Gus Abello is the new Senior Vice President and Regional Manager of Chicago Title

Chicago Title Insurance Company announced the promotion of Gus Abello to Senior Vice President and Regional Manager.

In his new position, Abello will oversee the company’s services to residential 480 employees in a seven-state region: Indiana, Kansas, Minnesota, Missouri, Nebraska, Ohio and most of Illinois. He will be based in Chicago.

“We want to surpass our goal of $150 million to provide better service for our customers in that seven-state footprint by connecting customers and operations on a more national platform,” Abello said. “We want to create a network to make it easier for them to do business in multiple states.”

Abello brings 30 years of experience to new position

Abello is a 30-year veteran of Chicago Title and previously served as Vice President and Area Manager, responsible for managing north suburban operations in the Chicago metro area. Before that, he started as an examiner for the company, which transitioned into an underwriting position, which then transitioned into a smaller management position.

The promotion is going to be a huge change for Abello. As manager of a $30 million north suburban operation, he was in charge of just one profit center. Now he is in charge of a $150 million operation and eight profit centers. It will be a lot of work, but he is eager and enthusiastic to take on this new role.

“I’m very, very excited,” he said. “I’m looking forward to partnering with multiple players in real estate transactions to make the entire real estate transaction a much smoother event. We can help each other, and build each other’s businesses.”

In addition to his responsibilities at Chicago Title, Abello serves as President of Face the Future Foundation, a volunteer organization that benefits The Craniofacial Center at the University of Illinois Medical Center at Chicago. He is also a board member of House of the Good Shepherd and a board member of Catholic Charities of the Archdiocese of Chicago.

Abello earned his B.A. degree from Northwestern University and his J.D. degree from Loyola University Chicago.

Chicago Title Promotes Gus Abello to Senior VP and Regional Manager was originally published on Chicago Agent Magazine - For the well-informed real estate professional, the leading source for news and perspective for real estate professionals in the Chicagoland area.

The Census Bureau’s latest new construction numbers were a topsy turvy bunch, with housing starts plunging but building permits soaring.

If the Census Bureau’s latest numbers are any indicator, April was a wild month for new housing construction in the U.S., with building permits and housing starts rising and falling in equally dramatic fashion. And behind the dramatic sways was a familiar culprit – the ever volatile sector of multifamily housing.

Topsy Turvydom in New Construction

First, building permits, which are sought by builders for future construction projects, rose by extravagant amounts in April, increasing 14.3 percent from March and a jaw-dropping 35.8 percent from April 2012 to an annual rate of 1.017 million; that’s the highest level for building permits in five years, and the increase was largely driven by the nation’s surging multifamily housing sector. Authorizations for multifamily units rose 32 percent from March to April, while single-family home authorizations rose a more modest 3.0 percent. Yet, where multifamily housing was a boon for permits, it was an anchor for housing starts. Multifamily starts were down 37.8 percent from March to April, which sank overall housing starts by 16.5 percent; though housing starts were still 13.1 percent above April 2012, the monthly decline knocked them down to their lowest level since November 2012.

The Single-Family/Multifamily Divide

But still, on the single-family home side of the equation, there was much to like. As Bill McBride pointed out on Calculated Risk, single-family starts were up 20.8 percent yearly in April, and for 2013′s first quarter, they’re up 39 percent from 2012. And considering that overall housing starts were at an 853,000 annual rate – when housing starts averaged 1.5 million per year from 1959 to 2000 – there’s still plenty of room for growth. Are there any takeaways, though, regarding multifamily housing? If anything, April’s numbers on building permits only confirm that we can expect more multifamily developments to come down the pipeline, and as the Architecture Billings Index continues to show, there are still plenty of developers out there prospecting for more condominiums and rental units.

Housing Starts Plunge, Building Permits Soar in New Census Bureau Data was originally published on Chicago Agent Magazine - For the well-informed real estate professional, the leading source for news and perspective for real estate professionals in the Chicagoland area.

