Chicago Condos for Rent
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 condos for rent are exactly what many potential urban dwellers are looking and one classic style that is available today is the loft. 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 and Chicago condos for rent is where it's at! 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 "hybrids". 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.
One of the things you may want to think about when looking for Chicago condos for rent is a rent to own program. What is rent to own and what kind of agreements are needed? Rent to own is in its simplest form is renting a home or condo with the opportunity to purchase at a later date. The lease to own or lease-option agreement is both a lease that allows you to occupy the home and an option that allows you to purchase the condo in the future at an agreed upon price. The typical agreement may offer a part of the rent to go toward down-payment or closing costs. For example, $200 a month may be applied toward the down-payment where at the end of the year $2400 has been accumulated towards the purchase.
When you are looking for a Chicago condo for rent finding the right condo or apartment can be time consuming. The best advice I can give is to go online or check the Yellow Pages for rental and real estate agencies.
Downtown Chicago Condos
Downtown Chicago condos are made up of six areas known as Chicago’s River North, The Loop, Streeterville, South Loop, Gold Coast and West Loop. Each area has it’s pluses and minuses, but they are by far, the priciest of all condos throughout the Chicago area.
To finance a condo in downtown Chicago may be a bit harder than other areas because the prices are higher. Normally you can get away with putting 3.5% down to 5% and the rest would be mortgaged by the condo lender, but that is many times not the case with these downtown Chicago condos.
Downtown Chicago condos typically will start at a price around $250,000. This price is the low end, the starter condo. And they can go up to basically infinity. It was reported that one of the penthouse condos was selling in the new Chicago spire building that is soon to break ground for forty million dollars. In today’s market place, I’m sure the buyer got a deal, but whether it was forty million or twenty million, that’s a lot to pay to buy a downtown Chicago condo.
On average a condo in the downtown area of Chicago will go for about $500,000. Some areas are more expensive, but this is the average. The Near north area of Chicago which takes in River North, Streeterville and the Gold Coast averaged higher than the Loop, South Loop and West Loop.
If this price range is a bit steep for you but you want to move close to the Chicago downtown area, the next in line may be north of the downtown area which is known as Lincoln Park. Lincoln Park is very trendy and upscale, but has a deal here and there. On the southside of town you can find a condo in Bridgeport and Bronzeville for much less than going North and you’re literally only five minutes for the Loop.Â
There’s a price you’re going to pay for having a downtown Chicago condo address. It puts you in the center of commerce, shopping, bars and restaurants and an easy commute to work if you work downtown. They may be expensive but when you compare the cost for commuting and what your time is worth saving a few hours every business day, you may end up actually realizing that it’s better to pay now than later in time and travel. Downtown Chicago condos are an image. You may want part of that as well.
Chicago Condo Market
To say the least the economic news has not been the best in the last several months but sometimes we forget to notice some of the more encouraging trends that may be underway in the Chicago condo market. That does not mean that we should minimize some of the sobering national economic news with consumer confidence down and the psychological worries about rising unemployment. There are some genuinely positive developments with all this news.
The Chicago condo market is improving due to the current rental market. Chicago is known for the consistency in which rents increase. 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.
Another recent positive development which hopes to draw even more people to purchase a home or condo is Congress's new $8000 non-repayable tax credit. This is available to anyone who has not owned a primary residence during the past three years. The credit is equal to 10 per cent of the home's purchase price up to a maximum of $8000. You need to act now since it is available only for homes purchased on or before January 1, 2009 and before December 1, 2009.
The Chicago condo market is poised for a small rebound in 2009 but then start a steady climb toward improvement in the years following. The housing market has long been an indicator of economic boom or bust and today's market is no different. The housing market has always run in cycles, some short and some longer but there is always a rebound and this cycle is no different than those in the past.   There will not be as quick a recovery we have seen in past troubled economic times but the kind of steady growth expected will be what is needed to sustain a long term housing recovery.
