Archive for the 'Chicago News' Category
Business Leaders Give Emanuel Strong Marks For First Year As Mayor
May 21st, 2012 categories: Chicago Info/News, Chicago News, Economic Recovery
It looks as if Chicago Mayor Rahm Emanuel is on his way to becoming a favorite of city business owners, at least if a recent survey by Crain’s Chicago Business is to be believed.
According to a recent story by Crain’s, about three out of every four respondents to the survey said that Emanuel has been either very positive for Chicago businesses or has been positive but “could do more.”
Crain’s reported that only 9 percent of respondents to its survey said that the new mayor has been bad for business during his first year in office.
This is good news for homeowners in Chicago. We want businesses to view the city as a friendly, progressive place. We want them to think of Chicago as a city that welcomes new businesses to its borders. The more businesses that call Chicago home, after all, the more attractive the city becomes. And the more attractive Chicago is, the greater the number of people who want to live here.
That greater demand, of course, can only prove positive for the Chicago housing market.
The majority of respondents say they support Emanuel’s efforts to reduce crime, balance the city’s budget, promote jobs, reform Chicago’s public schools and promote ethics reform.
Of course, this doesn’t mean that all is well in Chicago. Emanuel, after all, has only been in office for a year. The city still faces challenges when it comes to falling home values, pension issues, crime, traffic congestion and, of course, unemployment.
Other respondents said that it might not matter what Emaneul does if the state legislature in Springfield doesn’t, as one respondent told Crain’s, “get their act together.”
Still, the survey is an encouraging one for Chicago residents. Let’s just hope that businesses continue to view our new mayor as favorably as his time in office runs on.
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Are Chicagoans Miserable? Forbes Thinks So
May 4th, 2012 categories: Chicago Info/News, Chicago Neighborhoods, Chicago News, Real Estate News
You live in Chicago. When you wake up in the morning, do you look forward to your day? Are you ready to tackle the challenges that await? Or do you slam the snooze button and wish it was the weekend?
Forbes Magazine thinks that most of us Chicago residents fall into the latter category, waking up on the wrong side of the bed most days.
The magazine, which loves its lists, earlier this year ranked Chicago residents as the sixth most miserable in the country.
The reason for our grumpiness? According to Forbes, it’s the often brutal winters, the high property taxes and its terrible traffic. Forbes editors might have added that Chicagoans are struggling with a housing market in which home values continue to fall, but that hardly makes our city unique today.
Let’s look at the complaints listed by Forbes. Yes, our winters are usually harsh. But not last winter. In fact, last winter felt positively tropical. So we can scratch that one off the list, at least this season. The property taxes and the traffic, though, I’ll give Forbes. Traffic is especially a concern. Unless you’re taking the CTA or Metra, getting around town can be a true chore on busy weekdays.
But I think Forbes is still being too harsh on our city. Yes, Chicago can prove frustrating. But it can also be a fascinating place. We have great restaurants and live theater. We have tremendous green spaces and busy shopping districts. The night life is unrivaled here, and we have an abundance of professional sports teams from which to choose. We have as diverse an array of neighborhoods as any city across the globe.
In fact, it’s Chicago’s attractiveness that I think will eventually prove the savior our local housing market. People still want to live in Chicago. It is undoubtedly the top city in the Midwest. That bodes well for the future of the city’s housing market.
So, yes, Chicago isn’t perfect, as Forbes points out. But where would you rather live?
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Even Noted Housing Critic Agrees: This Is The Time To Buy A Home
February 10th, 2012 categories: Chicago Info/News, Chicago News, Chicago Real Estate News, Economic Recovery, For Buyers, For Homeowners, For Sellers, Housing Market
Economist Christopher Thornberg has long been considered a pessimist when it comes to the housing industry. He was, after all, one of the few voices during the nation’s housing boom who insisted that a housing bubble was not only real but about to burst.
It’s news, then, when a critic such as Thornberg tells consumers that now is a good time to buy a house.
And that’s just what Thornberg did in a recent interview with the Chicago Tribune’s real estate columnist Mary Umberger.
The founder of an independent research firm in Los Angeles, Thornberg told Umberger that now is a good time to buy a house, as long as buyers understand that a house is what he called a consumption good, not an investment.
