Home Builders Urge Congress to Pass Financial Rescue Package
Chicago home builders, developers and agents — Act now by emailing your Senator and Representative at capitolconnect or call their offices using the NAHB toll-free legislative hotline at 1-866-924-6242.Earlier this week the House of Representatives failed to pass the bipartisan, carefully-crafted “Emergency Economic Stabilization Act of 2008″ by a vote of 205-228 (View the Final Vote Results for Roll Call 674 and see how your Congressional Representative voted.) This legislation would have helped remedy the extreme turmoil and uncertainty currently facing the nation’s financial markets.
With the failure of the House to act, the financial crisis continues. Falling home prices, mounting foreclosures, and a frozen credit market have taken a severe toll on the nation’s economy. As the financial markets struggle, mortgage credit costs are increasing and home builders are finding it more and more difficult to obtain any business credit. By providing a (Continued…)
Custom Builders and Remodelers Build Buyer Trust through Learn-Build
In a booming real estate market, home builders built speculative homes with no significant fear of not recouping their investment in a reasonable amount of time. Times have changed, and building specs isn’t as easy or as profitable as it once was. The result? Builders focus on presales and, suddenly, everyone is a custom builder. But when buyers are investing the time and money to work with you on a home from the beginning, they’re judging you against a different yardstick. They can no longer see, touch or tour the home to evaluate its quality. They must visualize it, and they must trust you when you say you will build it well. With remodeling jobs, trust is even more important. In the case of a new build, buyers will have the opportunity for a final walk-through before closing, and they can list any contingencies in a legally binding contract. With a remodel, buyers literally have to live with challenges until settlements can be made, and they’ll look for a remodeler who will allow them to avoid the hassle.
How can builders and remodelers differentiate themselves and build trust with clients before the foundation is poured or the first wall is torn out? Through continuing education and certifications offered through the Illinois Regional Education Board and Learn-Build. Think about it. If you had the choice of having your car repaired by a “Master Mechanic” or the garage that just opened down the street, which would you more likely trust to do the job right the first time? Several certifications offered through Learn-Build will tell potential clients that you have been educated in proper construction methods and in responsible business management – a major factor in building trust. (Continued…)
Action Needed Now for U.S. Financial Crisis
During an Emergency Session of the NAHB Board of Directors at Fall Boards today in San Diego, the members present voted to support the administration on TARP (troubled assets relief plan). Congress is currently working on historic legislation to address the credit crisis. Help pass this vital aid for the financial markets now by contacting your representatives.
Although the builders present agreed that the plan has challenges specific to our industry that we will have to deal with over the next several years, all agreed the benefits of TARP substantially outweigh the risks of doing nothing. It is critical for home builders to call their Congressional delegation and urge them to act promptly on the financial markets rescue plan. The costs of doing nothing could be catastrophic.
Credit markets have been locked up for months and builders, as well as new home buyers, are suffering from a shortage of mortgage credit. Recently this situation has become more perilous. In fact, Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke warn that conditions have deteriorated to the point of triggering a world-wide financial collapse.
The Treasury Department proposes TARP to stabilize the situation and negotiations are underway in Congress. The proposal will allow the Treasury to restore liquidity to the credit markets by purchasing up to $700 billion in troubled mortgage-related assets from financial institutions. The actual cost of this plan should be considerably less as the Treasury resells the assets and retains the proceeds.
Mortgage assets include residential or commercial mortgages and any securities based on such loans. It is hoped that this rescue plan will shore up housing finance markets and help stem the decline in housing demand and home values by providing an outlet and market for troubled (Continued…)
Social Media is not just for kids anymore, Study on Boomers use
Are Facebook and MySpace just for GenX and Y’ers? An article from the marketing publication BrandWeek.com covers results of a study of Baby Boomers’ social media habits. If you still think these sites are ONLY for young people, and that Chicago Real Estate buyers are not there, think again.
Some statistics from a new Entertainment Trends in America study by The NPD Group, Port Washington, N.Y…
Social networking sites are being adopted by baby boomers (aged 44-61).
The study surveyed 11,600 consumers online.
41% of baby boomers have visited social networks, such as MySpace or Facebook, and 61% have been to sites with streaming or downloadable video.
over 57% of Web users overall have stopped at social networking sites in the past three months. Baby boomers stopped on average of eight times in that period.
Contact mRELEVANCE for a complete analysis of your Internet markeing strategy and to consult on how you can use Social Media more effectively.
Luxury Chicago Penthouses at Lexington Park
A mansion in the sky—a condominium penthouse—really is the height of elegance in luxury downtown housing. Though usually priced a bit higher than standard condominiums, penthouses are loaded with Manhattan-style amenities and legendary features only seen in Hollywood movies. Private elevators, spectacular views from rooftop terraces, tall ceilings and palace-quality upgrades are common features that represent the mystique of the penthouse, and are right on par with the level of luxury you will find at Lexington Park. The new Chicago condo development offers a limited collection of one-of-a-kind penthouses with spectacular lakefront, harbor and city views.
A selection of unique penthouses currently are available for purchase are on the 32nd, 33rd, 34th and 35th floors at Lexington Park. The 1-bedroom, 2-bedroom and 3-bedroom penthouses have 1 to 3 baths, 1,068 to 1,645 square feet and range in price from $478,900 to $717,900. (Continued…)
Chicago New Homes with a Beautiful, Wooded View
There’s a little bit of country to be found amid Chicago’s big city congestion. Home buyers can combine the convenience on living in the city with the natural beauty of a country home on the Far Northwest Side of Chicago. It is here that you will find Edgebrook Glen, a community that has come to be known as a “suburb-in-the-city” due to its close proximity to forest preserves. At Edgebrook Glen, a development of 64 luxury new homes in Chicago, the secluded 11-acre site adjoins the western border of the Indian Woods Forest Preserve, providing beautiful, wooded views not commonly found within the city limits.
Another leafy Northwest Side alternative is Cornelia Court, a 63-unit townhome development in West Roscoe Village that has its own 10,650 square foot private park nestled within the 2.4-acre development at Cornelia and Sacramento avenues on the Northwest Side. (Continued…)
Mitch Levinson Speaking in Atlanta
Next Tuesday, September 9th, Chicago real estate marketing professional Mitch Levinson will be traveling to the Deep South to lend his industry expertise to the Atlanta real estate market. In this particular instance, Mitch will be speaking on Internet marketing and how it is a cost-effective way to help increase brand awareness. In the current market and Web 2.0 world that we are living in, it is imperative to have a grasp on effective Internet practices and know how to use them to your advantage. At this particular class, attendees will get answers to questions like:
- Are you getting traffic from your Internet strategy?
- Is it the right mix of traffic?
- Does your Internet strategy generate sales?
- Is your Web site design working? (Continued…)
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