Hot Chicago Market

Real estate sales rise in Illinois, Massachusetts

More buyers flock to condominiums
Tuesday, August 24, 2004

Median home price in Chicago metro area rose to $253,800 in July.

Home sales and prices in Illinois and Massachusetts posted healthy gains in July, according to Realtor associations in both states.

Home sales in Illinois rose 3.9 percent in July and the median price of an existing single-family home increased 5.6 percent compared to the same period a year ago, the Illinois Association of Realtors reported.

According to sales data, the median price of an existing single-family home in July was $192,600, up 5.6 percent from $182,400 in July 2003. The median is a typical market price where half the homes sold for more, half sold for less. July home sales totaled 13,155, up 3.9 percent from 12,662 homes sold in July of 2003. Year-to-date sales (January through July) showed an increase of 6.6 percent to 72,971 homes sold, compared to 68,424 in sales in the first seven months of last year.

There were a total of 5,593 condominium sales in July, up 11.1 percent from 5,032 sales in the same month last year. The statewide condominium median price for July was $191,000, up 6 percent from $180,200 one year ago.

In the Chicagoland Primary Metropolitan Statistical Area (PMSA), existing single-family home sales totaled 8,343, up 3.2 percent from 8,087 home sales in July 2003. The median existing single-family home price in the Chicagoland PMSA last month was $253,800 up 8.7 percent from $233,500 in July 2003. Condominium sales in the Chicagoland PMSA rose 12.4 percent in July to 5,321, while the condominium median sales price increased 5.5 percent to $195,400. In 2003 condo sales for the Chicagoland PMSA were 4,735; the median price was $185,300.

Single-family homes sales in Massachusetts jumped 10.4 percent in July from a year ago, while the median home price grew 11.1 percent during the same period, according to the Massachusetts Association of Realtors.

According to sales data, 5,781 homes sold in July, compared to 5,235 homes sold in July 2003. Last month's median price was $350,000, compared to $315,000 in July 2003.

There were a total of 2,103 condominium sales in July, up 22.1 percent from July 2003's total of 1,723. The statewide condo median selling price was $269,000 in July, up 14.7 percent from $234,500 posted a year ago.

Illinois Winery

Galena Cellars Winery and Vineyard
Scott Lawlor & Christine Lawlor White
P.O. Box 207
515 S. Main Street
(Shop & Tasting Room)
4746 N. Ford Road
(Winery, Shop & Tasting Room)
Galena, IL 61036
(815) 777-3330 / (800) 397-WINE
Fax (815) 777-3335
www.galenacellars.comwine@galenacellars.com Galena Cellars Winery and Vineyard offers complementary tastings of 25 award-winning wines at two locations. Visit our shop in a restored 1840's granary building on Main Street in historic Galena, open daily. Enjoy an informative tour, a glass of wine, local cheeses and panoramic country views at the winery on Ford Road, open weekends June through October.

Event for Galena Cellars Winery and Vineyard Nouveau Festival in Galena, Friday November 16 - 12:00 luncheon release ,2:00 party at Benjamin's, 8:00 dance at the Desoto House Hotel. Questions call 1-800-397-9463

Hours
Open year-round at downtown office (S. Main St) 7 Days a week, 9:00 am - (Closing time is Seasonal.)

Open June-October at N. Ford Rd. Office, Fri&Sat: 9 am - 8 pm, Sun: 9 am - 6 pm.

Directions
Main Street: U.S. Route 20 to Main St. in Galena. Go north 1/2 block to Main Street shop.
Ford Road: Continue north on Main St. to Stagecoach Trail. Go east on Stagecoach Trail six miles to Ford Rd. Go north on Ford Rd. 1/2 mile. Winery is on the left.

Chicago's Priciest Homes

By Bob Goldsborough
Published August 19, 2004

Anyone interested in a home theater system, complete with curtains? A 2,000-bottle wine room? An in-house elevator or dumbwaiter? Radiant-heated floors in your children's bathrooms?

These are just some of the features inside the most expensive houses in the city that have changed hands over the last year. And despite clear signs that the high-end real estate market has slowed down dramatically compared to recent years, the steady pace of "tear-down" construction-especially in Lincoln Park-suggests that the well-heeled city buyer loves bells and whistles, particularly in newly constructed homes.

A quick look at some of the most expensive sales in the city over the last 12 months:

1900 block of North Orchard Street, Lincoln Park: Sold for $5.65 million. Originally listed for $6.75 million, this five-bedroom, 7,500-square-foot, all-brick mansion was newly built across three lots and has a lower-level gymnasium, a center courtyard, a library, a one-bedroom nanny's quarters, an attached four-car garage and a children's wing, complete with three bedrooms, according to listing information.

0-100 block of East Erie Street, Gold Coast: Sold for $4.732 million. This is the penthouse unit in a newly built, white concrete condominium building, which is the tallest all-residential building in Chicago and the second-tallest residence-only tower in the U.S. Because the penthouse was sold by the builder, there's no information available about extras.

800 block of North Lake Shore Drive, Gold Coast: Condominium units in this new, Paris-inspired 26-story building next to Northwestern University's Lake Shore Center have sold for $4.702 million, $3.075 million and $3.035 million. No information is available about the features in the condos.

2000 block of North Mohawk Street, Lincoln Park: Sold for $4.125 million. Also newly built, this 16-room, 7,650-square-foot stone mansion has two private heated terraces, a roof terrace, two fireplaces, six bedrooms, seven full baths and two half-baths, according to listing information.

1400 block of North Astor Street, Gold Coast: Sold for $4.04 million. This vintage house has more than 6,000 square feet and dates from the 1890s.

1900 block of North Orchard Street, Lincoln Park: Sold for $2.77 million. Dating from the 1800s and recently rehabbed, this brick-and-limestone house's top-floor master suite has an oversized private marble bath, a large private terrace and cathedral ceilings with skylights, according to listing information.

2000 block of North Fremont Street, Lincoln Park: Sold for $2.74 million. Measuring 7,200 square feet, this newly built, three-story brick-and-limestone house has most of the additional features that multimillion-dollar new construction houses have these days. These include a great room, a rooftop deck, top-of-the-line millwork and a master suite with a whirlpool, double sink and steam shower, according to listing information. The mansion also has radiant heated floors in the master bathroom and the children's bathroom.

1900 block of North Burling Street, Lincoln Park: Sold for $2.5 million. This newly built, 6,500-square-foot mansion has an attached four-car garage and a dumbwaiter that serves all of four stories in the 14-room house, according to listing information.

1800 block of North Fremont Street, Lincoln Park: Sold for $2.2 million. Built in 2002, this three-story Georgian mansion is 40 feet wide and has a heated driveway, a heated garage and a 2,000-bottle wine room, according to listing information.

