The latest $200,444 bid for the giant Illinois shaped corn flake being offered for sale on Ebay has inspired some impostors. There are dozens of “Great Illinois Cornflake” lookalikes and related items now being offered for sale on Ebay. You can check it out by clicking on this link. You’ll find a seller offering a “Great Illinois Corn Flake T-Shirt” for $5,000,

a Great Illinois Corn Flake display frame for $24.00,

a piece of torn paper in the shape of “The Great Illinois Corn Flake” for $0.01,

and, perhaps my favorite, a very eloquent and poignant Corn Flake Sign from Illinois for $99.99.

PS…I admit that I actually dumped some of our corn flakes on my desk last night to see if I could find any cool and unusual shapes.  Nothing interesting…they all look the same.  Maybe we ARE onto something super special here.

Tags: The Great Illinois Corn Flake, Ebay Impostors, Corn Flake Spoofs, Corn Flake Tshirt, Corn Flake Display Frame, Corn Flake Starter Kit, Corn Flake Sign from Illinois, Torn Paper in the Shape of The Great Illinois Corn Flake

There are now TEN bidders competing to purchase a giant Illinois-shaped corn flake being sold on Ebay by a 15-year-old Virginia girl. The winning bid tonight is a whopping $56.00!

The seller says she discovered “The Great Illinois Corn Flake” as she prepared to take a bite out of her Kellogg’s Frosted Flakes. She says the flake was almost in her mouth when she plucked the edible heirloom from her spoon just in the nick of time. The flake measures two inches long by 1-and three-eighths inches wide and dwarfs a dime, according to the photo posted on Ebay.

“This is a must have item for any Illinois lover, collector of food lookalikes, or anyone who desires a unique conversation item!” The sales pitch on Ebay is to-the-point and it’s apparently working.

The seller swears the flake “has undergone no alterations” to its shape. Until they finalize the winning bid, they’ve wrapped the corn flake in cotton and placed it safely in a jewelry box with their other valuables. No word on how they plan to package the “Great Illinois Corn Flake” to protect it in the mail, but they are offering free shipping to Illinois.

If you want take a shot at purchasing “The Great Illinois Flake,” you’d better hurry up. There are only three days left to place your bid here on Ebay. But if you think you might flake out, it’s buyer beware. According to Ebay, the return policy is not specified. We’ll be sure to keep you posted.

Tags: The Great Illinois Corn Flake, Weird Ebay Items, Illinois Lovers, Foold Lookalike Collectors, Winning Bidder, Rising Food Prices, Ebay

To start, let’s go back to February 2nd of 2005. It was a frigid, snowy Chicago Winter night. Too preoccupied to be cold and too rushed to be nervous, I dashed out of a listing appointment and raced to make a first date at a restaurant called Boka in Chicago. We said our “nice to meet you’s,” shared a couple of drinks and started to get to know each other. One year later we were engaged. Two years later we were married. Three years later, here we are. Within the past week, we’ve swapped our city digs for life in suburbia; the result of a major campaign on my part to convince my husband Bill that Barrington might be just as hip and happening as our old hood, Chicago’s Lincoln Square.

The task was far from easy. What could I possibly say to get a downtown dude to consent to leaving the daily city stimulants for life in the burbs? I appealed to his appetite, his pet peeves and his love of sports, of course. Here are the top ten ways I sold him on suburbia:

10. Bike Paths and Forest Preserves - Lakefront, Shmakefront.
Who needs to dodge the running, biking and rollerblading
masses that swarm the shores of Lake Michigan?
9. Thank You Express Train - A 45 Minute trip on the Metra will
transport us right back into the heart of the hustle and bustle.
Plus… no more long platform waits and stop-and-go commutes on
the drafty old EL
8. Showed Him the Door - To the Basement of our New House
He always told me he wanted his own space to watch football,
keep his tools and hang is sports paraphernalia - Honey, Have at it!
7. Goodbye Davis, Hello Catlow
Another neighborhood movie theater in our new neck of the woods
6. Found Him a Place to Play Hoops
Signed Him Up at Good Shepherd Health and Fitness Center
5. Wooed Him at Wool Street Grill - The closest sports bar & frosty
beverage are just a few blocks away
4. Filled Him With Boloney at Boloney’s Sandwich Shop in
Barrington - He keeps asking me if I’m in the mood for a Sandwich
3. Mayor Daley Made it Easier - Chicago’s Real Estate Transfer Tax
and Sales Tax are reason enough to say sayonara to the city
2. Goebbert’s Pumpkin Farm - A great way to get our city friends to
to pile their kids in the car and pay us a Fall visit.
1. Hello Baby - We found out we’re expecting our first child - just in
nick of time. Our baby is due in September and will love
the back yard and space here that would have cost so much more in any
of our favorite Chicago neighborhoods

