Vranas Properties - Chicago Real Estate Blog

Beware: Quick Credit Score Fix

From the "If it looks to good to be true it probably is" department, be sure to have heightened skepticism when it comes to paying a company upfront to quickly fix your credit score.  The FTC recently fined two companies that charged several thousands of dollars up front in exchange for a promise to improve your credit score.

What makes these operations illegal?  According to the Chicago Tribune "it is a violation of federal law for a credit repair organization to collect fees from consumers before fully performing the services promised. It is also a violation for anyone to claim to be able to remove derogatory information from credit bureau files if the information is accurate and current.".  

Buyer beware!

Paul Vranas
Vranas Properties
Trusted Agents. Professional Service.

September 2009 Sales Released!

Below is a market summary of the number of homes sold (condos/single family/2-4 units) in September of 2008 versus September 2009 by neighborhood:

City                          September 2008  September 2009   
Edgewater                       63                          64
Hyde Park                       15                          19
Kenwood                         16                           8
Lakeview                       184                         121
Lincoln Park                    86                          94
Lincoln Square                38                          45
Logan Square                  52                          59
Loop                               58                          47
Lower West Side             10                           5
Near North Side              161                        150
Near South Side              83                          62
Near West Side               80                          97
North Center                  53                           47
Rogers Park                   37                           43
Uptown                          65                          67
West Town                    113                        130

Suburbs              September 2008         September  2009   
Brookfield                     17                           16
Des Plaines                   50                           72
Evanston                      81                           87                           
Glenview                      42                           43
La Grange                    10                           11
Lincolnwood                  5                            16
Morton Grove                9                            30
Niles                            28                           19
Park Ridge                   36                           47
Skokie                         29                           40
Wilmette                     21                           29
Winnetka                    16                           14

Data provided by MRED LLC      

Paul Vranas
Vranas Properties
Trusted Agents. Professional Service.

Foreclosures Continue...

While there are signs of recovery in the housing market, we are once again brutally reminded of the multitude of variables that compose the supply and demand for housing.  The Chicago Tribune reports that there were 7,174 new foreclosure suites filed against Illinois homeowners in the month of September, up from 6,892 in August and 6,770 in June.

The increase in new foreclosures is both a sign of the times and a sign of things to come.  Without an improvement in employment, homeowners will not be able to stay current on their mortgage.  Additionally, if a significant amount of these homes are taken back by the banks, they will all come on the market for sale, causing a short term increase in the number of sellers.   

Paul Vranas
Vranas Properties
Trusted Agents. Professional Service.

1.4 Million+ Receive $8k Tax Credit

CNN reports that 1.4 million Americans have claimed the $8k first time home buyer tax credit through mid-September.  The government stimulus program has undoubtedly had a positive effect on the nation's housing market.   The tax credit is set to expire at the end of November 2009.  What happens next is still largely up in the air.

According to an e-mail we received from our Senator Richard Durbin, "Two bills have been introduced that extend or expand the homebuyer's tax credit. S. 1678 would extend the first-time homebuyer's tax credit through May 31, 2010, at the current rate of $8,000.S. 1230, the Home Buyer Tax Credit Act of 2009, would replace the current tax credit for first-time homebuyers with a one-time credit for all homebuyers equal to 10% of the purchase price of a principal residence, up to $15,000.This tax credit would be in effect for one year after the enactment of the bill."

Paul Vranas
Vranas Properties
Trusted Agents. Professional Service.

The Slow Road To Economic Recovery

A recent Wall Street Journal survey of 48 economists shows a positive sentiment that the economy has bottomed out, but that the road to recovery will take several years:

"On average, the economists don't expect unemployment to fall below 6% until 2013; unemployment hit 9.8% in September.....the economists -- not all of whom answered every question -- expect the unemployment rate to peak at 10.2% in February. But even once the employment situation stops getting worse, economists expect recovery to come slowly. "It could take until 2014-15 before we see a 5% handle on unemployment again," said Diane Swonk at Mesirow Financial. Persistently high unemployment could prove a political hot potato not only for the 2010 midterm elections for Congress but also for the 2012 presidential election."

Paul Vranas
Vranas Properties
Trusted Agents. Professional Service.

