Condos in Chicago
If you plan to search for condos in Chicago keep in mind the condo market is expected to be positively impacted by a shift in the values of the American homebuyer. The generation of home buyers for the next few years is more inclined to low maintenance and high technology buildings than their predecessors. These prospective purchasers, the twenty-something’s and thirty-something’s have needs and preferences quite similar to the baby boomers but they want modern, high-quality condos convenient to amenities without a lot of upkeep. Just like the baby boomers who are retiring these condo buyers are looking to be near exciting locales such as Chicago.
There are a few things to consider when you search for a condo in Chicago. Many people make the mistake of shopping for a condo the same way they would for a house. It is a similar investment but there are several things you need to consider. Many people want to buy real estate to be free of the hazards of apartment dwelling. When buying a condo you are buying a piece of a larger property, basically an apartment. Next, there will be regulations. Condo associations have regulations and bylaws that you must abide by. With the associations you will need to know where your money is going. What does the association fee take care of and what is the breakdown. Next is to thoroughly review emergency maintenance plans. Since you are buying a larger piece of real estate, other people’s problems can also affect you. Be sure you know the emergency numbers for your association and what problems they cover. Lastly, you should have an inspection before you buy. You not only want the unit evaluated but the entire building and grounds. If you make a wise decision, you will be rewarded with many conveniences and a great home.
Condos are king in Chicago when it comes to residential real estate. When it comes time to search for a condo in Chicago, there are many areas in which to choose. Chicago is certainly known for its downtown skyscrapers but there are numerous other areas that have their own flavor which offers some of the best values in residential real estate. One definite advantage in the Chicago real estate market when buying a condo is that prices are holding steady and there are numerous developments currently underway or proposed for this year. Construction crews are putting up new buildings and older places are being refurbishing to create condos and lofts. It is estimated that over 4000 units will be built in Chicago in 2009 which puts buyers in a great position to get what they want for a good deal.
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.
Miami Green Condos
There are thousands of homeowners discovering the benefits of environmentally conscious construction and Miami 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 Miami 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 Miami 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!
Chicago Condos
Home ownership on any level is wonderful. Nothing gives you a sense of pride like owning your own place and if you live in the Midwest there is nothing quite like Chicago condos in which to live. Condo ownership has some very distinct advantages versus a single family home. Let's say you really hate to mow the lawn, trim and pull weeds, then condo living is where you want to be. Maybe you travel a lot for your job or have hobbies that you want to pursue then, condo real estate is what you need. You love to sit around the pool but can't afford one. You have few friends and you want to meet new people. You would really like a large home in a gated community with rules and regulations but can't afford it. Last but not least, there are some great deals in today's market interest rates are lower than they have been in years. All of these things and more are an excellent reason to buy a condo.
One area that you need to investigate before you buy a Chicago condo is the prices of similar properties that have sold in the complex or complexes in the immediate area. Condo sales in the area can tell you if the price you are offering is too high or too low. A comparative analysis will also tell you how long units in that complex have been on the market, if prices have been reduced, how many units are for sale, and the prices in which they sold. With the ever changing real estate market it is important to be aware of all of these things to get the best value for your money.
There are so many areas in which to buy Chicago condos that it is sometimes difficult to choose. With over 77 acknowledged neighborhoods almost any style of living is available and at almost any price. Chicago has everything from lakeshore upscale condos and townhouses to lofts in the south loop. If your tastes run more to suburban areas, Chicago offers a variety sizes and styles near the main transportation arteries whether it is the expressways to bus routes to train stations. Everything is in reach in a city with the diversity of cultures like no other city in the country. So remember when looking to find your first home or looking to downsize there is no place like Chicago.
REO Properties
The challenges facing the real estate market in the last few years have brought to the forefront a term that many have never heard of, REO properties. REO stands for Real Estate Owned and most times is property taken back by a bank or mortgage company when they could not sell it at the foreclosure auction. Most foreclosure auctions do not result in any sort of bid because if there was enough equity in the property the owner would have probably sold the property and paid off the bank or mortgage company. Most foreclosure sales begin with a minimum bid that will include the loan balance, accrued interest, attorney's fees and any other costs associated with the foreclosure process. Since what is owed the bank or mortgage company almost always exceeds what the property is worth, foreclosure auctions normally do not result in a successful sale which means the property reverts back to the bank or mortgage company which then becomes an REO, real estate owned property.