I sit, as I write, surrounded by unpacked boxes and giant balls of shriveled shrink wrap. The great irony is that since we’ve moved to the suburbs, business for me has picked up immensely in the city. I’m driving down there almost every day to show properties, connect with clients and check on listings. I’m happy to have so many reasons to go back. Bill is not the only one transitioning. We’re getting used to the new pace and change of scenery; new neighbors, new streets, parking places everywhere and far fewer sirens. Even a trip to good old Jewel feels a little foreign.

I’ve had so many clients who’ve made this move before me. Some who have shared my husband’s sense of major life change and even loss. It helps that we’re still so close to our favorite city and our friends. We’re settling, unpacking and adapting, one Boloney’s bite at a time.

Written by:
Liz Luby - REALTOR
The Luby Group - Coldwell Banker
Phone: 847-691-3150
Fax: 847-512-5466
Website: TheLubyGroup.com
Blog: BurbFeeder.com

Let’s go back, say maybe 5 years or so ago. It’s this same time of year. The time when all of the “stars” come out and drive to a destination where they step out onto a red carpet and it all began. The world was watching, with the streets lined with people on a mission to get a glimpse. Cameras were rolling. Bulbs were flashing. Names being called out from the crowds. All of the magazines were represented with a snapping cameraman. All in attendance and just hoping for a chance to put their microphones in front of them and ask their big question. It was obvious that everyone had been preparing and waiting for tonight. (What on earth had I missed! I’m so out of it!) There seemed to be something more to it than I had tuned in to see. I hadn’t payed much attention but I guess I had heard something about this event coming up on Good Morning America. And the Trib. did have a small ‘reminder’ on the front page of yesterday’s paper. I ignored it. And come to think of it … radio personalities were counting down the days to “the big night”. Now I’m feeling out of it. What is it? What’s all the ‘buzz’? And then it was revealed. The question of the evening… I heard it, but still it had no impact on me. It was asked again to the next one. Did he say…”who are you wearing?” And what did she say? I wasn’t sure what he wanted to know. I was confused…” who are you wearing….. Who are you wearing?” I heard it over and over. Finally, I understood. It was the designer name. Well, fast forward 5 years and here we are. We’re living in a designer clothing crazed society. The academy awards are almost a holiday! There are house parties, get togethers with invitations, family rooms are spruced up, TVs are purchased (just a little larger is always better!) It’s the “New Superbowl”! What is the reason for this? Why should we care? Who are these people? Aren’t these the ones that have such messed up personal lives? Isn’t he the one whose parents I’ve pitied and the one that I would go to any length to shield my daughter from? Isn’t she the one that was just married in Las Vegas and divorced the next day? He’s the one that’s facing jail time and she wrote a book denouncing her messed up family. (Nice.) Wow. Well, on to the awards program! That’s why I watch.

So, I guess this is just life in the new millennium! We are a star struck nation. A star struck world. But here’s my beef. Many of these people are truly talented. They deserve their night to accept awards for their accomplishments. I believe they work hard at their jobs. They are gifted. In acting! All this big brouhaha for their acting abilities. They make movies. They’re entertainers. Why, then, do we have to listen to their views on politics and our country at this forum? Shouldn’t we be insulted that they are stealing the networks TV air time to try to use their power (gained by acting) to promote their personal views? They have the money… take out a full page ad in any paper you want. Pay for a commercial. How about a blog? (heh! heh!) Go ahead and use your misdirected power to further your plight. You have freedom of speech. But choose the correct forum! Don’t use your telemarketer tactics and interrupt my leisure time, unless you want to pay for it in a commercial. Come on! Stay focused! You’re here for something else. Who respects a thief? I once heard an interviewer ask Brad Pitt, “What do you think about the war in Iraq?” His answer was so on point! He said, “I’m an actor. What does it matter what my opinion is on that subject? I’m not here to promote my thinking. Those are opinions.” You have to respect a person that understands his power and is intentional about how he uses it. Go Brad!!