CTA Fares To Increase

The CTA recently announced it's new budget for 2010.  The proposal calls for a price increases and service cuts.  Two things that are not going to win the CTA any new friends.  According to the Chicago Tribune the major changes would include:

"• Basic train fares to $3 from $2.25.

• Basic bus fares to $2.50 from $2.25.

• Express bus fares to $3 from as little as $2.25 now.

• Full fare 30-day passes to $110 from $86.

• Seven-day passes to $30 from $23.

In addition, express bus service would no longer be available on nine routes: X3, X4, X9, X20, X49, X54, X55, X80 and 53 AL.

Hours of operation also would be reduced on 41 other bus routes, generally in the early morning and late night. Each would lose between 25 minutes and about three hours of service a day, with a few routes even more.

In addition, buses and trains would run less frequently. Effective Feb. 7, the CTA is proposing to eliminate 827,000 hours of bus service (or 13.7 percent), and 57,803 hours of rail service (or 9.8 percent) across all bus routes and rail lines. These reductions would be spread across the day to affect the least number of customers, the CTA said."

Paul Vranas
Vranas Properties
Trusted Agents. Professional Service.

Everyone Recommends Vranas Properties!

"We had a wonderful experience working with Vranas Properties. From our initial consultation with Paul Vranas to closing on our condo, we were consistently met with professionalism, helpfulness, and a wealth of knowledge regarding the Chicago real estate market. Additionally, our agent, Aaron Bluestone, helped reduce the anxiety and stress associated with buying real estate (and we had a fair amount, being first-time homebuyers and all!); Aaron made it so easy to go through this process with his expertise, organization, skill in negotiation, and humor. We will be certain to use Vranas Properties for our future real estate needs and will absolutely refer Vranas Properties to our friends and colleagues. Thank you Vranas Properties!!"

10/7/09 Brenda S. & Andy L. River West 

Paul Vranas
Vranas Properties
Trusted Agents. Professional Service.

Top 10 Reasons Chicago Lost Out On 2016 Bid

From The Chicago Tribune:

10. Daley totally choked in the evening gown competition

9. Ronnie Wickers' "Chicago-WOO!" speech more annoying than persuasive

8. Secret memo noted that Chicago women "wear way too much clothing"

7. Italian mice? They were supposed to bring Italian ice!

6. IOC members dismayed they could no longer shop at Marshall Field's/visit Sears Tower

5. Chicago Tribune poll of Chicagoans

4. Chicagoans who responded to the poll

3. Michael Jordan's never-seen pro-Chicago message that spent 40 minutes detailing past slights from fellow Olympians

2. IOC members' sunset cruise on Lake Calumet

1. They liked Rio better. Move on

Paul Vranas
Vranas Properties
Trusted Agents. Professional Service.

Chicago Trivia: What is the meaning behind Chicago's Municipal Flag?

 

Stripes: The three white stripes of the flag represent, from top to bottom, the North, West and South sides of the city. The top blue stripe represents Lake Michigan and the North Branch of the Chicago River. The bottom blue stripe represents the South Branch of the Chicago River and the Great Canal.

Stars: 
The first star represents Fort Dearborn
The second star stands for the Great Chicago Fire of 1871.
The third star symbolizes the World's Columbian Exposition of 1893.
The fourth star represents the Century of Progress Exposition (1933-1934)

Paul Vranas
Vranas Properties
Trusted Agents. Professional Service.

New Priorities for Chicago

Losing the 2016 Olympic bid has been a tough pill to swallow for many Chicagoans.  With the preparation for the Olympic games out of the picture, we polled our Facebook Fans to see what they think Chicago's #1 priority should be.  Here is what they said:

Melissa M. "fixing the school system!!!"

Regan C. "buckling down on crime"

Louie M. "curbing violence on the South and West Side. We should all be ashamed that children are facing such intolerable conditions in our city."

Dima M. "Fixing the corruption in politics? Or were you asking for a realistic goal?"

Fellow Chicagoans, while the spotlight won't be on us in 2016, we still have some Olympic sized goals to achieve.  

Paul Vranas
Vranas Properties
Trusted Agents. Professional Service.