Chicago’s upcoming mayoral election is a popular topic of conversation, and the winner will take the reins of a city that has been transformed by the addition of lakefront condos and more since Mayor Richard M. Daley took charge of in 1989.
While not everyone agreed with Daley’s way of doing things, most Chicagoans would agree that much was done during his 22-year tenure, including an enhancement of the city skyline with the addition of numerous luxury high-rises near Lake Michigan. These include One Museum Park, Trump International Hotel and Tower, and many more.
Other beautification projects such as the Museum Campus and Millennium Park, as well as the redevelopment of Navy Pier into the biggest tourist attraction in Illinois, also made neighborhoods such as the South Loop, River North and the Gold Coast, much more inviting to people looking for condos.
In fact, the news in the 1990s that Daley and his wife were buying a South Loop condo and moving out of the Bridgeport neighborhood that has been his family’s home base for generations created almost as much interest as when he decided not to run in the 2011 mayoral election. About the same time, Bridgeport itself was enjoying a period of revitalization too, with the addition of many new condos and townhomes that were snapped up by home buyers interested in living in an affordable area near downtown.
Of course, the building boom ended when the economy crashed in 2008, so the winner of the mayoral election will likely not see as much success in that area. But with interest rates remaining low, and the economy slowly improving, the rate of buying condos is sure to rebound and rise again.
The prospect of winning the lottery is on a lot of people’s minds these days, especially as the Mega Millions jackpot continues to roll over. It was at $355 million just before the Jan. 4 drawing.
While “you have to be in it to win it,” the odds of winning Mega Millions, which is played in 41 states and Washington, D.C., are something like 175 million to 1. Not many of us can say we have won that sort of lottery, but if you think about it, finding a condo you like is something like winning the lottery too, with much better odds. You do have a better chance of finding your deam home.
And unlike the lottery, the odds of finding the right condo are actually improving across the United States, because there are so many available. This is due in part to the market being flooded with foreclosed condos following the downturn in the economy.
Most are quite affordable too, so winning the lottery is not a prerequisite to buying a condo either. In addition to the foreclosures, there are also quite a The foreclosed condos are not necessarily in bad shape, in fact, many can be in move-in condition.
The fact that interest rates continue to remain at historic lows is also helpful for people shopping around for a good mortgage rate. So instead of pinning all your hopes on winning the lottery, why not get out there and start condo shopping. Our condo specialists can help you narrow the odds of finding your dream home even more.
This is the second in a series of blogs regarding the purchase of real estate and is taken from the seller’s perspective. Real estate transactions are a complicated process and the need for a professional real estate agent is crucial to complete the transaction so all parties involved are satisfied with the outcome. Traditionally sellers are always represented by both real estate agents in a transaction. Obviously, the listing agent who has a signed legal document with all the responsibilities lined out represents the seller. What many buyers do not know is the agent who is finding and showing them properties is also legally responsible to the seller. But in the past several years a new type of representation has emerged with the buyer being exclusively represented by their agent. This type of representation is known as Buyer’s Agency.
From the seller’s perspective buyer's agency can eliminate any conflict of interest real estate agents may have when showing and negotiating for a buyer. The seller’s main focus is to sell their home or condo for the highest and best price which is the fiduciary responsibility of the listing agent. The main focus of a real estate agent acting as a buyer’s agent is to find and negotiate the sale for the buyer, representing their wants and wishes above all others. Sellers need to be careful about what they say, as well as their actions, when the buyer or their agent is present at showings. The seller needs to be aware that any information they may give the buyer’s agent can be conveyed to the buyer, which may or may not influence their price and terms when making an offer. Sellers also need to know that the buyer’s agent will most likely complete a Comparative Market Analysis (CMA) for the buyer which shows what similar properties have sold for in the area. The CMA is the basis for the buyer’s offer. This is where many times emotion enters the transaction and it is the job of both agents no matter who they represent to calm everyone down and present the facts to both parties. No one wants to complicate matters when as a buyer you may be making the most expensive investment you will ever make and as the seller you are trying to sell your home or condo and move on with your plans. From the seller’s perspective it is best to remember that as you are being represented, so is the buyer and both of you are trying to get the best deal possible.
