Condo Associations
Condo associations were originally created as a legal entity for the purpose of developing, managing and selling a development. It allows the developer to exit financial and legal responsibilities typically by transferring ownership to the condo owners after selling off a pre-determined number of units. Most condo associations are non-profit corporations and are subject to state statues that govern such corporations. Oversight of these associations runs the gambit from strict regulation to virtually no oversight at all. It should be an integral part of your research to be aware of the importance of investigating the association when you buy a condo.
Condo associations have certain duties and responsibilities for not only the day to day operations but for long term planning. It is the association that monitors adherence to the by-law and regulations so before you buy make certain that you can live with these regulations, they can make your life in the condo complex very enjoyable or an unpleasant experience.Â
Condo associations for the most part will take care of all of the exterior upkeep of buildings and grounds. It varies little from most associations so it is important to have a clear idea of exactly what will and will not be covered so there are no surprises when you find out if repairs are needed. No matter what state you live in every condo association is required to file a declaration of covenants, conditions and restrictions. The document discloses how the condo association is to be structured, what its duties and responsibilities are, and what restrictions are to be placed on the owners. In most cases, this document will be specific, for example, it may stipulate exactly what interior window coverings are acceptable. Obviously the goal is to create as much uniformity as possible throughout the complex.
One last most important area to investigate is the financial health of the association. Associations are required to develop an annual budget for both the condo association fees and expenses. The association must also state the current financial condition. If the condo association is solvent, the more you as a condo owner will be protected. Remember if there is an expensive repair that is the responsibility of the condo association and there are not enough reserves available then the only place to get the needed funds is from the owners. The only way to get those funds is with a special assessment. Investigating the association can head off many of these types of problems before they become too costly to you the owner.
Real Estate Companies in Chicago
There are hundreds of real estate companies in Chicago. Many of them follow a certain pattern from the past and are recognized as national brands. Many are no names, ABC mom and pop companies no one has ever heard of. But there is one company out there different from all the rest. OwnACondo.com. OwnACondo.com is a specialized niche in the real estate industry just focusing on the selling of condominiums. OwnACondo.com started in 1997 as a company that helped developers convert apartments to condominiums. Today, this brand is different from all the rest because it does nothing but sell condos in Chicago.
The real estate companies in Chicago are usually known for representing all types of real estate. They’ll sell a condo, a house, an apartment building, a piece of vacant land, a commercial condo or an office complex. They really don’t care what it is they sell as long as they’re doing some type of business. OwnACondo.com is different. Very different. OwnACondo.com has one thing in mind. Selling condos. Lots and lots of them. When you think about all the condos that sell on an annual basis in the United States, there is now a need in a company that does nothing but sells condos. By focusing on one thing, you naturally get better at it because all your focus is on it.
OwnAcondo.com real estate agents are only working with condo buyers, so its smart for a seller of a condo to have OwnACondo.com represent them. Just think of it. Let’s say you own a condo and would like to sell it. An OwnACondo.com agent is dealing with nothing but condo buyers all day long. They have a portfolio of nothing but condo buyers from the past six to twelve months. Then they take your listing and go back to an office with over 100 condo agents that do nothing but cell Chicago condominiums. It’s crazy not to list with a niche in the industry.
Think of going to the eye doctor for your heart problems. Maybe 200 years ago you would. Over time the medical industry began to specialize. Voila’. OwnACondo.com makes sense. They do one thing. They sell condos in Chicago and soon in Miami, New York and Los Angeles.
There are hundreds, maybe thousands of real estate companies in Chicago. But only one company that does nothing but sell condos. OwnACondo.com. The best place to by and sell condos.
Rent a Condo
The real estate market is suffering along with the rest of the country during this recession. Many sellers are desperate to unload their property in any way that they can. If you are a buyer there are a number of fantastic opportunities out there right now that you can take advantage of. If your credit is not in top shape, or if you are like the majority of Americans right now that are having a hard time securing financing, you may be surprised to learn that you can rent a condo.
