Chicago Real Estate

In this market one issue is mission critical for buyers. Price. How many builders can offer a home under $150 per square foot that hits a 400 point number on the Chicago Permit Green Score and is finished in luxury finishes with a great modern look?

I am committed to offering the “Green” attributes of energy efficiency, and environment smart materials  and the Healthy attributes in  a home like low VOC paint and Foam insulation at a great price.

Why should a buyer who is focused on frugality and spending what they might on a duplex condo to buy a home have to compromise quality? I want families to stay in Chicago, to fill out schools and streets…to live “better” lives in healthy homes that are bright, full of sunlight and are highly energy efficient… and the way to do this is to offer system built quality and deliver it without a “markup” where the builder pockets the savings.

I believe the condo-buyer who can afford a “luxury” condo “duplex” (which is typically what couples who have kids live in if they are in a condo, if not a townhome) should also be able to afford a green, healthier single family home? This pricing of $150 per sf or less delivers on that promise.

Quality construction and  luxury finishes are not exclusive to  “luxury homes”. Luxury features are and should be available to all. Green aspects of homes should be made affordable. Modern style should be made affordable. Healthy home features (no voc/low voc, solar chimneys, air purifiers, etc.) should be affordable.

The quality of modular homes-which are “system built” in a temperature controlled environment is at or above a “stick built” home that is typically built on site.I am surprised that these homes have not “caught on” because the advantages are so utterly clear.

Caring about quality and greener homes that have healthier and more affordability I have dug into this issue. I have read alot and now gotten out to tour these system built manufacturers. I have been very impressed each and every time at the lack of waste, at the consistency, and the ideal working environments.

Having General Contracted and personally wired, plumbed, framed, drywalled, etc my own personal home(s) and worked with dozens of developers over my seven years in Real Estate selling 75 million  I know quality when I see it. And… I like to see it and sell quality–you make an impact if you do things right.

I see major cost savings in building the modular way–and I see a healthier, dryer, quality-built and precision home that will be more efficient, straighter and built faster on a very predictable budget.  Tony Kovach of the Sun Times March 26th issue hits on many of these points–it’s about time the “mainstream” media delivered the obvious fact.  He points out that system built homes are “stronger, smarter, safer, stylish and saves money”. And he points out that “all” home builders – factory or “stick built” use factory-made components to erect their homes.

Another point of momentum of getting the word out about these homes  is the wide popularity of Dwell magazine and their popularization of the modular movement. Their website is a great resource for all of us who want to share and create… but their website is also all about “higher priced” designed modular. Most of their homes are not built under $150 per square foot. There are few builders offering a good, solid green home product that has a healthier home package for under $150 per sf. … This is why we have worked tirelessly to develop the +Plus House.

Then we have the arrival of a new book that is out this month “Prefabulous + Sustainable” (Amrams $25) takes on the old, tired idea that “factory built” homes are somehow inferior. This confusion comes from trailer homes, which are of course, factory built.  But trailer homes have nothing to do with “Mod’s” or “System Built Homes” .  System Built homes are shipped to the site and secured to the foundation–but are built in a temperature controlled space.

I have toured these “factories” lately and I have seen quality that I have not seen on the typical “stick built” sites. This quality is a result of building in an ideal environment.  When I have toured “stick built” sites I have seen rain drenched, mudded, humidity soaked building sites where insulation, subfloors, lumbed are soaked. In a 65 degree factory space you don’t have those elements to disrupt productivity, quality of materials and healthy aspects of the home (wet insulation, etc). The obvious advantages are immediate, logical and obvious to all.

In my opinion mistakes are made on “stick built” homes at a high  rate .  And, cost overruns are far more likely. Further, stick built homes are usually inspected less. A system built home — is checked at each and every station in most cases. Thus, the framers are inspected before the house “rolls” onto the electrical team’s station. Then electrical manager inspects quality before it rolls forward to the plumbing team’s station.  Etc.

If you would like to learn more about modular quality simple google manufactured homes and read about the hundreds of studies.

