www.OwnACondo.com
28Dec/100

OwnACondo.com Has 95.2% Customer Satisfaction!

It's official:  OwnACondo.com has 95.2% customer satisfaction for 2010.

As the year comes to a close, OwnACondo.com's Director of Customer Care, Tim Litchford, released the results of his annual survey and found that not only is customer satisfaction approaching the high-90s mark, but that it has increased almost two percent over last year.

"What I heard most often from our customers is that our agents stuck with them,  even through difficult times," said Tim. "Our agents not only provided all the information requested, and promptly returned calls and emails, but also stayed in touch, often over long periods. In some cases, this included periods of unemployment for the customer."

The survey was conducted via telephone and email with all consumers who had purchased, sold or rented real estate using OwnACondo.com during 2010. The satisfaction increase was 1.9% above 2009.

OwnACondo.com agents have frequently earned high praise from consumers. Our condo specialist Realtors® have become standouts for their devotion and hard work in helping people find just the right place to call home. This list of knowledgeable, caring and dedicated associates is long, and it's the primary reason OwnACondo.com has 95.2% customer satisfaction.

Helping build on customer satisfaction in 2011 will be the company's move to brand new offices at 540 N. Lake Shore Drive, in Chicago's Streeterville community. This  state-of-the-art space will provide our condo specialist Realtors® with better tools to meet and serve our clients. OwnACondo.com has 95.2 % customer satisfaction in 2010, and we're aiming for 100% in 2011!

28Dec/100

Chicago Spire

While the downturn in the economy seems to have doomed the Chicago Spire project to never rise above the literal hole in the ground that it is now, that should not be seen as a metaphor for the real estate industry in Chicago, which is sure to recover and rise to new heights—sooner rather than later.

The Spire would have been eye-catching, to be sure, towering above the already impressive Chicago skyline. The unique spiraled 150-story building with 1,200 luxury condos was to have been erected at 400 N. Lake Shore Drive, at East Randolph Street beside the Chicago River. But, alas, it has been effectively been foreclosed on, due to unpaid property taxes, and developer Garrett Kelleher has lost control of the site, effectively putting him in the same predicament as thousands of homeowners who have lost their homes to foreclosure in the past two years. In fact, Allied Irish Bank, the original lender, has suffered much the same fate, having been basically taken over by the Irish government and nationalized after the government gave it an infusion of funds to keep it afloat.  

 In the case of The Chicago Spire, anyone with a stake in the proposed luxury condo high-rise has a certain amount of time, roughly two months, to pay the tax debt and retake control of the property. But if the time limit passes and no one steps forward, the lender can start formal foreclosure procedures. Three parcels of land make up the site, and In the meantime, the downturn in the economy has reduced the value of the land that The Spire was to be built on. According to recent reports, the largest parcel is now worth $2 million, half of what it had been formerly appraised.   

And although the Spire project is basically defunct, condo shoppers who want to live downtown, or near the lakefront, still have a lot of options. There are still plenty of new condo developments to choose from, and prices have come down too, so it remains a buyer’s market with many deals available.

The new, upscale lakefront condos, comparable to what the Chicago Spire would have been, include the Trump International Hotel and Tower, and One Museum Park. You wouldn’t be 150 stories up in the air, but pretty close. For instance, the 92-story Trump International Hotel and Tower, at 401 N. Wabash Ave., is the tallest residential tower in Chicago, and features some of the same great views that the Chicago Spire promised. Located just west of Michigan Avenue, the tower provides views of Grant Park, Millennium Park, Navy Pier and Lake Michigan.

28Dec/100

iPad in Real Estate

Technology and real estate go hand in hand when it comes to efficiency in your job. There are so many things that agents can use that will not only make them cutting edge but they will perform faster with the convenience of the iPad.  For real estate agents interested in getting an iPad to conduct business, it is important to know which applications are necessary to help you perform better at your job.

There are some free applications that you should download right away. The first application that is necessary for real estate agents to download and use is Zillow. Zillow gives you a home search and valuation. You can stroll through a neighborhood with the map feature. You should also download Cable XT. This is a side-by-side calculator and notepad. You are able to make quick calculations on a jumbo calculator and scribble notes in at the same time.  

