The KRAIN Blog

Mortgage Applications Hit 8-Month Low

KRAIN - Commercial and Residential Real Estate(sm) — Fri, 03 Jul 2009 22:14:00 GMT

Though interest rates declined, loan demand fell last week because of economic concerns and problems with appraisals coming in too low.
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Programs Target Low-Income Buyers

KRAIN - Commercial and Residential Real Estate(sm) — Fri, 03 Jul 2009 22:14:00 GMT

Several state and local programs are in the works that aim to sell foreclosed properties in hard-hit neighborhoods.
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NAR Gives to Foreclosure Prevention Programs

KRAIN - Commercial and Residential Real Estate(sm) — Fri, 03 Jul 2009 22:13:00 GMT

Several local and state associations have used nearly $700,000 in grants from NAR to help prevent foreclosures in their areas.
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Is Mortgage Forgiveness the Answer?

KRAIN - Commercial and Residential Real Estate(sm) — Fri, 03 Jul 2009 22:12:00 GMT

Some housing experts say the next logical step for helping home owners with negative equity is loan forgiveness.
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Best Places for Aging Entrepreneurs

KRAIN - Commercial and Residential Real Estate(sm) — Fri, 03 Jul 2009 22:12:00 GMT

Access to good information and reasonable living costs are among the most important criteria for business-builders.
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Failed Projects Turned Into Affordable Housing

KRAIN - Commercial and Residential Real Estate(sm) — Fri, 03 Jul 2009 22:12:00 GMT

Urban governments make plans to subsidize failed high-end developments and convert them into affordable housing.
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Bill Seeks to Suspend Appraisal Code

KRAIN - Commercial and Residential Real Estate(sm) — Fri, 03 Jul 2009 22:11:00 GMT

Sponsors say an 18-month moratorium would allow time to work out problems with the Home Valuation Code of Conduct.
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More Owners Walk Away When Underwater

KRAIN - Commercial and Residential Real Estate(sm) — Fri, 03 Jul 2009 22:11:00 GMT

A study finds that home owners begin to walk away from a mortgage after price declines of 15 percent or more, even if they can afford to pay.
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Pending Home Sales Rise Again

KRAIN - Commercial and Residential Real Estate(sm) — Fri, 03 Jul 2009 22:10:00 GMT

This forward-looking indicator has been up for four consecutive months, according to NAR.
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5 Ways to Expedite a Sale

KRAIN - Commercial and Residential Real Estate(sm) — Fri, 03 Jul 2009 22:09:00 GMT

Home sellers can improve their odds for a timely sale if they take a few steps known to attract buyers.
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West Fest July 11th and 12th

KRAIN - Commercial and Residential Real Estate(sm) — Thu, 02 Jul 2009 20:57:00 GMT

West Fest

Saturday & Sunday

July 11th & 12th, 2009

12-10pm

on Chicago Avenue

btw Damen Ave. & Wood St.

www.westfestchicago.com

WEST FEST TO PUT SPOTLIGHT ON WEST TOWN, JULY 11TH AND 12TH

LOCAL H & Red Red Meat Headline Weekend Full of Local Favorites!

There is something for everyone at West Fest, the Chicago street fair that reflects the eclectic persona of its West Town environs. Held on Saturday, July 11th and Sunday, July 12th on Chicago Avenue at Damen, the annual two-day party features live cutting edge music and mixes on three stages; Kid Fest, Pet Fest, Miss Illinois USA 2009, a fashion show, and a multitude of vendors including popular neighborhood restaurants and retailers. What makes this fest unique is that it's locally planned and managed by the West Town Chicago Chamber of Commerce, thus the emphasis is all-things "local," from the food to the talent.

