Chicago Spire
When the Chicago Spire is completed it will be the tallest building in the United States and the Western Hemisphere with the tallest elevator run in the world. Ground was broken in July 2007 and once completed will surpass the Sears Tower and the Hancock Building, two of the tallest buildings in Chicago. The building will become an icon in Chicago due to the architectural design which is much like shells found in nature. As the tower rises each floor rotates approximately 2 degrees forming a tapering tower which twists 270 degrees from the base to the roof.
The Chicago Spire is located at the edge of Lake Michigan with incomparable views of the city and lakefront offering a five star hotel as well as condos with floor to ceiling windows. Condo living in a place like the Spire offers many advantages and can accommodate many different types of people. It has become increasing popular with singles all the way to retired couples. Condos are a very viable option for anyone who wants maintenance free living and the freedom to spend their free time as they wish not being pinned down with snow removal, lawn maintenance, or any of the other activities owning a single family home requires. Condo living can also offers many types of amenities not otherwise affordable such as, pools, tennis courts, exercise rooms and much more. All the reasons above is why condo living has become such an attractive home ownership option. If you are thinking of purchasing a condo in the near future and want to live in a vibrant city with views of the lake and city skyline then the Chicago Spire may be the place for you.
There are literally hundreds of condos to choose from at almost any price in the Chicago area. Major developments are underway downtown and many developers are looking for creative incentives to make their properties more attractive to the condo buyers looking for downtown living. The Chicago Spire is one of those developments that due to its architectural design and location may not need to lure buyers to their doors with some of the more mundane incentives developers tend to offer. Who wouldn't want to live in the tallest building in the United States and the Western Hemisphere with a design like no other building on the planet. If you are interested in lakefront living with incredible views of the city then the Chicago Spire is definitely worth a look.
Investing in Chicago Condos
Investing in Chicago condos can be quite fun in today’s market. There are mainly three areas that the deals are coming from forcing a huge buyers market, probably one we’ll never quite see like this again.
The first area we see a lot of people investing in Chicago condos is the foreclosure condo market. There are a ton of Chicago condos being foreclosed on right now. The number is up 50% from last year, which was up a 100% from 2007. It’s absolutely crazy right now with the inventory of foreclosures. This is to the point that banks are selling their product sometimes at twenty and thirty cents on a dollar just to get rid of their inventory.
Who wins? Everybody. The investors investing in Chicago condos, the banks because they no longer have to manage the condo inventory and the condo associations. Condo associations are having to deal with the burden of coming up with the additional monthly payments of units that are foreclosed on. It’s really a tough situation for a number of complexes right now. Just imagine a 200 unit complex all paying condo association fees. Now let’s say 20% of those units are being foreclosed on. That’s 40 units. If you think this number is too high, think again. This is happening all over the place causing associations to have to find alternative ways to make ends meet. Can you imagine an association fee of $175 per month being absent from the association budget? Now consider 40 of them. That’s $7,000 a month or $84,000 a year. No association can handle this.
When an investor comes along and buys up a foreclosed condo in Chicago, he not only gets a great deal but the condo association now has a paying member again. Usually the new buyer will have to get the association payments up to date. This is very common. For instance, let’s say the guy that was foreclosed on owed $175 times twelve months. That’s $2100. If he was to buy the foreclosed condo from the bank at $55,000 they may make him pay an additional $2100 to bring up the association bill. One way or another, the association has to be brought up to date.
Investing in Chicago condos is at a peak right now. The buying game is on with a lot of players in it. It’s good to be in the real estate business right now.
New York Condos
The American dream of owning your own home has changed over the last couple of decades. The dream is still alive but the options have changed dramatically. One of the fastest growing segments of property sales and areas today is New York condos. Owning a condo has many things in common with owning a traditional home, but it is the differences that count. It is important before you make that jump into home ownership that you know whether a traditional home or condo is right for you.
 First of all, what is a condo? Condos resemble apartments in many ways. They can consist of several units in the same building or complex, with common areas like courtyards, lobbies, pools, etc. that are shared by everyone. But condos, as opposed to apartments are owned by the individual tenants and not just rented. When you purchase a condo you may be giving up some privileges but gaining in others. It is this balance of benefits that will be most helpful when deciding what type of property to buy.