A lot of sellers are looking into whatever options that they have for property that they are attempting to sell. This is especially true for sellers that are on a time line while they are waiting for new construction to be completed or for other property owners to vacate so that they can move in. A large number of these sellers have found that renting out their property is a great solution. It is also a smart way for them to protect their investment since housing prices have dropped drastically within the past year. It makes much more financial sense to hold on to a property until the market sees some improvement before settling for a lower sale price.
There are also a lot of other great benefits if you decide to rent a condo. You will not be responsible for property taxes or most major repairs. Association fees can be negotiable between yourself and the condo’s owner. Most condos can provide you with increased living space and some type of outdoor patio or balcony.
Renting a condo is a much better opportunity than renting an apartment. Condos typically have in unit washing machines and dryers and a number of other amenities that are not available in an apartment. Many condos have indoor parking also. Condominium complexes often have pools and other recreational spaces that are available for condo inhabitants.
Before signing another lease on an apartment, explore some other options. If you can afford to rent a condo, and you will be surprised on how low the rental price is when compared to your apartment rent, take advantage of the opportunity to do so. You will appreciate the extra space, additional amenities, and all of the other benefits associated with condo living. The real estate market has an abundance of great opportunities that are available right now, waiting for you to take advantage of them.
Chicago Real Estate
There’s a tremendous amount of Chicago Real Estate for sale currently. The market not only has condos sitting on the market over the last twenty four months from the stall in real estate, but foreclosures have created a second level of available inventory. This has caused prices overall to plummet. Chicago area real estate has come down significantly over the last two to three years.
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The Chicago real estate market can be viewed two ways. Sure there is product everywhere for sale, but on the flip side, the deals out there are tremendous.  The short sale market and the foreclosure market have created a wholesale market in Chicago real estate which has made a number of buyers very happy. There are deals that are allowing buyers purchase at forty and fifty cents on a dollar today.Â
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The interest rates to finance the Chicago real estate are at all time lows. As of this writing, you can finance a condo for just a hair under 5%. With financing condos at this interest rate coupled with phenomenal deals in the prices of Chicago real estate, this may be the best time ever to pick up a deal.
OwnACondo.com, the premier condo specialist in Chicago, New York, Los Angeles and Miami can help you with anything you may be looking for. If you’re interested in lofts, townhouses, penthouses or studios, they have a ton of product and price ranges.Â
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OwnACondo.com came into the market place in 1997 as a brokerage helping developers focus on condo conversions. They helped convert over forty complexes in the Chicago real estate market and helped over four thousand people buy a condo. It’s important to work with a specialist when buying a condo in any market, but in Chicago, there’s no one better than OwnACondo.com. You can reach a condominium specialist at OwnACondo.com by going to the website and registering. You’ll be sure to be contacted within a twenty four hour period, usually within one hour.
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The Chicago real estate marketing is very exciting right now. It has a pulse like never before with deals all over the place. Contact a Chicago Realtor today to go through the Chicago inventory and see if there’s anything right for you.
Chicago Green Condos
Have you ever wondered what it means to be green? It can be used to describe something organic or it can be used when describing something environmentally friendly. Not only in everyday living, but In today’s real estate market, green is becoming more and more popular. Homeowners are making changes for the good of the environment. Chicago Green Condos are what is hip and what is hot. Condo buyers are seeking environmentally friendly places to call home.
From using materials that are made from recycled products like countertops and tile, to selecting faucets and fixtures that save water, to heating, cooling and appliances that saves energy, finding a Chicago Green Condo may not be as difficult as it sounds. Even if you cannot find the ideal Chicago green condo it is easy to take something ordinary and make it green. And even the smallest of changes can benefit the environment and save money. This past weekend marked the second year of Earth Hour where countries across the globe were asked to turn off their lights for one hour. This year Commonwealth Edison utility announced after Earth Hour 2009, that the demand for electricity fell by 1 percent in Chicago and northern Illinois, reducing about 139,000 pounds of carbon dioxide emissions.