The Music
The biggest difference between West Fest and other cookie-cutter Chicago street festivals is the high quality music. West Fest is all about local artists playing original music on three stages. This year West Fest welcomes homegrown powerhouse LOCAL H - hot off their latest album, Twelve Angry Months, to the main stage on Saturday night; while Chicago blues-alt-rockers Red Red Meat close things out on Sunday. The full weekend lineups on all three stages are as follows:

The Main Stage (at Chicago & Damen):

Saturday July 11
8:30 Local H
7:00 Mucca Pazza
5:45 Liquid Soul
4:30 Caos
3:15 Coupleskate
2:00 Peace Keeper
12:45 Fluid Minds

Sunday, July 12
8:45 Red Red Meat
7:45 Aluminum Group
6:45 Richard Edwards of Margot & The Nuclear So and So's with Brian Deck
5:45 The 1900s
4:45 The Vulgar Boatmen
3:30 Freak Easy
2:15 Sex Fist
1:00 Ian Torres Big Band

BassByThePound Dj Stage (at Chicago & Wood):

Saturday, July 11

8: 30    Dj Craze
7:30     Million $$ Mano
6:30     DJ Zebo
5:45     Mark Gertz
5:00     Willy Joy
4:00     Dj MTM
3:00     Justin Reed
hosted by Hollywood Holt

Sunday, July 12
8: 30 Derrick Carter
7:30   Diz
6:30   John Mork of TSR
5:45   The Beat Giants
5:00   John BID Simmons
4:00 Striz

The Adventure Stage Chicago Kid Fest Stage (at Wolcott & Rice):

Saturday, July 11
5:00   Jeanie B!
4:00   Chang's Martial Arts Demo Team
3:15   Kiara
2:45 Commercial Park Rock Band
1:45 Mad Science
1:00 Rock and Roll Dad
12:00 Mr. Singer

Sunday, July 12
5:15   Jason Kollum (variety juggling)
4:30   Scribble Jim
3:45   The Mime Company
3:15   Commercial Park Rock Band
1:30   The Schnozberries
12:45 Pullman Park Jazz Improv (Rock for Kids)
12:00 Hogwash IO

The Activities:

Kid Fest (on Wolcott & Rice): The 4th annual Kid Fest will be held in conjunction with West Fest, from noon to 6 pm both days. A jammed packed two-day event, Kid Fest features family fun including stage performances programmed by Adventure Stage Chicago, including JeannieB, Scribble Monster, Mr. Singer, Mary Macaroni and others; as well as bounce houses, a petting zoo (Sat), pony rides (Sun), face painters, games, crafts and lots more. Kid Fest is sponsored in part by American Eagle Bank of Chicago, Gymboree, Baker's Joy and Building Blocks Toys. All proceeds to benefit improvements at local play lots - Snowberry, Superior and Honore.

Pet Fest (near Wolcott at Chicago): Each year West Fest features Pet Fest with pet product vendors, canine bathing pools, and plenty of pet activities for charity. This year, West Town's own Doggy Style Pet Shop will be hosting PUPfest (Protecting Urban Pets) and the Suds for Strays charity dog wash! PUPfest will concentrate on educating Chicago's pet owners on how to keep their city pet happy, healthy and safe while navigating the city streets.

In addition, within PUPfest you will find the Suds For Strays dog wash to benefit Greyhounds Only (a fantastic Greyhound rescue organization) and Alive Rescue (a brand-new no-kill animal sanctuary!). For just $10, your dog can go from hot and dirty to cool and clean. An additional $10 donation to these great charities will get a Doggy Style T-shirt! Doggy Style Pet Shop has pledged to match donations to these two amazing organizations.

DressFest: SoKo Fashion is partnering with Chicago Avenue Salon to present 'Dress Fest', a live fashion show at West Fest on Sunday 7/12 at 2 pm located at the BBP stage. Dress Fest features affordable, universally flattering styles for steamy days and sultry Chicago nights. SoKo Fashion is focused on interpreting current trends at attainable prices, with all items priced under $100. The Chicago Avenue boutique also offers shopping parties, free events and complementary personal styling to its growing clientele. Hair and makeup will be provided by Chicago Avenue Salon, which is offering 25 percent off one service to those who mention the fashion show.

Miss Illinois: To top it off, Miss Illinois USA 2009 Ashley Bond, in her crown and sash, will conduct a meet and greet with the public and pose for pictures outside the West Fest VIP tent on Sunday from 4pm to 6pm.

The Vendors
West Fest features a plethora of neighborhood boutiques, restaurants, fine artists, crafters, jewelry makers, T-shirt designers... who set up temporary shop along Chicago Avenue - offering deals on everything from designer duds to fresh dishes and ice-cold drinks.

