While I Was Away
By Patty Boysen
I just returned back to work from my honeymoon and so much has changed since I have been gone! I drove in to work, put my flashers on and ran in to grab my parking pass that I had left at work for someone else to use while I was away. It was that moment that I decided to take a look around and see all of the new improvements that OwnACondo.com had made. I took a quick lap around our brand new office at 540 N. Lake Shore Drive to see that most of the boxes were unpacked, furniture was cleaned and pictures were hanging on the walls. I then hopped back in my car, parked it and entered back into work. Just as I sat down to start my day, my co-worker comes through the door. The questions that of course come out of my mouth right away was, “Hello, How are you?” and “What did I miss?”
After a short pause my co-worker says, “Oh, you didn’t hear what happened while you were away?” I said, “No, what?” He goes on further to say that I needed to get up right away and follow him to the conference room. Here I am thinking, oh maybe we got a new table or a new TV for the conference room or something.
As soon as I walk into the room, I immediately gasped! Yes, he explains someone drove into our conference room early Sunday morning. Needless to say there was glass everywhere, blinds broken, windows boarded up, and the bumper with the license plate on it. So my co-worker proceeds to say, nothing much really happened while you were away, just this small mishap!
So, just as OwnACondo.com gets the office spruced up and looking beautiful, a little surprise comes our way. This does not stop anything or anyone however, and work is resuming as usual. We are still recruiting and expanding all over the United States. Let’s just say, a car driving into our office doesn’t even stop us!
Condominium Law
In most states, condominiums do not have a corporation set up to be responsible for the liabilities, taxes and governance of condos, PUD's or condotels. That is why each state has a special set of condominium laws detailing how condos must be organized and operated. These laws require each condominium project to file a declaration and by-laws, with specific requirements regarding the rights and duties of the association. Condominium statues vary considerable from state to state and many times lack protection for the consumer. While some states provide only the barest framework for creating and governing condominiums others are very complex and can be confusing. Before you buy a condo it would be a good idea to obtain a copy of the state law and consult a trusted real estate attorney.
Condominium law can be quite confusing with all the definitions and time well spent may be the key to making a good decision if you are a first time homebuyer or a seasoned homeowner purchasing for the second or more times. Some important definitions are contained and been paraphrased in the interest of space.
Declaration - the instrument by which the property is submitted to the provisions of the act. Declarations can be amended from time to time depending on local or state laws.
Unit - means a part of the property designed and intended for any type of independent use.
Common elements - means all portions of the property except the units.
Unit owner - means the person or persons whose estates or interests, individually or collectively, aggregate fee simple absolute ownership of a unit.
Condominium instruments - all documents and authorized amendments thereto recorded pursuant to the provisions of the Act, including the declaration, bylaws and plat.
Common expenses - means the proposed or actual expenses affecting the property, including reserves, if any, lawfully assessed by the Board of Managers of the Unit Owner's Association.
Association - the association of all the unit owners, acting pursuant to bylaws through its duly elected board of managers.
Reserves - those sums paid by unit owners which are separately maintained by the board of managers for purposes specified by the board of managers or the condominium instruments.
The condominium law definitions above are from the Illinois Condominium Property Act first established in 1963. Today the popularity of condo living has exploded throughout the country and laws governing these types of properties are being looked at closely. With baby boomers entering the market interested in moving away from the traditional detached homes, condo living has become much more attractive and laws governing them can be very important.
Chicago Condos
The Chicago condos that we are highlighting this week are Parkview Condominiums, Winthrop Club Condominiums of Evanston and Superior 110 Condominiums out of Chicago. All three condo complexes can be found by clicking the link above.
To get an accurate account of all Chicago condos available, go to our condo search button allowing you to access all 35,000 plus condos available here in the Chicago area. The process take no longer than five minutes and will allow you visibility of every condo that becomes active. This is known as the condominium multiple listing service and it covers all of northern Illinois. When an office lists a condo, regardless of the real estate office, they put the listing into the computer system known as the MLS. This gives access to the product by everyone in the industry that is a member of the MLS. Nearly every office you see on the streets is a member of the MLS.
