Buy a Condo for $950 Down
At OwnACondo.com, we're in a pretty unique position of being able to offer condo buyers and sellers some really amazing opportunities.
Buy a condo for $950 down? Until a week ago, it probably wasn't possible anywhere around Chicago. But, thanks to the initiative of a leading Chicago real estate developer, we've been offered the opportunity to market and sell more than 800 of his condos in several very desirable suburban Chicago communities.
What's been the barrier for so many people in the current real estate market? Primarily, the down payment. Cash-strapped individuals and couples know the sense of owning rather than renting; they certainly prefer a place of their own; but since lending practices drastically tightened recently, many people are simply finding it too difficult to scrape together the necessary cash.
Well, scrape no longer. Now qualified purchasers can buy a condo for $950 down.
Here's how it works:
- Select a one- , two- or three-bedroom condo (availability varies per location) in the $950 Program and make the down payment.
- Have an initial closing on the condo with financing provided by the developer (6.5% interest-only).
- Apply for and receive one of two popular tax credits provided by the federal government as part of the economic stimulus plan: the First-Time Home Buyer Tax Credit worth up to $8,000 or the Repeat Buyer Tax Credit worth up to $6,500 (we'll help you file an amended return to speed the arrival of the credit if you've already sent in your tax return this year).
- Put the tax credit proceeds toward what you owe on the condo. This brings up the total downpayment enough to make you eligible to qualify for conventional financing.
- Apply for financing with our exclusive lending partner in this program, Bank of America. You'll get a great rate on any number of loan products that fit your situation, including fixed, adjustable and more.
- Have a second closing with your new Bank of America loan.
Here are the suburban Chicago communities where these affordable condos are located:
- Grayslake
- Oak Lawn (three individual developments)
- Worth
- Palos Hills
- Willowbrook
Is there a catch? You betcha. The catch is you have to act QUICKLY. The program is available only as long as the government tax credits last. They're set to expire April 30, 2010. OwnACondo.com nor the developer can control that. One credit has already been extended and the other has been in existence only a relatively short time. These credits are doing what they were introduced to do: stimulate the housing market, and THEY CAN'T BE COUNTED ON TO BE EXTENDED!
Naturally, there are qualifications and requirements in order to be eligible for the intial financing, the tax credit and the condo financing from Bank of America. We can tell you all about it. If you want to buy a condo for $950 down, you simply have to make the call and contact us. We're ready to help you. Just dial 866-696-2266 and do it today.
Chicago Condos
Where can you find the best Chicago condos? 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 River North. 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. Chicago condos have become one of the fastest growing segments in the residential real estate market for first time homebuyers or those looking to experience the excitement of downtown living.
There are literally hundreds of condos to choose from at almost any price. There are several major developments currently going on downtown and many developers are rolling out new incentives for pre-construction Chicago condos. Some developers are offering credits as high as $30,000 toward furniture as well as the services of a professional interior designer who sign up before a deadline. Others developers are offering a wide range of incentives from free parking spaces to options on floor plans at no cost and price guarantees.
Some of the best Chicago condos are scattered throughout the city and below are just a few.
• 6 North Michigan Ave
• Century Station
• Ecologic Lofts
• Joffrey Tower
• Market Street West
• Medinah on the Lake
• One Museum Park
• Walton on the Park
There is no better time to start looking for the best Chicago condos than now. Interest rates are low and pricing is the most reasonable in years with developers and sellers offering incentives to make their units stand out. That is why choosing the right Real Estate Agent to represent and market your property is a smart move. Your agent will review with you the different kinds of listing agreements or sales contracts and recommend the structure that would work best for your marketplace and property. But no matter who you choose, always look for these four parts in the agreement.
1. Timing – duration of the agreement should be clearly stated
2. Compensation – fee structure and payout
3. Cancellation – What happens if you wish to cancel the contract
4. Disputes – How will disputes be handled.
The agreement is an important document. Read and understand all sections and if you don’t ask a real estate professional or attorney.
The Most Expensive Condo in Chicago, IL.