Condos
Condos can be found on any multiple listing service website, but you’re only getting an address and a price. The Real estate agent’s function in a transaction is immeasurable. The real estate agent will first arrange appointments with the seller to view the condos you want to purchase. This is saving you valuable time. When you start the process of viewing the condos, you’ll need to get the condo financed. A real estate agent’s contacts are essential at this point in the game. They’ve worked with numerous lenders over the years and have narrowed down the real ones from the fake. The Realtors do not want to spend time showing you condos all over the city winding up with a transaction that doesn’t close because the lender cannot perform.
How do they know what lender can close the transaction. Simply from the experience they have with each individual loan officer. As Realtors, the only thing we want is an answer quick. If you can’t do the deal, let us know right away. The worst thing to do to a realtor and a client is to hold the file more than two weeks, come back and say you can’t to the financing on the condominium. It delays everything, gets the buyer saddened and it just wastes time. A lender on a condo should know they could do the deal within a seven day time frame. After that, it’s getting a little long. There have been several deals that sometime go into the one month, two month phase where a lender literally takes it out that long and decides not to finance the condo at that point. That person should lose their license for acts like that. If you have the deal that long and you can’t finance the condo, you haven’t done your job. You were probably on vacation fifty-eight of sixty days. There is no reason in the world to hold a file that long.
Condos generally should close within a thirty day time frame. We should see a deal come into our walls, get approved within seven days and close over the next twenty one days after that. There’s always the last of the loose ends, but if everybody is doing their job, you should see your condominium close within thirty days.
Make sure this step is covered before you make an offer on condos in your area. Find the right lender and get that part of the transaction taken care of before anything else.
Insure a condo in Chicago
Why insure your Chicago condo? You’ll need to insure your condo in Chicago because the association fees that you pay each month do not cover any of your contents. It’s critical for you to understand this.Â
The condo association fees you pay each month do cover insurance. The insurance that’s covered in for the condo complex, not for anything inside your four walls. If a tornado came and swept away the complex, the complex would be rebuilt but would not have any of your contents inside including kitchen cabinets, toilets, flooring, etc.
Basically, when you bought your condo, everything that is inside of it, including the fixtures are yours and you have to insure them. When you insure a condo, you’re insuring all the fixtures and all contents, such as your clothes, your mattress, your TV’s and computer; things like that. Can you imagine if all that was stolen or damaged tomorrow? How would you replace it all? Look around and add up the price. You’ll find that you have more stuff than you thought.Â
How do you insure a condo in Chicago? Most agencies will do this type of insurance but you may have to check around. Basically the type of insurance we’re talking about is called contents insurance also known as renters or apartment insurance. It insures the contents of the unit. The association fees that you pay for that also has a line item for insurance expense covers everything outside your four walls. It covers the hallways, the roof, the windows, the landscaping and overall, everything that’s not inside the units. This is also mandatory, but the complex does not let you know that it doesn’t carry coverage for you. You have to get this insurance yourself.
If you go to the website “InsureACondo.com†you’ll find a number of choices on this subject. Don’t get caught without this insurance. You might never need it, but if you do some day, it will invaluable to you. The cost is very inexpensive as well. Many insurance firms will charge less than $50 per month for this depending on the policy you put in place and how much you’re planning to insure.
Insure a condo in Chicago or chance it? What will you do? Look around the condo and assess how much you would have to replace if it was all scooped up today. You probably have more stuff in your condo than you thought.
Sell a Condo in Chicago
Looking to sell your Chicago condo? Selling a condo in Chicago can be a challenge in these economic times, but certainly not impossible. Let’s look at some statistics. In 2008, in the Chicago area, 30,000 condos sold and closed. Of the 30,000, about half closed in the suburbs and half in Chicago. Of the half or close to 15,000 Chicago condos that closed, River North was the leader with approx 2,300 closed condos.