Well, here we are ~ the word is out! The writer’s strike is over and we all know what that means… I’m not sure who will be wearing who, but I know I’ll be wearing sweats by “The Gap” and watching to see which celebrity will be the first to promote their favorite pick for president.

Susan Prokos - Buyer Specialist - The Luby Group
Susan’s Cell: 224-639-0227
Susan’s Email: Susan@TheLubyGroup.com
Susan’s Website: ColdwellBankerOnline.com/SusanProkos

Tags: Academy Awards, Celebrity Spokespeople, Designer Duds, Who Are You Wearing, Susan Prokos

2.

3.

4.

10. FLOWER POWER -

13.

14.

16.

19.

20. PLEASED TO PAMPER -

23.

26.

28. ROMANTIC READS

FOR YOUR MAN

30. BUY YOUR HOTTIE A HOT DOG - Woodies Chicago Style Hot Dogs and Papa Joe’s are adding a little sizzle to their menus with 10% off all menu items from Valentine’s Day through the end of February • 847-381-6766 • 232 East Main Street, Barrington, IL 60010
31. LOVE AT THE CAR WASH - Even Fast Eddie’s Car Wash has a romantic side. They’re offering two Valentine’s specials through February 17th. Purchase a $100 gift card and receive an additional $25.00 complimentary gift card or purchase a $50.00 gift card and receive a $10.00 complimentary gift card. • 847-381-0530 • 330 W. Northwest Highway
32. TEASE HIM WITH TOOLS - Surprise him with that cordless drill or power saw he’s always wanted or build a beautiful bouquet of wrenches, hammers and screwdrivers Barrington • Ace Hardware • 847-381-1037 • 189 West Northwest Highway, Barrington, IL
33. SING HIS PRAISES - It might be tough, but find a way to compliment him on something he did - & express your thanks in song - karaoke style. Some options: “Let’s Get it On,” “Do Ya Think I’m Sexy,” or “Wild Thing”.
34. RADIO ROMANCE - If you’re like us, you might not want to admit it. But let’s be honest, sometimes it’s hard to turn the dial during those sappy dedication radio shows. Whether it’s Casey Kasem, Delilah or John Symon’s “Love Notes” on Chicago’s WLIT, there’s something shamefully addictive about listening to other people’s love shout-outs. You can make your own love requests and dedications by calling Chicago’s own John Symon’s “Love Notes” 7-9PM Daily at the WLIT Request Line, (312) 591-9548 (W-L-I-T) • “Love Notes” or Delilah’s request line at 1-888-6Delilah • RadioDelilah.com.
35. LOVE ALARM - Here’s a trick that’ll scare the pants off of your partner, in a loving way. Pick up a battery powered alarm clock, attach a love note, set the alarm for a special yet strategic time and plant it in a secret spot in your lover’s car, office or briefcase. If you take time to make time, you’ll end up with one surprise that he or she will never forget…and will hopefully forgive you for later.
36. PASSIONATE PROSE - Swap your keyboard for a calligraphy pen & send your sweetie a hand-written love note. For a surprise twist, pack it with their lunch, tuck it into their coat pocket, hide it in their hat, let her find it in the freezer, in his favorite box of cereal or plant it on their car seat.
37. ROSES ARE RED - To really win some brownie points, put on your poet’s hat and pen a Valentine verse or two. Click Here for tips on How to Write a Love Poem. Need to find words that rhyme with love, hottie or cupcake??? check out RhymeZone.com
38. PHOTO FINESSE - The folks at Wolf Camera in Barrington will help you create your own bound coffee table books. Bring in your favorite photos and you can assemble each page, including captions, with prices ranging from $6.99 to $75. They’ll make a 24′x36′ poster out of your favorite photo and have it ready in an hour. Or…they’ll etch your photo into a crystal heart for only $21.99 • (847) 277-7852 • 105 S Cook St. Barrington, IL • Wolf Camera
39. CUDDLE BUNNY - Wrap up with your Romeo in a blanket designed with a favorite photo image of the two of you. Pick a picture from a special trip, moment or occasion to help keep your memories close while you curl up on the couch. Go to RitzPix.com & find the throw blanket priced at $119.95.
40. SUCKER FACE - Put your main squeeze’s mug on the face of a large cherry flavored lollipop to create one sweet licker. All you have to do is upload the photo at RitzPix.com, drag the picture over the lollipop image and place your order. Each lolli is extra large (almost 4in) & the cost for six suckers is only $32.99 • RitzPix.com
41. PHOTO JEWELRY - For another nifty photo trick, use a favorite picture to design a piece of jewelry that will be sure to make her smile. Create your own photo necklace ($39.95) or bracelet ($89.95) at RitzPix.com, and voila, you’ll have a gift that’s so personal, it’s perfect.
42. MUSICAL MEMENTOS - Consolidated Music in Barrington hosts their biggest sale of the year each Valentine’s week. They’re offering special prices on their instruments, accessories & music books. You can even sign your little loved ones up for private lessons on almost all instruments for $20 per half hour. The store owner says it’s just one way they like to show their love for their customers. • 847-381-0164 • 420 W. Northwest Highway • Consolidated Music
43. MY VINYL VALENTINE - Dig out your records of yesteryear, unearth that old record player, turn the lights down low and let the turntable work its magic. You might find that those oldies are just what the love doctor ordered.
44. COME ON BABY LIGHT MY FIRE - Turn up the heat and create a little ambiance with a fireside picnic at home. Set the stage with a few candles, spread out a blanket and pillows and spark up the fireplace - just like they do in the movies. You might get a laugh because it’s JUST THAT CHEEZY. But it’s also easy, cheap and it’s the thought that counts.
45. GIFTS THAT KEEP GIVING - For every $100 you spend at GWhiz Gift Shop, you’ll get a $20 Spa Vargas gift certificate. Purchase a gift card online at ShopGWhiz.com and email it to your honey today for a quick and easy option. For kids, buy three Webkinz and receive a Lil’ Kinz Google Webkin FOR FREE • (847) 304-0255 • 724 W. Northwest Highway, The Foundry, Barrington, IL • ShopGWhiz.com
46. FOR YOUR FABULOUS FEMME - Drop by Angelina on Station Street, mention “The Luby Group’s” Valentine blog post and ask for a 20% off coupon (restrictions apply) • 847-382-6802 • 123 Station Street, Barrington, Illinois 60010 • ShopAngelina.com
47. WOOL STREET WOOERY - Come in from the cold at Wool Street Grill and Sports Bar, mention “The Luby Group’s” Valentine blog post and receive a complimentary cup of soup or chili through the end of February • 847-304-0313 • 128 Wool Street, Barrington, IL 60010 • WoolStreetGrill.com
48. PUPPY LOVE - February is National Dental Pet Care Month. Give you pooch a little lovin’ this Valentine’s day with a trip to the Doggie Dentist. Barrington Animal Hospital is offering $40 off your dog’s dental cleaning in February plus a free toothbrush & a sample of poultry or beef flavored toothpaste - YUM. Call 847-381-8100 for more info.
49. SURPRISE ATTIRE -
We’ll leave this one to your own imagination…Sometimes the best present is your presence.
AND FINALLY…OUR LAST IDEA… FOR VALENTINE’S DAY, 2008…
50. HUG YOUR REALTOR - Because we finally made it to number 50…and we’re fresh out of ideas. 
Please feel free to add any ideas of your own by filling out the message box below: 