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One area that you need to investigate before you buy a New York condo is the prices of similar properties that have sold in the complex or complexes in the immediate area.  Condo sales in the area can tell you if the price you are offering is too high or too low. A comparative analysis will also tell you how long units in that complex have been on the market, if prices have been reduced, how many units are for sale, and the prices in which they sold. With the ever changing real estate market it is important to be aware of all of these things to get the best value for your money.
 Not all real estate agents are familiar with the nuances of New York condos. Real estate transactions are most likely the biggest financial investment most people will experience in their lifetime, so it is even more important to find the right person for the job. But how do you choose the right person for the job? First of all with most any financial transactions you will want to make a thorough search which can be done quite easily by attending open houses to see how agents work and to meet them first hand. Ask the prospective agent how long they have been licensed, how long they have worked in the condo market and how many sales they have closed in recent months. Ask for references and talk to your friends and family about who they would recommend and why. Once you have found the right agent you are well on your way to realizing the American dream of home ownership.
Chicago Townhomes
Chicago townhomes. Chicago townhouse, Chicago townhouse condos. What’s the difference between all these? The word townhome, townhouse or townhouse condo are all the same. Basically you’re buying an attached piece of Chicago real estate where you own everything inside your four walls along with some common area as well.
One of the main differences in a townhouse opposed to a condo is the townhouse has multiple floors, where the condo is on one level. Most townhouses have at least two bedrooms and many are three levels including the first, second and lower levels. Chicago townhouses are priced a bit higher than condos because there is more square footage in them, but in today’s market place there are some exceptional deals out there.
Chicago townhomes usually come in a row of four to eight. You’ll occasionally see more than this in larger developments but four to eight townhomes in a row is standard. The look and feel of a townhome in Chicago is like buying a home. You have a separate entrance to get into your townhouse along with your own garage. The major difference between your own townhouse and a normal house is the adjoining wall between the two parties. The two townhouses are connected but everything else acts on its own.
The second major difference between a Chicago townhome and a house is the area around the townhouse. When you buy a Chicago townhome, you’re not only buying the townhouse, but some common area land as well. This land is divided among all the owners in the association and kept up through association fees. The up keep in the land is paid for by collecting a small fee from every Chicago townhome owner known as a townhome association fee. This covers grass cutting, snow removal, insurance, etc.
Chicago townhomes vary in price ranges depending on the area your in. If you’d like a full list of all condo/townhomes available in the Chicago area, go to OwnACondo.com and click on condo search. You’ll see every condo or townhome available.
Chicago townhomes are great rentals as well. If you can afford to buy a second condo or townhome and do not need to use the money from your townhome, you can rent it out. Renting can be a great way to continue to gain appreciation and tax benefits, without having to pay the mortgage. You’re renter does. And if you’re not interested in landlording, there are management companies that can handle the rental side of the game for you.
Chicago Real Estate
The Chicago real estate market is poised to take off due to the economic policies our government has put in place to encourage home or condo ownership. Congress passed an $8000 non-repayable tax credit this year which will give Chicago a shot in the arm in housing activity. The credit is available to anyone who has not owned a primary residence during the past three years and is equal to 10 per cent of the home's purchase price up to a maximum of $8000. It is the perfect incentive for first time homebuyers who are interested in owning their own home or condo in an exciting city as Chicago. Â
Historically, the Chicago real estate market has been volatile with its many well known developers, political movers and shakers and just the attitude of its residents. Chicago is such a mix of cultures and nationalities with over 77 different neighborhoods that condo buyers have a variety of choices from the more upscale Gold Coast to the excitement of Wrigleyville. There is no place like the city of Chicago and all it has to offer from the dozens of museums to professional sports for those who want to live in one of the most exciting cities in the world.Â
The Chicago real estate market is improving due to the current rental market. The media has sensationalized the troubles in the real estate market regarding the difficulties in getting financing to purchase a home or condo which has encouraged landlords to increase their rents year after year believing the market is glutted with renters. Nothing could be further from the truth. With the advent of rent to own programs and the $8000 tax credit more and more potential first time home buyers are entering the market. There is no question even in today's real estate market that owning a property is a much better alternative if you intend on staying for at least 4 or more years.
Recently the Chicago Tribune reported new housing and condo developments have undergone a record seven month decline, which may be the reason the Chicago condo market is somewhat stable. The lack of new developments has helped to slow a glut in the housing and condo markets for Chicago and we are beginning to see prices stabilize. I am hearing from many potential condo buyers that they expected a big collapse in prices so they could pick up a condo cheap but they now think that collapse may never happen. We could very well be at the bottom of the housing market which means there is no way to go but up encouraging buyers to get in the market for those great deals before they are all gone.