+PlusItBack Entry

The new electric mini has 100 cars on the road. It takes 850 a month to lease one and if you use a 220 volt charger it charges in just about 6 hours… A normal 110 outlet takes 24 hours to charge fully. The driving radius/distance is 100 miles. I personally drive a mini so my interest in this electric car is heightened by the idea of using solar/wind to re-charge the car eventually. Using electric would give me an option to getting to a more carbon neutral position with my transportation. As a Realtor it’s very challenging to try to use public transportation.  See article here.

Ds news wrote a somewhat helpful article this week. I included a few paragraphs here. It is a crystal ball conversation about where the turn will be…. At 2016 ?

Ds news: 3.26.10.
“there has been a lot of recent talk about mortgages in negative equity – underwater homes – and the impact on the housing market. In response, First American CoreLogic asked the question: When will these homes start to float?

The company estimates that the typical underwater homeowner will not begin to surface until late 2015 to early 2016. It’s an even longer stretch for some of the most depressed markets, where First American CoreLogic says the typical borrower in negative equity may not experience positive equity until 2020 or later.
Even in markets with low shares of negative equity, the recovery time will still be long because the few borrowers that are upside down are deeply in negative equity and these are typically not high appreciation markets, the company has concluded.
Although house price appreciation will, over time, offset negative equity, First American CoreLogic says amortization (the paying down of loan balances) will be a more significant remedy to negative equity. The company’s data shows that over the next 10 years, the
average loan balance will decrease by an annual rate of 3.3 percent; meanwhile home prices are expected to increase at a 3 percent annual rate over the next decade.
To forecast when the typical U.S. homeowner will achieve neutral and positive equity, First American CoreLogic looked at 10 key markets, plotting equity trends over the next decade, and assuming a nominal annual appreciation rate of 3 percent.
Of the markets studied, the Washington D.C. area is expected to reach positive equity by 2015.
Atlanta, Georgia; Dallas, Texas; and Riverside-San Bernardino, California are projected to rise to the surface in 2016. Boston, Massachusetts should find a balance in 2017.
Cape Coral-Fort Myers, Florida; Pittsburgh, Pennsylvania; Las Vegas; and Lancaster, Pennsylvania are forecast to reach positive territory by 2020.
Detroit, though, is not projected to recover even by 2020, because of its depressed economy.
The latest numbers from First American CoreLogic show that more than 11.3 million, or 24 percent, of all residential properties with mortgages were underwater at the end of the fourth quarter of 2009.
Among the new housing initiatives announced by the administration Friday was assistance for borrowers with negative equity. In order to deter these homeowners from strategically defaulting, the Treasury will begin requiring servicers to consider principal write-downs as part of their Home Affordable Modification Program (HAMP) evaluations for borrowers whose loan balance is more than 115 percent of the property’s current value. The plan also includes a Federal Housing Administration (FHA) refinancing program for negative equity mortgages.

FHA Loans – The Answer for Buyers and Sellers

By Gregory A. Braun, Partner
McCormick Braun Friman, LLC

Standards for loan approval have become markedly tighter over the past several months.  Lenders scrutinize the borrower’s credit, income, income history, savings and sources of savings.  During underwriting, lenders ask for documents like never before, including school transcripts and cancelled checks showing who paid off student loans and credit card balances.  Because of tighter credit, FHA loans have become more prevalent than ever.  FHA loans are more attractive because they require lower down payments (3.5%), have more liberal rules regarding source of funds, require lower monthly insurance, and have lower credit score requirements.  Since first time buyers are the biggest part of the market, Sellers need to attract all buyers, especially those with FHA loans. FHA lending allows all borrowers, but especially first time buyers who lack  large down payments and established credit, to purchase.

This year, FHA eliminated Spot Approvals for FHA transactions.  Spot Approvals enabled lenders to underwrite one unit in a condominium building and allow that unit alone to be eligible for FHA approval, even if the entire building did not have that important designation.  As of February 1, 2010, however, no Spot Approvals are allowed.  Now, not only must the buyer qualify for FHA financing, but the entire condominium building must be eligible.  For that reason, if the buyer is otherwise well qualified, but the association does not meet traditional Fannie Mae/Freddie Mac (or “Conventional Financing”) requirements, FHA may be the only solution.

