Downtown Chicago Condos
There are many Downtown Chicago condos available at incredible prices right now. Advertisements went out again this week on a number of projects slashing prices. This week we are featuring three developments in the Chicago area; Trump Tower Chicago, Silver Tower Chicago and Aqua Tower Chicago.
These three Downtown Chicago condo developments are powerhouses. They are well recognized in the condo downtown Chicago community and they deserve to be. All three are very unique and make up part of the beautiful Chicago downtown skyline.
People come up to me constantly talking about the Chicago condo discounts. They want to know how they can own one of these incredible Downtown Chicago condos at a discount. Developers are begging for business right now. They will basically make any type of deal with you. The key is to be able to finance and close on your Chicago condo.
Can you finance a condo? How is your credit? Do you have enough for the down payment on one of these condos or will you need to do a rent to own program? Financing a condo that starts at $500,000, normally will require twenty percent down. Every financing situation is different, so before you start this long process of trying to find the best condo for you, the best thing to do is start talking to financing people. On the “FinanceACondo.com†website, there are four lenders that specialize in condo financing. The best thing to do is to call and start interviewing each one to see who may have the best program for you and what it will take to get you to own a downtown Chicago condo.
Once the financing is established and you feel comfortable knowing that you can close on a condo, the next step is finding one. If you go to the “OwnACondo.com†website, they will break down a number of Downtown Chicago condos and allow you to search a Multiple Listing Service commonly known as an “MLSâ€, which has every condo available. This will be a lot of fun for you. You’ll see every condo available and you’ll have fun seeing the different areas and how all will be priced differently.
When you’ve rounded up a few condos you’d like to take a look at, call your OwnACondo.com Realtor. Tell them who you’re working with on the financing end and start your journey on closing that Downtown Chicago condo.
Downtown Chicago condos
Are you looking to buy a downtown Chicago condo? We are featuring three new developments this week: SoNo Condominiums, Glashaus Condominiums and The Kinetic Condos. You can either click on the links above or go directly to the OwnACondo.com website to view these Downtown Chicago condominiums.
Downtown Chicago condominiums have never been more affordable. The wholesale market has come into play and the prices have dropped significantly. I’ve seen foreclosure and short sale condo prices that would literally knock your socks off. There are condos in downtown that were going for $1.8M last year that sold through foreclosures at $500,000 and $600,000. That’s thirty cents on a dollar.
If you’re interested in investigating the downtown Chicago market, please call us at 866.696.2266 and we’ll assign you to a qualified downtown condo consultant free of charge. If you end up buying a condo in downtown Chicago, the real estate consultant would get paid by the seller of the downtown Chicago condominium.
Downtown Chicago condominiums began falling in price in 2006 when developers of these condominiums started to see the volume of condos not selling. As time went on, it got worse. In 2007 and 2008 more and more developers were in a position of almost needing to just give them away to avoid having to be foreclosed on. This downtown condo market still exists today. The deals are abundant and the investors and the smart ones are getting out their check books.
Can you imagine three to five years from now how much you may be able to make if these condos in downtown Chicago zoom upwards in value? There may be a chance of hundreds of thousands in appreciation as time goes on. Think of buying a foreclose downtown Chicago condo at $600,000 that was originally priced at one million, seven hundred thousand. And then it goes up to even $1.2M. That’s double appreciation. It’s very possible with the deals that are out there right now.
Before you move forward of any condo investment, make sure to check the sold comparables so you can see what condos sold at what prices. This will help immensely. You need to know what sold at what price before you can truly know what kind of deal you’re getting.
Downtown Chicago condominiums can also be known as River North condos, Loop condos, West Loop Condominiums and South Loop condominiums, Gold Coast condominiums and Streeterville condos.
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!
