Chicago Condo Insurance
Have you ever heard of Chicago condo insurance? Why would anyone need to buy insurance for a condo? It’s extremely important you understand what is involved in your condo insurance when you close and own your own condo.
When you close on a condo, you have to pay into a condo association each month, known as “association feesâ€. As an example, let’s assume your monthly association fee is $200. This $200 Is paid to the association by all the owners of the condos in the complex. It gets pooled together and used for various expenses to run the complex and improve it.
The expenses associated with condo buildings are heat for the building (sometimes the units themselves), an electric expense to light up the hallways and the parking lot, scavenger (garbage pick-up), weekly maintenance, snow removal and grass cutting. There is also a certain amount of the fees that go toward long term expenses like roofing, asphalting, balconies and heating systems. How about Chicago condo insurance? Well, the association does pay for insurance, but it’s just on the complex itself, not on anything within your four walls. If a fire damages the building, the association insurance will cover that, but not the stuff inside your unit, such as your possessions. It’s extremely important to get “condo contents†insurance so that if anything is damaged or stolen, your stuff is taken care of.
If the association finds itself in need of a major improvement but does not have enough of funds in its account, they must collect money from everyone in the complex to handle this expense. This is known as a “special assessmentâ€. Let’s say the heating system needs to be replaced and the cost is going to be $25,000. They can do it a few different ways, but let’s say the heating company will allow the complex to finance the heating unit over a five year period. They would take the $5,000 per year needed or $ 400 per month and divide the expense it among the owners. Your association fees may go up $20 a month to cover this expense.
One way or another, make sure your covered on the insurance end. You never know when something will happen. So many people don’t really realize the cost of completely having to replace everything that they live with. If a fire comes and wipes you out, there’s a huge expense to get back on your feet. The Chicago condo insurance may also take casre of you staying in a hotel until the damaged gets fixed as well.
Chicago Lofts for Sale
The idea of moving to an urban area and tapping into the excitement and cultural opportunities of a big city is taking hold for many Americans. Chicago lofts for sale is exactly what many potential urban dwellers are looking for when searching for out of the ordinary city living. Are you one of those people who like wide open floor plans in which there are no preset rooms or immovable walls? Do you prefer floor to ceiling windows revealing a panoramic view where high ceilings, worn wooden floors exposed building elements such as, brick, beams, duct work are the norm? Then loft living is what you are looking for! A classic loft style condo is one large space with average living areas of 1000 to 2000 square feet with cavernous spaces beyond the reach of the average resident. It is these aspects which lure many condo buyers to the city-life, industrial chic lifestyle. Most classic loft apartments or condos were converted from old manufacturing or warehouse buildings and more contractors are meeting this growing demand by creating these buildings from the ground up. The new reproductions are referred to as “hybridsâ€. Many loft apartments or condos come in different shapes and attributes, with or without fireplaces or other amenities. Secured video entry, in house fitness centers, and pools are just a few of the luxury items which can come with your loft or condo. Today urban dwellers are finding loft living offer the location and opportunities of city life with more space than the average condo.
Loft life offers many unique joys.
• Open Spaces – the primary benefit is large open spaces that allow you to live how you want, rather than having a defined permanent floor plan of walls, doorways and rooms.
• Define your areas – floor plans can be fluid and ever changing. Temporary partitions, hanging curtains, or even changes in floor covering can define spaces.
• Eclectic style – loft living offers the opportunity for eclectic design and decorating. The mixture of old and new in a loft such as, modern furniture sitting on old hardwood floors offers much of the appeal for many urban dwellers.
Chicago lofts for sale are located throughout the 77 communities of Chicago and now are branching out to many of the suburban areas. Many are former commercial and industrial building that have been converted and now used for residential purposes. Loft living generally feature open living floor plans, high ceilings, expansive spaces, exposed ductwork, and a general tendency toward informal living.
Chicago Condo Sale
There is a huge Chicago Condo Sale going on all over the metropolitan area. I’ve been in the real estate industry for over 24 years and I’ve never seen anything like this.