Happy Valentine’s Day from The Luby Group!
*All offers subject to change at the discretion of individual business owners.
Tags: Valentine Ideas, Barrington, Values, Francesdas Famiglia, Barrington Flower Shop, Massage Movement, Barrington Ice Cream and Chocolate Shoppe, M.J. Miller & Company, Kelley Cellars, Barrington Country Bistro, Brass Restaurant and Brewery, Millrose Restaurant, Catlow Theater, Boloneys Sandwich Shop, AMC South Barrington 30, Barrington Fresh Flower Market, Pasquesi Home and Gardens, Barrington Flower Shop, Lou Malnati’s, Eli’s Cheescake, Starbucks, Ambrosia Euro American Patisserie, Clarke’s Bakery and Deli, The Onion Pub and Brewery, Xanadu Day Spa, Good Shepherd Health and Fitness, Tropical Smoothie Cafe, Cricket Classics, McCauley Design, Cucina Della Rosa Cooking School, La Pomme de Pin, Woodie’s Chicago Style Hotdogs, Papa Joe’s, Fast Eddie’s Car Wash, Wolf Camera, Consolidated Music, G Whiz, Spa Vargas, Angelina, Wool Street Grill

It’s tough for hard working loan officers to overcome the media hype that accompanies a “dramatic” Fed move in rates. Is a 1.25% cut in 8 days in the Fed Funds rate “dramatic?” Absolutely. Does it mean that conforming loan rates are 1.25% lower than they were last month? Absolutely NOT.