There are some initiatives underway to bring more affordable housing to Chicago’s North Shore communities, but do they stand a chance of succeeding?

Chicago’s North Shore has long been a bastion of upper-class living, but efforts are underway to make those affluent communities more open to lower income residents – especially the nurses, teachers and police officers who work there; and though progress has been slow, there has nonetheless been progress.

According to a new Chicago Tribune story, the push for affordable North Shore housing began 10 years ago, when Illinois adopted the Affordable Housing Planning and Appeal Act, which not only appealed to wealthier communities to pursue affordable housing initiatives, but also spotlighted the 49 communities in Illinois that were unaffordable for most Illinoisans, and Winnetka, Wilmette, Highland Park, Deerfield, Northbrook and Lake Forest all made the list.

“A Drop in the Bucket” For Affordable North Shore Living

One thing the Illinois state measure did not do was compel any communities to act. Though it did, as the Tribune put it, place the issue of unequal housing “under a microscope,” few of the North Shore communities have enacted any major changes to their housing policies.

The end result thus far, said Gail Schechter, executive director of Winnetka-based Open Communities, has been no more than “a drop in a bucket.”

“The economy is bouncing back, but a lot of these communities are still catering to the rich,” she said in the Tribune article.

The two main problems, said Richard Koenig of the Housing Opportunity Development Corporation, is scarcity and cost. Undeveloped land is very scarce in the land-locked North Shore communities, and the existing properties command a high price tag, he explained to the Tribune.

Also problematic is how North Shore residents perceive “affordable housing,” with many equating such initiatives with Chicago’s infamous public housing projects.

“You can’t just blame everything on affordable housing,” Schechter said. ”I hear a lot of people say ‘I’m not against affordable housing, I just don’t want it here,’” Koenig said. “If I had a nickel for every time I heard that, I could build more affordable housing.”

Measurable Progress

But still, the situation is not an entirely negative one. Highland Park, for example, has been far and away the most proactive of the North Shore communities, creating Illinois’ first community land trust in 2003. Since then, the community has introduced 44 affordable homes and assisted 50 households.

Similarly, the Lake Forest City Council is aiming to make 15 percent of its new housing developments affordable over the next decade, which would come out to 50-60 affordable units by 2020. And Northbrook established an affordable housing plan in 2005, and is in the process of setting its own goals.

The one area though where affordable housing has not progressed is Winnetka, where intense public opposition quashed housing efforts in 2011.

However, as the Tribune points out, 10 years may not be adequate time to judge the impact of Illinois’ affordable housing law. And Adam Gross, the director of regional affordable housing initiative at Business and Professional People for the Public Interest in Chicago, said the recent housing downturn must also be considered, and the fact that little housing construction – to say anything of affordable housing construction – has taken place.

“It’s hard to assess the act’s effectiveness in a time when little or no housing is being built,” Gross said.

Does Affordable Housing Have a Chance in the North Shore? was originally published on Chicago Agent Magazine - For the well-informed real estate professional, the leading source for news and perspective for real estate professionals in the Chicagoland area.

Prospecting for new clients often gets a bad rap, but there are fun, creative ways to approach prospecting that can make it quite enjoyable.

Prospecting for new clients is among the least glamorous of real estate’s many activities, and the stereotypical image behind prospecting – endless cold calls,  drip email marketing campaigns, door-to-door canvassing – make the activity seem as much fun as pulling teeth.

Yet, beyond the stereotypes, there is a whole other world of prospecting, one that is fun, and lively, and interactive, and as is the case with so many aspects of real estate, there’s nothing stopping you from embracing such strategies. Here are three to consider:

1. Inventive Branding – Your real estate business is only as good as your brand, and it behooves any agent to make their brand as ubiquitous and recognizable as possible, without seeming intrusive or pushy. How can that balance be achieved? Consider creative, inventive places to incorporate your brand. For instance, think about unorthodox places to print your company logo and contact information, such as water bottles, which you could distribute to members of your gym, your son/daughter’s little league team. Or look into creative sponsorships, such as bowling leagues, or school field trips; when I was in high school, our marching band planned biannual trips to Disney World, and a Realtor in the area always met new clients through his sponsorships of the band’s fundraising efforts, which involved his logo appearing boldly on event banners and the like.