Since the second half of 2006, the real estate sellers market started to turn. Appreciation of condo units were at an all-time high, in addition to hundreds of apartments that were being converted to condos. New construction was happening all over Chicago, with new condo developments popping up everywhere.
Then the turn came. It felt like the market had hit a brick wall. Real estate started to slow in the middle of 2006, get slower in 2007, and then almost stop in 2008. And so the Chicago condo sale begins.
The prices started to fall in 2007 slowly, but now in 2009, the prices are dropping to record lows. We have seen depreciation to the tune of 20% to 30% in many areas of Chicago. Developers have drastically reduced pricing to move inventory.
OwnACondo.com has many sellers that are involved in condo short sales. This is where the condo has been reduced so low, that if the condo were to sell, the sales price would be lower than the actual mortgage on the condo. Let’s say a Chicago condo was purchased three years ago for $250,000. The buyer put 10% down and received a mortgage from the bank at $225,000. Three years later, the buyer of that condo now wants to sell. The prices of condos have come down considerably over the last three years. That condo may now be worth $200,000, depreciating 20% of its original price over the last few years. Now you have a situation where the seller wants to sell and it looks like the best number they can get is $200,000. But their mortgage is $225,000. That means they would actually lose their $25,000 down payment and still owe the bank $25,000 to close the deal. Many banks are allowing the seller to sell “shortâ€. This means the seller would come to the closing selling the unit for $200,000 but would be forgiven the $25,000 that they owe. Not all banks will do this. You have to check with your lender to see if this is allowed.
The market place had changed significantly and banks are becoming more forgiving. Many situations could be worse for a bank where they would actually end up having to foreclose on the unit instead of a short sale. In that scenario, the bank would most likely lose more money than selling short.
This has caused a huge Chicago condo sale throughout the entire area. Deals are everywhere right now.
New Condos – Chicago
Finding the right condo can be a task not for the weak of heart, especially if you are looking to move to a new location when you possibly live way across the United States. New condos in Chicago can be the answer whether you are moving due to employment, moving back home, or just looking for that vacation condo in one of the most exciting cities in the country. In today’s world of technology using an online tool can cut your time in half and provide you with much of the information you are looking for in a condo. All you have to do is put in the criteria, such as bedrooms, baths, price, or any other specific needs you have and you can find a large selection of properties that may interest you.Â
Interest rates are down so you may want to get a jump on what you are looking for and take advantage of lower prices as well. You will definitely get more for your money and be able to get your dream condo without having to dig too deep into your savings. Living in a condo offers many advantages like living in an upscale neighborhood and often have amenities such as exercise rooms that you cannot afford with single family homes. New condos in Chicago are usually located in well established, proven neighborhoods. There are many different condo communities in the Chicago area – Logan Square, Lincoln Park, Hyde Park, River North, to name a few. Prices differ depending on the size and location, but usually average about $120,000 to $1,000,000.
Condo living have some definite advantages. The most obvious is they are easy to keep up. The only space you need to worry about is upkeep is the interior or perhaps a small balcony or patio. Another advantage is you can lock the door and go whenever you want to get out of town for a vacation and not worry about getting broken into because of the extra security most condo building offer. Most new condos in Chicago are located in the heart of the city or close to great shopping and restaurants allowing you to enjoy the city life without the drive. As you can see there are certainly many advantages to condos. They are great options if you live a busy life and like to live close to the action and do not yet have a family.
Chicago High Rise Condo
Are you thinking of owning a Chicago condo and are not sure about your options? Well a high rise is worth looking at. A high rise is a tall building or structure. Normally, the function of the building is added and often times the location, for example high rise offices, high rise apartment building or even Chicago high rise condo.
High rise buildings became possible with the invention of the elevator (lift) and cheaper, more abundant building materials. Buildings between 75 feet (23 m) and 491 feet (150 m) high are, by some standards, considered high rises. Buildings taller than 492 feet (150 m) are classified as skyscrapers. The average height of a level is around 13 feet (4 m) high, thus a 79 foot (24 m) tall building would comprise 6 floors.