You will also want to download Keynote on your iPad. This is not a free application but a must-have for real estate agents. Whether you use a Mac or PC, you can load, create and share presentations on this application. Talk about “wowing” a client! No need for paper listing agreements and presentations with the DocuSign application. You can digitally sign any document anywhere with the advanced application for the iPad. Photogenie and/or Camerabag are two photo editing applications that offer a full suite of editing tools and also several filters and borders which make the picture all that more attractive. Pages is an application that allows you to make lists, start docs and compose articles. That way you can blog and organize your to-dos from virtually anywhere. Tweetdeck and Twitteriffic allow you to monitor keywords and people to stay current on the happenings around you.

Now that you have the applications on your iPad you need to run your business you can do many things on the fly. You can launch a listing presentation, preview property, provide clients a cleaner, greener listing presentation, share and save important documents and forms and much more. Your business will run smoother, be less stressful and at the same time, look super-professional.  

Make the leap to the new technology and make your life much easier. Once you do this, you will never go back to the old way of doing things. It is just important to step out of your comfort zone and try something new that will help you and your career.

27Dec/100

Maureen Nesbitt

Fan mail...we get fan mail. Maureen Nesbitt, one of our many condo buyer specialists, is the latest recipient.

Our fan mail comes in the form of  letters, emails, phone calls and sometimes even a floral bouquet or a box of sweets with a pretty bow attached. And, truth be told, we ocassionally...but only very ocassionally...get complaint mail. How often? Oh, about once per occurence of Halley's Comet, which means the next complaint letter will arriving in...let's see... the year 2061. We can only imagine what postage will cost in 2061, although by that time, you're likely to hear  "Letters? Postage? What are these strange concepts you speak of?"

The latest letter of thanks  comes from Ninia S., who recently relocated to a condo in Oak Park, Illinois. The letter was completely unsolicted and it surprised us by its arrival. But knowing Maureen, we're actually not surprised at all.

Earlier in December, 2010, Ninia wrote:

"I am sending this letter to express my sincere appreciation for the hard work and dedication of Maureen Nesbitt. In my opinion, Maureen has gone above and beyond her call of duty.

About two weeks ago, I called the OwnACondo.com office...I was under the gun and needed to see properties right away. Once Maureen knew what I was looking for she began to send me listings right away. She has always been prompt at setting up the appointments and with getting back to me. She literally went through rain, sleet and snow to show me units that she thought would fit my needs.

She never pressured me into deciding on a unit that I really didn't want. She even gave me helpful hints and tips about the area and about being at my desired price point. From the day we met, I felt Maureen had my best interest at heart.

I believe Maureen is a great asset to your company and I wish her continued success."

Her colleagues at OwnACondo.com know that Maureen Nesbitt gets more compliments and thanks than we can shake a copy of a condo decs and bylaws at. But, like customer experiences everywhere, few people are actually motivated enough to compose a letter or an email when they are happy with the service they receive. That's just the way things are in this busy world, which makes Ninia S's letter all the more appreciated.  

Maureen is the company's senior condo buyer specialist. She's been with OwnACondo.com since day one, which doesn't go back quite as far as the last appearance of Halley's Comet in 1986,  but close  (she joined the company in 1997 as its first sales associate). Maureen singlehandedly sold out the first several entire condo projects the company undertook in those days, and she continues helping people buy real estate to this very day.  

Maureen points out she simply serviced Ninia the way she deserved to be serviced. "I didn't do anything more than give her my time, my knowledge and my attention, to the best of my ability," says Maureen. We have a feeling Maureen is being far too modest. 

OwnACondo.com serves condo buyers with an entire team great condo specialist Realtors. Maureen Nesbitt is the latest to receive praise from one of our many satisfied consumers thanks and she definitely won't be the last. Keep watching this space for more news about our specialists and how they can help you find your dream condo.

27Dec/100

Condominiums

To put it simply, a condominium is a form of home ownership in which individual units of a larger complex are purchased, not rented.  They may be commercial warehouses, townhouses, converted apartment buildings or newly constructed buildings designed specifically as condominiums.  The word condominium does not apply to the unit itself but how the unit is held legally.  Those who purchase a condo technically own everything from the walls inward and individual condo owners have shared rights for the areas such as hallways, grounds, pools, clubhouses, and elevators.  The maintenance of these common areas is usually the responsibility of the condominium association.  Each condo owner shares a common interest and has an obligation to pay monthly dues or special assessment fees.

Condominium ownership many times is the best option for potential homeowners.  If you would like to have a pool, playground area, clubhouse or many of the other amenities a condo offers then buying into a complex with all of these is your best choice.  You just need to remember you are paying for these with your association fees and there will be others who use these facilities also.  Most veteran apartment dwellers benefit from buying a condo because they are used to having neighbors close by and using the same amenities with others.  Normally the overall price of a condominium is less than single family homes but still allows equity to build so it is no different in regards to recouping costs assuming the property will appreciate.

