Archive for July, 2009
Wal-Mart backers rally for 2nd city store
In 1 on 07/29/2009 at 11:35 am(Crain’s) — Hundreds of Wal-Mart supporters rallied Wednesday morning across the street from City Hall as members of a City Council committee tossed around a controversial plan that would pave the way for the retailer’s second outpost in the city.
The City Council Finance Committee is expected to consider an amendment, introduced by Alderman Howard Brookins Jr. (21st) in April, that would alter a development proposal to allow Wal-Mart Stores Inc. to build a store at 83rd Street and Stewart Avenue.
Mr. Brookins, who has been fighting to add a Wal-Mart in his Chatham neighborhood ward since 2004, told supporters at Wednesday’s rally that the council needs to move on this issue.
“Now is the time for action,” Mr. Brookins said. “It is time to be mad. I have a plan that puts hundreds of people to work . . . without asking anybody for an increase in tax revenue. I have a plan that is going get people back to work now.”
Wal-Mart’s single store in the city, on the West Side, opened in September 2006 amid a political firestorm.
At the time, the City Council passed an ordinance that would have required big-box retailers to pay workers at least $10 an hour plus benefits. Mayor Richard M. Daley later vetoed the ordinance. In a 32-17 vote, aldermen came within three votes of overturning Mr. Daley’s first-ever veto.
As was the case three years ago, supporters of Arkansas-based Wal-Mart Stores argue that the 83rd Street store would bring much-needed jobs and lower-priced goods to the Chatham neighborhood. But critics, including labor unions, say the jobs are low-wage positions with no union protection.
A new Chicagoland Chamber of Commerce survey indicates a majority of people approve of building the store.
The survey of 18,000 residents in 12 city wards, conducted June 8-12, showed 73% of respondents want their alderman to approve the Wal-Mart. Seventeen percent oppose the new discount store.
A separate telephone poll of 75,000 people conducted this week by Wal-Mart shows almost 75% of respondents back the idea.
It’s not clear when the Finance Committee will take up the matter.
A spokeswoman for Wal-Mart wasn’t available for comment.
For sale buy owner MLS- Flat Fee MLS listings in the Chicago’s South Loop -www.kalerealty.com
When Will the Housing Market Rebound?
In 1 on 07/26/2009 at 8:35 pmWhen will the housing slump finally end? Even the experts’ crystal balls are hazy.
The Wall Street Journal, which Thursday reported its latest quarterly survey of housing data, says it depends on which city or part of the country you’re talking about.
Home sales were up compared to last year in Washington, D.C., and Northern Virginia, Orlando, Minneapolis, Southern California, and the San Francisco Bay area, according to findings from research firm MDA DataQuick as well as reports from local real estate practitioner organizations.
Sales declined in New York City and nearby Long Island, Chicago, and Charlotte, N.C., and the outlook was particularly bleak in Miami-Fort Lauderdale and much of Florida, Detroit, and Las Vegas.
But Jody Kahn, an analyst at John Burns Real Estate Consulting, a research organization, points out that there are variations even in the hardest-hit metro areas with the most attractive neighborhoods continuing to thrive.
Employment is the most telling factor, says Mark Zandi, chief economist at Moody’s Economy.com. “If people don’t have jobs or fear losing their jobs, then buying homes is out of the question,” he says.
Source: The Wall Street Journal, James R. Hagerty (07/23/2009)
Kale Realty- Your source for Flat Fee MLS listings www.kalerealty.com
5601 N Sheridan, rarely available unit with lake views now on the market!
In 1 on 07/22/2009 at 11:33 am
Experts Say Now is the Time to Buy
In 1 on 07/21/2009 at 3:05 pm
Many investment experts advise it’s time to buy. With prices falling, it is a once-in-a-generation chance to load up on property, they say.
How much of an investment portfolio should be devoted to real estate? David Swensen, who manages Yale University’s endowment, says 20 percent is a smart number.
One possibility is real estate investment trusts (REITs), which, despite the fact that they are slashing dividends to conserve cash, are still paying average yields of 7.3 percent. That’s double the yield on Treasurys.
Should a home be part of the equation? Michael Kirby, founder of Green Street Advisors, says no.
“You should own a house to provide shelter,” says Kirby. “In a way, it’s not an investment, and it’s not part of your investment portfolio. It’s really just a living expense. By owning a house you are prepaying rent.”
Source: Forbes (08/03/2009)
Kale Realty for all your real estate needs. Flat Fee MLS for sale by owner and buyer services
Is It Sears or Willis? Landmark Gets New Name
In 1 on 07/17/2009 at 10:21 am
Chicago’s famed Sears Tower, the tallest building in the United States, is getting a new name.
Beginning today, it will be known as the Willis Tower.
In March the 1,450-foot, 110-story skyscraper was leased to the Willis Group Holdings, a London-based financial firm. The deal included naming rights as well as 140,000 square feet of space.
The building, which opened in 1973, was named after its original tenant, Sears Roebuck and Co. A real estate investment group that includes New York investors Joseph Chetrit and Joseph Moinian, as well as investment trust American Landmark Properties Ltd., bought the property in 2004.
Source: The Associated Press, Caryn Rousseau (07/15/2009)
For more information on the Sears / Willis Tower or to learn about residential and commercial real estate in the Loop area of Chicago, visit Kale Realty at kalerealty.com
Chicago becoming the “second-home city”! (NYT)
In Market Data on 07/16/2009 at 11:10 pm
According to a recent article in the New York Times, buyers are flocking to Chicago to buy up second homes as Chicago is seen as affordable and stable.
…The Laasraoui family, whose primary home is in Lugano, Switzerland, said they wanted a modern American counterpart to the slower European country life. Chicago’s downtown has been virtually reborn as a residential and arts and entertainment district over the last 15 years, and the city is a finalist to be the host city for the 2016 Olympics, a position that has only increased its international cachet.
“We could have picked London, could have picked Italy or another place in Switzerland, but we like the Gold Coast,” said Abdellatif Laasraoui, 47, referring to the area north of the Magnificent Mile where his family moved into a half-million-dollar vacation condo last year. “There is no comparison in space or comfort. You’d have to pay 10 times more to get something comparable.”
“And,” added Mr. Laasraoui, an executive for a steel manufacturing company, “to commute from Chicago, it is very easy. I can go anywhere in the world from Chicago.”
419 Oak Grove Circle in Wauconda now on the market!
In 1 on 07/10/2009 at 9:30 pm
Slow down and get close to nature in this area known as a a National Natural Landmark! Discover Wauconda today with this great value!