The materials used for the structural system of high rise buildings are reinforced concrete and steel. Most American style skyscrapers have a steel frame, while residential tower blocks are usually constructed out of concrete.
So whether you currently live in Chicago or someplace else, a Chicago high rise condo has many spectacular things to offer. Often times a Chicago high rise condo has a spectacular view to wake up to and see the sunrise to the east or end a weary day with a glass of wine, soft music and watch the breath taking sunset to the west. Or maybe just an evening with friends celebrating life and watching the lights of the city turn on. The possibilities are endless, and these low interest rates won’t last forever.
As of today, a Chicago high rise condo starts approximately at $80,800 on the low end all the way up to the top of the Trump Tower Chicago, where you can experience the luxury and exclusivity of the Trump lifestyle by owning the stunning penthouse. Currently there are over 2,000 Chicago high rise condos to choose from. Stretching from Rogers Park on the north all the way to South Shore, now is the time to buy. Interest rates are low, and an OwnACondo.com Condo Specialist is ready to help you find that perfect Chicago condo.
Feel free to contact us today for more information regarding a Chicago High Rise Condo. At OwnACondo.com we know condos, from high rise to low rise, from the north side to the south side.
Our toll-free number is 866-696-2266. We look forward to working for you!
Chicago Condominiums FOR SALE
If you have been waiting for a GREAT deal on a Chicago Condominium for sale, now is the time to begin looking. Finding the right Chicago condo that meets all of your needs, is located in the right neighborhood and is the Chicago condo of your dreams can be easier by contacting OwnACondo.com. We specialize in Chicago condos and helping your find the perfect one! A recent search on the Multiple Listing Service shows there are over 10,000 Chicago Condominiums for sale. Not to mention the fact that interest rates are low.
There are many factors to consider when looking for a condo and the thought of where to begin can be overwhelming. Put together a checklist to help make your search a little easier. Here are some tips to consider when you begin searching for the perfect Chicago condo:
First – Starting with the most important tip, decide what you can afford to spend. Contact an OwnACondo.com Condo Specialist today for a list of lenders that will pre-qualify you before you begin your search for a Chicago Condominium for sale.
Second – Think about what is important in a condo. The interior of a home may be the biggest part of the home to consider. Start a list of what you are looking for in terms of the living areas (living room, dining room, kitchen, family room etc.)? How many bedrooms and bathrooms do you want? Once you have the list together, determine what is most important to you and prioritize your list. You can start with the minimum and include the maximum.
Third – Consider what are your needs outside of your Chicago condo. Make a list of what is important in the neighborhood. Do you need parking? Do you want a Chicago condo that is close to transportation, schools, churches and entertainment?
Remember these are only the beginning tips to consider and that as you begin your search you may discover other things to keep track of that are not listed above. So stop waiting, now is the time to buy your Chicago condo. It is a buyers market. There is a great selection, interest rates are at a low and we have a condo specialist waiting to help you begin your search for the perfect Chicago condominium for sale. A Chicago condo is an investment into the future, so make 2009 your year to own a Chicago condo!
Stop waiting and start looking. Call an OwnACondo.com condo specialist at 866-696-2266.
Chicago Downtown Condominium
When you want to be in the thick of exciting urban living, choose a Chicago downtown condominium.
Although the Loop is rivaled by certain areas of the North Side for dining and nightlife, downtown Chicago is really the benchmark. Close proximity to Lake Michigan, the central business and financial district, museums, theaters and the stunning skyline make it the choice for many condo buyers.
Take a walk along Michigan Avenue and spot some of the nation's most famous buildings, either right along the Avenue or in the near distance. Many of these reknowned buildings have condos available for purchase in a variety of sizes and styles.