Why is having access to all the Chicago condos for sale a good thing? This allows you to shop without the realtor.  You can look and drive by all your favorite addresses to get a feel for the Chicago condo market. Once you've zeroed in on a price and location and want to move to the next step, you simply call the real estate agent up and have them set up a showing. This saves everyone a lot of time and effort. Your realtor doesn't have to make appointments on condos you may not be interested in. You tell them the addresses to set appointments on because you've already seen the outside of the condo complex.
If you're serious about buying a condo soon and are a first time buyer, make sure you close by November 30th, 2009 to take advantage of the $8,000 tax break the government has given you. This date is in stone. You have to close on the condo by no later than November 30th.
Are you looking for a condo in Chicago without talking to a lender first? That's the first step in any transaction. The lender will quickly give you an idea how much they will lend you based on your financial situation. Take the time to speak with a lender and avoid countless hours of looking at condo real estate you may not be able to afford.
There are lot's of Chicago condos for sale right now. Do your MLS search and start the happy process of buying your own condo.
Chicago Condos
This week we're featuring three new developments under Chicago condos for sale. We have the property known as 9 west Erie Lofts, we're featuring the Emerald Condominiums and lastly, Wrightwood Crossing. All three developments are located in the city of Chicago.
The Chicago condos for sale can be found by doing a condo search of all units available through the Multiple Listing Service. The Multiple Listing Service provides an arena for all real estate companies to advertise their own individual listings. It's great for the consumer because they can go to one place and see all the Chicago condos for sale versus going to every individual real estate office all over the city to see what each office inventory looks likes. The MLS provides you detailed reports of each Chicago condo for sale, the price, location, how many bedrooms, etc.
If you looking to sell a Chicago condo and you'd like to have it advertised on the Multiple Listing Service, you'll need to be represented by a real estate company that's associated with the MLS. Ninety-nine out of one hundred real estate offices are members o the MLS. If you're interested in being in the MLS but do not want to list with a company because you do not want to pay the fees of a real estate firm, there are discounted real estate brokerages that will allow you to list for a small fee opposed to a real estate commission. I've seen many of these places advertise a fee of about $300-$500. They would list the property on the MLS and as calls and showings come in, they leave everything else to you.Â
The Chicago market has really picked up in the second quarter versus the first. Almost two times the Chicago condos are closing in the second half. Many Chicago real estate offices are busy and there's a lot of condo buyers looking to take advantage of the $8,000 tax break that ends on November 30th of this year. If you're one of the many looking to take advantage of the $8,000 tax credit break, make sure you start the process of buying your Chicago condominium soon. We're already half way through July and it takes at least a few months to find your perfect Chicago condo. Then you have to finance the condo. That could take roughly thirty days. The best thing to do if you want to take advantage of the tax incentive is to start looking now. Five months will fly by.
Chicago Condo Developments
Chicago condo developments are scattered all over Chicago and the suburbs. We now see Trump Tower as part of the Chicago skyline matching heights with The Sears Tower and The John Hancock Building. What are the newest Chicago condo developments? Have you seen Aqua Tower? This is a beautiful condo development in Chicago’s Loop area. Silver Tower and Walton on the Park are both spectacular developments as well. If you go to OwnACondo.com’s website, you’ll see not only all the newest condo developments in Chicago, but you’ll be able to view all the individual condos that are for sale today.
For all you first time buyers wanting to buy into a Chicago condo development, now may be one of the best times in the history of buying to get a deal. The United States Government has put together a stimulus package called the $ 8,000 tax credit for first time buyers. Basically this means that if you buy a Chicago condo before November 30, 2009, you’ll receive an $8,000 tax credit check for your purchase. Many Chicago developers are matching this creating a $16,000 credit. With the interests as low as they are, coupled with these incentives, it’s really put a spark into the market place as of late.
