The Chicago 77

30 December 2009 ? William Senne, a prominent Chicago condo developer, recently made a splash by criticizing rival developers who slashed their prices. Now, Senne is pursuing a similar tactic. His proposed ?green building? named EcoLogic and containing 94 condominium units near the intersections of Damen, Fullerton & Elston was to feature a rooftop garden, [...]

29 December 2009 ? On December 31, 2009 the US Treasury Department will stop purchasing mortgage backed securities. However, they will spend whatever it takes to keep Fannie Mae and Freddie Mac afloat. Fannie and Freddie have been given a blank check by the government. To date, American tax payer’s have spent over $111 billion [...]

23 December 2009 ? As we anticipate the opening of the new Apple Store on the corner of North and Clybourn, the builder, Cupertino, are putting the property up for sale. But don?t be alarmed ? Apple is merely a tenant (with a 10-year ground lease) and are able to pay their part of the [...]

22 December 2009 ? A few banks have decided to give out Christmas presents to those that are facing foreclosure. Citibank, Bank of America, Chase and even Fannie Mae and Freddie Mac have decided not to foreclose on homes for the month of December. This is just a small Christmas present, because clearly, they will [...]

18 December 2009 Although Wrigley shipped out its last stick of Juicy Fruit gum from a plant at 3535 S. Ashland several years ago, it has now decided to put the factory site up for sale. The 30 acre, 1.3 million square foot plant is being marketed by CB Richard Ellis Group, Inc. for $19 [...]

Zillow is trying to compete with the Big Boys – the Multiple Listing Service and Realtor.com. But does Zillow have the tools and the reputation to make inroads in this competitive online market?

17 December 2009 ? There looks to be new life for Lincoln Park Hospital. North Side developers Richard Zisook & Michael Supera recently took title to the five-building complex located at 550 W. Webster (at the intersection of Geneva Terrace, Lincoln Avenue, and Webster Street). This action ended a $31 million foreclosure case against the [...]

16 December 2009 ? Fannie Mae and Freddie Mac are poised to ask the government for more bailout money. They initially asked for $200 Billion, then later increased that amount to $400 Billion, and are now planning on asking for a grand total of $600 Billion. The interesting part is about the request. Fannie Mae [...]

11 December 2009 ?The new owners of the Cubs and Wrigley Field will offer the public a new attraction this year. On December 15th, an ice skating rink will open in the parking lot adjacent to the field. Admission to “The Rink at Wrigley Field” will be $10 for adults and $6 for children. The [...]

I have seen both a good side and a bad side to the Home Valuation Code of Conduct program and have been lobbying for change. Well, today I saw first hand the debacle HVCC has created in the Real Estate world.

10 December 2009 ? The Hotel Burnham, located at 1 W. Washington in the Loop, is facing a foreclosure suit by Bank of America. Developers Dan McCaffery and E. Barry Mansur, who converted the office building to a hotel in the late 1990′s, were included in the suit. The owners stated that they deliberately stopped [...]

9 December 2009 ? Joe Abbas, the owner of Luxury Motors Inc., is yet another casualty in the auto-industry down-turn. The prime property that Abbas purchased in 2007 at 530 W. Chicago Ave. is going into foreclosure. Joe Perillo Sr., a party to the mortgages, filed a $6.6 million foreclosure suit on the property. According [...]

3 December 2009 ? Mortgage Bonds opened the day down and have continued to trend lower to a day change of -25bps. Today has been a significant news day as Chairman Ben Bernanke of the Federal Reserve testified in front of a Senate committee considering his re-nomination. In other notable news, the monthly Jobs Report [...]