Historically, FHA had been considered an unfavorable method of home financing because of its complications and costs.  Since the retraction of Conventional Financing, FHA financing has become a necessity.  FHA guarantees the loans banks make to their customers so that the rates offered are among the lowest available.  You see, in today’s market, there are more first time buyers and they often are just establishing credit and have not had time to accumulate large down payments.  Even move-up buyers have had credit issues resulting from the dip in the economy and their shrinking home equity.  FHA also provides excellent rates and stringent screening of condominium associations.

FHA requires that the building have no more than 10% of the units owned by a single entity, no more than 15% of the units 30 days delinquent in assessments, a budget with at least 10% replacement reserves and funding for all insurance and deductibles, 51% of the units owner occupied and no more than 25% of the building containing commercial space, as well as some other factors.

Many associations have been proactive and are getting their buildings approved.  Others shy away because they think less restrictive FHA requirements will attract undesirable buyers.  We have seen that FHA building approval allows sellers to attract the greatest number of potential buyers, keeping prices stable.  It is always better to have a FHA buyer who can pay assessments compared to a struggling unit owner who cannot pay them.

Several documents must be sent for review for FHA building approval, including the condominium declaration and bylaws, condominium survey, the budget and a questionnaire, owner occupancy certification, among other things.  The package can be submitted directly to Housing and Urban Development (“HUD”) for Review and Approval Process (“HRAP”) (6-8 weeks or more).  Alternatively through a Direct Endorsement Lender Review and Approval Process (“DELRAP”), approval can be achieved in a couple of weeks.  DELRAP underwriters have expertise in reviewing and approving condominium projects and making sure the project meets the standards so FHA accepts them without conditions.  Knowledgeable condominium attorneys, like McCormick Braun Friman, can resolve issues before submission, making sure the condominium documents conform to FHA standards.

Gregory A. Braun concentrates his practice in real estate law, serving individuals buying and selling houses and condominiums, builders, developers, and investors. Greg provides counsel to these clients in areas including FHA submissions, short sales, lending issues and foreclosure workouts/bankruptcy, compliance with federal, state and local development requirements, construction, insurance, corporate and tax matters, including 1031 exchanges.  The firm offers a host of legal services, please visit www.mbflegal.com for details.  Greg can be contacted at gbraun@mbflegal.com, 312-327-3354.

Gregory A. Braun
McCormick Braun Friman LLC
2 N. LaSalleSt. Suite 1250
Chicago, IL 60602
Phone: (312) 327-3354
eFax: (888) 463-7786
Email: gbraun@mbflegal.com

MUTUAL FEDERAL BANK DECISIONS CAUSE NEEDLESS FORECLOSURES AND NEGATIVELY IMPACT COMMUNITY OF TRI-TAYLOR (Opinion by Phil Buoscio based upon his factual interpretation of the events surrounding the sale of 1010 S Oakley, Chicago Il)

I worked tirelessly to list and sell the property at 1010 oakley to short sell it at $350,000 to get my client out of foreclosure(she owed well over that). We worked six – plus months to market the property, do showings, etc. all to save our client from foreclosure and get the bank highest and best value. We did get an offer for nearly $350,000. I tried for a win-win deal with the bank with our attorney’s assistance over and over….
 
The property was over appraised at 450,000 by your bank in the first place…. (cash out refi) in 2007-2008. My client had a real hardship–declining business income, lost rent/tennants who would not pay, building and city violations, among other challenges. To overcome all these challenges we secured a willing and able buyer and brought them to the table–with a construction loan to overcome all the issues and violations of the building and the building would have been improved, owner occupied and an asset to the community six months ago.  Here we are, nearly a year later…. and you just got a whopping $170,000 for the building. How you have helped the community?!! A vacant building sitting for over a year.. .a low sale to bring down the comparables. Lost income on your part. A foreclosure on my client’s part. Why??

You would not accept this short sale and tried tirelessly for nearly six months to extract a deficiency judgement, a lien etc… from my client.. and once you finally were threatened with “loan fraud” by the family of the Seller/Owner you backed down from the “rough handed” tactics and approved the short sale but it was too late. The “over appraised” value of the property in 2007 and 2008 and “loose” loan that was given according to the seller was not totally clear to her when she got it.  In the end… the building was vandalized and everyone lost out. 