Chicago condo developments have had trouble as of late with the market coming to a stall over the last three years. What this did is drastically reduce prices across the board. Right now, there are deals just to keep the Chicago developer’s heads above water. Some of these projects are in workout or foreclosure creating a second and third level of deals.
This is a great time to buy a Chicago condo. They’re everywhere and the developers are now finally responding. If you’re looking to purchase, now may be that bottow of the barrel line that you can get into hoping that the prices from this point on move up. If you’re looking for financing a condo, OwnACondo.com has a division that does just that. It’s called FinanceACondo.com and it can help you with just about any need you have when it comes to financing your condo.Â
In Chicago, a city as large as it is, it’s important to choose the right Realtor to help you with the largest investment of your lifetime. OwnACondo.com has dedicated fulltime Realtors that can do just that. They know condos like no one else. If you’re interested in buying into one of these Chicago condo developments, they’ll be glad to help.
Downtown Chicago Condos
The selection of Downtown Chicago Condos is tremendous right now with just about every developer putting together great deals on their remaining inventory. Downtown Chicago condos is made of a few very distinct areas known as The Loop, Chicago’s River North, Chicago’s South Loop, Chicago’s Gold Coast, Chicago’s West Loop and Chicago’s Streeterville area.
These are the six primary areas that make up Downtown Chicago Condos. If you’re looking to get a detailed list of everything for sale in these six areas, go to the OwnACondo.com website’s home page and click on “condo search located in the middle of the page. Here you’ll have to fill in some information about yourself and you’ll be sent a password back to your email address. This will be a very quick process. Once you retrieve your password, you’ll click on a link from the email, put in the password and away you go. You’ll be able to search all the Downtown Chicago condos for sale. There are thousands of Chicago Downtown condos for sale ranging in prices as low as in the one hundred thousands to as high as ten million for gorgeous penthouses in upper story skyscrapers.
If Downtown Chicago condos are a little too pricey you can also search the Chicago area for condos that lie on the outskirts of Downtown Chicago. Here you’ll find very nice condominiums but you’ll see them priced literally 30% to 50% lower than Downtown Chicago condos. People pay for location. If you want to be right in the middle of commerce, stores of retail clothing and busy and trendy Chicago restaurants, you’ll pay the price for living in a Downtown Chicago condominium.
With all of that said, there has never been a better time to capture a deal for these magnificent gems. The market is flooded with condo inventory from the crash of 06, and the developers are ready to deal. If you want to have an OwnACondo.com specialist help you, they have an inside look at everything that’s available in the Downtown market today. You can reach an OwnACondo.com agent by calling 630.812.2700 for more info.
We talked about the big six areas. Downtown Chicago condos are not only a home but a condo investment as well. Choose wisely, take your time and do a lot of due diligence. Check everything. Remember, this may be the largest single biggest purchase you’ve ever made. Take the time out to do it right!
Condominium
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 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.Â
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.
Chicago Condo Market
The Chicago condo market has seen its ups and downs over the last few years. In 2005 over 60,000 condos closed in the Chicago market. In 2008 a little over 30,000 closed, less than half the amount. Today we see the wholesale buyer. The buyer that’s looking for a deal. The condo buyer has been educated by the public and they know that deals are everywhere.
How many condos exist in the Chicago condo market? There are over 400,000 total condos in Chicago. They are third leading location. Miami/Ft. Lauderdale has the most at 537,000+ followed by Los Angeles at 522,000+, then Chicago. New York and Boston are fourth and fifth.
Chicago has several thousand condos on the market right now for sale. There are over 35,000 condos for sale right now in all of Chicago. The Chicago condo market seems to have come to a bottom in terms of the least amount of units sold in a year. We’re seeing a up tick on condo closings that may appear to mark the low point for condo closings annually in Chicago. We’ll know by the end of 2009 if we’re right.
Until then, we see buyers coming out of the woodwork for condo deals. And they’re everywhere. The foreclosure market has hit the Chicago are hard causing so much under market valued property that it’s taken down the price of all the other real estate product. Condo foreclosures do not seem to be letting up anytime soon. They’re projecting another record year in 2009.
