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As I See It: Honoring a New Year’s Resolution

 

I offer to you, my fellow property owners, an important New Year’s message: even if you don’t accept security deposits, you MUST still post on your leases the interest rate schedule for 2020.

Yes! Even if you don’t accept security deposits, you must post on all of your residential leases the City mandated interest rate schedule for security deposits so that tenants know what interest rate they would be receiving on their deposit if they had a deposit, even though they don’t have one!

 

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17th Annual Trends Workshop

 

Over 130 real estate and community members gathered at the McCormick Lounge at Loyola University Chicago on Tuesday, January 28th, 2020 for the Rogers Park Builders Group's 17th Annual Trends in the Industry Workshop. Groups of 8-9 attendees gathered around seventeen separate tables, each table lead by a table moderator, as each group answered the same seven questions: projecting stock market, Illinois unemployment rates, bank rates for multifamily, sales times for Rogers Park condos, and building valuations. Following the group work, Albany Bank's Pat Mulcahey lead a panel discussion reviewing each question. Prior to the group work, we met Gale Academy Principal Francisco Leal, who thanked the RPBG for buying team uniforms for his school's Middle School boys, and we saw a short video of the teams outstanding performance in the Sullivan MLK Tournament. We ended the evening congratulating Essex Realty's Clayton Maxfield for moderating the table with the most accurate results from the 2018 Trends!

 

 

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An Interview with Cook County Assessor Fritz Kaegi


Fritz Kaegi is a man on a mission, and his “to-do” list is long. He will need time and resources to get everything done, and both are in short supply. But, if my one-hour interview with Mr. Kaegi is any indication, Mr. Kaegi is not put off by the challenge. If anything, he strikes me as being very much up to the task.

 

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Report from Eastlake Terrace: Rising Lake Levels Threaten Lakefront – Part 1


 

Source: Chicago Tribune

This is not the first time the Eastlake Terrace beaches, parks and buildings have been impacted by high lake levels. In 1986, lake levels were at a 100 year high with serious damage to both private and public properties. As of July of this year, the average Lake Michigan-Huron water levels were within a few inches of that 100 year high. This is just after a 100 year low in 2013. Apparently, global climate change and its related extreme weather patterns is impacting our lives in a very direct fashion.

 

 

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As I See It: What’s Behind the Just Housing Ordinance?

 

On January 1, 2020, two new protected classes will be added to the 15 that already exist under Cook County Human Rights laws:

  • Ex-offenders with criminal convictions that occurred more than three years in the past (excluding registered sex offenders or child sex offenders subject to residency restrictions) may not be denied housing
  • Ex-offenders with criminal convictions within the past three years may still not be denied housing until the housing provider conducts an “individualized assessment”

 

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Rogers Park Market Update

 

The continuous barrage of political and economic news can seem overwhelming at times. This information shapes the aggressiveness or conservativeness of our buying and selling attitudes. Despite the affect this news assault has on our moods, how much does it really influence the Rogers Park market? Does trade policy with China impact gross rent multiples on Touhy Avenue? Do impeachment proceedings in Washington alter price-per-units on Eastlake Terrace? And how much do the fears of rent control, housing plus and property tax reassessments change the capitalization rates on Estes Avenue?

 

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DOH Announces New ARO Task Force


Source: KIG Analytics

The constant torrent of local and national news is distracting. It is also probably the reason you may not have heard about the newly formed Affordable Requirements Ordinance (ARO) Task Force. This announcement was made on October 14th by the Chicago Department of Housing (DOH) under the auspices of newly elected Mayor Lori Lightfoot. The Task Force will be charged with revamping the current ARO which was first adopted in 2003 and was most recently changed in 2015.

 

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California Adopts Statewide Rent Control Restrictions

 

Source: Patreon; AirBNB v Rent Control

California recently joined Oregon as the second state in the nation to adopt statewide rent control legislation. The California measure passed on September 11 and was signed into law by Governor Gavin Newsom on October 8. The law limits annual rent increases to five percent and offers additional protections to tenants facing evictions. Oregon passed its rent control legislation – the first such statewide law in the nation – in February of this year.

 

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Ibrahim Shihadeh Interview



Everyone has a story to tell. But, let’s be honest, some stories are more interesting than others.

I recently had the great pleasure of sitting down with Ibrahim Shihadeh, a prominent property owner who has long been active in Rogers Park, and who is now a Director at RPBG. Ibrahim was born in 1948 in a small village in Palestine, not far from Jerusalem. The story of his journey to America is extraordinary. Even more extraordinary is what he did with the opportunities he found in his adopted country. For someone with a fascination (some would say fixation) on immigration, I can think of no better example of the benefits of immigration than by simply telling Ibrahim’s story. While it is true that he is a man of extraordinary drive and ability, it is also true that Ibrahim’s accomplishments in this country would have been much harder to replicate in his native land given the difficult circumstances of that part of the world, both then and now. In many ways, Ibrahim is the personification of the American Dream and is an inspiration to us all.

 

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Ups and Downs - Fall 2019


We are staring down the end of one year and the beginning of another – and not just any year. Twenty-twenty promises to be like no other, with an election looming that will be as momentous as any in recent memory.

 

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Around Rogers Park: New Construction Apartments Filling Up

 

Thirteen-23 West Morse is a Tawani Enterprises that replaces a former strip center at the southeast corner of Morse and Wayne. A spokeswoman for the company reports that the building is complete and currently 96% leased. Achieved rents are in line with projections.

 

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