The history of downtown Chicago mirrors that of many great urban areas, featuring periods of incredible expansion and boom, glory years, a decline as focus shifted toward the suburbs, and an eventual resurgence to greatness. Much of the dazzling neon signage that looked so amazing in vintage photos is now gone, but downtown Chicago is back as a place to live, shop, entertain and recreate.
One of the biggest attractions in the new era of downtown Chicago is Millenium Park. Built in recent years above active railroad tracks and automobile parking just east of Michigan Avenue, this new park features green space, an outdoor auditorium and various pieces of public art, including Cloudscape, a huge, highly polished sphere that is popularly know as "The Bean." Millenium Park has been a very large cornerstone in the renewed interest in Chicago downtown condominiums.
And if you're interested in purchasing your very oen Chicago downtown condominium, now is the time to act. Incentives are frequently available in the current economy. Our dedicated team of condo Realtors can help you find exactly what you are looking for. Or, check out Chicago downtown condominiums for yourself with our free search.
There's no denying a downtown Chicago condominium address is a great thing to have. Think of how easy it is for you to get to all the important places in your life. Imagine your pride of ownership each time you--or your family and friends--steps into an elevator to be whisked up to your condo. There are gleaming glass skyscrapers as well as vintage buildings converted to condos for you to choose among. All you have to do to get started is give us a call, toll-free, at 866-696-2266 and we'll get to work for you right away. And don't forget--our services to buyers are FREE!
Chicago Loft Condominiums
Once the exclusive space of choice for artists, musicians, photographers and other creative arts people, Chicago loft condominiums have become hugely popular with singles, couples and sometimes even families from all walks of life who enjoy a living environment that is distinctly urban in nature.
Loft dwellers can choose the space they want from raw to sophisticated. Increasingly, lofts are outfitted with many deluxe features so buyers can have comfort and individuality while still maintianing an industrial/commercial look with high ceilings, oversized windows, exposed heating/cooling ducts and more.
The amenities loft buyers can choose are virtually endless: carpeting, hardwood floors, fixtures and appliances from basic to high-end, cable TV, high-speed internet connectivity, an open or divided floor plan, etc. Many lofts also have balconies or terraces that look out onto the urban landscape where the dwelling is located.
Loft living has become so popular that some newly constructed buildings are styled right from the beginning to look like a loft conversion, even though the property has no industrial or commercial past. When this occurs, it is typically found in areas which are gentrifying and there is not enough existing loft-style buildings to satisfy the demands of buyers who want to live in that particular locale.
A walk through many Chicago loft condominiums reveals a past in which business and manufacturing demanded massive timber supports, thick walls and floors to bear heavy loads, and locations near rail lines, waterways and/or major thoroughfares. One of the many attractions of loft living might be the rumble of a commuter train right outside the window. Because these old buildings had to be located relatively close to the central business district, Chicago loft condominiums are also deisrable because of their proximity to public transportation, downtown, cultural attractions and more.  Â
Sometimes the buildings have direct statements to their past in brick and mortar right at the front of the structure, preserved to this day. These names often reflect the names of the founders and/or what type of business the firm was engaged in. It's a piece of history that many loft dwellers enjoy.Â
Chicago loft condominiums come in a wide variety of styles and prices. Rent-to-own is even available in some cases, even if your credit score might not be the best right now. Some feature wide-open space, ready for a buyer to customize as desired, while others are already well-equipped with rooms and all amenities included. If this type of exciting urban living interests you, be sure to contact our Chicago loft condominium specialists by email or by phone at 866-696-2266.
Chicago Condo Price
What’s a typical Chicago Condo price? In 2008, over 28,900 condos closed in the Chicago area as reported by the multiple listing service of Northern Illinois. Over 28,900! And they say the market is slow! Over 14,500 of those were Chicago condos, the other 14,000+ in the suburbs of Chicago.
So what area had the most activity of all of Chicago? The Chicago River North area had the most with a total of at least 2,330 condos closing with an average price of $585,000. How about the Chicago suburbs? Naperville was first with a reported 511 transactions. The average sales price for a Naperville condo in 2008 was $220,000.
