A few hours ago, over rice crispies with my six year old, we were discussing what The Fourth of July means.  Predictably, to my Katie it means a carnival, fireworks and staying up late. So of course when it was my turn I rattled off “When in the Course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation. We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.” Like most Americans, her eyes glazed over.  She liked the “happiness” part though.  She’s six, so I’ll forgive her.  Although I do love that she calls the Union Jack the “sad flag” (she’s Irish!). So is there any correlation? So is there a correlation?  Well, while we’ll give a nod to the Greeks for pioneering the idea of democracy, the founding fathers really did push the envelope.  While manifest destiny and the tabula rasa on the frontier was not truly accurate (we forgot about the native nations that happened to already live there), the concept of property rights vs. landed gentry and the whole “serf living on the kings land at his pleasure” concept was thrown out the window in the new world.  The government granted those who worked the land the right to own it, and with that came the right to sell it on an open and somewhat self-regulating market.  And that idea has really caught on. Thank you, Mssrs. John Hancock, Josiah Bartlett, William Whipple, Matthew Thornton, Samuel Adams, John Adams, Robert Treat Paine, Elbridge Gerry, Stephen Hopkins, William Ellery, Roger Sherman, Samuel Huntington, William Williams, Oliver Wolcott, William Floyd, Philip Livingston, Francis Lewis, Lewis Morris, Richard Stockton, John Witherspoon, Francis Hopkinson, John Hart, Abraham Clark, Robert Morris, Benjamin Rush, Benjamin Franklin, John Morton, George Clymer, James Smith, George Taylor, James Wilson, George Ross, Caesar Rodney, George Read, Thomas McKean, Samuel Chase, William Paca, Thomas Stone, Charles Carroll of Carrollton, George Wythe, Richard Henry Lee, Thomas Jefferson, Benjamin Harrison, Thomas Nelson, Jr., Francis Lightfoot Lee, Carter Braxton, William Hooper, Joseph Hewes, John Penn, Edward Rutledge, Thomas Heyward, Jr., Thomas Lynch, Jr., Arthur Middleton, Button Gwinnett, Lyman Hall, George Walton.  

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“When in the course of human events” or “What does the Declaration of Independence have to do with real estate?”

 My colleague here at Rubloff, Ross Nemzin, has shared his thoughts on the upcoming HVCC - One of four major changes coming to the relocation financing world in the next few months.  Ross, who is earning a degree in real estate while working at Rubloff , can be reached at rnemzin@rubloff.com    As described in an earlier post, a number of new federal requirements in the housing industry will be enacted within the next few months.  One of those requirements, the Home Valuation Code of Conduct, has already been formally implemented.  In a broad sense, the HVCC is designed to ensure and improve the independence and accuracy of appraisals and provide increased protections for homebuyers, investors, and the housing market.  The HVCC has nine sections that each deal with a specific part of the new act.   The first section of the HVCC establishes controls and safeguards to ensure appraiser independence.  The main point is that all appraisers must be licensed or certified by the state in which the property to be appraised is located.  The other major aspect of section one is that nobody shall influence any part of the appraisal process in any way.  Section two requires lenders to provide customers with a copy of their appraisal or property valuation report no less than three days prior to the closing of the loan.  The customer does have the right to waive this requirement.   The third section of the HVCC involves appraiser engagement and selection.  Specifically, the lender must select, retain, and provide for payment of all compensation to the appraiser.  The third section forbids any influence in the selection of an appraiser for a particular assignment, including any communication that may have an impact on valuation.  Finally, any employee in charge of selecting appraisers must be trained, qualified, and completely independent of the loan production staff and process.   The next two sections focus further on the independence of appraisers.  The fourth section prevents improper influences on appraisers by describing specific instances in which an appraisal report cannot be used due to its impartiality.  Section five creates the Independent Valuation Protection Institute (as approved by the parties) which compels the lender to provide information to appraisers and borrowers regarding the availability of the Institute’s services, including a telephone hotline and email address and the publication and promotion of the best practices for independent valuation.    The sixth section requires lenders to test the quality of appraisals and provide Fannie Mae or Freddie Mac with any irregular results.  In section seven, a lender is required to alert the applicable State office to any known violation of laws or unethical conduct by an appraiser or appraisal company.  Section eight forces a lender to certify that the appraisal report was acquired in compliance with the HVCC and lays out punishments for violations.  The ninth and final section deals with the scope of the HVCC and its affect on property valuation prior to its enactment.   So, what does all this legal jargon actually mean?  Well, first of all, Freddie and Fannie will only purchase loans that were appraised in compliance with the new Code.  In addition, many lenders are up in arms about the independent selection of appraisers, citing the fact that the HVCC has resulted in appraisers performing appraisals in areas they are not familiar with, the forced use of appraisers with less experience, and much lower appraisals.  Appraisers unfamiliar with an area are more likely to undervalue a home, which can destroy a deal if a seller is unwilling to list the home for that low of a price.  Further, there is an increased cost for the appraisal because the appraisal fee is now split between the appraiser and the appraisal management company.  The HVCC has greatly altered many aspects of a real estate transaction, often with overwhelming effects.  

