$100,000 Loss in Value?

Saturday, February 28, 2009

$100,000 Loss in Value?

I'm sorry, but I refuse to believe my primary residence (pictured) in the Forest Glen/Sauganash area of Northwest Chicago has dropped $100,000 in value since the purchase in September of 2007. Say it ain't so, Joe.

Cut me some slack, Jack. I sold it to myself. I did the comps. I know my market. Hell, I even talked my wife into it. So, wassup with the Bank Appraisal?

Just so you know, my Lender is a little reticent about allowing us to refinance right now. Something about reduced LTV (Loan to Value), a Declining Market, Back End ratios and other sundry real estate talkspeak. Oh yeah, and the fact that I'm a Realtor. Ironic huh? I'm having my best year since 2006 but hey, The Ministry has spoken. Okay, fine. I'll play along for... another 12 months.

But I'm going on record now to my current Mortgage Holder---and you may or may not know who you are: When this whole credit crunch blows over.....it's HASTA LA VISTA, BABY. (and I won't be back.) No way, Jose...

ps...enjoy the extra $50,000,000,000 you just received from our favorite uncle Sammy. All I received was a letter from you saying....ah, forgetaboutit!

Geno Petro

pictured: 'our house, is a very very very fine house...'

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Rave Reviews

DENNIS RODKIN, CHICAGO MAGAZINE: "This guy looks at even more Chicago real estate each week than I do, which suggests if anyone knows where the bargains are now, Petro’s the one."
AVI on Yelp!: Geno Petro is by far the best realtor that you can have on your side. He was there through the whole process of going through a short sale which can be trying. He made sure that it moved along quickly and made sure the communication lines were always open. Could not have been happier with the experience.
POLITICAL CALCULATIONS (On The Moneyed Midways): "Geno Petro spans modern American culture in considering how to thwart his wife's inspiration to fix up a shack on the Tennessee River. The Best Post of the Week, Anywhere!"
TERI LUSSIER: GENO!!!!! Why can't you cough up some of that wit to me? I'd like to take over the world with it...
GREG SWANN (Bloodhound Blog):... You are an incomparable writer, Mister Petro, a category all your own.
JAY THOMPSON: If you don’t read Geno, you are missing one of the best writers on the net. The whole net.
HOWARD ARNOFF: ...discover just about the best storyteller in the real estate blogosphere, Geno Petro, writing from my home town of Chicago.
JIM LUDES: Geno, one of the best bloggers around!
CHRIS LENGQUIST: Geno is the best writer in RE.net, bar none.
CAROLE COHEN: Geno, Geno, Geno... When are you going to write a book? Or have you already? I am serious, this is soooo good. I'm going to hound you until you tell me where I can buy the book...
REALTYBLOGCOACH: Chicago’s Home Weblog by Geno Petro is a must-read. His colorful, conversational prose covers everything from the state of the industry to what’s happening in his local market to global warming, the corner cafe, his beloved broker, six degrees of separation, the credit crunch and media’s role in it, his barking dog, the latest cool loft listings, not to mention the adventures of Mr. and Mrs. Climbladder. I am not even doing him justice in this lame attempt to describe all that’s going on.
TERI ELLIS: Geno, don't think I've ever read one of your blog posts before; however, THIS one is great. You write with such an open look into your personality. That's what blog posts should do. Love it...
JOAN MIRANTZ: Geno...I just love how your mind works. You could look at grain of rice and do an interesting observation!
HOMESELLEREXPERIENCE.COM: Geno, where do I start here? Besides someone who should write their own book or become a journalist, you always indirectly provided me with great knowledge (and humour) from your blog. My wife and I read it daily and love it! You never scoffed at my questions or looked at me as just “another consumer” who didn’t know the industry. Instead, you proved your status as one of Chicago’s best agents and your knowledge of the industry is a huge asset. I’d love to come back to Chicago and move into the neighborhood I grew up in and if I did, you’d be the first person I would call. I wish you and your family nothing but the best in the future.
BBQ CAPITAL: For those of you that have never been introduced to Geno Petro up in Chicago...you have really missed something.
HANAN LEVIN: Thank you, geno... very cool, ha-ha! Hanan Levin, "The Champion Company"
BRIAN BRADY: It's great to see inside the incredible mind of Geno.
SELLSIUS: Geno - one of my favorite posts of the entire swap. well written. rudy.sellsius Posted by: rudolph d. bachraty III | December 20, 2006
JAY THOMPSON: Hilarious stuff Geno. You've got real talent. Wonder if you sell real estate as well as you write? Posted by: Jay Thompson | December 19, 2006
INES HEDEDUS: Geno - I love your writing style - it's refreshing and very entertaining.
JF.SELLSIUS: Thanks for the kind words Geno. We really appreciate your visits and comments. You keep the juice flowing. Continued success with your blog
MAUREEN FRANCIS: Hi Geno,I was just visiting your blogspot blog. It's great. I'll add you to my blog roll on miOaklandCounty.com
PAUL CHANEY: Geno, I have to say that's the best writing of any of the posts in the blog swap so far, and there have been some good ones, Christine's included. Do you always write with that kind of flair, or was it simply New York inspired? If the former, I'm adding your feed to my RSS reader! Great stuff. Very entertaining. Posted by: Paul Chaney | December 21, 2006
PAT KITANO: You're a good writer Geno... I'll be digging you!
DEVON THURTLE: Love your writing style! (And appreciate the attention paid to spelling and grammar!)
ALLISON STEWART: And that Geno, is why you are the "Bomb of Chicago"! (A good thing) Another wisdom filled, eloquently written pearl to add to the strand of outstanding observations, that not only captivates us but keep us reading!