Next time anyone is in a foreclosure with your bank… or you have a Realtor trying to work a short sale with your bank please try and be more logical, more compassionate and act in your own and your boards’ interest … and try to think larger — about the community  — and the owners — and the family who waited for months to buy and paid for bids, loan fees, etc. all on good faith. You would have walked with more money and it would have been win-win and my client, the community, the buyer, the agents, etc. etc. 

Please spread this email to the Pilsen community as this bank resides here. Many owners of many buildings bank here. Hold deposits here. We need to vote with our money and move our money where we find our communities benefit. This is my opinion.

Phil Buoscio, Broker and Short Sale Specialist
Buoscio Brokerage Inc.
Better Living Realty
2202 S Halsted, Chgo Il 60608

Some of my clients ask why they need a negotiator? Sometimes the attorney does not know the “angles” a Bank is trying to use to squeeze the Seller and angle on our client…This is a very specialized field… and our job is to get out and sell.. .and back up the negotiator with constant market updates for value… Here is an example of what the negotiator does.. they prepare HUDS with the help of the seller’s attorney… this is a communication from one of our negotiators on a recent deal.. I thought this clip would demonstrate the point… Phil

EXAMPLE OF WHY WE NEED TO USE A NEGOTIATOR: This is a critique to an already  prepared HUD 1 given to use by a attorney and Chicago Title.

I did receive your HUD, and was wondering if you could make some changes.

Note that some of these items are for negotiation purposes and will probably be changed during the negotiations.

1)     I prefer HUD’s in 8 ½” by 11” format. The HUD you sent me was appeared to be on 8 ½” by 14” paper. It was cropped, so I could not see part of the HUD.

2)     Line 603 needs to be zero. This is accomplished by putting the amount instead on Line 504.

3)     Lines 504 and 505 should show payoffs to Citi. Line 505 should be $2,500.

4)     Remove all items from the buyers side. The HUD should only show the sellers credits and charges.

5)     In Box B (Type of Loan), Box 1 (FHA) should be checked and all other boxes left blank.

6)     Delete line 506.

7)     Line 508 should say “Buyer’s closing cost credit”.

8)     Lines 700, 701, and 702 should show 7% commission.

9)     Line 1304 should show a “Short Sale processing fee to  ” of $4,000.

10)  Page 4 of the contract clearly states that the seller is to pay title and survey expenses. The HUD should reflect this.

11)  The HUD was sent to me in image (scanned) format. I prefer to have a HUD in a form that I can copy and paste from.

12)  Please double check to make sure that all of the sellers charges are listed on the HUD.

Keep in mind that we can always remove or reduce a charge from the HUD (such as title fees, liens, etc…) later without problem. Adding charges after the fact is a different story. Generally, the Bank will refuse to pay the charge, even if it is a legitimate mistake (like missing some taxes). They will demand that somebody else (such as the realtor or buyer) pay the additional charge.

Let me know if you have any questions.

What is the goal of a short sale?

This letter is an example of freedom.. freedom earned by a client who short sold with us. She owned a townhome – paid $315k owed $315k. We listed it for 299,900 then 279.. then 249k.. .we had 1 showing in 5 months!  That’s a challenge!!  How were we going to get her sold.??? I held a sold in a week “hi bidder” home sale auction… 75 signs and alot of hard work later … we had several bidders and bid the home up to 240,ooo. Given that we tracked all our notes and price  cuts… I presented an executive summary of the comps, proof of our long efforts to sell and market the property on over 30 websites.. and that we had to resort to an auction… Given all that .. we got our client SOLD… with NO deficiency.. If you read the letter below.. this is what success reads like. It’ let’s you walk away with NO deficiency judgement.

Upon receipt of the NET PROCEEDS and a COPY OF THE FINAL SETTLEMENT STATEMENT, CitiMortgage, Inc. will give a full release and reconveyance of their loan as agreed and no deficiency judgment will be instituted. **

It is the following letter

WHAT THERE GOAL OF A SHORT SALE LOOKS LIKE

“APPROVAL OD SHORT SALE” LETTER FROM THE LENDER

THIS IS A SHORT SALE FROM AUGUST 2009 WHERE OUR CLIENT OWED $315,000 and was released with NO DEFICIENCY at a SALE PRICE of $240,000.