2200 block of North Janssen Avenue, Lincoln Park: Sold for $2.05 million. Probably the most interesting feature in this five-bedroom, 5,700-square-foot house is its theater, complete with curtains to enhance the movie-watching experience. The house has 12-foot ceilings and three fireplaces, according to listing information.

-- Bob Goldsborough is a RedEye special contributor.
Copyright © 2004, Chicago Tribune

Home Precautions For Hot Weather

Home precautions for hot weather

Building materials feel summer effects
Friday, August 20, 2004

By Paul Bianchina
Inman News

If it's hot outside and you feel yourself wilting a little while you delve into your latest home improvement project, you can rest assured that your building materials are feeling the effects of that heat as well. So when temperatures climb, it pays to take a few special precautions.

ROOFING

Installing roofing materials is a physically demanding chore under any circumstances, and when it's hot outside, those demands multiply. The wide-open expanse of unprotected roof will take a toll on your body, and it's very easy to become dehydrated and dizzy in the heat – with possible disastrous results. Start as early in the day as possible, wear a hat, drink water, and get off the roof as soon as you find yourself weakening physically, or when the materials become uncomfortably hot to handle.

The installation of asphalt composition shingles can present one of the biggest challenges when it's hot out. Heat softens the asphalt, causing the shingles to become limp and easily torn when you handle them. The softness can also allow fasteners to penetrate too deeply and compromise their holding power, so if you're using an air stapler, you may need to reduce your compressor's air pressure.

A particular problem with composition shingles is that due to the heat-softening, they become very prone to damage. Kneeling or walking on hot shingles, especially if you have a tendency to dig your toes in to help keep your balance while working, can really chew up the edges of the shingles. This affects their appearance, and can also affect both their life span and even their warranty. Take precautions to place your feet as flat as possible on the shingle, try not to step on the very edge, and avoid sliding your feet or your tools. Here again, start early in the day and get off the roof as soon as you feel the shingles beginning to soften.

FRAMING AND DECKING

Most of today's lumber is milled from young, second- and third-growth trees. These young trees have widely-spaced growth rings and large, very open cell structures that contain a lot of moisture, making the wood very prone to warping if it dries too quickly.

During hot weather, take precautions to keep framing lumber and decking boards such as cedar covered and, if possible, stored in the shade. Don't order large amounts of lumber if you won't be using it right away – it's better to order only what you think you'll be able to install within a couple of days. Also, most lumberyards ship their lumber deliveries with metal or plastic bands around them, so leave the bands in place until right before you're ready to use the lumber.

PAINTING AND DRYWALL

Any construction materials that have liquid ingredients can be prone to problems in the heat. This is particularly true of paints and drywall taping compounds, and you'll want to take some installation precautions when working with any of these materials.

Exterior painting can be particularly tricky when the thermometer starts getting up there. High heat can cause paint in opened cans to thicken and "skin over," which occurs when a film of partially dried paint develops on top of the liquid paint underneath. If you are painting with an airless sprayer, set it up in the shade, and keep a cloth loosely draped over the paint bucket. If the paint does skin over, stop painting and remove and discard the skin before continuing – do not try and mix the skin back into the liquid paint.

For paint that is becoming thick, you can thin it out somewhat by following the manufacturer's instructions for thinning. Do not over-thin the material, and do not use any liquid for thinning that is not approved for the type of paint you're using.

Another hot weather painting problem is masking take. Standard tan tape will "bake" onto surfaces in the heat, making it very difficult to remove. A better choice would be one of the masking tapes formulated for situations where the tape will be in place for an extended period of time, and even at that, you'll want to get the tape removed as quickly as possible.

When dry walling, you'll notice that taping and topping compounds will thicken and dry faster in the heat. This can cause problems with getting a smooth application of joint compound, and can even cause failure of the tape joint. Keep joint compounds in a cool area, and thin them as necessary, again following the manufacturer's specific instructions.

What's your opinion? Send your Letter to the Editor to newsroom@inman.com.

Copyright 2004 Inman News

Freddie Mac

SEC Is Considering a Civil Injunctive Action Against Freddie Mac

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RISMEDIA, August 19 – Freddie Mac has been notified by the Securities and Exchange Commission that the SEC staff is considering a civil injunctive action against the company for possible violations of the federal securities laws.

A Wells Notice indicates that in connection with the contemplated action, the SEC staff may seek a permanent injunction and a civil money penalty.

Freddie Mac says it has been cooperating with the SEC's investigation and will continue to do so as it evaluates how it will respond to the Wells Notice.

RISMEDIA welcomes your questions and comments. Send your e-mail to: editorial@rismedia.com

Foreclosures!

Technology brings more competition to foreclosures

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Part 1: Managing for a real estate downturn
Tuesday, August 17, 2004

By Glenn Roberts Jr.
Inman News

Editor's note: With experts predicting foreclosures to rise in the next year, many in the industry already have new strategies in place for how they'll manage this market change. This three-part series explores new technologies in play for lenders, investors and real estate agents who work with foreclosed properties.

Warren Adams, a Realtor at Security Pacific Real Estate in Fair Oaks, Calif., said the "technology" he once used to track pending foreclosures consisted of a pile of newspapers and a pair of scissors. The Internet has changed that.

"When I started doing this I was cutting out notices of trustee sales and putting them on my desk. It was a real time-consuming process," said Adams, who specializes in buying foreclosed properties at trustee sales and marketing the properties for banks. "The days of walking down to the county recorder's office and (then) going to the trustee sale are kind of a thing of the past," said Adams.

Now, Adams subscribes to an Internet-based service to learn about pending foreclosures. "Being current is everything. I can see what sales are coming up today. Within a matter of minutes I can do most of my homework online to determine if it's even worth looking at a property," Adams said, and sometimes an in-person visit is the last thing on his list when considering a property.

Though technology has placed foreclosure information at the fingertips of more agents and consumers, foreclosure can still be a time-consuming and costly process, and foreclosure specialists warn that not all foreclosed properties are a great deal, and not all foreclosure information that you find online is timely and accurate.

Warren Adams, Security Pacific Real Estate
While property auctions still take place on the steps of the local courthouse, technology has injected more competition into the foreclosures industry, Adams said. "There is a lot more competition because there are a lot more people who are computer savvy," Adams said. "With everything going to the Internet there are a lot more people who are looking at the properties." And a short supply of for-sale homes in some markets, coupled with rising home prices is drawing more attention to foreclosures. "So many people are looking at trustee sales because there is no other inventory out there." Five years ago, Adams said he had about 100 listings. These days, he has about five.

Have you seen an increase in foreclosures or troubled homeowners in your market? Take a survey.