Chicago Condo Sales
With the number of condos that are for sale in the Chicagoland area, it is a difficult market to navigate through if you are looking to find the perfect condo. And if you are trying to sell your condo, it may be even more difficult with the massive marketplace competition that you are facing. An experienced realtor is your best ally when navigating through condo sales. They can provide you with expert advice and a number of helpful resources whether you are buying or selling a condo.
As a buyer, there are a number of overwhelming aspects in locating the perfect condo. You may have decided on a particular area that you are interested in purchasing, but that does not narrow down your search enough. Even if you know what specific neighborhood you want to buy in you may be surprised to learn that there may be hundred of condos available to buy within that small area. If you don’t have the time to visit one hundred condos for showings to see if they have what you are looking for you will need a realtor to give you guidance. They will know what really matters in condo sales and can direct you towards condos that have the requirements and amenities that you are looking for.
If you are selling your condo, you probably already know that there is a lot of marketplace competition going on right now. If you want your condo to sell fast and to stand out from the others on the market, a realtor can help you to achieve this. There are realtors that specialize in condo sales and that are experienced in selling your condo as quickly as possible. They will have more advertising resources and they can attract many more potential buyers to come and see your condo. Plus, a realtor will take a lot of the stress out of the entire process. They will field phone calls and inquiries about your condo and set up showing appointments. They will also guide you through the entire closing process making sure that everything goes smoothly.
Whether you are interested in buying or selling a condo, a realtor can provide you with expert advice and guidance throughout the entire process. They can help you to take advantage of the current market and show you where opportunities exist and help you to earn the most for your condo.
Chicago Condos For Rent
Are you looking for Chicago condos to rent? Where do you go, where do you turn to? And why condos? Why not Chicago apartments? The Chicago area has tons of condos available for rent with very little trouble on your end on finding them. One of the best methods is to use an Multiple Listing Search (MLS). Most of these searches are on real estate company websites.
Chicago Condos can be so much better to rent than Chicago apartments but it takes some time on your end to find the best deals. To start, Chicago condo rentals may have an option to rent the condo and then eventually own it. This is called a rent-to-own program. Many condos can be rented with an agreement in the beginning of the lease that would allow you use a portion of your rent that would go toward the down payment. Imagine $200 off of your $1,000 rent each month being socked away for your use to actually buy the Chicago condo? That means $2,400 after one year.
Many condos in Chicago can be purchased with a mere 5% down. 5% of $200,000 is $10,000. You can see that after a few years, you can possibly have more than half the down payment for the purchase if the contracts for lease-purchase are set up the right way.
What next? It would be best to check into financing the Chicago condominium. Financing is really the key in this whole real estate game. If you want to own but you don’t have the whole amount in cash, you need to bring in a lender. A bank or mortgage company that finances condo loans will start by asking you if you are employed and what money you make on an annual basis. They want to make sure you’ll pay them back for the condo loan. It won’t take the bank more than a day or two to let you know what situation you’re in financially. There are so many people out there that really don’t understand the loan process that when they eventually go through it, many are surprised to see that they actually can qualify to buy a condominium.
Why rent when you can buy a condo? Buying means control. It means ownership of the American Dream. You can never get kicked out of your own condo as long as you pay your mortgage. When a lease ends, you can be booted out anytime. Owning controls your destiny.
Hiring Real Estate Agents
Are you a real estate agent looking to join a condo company instead of the traditional real estate brand? OwnACondo.com is hiring real estate agents for the Chicago, Miami, Los Angeles and New York markets.
OwnACondo.com is hiring Realtors for part-time and full-time positions. OwnACondo.com generates thousands of leads through a number of advertising campaigns. They take those leads and distribute them to the agents that want to work the area the lead is coming from. From the billboards it advertises on and the internet marketing they consistently work on, they literally receive more than dozens of inquiries every single day. They dispatch these leads to the agents that work that particular area.
If you’re newly licensed or have been with a company for awhile but would like to find out more about OwnACondo.com, call Brian at 877.627.5543 or you can email him at BK@OwnACondo.com.
In addition to receiving leads of potential condo buyers and sellers, OwnACondo.com has the best training program in the industry. There are training classes each and every week on a different aspect of real estate. When real estate agents are hired by OwnACondo.com, they are immediately put into the hands of an experienced mentor and guided through the process of closing real estate. If you generate leads you better know how to close them. The closing part comes from training.