**”FULL RELEASE AND RECONVEYENCE …

and NO DEFICIENCY JUDGEMENT WILL BE INSTITUTED”

Dear Mortgagors,

CitiMortgage, Inc. has agreed to accept a short payoff  on the above captioned loan with the following conditions:

1.  The closing shall take place on or before August 2..or per diem interest in the amount of  $175.00 will be charged. You must obtain approval from CitiMortgage for any extension beyond August 31, 2009. Per diem interest will have to be absorbed by parties other than CitiMortgage, Inc..

2. CitiMortgage, Inc. net proceeds should not be less than $199,303.15.  Contract price is $240,000.00.

3.   Approved closing costs to be absorbed by CitiMortgage, Inc. including brokers commission ($14,400) are not to exceed $40,696.85. All other closing costs must be absorbed by parties other than CitiMortgage, Inc..

4.   The current owners are to receive (0) zero proceeds from the sale of the above property.  Any and all refunds or credits should be added to the net proceeds(from item #2 above) and remitted to CitiMortgage, Inc. at the time of closing.

5.   Upon receipt of the NET PROCEEDS and a COPY OF THE FINAL SETTLEMENT STATEMENT, CitiMortgage, Inc. will give a full release and reconveyance of their loan as agreed and no deficiency judgment will be instituted. **

6.   All judgments and/or liens must be cleared and settled prior to closing.  Proof of release must be presented at time of closing.

***ANY CHANGES TO THE ABOVE STATED TERMS MUST BE APPROVED BY CitiMortgage, Inc..

On the day of closing please fax a copy of the check along with a HUD-1 Settlement Statement to EFAX:  1-866–

Please forward THE NET PROCEEDS CHECK with THE FINAL HUD-1 SETTLEMENT STATEMENT to:

You have a property… you know five brokers.. who’s the best to list a short sale? How do you know?

Well start by asking how many people each broker has actually saved from foeclosure. Then ask for address and details of the battles… each short sale is a battle.. .they are alot of work. And you get your nails dirty.. you burn alot of gas… and your thumb gets numb from dialing alot.  As the Broker of our firm I personally handle our pricing strategy and Broker Price Opinions and screen and communicate with our negotiators weekly once under contract.

I believe we are the best suited brokerage and team to sell a property for you because we have experience and we have a marketing system and follow up that is the best in the city.  I have sold more property than 95% real estate agents practicing in the City—in our board of 16000 realtors. Since 2003 I have closed personally $75 Million in over 280 deals and won top producer awards and participated in National Mastermind training to use the latest technology, scripts and follow up systems to get Short  Seller’s under contract.. so we can get down to business negotiation our client out of a deficiency.

We do thefollowing… -    Post to the MLS.  Over 200 Email notifications will be  sent out to pre-approved buyers working with realtors. .  .

-    Post to the National Listing Service (Point 2 Homes).  This syndication service posts to over 20+ highly trafficked real estate web sites.  The property will likely be viewed over 6 times a day

-    Custom built website by our office.  We estimate at least  125 or more unique visitors to visit in the first month that visit and download.

-    High quality HDR photos showcasing the inside of the property will be used on all marketing materials and slide shows.  9 used for the MLS and 1-15 used on other marketing.

-

-     manual postings to Craigslist.  Multiple postings per week. This is one of our top 3 lead generators. But conversion of these leads takes skill and follow up. We are there and have a hotline 24 hours a day.

Again these marketing techniques have helped us to sell over $75 Million in 5 years.

Auction At 30 Days

If our our standard marketing does not cause an offer of worth by day 50 we propose and “auction” called “Sold In A Week”. We have bought and used this franchised system that has a high success rate to get a property under contract.

When we have decided to do our Sold in a Week program in 2009 previously we have found 60% bring a contract close enough to market value to go under contract.

Agents across the country are using it and it has about a 72% success rate of getting homes sold.  This is how we generated the current offer.  Below is what we would do to find our best buyer:

-   Create another custom website with info on the property and the terms of the sale.

-   Drop 1,000 flyers across the neighborhood with the open house date, time and terms of the sale with the website.

-   Put 50+ signs out around to property to drive foot and car traffic to the property.

-   Posted multiple ads on Craigslist each day for 2 weeks.