So as I am sitting here thinking about what to write about, I stumbled upon a short ad for the most expensive condo in Chicago, IL. Right away I clicked on it thinking, how much is it, what does it look like and what area in Chicago is this monstrosity, oh and what is so spectacular about this place that it would be priced at $14,000,000 for a condo in Chicago.
So I did a little research and got my questions answered. Currently the most expensive condo in Chicago is located at 65 East Goethe Street in Chicago, IL. The current price of the condo is $14,000,000. After looking at the pictures and reading the description, it was easy to see why. At 12,000 square feet this Condo boast a 3,000 square foot private roof deck space, six car parking and the opportunity to choose any exposure including lake views. The unit consists of 6 bedrooms and 6.3 baths and a total of 13 rooms. So aside from the mortgage, how much does this condo cost to live in, you may be wondering? The taxes are $28,086 a year and the monthly assessments are $11,365.
Some of the interior features include a balcony, vaulted and Cathedral Ceilings, a deck and a hot tub. There are also a total of three fireplaces. The exterior is comprised of Limestone and concrete. The building is located in school district 299. The Elementary and Middle Schools include Latin School of Chicago, Ogden Elementary School, Franklin Fine arts Center, and Ruben Salazar Bilingual Center. The Middle Schools include, Latin School of Chicago, Cornerstone Academy, Walter Payton College Preparatory High School, Metro Preparatory High School, and Francis W. Parker School.
The most expensive unit in Chicago is located in the lovely area of the Gold Coast, which in the late 1980s; the Gold Coast and neighboring Streeterville comprised the second most-affluent neighborhood in the United States. Today, the neighborhood is a mixture of mansions, high-rise apartments and row houses. Some of the highlights include the Astor Street District and the James Charnley House. There are also some well known residents that live in the Gold Coast, Cyrus Hall McCormick, head of the International Harvester Co. and Potter Palmer, owner of the Palmer House just to name a few.
So it appears that this large unit with many perks combined with this affluent neighborhood and location make up for a high price and luxury living.
Purchasing a Condo
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 condominium 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 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 purchasing 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 purchase a 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.
Condo Rentals in Chicago
Condo rentals are a means to many different types of ends. Condo rentals in Chicago can help you to find the perfect place for you no matter what your motivation might be, from a place to call home until you can purchase or possibly for that much needed vacation residence.
Condo rentals in Chicago for your vacation are open to everyone, no matter your age, background, or lifestyle. The jazz clubs in which Chicago is well known for will delight music lovers. If the national pastime is more to your liking, Chicago offers two major league teams each in a different part of the city. Everyone in the family will enjoy the many architectural and historical landmarks that Chicago is known for from the Sears Tower to Soldier Field. Other sights to see are the many museums that are home to Chicago such as, Shedd Aquarium, Field Museum, Museum of Science and Industry and the Kohl’s Children’s Museum known for it’s hands on learning laboratory. But that’s not all for the kids! The attraction-filled Navy Pier and Lincoln Park zoo will make your vacation one that the kids will remember for a long time. A relatively new addition to Chicago will excite the kids beyond belief with a trip to Millenium Park and “the bean” where reflections of the city makes incredible photos to take home to their friends. Last but not least is Lake Michigan which is always fun when it is sunny and warm out. If this doesn’t sound appealing to you yet then perhaps you are wondering about how affordable condo rentals can be. Don’t worry you can definitely find cheap accommodations no matter if it is a weekly rental or one night accommodations.
What if you are not looking for a vacation rental? Condo rentals in Chicago are also an excellent source to find a place to live. You may just need a place to rent until you decide to buy or possibly enter into a rent to own agreement which is becoming more and more popular in today’s real estate market. Either way finding a condo in Chicago is just a click away but there are several things you show know.
- All rental agreements are not alike – a lease us for a definite period of time, generally one year. A month to month rental agreement is not for a set period and continues until you decide to move or the owner asks you to leave.
- Rental agreements do not have to be in writing, they can be oral. However, a lease for more than a year generally must in writing.