Here are a few tips to make your Chicago condo a Chicago Green Condo:
First, change the appliances to Energy-Star appliances. In 1992, in an attempt to reduce energy consumption and greenhouse gas emissions, the United States Environmental Protection Agency created Energy Star. Changing to Energy Star refrigerator can reduce energy consumption by as much as 20% while an Energy Star dishwasher can save as much as 41%.
And a simple change of your light bulbs to fluorescent lighting can save reduce energy consumption by 75 % and the bulbs will last up to ten times longer than normal incandescent lights.
Home electronics are also rated for energy efficiency.
From changing the appliances to Energy-Star appliances, changing the water faucets and fixtures to water saving models to selecting light colors for your surroundings that reflect the light and not absorb the light, changing bulbs to fluorescent bulbs, adding insulation, replacing windows and even the roof are all ways that can make Chicago Green Condos a great place to call home. Not only would you be saving energy, but the savings of money can really add up annually.
Consult a Realtor at OwnACondo.com to begin your search for a green condo.
Short Sale Condos
Short sale condos are everywhere in today’s market place. I keep hearing, short sale, short sale. What does it mean? A short sale is when a bank decides to accept less than what is owed on the condo. Why would they do that? There are so many instances today where the real estate was purchased for more than what it’s worth today leaving no equity when the condo unit sells. Let me give you an example.
A seller of a Miami condo bought the condominium three years ago at $200,000. They put 10% ($20,000) and financed the remaining 90% ($180,000). They now have a $180,000 mortgage at 6% interest for 30 years. Over the last three years they have been diligently paying their mortgage payment when all of a sudden the husband gets transferred and has to sell the condo. The couple outs the condo up for sale but they have no offers. It’s a year into the process when finally an offer comes in at $150,000. This is substantially less than what the couple bought the condo for but the condo market turned so dramatically that it actually is at today’s market value, a loss of 25% since 2006. What can the couple do?
The bank reviews the situation and realizes that the couple cannot afford the condo anymore. If they take the sale at $ 150,000, the couple will lose their $20,000 down payment and the bank will lose because the loan is at $ 170,000. The bank will look at all angles and in the end decide that if they take the condo back and foreclose on this couple, there may be more expenses involved than just simply taking a loss right now. So the bank ends up agreeing and the sellers close on the condo “short†of their mortgage amount. At the closing table the buyers purchase the condo at $150,000. The bank gets all of this money and the sellers are released from the loan. This is a negative on the sellers credit but the condo is now out of their hair, they have moved on with life and the bank has a new buyer for the condo.
Life is not great for the bank or the buyer, but it’s time to move on. Short sale condos can take forever if the bank drags its feet, but if you stick it out, it could be great opportunity to pick up incredible deals because of situations sellers have gotten themselves into.
Condo Sales
There are some many great things that are going on today in the real estate market! We are very excited in announcing that Condo Sales are on an uphill turn. There are still plenty of condominiums for sale in Chicago and the surrounding communities and in case you have not heard the National Association of Realtors is emphasizing that it is a buyer’s market. So if you have been considering making a purchase, it’s time to get off the fence and move ahead.
There are many factors that are contributing to the increase in condo sales. Possibly the greatest reason of all is the $8000 First Time Homebuyers Tax Credit that is part of President Obama’s economic stimulus package. The next great reason would be the historically low interest rates, and it seems that they will continue a little longer at this all time low. Another great reason is the Condominium Specialists at OwnACondo.com. Our Condominium Specialists are ready to give you an understanding in condo sales in today’s real estate market. They are also ready to help determine what would be the ideal condominium leaving it up to you to decide what neighborhood or community you would like to call home. Our specialists will work for you so you can take advantage of the great incentives and reasons that are available to buyers today.
It’s also worth mentioning that even though it is a buyer’s market, if you have been considering selling your condominium, it is possible. Our Condominium Specialists are professional and knowledgeable and are ready to give you a FREE Market Analysis or your condominium. We can make recommendations from pricing to staging. The last thing you want to do is list your condominium higher than it should be listed. This can be extremely frustrating and take longer than expected to sell your condo.
Condo sales, both buying and selling can be easier if you consult a Realtor at OwnACondo.com. We’re ready to start working for you today. So, if you are looking to buy a condo, now is a great time. And if you looking to sell a condo, we’re here to help!
