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 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.
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.
- Century Station
- Trump Tower
- Kinetic Condos
- Walton on the Park
- Silver Tower
- The Chicago Spire
- Ecologic Lofts
- University Commons
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.
Post Office Auction
The British investor who let his original deal lapse after submitting the winning bid in the old Main Post Office auction in August has reportedly now completed the purchase for $17 million, less than half of what he originally offered for the landmark property at 433 W. Van Buren St. in Chicago.
Bill Davies, a British developer, originally offered $40 million for the vacant property spanning the Eisenhower Expressway when the U.S. Postal Service entered it in a public auction on Aug. 27. But when he let the Sept. 30 deadline to complete the deal go by, and the extension to Oct. 10 passed as well, USPS officials began soliciting sealed bids from all the auction participants for the 14-story brick building, that has become somewhat of a white elephant. The 2.7 million sq. ft. building built in 1921 was expanded to its current size in 1932. With nine floors devoted to postal work, it was once the biggest postal facility in the world. But it has been vacant since 1996, when the Postal Service moved its headquarters a few blocks away, to Harrison Street. It reportedly costs the federal government $2 million a year to maintain.
Listed on the National Register of Historic Places since 2001, the building has become known to movie-goers in recent years from its appearances in two Batman movies filmed in Chicago. Its exterior served as a stand-in for both the National Bank of Gotham and Gotham Police Station.
The bids were reviewed last week and Davies' firm, International Property Developers North America Inc., has been identified as the winning bidder in the Post Office auction, although the sale price was not officially revealed. However, the cost does include a $4 million down payment that he had put on the property after the August auction. If the deal had not been completed, that would have been forfeited. Although the selling price is much less than what Davies originally offered, some observers have said he is still overpaying because of the cost of redevelopment. Chicago officials and developers have floated several ideas over the years regarding how best to redevelop it, including building condos. But the property's sheer size and cost have posed challenges for developers.
Exactly what Davies plans to do with his latest acquisition now that the Post Office auction is over. After winning the August auction, Davies said in a statement that, "The location, visibility and historical significance of the post office and the growth of Chicago as a world-class center of transportation, commerce and tourism all dictate that we re-energize the property as a focal point and destination for the entire city and its visitors for the next century."
Davies has been involved in redeveloping sections of his native city of Liverpool, England, but has been criticized for not following through on some projects.
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.
- 1720 and 1819 S Michigan Avenue in the South Loop
- Emerald Condominiums in Greektown
- Waterview Tower Condominiums on Wacker
- Glashaus Condos on Wabash
- 235 Van Buren Condominiums
- The Chicago Spire
- Odyssey Lofts on West Jackson
- Park Kingbury Lofts on North Kingsbury
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.
Chicago Developments
When choosing Chicago developments 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.
Another obvious area to check out with Chicago developments 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 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.
River North Condos
The Chicago River area of Chicago is the next up and coming area for condos. River North condos are being built as we speak and the prices are outstanding. There are several areas along the river to choose from - north or south branch, that are offering some of the best deals in town!
One area that is already well known is the River North area located just north of the Chicago River and just blocks from the loop and Michigan Avenue. River North is the city's most spectacular neighborhood to shop, dine, play, stay, and live. The area is just steps away from the Magnificent Mile and the State Street shopping corridor-River North Condos is where it all begins in Chicago! It boasts world-class restaurants and trend setting nightclubs. The neighborhood, home of the River North Gallery District, has the largest concentration of art galleries in the United States outside of Manhattan. If its new and unique it is what people will be reading about in the newspapers tomorrow.
River North is a work in progress. An ongoing renaissance is transforming the old downtown neighborhood into an exciting new district for residents and visitors alike. River North has had many faces over the years. In the 1890's, after railroad tracks were laid along the Chicago River's north bank, industry moved in. Soon the area became known as "Smokey Hollow". After World War II, manufacturing declined and factories closed or were converted into warehouses. By the mid-1970's it was an urban wasteland with many neglected or abandoned buildings. Then the revival dawned. Low real estate prices and large spaces attracted the artistic set and creative entrepreneurs. They moved in and began the reclamation. Great old buildings were rehabbed into great new galleries, studios, offices, restaurants, shops, and condos. Unusual boutiques are now the hallmark of River North offering antiques, custom housewares, home furnishings and much more. Lofts from the 1890's to 1920's attracted lawyers, architects, advertising agencies, and others as well as the real estate investors who rehabbed River North condos in Chicago. River North has quickly become the fastest growing residential neighborhood in Chicago with prices remaining steady through the last few years of challenging real estate markets throughout the mid west.