2. Public Events – Rather than spending a weekend going door to door, let the potential clients come to you with a fun public event! Something like a barbecue for your neighborhood/subdivision is the perfect opportunity to introduce yourself to customers, show off your impressive market knowledge and, naturally, impressive everyone with your impeccable culinary skills.

3. Make the Usual Unusual – Finally, think about ways to make the most common, boring aspects of your real estate business unique and interesting. For instance, we recently learned of a Realtor who attached sticks of gum to all of his business cards; such a strategy is not only hugely creative, but incredibly cost-effective, and it gave the Realtor an immediate edge on his competition. Think about what other aspects of your business could use a similar, refreshing approach.

3 Fun Ways to Prospect For Clients was originally published on Chicago Agent Magazine - For the well-informed real estate professional, the leading source for news and perspective for real estate professionals in the Chicagoland area.

Realtor Marlene Calders has joined the Coldwell Banker team at their Park Ridge office.

Coldwell Banker Residential Brokerage recently announced the addition of Realtor Marlene Calders to their Park Ridge office.

Throughout her 12-year career, Calders has built an area of expertise in distressed properties, staging, interior design and buyer brokering.

“We are thrilled to have someone with Marlene’s unique background on our team,” Mark Kloss, branch manager of the Park Ridge office, said. “She has the keen ability to tour a home for a buyer or prospective listing client and offer constructive visual concepts for each.”

Calders previously spent 23 years as an advertising manager/executive recruiter for three Fortune 500 companies, and began her career in real estate in 2000. She has previously worked for Baird & Warner and the Landview Realty Group. Calders works in both city and suburban areas, specializing in areas such as Wicker Park, South Loop, Logan Square and Bucktown. She is very excited to be a part of the Coldwell Banker – Park Ridge team, as it has given her an opportunity to grow.

“I did extensive research and determined that Coldwell Banker’s reputation for excellence and cutting-edge marketing tools was the best place to grow my business,” she said.

Calders received a bachelors of science degree in psychology from DePaul University. She is certified in distressed property and has an E-Pro Designation. When she is not focused on real estate, she enjoys spending time with her family, dancing and music (particularly country music).

Marlene Calders Joins Coldwell Banker’s Park Ridge Office was originally published on Chicago Agent Magazine - For the well-informed real estate professional, the leading source for news and perspective for real estate professionals in the Chicagoland area.

With inventory the lowest it’s been in years, multiple offer situations are increasingly common; Anna Mayer-Huls explains how agents can deal with them.

How many times have you represented a buyer in a multiple offer situation this year? Can’t keep track? Me either. Here are a few tips to keep in mind when entering a multiple offer situation.

1. It is vital to know how the listing agent will be handling the multiple offer situation. Will they be taking initial offers and then asking everyone for their best and final offer? Or do they want your client’s best and final offer right up front?

2. What is the seller’s ideal close date? This is good information to know in any scenario, but even more important when there are multiple offers.

3. Turn in all of the paperwork at the same time. This includes the pre-approval, copy of initial earnest money check and signed disclosures.

4. Let the seller’s know some personal information about your clients (with their approval, of course). This could be as simple as telling the sellers what your clients love about their home and why they chose this particular property.

5. Educate your buyers. Crunch the numbers for them and let them know what their payments would look like at a few different price points. A $5,000 or $10,000 increase in purchase price will only minimally increase their monthly payments.

6. Put your clients’ mind at ease. Tell them that, unfortunately, these types of scenarios are common. It may sound cliché, but I always believe that everything happens for a reason. If they lose out on one property, chances are there may be a more ideal property right around the corner.

7. Inform your buyers during your initial consultation of the current market trends. Let them know that multiple offer situations can happen and explain how you will handle the situation. They may have to get comfortable with paying close to or above the list price.