Foreclosures are a specialty in the real estate business, and "most average Realtors do not get into it because of the support that you need to maintain this kind of business," said Adams, who focuses on the listing of REO (real estate-owned) properties owned by mortgage lenders. "There are a lot of new agents, and a lot of agents do not know how an REO works. A lot of people think with an REO they're going to get a good deal. They don't realize what they're getting."

Foreclosure process varies state to state

Process can take 104-125 days in California, more than 1 year in New York

The property foreclosure process can vary widely from state to state. Foreclosures.com, a real estate investment advisory company that focuses on distressed properties, offers information to consumers about foreclosure processes. Following is a summary of foreclosure processes in California and New York:

California Foreclosure Process

1. The property owner fails to make a loan payment, and the lender or trustee for the lender files a notice of default with the county.

2. Ninety days later, the lender or trustee for the lender files a notice of trustee sale with the county – distributed to the borrower and the public – stating that the lender will sell the property at public auction within two to five weeks.

3. At the trustee sale or auction, bidders are required to have cash or cashiers checks for the bid amount.

4. If no bids are received for the minimum amount set by the lender, the property reverts to the lender. The trustee must then file a trustee's deed to convey title to the lender. The property then becomes an REO (real estate-owned by lender) property and can be purchased directly from the lender.

New York Foreclosure Process

1. Foreclosure by lawsuit, or judicial foreclosure, is the typical method of foreclosure in New York. Judicial foreclosure begins when the lender files a lawsuit against the borrower and any person who has a claim to the ownership or a possession interest. In this process, a notice of a pending lawsuit is filed, the outcome of which affects title.

2. If the borrower fails to answer, the court will appoint a referee to calculate a figure for the foreclosure. The court may then sign a judgment of foreclosure and sale. If the borrower defends against the lawsuit, then the court will determine the merits of the defense. If the lender wins, a judgment of foreclosure and sale is awarded.

3. It typically takes 12-18 months after the issuance of the notice of pending lawsuit for the property to move through the court system and reach the auction block. Throughout this period prospective buyers can contact the homeowner directly to acquire the property.

4. Typically the foreclosure sale is advertised for four to six weeks. The sale is made by public auction to the highest bidder. At the auction, the successfully bidder is required to make a 10 percent down payment, usually in a certified check made payable to the referee, and must close within 30 days. Should the successful bidder fail to close within 30 days they forfeit their 10 percent down payment.

5. The lender can also bid on the property. The lender must distribute the proceeds according to the terms of the judgment signed by the judge. The referee will normally hold any surplus money.

6. If no one at the auction bids the lender's minimum bid, also called the upset price, the property reverts back to the lender. The referee executes a deed conveying ownership of the property back to the lender. The property then becomes an REO property. Most lenders farm this inventory of homes out to local real estate brokers for sale.

7. If the mortgage contains an express covenant to pay, the lender may seek a deficiency judgment against the borrower if the court ordered sale does not produce sufficient funds. The lender can ask the court for a deficiency judgment for the amount left unpaid after the foreclosure sale. The motion for the deficiency judgment must be made within 90 days after the foreclosure sale. The court must determine the market value and credit the greater of the market value or the foreclosure sales price against what remains unpaid on the loan.

8. There is no redemption period following this foreclosure process.

Source: Foreclosures.com

Each lender tends to have different systems and processes in which they dispose of REO properties, Warren said, and there is definitely a learning curve for agents who are new to foreclosures.

The foreclosures market will undoubtedly start to pick up as the housing boom subsides, Warren said. "There will be a lot of foreclosures coming up in the near future," he predicted. "Too many people stretched their necks as far as they could because prices had gone up. They had no choice. It's going to come back and haunt them."

Technology can have a downside, as some Web sites have sprung up that charge money for foreclosures information that is not kept current. Warren said he saw a listing on one Web site for a foreclosed property that he sold nine months ago. "That is a huge problem. I get a lot of calls on properties that are long gone."

Lynn Murphy Dickerscheid, Star One Realtors
Lynn Murphy Dickerscheid, a Realtor for Star One Realtors in Hamilton, Ohio, said she also has found Web sites that did not deliver current information on foreclosures. "They will sell you this and all they're hooking you up to is the listings," she said. "They're selling you their public information. It's not information to me – it's ridiculous. If you want to know where homes are for sale, call a Realtor."

While technology can be helpful in marketing foreclosure properties and prospecting for foreclosures online, Dickerscheid said that the business is otherwise largely unaffected by technology. "I wouldn't say technology has anything to do with it. I don't think it has impacted the foreclosure market at all," she said. Working on foreclosure listings "can be a headache," Dickerscheid also noted, as the commissions can be slim. She said that for one recent listing, she suffered through a flea-infested walk-through on a property that offered a very low commission.

Outsourcing is a recent technology trend in the foreclosures arena, said Richard W. Bronstein, president and owner of R.W. Bronstein Corp. & WNY Metro Bronstein in Buffalo, N.Y. Bronstein is a real estate broker, auctioneer and appraiser who has spent about 46 years in the real estate business and handles several types of foreclosures. Some companies that manage foreclosed properties "are using servicing companies from India" these days, he said, and "we're finding the wrong lockboxes and missing keys or missing lockboxes" on some properties, he said.

The Internet is most valuable as a communications tool, Bronstein said, and he said that the best way to shop for foreclosures is to subscribe to a printed publication, the Law Journal. Foreclosure listings on some Web sites can be misleading, he said. "One of the biggest national (Web sites) tends to have sold properties in there forever." On the other hand, Bronstein said that the Web has brought consumers to his company.

Real estate transactions involving foreclosed properties can take a long time to carry out, Bronstein said, and technology has not had much impact on that. In New York it tends to take 45 to 60 days to conclude a transaction, he said. New York state system for handling foreclosures "is archaic and costly," he said.

Bronstein said he recommends that prospective buyers of foreclosed properties work closely with an agent. And "you should never buy property without seeing it," he said.

Robert Vitelli, Better Homes New Jersey
Like other foreclosure specialists, Robert Vitelli of Better Homes New Jersey, VRI Realtors, said Web sites that list foreclosures can be a mixed bag. "Most of it is bad information," he said. And while "anybody with a computer can do their own research off of the Internet and find foreclosed homes on their own, still the best way to go is through an agent," he said.

MLS services are a valuable tool in locating foreclosures, and Vitelli said he has found a select group of Internet sites that he surfs for foreclosures. Buyers sometimes approach the foreclosures market with high expectations for finding lower prices, but that is not always the case, he said. "Banks are pricing their foreclosed homes closer to market," Vitelli said.

Tomorrow: Web sites that streamline foreclosure and pre-foreclosure sales.

***

Good sign for housing market...

