Condominium Insurance
When looking for condominium insurance there are crucial questions to ask to help guide you to the coverage you need. To state the obvious, a condominium is not the same thing as a house. Usually, there is no backyard or basement, and you don’t have to worry about cutting the grass or shoveling the front walk. Insurance is another area where homes and condos differ. Condo owners are typically responsible for insuring just a portion of their property on their own. However, rules differ from complex to complex, and it is important to ask the right questions to ensure you have proper insurance coverage.
What are your ownership and insurance responsibilities in the condo association’s Master Deed? In other words, what does the association expect from you regarding insurance requirements? Individual owners have a collective responsibility for insuring areas of the complex owned in common - building exteriors, hallways, pool area, etc. Individual unit owners typically are responsible for separately insuring everything within the four walls of their unit. The condo association’s master policy, as well as association rules, should spell out clearly which parts of the complex are insured through association dues and which parts are not.
How much is the association deductible? This is an area many condo owners don’t think about. Condominium insurance typically includes commercial insurance coverage for the commonly shared building and common areas which usually includes an association deductible. In the event of a natural disaster or hurricane or whatever and the condo association needs major work the association will tender the claim to their commercial insurer. But would be a deductible and that deductible would be assessed against all unit owners so if there were 10 unit owners, it would be divided 10 ways. You could really be hit with bill you weren’t expecting or did not know about if you didn’t do your homework.
It is also important to know how to lower you condominium insurance. Several questions need to be asked that can factor in to reducing your costs.
- Have your agent properly estimate the value of what is being insured by you for your condo.
- Apply modification credits. For condos that can mean sprinkler systems and central monitoring burglar and/or fire alarm.
- Shop around. It is often inconvenient and may require some effort but finding the right policy and coverage can save you money in the long run. Finally, keep in mind that there may be discounts. Many companies offer discounts such as non-smoker or retired.
The Real Estate Market
You can’t miss the talk about the economy, stimulus money and bailouts that is the topic of every newscast on every station. The real estate market is no exception and many experts feel that the only way to a lasting economic recovery is through the housing sector. Housing has in many of our other recessions lead the way with employment and the stock market not far behind. No matter what type of economy we are experiencing real estate is not unlike buying any other investment. You want to buy low and sell high but how do you do that with different types of markets.
Real estate gurus and investors talk about a variety of different types of real estate markets but there are really on three types, buyers, sellers, and neutral. In each of these types there are opportunities if you know what each type means and how to best capitalize on it. A buyer’s market is when there is more inventory or homes than buyers. Because there are so many homes available not every home will sell which continues to add to the inventory and this type of cycle can be hard to break. But the buyer’s market also facilitates potential purchasers to buy low with the hopes at some point to sell high. Timing can mean everything in this type of market but as yet no one has come up with a foolproof formula. The next type of real estate market is a seller’s market which at face value doesn’t seem like there would be many opportunities for buyers but not so fast. In a seller’s market there are more buyers than homes available for purchase. You might think sellers have the only advantage but buyers can make money by quickly flipping properties because in a seller’s market prices tend to move up quickly. Again trying to hit the right timing can make the difference in making money or losing it. The last type of real estate market is a neutral market. This is the type of market we would like to stay in for most of our economic life. The other two are far too volatile and the risks are much greater. Typically, interest rates are affordable and the number of buyers and sellers are relatively equal. Neutral markets offer positive results for buyers and sellers alike with no real indications that favor one over the other. The opportunity in this market has a positive effect on buyers and sellers. Buyers get the home they want and sellers can move up to more expensive housing or downsize preparing for retirement.
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.
Clark Condominiums
The frigid wind is whipping off Lake Michigan this winter but soon we will be enjoying the delightful spring breezes. That is the time to visit Chicago. But rather than follow all the tourists to Michigan Avenue, consider discovering North Clark Street. On Clark street you will find Japanese art stores, unique second hand boutiques Clark condominiums, Wrigley Field, and Swedish pancakes that melt in your mouth. A five mile journey north on Clark takes you through three distinct neighborhood – Lincoln Park, Lakeview/Wrigleyville, and Andersonville. In each you can experience Chicago’s past, its people and its gusto.
At Clark and Addison is a dramatic thing to stumble on – Wrigley Field. It is one of those neighborhood parks that brims with sentimentality, tradition, and a love for the great American pastime. Built in 1914, it’s the oldest stadium in the National League. It is known for the thick ivy that grows along the outfield wall. Fans sit in old-fashioned bleachers, and a 1930’s scoreboard still keeps tabs manually. Many people live in the area in newly built or re-furbished condos surrounding the historic field such as Clark Condominiums. Cubs games are enjoyed on neighborhood rooftops and their cheers often echo up and down Clark Street. The area around Wrigley is just not for baseball. It is one of the premier party areas in Chicago. The 3400 block of Clark Street, just south of Wrigley Field is home to an eclectic group of stores , restaurants, and bars. Win-loss flags after each game signals to El riders whether to get off and join the celebration.
Going a little farther north on Clark Street at the northern edge of Wrigleyville is Graceland Cemetery. The father of the Chicago school of architecture, Louis Sullivan, designed several tombs and is buried there with notable such as George Pullman and Marshall Field.
About a mile north of Graceland is the Andersonville neighborhood. Banners read, “Valkommen” at Clark and Foster streets. Welcome to Swedish America. Between 1890 and 1930, Swedish was the most prevalent language spoken. After the depression the community suffered from neglect until it was rededicated in 1964. In the late1980’s Andersonville became a revival as professionals discovered it’s housing stock and proximity to downtown and the lakefront. Andersonville is now considered one of Chicago’s “hot” neighborhoods. It enjoys national renown for its unique commercial district comprised almost entirely by locally owned, independent businesses. Communities everywhere now look to emulate Andersonville as a model of a thriving urban neighborhood.