Chicago Downtown Condo
Looking for a place in the heart of arts, architecture and history, then a Chicago Downtown Condo in the Loop would be worth considering. The Loop is the term used to designate the historical center of downtown Chicago. Most accurately, the term refers to an area bounded by a public transit circuit along Lake Street on the north, Wabash Avenue on the east, Van Buren Street on the south, and Wells Street on the west. Living in a Chicago Downtown Condo would put you in the central business district.
Chicago's central business district, bounded on the west and north by the Chicago River, on the east by Lake Michigan, and on the south by Roosevelt Road is the second-largest in the United States, after Midtown Manhattan.
The term The Loop has different meanings. The term most explicitly applies to the area surrounded by the loop circuit formed by 'L' train tracks, and a preceding 1880s streetcar loop, but common usage defines it as the area bounded by the Chicago River on the north and west sides, Congress Parkway to the south, and Columbus Drive to the east.
Loop architecture is dominated by high-rises. Notable buildings include the Home Insurance Building, considered the first skyscraper (demolished in 1931); the Chicago Board of Trade Building, a National Historic Landmark; and the Sears Tower, the tallest in the United States. Some of the historic buildings in this district were instrumental in the development of high-rises. Chicago's rational street numbering system originates in the Loop at the intersection of State Street and Madison Street.
This area abounds in shopping opportunities, including the Loop Retail Historic District, although it competes with the more upscale Magnificent Mile area to the north, and with suburban shopping malls. It includes Chicago's former Marshall Field's department store location in the Marshall Field and Company Building; the original Sullivan Center Carson Pirie Scott store location (closed February 21, 2007); and Sears on State.
It is the location of a number of government buildings, including City Hall/County Building, the James R. Thompson Center, the Richard J. Daley Center, and multiple federal buildings. Chicago's Downtown Theatre District is also found within this area, along with numerous restaurants and hotels.
Chicago has a famous skyline which is home to many of the tallest buildings in the world as well as the Chicago Landmark Historic Michigan Boulevard District. Chicago's skyline is spaced out throughout the downtown area, giving it a graceful bridgelike appearance. The Sears Tower, the nation's tallest building, stands at the west end of the Loop in the heart of the city's financial district, along with other buildings, such as 311 South Wacker Drive and the AT&T Corporate Center. Chicago's third tallest building, the Aon Center, is located at Illinois Center, a complex at the east end of the Loop, east of Michigan Avenue. Two Prudential Plaza is also located here, just to the west of the Aon Center.
The Loop contains a wealth of outdoor sculpture, including works by Pablo Picasso, Joan Miró, Henry Moore, Marc Chagall, Alexander Calder, and Jean Dubuffet. Chicago's cultural heavyweights, such as the Art Institute of Chicago, the Goodman Theatre, the Chicago Theatre, the Lyric Opera at the Civic Opera House building, and the Chicago Symphony Orchestra, are also in this area, as is the historic Palmer House Hilton hotel, found on East Monroe Street.
Living in a Chicago Downtown Condo would be you close to Chicago's lakefront, which is almost exclusively recreational park area from north to south, features Grant Park in this downtown area. Grant Park is the home of Buckingham Fountain, the Petrillo Bandshell, the Grant Park Symphony (where free concerts can be enjoyed throughout the summer), and Chicago's annual two-week food festival, the Taste of Chicago, where more than 3 million people "pig out". A recent addition to Grant Park is the architecturally forward Millennium Park, which opened in the summer of 2004, featuring a Frank Gehry's Jay Pritzker Pavilion, Jaume Plensa's Crown Fountain and Anish Kapoor's Cloud Gate sculpture and spanning what were formerly open railyards on the city's lakefront.
The Chicago River, which delineates the area, also provides entertainment and recreational opportunities, including the annual dyeing of the river green in honor of St. Patrick's Day. Trips down the Chicago River, including architectural tours, by commercial boat operators are great favorites with both locals and tourists.
Chicago Downtown Condos starts in the low $100K’s.
Call a Condominium Specialist at OwnACondo.com today for more information.