Mortgages are priced off the 10-year Treasury bond - a wholly different instrument than the Fed Funds rate or the Fed discount rate. Currently, the yield on the 10-year note is hovering at around 3.60%. That yield gives us 30-year mortgage rates under 6%, which is much better that seven or eight months ago.

This move by the Fed will certainly help homeowners who are currently in adjustable rate mortgages. It can even be advantageous to recent home buyers who locked their rates in the 6.5% range last summer. Depending on the size of their loan, a refinance may be in order. And, it’s certainly a GREAT situation for home buyers in the market right now - they can buy more house for the same monthly payment they were looking at last year.

The rate cut seems to be having the immediate sought-after effect - a shot in the arm for the ever popular “Spring” housing market. Now is a great time to buy - there is lots of inventory out there to pick from and great financing options.

Written By:
Terri Landa
Mortgage Advisor
Coldwell Banker Home Loans
Office: 847-382-3780
Cell: 847-921-6817
Email: terri.landa@mortgagefamily.com
TerriLanda.ColdwellBankerHomeLoans.com

Tags: 60010, Barrington, Barrington Real Estate, Illinois, Mortgage, Interest Rates, Fed Rate Cut, Home Buyers, Refinance, FreddieMac, Home Financing

Right now, only 3-5 freight trains per day pass through Barrington on the EJ&E line. Canadian National Railway has plans to add 15 more trains daily to those tracks. That’s about 20 trains a day, uncomfortably close to an average of one train per hour. Consider the Cargo: The clients of CN & EJ&E are steel mills, plastics & chemical producers, distribution centers and Chicago area utilities. If the acquisition is approved, the by-products of these businesses will be rolling through Barrington at an alarming rate, with increased risks for ourselves, our neighbors, our businesses, our hospitals, our schools and our environment. Consider the Traffic Hazards: From Ela Road on the north down to Penny Road on the south, there are 8 streets crossed by the EJ&E line in the Barrington area. Specific roads that will be directly impacted are Ela, Cuba, Lake Zurich, Route 14, Hough Street (Route 59), Lake Cook, Otis and Penny. If you take a look at the way the tracks dissect Barrington, creating barriers of access to schools, hospitals & other public facilities, you can understand why Barrington’s police, fire & hospital officials are gravely concerned.

CN officials say using the EJ&E line will help the company add new “efficiencies” to their business and help relieve train congestion in other parts of Chicago by re-routing those trains through our back yards. They look at it purely as a business decision. Their proposed $300-million dollar acquisition would buy them access to the EJ&E line, with a huge cost to Barrington’s residents, businesses & environment. CN is promising to consider the full scope of issues we present, and plans to come up with ways to “mitigate” or allay our concerns. How have they done that in the past? By helping communities soundproof against train noise, by improving grade crossings to accommodate more train traffic and by offering assurances regarding their safety policies. Do these types of solutions sound sufficient? Do these solutions resolve your concerns? If your answer is no, you can submit your comments by next Friday, February 1st. One week from tomorrow. Here’s how:

1. Write to:
   Surface Transportation Board
   395 E Street, SW
   Washington DC 20423
   Attn: Phillis Johnson-Ball
   Environmental Filing
   STB Finance Docket No. 35087
2. File Electronically on the Board’s Website by clicking on this link:
   http://www.stb.dot.gov/stb/efilings.nsf
3. Leave your comments right here on our website in the message box below and we’ll forward it for you.

If you want to share your opinion, please don’t delay and please be as specific as possible in discussing how you are impacted. The STB (Surface Transportation Board) needs to know the full scope of issues to fully weigh the risks to our community. Whether you’re concerned about the safety of your children, the impact of more freight trains on traffic, emergency access to hospitals & schools, noise, hazards or other effects on the environment, NOW IS THE TIME to get heard.