Here’s what Thornberg means: Consumers should buy condominiums and single-family homes for the benefits they bring, stability, shelter, a place to escape to at the end of the day. They should not look at housing as a way to make a quick buck. That’s what happened during the housing boom, and it’s what led to housing prices getting way too high way too quickly.
In today’s housing market — including in Chicago — housing prices have fallen to solid, affordable levels, Thornberg said. At the same time, mortgage interest rates are at record lows, making the act of borrowing mortgage money as affordable as it’s ever been. Add to this the fact that home sellers are ready to negotiate on final sales prices, and you have an environment that’s more than beneficial to home buyers.
I’ve said this many times in this blog, but I’ll repeat myself: This remains a great time to buy a home. If you’ve been hesitating, consider Thornberg’s advice. If a noted housing critic says that this is a good buyer’s market, who are we to argue?
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Expecting A Better Chicago Economy In 2012? Think Again
January 6th, 2012 categories: Chicago Info/News, Chicago Neighborhoods, Chicago News, Chicago Real Estate News, Economic Recovery, For Buyers, For Homeowners, For Sellers
Crain’s Chicago Business gave Chicago residents hoping for a better economic year in 2012 little reason for optimism. According to Crain’s, the Chicago economy will improve in 2012, but at a slower-than-optimal rate.
Crain’s quoted numbers from Moody’s Analytics saying that the Chicago-area economy should grow by about 1.6 percent in the first half of 2012 and by about 2 percent for the full year. These numbers sound positive until you consider that six months ago Moody’s predicted that the Chicago-area economy would grow by about 4 percent in 2012.
Crain’s points to the economic uncertainty caused by unstable financial markets and European debt worries. This, the story says, has made employers overly cautious when making new job hires.
Because of this, Moody’s is predicting that the unemployment rate in the Chicago area will jump to 11.4 percent in the first half of 2012. That’s up from 10.6 percent in the second half of 2011. Six months ago, Moody’s predicted that the Chicago-area unemployment rate would stand at 9.2 percent in the first half of 2012.
This is bad news, too, for the Chicago housing market. Buyers won’t be as willing to invest in a new home if they’re still worried about losing their jobs. And as Moody’s numbers show, Chicagoans have little reason to be optimistic about the safety of their jobs.
Just because a new year has started, it doesn’t mean that Chicago, and the rest of the nation, don’t still face serious challenges. Until unemployment finally falls, expect the Chicago housing market to struggle.
This latest news points out once again how important it is for home sellers to work with a skilled REALTOR® to set the right price for their condominiums or single-family homes. Buyers today are smart; they won’t overpay for a home. Those sellers who do set an unrealistic asking price will see their residence sit on the market for months, ignored by today’s savvy home buyers.
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Sears To Keep Chicago Stores Open
January 3rd, 2012 categories: Chicago News, Chicago Real Estate News, Economic Recovery
It’s never easy to see a long-time retailer suffer financially. Seeing the struggles of Sears, still one of the most important retailers in the country, has been downright painful.
But there is some good news regarding the retail giant: Of the store closings the company recently posted on its Web site, none are located in Chicago or Illinois.
GlobeSt.com reported that Sears, in late December, listed 79 of the 100 to 120 stores it plans to close. Not one of these stores is located in Illinois, and GlobeSt.com wonders whether the large tax break that the state recently approved for Sears had something to do with this.
Also in December, Gov. Pat Quinn signed a law to give Sears a tax cut of $150 million during a 10-year period. This move came after Sears threatened to move out of the state.
This hasn’t been a good year for Sears. GlobeSt.com reported that the retailer saw its comparable store sales fall 2.6 percent for the year and 5.2 percent since late October. The 100 to 120 stores that Sears closes should save the retailer about $170 million, according to the GlobeSt.com story.
It’s possible to argue the merits of giving companies such large tax breaks. It’s possible, too, to debate whether Sears’ recent tax cut played a role in its decision to not close any of its Illinois stores.
But it’s not possible to argue that Sears’ decision to spare Illinois and Chicago any store closings is a boon to the area. And, remember, anything that helps the local economy also helps the Chicago-area housing market.
Buyers are more likely to spend money if they feel more confident about the local economy. And confident buyers are essential to the health of the Chicago housing market.
So there’s one thing to agree on here: The fact that Sears is keeping its Chicago stores open is good news for everyone in the city.
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