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A More Detailed Look at the Home Valuation Code of Conduct

De’Longhi, whose Italian luxury designs are helping to make it the fastest growing espresso brand in America, recently introduced the innovative Artista Series. Showcasing the art of Nicole Miller, Damien Correll and eight other designers, the Artist… Read More

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De’Longhi Artista Series - Espresso Machines Serving a Good Cause

My friend and colleague Judy Gray from Cam Taylor Realtors in Columbus OH recently released a detailed overview of the issues discussed at the recent RDC event in San Diego, CA. As Judy describes RDC , it is composed of members reflecting the breadth and depth of the US Domestic relocation bility industry; it facilitates open communication; highlights emerging trends; and identifies opportunities for the growth of the mobility profession. While my personal focus is on Chicago relocation , it’s reassuring to see that my cohorts around the country are often faced with the same issues.  Read the fantastic article on her propopoly blog here !  Thanks for letting us share this information!  

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Read RDC president Judy Gray’s comments on the relocation industry

Sales agents and brokers gathered at The Ritz Carlton Residences, Magnificent Mile to celebrate the groundbreaking of this soon to be iconic addition to Chicago’s skyline. Guests enjoyed champagne and hors dourves as they toured the sales center. Many had been there before and were reacquainting themselves with the 40-story building designed by Lucien Lagrange Architects. Only 88 units will be built in this unique residential building. The service level will be simply incomparable. The most notable amenity will be the Landmark Club, an exclusive private club for residents and their guests. As the Ritz Carlton Residences, Magnificent Mile tagline says, “Expect the Extraordinary”.

 

It is nice to see a developer moving forward. If you stand at the corner of Michigan and Erie you’ll notice that the construction activity is attracting the attention of all the passers by. This will be one of very few residential buildings in the city that can boast such a distinctive location right on Michigan Avenue. Residents will have the entire city at their fingertips!

 

The site is currently being cleared and soon drill rigs will be in place to start work on the footings. By October the steel frame will start to take shape. Deliveries in are set for 2011.

 

“This is a watershed event not only for The Ritz-Carlton Residences but also for Chicago as a whole,” according to Bruce Schultz, Principal of Prism Development Company, “In a time when there is so much concern about the business climate, it is a very positive sign for the economy of this city that a major residential development has sold 45% of the units, secured financing and is now under construction,” Schultz continued.

 

Rubloff is proud to be the exclusive marketer of this prestigious property. Jane Shawkey and Rachel Bailey are the there to answer your questions at 312.242.5980.

 

 

Housing and Economic Recovery Act (H.E.R.A.)  : One of Rubloff ’s hard working interns, James Waller, shared some comments on HERA – The Housing and Economic Recovery Act.  James is currently pursuing a real estate degree at DePaul University in Chicago IL. The Recovery Act is estimated to be $13.61 billion for various projects created by the Department of Housing and Urban Development. The Act will surely affect those transferring into or out of Chicago , or anywhere nationally.

Read more here: Housing and Economic Recovery Act (H.E.R.A.)

