URBALO

The highly anticipated opening of the Trump Tower hotel happened yesterday. The 92story Trump International Hotel &Tower was scheduled to open it’s doors to the public last month. The media really overplayed the delay, bashing Mr. Trump and the pompous project.

I think it’s great that the man kept us guessing, whether it was due to legitimate delays or not. It’s a great marketing tool, and sure enough, the buzz created by the media, even if negative, will draw the first crowds to the new hotel. The hotel which occupies floors 1 through 27, has a restaurant called “16″ on (guess) the 16th floor. Completion of the rest of the building is scheduled for mid 2009.

So, whether you live in Chicago or not, book a room and check the extravaganza out. Who knows, maybe The Donald himself will bring you breakfast.

Today, the city’s finance committee is meeting at City Hall to hold a press conference discussing a proposed increase on the city’s real estate transfer tax. A proposed 40% increase will take effect after February 6th, if the votes are favorable. In real numbers, the transfer tax will increase from $4.50 to $10.50 per $1000. This tax is paid by the buyer at closing, even though some argue that it should be split between buyer and seller. Regardless who is paying the tax, this tax hike could not come at a worse time.

While our economy is in recession, the government has to encourage spending, especially in the real estate market to create a balance within the economy. A 25% property tax increase at the end of last year has left homeowners struggling to keep their homes within the city limits, and now we continue to penalize homeowners to save badly managed areas of our local economy.

The mayor and it’s posse want to save an ill run CTA (Chicago Transit Authority) with the increase of real estate taxes. After we can’t afford our homes anymore and we can’t afford the 10% sales tax for goods and services and the gas prices within the Chicago limits, might as well sell our car too and join the homeless in living on the CTA. Oh, but wait, fares on the CTA are going up too.

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Absolutely amazing what people can do with a computer and a little “imagination”. Reading some of my favorite blogs, I came across an interesting article on how a real estate agent in Orlando created a video full half-naked female models and posts it on Youtube with the following question: can sex sell real estate?

Here comes the twisted part, this agent is a private contractor, responsible for all of his own marketing so basically, he can advertise himself the way he wants it. Apparently, his broker found out about the video circulating on Youtube and he is asked to remove the video or simply to resign.

I will post the video, but the video is NSFW(Not Safe For Work), so please be aware of this and handle it properly.

Now, there are at least two-three separate issues here:

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I find it very interesting that the mortgage applications are up again, second consecutive week. Applications rose as interest rates continued to fall.
The average interest rate for traditional, 30-year fixed-rate mortgages fell to 5.62 percent from 5.73 percent.

The average interest rate for 15-year fixed-rate mortgages — which are typically used to refinance loans — fell to 5.07 percent from 5.21 percent.

Rates for one-year adjustable-rate mortgages fell to 5.77 percent from 6.04 percent

I just wanted to wish everyone a Happy New Year and an even better 2008. There are many topics that I will be covering for the next few weeks so stay tuned.

Like always, if you any suggestions or interesting topics, feel free to email me.

 Thank you