(Crain’s) — A company formed to develop a 102,000-square-foot shopping center in Glenview has filed for Chapter 11 bankruptcy protection, thwarting a mezzanine lender’s plan to auction off the company’s stake in the project. Central Park Development LLC had pledged its membership interest in the development at 600 Milwaukee Ave. in the north suburb as collateral for a $5.2-million loan from a subsidiary of lender CF Capital Partners Inc. The financing helped the developer launch construction last year, just months before the economy plunged. Chicago-based CF Capital scheduled an auction for last Monday to sell the ownership stake in the partially built project, according to a public notice. But Central Park blocked the auction by filing for protection from creditors Monday in U.S. Bankr... 12/18/2009

The word is that it's still a buyers' market, which is good news for buyers. However, most buyers will be mortgaging what they buy, so getting a loan can still be an obstacle in buying a house. Homebuyers' credit scores have a lot to do with whether a loan is approved and even with how much the rate will be. To help our Glenview homebuyers get the best mortgage they can, here are a few tips for today's buyers on improving their credit score.  1. Pay Your Bills on Time. Be sure to make all your current payments on time to show that you are a worthy credit risk. Pay more than the minimum due and if at all possible, pay some extra as well.  2. Figure Our Your Credit Ratio. The ratio of your available credit to your credit balance is a large factor in figuring your credit score. So now is t... 12/15/2009

Who is/are your employees of the year? I am guilty as charged of complaining here on the ActiveRain, too.  What about saying who is the best in the costumer service.  We all deal with good, bad and ugly situations. Is there any business in your neighborhood that you will say "These guys are always cool, happy to help. They would even share with you at the register that they enjoyed the product and described how awesome it was".  I never, never received a dirty look even half bad service in Trader Joe's, for example. Many times I ask myself the same question; who is hiring the AWESOME PEEPS at Trader Joe's in Glenview, Illinois. My first experience with Trader Joe's Grocery Store was in West Hollywood years ago. I wonder if all TJ's stores have the same kind of fun, professional, cool, k... 12/13/2009

Home ownership is a way of life for many Americans. In fact, home ownership in the United States even has its own name - the American Dream. We discussed the financial aspects of home ownership versus renting your home in my recent blog post, "Beyond the Cave - Should I Rent or Buy a Home?". Today let's talk about some of the more personal aspects of deciding whether to rent or buy.  Let's start by listing some of the things you can do if you own your home:  1. Own a pet or pets of your choice 2. Paint the walls whatever color you choose 3. Remodel to fit your lifestyle 4. Live here the rest of your life  Now, let's list some of the things you can do if you rent your home:  1. Live in an area where you might not be able to afford to buy 2. Move on if you need more room or a different lo... 12/09/2009

Ever since man moved out of the cave and set up housekeeping in a regular house, the question has been, is it better to rent or buy? There are two main areas to consider when answering this question for yourself - financial and personal. Today we're going to discuss the financial pros and cons between buying a home in Wilmette or Glenview or renting your home. Check back in a few days as we'll be discussing the personal questions of buying or renting. Keep in mind, the answers will be different depending on what stage of life you're in.  The Good Stuff About Home Ownership, Financially Speaking: With today's lower interest rates, home-buyer tax credits and even help with a down payment, buying your own home can be a great thing. With the right kind of mortgage, those payments will be th... 12/08/2009

Are you shopping locally this Holiday season? So many intriguing commercials and  promotions are out there to get us into the malls and chain stores. What about small Mom and Pop local shop? Many of the big retailers are not offering free gift boxes this year and many of us can get boxes right in our own backyard at a local gift shop. Every year, a few times a year I stop at the local gift shop in my town. The owners are not corporate trained and the smile is genuine. They ask about my wife, my pet, and they even call me by name after a few stops.  In this particular gift shop they do not nickle and dime for gift wrap and they do not come up with any surcharges.  The gifts are unique and I always feel good about supporting my local community business owners. I enjoy taking a walk from h... 12/05/2009