- You have rights! The law says that your apartment must be livable. You must have hot and cold running water, heat, and electrical lighting in good working order.
Finding a condo to rent or buy can be a daunting task but doing your homework and finding the right real estate agent to help will pay off many times over.
Chicago Condo Development
When choosing a Chicago condo development there are many things you should always keep in mind. Some things are obvious to us all but others may not be.
We all know we need to check out the structure of the building. Was it really designed to be a condo or townhome complex or was it a conversion? At first glance you may not be able to tell because conversion many times can look even better than the old design. If you really want to know you can check with the local city planning office and ask for the plans that were submitted by the developer. You think a conversion may not matter with today's building codes but noise and insulation problems may arise since the design was made for different purposes. You should always insist on a building inspection that you are interested in purchasing. Most inspections will cover the common areas of the building but you might want to take a more invasive approach to identify structural and integrity concerns.
When you are searching for a Chicago condo development an obvious area to check out before you buy is the community. Try to find out if there is a sense of community within the complex. One of the best ways to find out is to spend some time in the common areas. Do the residents seem happy and satisfied? Do they respect each other and their privacy? Ask some questions while you are there, such as what they like and dislike about their community. Smiling and making eye contact while talking with your potential neighbors can speak volumes about the place in which you are about to invest.
Make sure check into some of the extras that may be offered. Is there a parking space included in the price and where is it located? Is the location convenient and safe? Are there extra storage areas, are they free and secured? If there are pools, hot tubs, gym areas, are they well maintained and clean? Do they meet legal and safety regulations? These extras may make the difference in how well you enjoy your new condo.
One last area that may not be as obvious but is becoming more prevalent is green living. More and more condo buyers are embracing the green living concept and many Chicago condo developers are meeting the challenge. Developers are seeing the change in mood of condo buyers and are now seeking to be certified by the United States Green Building Council. Buyers today are looking for green living developments not only due to energy saving features but as a way for them to lessen the impact on the planet for future generations.
Condos in the Chicago area
Condos in the Chicago area
Being a prospective home buyer looking for condos in the Chicago area can be both fun and intimidating at times, due to the number of options available. Of course, location and price are always the most important considerations, but seeing so many attractive luxury condos in prime locations can be tempting, even if they are a bit out of your price range.
It can be fun perusing the upscale developments in prime locations near downtown, the Magnificent Mile and the lakefront, or even in easily accessible suburbs. Many of the luxury condo high-rises offer attractive amenities such as pools, state-of-the-art fitness centers, and concierge service. Being so close to all the nightlife, shopping and cultural activities that Chicago has to offer is an added value, and the views of the city and Lake Michigan from the balconies and rooftop gardens can be breathtaking.
But when it comes to financing a condo, there is no need for a prospective buyer toget discouraged if the most expensive condos in the Chicago area are a little out of his or her desirable price range. Prices can vary a great deal, even within neighborhoods. So it is possible to find an affordable place in nearly the same location, still close to everything but having perhaps a few less amenities, but a more manageable price tag. Bargains can be found, especially if people are willing to expand their searches beyond the trendiest of neighborhoods. Many attractive condos and lofts in distinctive buildings, both newly built and renovated, are available in such up and coming, or gentrifying neighborhoods like the South Loop, Bronzeville and others.
Furthermore, there is no time like the present for buying condos in the Chicago area. Besides the fact that interest rates remain low, and a wealth of available properties makes it a buyer's market, now would be a good time to take advantage of the $8,000 tax credit for first-time homebuyers has been extended through April, as long as the deals are closed by June. The tax credit program has even been extended to include existing homeowners, who now may obtain a $6,500 tax credit.
Both programs require applicants to meet certain income limitations. The income limitations for first-time home buyers are $75,000 for single taxpayers and $150,000 for married couples filing jointly. To get the full $6,500 credit, current homeowners may earn up to $125,000 annually as single filers, or $225,000 for joint filers. Those who make ore than that can get reduced tax breaks.
Real estate auctions are another great way to get great deals on condos in the Chicago area, because they bring motivated sllers and buyers together.