Clark condominiums offer excitement and entertainment is some of the most historic areas of Chicago and is not a place to be missed.
Chicago Realtors
Choosing the right Chicago Realtor can make all the difference in the world. Chicago contains some of the most culturally rich communities in the United States. Each neighborhood maintains a strong identity due to what immigrant population first settled the area and with the gentrification of many of these neighborhoods that original culture remains alongside many other diverse ethnic groups. Chicago is partitioned into four main sections, Downtown, the North Side, the South Side, and the West Side with over 77 different neighborhoods each offering a certain style of living. Knowing where to look could be overwhelming. Most agents only know a few of these neighborhoods so you might have to talk with several companies to get a good feel for what area in which you might want to buy.
Each of the neighborhoods in Chicago offers new construction as well as conversions of older brown and graystones and converted apartment buildings. The amenities in any of these can be quite diverse. Older buildings do not always mean older wiring or plumbing. Chicago Realtors and developers are ahead of most others using premier products and state of the art technology. Walking into some of the older conversions can seem like a walk in the past but underneath is an infrastructure of the highest quality and workmanship. Condos in Chicago today are known throughout the country for their design and quality.
With so much to look at and know what does a Chicago Realtor do for you? Most people don’t know and are sometimes reluctant to find out because they think working with a realtor is going to cost them money. In some instances this is absolutely correct but with most people looking to buy a home or condo there is no cost.
So let’s take a look at some of what a realtor can do for you.
- Send you detailed listings of areas and property types of your choice
- Make appointments and accompany you to see your selected properties
- Update and inform you on all important information in the real estate market
- Aggressively negotiate on your behalf
- Assist you with resources regarding financing matters
- Give you all my experience and guide you through the entire buying process
A good realtor does all these things and more to make sure the decision you make is one you are comfortable with and feel is the right thing to do, especially in today’s volatile market.
Outlook for 2010
As with every New Year there are resolutions, prognostications and predictions of what people think will happen in the future. This year is no different than any other with the exception it is the beginning of a new decade and the outlook for 2010 is just as hazy as any other year. One thing that is for sure is the coming year will be what you make of it. We have heard for the past two years that the economy is getting stronger, weaker or stagnant depending on which economist or financial wizard you choose to listen. One thing is for sure and that is people in general do what they need to do no matter what may be happening on the national or international level and that may be the reason why this year may be the time to buy your home or condo.
There are many economists out there today that say prices have stabilized or on the verge of bottoming out and their outlook for 2010 is to buy now. Home prices are now more affordable than they have been in decades and tie that with low interest rates and why would you not buy your primary residence and possibly an investment property now. Interest rates may be on the rise due to several factors but are not expected to be much more than a ¼ percent higher than earlier this year. In other words, your payment on a $100,000 mortgage would be approximately $15.00 higher per month than earlier. That amount is not going to influence anyone who is seriously thinking on purchasing a home to change their minds. Interest rates have a tendency to increase over time when the economy starts to improve so there is a window of opportunity in the first quarter which you don’t want to miss.
There is another reason the outlook for 2010 is so attractive. The Homebuyer Tax Credit has been extended until April 2010 and not only for first time buyers but now for anyone who meets the very generous requirements. First time homebuyers can receive up to $8000 tax credit and now all buyers meeting the guidelines can receive up to $6500 tax credit. Remember this is a dollar for dollar credit unlike any we have seen in the past or likely to see in the future.
Each New Year many people take a look at the previous year and evaluate where they have been and set goals for the coming year. If you have been thinking about buying a home or investment property this might well be the year. The indicators are there and as we all know the future cannot be completely known but those of us who act on the best information possible usually come out ahead.
Chicago’s Gold Coast
If you are looking for a low-maintenance lifestyle, maybe in a popular location there is no better place to look than condos on Chicago’s Gold Coast. Living in a condo in downtown Chicago can offer many benefits that you will not find in a home in the suburbs. They can offer more plentiful amenities, helpful maintenance with snow removal and lawn care, and an active close-knit community. All of these offer a different lifestyle that many find appealing but there are a few things you might want to consider.
- Condos usually have an association that has guidelines, some may be casual but others can be strictly enforced. Get a copy of the rules and guidelines and make sure they will fit in with your lifestyle. Being at odds with the association and possibly your neighbors can make home a much less appealing place to live.
- Condos on Chicago’s Gold Coast come with a variety of benefits but also a cost. Most associations have fees that cover many of the amenities which convinced you to entertain the idea of condo living. Some associations charge a small maintenance fee to cover the basics but depending on the extravagance of what are offered in your complex they can run much higher. Associations are anxious to provide you with their list of fees, what they cover and what is expected of you as an owner. One last thing to consider is to find out if the association is planning on any improvements or upgrades that can raise costs.
- Before you jump at condos on Chicago’s Gold Coast find out about the community in which you are buying into. Does it fit the lifestyle you want? What is the financial status of the condo association? How many units are vacant? How many units are rented? If possible, talk to some of the owners and find out if they are happy living there, how well the complex is being run, or if they have had past problems and how those problems were resolved. You are buying into an entire community and it is important that you know all you can before making a decision.
There are many Chicago Gold Coast condos for sale in a variety of building styles. Chicago is known for its ethnic groups and communities and condos are being built or re-furbished in almost all areas. If you are looking for a different lifestyle in a vibrant community atmosphere there is no better place to look than Chicago!