Written by Suzanne & Liz Luby
Coldwell Banker Residential Brokerage
303 East Main Street Suite 100
Barrington, IL 60010
Suzanne’s Cell: 847-922-7773
Liz’s Cell: 847-691-3150
Website: TheLubyGroup.com

As CN Railway Corp. pushes forward with plans to re-route their freight trains through downtown Barrington, residents here are fighting back. An estimated 1600 people gathered at an open house today at Makray Memorial Golf Course to give CN executives a piece of their minds. From local officials, to business and home owners, to moms and dads who fear for their kids’ safety, there was a packed house at today’s Surface Transportation Board’s public meeting.

Worried that it may be their only chance to speak up, few were shy about voicing their concerns. “People will die on the way to the hospital.” Advocate Good Shepherd Hospital Communications Director, Mike Deering, cut straight to the chase with Phillis Johnson-Ball. She’s on the Federal board that is reviewing the environmental impact of CN Railway’s plan. The Canadian freight company has agreed to pay $300-million for the EJ&E Railway which cuts straight through Barrington. It’s a plan that would nearly quadruple freight traffic downtown, from five trains to more than 20 trains a day.

“If anyone goes into cardiac arrest in downtown Barrington and there’s a freight train passing through, for every one minute treatment is delayed, the mortality rate goes up 10-percent. Getting stuck behind a freight train for five minutes would give them a 50/50 chance of survival.” Deering also points out that of the 750 trauma patients treated at Good Shepherd in 2007, 28% of them originated on the “other side of the tracks.” With CN’s planned freight trains running from 7,000 to 10,000 feet in length, the trains can take 4 to 6 minutes or longer to pass through town. There are EJ&E crossings on Ela road, Cuba Road, Lake Zurich Road, Route 14, Route 59, Lake Cook Road, Otis Road, Penny Road as well as crossing the Union Pacific tracks in the Village of Barrington.

Area officials have noted that, from end-to-end, one train stopped in the right location could block all major intersections in Barrington. “There’s probably not a worse community that they could go through, in terms of configuration,” according to Barrington Community Schools Superintendent, Tom Leonard, who says District 220 buses cross the EJ&E tracks more than 370 times a day. Dr. Joseph Giangrasso, the medical director for Good Shepherd’s trauma center puts it bluntly, “I’m not exaggerating when I say, lives can - and very likely will be lost through this proposition.”

Barrington Police Chief, Jeff Lawler, also made a point of speaking up to Johnson-Ball. His first concern? Emergency access to Barrington High School and to North Barrington. He has already mapped out backup emergency routes which might be required should freight trains force a detour. He says that the quickest detour would more than double the distance from police headquarters to Barrington High School and that it would be a nearly 10 mile detour around the rail crossings just to get to North Barrington - typically just a few miles from the center of town. He also points out that there were two pedestrian train fatalities in Barrington in the last months of 2007 and warns that these types of deaths will rise with an increase in train traffic.

As voices of worry filled the room, CN Railway Corp. Senior Manager, Jim Kvedaras, made the case that their plans would actually benefit Barrington - on a broader scale. “This is about railroad efficiences and smooth operations. It allows a nice, convenient bypass route around the City of Chicago that will benefit the entire region.” The company plans to invest about $100 Million “for integration, new connections, and infrastructure improvements to add capacity on the EJ&E line and allow network synergies to be realized over time.” CN’s President and CEO says the acquisition will benefit Chicago in three ways: “It will reduce rail congestion, it will increase rail freight capacity and it will benefit the environment, with fewer idling locomotives and fewer blocked crossings…Together we can find the right way to balance the needs of communities with the regional need for a cleaner, safer environment and a more efficient rail transportation network.” Kvedares echoed that message today assuring that the company will consider concerns and cooperate fully with the environmental review process.