Before you run out to buy that condominium there are several things you need to consider.  Find out if the building has a good reputation.  Ask current residents how often repairs and maintenance are done and remember the association decides what is done and at what cost to each of the members.  Check out parking and security arrangements before you buy especially if you have multiple cars or are concerned about your own well being.  Another area to consider is budgeting in the association dues.  When you are thinking of buying a condo you will know what your mortgage payments will be but an added unexpected fee could strain your budget to the breaking point. 

Condominium living is not for everyone but can be advantageous financially since you now own your own home.  You are able to enjoy many of the amenities normally not affordable with ownership of a single family home.  You have the pride of ownership and a financial investment that will pay off future dividends.

27Dec/100

A Buyer’s Perspective

A real estate transaction no matter the type can be a complicated process and involves a series of steps depending on whether you are a buyer, seller or an investor.  More often than not the buyer’s perspective will be your first foray into the real estate transaction world and it carries a unique flavor of its own.  When you are buying a home or condo it is a business transaction, hopefully a mutually beneficial transaction.  That’s not to say that buyers and sellers do not become emotional, feel slighted or even get offended but the key to moving the entire process along is an agreement, a legally binding agreement so no questions are ever left unanswered.

The buyer’s perspective can many times be the most stressful due to the purchase of your home or condo most likely will be the most important and expensive investment you will ever make.  The process begins very simply but will become more complicated as you go along.  It all starts with just making the decision to purchase you home and what areas in which you want to live.  Sounds simple right, not so.  The area in which you want to live is usually dictated by what is important to you, such as schools, shopping, transportation and many other factors.  Knowing what you want is easy but being able to afford the area is a whole different matter.  Homes and condos come in all different shapes, sizes and prices so it can be a difficult task to find the right place in the right location.  That’s where a real estate agent comes in and finding one can be as simple as asking friends and relatives for referrals or stopping in at an office in the area in which you want to live.  Real estate agents can have all types of experience and qualifications so it is important you find one that has as their priority a buyer’s perspective.  The peace of mind you receive from knowing your wants and needs are being represented exclusively by your own real estate agent who has no other responsibilities but yours can make all the difference in the world on being happy with your purchase.

24Dec/100

Cyber Savvy

How can a cyber savvy real estate agent help me when I am interested in buying a home or condo?  Today the world of business is for the most part governed by access to information and real estate is not that much different than other businesses such as brick and mortar retail stores or online shopping sites.  The real estate agent who can utilize this information to his customer’s benefit has a leg up on the competition and will be sought out for their expertise.  Today there is so much information out there how do you find out what is going to benefit you, the consumer, the most when buying a home.  The simple answer is to seek out that cyber savvy agent who can provide you with the information you need, how to understand it best and make it work for you. 

So, what is a cyber savvy  real estate agent and how do I find one?  The first step is to search the Internet for the property you are interested in purchasing and the area.  Thousands of results will be provided but the most accessed sites which rank the highest in use will be on the first couple of pages of your search.  Open up a few of these sites and get a feel for what each agent or agency is selling.  Ask yourself, does the site have the information I need and is easy to find?  Are there links to other sites which may be useful to me regarding the property and the surrounding areas, such as schools, public transportation, shopping and recreation?  Once you have found a site and agent you feel confident can help you contact them and ask for their assistance in finding your new home or condo.  The cyber savvy real estate agent knows where to look to find what you need.  I don’t just mean finding properties but all the other information important to you before you purchase.  These agents will have a myriad of sites to gather information which will be critical to your purchase, from the Multiple Listing Service for their area, public record information for tax and assessment information to networking sites which offer shared ideas from other agents who are using cutting edge technology to meet their customer’s needs.  Real estate sales have changed dramatically to one of the most technologically advanced businesses but not all agents have embraced the technology which can help them and their customers.  Before you buy check out your agent and find out if he or she is truly cyber savvy.