A bank REO property may or may not be a good deal. Many people think that by buying these properties they are getting a great deal and making a killing in the market. That sometimes is true but most often not. These are things to think about before an offer is made. You should always ask, are there any inspection reports, what work has the bank agreed to, how long will it take for the bank to accept the offer and are there any special forms that will be needed to complete the sale. Bank owned properties are almost always sold "as is" meaning there may be repairs needed or other liens on the property which will need to be satisfied before clean title will be conveyed. It may sound like the bank is just dumping these properties but they may be of assistance with handling an eviction, do some repairs, pay off homeowner's association fees and negotiate with the IRS to remove any tax liens.
It is a lot of work but there are advantages to purchasing REO properties over foreclosed properties. Once a property becomes an REO property most times but not always the liens are removed and taxes are paid in full. REOs are normally listed with real estate agents and inspections are allowed prior to contract which means the property is typically restored to a salable condition. An additional benefit with REO properties is that the bank or mortgage company will many times offer better financing than they might offer for traditional properties. Lenders and mortgage companies do not want to hold on to these properties very long because of the cost to maintain so if you do your homework and are willing to take a risk it just might be your entry into the homeowner market.
Short Sales
The real estate market has certainly seen its challenges over the past couple of years but for buyers there are opportunities available that have not been seen in decades, the short sale. Short sales are becoming more prevalent in the Chicago area and buyers are seeking them out as never before. It is not rocket science to understand the basics of a short sale. Short sales are when a lender agrees to accept less than the amount owed against the home because there is not enough equity to sell and pay all costs of the loan. It used to be that lenders would not even consider short sales if your payments were current but with the changing real estate and mortgage markets more and more lenders are more agreeable to negotiate.
There are several areas you need to be aware of if you intend to pursue a short sale. First of all hire a real estate agent who has short sale experience. Not all agent even know what a short sales is or ever been involved in this type of transaction. An experienced agent can help expedite the transaction and protect your interests. It is important that you not miss any details that could affect the sale somewhere down the road. Next is to prepare the seller for demands made by the lender. Remember the seller has no equity and is unable to pay the difference between the sales price and existing loans. Your seller may need to provide a hardship letter indicating their inability to pay the difference as well as taxes they may owe. Another very important area to address is to make certain the lender is given a deadline in which to respond once the seller has accepted an offer. Some lenders submit short sales to committees but that does not mean a decision could be reached in two to three weeks which lessens the possibility of getting further behind. Remember the lender may not be under any pressure to make a decision and the paperwork could sit on someone's desk so a deadline can be beneficial to everyone involved. One last area to consider with short sales is commissions. The seller may agree to pay a commission but actually the lender is who ultimately will pay. The reason is the seller is not receiving any money in which to pay the commission. Since the lender is losing money they will likely negotiate the commission directly with the listing broker.
Short sales in Chicago can be the path to home ownership for many buyers which are expected enter the market in the next few months. It is not always an easy way to purchase your home or condo but the benefits can be enormous.
Chicago Real Estate Auctions
Chicago real estate auctions
I knew very little about Chicago real estate auctions when I joined the staff of OwnACondo.com about a month ago. But I am learning quickly about the advantages of condo auctions in particular.
Over the years I have been to a few vehicle auctions, and I am familiar with livestock and farm auctions also. However, I was surprised to learn that industry officials believe as much as 30 percent of all residential property sold annually in the United States will soon come under the gavel of an auctioneer, possibly even more. Already, according to the National Auctioneers Association, $60 billion worth of real estate was sold by auction in 2008.
As I find out more about auctions, it is easy to understand why so many people see them as the way to go when it comes to selling condos, townhomes and other residential property. For motivated sellers and qualified buyers, real estate auctions are an ideal way to do business.