Builders' confidence rises in August

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Group reports more prospective buyers for new homes
Monday, August 16, 2004

Inman News

Bobby Rayburn, National Association of Home Builders

Builders' confidence in the new single-family housing market remains high, and has improved from July to August, the National Association of Home Builders and Wells Fargo reported today. This Housing Market Index is derived from a survey of builders that asks about current single-family home sales, single-family home sales over the next six months, and traffic of prospective buyers.

A rating above 50 in each category indicates that conditions are good, while a rating below 50 indicates that conditions are poor. The overall August rating was 71, compared to the revised July number of 67. The index reached 72 in October 2003.

"Long-term mortgage rates fell to 6.05 percent in July, from 6.29 percent the previous month, then continued to fall in the beginning of August. This undoubtedly helped push builder optimism to its highest level since October of 2003 as potential buyers who might have been sitting it out started diving back into the market when rates headed downward," said Bobby Rayburn, association president and a home and apartment builder from Jackson, Miss. "With the ongoing favorable financing climate and solid house-price performance, we have good reason to expect continued strength in the housing market in the months ahead."

The index for current single-family home sales jumped two points to 76, the highest level since April of this year, while the index of predicted sales for the next six months rose four points to 78 – the highest level since the 81 rating reached in November 2003. The biggest gain was in builders' rating of traffic of prospective buyers -- this gauge rose six points to 57, which was three points away from the record-high rating of 60 that was recorded in May 1999.

The rating of traffic by prospective buyers reached a two-year low of 35 in March and April of 2003, while the rating of future sales hit a two-year low in March 2003, and the rating of current new-home sales reached a two-year low in April 2003.

The association has conducted the surveys for about 20 years.

***

Rates!

Overnight mortgage rates dip

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30-year down at 5.49%; 10-year Treasury down at 4.25%
Friday, August 13, 2004

Inman News

Long-term mortgage interest rates were lower Thursday, and the benchmark 10-year Treasury bond yield sank to 4.25 percent.

The 30-year fixed-rate average sank to 5.49 percent, and the 15-year fixed-rate fell to 4.92 percent. The 1-year adjustable was unchanged at 3.26 percent.

The 30-year Treasury bond yield dipped to 5.04 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5.

In other economic news, the Dow Jones Industrial Average was down 123.73 points, or 1.24 percent, finishing at 9,814.59. The Nasdaq was down 29.93 points, or 1.68 percent, closing at 1,752.49.

Stock and bond figures are current as of 7:30 p.m. Eastern Standard Time.

***

What's your opinion? Send your Letter to the Editor to newsroom@inman.com.

--------------------------------------------------------------------------------

Copyright 2004 Inman News

from Ron...

Have a great weekend everyone!
Ron Knoll @ 773 330-2353 cell

Choosing Exterior Paint Colors

Get creative, find a fresh look for your style
Friday, August 13, 2004
By Paul Bianchina
Inman News
Courtesy Top Producer

So the time has come to repaint the outside of your house, but you're tired of the old color scheme. If you'd like to try something fresh and new that suits your style, some simple homework will help you get off on the right foot.
First of all, you might be interested to know what the rest of America is doing. According to a poll conducted by the Rohm & Hass Paint Quality Institute, the most popular exterior color is white or off-white, which was selected by 34 percent of the poll's respondents. Way too boring? If you were thinking of red or pink, you're at the other end of the poll, and can place yourself among only 4 percent of the people. In between, in descending order of popularity, comes beige, tan or brown (28 percent), gray (15 percent), blue (7 percent), and green or yellow (6 percent each).
Whether you're going with or against the crowd, there are lots of tips worth considering when selecting the perfect color scheme for your home. Here are some questions you'll want to ask yourself:
• What color is it now?
You want to ask yourself what you like and dislike about the current colors, and why. Are they too dark or too light? Too bright or too dull? Between the body color and the trim, are there too many colors on the house, or perhaps not enough? A good rule of thumb in your initial thinking about color is to decide what you like, and work from that palette of colors.
• Are their restrictions to worry about?
Some neighborhoods have restricted color choices, and you may need to check with your homeowner's association or architectural review committee for approval before deciding on a color. Certain historical neighborhoods also have restricted color palettes from which to choose.
• Keep the style of your home in mind:
Certain color schemes are better suited for certain architectural styles than others. Southwestern stucco might do best with monochrome whites or pastels, while your ornate Victorian may look best with a coordinated set of three, four, or even more colors. Most paint dealers can provide you with color sample books that show coordinated groups of colors for various styles of homes.
• Look at your home's prominent features:
For some types of homes, color may be dictated by such highly visible and unchangeable components as brick or stone veneers, or by the color of the roof.
• Large or small?
Remember the basic rule of color – dark colors can make a large house look smaller, while light colors can make a small house appear larger.
• Dark colors:
If you favor dark colors, you need to keep in mind that in harsh sunlight environments they are more prone to fading, and also absorb and hold in more heat. Very bright colors are also much more prone to fading.
• Light over dark:
If your existing house is a dark color and you want to paint a light color over it, you'll probably need to use a primer first in order to get that lighter color to cover. While this alone is not a reason to stay away from a lighter color that you like, it's important to know that you'll probably be facing some additional labor and material expense.
• Break out the crayons:
When you have some color schemes in mind, a great way to test things out is to sketch or photograph your house, then make several black and white photocopies of the picture or drawing. Using colored pencils, paints, crayons or other art supplies, color in the photocopies and see what you like.
• Try a computer program:
Many paint stores have sophisticated computer programs for you to try out your color scheme. You'll be presented with a variety of house styles, and you begin by selecting one that looks as close to the style of your home as possible. Then, use the computer to color in the body of the house, the trim, the doors, and other features. You can instantly change colors on one or more parts of the house, and you can use the computer's suggestions for coordinated colors or simply choose your own.
• Buy a tester:
When you think you're got it nailed down, buy a quart of each color and test them out on the house. Paint them on in different areas, and avoid direct sunlight that can somewhat distort your view of the color. Testers are cheap insurance to see if you like the actual colors in their intended locations!

Help! My car has been towed...

To locate your towed vehicle you can contact the City of Chicago Auto Pound Headquarters at (312) 744-4444.

If your vehicle was towed due to outstanding parking ticket debt, contact Customer Service at (312) 744-PARK(7275).
Find the location of a City Towed Vehicle

Payment
Payment is made directly at the pound unless your vehicle was towed pursuant to parking ticket debt. If so, you must visit one of our payment centers.
Tow fee:
Towing and storage charges must be paid either in cash or by VISA, MasterCard, Discover, American Express or Diner's Club. Checks or money orders are not accepted.

Pursuant to the Municipal Code of Chicago (9-92-080 M.C.C.), such charges are as follows:

Towing: $150 for vehicles under 8,000 pounds, $250 for vehicles with a gross weight of 8,000 pounds or more.