But all of that talk was off point for many. “I have four young girls who cross the tracks to get to school, the parks, everywhere. How do we do that? What are our options?” A mom seemed desperate when she asked that question today, a tone of anger clearly present. Another mother and Jewel Park resident, Jeanne Kelly, asked “Do we have to wait for an accident to occur? We don’t want that to happen.” In response, the Surface Transportation Board’s Phillis Johnson-Ball said they would work diligently to address these concerns and find ways to “mitigate” them. Her response sounded to Jeanne Kelly like this may be more of a done deal than a pending decision, as though it’s not a matter of whether but under what terms they’ll approve the acquisition. When Jeanne asked about precidents, Johnson-Ball said the most recent major train line acquisition happened back in July of 1998, when the CSX and Norfolk Southern Railway Companies successfully acquired Conrail to improve “efficiencies” within their companies. They had the same community open houses then as they had in Barrington today. In the end, despite the most vehement protests, the board approved that acquisition. Johnson-Ball says simply, “the issues of economics and competition favored the railroad. The environmental impacts, once mitigated, were not significant.”

After today, five more open houses will take place in other communites along the EJ&E West train line. The Surface Transportation Board will be accepting written comments from the public through the end of this month. After that, they will draft an Enviornmental Impact Statement and will either reject CN Railway’s proposal, approve the acquisition or accept the plan with conditions. Surface Transportation Board officials say the study could take up to 18 months to complete, but CN execs have said they’re hopeful to close this deal by the end of 2008.

If you have an opinion on the subject and would like to pass it along, you can get involved through the Barrington Communities Against CN Rail Congestion Website, FightRailCongestion.com. You’ll find information about the upcoming open houses and where to mail your personal comments at the Surface Transportation Board’s Website. If you would simply like to comment right here on our blog, please feel free. We’d love your feedback and would be happy to keep the conversation going in what is sure to be a continuing controversy.

Written by Suzanne & Liz Luby
Coldwell Banker Residential Brokerage
303 East Main Street Suite 100
Barrington, IL 60010
Suzanne’s Cell: 847-922-7773
Liz’s Cell: 847-691-3150
Website: TheLubyGroup.com

Before we consider the latest economic forecasts, let’s start by separating Fact from Fiction. Here are some of the FICTIONS born from the buzz about today’s Real Estate Market:

• It is impossible to sell a home today and make a profit.
• Property values have stopped increasing and started decreasing throughout the Chicago Suburbs.
• Your home won’t sell unless it’s under-priced.

Here are some of the FACTS we’re facing in today’s Real Estate Market.

• Specific areas in the Chicago Suburbs are still seeing property values steadily rise, though not as rapidly as in recent years. 
• The most competitively priced properties are selling first - at a faster pace and with more appreciation in Chicagoland compared to many cities throughout the country.
• Today’s buyers are passing up on properties that are not in pristine condition or are priced for yesterday’s market.
• Market times are rising. The number of detached single-family homes listed for sale in October was enough to last 10½ months at the current sales rate. (National Association of REALTORS.)
• Existing home sales are nearing 5.67 Million for 2007, the 5th highest on record. That’s down from 6.48 Million in 2006, 7.08 Million in 2005, 6.78 Million in 2004, 6.18 Million in 2003 and about on par with the 5.63 Million sold in 2004. (National Association of REALTORS.)
• Home prices in 10 major metropolitan areas in October were down 6.7% from a year earlier - the biggest year-to-year decline since April of 1991. However, the same study shows that home prices in Chicago (as a whole) are only down 3.2%. (S&P/Case-Shiller home-price indexes.)

In the Standard & Poor’s Home Prices report that was just released, researchers looked at recent home sale prices in 20 cities. They included statistics from the Chicago real estate market in their analysis. The GOOD NEWS is that Chicago (which saw a -3.2% change from 2006 to 2007) did NOT top the list of cities where property values have dropped the most. That unfortunate distinction goes to cities like Miami (-12.4%), Tampa (-11.8%), Detroit (-11.2%), San Diego (11.1%), Las Vegas (-10.7%) and Phoenix (-10.6%). The BAD NEWS comes in the form of a quote, which is attached to the report. Yale economist and creator of the home price indexes, Robert J. Shiller says, “No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim.” The chart below shows how Chicago compares and illustrates an interesting and important point.

Single Family Home Appreciation Comparison by City
(Source: Standard & Poor’s Data Through October, 2007)

Do you see Chicago? It’s the green line kind of close to the middle that doesn’t spike very high or very low. Since 2000, Chicago’s line increases steadily, with a relatively mild turn in 2007. The Chicago line mirrors that of our nice and stable Midwestern region, as a whole, which has been spared the extremes seen in the real estate markets that led the housing boom, like California, Florida and Arizona. And what about the cities that are in the best shape, according to this study, like Charlotte (+4.3%), Seattle (+2.2%) and Portland (+1.9%)? Home prices are still up from a year ago in these cities, but we don’t hear much about the places where the real estate market is steady and strong.