8. Finally, always call your clients during this process. They don’t want to find out that they lost a property via email.

Good luck agents!

Anna Mayer-Huls is a broker associate with @properties in Chicago. She can be reached at:

1875 North Damen
Chicago, IL 60647
Direct: 312.867.2275
Cell: 773.550.7668
Fax: 312.229.9206
Email: annasellschicago@gmail.com

How to Survive a Multiple Offer Situation in 8 Easy Steps was originally published on Chicago Agent Magazine - For the well-informed real estate professional, the leading source for news and perspective for real estate professionals in the Chicagoland area.

What income is necessary to afford the typical house in Chicago? And how do those requirements compare with other major metro areas?

“Housing affordability” is a term that gets thrown around quite a bit nowadays, and for good reason; with mortgage rates at all time lows, homeownership is a possibility in even the priciest of housing markets, and owning a home is often a more cost-effective option to renting (though to be fair, such a scenario depends upon securing a mortgage amidst tight lending standards).

Yet, though homes may be relatively affordable, how much income must a homebuyer have to afford a mortgage? And how do those income levels differ across the U.S.’ many metropolitan markets? Those two questions were at the heart of a new study by HSH.com, which took median home price data from the National Association of Realtors and the average first quarter interest rate for 30-year FRMs and, assuming a 20 percent downpayment (and discounting any complementary, adjustable costs, such as taxes and insurance), calculated what kind of income a homebuyer would need to purchase a median property in that area.

So, what did HSH.com find out? What income level should you have in mind when consulting with potential clients? And how much can you brag to current clients about how affordable our housing market is? See our infographic below to find out:

What Income Does Your Client Need to Buy a Home in Chicago? was originally published on Chicago Agent Magazine - For the well-informed real estate professional, the leading source for news and perspective for real estate professionals in the Chicagoland area.

The site of the stalled Chicago Spire condominium property shows promise of coming back to life, receiving several bids from developers.

As the housing market recovers, developers are placing bids on the site of the former Chicago Spire condominium property, which was once planned to be the tallest building in North America, but delayed due to construction.

According to people who are familiar with the bidding, Ireland’s National Asset Management Agency (NAMA) received a half-dozen offers in the initial round of bidding for about $93 million in debt it holds on the property.

Among those bidders are DeBartolo Development of Tampa, Florida and Stephen Ross’s Related Cos. of New York. Both bidders are active developers in downtown Chicago.

All of the bids were lower than the debt of the property. However, brokers said that the property receiving any bids at all is a sign that competition for downtown Chicago land parcels is getting fiercer.

“The buzz is out and people want to explore the condominium potential of various sites,” Gail Lissner, vice president of Chicago real estate research firm, Appraisal Research Counselors, said in an interview with The Wall Street Journal.

The Chicago Spire also received interest from its original developer, Garrett Kelleher, who still holds title to the property but lost day-to-day control of it to a receiver in 2010.

Kelleher bought the land for $64 million in 2006 and tapped Spanish architect Santiago Calatrava to design a 2,000-foot-tall, drill-bit-shaped condo tower on the site. Proposed prices for the condos ranged from about $750,000 to $2 million and higher. He initially took out a $54 million mortgage to buy the property, but construction stopped in 2008 as the recession hit. The debt tally has since increased with added debt, interest and penalties.

Last month, Kelleher met with NAMA and proposed paying off the loan in a bid to take back control of the property, which is now overseen by a receiver, according to The Wall Street Journal. This month, Kelleher visited the Chicago Spire site with a potential investor. A NAMA spokesman said the agency couldn’t comment on specific properties but noted that it can only sell an asset to a defaulted debtor if the borrower can fully repay its debt.

The only remainder of the stalled Chicago Spire plans is a cylindrical 76-foot-deep foundation hole and a ramp access to nearby Lake Shore Drive. It was once planned to be a 2,000-foot skyscraper – the tallest in the Western Hemisphere and about 500 feet higher than Willis Tower. Now, it is planned to be a 150-story tower with 2.3 million square feet.