Storage: $10 per day for the first 5 days then $35 per day every day after the 5th day for vehicles under 8,000 pounds, $60 per day for the first 5 days then $100 per day every day after the 5th day for vehicles with a gross weight of 8,000 pounds or more.

Consequences for Non-Payment
If your vehicle is towed to a City Auto Pound and no interest or action is taken to retrieve it, the pound will take their own action. The pound will keep a vehicle on premises for 15 days before the vehicle is eligible for auction or destruction. The registered owner is notified by certified mail of the impending action.
Note: The signing over or involuntary surrender of your vehicle to the City does not waive or decrease your outstanding debt owed the City.

Richard M. Daley

Mayor Daley's Biography

MAYOR RICHARD M. DALEY
Chicago Mayor Richard M. Daley has earned a national reputation for his innovative, community-based programs to address education, public safety, neighborhood development and other challenges facing American cities.

A former state senator and county prosecutor, Daley was elected Mayor on April 4, 1989, to complete the term of the late Harold Washington, and was re-elected in 1991, 1995 and 1999 by overwhelming margins.

Frustrated with the performance of Chicago's public schools, Daley obtained unprecedented control over the schools from the Illinois General Assembly in 1995. His new management team, composed of experienced political, business and academic leaders, closed a $1.8 billion deficit by imposing fiscal discipline; made homework mandatory; ended social promotion of underperforming students; improved school safety; greatly expanded summer school, after-school and early childhood education programs; and invested $3.6 billion in capital improvements.

Student scores on standardized tests have risen consistently since 1995 and passed national norms in some areas in 2002. But Daley has challenged students and teachers to do even better. Recently, he has pushed especially hard to improve the teaching of reading, to increase parental involvement in education and to expand after-school and summer programs, as well as early childhood education.

Under Daley's leadership, Chicago's community policing program also became a national model, with beat officers working with city agencies and neighborhood residents to solve problems that foster crime. The police department added 1,600 officers, launched an aggressive anti-gang program and seized and destroyed 12,000 to 15,000 illegal weapons each year, more than any other city in the nation. In a nationally acclaimed effort to stem the flow of guns into Chicago, the City and Cook County sued the gun industry for $433 million in 1998, accusing it of creating a public nuisance. Chicago's crime rate has dropped every year since 1992.

Daley's focus on quality-of-life concerns has led to greater emphasis on the delivery of basic services, from removing graffiti, abandoned cars and deteriorating buildings to creating more green space and a citywide recycling plan. He tripled the number of available beds for the homeless and committed record resources to the development of affordable housing.

Under Daley's leadership, the City of Chicago, the Chicago Park District, the Board of Education and the Public Building Commission have invested more than $7 billion in capital improvements since 1989. This includes 1,500 new classrooms serving 45,000 students; street, sidewalk, bridge, sewer and other infrastructure improvements in Chicago neighborhoods; more than 120 new acres of parkland; new ice rinks, recreation centers and swimming pool upgrades; and 41 new or renovated branch libraries.

To improve the business climate, he trimmed business taxes by tens of millions of dollars, streamlined regulatory licensing processes for small businesses; created a business assistance program to support local companies and spur neighborhood development; offered financial incentives to attract and retain employers, and began a Technology Development Initiative to attract high-tech businesses.

Under his leadership, Navy Pier has been renovated and the McCormick Place Exposition Center expanded. Work will begin soon on a plan to add 19 acres of park land to the lakefront, rehabilitate Soldier Field and add a variety of recreational amenities.

A landmark ordinance Daley introduced in 1990 guarantees 25% of all city contracts to minority-owned businesses (MBE) and 5% to women-owned businesses (WBE). The City has surpassed those percentages every year since. Daley also has increased the number and percentage of minorities in the city's workforce, created an Office of Sexual Harassment to investigate complaints and stiffened penalties for hate crimes.

By turning over some 40 city functions to private contractors and holding city employees more accountable, he has saved taxpayers more than $50 million a year and held city-levied property tax increases to slightly over 1% a year, far below the rate of inflation. The nation's three major rating agencies rate Chicago's credit among the highest of any city.

Daley has won many awards. In 1997, was named Municipal Leader of the Year by American City and County magazine; a Public Official of the Year by Governing magazine; and Politician of the Year by Library Journal. In 1996 he headed the U.S. Conference of Mayors. In 1999, he received the Education Excellence Award from the National Conference for Community and Justice, the Public Service Leadership Award from the National Council for Urban Economic Development, the J. Sterling Morton Award from the National Arbor Day Foundation, the Keystone Award from the American Architectural Foundation and the Martin Luther King/Robert F. Kennedy Award from the Coalition to Stop Gun Violence/Education Fund To End Handgun Violence.

Richard Michael Daley was born in Chicago April 24, 1942, the fourth of seven children and the eldest son of the late Mayor Richard J. Daley and his wife Eleanor. He graduated from De La Salle Academy and earned undergraduate and law degrees from DePaul University and began his public service career in 1969 when he was elected to the Illinois Constitutional Convention. From 1972 to 1980 he served in the Illinois Senate, where he led the fight to remove the sales tax on food and medicine, sponsored landmark mental health legislation and established rights for nursing home residents.

Daley was elected State's Attorney of Cook County in 1980. He pushed successfully for tougher state narcotics laws and raised the conviction rate dramatically. He helped overhaul Illinois' antiquated rape laws to obtain more convictions and developed programs to combat drunk driving, domestic violence and child support delinquencies. Re-elected States Attorney in 1984 and 1988, Daley was the first Cook County official to sign a decree eliminating politically motivated hiring and firing.

Daley and his wife Maggie are the parents of three children, Nora, Patrick and Elizabeth. A son Kevin died in 1981 at the age of three.

Chicago real estate market...

Record quarter for Illinois home sales

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Real estate prices, sales still booming in Chicago area
Friday, August 06, 2004

Inman News

Illinois existing-home sales reached record levels in the second quarter of this year, and were up 9.8 percent from the second quarter of 2003, the state's association of Realtors reported today.

Existing-home prices in were up 7.2 percent from the second quarter of 2003 to the second quarter of this year, the Illinois Association of Realtors also reported today.

A total of 37,409 existing single-family homes were sold across the state in April through June 2004, up from 34,071 sales in the second quarter of 2003. Year-to-date home sales for the first six months of the year total 59,814, up 7.3 percent from 55,762 in 2003.

Home sales were strongest from the second quarter of 2003 to the second quarter of 2004 in the Belvidere, Illini Valley, Iroquois-Ford and Mid Valley areas. While sales shrunk most in the Livingston County, Lamoine Valley, Jacksonville, DeKalb and Quincy areas.