A number of new federal requirements in the housing industry ( Chicago real estate as well as nationawide) are on deck for the near future - It is important as a relocating transferee or a relocation professional to be ready for it.  Here’s an overview of four of the events coming between July ‘09 and January ‘10 — A more complete post on each is coming soon!   HERA - Hera is the Housing & Economic Recover Act .  It will be begin 7/30/09 and will implement new timelines for delivery to consumers regarding disclousures and TIL.  Many states, including Illinois, will also implement fingerprinting as an enhanced background check (see our blog post on that subject!).   HOEPA - The Home Ownership and Equity Protection Act - Effective 10/1/09, HOEPA affects high dollar mortgages.  It will involve new categories, disclosures and processes.  Get ready for lots of changes to the marketing materials consumers will receive.   HVCC - The Home Value Code of Conduct - Already enacted, HVCC includes new appriasal delivery regulations.  HVCC requirements MUST be met for sale fo Fannie/Freddie.   Finally, RESPA changes - The Real Estate Settlement and Procedure Act - Althought legislation is still in flux, RESPA plans include a revised HUD-1 and Good Faith Estimate; the “required use” provision will go away.   Lots of new stuff on the horizon for anyone buying or selling a home in Chicago or anywhere in the U.S., stay tuned for details!

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Transferees, Professionals Prepare For Upcoming Business Changes

One of the best sources of hard data on the overall economy for Chicago and Chicago Real Estate in the government site   http://www.bls.gov/eag/ and the specific Illinois information found at    http://www.bls.gov/eag/eag.il.htm . A quick perusal will give a snapshot of the last 5 months (with archived data available) of economic data, including Labor Force Data (including the key unemployment rate, which should be of great concern if you’re buying real estate in Chicago or selling real estate in Chicago .  The January statewide unemployment rate, by the way, was 7.9%, up from 6.7% in September. Layoff rates are noted as well. Construction starts, manufacturing info, trade and transportation information, plus statistics on finance and professional and business services are also available.  Just think, it could be worse, you could own luxury real estate in Scotland (see www.guidemehome2chicagoluxury for more info)! Whenever you consider relocation or selling in Chicago , take all the facts into account so you can make an informed decision!

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Real Estate Economic Data at your fingertips

One of the most affluent areas in the Midwest, the  North Shore area of Illinois  is comprised of several prosperous communities situated north of Chicago, on and just inland from Lake Michigan’s western shore.  The area began to flourish decades ago as affluent citizens escaped the trappings of city life. Several remarkable mansions were built in the area; including this architecturally significant estate in Lake Forest recently listed on LuxuryPortfolio.com.  The English Country estate was built in 1929 by architect Edwin Hill Clark.  Warm and inviting, the estate retains its classic design and feel, but has also been updated with modern features including professional appliances.  I really like the handmade plaster ceiling in the living room.  See more photos and details here.

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Significant Lake Forest, IL English Country Estate

“Hello, this is Arthur, can I help you ?” – You might expect this on a real estate “floor call” (for those who don’t remember the old days, that’s a “phone call”), but today it is as likely to be a customer service representative on twitter! We’ve recently launched yet another way to reach out to generation “Y” when buying real estate (and these folks will be buying again and again through the year 2060 and beyond!) – Hence “Ask Arthur.” So the savvy real estate office now not only has a phone number; an 800 number; a bevy of email addresses; online forms galore; and now a few more portals! We initiated “live chat” (instant messaging) about ten years ago, but the penetration of broadband was not nearly enough to make it practical (all of those 56k modems kept crashing!). So after 3 years of live chat we now have twitter as another communication portal. Many forward-thinking companies, including Dell Computers and Comcast , are actively using twitter for customer service. Originally thought of as a communication tool for friends, twitter has evolved in many industries (real estate and relocation included) into a platform to spit out information – i.e. “Look at how great my listing is.” But more and more it’s being used as a marketing tool, pushing out relevant news and business information, and finally being used to promote interaction between consumers! Consumers want instant “click here to communicate” tools – and twitter is a great one! Check out these great case studies on chromaticsites.com on businesses and twitter! And follow us on Twitter!  

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Real Estate Companies Branching Out To Twitter?