Resale Value and Condos
By Jennifer Alcide
When buying a condo, what holds the most resale value?
A lot depends on why you are buying the condo. Are you buying it for a home or for an investment? There is a difference.
The resale value is always an important factor when purchasing property. If you are looking at your purchase as a home, then make selective improvements that will mostly enhance your quality of living, and not based solely on a possible return. If you are looking to invest, then spend only a minimal amount on upgrades.
Condos with a pleasant view of the city or the lakefront often sell at a premium above similar condos without the view. If a view is important to you, try to pay as little extra as possible. Otherwise, you might not get your money back, as a view may be a deal breaker for you, and an added bonus for someone else.
Since the resale value is an important factor when purchasing, make sure you do not buy in a neighborhood that is already saturated. It may be difficult to sell when the time comes. You should buy a modest sized model, perhaps not always the largest. When determining market value, the surroundings in your area are most important.
In the end, choosing to buy a condo is a matter of personal preferences. This is one of those times where determining your "wants" versus your "needs" can be extremely important.
Want more information about resale value and other topics related to condos? Contact me via email at jalcide@ownacondo.com or call me at 847-414-5349.
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!
Tami Theriault Shines With Silver
OwnACondo.com's very own Tami Theriault earned Silver Inner Circle honors from the Mainstreet Organization of Realtors® for her contribution to the Realtor® Political Action Committee (RPAC).
Although such a distinction might seem strictly of interest to co-workers and industry insiders, it's actually important to consumers, too. That's because of major issues that Realtors® are fighting for on behalf of not only themselves but for the home-buying consumer. Realtors® like Tami Theriault, through their RPAC donations, have worked tirelessly to preserve the mortgage interest deduction, address problems with banks and short sales, defeat new taxes and regulations on property transactions, and defeat ornerous proposals in Illinois to put municipalities in the role of land trusts. Although the real estate market is currently down, Realtors® and the RPAC are busier than ever defending the interests of consumers.
Tami Theriault has been a condo specialist Realtor® with OwnACondo.com since 2008. She helps people buy and sell condomniums, single family homes, townhouses and more. We're not at all surprised she advocates for her profession and the public at large. Good people always rise to the ocassion, and good people are what we like here at OwnACondo.com.
Alexandria Pope
Another great real estate professional has joined the OwnACondo.com team: Broker associate Alexandria Pope.
Alexandria is a condo-specialist Realtor® with OwnACondo.com and she serves buyers and sellers with knowledge and care that can’t be matched by a real estate generalist. Her enthusiasm, experience and specific training in the condo market and lifestyle means that she can provide highly focused information and services that consumers demand and deserve.
From the beginning of her real estate career in 2003, Alexandria has been devoted to upholding the industry standard of C.O.A.L.D. for her clients: Care, Obedience, Accountability, Loyalty and Disclosure. And while there probably isn't a real estate agent out there who wouldn't claim the same, with Alexandria it's different. A new acquaintance can sense her energy and passion for real estate and for her clients within the first minute or two of beginning a conversation.
Alexandria Pope's journey into a real estate career started when she decided she needed to educate herself, her family, her friends and even her community at large about several things real estate-related, including first time homeownership.
"I knew a lot of renters who should have been home owners, but they didn't have the tools" she recalls. "I also found that a lot of people simply didn't trust real estate agents. I wanted to stand up for what a true Realtor® should stand for."
Alexandria's specialties include:
- Chicago Real Estate
- Condos
- Townhomes
- First-time homebuyers
- Real estate investing
- Real estate investors
- Real estate auctions
- Leasing
- Rentals
- Foreclosures
- REO
- Short sales
- Condo financing
- Downtown Chicago real estate
- Chicago North real estate
- Chicago South real estate
Alexandria earned a master's degree in inner city studies from Northeastern Illinois University and a bachelor's degree in African American studies from Chicago State University. She's the proud mother of a three-year-old daughter and a 19-year-old son. Her son currently attends college in Arkansas, where he is studying business.
When not busy with her real estate clients, Alexandria enjoys poetry, youth mentoring and community activism. She also assists graduate-level university students with preparation for their master's thesis.
Contact Alexandria Pope via email at apope@ownacondo.com or via her a call at 773-407-4018.
The Sky is Falling – Ice Crashing from Chicago Condos!
By Dean R. DeLisle
Ok, growing up I must admit "Who did not want a piece of the rock?"--meaning, of course, the famous Prudential advertising slogan that was used on TV, radio and in print. However, today when walking between Water Tower and the Hancock building on my way to a meeting for OwnACondo.com, there was a sudden crash of ice slamming all around me like a meteor shower. When I realized what was happening, I quickly placed the portfolio I was carrying over my head just in time to have a piece hit the outer leather shell. All is fine, but you should have seen the spectators sitting under the shelter at Water Tower. I could see their eyes widen and and I wonder what this entire spectacle must have looked like.
Now I've been in Chicago my whole life and have seen news stories, heard tales, seen the yellow folded caution signs outside the skyscrapers and I've always wondered if ice really falls like they say? Well, yes it does.
So in the spirit of helping my fellow Chicagoans--natives and visitors alike--survive this seasonal danger from on high, here are my Top Five Tips to Stay Alive in Chicago When the Thaw Starts in Late February:
5): Don't look up
4): Cover your head
3): Wear a helmet
2): Taxi everywhere
And the Number One Tip to Stay Alive in Chicago When the Thaw Starts in Late February:
STAY IN THE WEST LOOP!! (note that tongue is planted firmly in cheek!)
I would love to hear other stories of people who have actually seen--and survived--the ice meteor showers of Chicago.
Choosing a Neighborhood
After deciding to buy a condo, or any home, choosing a neighborhood is likely to be one of your most important decisions.
Within cities such as Los Angeles, Chicago and New York, there can be any number of neighborhoods, all quite different from one another. Of course, price will likely be a deciding factor, whether you are looking for a luxury condo or a starter home. But even within the same price range, there are a lot of variations.
There is much truth in the old saying in real estate about “location, location, location,” being the most important factor in home values. Depending on your needs, being close to a nice coffee shop, restaurant, grocery store or dry cleaner’s—or even your favorite “watering hole” can be of prime importance, and should not be overlooked when choosing a neighborhood. Accessibility to public transportation or major highways is something else to consider. Accessibility and the quality of schools are also a major consideration for many people when choosing where to live, not only if a member of the household needs to attend school, but as a selling point when it's time to move on. Whether you are buying or renting a condo or house, there is no point in settling for something in an area that doesn’t suit you.
It is wise to visit the neighborhood at different times also, to see if you like the atmosphere. Why wait until moving day to find that the neighbors like to blast music at all hours of the day and night? Introducing yourself to neighbors is also a good idea. It doesn’t hurt to ring a few doorbells on a weekend just to say hello when you are choosing a neighborhood. Who knows, if you are looking in celebrity hotspots such as Los Angeles or New York, you might find anyone from Anderson Cooper to Ziggy Marley living next door.
In any case, our Realtors® are ready to help you find the perfect place.