How about the remaining Chicago condo prices? Chicago Lakeview: 1,775 Condo closings. Chicago’s South Loop: 1,123 Chicago condo closings. Chicago’s Near West: 971 Chicago condo closings. Chicago’s Loop: 935 Chicago Condo closings. Chicago’s Lincoln Park: 914 Chicago condo closings. Chicago’s Uptown: 821 Chicago condo closings. Chicago’s Logan Square: 456 Chicago condo closings. Chicago’s Rogers Park: 404 Chicago condo closings. Chicago’s Irving Park: 206 Chicago condo closings. Chicago’s Hyde Park: 178 Chicago condo closings. Chicago’s South Shore: 128 Chicago condo closings.
How about Chicago condo prices for the suburbs? Schaumburg had 500 condo closings. Palatine had 428 condo closings. Des Plaines had 309 condo closings. Tinley Park had 300 condo closings. Arlington Heights had 273 condo closings. Oak Park had 250 condo closings. Orland Park had 238 condo closings. Buffalo Grove had 190 condo closings. Wheeling had 190 condo closings. Joliet had 178 condo closings. Oak Lawn had 175 condo closings. Hoffman Estates had 166 condo closings. Lombard had 165 condo closings. Glendale Heights had 160 condo closings. Crystal Lake had 158 condo closings. Carol Stream had 158 condo closings. Lisle had 155 condo closings. Hanover Park had 147 condo closings. Downers Grove had 145 condo closings. Grayslake had 145 condo closings. Wheaton had 133 condo closings. Gurnee had 122 condo closings. Skokie had 119 condo closings. Northbrook had 111 condo closings. Mount Prospect had 103 condo closings and Elk Grove Village had 101 condo closings.
The Chicago condo price in areas that had less than 100 sales in the area, was omitted. If you would like to get statistic on any other area, please call OwnACondo.com direct for this information.
Chicago Civil Engineering
No matter how you approach Chicago, either by train, plane, or automobile there is a landmark that you cannot help but notice. The Sears Tower, one of the most impressive examples of Chicago Civil Engineering in the world. The Sears Tower has been the tallest building in the United States since 1973 standing at a total height of 1730 feet from street level which includes the antennas. One of the most famous tourist attractions in Chicago is the view from the Skydeck located on the 103rd floor. Tourists can experience how the building sways on a windy day and see far over the plains of Illinois, across Lake Michigan to Indiana, Michigan and Wisconsin. An experience that few Chicago natives miss is to find Soldier Field, Wrigley Field, and Cellular Field as well as their home or condo.
Civil engineering is considered to be the oldest engineering field. Civil engineering includes the planning, design, construction, maintenance, and operation of the infrastructure that surrounds us and is the underpinning of our society. Our infrastructure includes roads, airports, railroads, buildings, bridges, water and waste water treatment plants, sewers, drainage, flood control, water supply, landfills, and many other facilities. Most everything Chicago Civil Engineers do affects our daily lives in many different ways. In essence, civil engineering may be regarded as the profession that makes the world a more agreeable place in which to live.
When you get up in the morning and take a shower and brush your teeth, the water comes from a water treatment plant through a network of pipes, designed by a civil engineer. The dirty water then leaves your condo through a sewer and ends up in a waste water treatment plant designed by civil engineers where it is treated and released to a nearby stream or river. When you go to work or school, the roads you drive on and the bridges you might cross were designed by civil engineers. When you bought your condo or home the structure or skeleton of the building was designed by a civil engineer as well as the foundation. Even the electricity you use was brought to you over transmission lines, whose towers were designed by civil engineers. There are many more such examples of how civil engineering is involved in our daily lives. So when you buy a condo in Chicago civil engineers had a hand in everything about your home, the roads you travel, the train or bus you take to work, the electricity used to power the lights in your place of business. Chicago Civil Engineers are an integral part of the city and everyone’s daily life.