Make history and be part of the many that are making the dream of homeownership a reality and take advantage of all the things that the real estate market today has to offer. We are looking forward to start working for you the minute you give us a call.
First Time Homebuyers Tax Credit Seminar
Everyone is talking about the economy, the stimulus package, and the real estate market. At OwnACondo.com we are here to help give you an understanding of the process of purchasing a new place to call home. Commercials by the National Association of Realtors are promoting the fact that it is a buyer’s market. This means that there are more homes and condominiums that are for sale then there are buyers looking to purchase. In addition to the low interest rates and the $8000 First-Time Homebuyers Tax Credit, buyers should consider turning the dream of homeownership into a reality. At OwnACondo.com, we offer First-Time Homebuyers Seminars, Rent-to-Own Seminars and $8000 Homebuyers Tax Credit Seminars. Call us today to sign up for any or all of these seminars.
First-Time Homebuyers Seminar was designed to give a basic understand of what you need to know before, during and after a real estate purchase. The First-Time Homebuyers Seminar also offers suggestions on what to consider before beginning your real estate investment.
The Rent-to-Own Seminar is an informative seminar which covers the benefits of renting a property with the option to purchase the property in the future. A couple of the benefits of Rent-to-Own are in some cases it works as a savings plan and allows a portion of your monthly rent to be applied towards the down payment or the purchase price of your purchase. When you Rent-to-Own it also allows time to repair problems with your credit report.
$8000 Homebuyers Tax Credit Seminar explains the economic stimulus package and how it benefits first time homebuyers in today’s real estate market.
We are excited and see the potential for our clients in today’s real estate market. Between President Obama’s economic stimulus package, the interest rates that are at an all time low and the fact that it is a buyer’s market are all great reasons to call the Condominium Specialists at OwnACondo.com. So don’t wait a second longer. Call us today! We are ready to share our knowledge with you and give you an understanding of the processes for First-Time Homebuyers, Rent-to-Own Programs, and the $8000 Homebuyers Tax Credit. So whether you are a first time homebuyer and need a little guidance or you are a seasoned buyer or seller in real estate, we are ready to start working for you.
Find out for yourself why OwnACondo.com is the best place to buy or sell condominiums.
Chicago Condo Conversions
Chicago condo conversions are a dying breed now that the real estate market went into a nose dive. In the late 90’s a few firms were converting condos in Chicago but there weren’t a lot of them. As the decade and century ended, it seemed like out of nowhere every mom and pop was converting their buildings to condominiums.
Today it’s different. The cost for buying an apartment building, renovating it and then lifting the price to sell the units as condos is not possible. Primarily the reason behind this is the amount of condos that are selling at a discount right now. The Chicago condo market is filled with short sale condos and foreclosed condos causing this huge wholesale condo market. It will take several years to remove this wholesale market before condo conversions come back in Chicago. Until then there is a huge amount of conversion inventory that needs to be moved. There were dozens of developers that were in the middle of conversions when the market tanked sending the developments into a standstill. Today this product is sitting there unsold and at a tremendous discount from two tears ago when it came to a screeching halt.
You can buy condos today from converted units for a 20%-30% discount from what they were selling at in 2006. I’ve seen deals that are beyond comprehension. One of the reasons a developer will come down on his price is the bank that hold the loan is at a point of not renewing it. Banks will give a developer a loan for a certain amount of time. If the number of condo units is not sold by a particular time, the bank will demand repayment of the loan immediately. This will put the condo developer in a sticky situation of having to dump a number of units at a discount to meet their quota for the bank. There are so many developers in this situation today. You can go in a buy a block of condos at a huge discount, sometimes thirty and forty cents on a dollar if the developer is in that type of trouble.
Chicago condo conversions will come back someday, but not soon. I predict it will take about five years to clear up this mess with the foreclosures going on today. There are so many foreclosed condo units that it’s just about impossible to keep up. The banks have condo inventory like never before. Until that happens, we won’t be seeing too many condo conversions in Chicago soon.