Home-price appreciation was strongest during that period in the Mid Valley, Tri County, Chicago, Northwest and West Towns areas. While prices sank most in the Barrington, Galesburg, Quad City, Decatur, Freeport-Galena and Peoria areas.

“The record level of buying and selling we experienced in this quarter was unexpected given that mortgage interest rates in our region broke the six-percent barrier for the first time since early last December,” said John C. Kmiecik, association president. “The likelihood of rates rising in the second half of the year and the Fed’s well-publicized rate hike in June prompted more buyers to get in the market sooner rather than later. Other economic factors helped foster a favorable climate for housing, including increased business spending and an improving job market. We see a healthy housing sector going forward.”

The second-quarter interest rate for 30-year, fixed-rate mortgages averaged 6.22 percent in the North Central Region, according to the Federal Home Loan Mortgage Corporation.

The Illinois median price of an existing, single-family home rose 7.2 percent to $188,100 from $175,500 during the second quarter of 2003. The IAR survey covers non-seasonally adjusted median prices for existing, detached single-family homes and condos sold in 34 local association markets throughout Illinois.

The story was repeated in the Chicagoland Primary Metropolitan Statistical Area (PMSA) with sales of existing single-family homes up 10.2 percent in the second quarter to 24,139 compared to 21,914 home sales in 2003.

Year-to-date sales for the Chicagoland PMSA were up 7 percent to 38,264 homes sold from 35,752 in 2003. The Chicagoland PMSA includes the counties of Cook, DuPage, Lake, McHenry, Kane, Will, Grundy and Kendall. The median price of existing single-family homes sold in the Chicagoland PMSA increased 7.9 percent to $245,200 in the second quarter of 2004 compared to $227,200 in the same period one year ago.

Statewide, home prices in the second quarter ranged from $491,200 in the North Shore to $53,200 in the Kewanee area (Mid Valley Association of Realtors). A sample of the areas that reported year-to-year price appreciation in the Chicago metro region include Western Suburbs, up 7.4 percent to $295,600; Chicago, up 16.3 percent to $220,400; Oak Park posted $397,800, up 9.3 percent; West Towns, up 11.9 percent to $200,700; and Aurora up 7.3 percent to $209,400. A sample of areas around the state that saw median price increases includes Greater Gateway, up 7 percent to $88,300; Rockford, up 5.4 percent to $115,500; Belleville, up 6.1 percent to $104,000; Bloomington, up 9 percent to $148,900; DeKalb, up 6.3 percent to $166,900; and Iroquois-Ford, up 6.1 percent to $74,800.

The second-quarter 2004 Illinois Housing Affordability Index stood at 163.2, compared to the index of 183.68 during the second quarter of 2003. The affordability index measures the ability of a typical four-person family to purchase a median-priced existing single-family residence. A family earning the statewide median income (for a four-person family) of $72,351 had 163.2 percent of the income needed to qualify for conventional financing covering 80 percent of a home at the median price of $188,100.

IAR’s Housing Affordability Index uses an interest rate based on a composite of closing rates for fixed-rate mortgages on existing single-family homes as reported by the Federal Home Loan Mortgage Corporation. The average second-quarter 2004 effective rate for the North Central region, which includes Illinois, was 6.22 percent (up from 5.57 percent in the second quarter of 2003).

The Illinois condominium market registered strong gains in the second quarter of 2004, up 16.5 percent from 13,979 units sold in April through June of 2003 to 16,282 in the same period of 2004. The statewide median price for condos was up 7.4 percent to $190,200, compared to $177,100 in the second quarter of 2003.

Condominium sales in the Chicago PMSA rose 17.5 percent in the second quarter of 2004 to 15,289 units sold, from 13,008 in 2003. For the Chicagoland area, the median condo price was up 7.5 percent in the second quarter of this year to $194,200. It was $180,600 in 2003.

“The super-heated condominium market has been fueled by the number and variety of properties available and the widening demographic of potential buyers, from first-time buyers to investors,” said Kmiecik, a Realtor and president of Century 21 Kmiecik Realtors in Chicago. “Even with a predicted more temperate pace in the second quarter, with these numbers posted in the first half of the year, we’re on our way to another record year for home sales.”

IAR’s survey includes non-seasonally adjusted median prices for existing condominiums as reported by those local associations who compile condominium statistics.

The Illinois Association of Realtors is a voluntary trade association whose 49,800 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of Realtors works to protect the rights of private property owners in the state by recommending and promoting legislation that safeguards and advances the interest of real property ownership.

The association uses the median income for four-person families figure, as determined by the U.S. Census Bureau, in its housing affordability index figures. According to the Census Bureau, the methodology used to compute four-person family income by state utilizes the most recent data available from the Current Population Survey (CPS) and the decennial census of population as well as per capita personal income estimates produced by the Bureau of Economic Analysis. The association also uses the Chicagoland PMSA as defined by the OMB (including Cook County, DuPage County, Grundy County, Kane County, Kendall County, Lake County, McHenry County, and Will County).

For definition of cities included in local areas/associations attached, see the association Web site/market stats at http://www.illinoisrealtor.org/.

*Detailed second quarter 2004 home sale statistics report can be accessed at the IAR Web site at www.illinoisrealtor.org.

***

What's your opinion? Send your Letter to the Editor to newsroom@inman.com.