Bidders Bring Stalled Chicago Spire Site Back to Life was originally published on Chicago Agent Magazine - For the well-informed real estate professional, the leading source for news and perspective for real estate professionals in the Chicagoland area.

@properties is expanding their presence in the Chicagoland area with a new office in Uptown.

Chicago real estate firm @properties continues to expand in the Chicagoland area with the opening of a new office in Uptown on the city’s North Side.

“We’ve been planning to open an office in Uptown for a while, and the timing is perfect,” Thaddeus Wong, @properties co-founder, said. “We’re growing rapidly throughout the North Side, and we’re confident that these markets will be better served by the higher level of service we offer.”

With this new location, @properties looks to build on its market share in Uptown and neighboring communities, such as Edgewater, Andersonville, Ravenswood, Rogers Park and Lincoln Square. Year to date, @properties has market share of 18.4 percent in Uptown, 23.6 percent in Edgewater and 14.5 percent in Lincoln Square, based on closed sales volume.

“Between the improving market and some major new development proposals, we believe Uptown is really on the come, and this office puts @properties in the middle of the action,” co-founder Michael Golden said. “We’re excited to expand our operation in this community.”

@properties Expands with Opening of Uptown Real Estate Office was originally published on Chicago Agent Magazine - For the well-informed real estate professional, the leading source for news and perspective for real estate professionals in the Chicagoland area.

Builder confidence for both the general housing market and the 55+ market increased in May on the strength of homebuyer urgency.

Builder confidence at all levels of the homebuilding industry showed some of its strongest numbers in years in May, with both the Housing Market Index and the 55+ single-family Housing Market Index increasing.

The indices, both of which are measured and released by the National Association of Home Builders (NAHB), reflected new levels of homebuilder optimism and greater interest from homebuyers.

Homebuyer Urgency in the Housing Market Index

For the more general Housing Market Index, builder confidence for newly built, single-family homes rose three points to 44, with all three main components of the index showing improvement as well.

The index gauging current sales conditions increased four points to 48, while the index gauging expectations for future sales edged up a single point to 53, which is its highest level since February of 2007. Finally, the index gauging traffic of prospective buyers gained three points to 33.

Rick Judson, the chairman of the NAHB, said that low housing inventory has inspired a new level of urgency for potential homebuyers.

“Builders are noting an increased sense of urgency among potential buyers as a result of thinning inventories of homes for sale, continuing affordable mortgage rates and strengthening local economies,” Judson said. “This is definitely an encouraging sign even amidst rising challenges with regard to the cost and availability of building materials, lots and labor.”

Soaring Confidence in 55+ Market

As promising as the Housing Market Index was, though, it paled in comparison to the gains seen from the 55+ single-family Housing Market Index, which increased 19 points in the first quarter to reach 46; that’s the highest reading since the NAHB launched the index in 2008, and the sixth straight quarter of increases.

With numerous Baby Boomers retiring and seeking new housing options, the 55+ market will be an important one for the housing market, and the individual components of NAHB’s measure of the market left much to smile about: the present sales marker rose 19 points to 46; expected sales rose 21 points to 53; and traffic of prospective buyers rose 15 points to 41.

Also, the 55+ Housing Market Index for condos showed strong numbers. Overall, the index rose 23 points to 38, its highest first-quarter reading in the index’s history, while present sales rose 23 points to 37, expected sales for the next six months climbed 23 points to 43 and traffic of prospective buyers rose 23 points to 38.

“We are seeing an increase in consumer demand for homes and communities that are designed to address the specific needs of the mature homebuyer,” said Robert Karen, chairman of NAHB’s 50+ Housing Council and managing member of the Symphony Development Group.

Builder Confidence Surges in May was originally published on Chicago Agent Magazine - For the well-informed real estate professional, the leading source for news and perspective for real estate professionals in the Chicagoland area.