Closing Chicago Real Estate

I like that title, I think we’ll use this as sort of an ongoing series providing chunks of news that we see covering the real estate industry. Ok, as Dr. McLaughlin would say, Issue 1:

First this from the Sun-Times:  Irving Park Condo Owner Singing an Angry Tune. Nothing new to readers of this blog…building defects, no association reserves, and a condo developer no where to be found. The Jeopardy answer:  What’s the worst type of property to buy??

A very appropriate piece describing this era in real estate:  There’s No Place Like (Someone Else’s) Home.  I think it’s sort of a creative way one up from home staging…The house is owned by a builder, who hasn’t been able to sell it for more than a year. And while someone really does live here, it’s as part of an elaborate bit of stagecraft aimed at moving Southern California’s echoing inventory of luxury vacant homes.

This $1.2 million seaside pied-a-terre is occupied by Johnna Clavin, a 45-year-old Los Angeles event planner and decorator who has seen business slow. In exchange for giving the townhouse a stylishly lived-in look, she gets to stay there at a steep discount and stands to earn a bonus if the house sells fast.

Finally, U.S. Expanding Foreclosure Prevention. Sounds like the 2nd shoe to drop of Obama’s foreclosure prevention plan…The new measures announced Tuesday would especially help many distressed homeowners who have both first and second mortgages — and can’t afford either. The Treasury Department now wants lenders and their customer-service agents to agree to modify both loans as part of a comprehensive solution.

Tweet This Post