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Copyright 2004 Inman News

Transfer Stamps

TRANSFER STAMPS

AREA TAX LEVIED PAID BY EFFECTIVE DATE

State of Illinois 0.50 /1,000.00 Seller
Cook County 0.25 /1,000.00 Seller

Alsip 3.50 /1,000.00 Seller 5/1/94
Bartlett 5/1/94
Bedford Park 50.00 flat fee Seller 5/11/96
Bellwood 5.00 / $1,000.00 Seller 7/18/96
Berkley $2.00 flat fee & water certification 3/1/00
Berwyn 10.00 / $1,000.00 Seller 10/15/93
Buffalo Grove 3.00 / $1,000.00 3/1/92
Burbank 5.00 / $1,000.00 Seller 6/13/93
Burnham 5.00 / $1,000.00 Buyer 2/9/85
Calumet City 7/12/95
Calumet Park 5.00 / $1,000.00 Buyer 1/10/80
Chicago 3.75 / $500.00 Buyer 1/9/88
Chicago Heights 4.00 / $1,000.00 4/1/93
Cicero 10.00 / $1,000.00 Seller 7/19/93
Country Club Hills 5.00 / $1,000.00 Seller 4/11/94
Countryside flat fee $50.00 Buyer 8/12/96
Des Plaines 2.00 / $1,000.00 Seller 4/1/88
Dolton need water cert & bldg inspections
East Hazel Crest flat fee $25.00 Buyer
Elgin Seller 6/1/95
Elk Grove Village 3.00 / $1,000.00 Seller 7/1/88
Elmhurst 3.00 / $1,000.00 Seller
Elmwood Park 5.00 / $1,000.00 ($35.00 for exempt) Seller
Evanston 5.00 / $1,000.00 Seller 4/1/87
Evergreen Park 3.00 / $1,000.00 Seller 11/1/86
Franklin Park fee based on structure Seller
Glenwood 5.00 / $1,000.00 Seller 6/15/85
Hanover Park 3.00 / $1,000.00 1/1/97
Harvey 4.00 / $1,000.00 Buyer 12/8/97
Harwood Heights 10.00 / $1,000.00 Buyer 2/11/96
Hillside 3.75 / $1,000.00 Buyer 9/3/96
Hoffman Estates 3.00 / $1,000.00 Seller 5/1/86
Maywood 4.00 / $1,000.00 Buyer 6/12/94
McCook Seller
Morton Grove 3.00 / $1,000.00 Seller 2/1/88
Mount Prospect 3.00 / $1,000.00 Buyer 5/1/90
Niles 3.00 / $1,000.00 6/14/93
Norridge requires inspection certificate 10/28/99
Oak Lawn 5.00 / $1,000.00 Seller 1/1/82
Oak Park 8.00 / $1,000.00 Seller 1/19/83
Park Forest 3.00 / $1,000.00 Seller 8/1/89
Park Ridge 2.00 / $1,000.00 Seller 11/1/87
River Forest .50 / $1,000.00 Seller 7/1/83
River Grove 6/8/84
Rolling Meadows 3.00 / $1,000.00 Seller
Schaumburg 1.00 / $1,000.00 Seller 10/1/94
Skokie 3.00 / $1,000.00 Seller 9/1/87
Stickney 5.00 / $1,000.00 Seller 8/1/90
Stone Park 0.50 / $500.00 Seller 8/16/87
Streamwood 3.00 / $1,000.00 Seller 1/23/89
University Park .50 / $1,000.00 Seller 10/12/88
Westchester flat fee $25.00
Wilmette 3.00 / $1,000.00 Buyer 2/22/88

www.GreatChicagoRealEstate.com

Outdoor Film Festival

Chicago Outdoor Film Festival

Tuesdays at Sunset
July 13-August 24, 2004
The City of Chicago presents the 5th Annual Chicago Outdoor Film Festival. View seven weeks of classic films every Tuesday evening beginning July 13 through August 24, presented by ComEd, An Exelon Company, the Mayor’s Office of Special Events and the Chicago Park District. Free Admission.

2004 Chicago Outdoor Film Festival Movies
July 13 His Girl Friday
July 20 The Birds
July 27 Mr. Smith Goes to Washington
August 3 Guess Who's Coming to Dinner
August 10 Invasion of the Body Snatchers
August 17 Roman Holiday
August 24 Guys & Dolls

For Movie Descriptions and Approximate Start Times visit this page

Now considered a Chicago tradition, this one-of-a-kind outdoor theater experience includes a gigantic screen (50’ x 34’) and a state-of-the art sound system. Movies begin at sunset in Butler Field, Grant Park at Lake Shore Drive and Monroe. Admission is free, thanks to the generosity of sponsors.

Film critics Roger Ebert and Richard Roeper, hosts of Ebert and Roeper at the Movies, will hold a Q & A session with audience members on opening night, (July 13). They will share comments, anecdotes, ideas and criticisms. Ebert and Roeper take center stage at 8:15 p.m.

Movies are, in part, chosen on the basis of historical significance. This year the Chicago Outdoor Film fest salutes screen legend Cary Grant who would have been 100 years old; Marlon Brando, who celebrates his 80th birthday; a larger-than-life star who specialized in larger-than-life heroes, Gregory Peck (1916 - 2003); Katharine Hepburn (1907 – 2003), a role model for generations of women and a beloved heroine to filmgoers for more than 60 years; The festival also acknowledges the election year with the film Mr. Smith Goes to Washington.

In honor the 75th Anniversary of Mickey Mouse cartoons, a classic Mickey Mouse comic short will precede each film. The festival will also showcase short films done by Chicago area amateur and professional filmmakers.

For Your Convenience
Cyclists can beat the traffic by biking! FREE Bike Valet Parking is available at all films. The valet is located on the northwest corner of Lake Shore Drive and Monroe Streets. Bikes are not allowed in the seating area.

The Park Grill restaurant will assemble a picnic basket dinner for you to pick up on site by phoning 312-521-7280, at least two business days in advance. The Park Grill will also offer a limited number of lawn chairs for rent for $4.00.

Sorry, no dogs are allowed at the Chicago Outdoor Film Festival because crowds are stressful to animals, even the most peaceful pup can become aggressive under these conditions. Love your pets by leaving them at home! Also - Alcoholic beverages are not allowed in the park.

Public Transportation is highly encouraged and available at the Millennium Parking Facility, as well as East Monroe, Grant Park North and Grant Park South Parking Garages. For more information on Chicago Public Transit visit www.transitchicago.com or call (312) 836-7000.

The Chicago Outdoor Film Festival remembers film critic Gene Siskel.
He is considered one of the most revered and influential movie critics of all time.

Real Estate news...

Real estate: The week ahead

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Fed meets Tuesday; Mortgage bankers head to Las Vegas
Friday, August 06, 2004

Inman News

Alan Greenspan and the Federal Reserve Board's Federal Open Market Committee will meet on Aug. 10 to discuss monetary policy and decide whether to raise, lower or leave the federal funds rate at its current 1.5 percent.

The Neighborhood Reinvestment Corp. will hold the NeighborWorks Training Institute in Washington, D.C., Aug. 9-13. The Institute will offer a variety of courses on topics such as the Low-Income Housing Tax Credit, the HOME program, evaluation strategies for community building, working in diverse communities and IDA programs.

The California Mortgage Bankers Association's Ninth Annual Western States Loan Servicing Conference is slated for Aug. 8-9, at the Bellagio Hotel in Las Vegas.

KnowledgePlex will host an Expert Chat on Fix-It-First Approaches on Aug. 12. "Fix-it-first" approaches seek to improve economies and communities by targeting and prioritizing spending on roads, schools, sewers, utilities and other existing infrastructure. The chat starts at 2 p.m. EDT. More information is available at this link.

The Idaho Mortgage Lenders Association will hold the Western Regional Mortgage Lenders Conference Aug. 9-11, in Sun Valley, Idaho.

***

What's your opinion? Send your Letter to the Editor to newsroom@inman.com.

--------------------------------------------------------------------------------

Copyright 2004 Inman News

End-user License Agreement Privacy Statement
© Copyright TOP PRODUCER Systems 2004. All rights reserved.

'the' Donald!

