I fear that you’re going to see less interesting, less creative designs out in the marketplace now. I think we’re going to see more big-box looks, if you will, something that serves the purpose, doesn’t inspire people much and isn’t something that's terribly memorable.

-Kermit Baker, chief economist for the American Institute of Architects, speaking to Chicago Public Radio yesterday.

This isn't the first prognosis of this type we've heard from a member of the architecture community, but forecasting a rise in "big-box" designs sounds far bleaker than simply predicting a decline in "attention-seeking buildings," as architect David Chipperfield did a few weeks ago.

Others interviewed in the WBEZ segment find reasons for optimism in the current recession. A cultural historian points out that some of the city's iconic buildings were constructed during the Great Depression, and architect Joe Valerio from Valerio Dewalt Train Associates says that while projects are grinding to a halt everywhere, the prices of certain materials are also falling, enabling developers to offer certain upgrades that wouldn't have been possible before.

"People are surprised to hear that our clients are cutting back… But in the past year, some have had financial losses in the six figures or have seen falling house values put their property under water…

"We aren't asking our clients to cut back on the bones of the house, like high-quality framing… We're suggesting they switch on items that don't impact their daily life or can be easily replaced in the future."

- Curtis Perlman of Empeco Custom Builders in Vernon Hills, speaking to the Tribune about the desire to cut costs on finishes in new-construction homes. Perlman says the buyers of his single-family homes are now asking to "replace professional-grade appliances with lower-cost ones, cherry hardwood cabinetry with maple stained in cherry, high-end home theater components with less costly components." Replacing Travertine tile with porcelain alone can cut the cost of an 8,000 square-foot suburban single-family by as much as $40,000, he adds.

We get a good laugh every time we hear the "their luxury package is our standard" pitch, as if every builder these days weren't using some combination of hardwood floors, granite countertops, Italian cabinetry, marble bath tile, European fixtures and iPod docks. But is it too much of a stretch to think that developers will start promoting affordable alternatives to the old standby? I can think of two sales centers I've been through recently where model kitchens showcased black or white appliances instead of the stainless-steel variety, so maybe the shift is already underway.

"I see the inventories starting to go down slowly … I see some stabilization in the prices, and I see more and more resistance from sellers … in terms of being willing to lower their prices any more."

- David Hanna, president of the Chicago Association of Realtors, offering a contrary view in the Southtown Star to a Zillow.com report that says that 40 percent of Chicago homeowners who bought in 2006 now owe more than their homes are worth.

While housing prices and demand are down just about everywhere, Hanna offers a rare sense of optimism. Meanwhile, a report released by Appraisal Research Counselors this week says that only 161 condo sales were reported in downtown Chicago in the third quarter, resulting in the downtown market's worst single-quarter performance since late 2001.

According to the Zillow report, nationwide home values posted a seventh straight quarterly decline, and Zillow Vice President of Data and Analytics Stan Humphries says he expects the decline "to continue until at least the middle of next year."

"In (a) broker's mind, 'listing' means house and contract. But to buyers, 'new listing' likely suggests a house that's just come onto the market. That can result in confusion and misunderstanding. And confusion and misunderstanding can mean trouble… While the listing contract is technically 'new,' the relationship between the seller and the listing broker is ongoing and continuous, and the listed property - in the eyes of reasonable consumers - is certainly not 'new' to the market."

- From a National Association of Realtors white paper regarding "the murky issues associated with properties that are 're-listed' by Realtors," according to Inman News.

The MLS is a useful tool, but it's not a perfect one. We tend to take time-on-market data with a grain of salt, because agents can reset the "age" of a listing simply by pulling it off the market and re-listing it. This has obvious benefits to the seller and broker, but buyers shouldn't immediately assume that a property that has been listed for 30 days hasn't actually been on the market for 300 more.

According to Inman, the white paper reminds Realtors that their code of ethics demands that they be "honest and truthful in their real estate communications," and it recommends brokers and listing services develop classifications like "back on market," "price reduced," "reintroducing" or "recently re-listed."

It seems like developers and brokers are always telling us that it's a great time to buy a home, regardless of the economic climate. According to National Association of Realtors Chief Economist Lawrence Yun, that may be correct, at least for a specific type of buyer.

"First-time buyers are much more flexible in entering the market because they aren't concerned about selling an existing home…It's been an optimal time for entry-level buyers with a long-term view."

According to a new survey, the number of first-time buyers rose from 39 percent of all transactions in 2007 to 41 percent this year. Yun in an Associated Press article attributed the increase to low prices, "plentiful" supply and affordable interest rates, and he expects further increases in first-time home buyers due to the temporary, $7,500 first-time buyer tax credit and to improvements to the FHA loan program.

The NAR found that the median age of first-time buyers was 30, their median income was $60,600, and their homes on average cost $165,000.

"[We] won't do them until the world turns around. It'll be a year, two years, before you see anything new get off the ground in the city."

- Belgravia Group President / CEO Alan Lev, talking to the Tribune about his company's plans beyond 565 Quincy, 600 North Lake Shore Drive and Union Row. Belgravia actually had a better third quarter than first or second, but Lev has low expectations for the fourth quarter.

Joe Zekas interviewed Lev about his projects and company's approach to development earlier this fall. You can watch all of their chat on the NewHomeNotebook YouTube channel.

"We’re not pushing rewind, we’re not pushing eject, we’re just pushing pause."

- Zac Henson, CEO of the U.S. subsidiary of Beijing Construction Engineering Group, on the Export-Import Bank of China's decision not to issue construction loans for Teng & Associates' Waterview Tower & Shangri-La Hotel. Crain's reports that financing is on hold until the U.S. economy and the condominium market improve.

About 67 percent of Waterview's residential condos and 40 percent of its hotel condos are under contract, according to the article.

- Rate and review Waterview Tower at NewHomeNotebook.com.

"It's an architecture of excess, a consequence of there being too much money around… At a time when people are worried about other things, those things become really irritating, and probably less relevant. So I think we will see a mood shift — a certain sensibility coming back."

- Architect David Chipperfield, predicting a decline in "attention-seeking buildings" in an article from Bloomberg.com.

"When you've invested this much time, effort and tangible money in the project, it is not not going to happen."

- Shelbourne Development spokeswoman Kim Metcalfe, citing her company's $50 million investment as evidence that work on The Chicago Spire will resume and that it will open in 2012.

Trib critic Blair Kamin surveyed the downtown condo landscape on his "Skyline" blog this morning and warned that "Chicago's once-superheated skyline—radically transformed during the last 10 years by one of the greatest building booms in the city's history—is on the verge of being frozen in place" by the global credit crunch.

"The current real-estate market has brought out the worst in people."

-David Gibbons, director of community relations for Zillow.com, commenting in a recent Wall Street Journal article on how the housing slump has led to a rise in verbal abuse directed towards home sellers on real-estate blogs and Web forums. The WSJ trend piece finds that the struggling housing market has actually been a boon for some real-estate blogs because it gives buyers a place to vent their frustrations.

"The skewering of fancy properties can be wicked fun - unless you're the owner," the article says, concluding that selling your home online can be "bad for your ego."

The one seller who's able to "tame the mob" in the WSJ piece is the one who actually logs on to the comments section and defends her home, which is probably the best advice you could give a seller or developer who feels that their property is being unjustly trashed by anonymous commenters on the Web.