OwnACondo.com is hiring real estate agents to help handle the expansion to the areas of New York, Miami and LA. With the marketing programs that are in place over the next six months, they’ll need at least another 50-100 agents to handle the volume. There’s an expected spike in traffic and closings due to the $8,000 stimulus tax plan as well that will cause a number of people to close in September, October and November of 2009.Â
OwnACondo.ocm originated in 2000 as a company that helped developers convert their apartments buildings to condos. Today it’s corporate offices are out of Oak Brook, Illinois. Today they are a full service real estate brokerage hiring real estate agents to help become the best place to buy and sell condos.
Downtown Chicago Condos
Downtown Chicago condos are probably the most popular of all condos selling in the Chicago condo market. As a condo company specializing in Chicago condos, we see 40-50% of all our leads come from this market. OwnACondo.com advertises everywhere in the Chicago condo market, but in the end, almost half of their leads comes from the Downtown Chicago condo area.
What comprises Downtown Chicago condos? Chicago River North, Chicago Loop, Chicago South Loop, Chicago West Loop, Chicago Streeterville, and the Chicago Gold Coast area make up Downtown Chicago condos. In 2008, over 2,500 condos sold in what is known as Chicago’s near north area of the Loop. Each condo sold for an average of $585,000.
To own a Downtown Chicago condo, I’d start with financing the condo. Unless you have $600,000 cash, you’ll need to get a lender to give you some cash. OwnACondo.com has a division that does nothing but finance condos called FinanceACondo.com (clever name). FinanceACondo.com’s web page will give you all you need to know about condo financing. Once you’ve been given the go ahead to move forward on your purchase, now’s the time to start looking.
OwnACondo.com has hundreds of units they are exclusively representing, but if they do not have the exact condo, you can also extract every condo available by looking through their MLS condo reach on their website. This allows you to look at every condo for sale in Downtown Chicago or Streeterville, River North or Lakeview. The selection is humungous and you’ll need several hours to sort through it all.
There are so many new developments going on in today’s market place that it ends up being difficult to choose one. Leaning on a Realtor professional will not hurt. They live in the market daily. They show Downtown Chicago condos for a living. Call an OwnACondo.com Realtor and ask them questions until they’re blue in the face. Learn as much as you can about a condo complex before you make the offer. The amenities are limitless, the choices have no boundaries. It’s up to you to get what you want. Focus, shoose the right Realtor, do you due diligence and close on that Downtown Chicago condo.
Chicago Condo Properties
Home ownership on any level is wonderful. Nothing gives you a sense of pride like owning your own place and if you live in the Midwest there is nothing quite like Chicago condo properties in which to live. Condo ownership has some very distinct advantages versus a single family home. Let's say you really hate to mow the lawn, trim and pull weeds, then condo living is where you want to be. Maybe you travel a lot for your job or have hobbies that you want to pursue then, condo real estate is what you need. You love to sit around the pool but can't afford one. You have few friends and you want to meet new people. You would really like a large home in a gated community with rules and regulations but can't afford it. Last but not least, there are some great deals in today's market interest rates are lower than they have been in years. All of these things and more are an excellent reason to buy a condo.
Chicago condo properties have become more and more like their own communities. Today tight knit groups of friends have evolved due to the condo living lifestyle. A close group of friends creates a sense of security knowing you will always have good friends around to help no matter the situation. This sense of community offers frequent social events to take place at the pool or clubhouse which offers many different types of social activities with the total cost spread around rather than paid by a single homeowner.
Condos are king in Chicago when it comes to residential real estate. When it comes time to Chicago condo properties, there are many areas in which to choose. Chicago is certainly known for its downtown skyscrapers but there are numerous other areas that have their own flavor which offers some of the best values in residential real estate. One definite advantage in the Chicago real estate market when buying a condo is that prices are holding steady and there are numerous developments currently underway or proposed for this year. Construction crews are putting up new buildings and older places are being refurbishing to create condos and lofts. It is estimated that over 4000 units will be built in Chicago in 2009 which puts buyers in a great position to get what they want for a good deal.
There are many Chicago condos for sale in a variety of communities and neighborhoods. Chicago is known for its ethnic groups and communities and condos are being built or re-furbished in almost all of these areas. If you are looking for a different lifestyle in a vibrant community atmosphere there is no better place to look than Chicago!