22Dec/100

The Holiday Season Can Be the Best Time to Buy

It is that time of year when everyone is jolly and in the giving spirit. Stores tend to profit and/or sell most of their goods during this time. In fact, this time of year saves most businesses from going under! People are buying things at this time of year at a higher rate than any other time of year. There are sales galore and the demand is high. This situation happens to parallel the housing market as well. The holiday season can be the best time to buy a home around the holidays, for the following reasons:

  1. lower prices
  2. motivated sellers
  3. favorable mortgage terms
  4. tax deductions

Most people don’t have the time to look for a house during the holidays because they are busy shopping and buying things, cooking and catching up with friends and family. Houses that failed to sell in the pre-holiday period may be reduced, and new prices will reflect the slow market. So if you are looking for a bargain, this is the time, because the holiday season can be the best time to buy!

There is also less competition around this time of year. There are not a lot of people looking to purchase so it is less likely that someone will outbid you on a property. You can offer a lower offer without having the fear that someone else will come by and snag it at a higher price. The fact that you do not have to worry also helps reduce stress during this time of year.

During the holiday season the sellers tend to be very motivated. Most sellers have a goal to be out of their house and possibly into another house by time the holidays arrive, so they are eager to sell and avoid conflicts with the holiday gatherings. They may also be more open to requests such as including the appliances and window coverings and also flexible on the closing date.

The mortgage terms are typically more favorable as well. Because of the lack of home sales, and a lower demand for mortgage dollars, lenders may be willing to offer better deals. Make sure to always shop for the best deals during this time and take advantage of this holiday season.

There are usually tax deductions during the end of the year. If you close by the end of the year, then you will most likely avoid the interest of your first mortgage payment. You may also be able to deduct points if you pay money which will reduce your interest rate as well.

In conclusion, while you are in the buying mood for the holiday season, think about making a larger purchase at a highly discounted rate! The holiday season can be the best time to buy!

20Dec/100

Coyote in Lake Michigan

Animal lovers and the simply curious were drawn earlier this week to a story in the media about a coyote in Lake Michigan, stranded on a piece of ice that broke away from shore and began to drift away from Chicago.

A heart-wrenching photo, apparently taken from a helicopter, showed the unfortunate creature on the patch of ice which was not much bigger than the coyote itself, completely surrounded by the frigid waters of the lake.  Chicago Fire Department personnel eventually resucued the critter, an effort that no doubt proved valuable rescue training as well as saving the life of the hapless animal.

Condo buyers might sometimes feel similar to the floating, helpless coyote in Lake Michigan. It can be rough and potentially dangerous waters out there. Who is there to help you? Who is standing at your side? Who can keep trouble away before the rescue squad needs to be called?

Buyers can now take their condo search to new levels thanks to the care and trust provided provided by OwnACondo.com. With the help of our experienced condo specialists , real estate consumers won't find themselves adrift like the coyote in Lake Michigan

15Dec/100

First-time Home Buyers

First-time home buyers have much to consider when deciding whether to give up renting and purchase a condo, townhouse, or other property rather than continuing to rent.

While interest rates for mortgages are historically low, and property values have dipped considerably as a result of the high number of vacant properties currently on the market, many prospective buyers are understandably hesitant about wanting to take that final step and become homeowners. This is understandable for many reasons, not least of which is the national focus on job losses and foreclosures, which could cause people to worry about the possibility of becoming another sad statistic.

For instance, although mortgage rates have dropped as low as 4.75 percent—something unseen since the 1960s, people with a few dings on their credit scores likely would not qualify for the best rates. Also, mortgage lenders are becoming more circumspect about  giving loans. However, everything is relative, and a mortgage rate under 6 percent is still quite good.

The pressure to buy has abated since the first-time homebuyers tax credit was not renewed when its deadline ran out last spring. Now people can take their time looking without being under deadling pressure, although it would have been nice to get the extra tax rebate too.      

Of course, no matter what the incentives are, depending on your individual situation, renting a condo is sometimes the best move for the time being. You have to consider whether you plan to settle down for at least a few years, or move in a short time, because a quick turnover might result in a loss of money. Rental condos are commonly found in upscale buildings in vibrant neighborhoods, and are usually much larger and amenity-rich than an ordinary apartment.   

If you are looking forward to being a first-time homebuyer, but are just not in a good financial position right now, you have the option of looking for rent-to-own properties, which can be found all over these days because sellers want to have their properties occupied. Many people aiming for home ownership just have trouble saving enough for a down payment, and a rent-to-own agreement can help with that because part of your rent will go toward the down payment. During the rent-to-own contract, usually between 12 and 18 months, you can also work on repairing your credit score in order to qualify for a mortgage loan.  In the meantime, you will be living in the home you are working toward buying, and the seller benefits too, because their property is earning them money rather than sitting empty.