If you’re looking to sell a condo in Chicago, it can happen, but you should consider a few things first. To begin, it’s so important to choose the right representation. What real estate company do you want to help you sell a condo in Chicago? All real estate companies are not the same. Make sure you focus on a company that specializes in your product. There are real estate agencies that focus on homes more than condos and vice versa. If you’re looking to sell a condo, make sure you choose a condo company.Â
Now you’ve chosen a real estate company that focuses on selling condos in Chicago. The next step is the Realtor in the company that will be representing you. Call the managing broker of the office. Get them to tell you the top three agents in the company. It is mandatory to get a top agent. So many people do not understand how the real estate companies work. All the agents working for a name brand are independent contractors and get paid when they sell a condo. They do not get paid unless they sell. Some agents are part time and some are full time. Do you want a part time agent selling your Chicago condo? Do you want he or she waiting on tables when a lead from the sign comes in and they can’t get back to the client eight hours later? This is such an important step. Go to the office and interview the top three agents to see who you feel comfortable with. Now you’ve chosen an agent. What next?
Now the Realtor will do a study of what condos in Chicago sold for over the last six months. This is called a CMA or a comparable market analysis. This will tell you and your agent what is active, under contract, expired (didn’t sell while it was on the market) and all the sold condos in your area. Once you and your agent decide on the price to list it, you’re well on your way to selling your Chicago condo.
Downtown Chicago Condos
There are many Downtown Chicago condos available at incredible prices right now. Advertisements went out again this week on a number of projects slashing prices. This week we are featuring three developments in the Chicago area; Trump Tower Chicago, Silver Tower Chicago and Aqua Tower Chicago.
These three Downtown Chicago condo developments are powerhouses. They are well recognized in the condo downtown Chicago community and they deserve to be. All three are very unique and make up part of the beautiful Chicago downtown skyline.
People come up to me constantly talking about the Chicago condo discounts. They want to know how they can own one of these incredible Downtown Chicago condos at a discount. Developers are begging for business right now. They will basically make any type of deal with you. The key is to be able to finance and close on your Chicago condo.
Can you finance a condo? How is your credit? Do you have enough for the down payment on one of these condos or will you need to do a rent to own program? Financing a condo that starts at $500,000, normally will require twenty percent down. Every financing situation is different, so before you start this long process of trying to find the best condo for you, the best thing to do is start talking to financing people. On the “FinanceACondo.com†website, there are four lenders that specialize in condo financing. The best thing to do is to call and start interviewing each one to see who may have the best program for you and what it will take to get you to own a downtown Chicago condo.
Once the financing is established and you feel comfortable knowing that you can close on a condo, the next step is finding one. If you go to the “OwnACondo.com†website, they will break down a number of Downtown Chicago condos and allow you to search a Multiple Listing Service commonly known as an “MLSâ€, which has every condo available. This will be a lot of fun for you. You’ll see every condo available and you’ll have fun seeing the different areas and how all will be priced differently.
When you’ve rounded up a few condos you’d like to take a look at, call your OwnACondo.com Realtor. Tell them who you’re working with on the financing end and start your journey on closing that Downtown Chicago condo.
Chicago Condos
We have a ton of clean up now with the Chicago condos that are sitting there unsold and foreclosed on. The people that service Chicago condos have their work cut out for them. The job is humongous and the sooner we take care of it, the sooner we can start seeing a rise in value again.
Chicago condos are being foreclosed on left and right. The amount is up 50% last year. Sounds high, but last year it was up 100% from the year before. We have to get this wholesale real estate closed and rehabbed, rented and back on the market. The wholesale market is so large right now that we’re not expecting to see any real appreciation in the retail sector of condos for at least three to five years.
Think of the condo complexes in Chicago that have one hundred and fifty units in them. If twenty-five of those Chicago condo units are being foreclosed on, who pays the condo association fees? That’s right, no one. A condo association cannot handle twenty five unpaid association fees. It eventually will go bankrupt or have to collect more money from the current condo owners.
We’ve got a lot of work in front of us from the fall of Chicago and national real estate. It’s going to be a combined effort of a lot of companies. We have to do it as fast as possible to save value and to get people back on track with their lives. Not every area of Chicago is affected the same. There are some areas of virtually zero foreclosures causing an area to keep steady with appreciation, but when you blanket the city, overall the depreciation is about 25% from three years ago.