Another area that is well known regarding the Chicago River is River City and Printers Row. These unique Condos give a robust view of Downtown Chicago and the Chicago River. The ever changing scenery is enough to make any Chicago condo buyer take more than a second look. Architecturally, this area has many unique and special housing choices. The area features condos and lofts made from former warehouses , printing plants, other historic buildings as well as the distinctive River City condos which features their own marina.
Chicago Green Condos
There are thousands of homeowners discovering the benefits of environmentally conscious construction and Chicago green condos. Building experts and local developers predict that, as the cost of energy rises, consumer demand for so-called "green buildings" will grow. Also, as new building technologies come into wider use, the overhead cost of developing green buildings will drop and become the industry standard. Because green building results in energy cost-saving, healthier surroundings and more durable construction, they're the future of condo construction. But there are two stumbling blocks. For green condos to catch on, developers have to gain experience working with the new energy-efficient, cleaner technologies to break the cost barrier. Second, realtors and developers have to educate consumers on what they are getting when they buy green.
Most consumers want what is considered today as a high-performance home. In the context of Chicago green condos it means a home that is safe, healthy and durable using resources efficiently. Green condos are actually greener than the greenest single family homes. With their high residential densities, they take up less space and preserve open land. In addition, urban condos are closer to metro stations, bus stops and bike trails which discourage people from relying on cars to go everywhere. Additionally, multi-family buildings are inherently green because fewer resources per unit are used to construct and to operate.
The technology today has exploded to cover almost every aspect of construction, materials, landscaping and energy renewal. Home and condo builders today boast many green features, including healthier paint and carpeting, recycling of construction waste, lots of natural light, high efficiency appliances and systems, water conserving fixtures, use of renewable materials, minimal water use landscaping and "green roofs" that help moderate temperature while reducing and filtering water runoff. Architects, developers and builders are all looking at ways to reduce carbon emissions and waste with the long term goal of creating buildings and technologies that produce more energy than they consume. Builders are aiming to offer condo buyers green buildings in the same price range as what they would expect to pay for an old fashioned, non-green condo in the area. It is a bold step for the building trades but they are up to the task to produce a high quality product that is cost effective and the market will ultimately embrace Chicago green condos
Today some buyers are questioning investing in green condos. Green condos are not only fuel-efficient and environmentally friendly but save a lot of money. Who knew that being green could be so economically rewarding? So what's the question!
Best 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.
- 1720 and 1819 S Michigan Avenue in the South Loop
- Emerald Condominiums in Greektown
- Waterview Tower Condominiums on Wacker
- Glashaus Condos on Wabash
- 235 Van Buren Condominiums
- The Chicago Spire
- Odyssey Lofts on West Jackson
- Park Kingbury Lofts on North Kingsbury
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.
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The agreement is an important document. Read and understand all sections and if you don't ask a real estate professional or attorney.
Finding New Condos – Chicago
Finding the right condo can be a task not for the weak of heart, especially if you are looking to move to a new location when you possibly live way across the United States. Finding new condos in Chicago can be the answer whether you are moving due to employment, moving back home, or just looking for that vacation condo in one of the most exciting cities in the country. In today's world of technology using an online tool can cut your time in half and provide you with much of the information you are looking for in a condo. All you have to do is put in the criteria, such as bedrooms, baths, price, or any other specific needs you have and you can find a large selection of properties that may interest you.Â
Interest rates are down so you may want to get a jump on what you are looking for and take advantage of lower prices as well. You will definitely get more for your money and be able to get your dream condo without having to dig too deep into your savings. Living in a condo offers many advantages like living in an upscale neighborhood and often have amenities such as exercise rooms that you cannot afford with single family homes. Finding a New condo  in Chicago can be easy since they are usually located in well established, proven neighborhoods. There are many different condo communities in the Chicago area - Logan Square, Lincoln Park, Hyde Park, River North, to name a few. Prices differ depending on the size and location, but usually average about $120,000 to $1,000,000.
Condo living have some definite advantages. The most obvious is they are easy to keep up. The only space you need to worry about is upkeep is the interior or perhaps a small balcony or patio. Another advantage is you can lock the door and go whenever you want to get out of town for a vacation and not worry about getting broken into because of the extra security most condo building offer. Finding a new condo in Chicago is not as hard as you might think. Most are located in the heart of the city or close to great shopping and restaurants allowing you to enjoy the city life without the drive. As you can see there are certainly many advantages to condos. They are great options if you live a busy life and like to live close to the action and do not yet have a family.