Expected Results from friendly auction

-   On average 20 people attended the auction open house.

-   On average for our auctions 2 to 5 online bids and 6 to 9  on site bids.

-   On average 3 to 5  buyers engaged in a round-robbin bidding to arrive at the highest, best offer and hopefully meet seller’s reserve price(the price you need to close).

We feel that our marketing goes above and beyond the competition in the area.  As far as we know we are the only Team doing this Sold in a Week “auction” marketing system in the entire city of Chicago.

Ok.. so I didn’t write it. I’m not recommending it.. I’m recommending that if you are behind on your mortgage…. and equityless.. and have limited options that you just read this article.. then talk to your attorney.

I have too many clients who ended up in a short sale too late.. because no-one was talking to them they way this article is…

When It’s OK to Walk Away From Your Home By BRETT ARENDS

• Millions of Americans are now deeply underwater on their mortgage. If you’re among them, you need to stop living in a dream world and give serious thought to walking away from the debt.

No, you shouldn’t feel bad about it, and you shouldn’t feel guilty. The lenders would do the same to you—in a heartbeat. You need to put yourself and your family’s finances first.

How widespread is this? More than 11 million families are in “negative equity”—that is, they owe more on their home than it is worth—according to a report out this week by FirstAmerican Core Logic, a real-estate data firm. That’s a quarter of all families with mortgages. And for more than five million of those borrowers, the crisis is extreme: They are more than 25% underwater—the equivalent of having a $100,000 loan on a property now worth just $75,000 or less. That’s true for a fifth of mortgage holders in California, nearly a third in Florida and an incredible 50% in Nevada.

Are you in this situation? Are you still battling to pay the bills each month, even when it may make little financial sense to do so?

It’s time for some tough talk.

Stop trying to chase your lost equity. That money is gone. Don’t think like the gambler who blows more and more cash trying to win back his losses. That’s how a lot of people turn a small loss into a big one.

And do the math. Even if you hope the real estate market is near the bottom—it’s possible, but by no means certain—it may still take years to see any meaningful recovery. If you are 25% underwater, your home will have to rise by 33% just to get you back to even.

Is that likely? And over what time period? Even if home prices rose by 5% a year from here, that would still take six years. And during that time you could instead be building fresh savings elsewhere.

View Full Image  Bloomberg News

A real-estate agent moves a torn “Lender Foreclosure” sign outside a foreclosed home in Reno, Nev., last Monday.

If you are reluctant to give up on “your” home, realize that it isn’t “yours.” If you are in negative equity, it’s the bank’s home. You’re just renting it. And right now you may be paying way above market rates. You need to be ruthless about your cash flow. Are you worried about the legal consequences of walking away? Certainly, you should check with a lawyer before doing anything, but the consequences will probably be more limited than you think.

In “non-recourse” states, the mortgage lender may have no right to come after you for any shortfall. They may have no option but to take the home, sell it and eat the loss. According to a survey last year by the Federal Reserve Bank of Richmond, such states include negative-equity hot spots California and Arizona. Even in “recourse” states, lenders may have limited ability to come after you. Often they’d have to jump a lot of legal hurdles, and it’s just not worth it for them. They’re swamped with cases anyway.

“In my experience, right now they’re not really going after anyone,” says Richard Nemeth, a bankruptcy attorney in Cleveland. “They just don’t have the resources.”

If you’ve taken smart steps to protect your money, you may be safer still. For example, money held in a 401(k), Individual Retirement Account or pension plan is sheltered from creditors.

Sure, a strategic foreclosure may hurt your credit score. But if you’re in financial difficulties, it’s probably already suffered. And your credit score is not the only thing in life that matters.

Still, when it comes to the idea of walking away from debts, many people are held back by a sense of morality. They feel it’s wrong to abandon their obligations. They don’t want to be a deadbeat.

Your instincts, while honorable, are leading you astray.

The economy is fundamentally amoral.

Sometimes I think middle-class Americans are the only people who haven’t worked this out yet. They’re operating with a gallant but completely out-of-date plan of attack—like an old-fashioned cavalry with plumed hats and shining swords charging against machine guns.

Do you think your lenders would be shy about squeezing you for an extra nickel if they thought they could get away with it?