What can we do? Buy up the foreclosures and make tons of money. We need to clean out the product from banks and keep doing it for a few more years. The economy is not helping this situation but we have to keep pushing to get this wholesale real estate back into the retail market. This will take time but we can have some fun with this along the way. Money is to be made. The first thing is to get a hold of a foreclosure specialist and start looking at some Chicago real estate. The choice of Chicago condos is unreal. Go out there are buy some real bargains right now.
Miami Condos
OwnACondo.com is looking for real estate agents and brokers to open a Miami OwnACondo.com office to service buyers and seller of Miami condos. We are experiencing leads coming in from our national exposure of the brand and need help in servicing all types Miami Condos.
OwnACondo.com specializes in the sale of condominiums throughout Chicago currently but will be opening an office in Miami in the third quarter on 2009. If you are a licensed Florida real estate agent of plan on getting your license soon please contact us at 877.627.5543 for more information. Until we have a physical office, we are dispatching our leads to various Realtors in Miami. If you would like information on this, please call the phone number above as well.
Miami condos need a specialized real estate company for servicing all the various aspects of the market right now. There are short sales and condo foreclosures in Miami like never before. There are Miami condo deals like never before but they have to be investigated thoroughly before moving forward. The condo associations in Miami are having a lot of trouble because so many Miami condos are being foreclosed on causing associations to go bankrupt. Make sure your condo attorney checks out everything that is required for a condo association to be up to date.
OwnACondo.com will also be open in Los Angeles and New York servicing the needs of buyer and seller of condominiums as well. Eventually OwnACondo.com plans to be a national brand with offices in fifty cities across the United States. Condominium specialization is needed more than ever in today’s market. There are so many issues with associations, financing and the buying and selling of condos that only a true specialist of this could handle the immense amount of knowledge needed to do it at a high level. OwnACondo.com specializes in all aspects of condo brokerage training our realtors on all these areas of the business.
If you are relocating to the Miami area and would like to talk about the possibility of being an OwnACondo.com agent in Miami please call us at 877.627.5543. OwnACondo.com has one hundred real estate agents in Chicago today focused on the Chicago real estate market. Each day more than fifty leads are dispatched to our agents from internet marketing. We’re already experiencing the beginnings of this in Miami without physically being there. If you meet our criteria and would like to start receiving our Miami condo leads, please call us today.
Selling your Condo
To many people selling your condo or home may sound pretty simple. The truth of the matter it is not as simple as most people think. Selling a condo is much different from selling a home with different marketing techniques, different types of buyers and financing that is geared specifically to condos. Here are a few areas that you will want to think about before you put your place on the market.
- Make a list of all the amenities that will be included in the association dues.
- Write ads highlighting all those amenities such as, pool, landscaping, snow removal, exercise rooms, etc.
- Advertise in local publications but don't stop there. Websites such as Craigslist and Facebook are used extensively today to market properties. More importantly engage the services of a real estate agent with expertise in the property type and market area.
- Think about who you are marketing to. Senior citizens and first time buyers are excellent potential buyers for condos.
- Consider you location and what it means to prospective buyers. Are you near mass transit, office complexes, schools, parks, etc.
- Use phrases that will peak buyer's interests. Minutes from transportation, walk to work, never shovel snow again.
- Let your friends and neighbors know you are selling. You would be surprised at how many properties sell because of conversations with colleagues at work or social gatherings.
Now you are ready to go but what else is there to think about when selling your condo. Make certain you have copies of the by-laws and fees for maintenance of outside areas. Go to the association and get a copy of the current budget and their financial statements making sure the potential buyer is aware of any proposed improvements that may come at a cost before the final papers are signed. It is important you provide information regarding what your fees cover spelling out use of the recreational facilities and who is approved. Obtain a copy of the certificate of insurance showing how much the condo board purchased to cover damages to common areas as well as have available a copy of your policy covering your unit. One last thing you want to have available is your certificate of title. The title certificate indicates you are the owner and can sell the property.Â
Selling your condo can be a lot of work but that is why hiring a real estate agent may be the best value for you. They can handle showing, negotiations, getting all the proper documentation among other things that can make a sale go smoothly.
