in Pilsen are as follows.

•  The average price for  single family are $288,087
• The average market time is 225 days
• The average list price sale price ratio is 73%.

The condo market in Pilsen are as follows:

•  The average price for  are is $257,947
• The average market time is 261 days
• The average list price to sale price ratio is 94% 

The Multi-Family market in Pilsen are as follows:

• The average price for a 2-4 unit multi-family is $294,528
• The average market time is 242 days
• The average list price to sale price ratio is 82%

For those of you trying to call the bottom… feel comforted in the company you have. Everyone’s talkng about it when it’s on the Morning and Evening Major news shows. The thing about this you have to stop and check in on is that The Value of Your Home is HYPERLOCAL. So general trends are important… they are only a third of the equation. For a more specific  CMA of your property just click the big button at the top of this screen.. or email me and I will pull up the market inventory, absorption rate and get within 5% of your market value and pdf you a report. It takes some critical thinking and some digging. Did you know that Zillow’s generic value guess program is often off (in my opinion) by 15%. It’s a generic look. So if you are basing your decisions to sell on news shows like this(below) please follow up with a local expert before you decide to stay or go. -Phil phil@teambrealty.com

Check out this video from the Early Show.  They discuss some areas nationally where it seems that the market may have bottomed out and might start seeing some appreciation in the next year.

Watch CBS News Videos Online

Leave a comment and let us know what you think about the Chicago market – Have we hit bottom or do you think we are in store for further losses?

The following lending changes will be taking place as of 12/7/09:

“Spot Loan” Approval Process
FHA will eliminate the Spot Loan Approval Process effective on or after December 7, 2009. However, to address concerns involving the volatility in the condominium market, the new effective date for the elimination of this practice is for all FHA case number assignments on or after February 1, 2010.

FHA Concentration Requirements:
FHA concentration requirement will be increased temporarily to 50 percent.
Exceptions to 50 percent Concentration Level. The FHA concentration may be increased up to 100 percent if the project meets all of the basic condominium standards plus the additional items stated below:
• The project is 100 percent complete and construction has been completed for at least one year, as evidenced by issuance of the final or temporary/conditional certificate of occupancy for last unit conveyed;www.hud.gov espanol.hud.gov2
• 100 percent of the units have been sold and no entity owns more than 10 percent of the units in the project (for projects with fewer than 10 units, single entity may own no more than 1 unit);
• The project’s budget provides for the funding of replacement reserves for capital expenditures and deferred maintenance in an account representing at least 10% of the budget;
• Control of the Homeowners Association has transferred to the owners
• The owner-occupancy ratio is at least 50 percent.

Note: New construction and conversions are not eligible for this exception.

Owner-Occupancy Requirements
At least 50 percent of the units in a project must be owner-occupied or sold to owners who intend to occupy the units. For proposed, under construction, or projects still in their initial marketing period, FHA will allow a minimum owner occupancy amount equal to 50 percent of the number of presold units.

Vacant or tenant-occupied real estate owned (REOs), including properties that are bank owned, may be excluded from the calculation of the required owner-occupancy percentage (should be removed from both the numerator and denominator).

Pre-Sale Requirements
In the case of new construction, the pre-sale requirement will be reduced temporarily to 30 percent.

The pre-sale percentage must be documented as follows:
• Copies of sales agreements and evidence that a mortgagee is willing to make the loan;
• Evidence that units have closed and are occupied; OR
• Information from a developer/builder that lists all of the units already sold, under contract, or closed (e.g. a spreadsheet, chart, or listing used for the company’s own tracking purposes) that is accompanied by a signed certification from the developer.

On November 6, 2009, President Obama signed a bill to extend the tax credit for first-time homebuyers through June 30, 2010. The bill ALSO opens up opportunities for others who are not buying a home for the first time.

WHO QUALIFIES FOR THE CREDIT?

First-Time Homebuyers: People who have not owned a home within the last three years may be eligible for the tax credit.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary
residence for a period of five consecutive years during the last eight years.

WHAT ARE THE NEW DEADLINES?
In order to qualify for the credit, all contracts need to be in effect no later than April 30,2010 and close no later than June 30, 2010.

WHAT IS THE MAXIMUM PURCHASE PRICE?
Qualifying buyers may purchase a property with a maximum sale price of $800,000.

WHAT ARE THE NEW INCOME CAPS?
The amount of income someone can earn and qualify for the full amount of the credit has been increased. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible. joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.