The Real Estate Bloggers

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The tangled web of Tony Rezko and his nefarious real estate dealings is going to get a bit more tangled this week. The Chicago Sun Times has linked Rezko with a series of home repairs on Illinois Governor Rod Blagojevich’s Chicago home.

If you remember the name Tony Rezko, he was the kickback artist who “bought” the property next to Presidential Candidate Barack Obama and sold him a part of it to help him out.

Rezko, who was convicted on corruption charges recently, is now reportedly talking with Federal agents about his past criminal behavior. Creating sweetheart deals for Governors and future Presidents should provide some great fodder for the last month of the election.

Federal investigators are zeroing in on whether Tony Rezko paid for all or part of a $90,000 rehab of Gov. Blagojevich’s Northwest Side bungalow as the corruption probe of the state’s first family accelerates.
Since Rezko’s felony conviction in June, the FBI has been investigating how the former top Blagojevich fund-raiser billed the governor and his wife for the work, who paid for it and whether Rezko ever arranged for cash to be passed in envelopes to the Blagojeviches, several sources familiar with the probe told the Chicago Sun-Times.

A grand jury has issued at least one subpoena related to the project, according to the sources, who spoke on condition of anonymity. Agents also have inquired about the governor’s wife’s real estate dealings with Rezko and whether Rezko might have disguised payments for the work through sham billings at a large housing development he was building. via CHICAGO SUN-TIMES

On the day the NHL Hockey season starts, it is interesting to see the affect of the weak US dollar and the stronger Canadian dollar has on purchases by Canadians south of the border. The answer is it has had a big impact.

2 years ago only 11 percent of international purchases were made by Canadians, this past year 23 percent. Considering a weak dollar has increased international purchases overall this has been a huge increase.

But with lower prices in the US in key states like Phoenix and Florida, Canadians will probably never see the deals like this again.

Housing prices continue to sink south of the border and Canadians have been taking advantage of a relatively strong loonie to pick up second properties throughout the U.S. Sunbelt.
The prices are compelling. Beachfront property with about 1,500 square feet, albeit in need of improvement, is selling for as little as US$250,000 in south Florida, according to Kimberly Kirschner, who runs Kirschner Realty International out of Hollywood, Fla.
“The same property would have been about $500,000 just two or three years ago,” says the realtor, who has watched as Canadian buyers have poured into the region.
The Washington-based National Association of Realtors reports that, for the 12 months ending in May, 23.6% of all international purchasers of U.S. residential real estate were Canadian. That is up from 11% a year earlier. via The Financial Post

If you are planning on selling your home in the near future, this quote is dead on and will give you something to think about.

Two types of homes are selling right now—houses that are great values and houses that are great. The key is to make your home both, edging out whatever competitors might be next door, in the same neighborhood or in the same community. Sellers can’t change their property’s location, but they do control condition and listing price.via  chicagotribune.com.

The home market has slowed down, but the risk associated with homes prices 2 years from now have bifurcated. The worst markets according the the PMI Institute study show an almost certainty that home prices will be lower than they are today in the following communities. But looking down the list the majority of homes in the country are expected to be at a higher prices, with many markets this being a certainty.

Top 10 Riskiest Home Markets For Fall, 2008

Fort Lauderdale-Pompano Beach-Deerfield Beach; FL A   99.5
Riverside-San Bernardino-Ontario; CA                  99.5
Orlando-Kissimmee; FL                                 99.4
Miami-Miami Beach-Kendall; FL                         99.3
Tampa-St. Petersburg-Clearwater; FL                   99.0
Las Vegas-Paradise; NV                                98.5
Los Angeles-Long Beach-Glendale; CA                   98.5
Santa Ana-Anaheim-Irvine; CA                          97.7
Jacksonville; FL                                      97.5
Phoenix-Mesa-Scottsdale; AZ                           96.3

The number at the end is the percentage chance that homes prices will be lower in 2 years.

Columbus real estate agent Herta Bailey was murdered by a tenant that came to her office to discuss a possible eviction. The meeting was scheduled for after hours and it looks like they were the only ones in the office.

Folks, you as real estate agents are targets if you do not follow some basic safety precautions. It is very easy to get lulled into a false sense of security after doing things for a long time. But especially dealing with problem clients it is imperative to be in a public place or have people knowing exactly where you are.

Herta Bailey had a record of who she was meeting that led to the assailants arrest but that is still not enough.

RIP Herta Bailey, hopefully you can be a lesson to others and save their lives.

Monday evening, police say the man met with Bailey in her office on Whitesville Road to discuss an eviction because he was behind on his rent. Investigators say during the meeting Powell struck Bailey and strangled her to death. Then, he allegedly dumped her body in the trunk of her car — taking some of her personal belongings, including some credit cards, which he used to pay two utility bills.

The following morning, co-workers found blood stains in the carpet at the office and became suspicious and notified police when she did not show up for an 8:00 a.m. appointment. Later that morning, police set up a surveillance camera outside Powell’s residence on Pineneedle Drive. Around 10:00 a.m., Tuesday, Powell arrived and was arrested.

While in custody, Powell revealed to investigators the location of Bailey’s body. Muscogee County Coroner, Bill Thrower, says her body was discovered in the trunk of her car on 51st Street in Columbus around 9:40 p.m. Tuesday.  via WTVM.com