They knew what they were doing when they wrote your loan. Many were guilty of malpractice, but they pocketed good money and they’ve gotten away with it. And if they thought your loan was “risk free,” how come they were charging you so much more than the interest on Treasury bonds?

If you’re only a small amount underwater on your mortgage, it’s probably the case that you’re going to be better off staying put. But if you are deeply underwater, it’s a different matter.

Whether we like it or not, walking away from debts is as American as apple pie. Companies file for bankruptcy all the time, and their lenders eat the losses. Executives and investors pocketed millions from the likes of Washington Mutual, Lehman Brothers and Bear Stearns when the going was good. They didn’t have to give back one cent of that money when the companies went into bankruptcy.

Limited liability, after all, is one of the main reasons every business from your local dry-cleaner to a major multinational gets incorporated in the first place. They’re not shy about protecting themselves if things go wrong. You shouldn’t be either.

WEST TOWN EVENTS  those of you who are n’bors and live in the West Town or mid city area.. here are some life improvement options.. .

Phil Buoscio

Game Days at Nail Fetish: Thursdays : 12 p.m. – 9 p.m. Fridays : 10 a.m. – 7 p.m. Play DVD editions of the game shows “Deal or No Deal” on Thursdays and “Who Wants to Be a Millionaire?” on Fridays before or after your treatment. Prizes for winners include nail polish, lotion and $10 manicure gift cards.

Nail Fetish

525 N. Ashland Ave.

Chicago, IL 60622

312-738-3101

Feb-March 2010

THE CABINET

Redmoon Theater remounts its 2005 “spectacle in miniature” featuring small-scale mechanicals and puppets. The story was inspired by the silent 1920 German Expressionist film,”The Cabinet of Dr. Caligari,” about a murderous carnival hypnotist and his sleepwalking slave.

When: Thursdays and Fridays : 8 p.m. (ends March 7)
Saturdays : 6 p.m. and 9 p.m. (ends March 7)
Fridays : 10 p.m. (ends March 7)
Sundays : 3 p.m. (ends March 7)

Price: $15-$25

Redmoon Central

1463 W. Hubbard St.

Chicago, IL 60622-6353

312-850-8440

February 18th @ 5:00-7:00pm
Networking Event & Informational Seminar on Assisting Local High Schools through Internship/Work Programs
Hosted by two local chamber of commerce, the WTCC and Wicker Park and Bucktown Chamber of Commerce Meeting in the bar area. Materials distributed regarding the high school work programs with representatives attending to answer questions. Complimentary appetizers and cash bar.
Folklore

2100 W. Division St.

March 7^th, 2010 @ 5pm

ACUMEN NATION

Christ Analogue, Cyanotic, The Gothsicles, Sheriff Scabs, Xuberx, Millipede, DJ Hiem.

Price: $12-$15

Darkroom

2210 W. Chicago Ave.

Chicago, IL 60622

773.276.1411

March 11, 2010 @ 9:00pm

BOUTROS

Price: $8-$10

Event Phone Number: 312-371-0779

Darkroom

2210 W. Chicago Ave.

Chicago, IL 60622

773-276-1411

March 12^th, 2010 @ 7pm-1am

SPECTACLE LUNATIQUE GALA: A BOMBASTIC BIRTHDAY CELEBRATION

Performance installations highlight Redmoon Theater’s annual spectacle-filled benefit. This year’s 20th anniversary celebration includes appetizers, cocktails, dinner, cake, balloons, hats, songs, games, costumed performers, mechanical devices, shadow projections and more. An optional package for two costs $625 and includes a VIP reception (7 p.m.)

Price: $150

Redmoon Central

1463 W. Hubbard St.

Chicago, IL 60622-6353

312-850-8440

April 9^th, 2010 @ 8:00pm

RED OR WHITE BALL

The eighth annual event features cocktails, dinner, live entertainment, swag bags, a silent auction and raffle. An optional VIP package ($250) includes a 7 p.m. cocktail reception with Steppenwolf ensemble members and enhanced swag.

Price: $125-$250

Event Phone Number: 312-654-5672  http://www.steppenwolf.org/rowb

Salvage One

1840 W. Hubbard St.

Chicago, Il 60622

312-733-0098