All of these photos are for an active listing in Chicago used on the website as promotional photos for this unit.  Makes you want to run right out and buy it, doesn’t it?

The Chicago City Council passed Mayor Daley’s $6-billion budget on Wednesday.  Highlights include 635 layoffs, 200 fewer policemen, and $52-million in new fees and fines.

Some interesting points about previous budgets:

• The budget for the year 1990 was $3-billion.
• For 1999 - $4.1-billion
• For 2004 - $4.8-billion

For 2009, the budget was balanced with a combination of layoffs, hiring freezes and new fees.  Some of the more creative budget balancing ideas:

• 635 layoffs.
• Six days next year that the City shuts down.
• Slow hiring of police officers.
• 1,600 vacant city jobs permanently killed.
• Raise amusement tax to 9% (from 8%) on sporting events, concerts & movies.
• Raise amusement tax to 5% (from 4%) on theatrical, musical & cultural performances.
• Charge the 9% amusement tax to residents getting Satellite TV (who had skated by without paying up until now. )
• Sell 35,000 parking meters to private company for immediate cash payment.
• $9-million in fees for private dumpsters.
• Increase the license fee on buses and limo’s to $500.
• Kill all free trolleys for a savings of $1.7-million.
• Increase the parking tax to $3.00 each time you park in a pay garage.
• Double late fees on library books. (Really?)
• Raise residential parking permit fee from $10 to $16 for book of 30 passes.  (Still a deal, but a 60% increase?)
• Raise ambulance fees to as high as $700 plus $13/mile PLUS $100 if you’re not a Chicago Resident. 

House Price performance in previous Host cities

The regeneration effects from hosting an Olympic games has generally had a positive impact on house prices. Barcelona was the best performing host city with prices rising by 131% versus an 83% increase in Spanish house prices in the five years leading up to the 1992 Olympics.

Hosting an Olympics is usually associated not only with an increase in sporting facilities but also an upgrade of transport and cultural/leisure facilities. Barcelona, Athens and Sydney all saw a significant upgrading of their urban infrastructure and this city rejuvenation is likely to encourage higher house prices.

Areas close to the Olympic complex usually see the largest increase in house prices as they benefit from improved facilities and better transport links. This was clearly evident in the main area of development for the Sydney Olympics, Homebush Bay, a former industrial site 20 minutes from the centre of Sydney. House prices in the adjacent suburb, Homebush, rose 70% in the five years in the run-up to the Olympics, compared to a 50% increase in Sydney house prices.

The Manchester Commonwealth Games prompted redevelopment and rejuvenation of central Manchester and provided a spur to house prices in the area. In the five years leading up to the 2002 Commonwealth Games, house prices in central Manchester rose by 102% versus a 52% rise in prices in the North West and an 83% increase in prices across the UK.

Here is a recent link that shows an increase in home values with Olympic announcements in London.   http://www.hbosplc.com/media/pressreleases/articles/halifax/2007-02-02-houseprice.asp 

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photo by Uncleweed

Buena Flats Condominiums - 4024 N. Clarendon, #102

Open Saturday from 11:00 to 1:00

Last unit remaining at this development is our one bedroom, one bath.

Price Reduced for Immediate Sale

List Price: $190,000

Assessments: $147.  Taxes: $New

Introducing Buena Park’s newest condominium development. Thoughtful renovation preserving the charm of the vintage building with completely modern amenities.   Kitchens feature new cherry cabinets, granite counter tops, and stainless-steel appliances.

http://darrowwest.com/content/view/20/42/

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Wellington Park - 2946 N. Wood, Unit D

Open Saturday from 10:00 am to Noon

3-beds plus media room, 2 & 1/2 baths, 2,282 square feet on 4 levels.  Two-car garage plus two-car driveway.

Price Reduced for Immediate Sale

List Price: $499,999

2006 Taxes: $7,465     Assessments: $198

Courtyard-facing townhome in Wellington Park with FOUR car parking.  Freshly painted and ready for your move-in.

http://darrowwest.com/content/view/23/42/

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A regular reader and customer writes:

How do you see Lincoln Square development in the next 3 years compared with Albany Park?