FREE Bike Valet
There will also be a Free Bike Valet sponsored by the Active Transportation Alliance and Special Service Area #29 (on Rice Street at Wood).

The History
West Fest began in 2004 with 40 vendors and one live music stage and has grown ever since. Last year there were over 80 vendors, two live music stages, one DJ stage and over 20,000 attendees.

There is a $5 donation requested for admittance to offset the costs of the event and to benefit the West Town Chicago Chamber of Commerce and West Town's Commercial Park. Hours of operation both days are noon to 10pm. For more info, call 312-850-9390 or visit www.westfestchicago.com.

West Town Chicago Chamber of Commerce

1819 W. Chicago Ave.

Chicago, IL 60622

tele 312-850-9390

fax 312-850-9414

e-mail info@westtownchamber.org

www.westtownchamber.org

Olympic Legislative Update

KRAIN - Commercial and Residential Real Estate(sm) — Wed, 01 Jul 2009 16:46:00 GMT

(FROM ALDERMAN MANNY FLORES)
At today's City Council Meeting, I, along with several other City Council members, introduced legislation to reaffirm the City's $500,000,000 cap on a financial guarantee for the 2016 Olympic Games. This ordinance reaffirms legislation, previously approved by the City Council on March 14, 2007 and January 13, 2009, which declared $500,000,000 to be the City's potential maximum liability for the Olympic Games.

I remain a strong supporter of hosting the Olympic Games here at home, and I believe that the Games can provide an economic boost to our city, but I also believe that we must pursue the Olympic bid in a financially responsible and fully transparent manner. In these difficult economic times, where chronic budget deficits are leading to increased fees and taxes on city residents, it is imperative that the City Council assume its responsibility to protect the taxpayers from undue financial exposure associated with hosting the 2016 Games. I look forward to working with the Administration and the 2016 Committee, as well as the residents of the City of Chicago, to protect the short and long-term financial interests of our City while pursuing the Olympic Bid.

The legislation will be referred to the City Council Finance Committee for consideration. For more information regarding this legislation, please feel free to contact my office at (773) 278-0101 or ward01@cityofchicago.org.

Click here to view the ordinance on Alderman Flores' Facebook page.

New HUD condo guidelines lift outright ban on right of first refusal

KRAIN - Commercial and Residential Real Estate(sm) — Wed, 01 Jul 2009 16:31:00 GMT

On June 12, 2009, the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2009-19, which outlines changes aimed at streamlining the approval process for FHA financing for condominium projects. In this Mortgagee Letter, HUD announces a new policy and procedure whereby qualifying lenders will be able to determine condominium project eligibility. But there are other important changes in the letter that will apply to both lender-approved and HUD-approved condominium projects, including a provision stating, “Right of first refusal is permitted unless it violates discriminatory conduct under the Fair Housing Act regulation in 24 CFR 100”, essentially lifting HUD’s long-standing policy of denying all condominium projects with a right of first refusal provision.

Your Support is Needed: Craig Kulaszewksi Memorial Fundraiser

KRAIN - Commercial and Residential Real Estate(sm) — Tue, 30 Jun 2009 21:57:00 GMT

Jameson REALTOR® Beth Nelson Kulaszewski lost her husband, Craig, in May of a sudden heart attack. Craig was only 43 years old and leaves behind Beth and their and twin four-month-old babies, Beau and Reese. On Sunday, July 26, at 3 P.M., a fundraiser with silent auction for the Craig Kulaszewski Memorial will be held at Tilli’s, 1952 N. Halsted, Chicago. C.A.R. will make a small contribution to the Memorial, and we encourage members to donate if they cannot make it to the event. To support the Memorial, click here. If you have questions, please e-mail Mike Sato.

Illinois to Crack Down on Speeders in Construction Zones

KRAIN - Commercial and Residential Real Estate(sm) — Tue, 30 Jun 2009 21:56:00 GMT

(source: Illinois Department of Transportation)
C.A.R. reminds you to drive safely this summer, as drivers speeding in Illinois construction zones may be caught on camera and slapped with heavy fines—starting at $375. Five specially equipped vans staffed by Illinois State Police will be monitoring construction and maintenance areas in the coming months.
Click here to learn more about the Illinois Department of Transportation’s work zone speeding crackdown.