"Throughout its dramatic history, Chicago has symbolized growth, energy, and innovation. Chicago has continuously set the pace for over 100 years in American architectural traditions. Chicago's can-do spirit is as refreshing as it is inspiring. . . . it is essential to enhance and maintain the beauty, culture and sophistication of this world-class city. . . . only something exceptional would do for this cradle of modern American architecture and thriving center of culture and commerce." - Donald Trump

Property Management

Property Management
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Everyone knows that Property Consultants sells fabulous real estate throughout Chicago. But did you know that we also manage condominium and rental buildings throughout the city?
The Property Management Division of Property Consultants manages both large and small properties, newly constructed or established. Our goal is to build trusting relationships with Board Members and Property Owners, while at the same time work diligently to fulfill all management tasks and special projects.

With the abundance of residential development throughout Chicago, the property management industry has seen an influx of new condo buildings and new property management companies. Selecting a property manager is an important decision that requires thought and research.

We feel the secret to our success is simply customer service. In short, we offer a very hands-on approach to property management, with our managers getting involved in all aspects of managing a property.

City of Chicago Water Certs!

My Water Bill and Full Payment Certificates

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• Information about Full Payment Certificates
• Want some help?

You may pay us in a couple of ways, depending on your premises. Remember, we bill the property, not the owner:

Non-Metered-Some residential properties have no water meters. These are older homes, since meters have been mandatory for all new homes for a number of years. We send semi-annual bills to these homes. Calculations are based on standard assessments on the property, fixtures inside the house, and other established criteria.

Metered-Most water customers use meters to determine what they owe. Many of the meters are inside, and we send our rate takers around to read them. If we can't gain access to your meter, we estimate a bill, and make corrections later (when we get to see your meter).

Sometimes, we leave "customer read" postcards to be filled out with the correct reading.

WANT SOME HELP?

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We know the challenges of making ends meet. We want to help. We will gladly help you establish a payment plan with us. You simply put down 1/3 of the money you owe us (1/2 if the water’s already been shut off or if you have failed to meet the terms of a previous payment agreement), and we stretch the rest out over six months. You also need to be paying your current bills as you do this.

QUESTIONS?

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CALL (312) 747-9090 DURING BUSINESS HOURS.

LOOKING FOR A FULL PAYMENT CERTIFICATE?

INTERESTED IN APPLYING FOR A SEWER SURCHARGE EXEMPTION?

Chicago can take pride in having extremely low water rates compared with other cities in the United States, both large and small. The current rate for Chicago water is $9.38 for 1,000 cubic feet. It's the same price for all of our customers—residential, business and suburban.

1,000 cubic feet is about 7,500 gallons of water. For just over nine bucks. You're paying that much for a couple six-packs of water at your local store.

WHERE TO PAY

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You can pay by mail. Just write your check and send it to us.

Water Collection Division
Chicago Department of Water
Suite LL10 DePaul Center
333 S. State Street
Chicago, IL 60602

You can also drop your check into a secure drop box at that location, or at:

• City Hall, Room 107 121 North LaSalle Street

• 2006 E. 95th. Street

• 2550 W. Addison Street

• 800 N. Kedzie Avenue

• 400 W. Superior Street

Business blogging moving mainstream

BERKELEY, California (Reuters) -- "My life, My thoughts, My world," writes Shanee from Newport News, Virginia, about her life tales. Welcome to the world of blogging.

For a few years now, blogs have given tech-savvy individuals a platform to publish directly to the Internet their personal opinions on everything from relationships to politics. Thousands of blogs, characterized by some as the height of self-importance, are posted daily.

"This blog gives you the daily activities of me since my girlfriend left..." wrote one blogger.

Another began: "Egypt isn't what it appears to be in the media ... but that's no real surprise, since not much is."

But blogs, short for Web logs, are fast gaining corporate recognition and soon may be acknowledged simply as important.

In a sign blogs are moving mainstream, major technology companies, including Microsoft Corp. and International Business Machines Corp.came together at a recent conference to discuss the profit potential of the Web publishing format.

The growth in the number of blogs, and those who read them, continues to attract attention from business leaders, including Microsoft's chairman Bill Gates, as a means of enhancing companies' communication more directly with employees, partners and customers.

Venture capitalists, start-ups, and technology titans gathered at the University of California Berkeley's Haas Business School to consider the commercial use of blogs and issues, such as privacy concerns, that surround blogging.

The event builds on comments Gates made at Microsoft's annual CEO Summit in May touting blogging as a new business tool, and features added by Google Inc., the No. 1 Web search company, to its Blogger.com service to allow users to publish content from e-mail-enabled devices such as cell phones.

IBM sees blogs as a way to revolutionize employee communication, one executive said on the sidelines at the July 23 conference, which attracted about 300 attendees.

"It's about decreasing social space between employees, and increasing the amount of knowledge shared between people," said James Spohrer, director of IBM's Almaden Research Center.

An example of an employee blog, he said, might contain elements of a resume, some of an individual's educational background and work experience, along with information on product development strategies colleagues and customers can view on a round-the-clock basis.

Company interaction
The sharing of such information between company employees and customers promises to speed feedback on efforts to produce new products and improve business processes, Spohrer said.

This was part of the rationale at the April launch of Microsoft's Channel 9, a service that uses various communication tools, like video blogs, to connect software developers around the world.

A recent employee blog, before going on to give advice about recruiters and online resumes, said: "After a HOT weekend, I'm back to searching for excellent marketing professionals (no, I don't do that on the weekend) and focusing on sourcing resumes off the Internet (did I tell you how much I love Google?)"

Informal and personal, blogs also pack a lot of marketing potential, analysts said.

"Blogs are a way to put a human face on the company" because of the continuous interaction and relationships employees can develop with blog-readers, said Charlene Li, an analyst at Forrester Research.

Blogs can be viewed on home pages and Web sites like http://www.blogger.com, which allows users to open accounts and "blog" their thoughts for free.

New technology such as Real Simple Syndication allows individuals to subscribe to feeds on blogs that can be read on desktops as they are "published," rather than having to browse home pages.

Blogs have also spawned business opportunities and start-up companies like LinkedIn, an "electronic Rolodex" that has grown to a user-base of about 880,000 professionals who social network, look for jobs, and pitch business deals.

The Mountain View, California-based company, which marketed its service at the conference, currently has no revenues and is being funded by $4.7 million in venture capital money provided by Sequoia Capital, a major Silicon Valley venture capital firm, said Konstantin Guericke, a LinkedIn co-founder.

The Berkeley conference also featured discussion on blogging concerns of privacy, intellectual property rights and protecting corporate information -- all issues that have trailed other forms of Internet use, like e-mail.

While blogging has allowed unedited self-expression by individuals, companies, however, may face the risk of lawsuits over employee postings that contain sensitive company information, analysts said.