Having spent ten years as a journalist, I understand all too well what’s happening here. It has more to do with what reporters choose to highlight and what the media chooses to focus on. Speaking from experience, the worst or saddest news of the day is typically the lead story, especially when people are suffering.

We understand that these times are difficult for home owners who can’t afford their adjusting mortgages and are losing their homes due to foreclosure. We have clients whose homes are taking much longer than “normal” to sell and, like you, we’re taking a concerned look at how all of this impacts our own personal homes and investments. The tides are turning and the market is in the thick of a necessary and overdue correction. But we believe the media’s “one-size-fits-all” mode of reporting has contributed a great deal to the problem.

Just consider these headlines, excerpts, quotes and key words from some recent real estate news stories: “War? Disaster? Nuclear ambitions? What could derail the housing market?” “Falling House Prices are the Number 1 Danger to the Economy,” “Few are Optimistic,” “Brace Yourself for Real Estate Aftershock” “Mortgage Meltdown” and “Collateral Damage” top the list. Even economist Robert Shiller has said that “the collapse in home prices might turn out to be the most severe since the Great Depression.” Yet just last week the government reported that consumer spending in November grew at the fastest pace in 3½ years. Maybe we’re just too short sighted to panic about what the media might call the impending Armageddon here. We have definitely seen a change in the pace of appreciation. We can’t ignore the rising market times. We have conversations with frustrated sellers daily. But if our business is any indication, real estate remains a sage and steady investment for Chicago Suburban home buyers and sellers.

Looking back, real estate events in 2007 were, without argument from us, “unprecedented.” Many areas of the country saw declining house prices as buyer demand decreased and housing inventory increased to the highest level nationally in 22 years. Additionally, chaos in the mortgage industry resulted in lower home sales and a rise in foreclosures, compounding the market’s underperformance. It is likely that many of the problems plaguing 2007 will continue into 2008. However, as December draws to a close, we are optimistic that 2008 will be slightly improved with market conditions stabilizing and home sales regaining strength.

According to Lawrence Yun, the National Association of Realtor’s chief economist, “The worst of the credit crunch has already worked its way through the data and the strength of the Midwest market which is affordable and possibly even undervalued, will help raise the national median existing home price slightly in 2008.” Existing home sales for 2007 will most likely total 5.67 million, the 5th highest on record, and rise to 5.70 million in 2008, in contrast to 6.48 million in 2006. The 30-year fixed-rate mortgage is estimated to rise slowly to the 6.4 percent range by the end of 2008, with additional cuts in the Fed funds rate lowering short-term interest rates. Recent forecasts of a recession are tempered by a look at today’s unemployment rates, currently at 4.6 percent for 2007, unchanged from last year. Economists predict the rates will rise, though slightly, to 5.0 percent for 2008. Inflation as measured by the Consumer Price Index will likely be 2.8 percent this year and 2.7 percent in 2008, down from 3.2 percent in 2006. And as more home owners default on their loans, throughout the country, many are going back to renting. The home ownership rate in the third quarter stood at 68.2% of households, down from a peak of 69.2% in 2004. It’s a bitter pill for this group of home owners, but a trend to watch for those in the business of buying investment or rental properties.

Although the economy is fundamentally sound, unemployment relatively low and jobs gaining, our real estate outlook for 2008 is guarded. We agree that buying a home continues to be the single best long-term investment people can make. The fact that housing prices having adjusted downward over the past 18 months and interest rates remain relatively low bode well for a gradual recovery in the home sale activity beginning in 2008.

Written by Suzanne & Liz Luby
Coldwell Banker Residential Brokerage
303 East Main Street Suite 100
Barrington, IL 60010
Suzanne’s Cell: 847-922-7773
Liz’s Cell: 847-691-3150
Website: TheLubyGroup.com

Tags: Chicago Northwest Suburbs, Barrington, Inverness, Illinois, Real Estate, Homes For Sale, Market Trends, Real Estate Forecast for 2008, Appreciation Rates, Home Sale Prices, National Comparison, The Luby Group, Suzanne and Liz Luby, REALTORS