For instance, the traditional way of selling real estate can be fraught with problems and frustrating setbacks. Especially during the current difficult economic climate, perfectly good condos for sale can languish on the market for many months, while sellers wait patiently for qualified buyers. Sellers are often already financially strapped, and if the process drags on too long, the carrying costs of holding on to the property can quickly get out of hand. Banks and other mortgage lenders that find themselves inundated with foreclosed properties can also use real estate auctions to get them off the books, selling the properties quickly and easily, with the least amount of hassle and maximum amount of profit.
One of the many advantages of Chicago real estate auctions is that the brokerage firm conducting the auction handles all the marketing and advertising that the seller would otherwise have to do. Because the goal is to attract as many prospective buyers to auctions as possible, the events are always heavily advertised for about six weeks leading up them. OwnACondo.com holds several open houses to allow prospective buyers to inspect the properties that interest them. Company representatives also organize and produce disclosure packets and auction presentations, everything needed to prepare buyers and sellers for the auction. The advertising fee paid by the seller to take part in the auction is well worth the immense amount of high-visibility marketing done by OwnACondo.com to promote the event, which all puts the seller's property in the spotlight.
A well-attended auction benefits buyers and sellers. The marketing is designed to drive everyone interested in the properties to attend, and this means that the auction process will determine the fair market price of the property. In order to place bids, prospective buyers also must prove they have property financing in place and bring earnest money to the auction , so once the winning bid is decided, the closing can be completed in as little as 30 days. In fact, with an enforced closing date, the sale must be completed within 45 days. A winning bidder who does not complete the sale will lose his or her earnest money.
The bid calling and competitive nature of auctions add to the excitement of the events, and can escalate the price of property above what a seller expected. But by the same token, winning bidders can get deals also, and pay less than expected for a property they really like. Absolute auctions, in which the seller agrees to sell the property for whatever the winning bid turns out to be often generate the most excitement, because the sale is guaranteed. But sellers concerned that they may have to give up the property for an unacceptable price have the option of either setting a minimum bid, which would be published prior to the auction, or setting a reserve price that would not be published. In that case, the seller would have the right to accept or reject the winning bid within a certain period, usually three days.
Ideally, both buyers and sellers will leave Chicago real estate auctions happy, knowing that the deal will be completed in 45 days, whereas traditional, negotiated sales often take months.
Chicago Vacation Condos
When you are thinking about your vacation there are several things that need to be considered. Is your vacation site someplace that you may visit many times over the years? What is the cost to vacation in this location with all the amenities you want? Is there enough space if you intend to bring your entire family and have some privacy? If where you go is Chicago, then think about Chicago vacation condos There are some nice aspects of staying in a hotel or apartment but there are reasons to book a condo.
Normally you spend only your evening hours in an apartment or hotel so why pay a higher cost. In some cases a condo could be 10-20% less expensive.
Dining can be one of the most expensive costs for your vacation, especially if you are feeding your whole family. Children are accustomed to foods they enjoy at home and if you are dining in your own condo then it is much easier to prepare the foods they like. Another nice thing is that you have the option to dine in or out which can be a enormous cost reduction and please everyone by offering choices.
Peace and quiet is another advantage to a condo if you are looking for a romantic vacation without the kids. Condos are built to keep noise to a minimum. Hotels with elevator bells, loud late-night guests, and children running up and down halls are not very conducive to that romantic getaway. Being in a Chicago vacation condos means that you can sleep in and you will not get that hotel employee knocking at your door when you are trying to relax.
Comfort and more space are considerations when booking your vacation in a condo rather than a hotel. For the dollar value you get much more space in a Chicago condo than any hotel or apartment. More space means more privacy especially if the kids came along. Condos come with separate kitchens, living rooms, bedrooms, and sometimes even family rooms which translates into a more comfortable, stress free vacation for everyone.
One other major advantage to a vacation condo is that it is yours. You can rent it out if you desire when you are not using it which helps in paying the costs. Additionally, if you decide to sell you could realize a nice profit.