At their recent fall meetings, directors of the California Association of Realtors® (CAR) adopted the following motion: "That C.A.R. in conjunction with NAR, "SUPPORT" the elimination of the FHA 90-day anti-flipping rule, and that C.A.R. write and publish a letter to the FHA Commissioner in opposition to the FHA 90-day anti-flipping rule." While support for the motion was not unanimous, it passed by a significant majority. Why would CAR oppose the anti-flipping rule?In a 2006 Mortgagee Letter, the Department of Housing and Urban Development (HUD) described flipping and explained its opposition to it in the following way: "Property flipping is a practice whereby a property is resold a short period of time after it is purchased by the seller for a considerable profit with an artificially ... 12/04/2009

Want to make some winter memories with your family? Here's a great idea - take the family ice skating.  Now through Sunday, March 14, 2010, everyone can go ice skating for free at Chicago's McCormick Tribune Ice Rink in Millennium Park. But you don't have ice skates? Not a problem, they can be rented for only $10 a pair. Or, since Santa hasn't been to town yet, there's still time to add ice skates to everyone's Christmas list.  Millennium Park is located on Michigan Avenue, between Washington and Madison Streets. This is its ninth season of free ice skating and skaters usually number as many as 100,000 during the four months the ice rink is open each year.  Hours the ice rink are open are as follows:  Sunday: 10 a.m. to 9 p.m. Monday thru Thursday: 12 noon to 8 p.m. Friday: 12 noon to 1... 12/03/2009

We all know that condominium developers built more condominiums than the market could absorb from 2006 - 2009. They built from scratch, developing small and large projects from duplexes to hundreds of units, and they bought apartments, renovated and replatted them so they could be sold as condominiums. While the going was good, they sold thousands of them. Then the economy hiccupped and the developers, investors and their bankers were stuck with a huge inventory which they need to unload.This is where our story starts.Due to the high number of condominiums in the marketplace and the low interest rates, this should be a great time to buy a condominium. But this year Fannie Mae, Freddie Mac and FHA have decided to tighten up their standards and reduce their risk and exposure to the condo ... 12/01/2009

Many people may think that with home prices at record lows, this would be a good time to invest in real estate. And for many that may be true. However, there are a few things to be considered before jumping on the real estate investment bandwagon.  Often investors purchase properties not to live in themselves, but rather with the idea of renting the property out to others. So the first question they should consider is:  Will tenants be available for the rental property? Good tenants are a hot commodity in the current financial market. While many renters normally come from the ranks of younger people who have yet to make the decision to buy their own home, this age group of renters are now more often opting to move back in with their parents.  Just as homeowners are finding themselves jo... 11/30/2009

In some homeowner associations, the number of owners who rent their units is extraordinarily high, sometimes even outnumbering resident owners. With absentee owners and just a few irresponsible renters, there may be a move by the board to limit or eliminate rentals altogether. What things should be considered?When it comes to sorting out rental restrictions, there is a hierarchy of "legal authority."1. The highest legal authority is the state’s corporation, condominium and homeowner association statutes. Statutes vary from state to state.2. The second highest legal authority is the association Declaration which is recorded in the county where the association is located. This document "declares" that there is a homeowner association and outlines the framework and a legal description of t... 11/27/2009

Good news for home buyers and sellers in Wilmette, Glenview and across the country! Interest rates are down and it looks like they'll stay that way for at least a few months, giving buyers another incentive to buy now.  According to the Freddie Mac Primary Mortgage Market Survey for November 12th, 2009, 4.91% is the average fixed interest rate for 30-year conforming mortgages. This time last year, the interest rate was at 6.14%, a difference of 1.23%.  To understand the difference in your wallet that these rates can mean, consider a mortgage of $300,000. At last year's rate, the monthly payment would have been in the neighborhood of $1,825, including both principle and interest. At today's new, lower rates, the monthly payment would be about $1,594 for a monthly savings of $231. For the... 11/26/2009

Federal Reserve chairman Ben Bernanke put out a forecast last week that included some important observations on housing, but it got nowhere near the attention it deserves.Speaking to the Economic Club of New York, Bernanke described some of the well-known problems standing in the way of economic growth -- especially double digit unemployment and consumer confidence that's shaky week by week at best.But buried away in his speech he said: Housing in the coming year is going to be a relative bright spot - a helpful driver of national economic growth, rather than the wet blanket it's been for the past couple of years.Think about that: Home sales and new home construction, at least according to the Fed, are likely to stimulate the economy in 2010 -- enough to generate jobs and help avoid a d... 11/25/2009