Lincoln Square should come out ahead of Albany Park. Why, you ask?

1. Transportation. In Lincoln Square there’s slightly better access to transportation. Even though the brown line runs through Albany Park, the ride is shorter from Lincoln Square. Western Avenue busses get you north and south - which are more difficult on smaller north-south routes like Kedzie and Pulaski.

Plus Lincoln Square has access to the Ravenswood Metra train. Twelve minutes to Downtown if you catch the right express train.

2. Shopping. The retail center along Lincoln Avenue draws shoppers from all over Chicago. Heck, you could argue that stores attract shoppers from as far as Hollywood if you count the day Angelina Jolie visited Timeless Toys.

3. Stability. As the market softened, sales stalled and foreclosures shot up in Albany Park. Lincoln Square stayed firm, and had fewer foreclosures.

4. Higher prices. Lincoln Square has higher prices. That’s because the types of properties for sale are nicer. That’s a problem, however, if you can’t afford the higher prices. But the higher prices should attract more development and developers to Lincoln Square.

5. It’s closer to the Lake. Sure, Albany Park is right next to Lincoln Square. But it’s always more desirable to be closer to the lake. Lakefront neighborhoods enjoy higher prices, shorter market times, and better appreciation.

According to the latest Zillow Real Estate Market Reports, home values in Chicago decreased -8.90% in the third quarter of 2008, compared to the third quarter of 2007. Nationally, home values decreased -9.7% during this same period.

Your guides are always looking for the rosy outlook for Chicago, so I thought I would post the same map for the San Francisco area.  Makes the Midwest look positively peachy!

10.  Because if the government buys a house, at least they have a house.  Maybe it’s a house worth less today than it was a month or a year ago.  But it will probably be worth more shortly.  You can rent it out now.  And you can sell it later. 

9.  Because if the government takes of the mortgage on someone’s house, there’s a chance that the mortgage is for less than the house is worth.  Probably because for lots of houses, buyers put some money down on the house.  Or it appreciated a bit before falling back.  Not always.  But sometimes.

8.  Because if the government helps someone stay in their house, then a family gets to stay in their house instead of getting thrown out on the street.

7.  Because if the government takes over someone’s mortgage and works with them on the terms, they might pay us back.  With interest!

6.  Because if the government makes it possible for a family to stay in their home, then there is one less empty house in your neighborhood.  Neglected.  Attracting vandals.  Not paying taxes.  Falling apart.  Bringing down property values for everyone else.

5.  Because it has already been demonstrated that just giving money to banks does not cause them to turn around and lend it back out.  In fact, sometimes it gives them the opportunity to keep doing the same dumb things that got them into trouble the last time.  Like sending executives on $400,000 retreats where they get paid massages and manicures.

4.  Because it has already been demonstrated that just giving the money to banks and insurance companies has not calmed down the Stock Market.

3.  Because giving $25-billion to car companies is simply going to prolong the inevitable.  There is already a mechanism in place to allow companies to re-structure their companies and re-negotiate their contracts.  It’s called Bankruptcy.

2.  Because buying part of a car company isn’t going to get us taxpayers anything.  What would we own?  Shares in a company that may or may not survive a prolonged recession even with a financial intervention.

1.  Because that’s what they told us when they sold us on the biggest taxpayer funded bailout in U.S. history.  It’s not fair to bait and switch after the fact.  It’s not right when it happens at a store, and it’s not right for the Government.

• Formerly - two thousand four hundred eyeballs.
• This week - only four hundred.

Tells quite a story, doesn’t it?

(Property Views: Is the total number of times a listing is viewed on REALTOR.com®. A view can be a consumer clicking on the listing for further information, the listing displaying on the search results page, or a consumer looking at your listings from your REALTOR.com® web site.)

Cheap in Iowa!, originally uploaded by darrowwest.

Wow, nice gas prices in Iowa.