What does that mean for the Chicago condo market? Another stellar year of deals. Its now all about buying. Only a few short years ago, it was all about the sellers. Boy, we’re they cashing in. Today it’s the sellers that have to deal and the buyers are raking in the dough! If you’re interested on further statistics on the Chicago condo market, you can reach a condo specialist at OwnACondo.com by dialing 866.696.2266. They’ll be able to answer all your condo questions.
Today, the Chicago condo market seems to be churning with deals. Tomorrow, who knows?
Oak Brook Condos
Oak Brook is a premier community with spacious residential areas containing many large mansions and condominium complexes. Oak Brook condos offer some of the most unique and exciting places to live in the Chicago area. One of the most attractive reasons many people choose to live in Oak Brook is the proximity to downtown Chicago and the fact that property owners do not pay property tax to the village, as services are primarily funded by sales tax receipts. Oak Brook has one of the most popular malls in northern Illinois and is home to many recognized national and international companies, such as McDonalds, Ace Hardware, Federal Signal Corporation, Lions Clubs International and many more.Â
Oak Brook was first incorporated in 1958 due in large part to the efforts of Paul Butler, a prominent civic leader and land owner. The family first came to the area in 1898 and opened a dairy farm. Early on potential residents recognized the beauty of the area and the wide open spaces in which to build. Much of the Butler land was acquired by the village including what is now the site of the Oak Brook Center shopping mall. Other properties were developed as well for the purchase of homes and condos and today Oak Brook has become one of the most sought after communities in the Chicago area.
The area is known for its interest in sports which is why many people have gravitated to the area to purchase Oak Brook condos. The village offers recreational facilities not commonly found in similar places of that size, such as the Oak Brook Sports Core, the Polo Grounds, and a nationally ranked golf course which was a onetime host to the Western Open. The area is known for its wide open spaces with walking and bike paths winding through many of the condo complexes in the area.
The census of 2000 counted 8,702 residents, small for most villages in the Chicago area but offering excellent police protection and state-of-the-art emergency medical services. The median income for the village is well over $140,000 which is why some of the most expensive real estate in the suburbs is located.  Oak Brook condos come in many shapes and sizes with prices ranging from $99,000 to $1,000,000 offering an opportunity for residents to enjoy all Oak Brook has to offer. If you are a first time homebuyer or someone looking for a larger home with plenty of recreational opportunities to go around, visit Oak Brook, you will be pleasantly surprised!
Chicago Condo Market
Let's be honest. The national real estate market is certainly facing its challenges and the Chicago Condo market is no different but there are some reasons to be optimistic about what is happening across the nation and more specifically in the Chicago market. The Chicago Tribune reported new housing and condo developments have undergone a record seven month decline, which may be the reason the Chicago condo market is somewhat stable. The lack of new developments has helped to slow a glut in the housing and condo markets for Chicago and we are beginning to see prices stabilize. I am hearing from many potential condo buyers that they expected a big collapse in prices so they could pick up a condo cheap but they now think that collapse may never happen. We could very well be at the bottom of the housing market which means there is no way to go but up encouraging buyers to get in the market for those great deals before they are all gone.
The Chicago condo market is improving due to the current rental market. Chicago is known for the consistency in which rents increase. The media has sensationalized the troubles in the real estate market regarding the difficulties in getting financing to purchase a home or condo which has encouraged landlords to increase their rents year after year believing the market is glutted with renters. Nothing could be further from the truth. With the advent of rent to own programs and the $8000 tax credit more and more potential first time home buyers are entering the market.  There is no question even in today's real estate market that owning a property is a much better alternative if you intend on staying for at least 4 or more years.
Historically, the Chicago condo market has been volatile with its many well known developers, political movers and shakers and just the attitude of its residents. 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 Wrigleyville. 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. Check out the condo market in Chicago, you will be pleasantly surprised.