Even if you haven't had a great year, you can usually come up with something to be thankful for on this last Thursday of November every year in the U.S. Here are three extra things that Glenview and Wilmette residents may want to consider being thankful for this year:  1. Chances are good that there will not be an accumulation of snow. While the kids in your household may not consider this something to be thankful for, those who have to drive or shovel the fluffy white stuff know why this item tops the list of things to be thankful for in Northbrook in 2009.  2. Times they are a-changing and many restaurants are now open on Thanksgiving Day. While some people love all the work associated with preparing a big Thanksgiving dinner with all the trimmings, apparently not everyone is so incli... 11/24/2009

Short-sale sellers and their agents have plenty to think about, and it is understandable if they are annoyed by the reams of paperwork that may come their way. Nonetheless, it really is important not only to pay attention to what is in the paperwork but also to be sure to retain it for possible future use. This is because of bad consequences that the seller may experience sometime after the sale has taken place.Bad enough that a short sale involves the loss of one’s home with no equity to show for it, and a credit negative that may last for years; it also has the potential to produce two very bad after-effects. One is that the lender, or the lender’s assignee, may continue to pursue the beleaguered seller for the remainder of the debt. The other is that the I.R.S. may come knocking on t... 11/24/2009

Looking for something exciting to do on Thanksgiving Day before the turkey and the football? If you live in Glenview, Wilmette or other Chicago locations, consider a trip to Chicago's State Street Thanksgiving Day Parade on November 26th. Started in 1934 and dubbed the "Christmas Caravan", the parade was an effort to liven up the holidays and lift people's spirits during the Great Depression. Modern parades attract over 400,000 attendees each year.  This year's parade begins at 8 a.m. and goes until 11 a.m. CST. The parade steps out on State Street from Congress to Randolph led by this year's Honorary Grand Marshall, that old redhead himself, Ronald McDonald. The procession features over 100 units, including Ringling Brothers and Barnum & Bailey Circus performers, horses, dancers, drill... 11/19/2009

The recent drop in interest rates has prompted millions of households to refinance their mortgages. Borrowers who refinance need to familiarize themselves with tricky tax rules on what is or is not deductible for interest payments. Here are some reminders on how the rules work.Question: I own a personal residence. It is worth more than the remaining principal balance on the mortgage. My lender is willing to allow me to refinance for more than the balance of the existing mortgage. I know that the tax rules allow me to deduct interest payments on a refinancing loan as long as it is for the same amount as the existing balance. But am I also entitled to deduct interest payments for the part of the refinancing that exceeds the existing balance? And does it matter that I plan to use most of t... 11/18/2009

If you read my recent post Basics of the Newly Revised Home Buyer Tax Credit, you're already aware that Congress passed an updated version of the First-Time Home Buyers Credit. There are a few other ways that home buyers can get some financing help when purchasing a home as well. Let's look at a couple of these options now.  1. The Illinois Down Payment Assistance Program. This bill, which became law on October 30th, will lend a hand to Illinois first-time home buyers and veterans in coming up with their down payment. Qualified buyers can get a forgivable loan in the amount of 3% of the purchase price of the home they're buying, not to exceed $5,000. The loan is only to be used towards the home's down payment. Along with the loan, the home buyer must come up with their share of the down... 11/17/2009

If you're a commercial property investor looking toward 2010, where are the most promising real estate markets in the U.S.? The Urban Land Institute teamed with consulting firm Pricewaterhouse Coopers and asked more than 900 investors, developers and lenders that question recently, and came up with some intriguing answers. The top market for heads-up investors among literally hundreds around the country turns out to be Washington D.C. The nation's capital, where you send your tax money and where your federal government continues to grow, turns out to be the only truly "recession proof" market in the U.S., according to the real estate experts polled in the study. Why? Because Washington thrives when the economy falls apart, thrives when the country is at war, and does really well when th... 11/17/2009

McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.91 percent with an average 0.7 point for the week ending November 12, 2009, down from last week when it averaged 4.98 percent. Last year at this time, the 30-year FRM averaged 6.14 percent.The 15-year FRM this week averaged 4.36 percent with an average 0.6 point, down from last week when it averaged 4.40 percent. A year ago at this time, the 15-year FRM averaged 5.81 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.29 percent this week, with an average 0.6 point, down from last week when it averaged 4.35 percent. A year ago, the 5-year ARM averaged 5.98 percent. The one-year Treasur... 11/16/2009