All of these things and more are the reason you should consider a Chicago vacation condos if Chicago is your primary vacation destination.
Hyde Park
Until recently unless you were familiar with Chicago you might not have heard much about Hyde Park. Today with president Barack Obama among other notable residents the area is in the news and a resurgence of popularity has ensued. The area known as Hyde Park was first settled in the 1850's by successful businessman Paul Cornell, a real estate speculator, with the hopes of attracting Chicago's business leaders who wanted homes near the lake but within easy reach of the city's financial district in the Loop. By the early 1890's the area grew with the founding of the University of Chicago by John D. Rockefeller and later in the decade with the area hosting the World's Columbia Exposition. Today one of the original structures still stands, once known as the Charles Atwood's Palace of Fine Arts which was converted into the Museum of Science and Industry, a well known museum of Chicago's school children for over a century.
Hyde Park has seen its troubles over the past 100 years but has always managed to survive most notably with the Hyde Park-Kenwood Community Conference which initiated one of the largest urban renewal projects in the nation. The project resulted in the demolition and redevelopments of entire city blocks of decaying housing with a goal of creating an interracial community of high standards. As a result the average income soared and middle class Blacks were offered increased opportunities for employment and home ownership.
Today Hyde Park is considered one of the most prestigious areas in Chicago in which to live. The proximity to the lake and the rich history of the area has encouraged residential development along side the vintage buildings and architectural gems designed by famous architects such as Frank Lloyd Wright and Mies van der Rohe. The area is known for a mix of ethnic restaurants, coffee house bookstores, live theater and historic landmarks. The atmosphere of the entire area is one of a multi-cultural mix of an interracial community with the academia of the University of Chicago and the Chicago Theological Seminary. The area is second only to the downtown museum campus with the most extensive list of cultural organizations in Chicago. There is no place quite like it anywhere in Chicago which is why property values continue to soar. The area dubbed by the Chicago Sun Times as "Hot Hyde Park" and listed by Money Magazines as "Top Neighborhood" in 2002 has made Hyde Park one of the most desirable neighborhood in Chicago.
Auctions
The real estate market today is challenging for everyone involved. Buying, selling, transferring properties of all kinds has been a part of American life since the very beginnings of our country. Real estate has been transacted a variety of ways and in hard times such as these there are always those entrepreneurs who are looking for an edge. Recently that edge has been auctions. Auctions have been around much longer than most people think touching almost every century and every industry reaching back to the ancient Greeks and Romans. Real estate was auctioned off by the elite in society in every century transferring family estates and personal possessions between themselves or sometimes to pay off debts. Today as before auctions are recognized as the fastest and most efficient means to convert assets into cash.
Auctions have many benefits for everyone involved. Obviously the seller knows that his property will sell at an auction depending on which method he chooses to convey his property and he knows that buyers who attend auctions are ready, willing and able to purchase that day. Sellers also can be assured that the property will sell at market value although the attitude by many unfamiliar with auctions think properties sell at a discount. The market value is guaranteed due to the property sells at what a buyer is willing to pay and from the competition created among potential buyers. Buyers also enjoy many benefits, some quite similar to what the seller realizes. Buyers know they will purchase property at fair market value and the seller is committed to sell. Buyers at auctions also know they determine the final purchase price eliminating long negotiations competing fairly with other buyers under the same terms. Buyers realize that purchasing through an auction reduces the time to purchase and closing dates are known when the gavel comes down for the final sale. As I said before everyone benefits from auctions, even realtors. Realtors have recently embraced this type of selling real estate for all the advantages the buyer and seller realize. The realtor can offer their clients and customers new options for selling and purchasing property generating a list of ready and qualified buyers and sellers. In confidence the realtor can assure sellers and buyers that the property will sell at market value and be confident that a closing will take place and when.
Auctions have been around a long time because they are an effective and efficient way to sell real estate and meet the needs of the public. Auctions are entertaining and most people who have been come back again and again, so if you haven't yet attended an auction try it. I guarantee it will not be your last.
